secwatch.observer — SEC 8-K summary
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Issuer:     FIRST COMMUNITY CORP /SC/ (FCCO)
CIK:        0000932781
Form:       8-K
Filed at:   2024-07-01T23:59:59+00:00
Accession:  0001552781-24-000388
Event type: leadership
Sentiment:  neutral
Materiality: 0.55
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

J. Ted Nissen becomes Bank CEO; enters amended employment agreement with $425K base salary
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- Effective July 1, 2024, Nissen appointed CEO of First Community Bank, retains President and Executive VP roles.
- Amended employment agreement includes $425,000 annual salary, 3-year rolling term, and eligibility for equity and cash bonuses.
- Severance upon termination without cause: 2 months' salary lump sum plus 22 monthly payments of full base salary.
- Change-in-control severance: 3x annual salary lump sum, COBRA subsidy for 6 months, and full vesting of equity awards.
- Non-solicitation and non-compete covenants extend 24 months post-employment.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/932781/000155278124000388/0001552781-24-000388-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/932781/000155278124000388/e24295_fcco-8k.htm
  HTML page:      https://secwatch.observer/filing/0001552781-24-000388

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