First Community Corp /SC/: EVP will retire, consulting agreement

What happened

• The filing reports that J. Ted Nissen, Executive Vice President and Chief Banking Officer of First Community Corp and President and Chief Executive Officer of First Community Bank, will retire from his officer positions with, and from the boards of directors of, the Company and the Bank, effective Dec 31, 2026.
• The filing also reports that on Sep 30, 2026 the Bank and the Company entered into a Consulting Agreement with Mr. Nissen, effective Jan 1, 2027, under which he will serve as an independent contractor and outside consultant to support the Bank’s and the Company’s leadership teams.

Key details

• Term: Consulting Agreement continues until the earliest of the close of business on Dec 31, 2027, Mr. Nissen’s death, or Mr. Nissen’s disability.
• Time commitment: as much time as needed Jan 1, 2027 through Mar 31, 2027; 16 hours or less per week on average Apr 1, 2027 through Dec 31, 2027.
• Compensation: $40,000 per month for Jan, Feb and Mar 2027; $15,000 per month for Apr through Dec 2027; payments payable on the 15th day of each month beginning Jan 15, 2027 and prorated for any partial month on termination. If termination is due to death or disability, a lump sum equal to amounts earned but unpaid will be paid within 60 days.
• Other terms: Mr. Nissen will be reimbursed for reasonable business expenses; as an independent contractor he will not participate in the Bank’s employee benefit plans; the Consulting Agreement includes customary confidentiality, work product and return-of-property provisions and incorporates by reference certain restrictive covenants (non-solicitation, non-recruitment and non-competition) from his Amended and Restated Employment Agreement that continue for 12 months following termination or expiration.

Why it may matter

• The filing reports Item 5.02: Departure of directors or certain officers; election of directors, which covers officer and director changes and related agreements filed with the SEC. This description of the Consulting Agreement is qualified in its entirety by the full text of the Consulting Agreement, which will be filed as an exhibit to the Company’s Form 10-Q for the quarter ended Sep 30, 2026. This filing does not show why the insider traded or why the company acted.