Business context and reporting period
First Community Corporation filed this Form 8-K regarding a consulting agreement with J. Ted Nissen, who is retiring from his officer positions and board roles at the Company and First Community Bank effective December 31, 2026. The agreement was entered into September 30, 2026, and is effective January 1, 2027. The report was signed October 2, 2026.
Financial terms and key metrics
- The Bank will pay Mr. Nissen $40,000 per month for January through March 2027 and $15,000 per month for April through December 2027. These scheduled payments total $255,000 for the full term, excluding reimbursable business expenses and any proration.
- Reasonable business expenses will be reimbursed under Bank policies. As an independent contractor, Mr. Nissen will not participate in Bank employee benefit plans.
- The filing provides no revenue, profit, cash flow, margin, debt, or liquidity results.
Material changes and management commentary
The agreement formalizes the previously announced transition arrangement. Mr. Nissen will advise and support leadership during the transition and provide continuity on strategic goals. He is expected to devote as much time as needed during the first quarter of 2027, then an average of no more than 16 hours per week from April through December 2027.
Outlook, risks, and unusual items
The agreement ends at the close of business on December 31, 2027, or earlier upon Mr. Nissen’s death or disability. If it ends due to death or disability, earned but unpaid amounts are payable to him or his estate within 60 days. The agreement includes confidentiality, work-product, and return-of-property provisions and incorporates non-solicitation, non-recruitment, and non-competition covenants. The filing does not describe financial guidance or broader business risks.
Important facts for investors to verify
- Review the full Consulting Agreement, which the Company says will be filed as an exhibit to its Form 10-Q for the quarter ended September 30, 2026.
- Verify the precise scope and duration of the incorporated restrictive covenants, including how their expiration interacts with the employment agreement.
- Confirm actual payments and reimbursed expenses, which may differ from the $255,000 scheduled amount if the agreement is prorated or terminates early.