Form 4: FCCO CEO Crapps Reports Stock Vesting and Tax Withholding

First Community Corp CEO Michael C. Crapps reported the vesting of performance-based restricted stock units and subsequent tax-related share withholding, alongside new RSU grants.

Summary

• Michael C. Crapps, President and CEO of First Community Corp (FCCO), reported changes in his beneficial ownership of company stock.
• On February 24, 2026, 7,762 shares of common stock were acquired by Mr. Crapps due to the vesting of performance-based restricted stock units (RSUs) granted on February 21, 2023, under the 2021 Omnibus Equity Incentive Plan.
• These performance-based RSUs vested upon the achievement of specific performance goals for the applicable period, with no price paid by the reporting person.
• Concurrently, 3,572 shares of common stock were disposed of at a price of $29.43 per share to cover tax obligations related to the settlement of the vested performance-based RSUs.
• Additionally, 2,607 new restricted stock units were acquired, which cliff vest on February 24, 2029.
• Following these transactions, Mr. Crapps directly beneficially owns 76,025 shares of common stock and 9,779 restricted stock units.
• Indirect beneficial ownership by his wife remains at 9,805 shares of common stock.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive event. The vesting of performance-based units indicates the company met its goals, and the new RSU grants reinforce management's long-term commitment, despite routine tax-related share withholding.

Positives

• The vesting of 7,762 performance-based restricted stock units indicates that First Community Corp achieved specific performance goals, reflecting positively on the company's operational execution.
• The acquisition of new restricted stock units (2,607 units) demonstrates continued alignment of management's interests with long-term shareholder value.

Negatives

• A disposition of 3,572 shares of common stock occurred to cover tax liabilities, which is a standard practice but reduces the direct share count held by the CEO.

Future Outlook

Future vesting events for restricted stock units are scheduled for February 20, 2027 (4,185 units), February 18, 2028 (2,987 units), and February 24, 2029 (2,607 units), indicating a long-term incentive structure for the CEO.

Industry Context

StockSavvy.ai notes that insider transaction filings like Form 4 provide transparency into executive compensation and ownership, which can influence investor sentiment in the banking sector. The vesting of performance-based awards suggests the company met its internal targets, a positive signal within the competitive financial services industry.

Stakeholder Impact

• Shareholders may view the vesting of performance-based awards positively, as it suggests the company achieved its targets, potentially aligning executive incentives with shareholder returns.
• The continued grant of restricted stock units reinforces management's long-term stake in the company's success.

Next Steps

• Delivery of 4,185 vested shares to the reporting person on February 20, 2027.
• Delivery of 2,987 vested shares to the reporting person on February 18, 2028.
• Delivery of 2,607 vested shares to the reporting person on February 24, 2029.

Key Dates

Keywords

FCCO, First Community Corp, Michael C. Crapps, Form 4, Insider Transaction, Restricted Stock Units, CEO, Director, Stock Ownership, Executive Compensation