UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously reported in the Current Report on Form 8-K filed by First Community Corporation (the “Company”) with the Securities and Exchange Commission (the “SEC”) on July 22, 2026, J. Ted Nissen, Executive Vice President and Chief Banking Officer of the Company and President and Chief Executive Officer of First Community Bank (the “Bank”), will retire from all of his officer positions with, and from the boards of directors of, the Company and the Bank, effective December 31, 2026, and the Company and the Bank expected to enter into a transition and consulting agreement with Mr. Nissen.
On September 30, 2026, the Bank and the Company entered into a Consulting Agreement with Mr. Nissen (the “Consulting Agreement”), effective as of January 1, 2027. Under the Consulting Agreement, Mr. Nissen will serve as an independent contractor and outside consultant to support the Bank’s and the Company’s leadership teams as they transition to new roles and responsibilities and to provide continuity and advice regarding the achievement of the Bank’s and the Company’s strategic goals. Mr. Nissen will report to the Chief Executive Officer of the Bank and will work in collaboration with the President and Chief Executive Officer of the Company. Mr. Nissen is expected to devote as much time as needed to the performance of services from January 1, 2027 through March 31, 2027, and sixteen hours or less per week on average from April 1, 2027 through December 31, 2027.
The term of the Consulting Agreement will continue until the earliest of the close of business on December 31, 2027, Mr. Nissen’s death, or Mr. Nissen’s disability (as defined in the Consulting Agreement). As compensation for his services, the Bank will pay Mr. Nissen $40,000 per month for January, February and March 2027 and $15,000 per month for April through December 2027, payable on the fifteenth day of each month beginning January 15, 2027, prorated for any partial month in the event of termination. If the Consulting Agreement terminates due to Mr. Nissen’s death or disability, the Bank will pay Mr. Nissen or his estate a lump sum equal to any amounts earned but unpaid within 60 days after termination. Mr. Nissen will also be reimbursed for reasonable business expenses in accordance with the Bank’s policies. As an independent contractor, Mr. Nissen will not participate in the Bank’s employee benefit plans.
The Consulting Agreement contains customary confidentiality, work product and return-of-property provisions, and incorporates by reference certain provisions of Mr. Nissen’s Amended and Restated Employment Agreement, including its non-solicitation, non-recruitment and non-competition covenants. The time periods for these restrictive covenants continue for twelve months following the termination or expiration of the Consulting Agreement and expire concurrently with the expiration of the restrictive covenants in his employment agreement.
The foregoing description of the Consulting Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Consulting Agreement, a copy of which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| FIRST COMMUNITY CORPORATION | |||
| By: | /s/ D. Shawn Jordan |
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| Name: | D. Shawn Jordan |
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| Title: | Chief Financial Officer | ||
Dated: October 2, 2026