First Community signs consulting deal with retiring EVP J. Ted Nissen at up to $40K/month

FIRST COMMUNITY CORP /SC/

First Community Bank entered a Consulting Agreement with J. Ted Nissen effective January 1, 2027, after his December 31, 2026 retirement as EVP/Chief Banking Officer and Bank CEO.
Nissen will be paid $40,000 per month for January-March 2027 and $15,000 per month for April through December 2027, payable on the 15th beginning January 15, 2027.
Term runs to the earliest of December 31, 2027, death, or disability; lump-sum payment of earned but unpaid amounts due within 60 days of death or disability termination.
He reports to the Bank's CEO, works with the Company's President and CEO, and is expected to work as needed Jan-Mar 2027 then 16 hours or less per week Apr-Dec 2027.
As an independent contractor he is excluded from employee benefit plans; non-compete, non-solicit and non-recruitment covenants extend 12 months past termination, per his amended employment agreement.

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