Form 4: FCCO Executive Nissen Reports RSU Vesting, Tax Withholding

Ted J. Nissen, EVP and Chief Banking Officer of First Community Corp, reported the vesting of performance-based restricted stock units and subsequent tax withholding, alongside the grant of new restricted stock units.

Summary

• Ted J. Nissen, EVP and Chief Banking Officer and Director of First Community Corp (FCCO), reported transactions related to his beneficial ownership.
• On February 24, 2026, Nissen acquired 4,689 shares of common stock at a price of $0 per share due to the vesting of performance-based restricted stock units. These units were granted on February 21, 2023, under the 2021 Omnibus Equity Incentive Plan, following the achievement of performance goals.
• Concurrently, 2,280 shares of common stock were disposed of at a price of $29.43 per share to cover tax obligations upon the settlement of the vested restricted stock units.
• Following these transactions, Nissen directly beneficially owns 38,654 shares of common stock.
• Additionally, on February 24, 2026, Nissen was granted 2,250 restricted stock units (RSUs) at a price of $0. Each RSU represents a contingent right to receive one share of FCCO common stock.
• These newly granted 2,250 RSUs are scheduled to cliff vest on February 24, 2029.
• Nissen's total beneficial ownership of derivative securities (RSUs) is 7,398 units, which include 2,713 units vesting on February 20, 2027, 2,435 units vesting on February 18, 2028, and the 2,250 units vesting on February 24, 2029.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event, reflecting routine executive compensation activities including the vesting of performance-based awards and the grant of new equity, which are standard practices and do not indicate a significant positive or negative shift in company fundamentals.

Positives

• Achievement of performance goals led to the vesting of 4,689 performance-based restricted stock units, indicating successful company performance.
• The grant of an additional 2,250 restricted stock units aligns management incentives with long-term shareholder value.

Negatives

• 2,280 shares were disposed of to cover tax liabilities, which is a routine event but reduces the direct share count held by the executive.

Future Outlook

The filing indicates future vesting events for restricted stock units on February 20, 2027, February 18, 2028, and February 24, 2029, aligning executive incentives with long-term company performance.

Industry Context

StockSavvy.ai notes that the vesting of performance-based restricted stock units and subsequent tax withholding are standard practices in executive compensation across the banking industry. The grant of new RSUs is a common mechanism to retain key talent and align executive interests with long-term shareholder value, consistent with broader industry trends in executive incentive plans.

Comparison to Industry Standards

• Executive compensation structures involving performance-based restricted stock units are a common practice among regional banks and financial institutions, comparable to peers like SouthState Corporation (SSB) or United Community Banks (UCBI) which also utilize equity incentives tied to performance metrics.
• The tax withholding upon vesting is a standard procedure, mirroring practices seen across publicly traded companies globally to manage tax liabilities arising from equity compensation.

Related Party Transactions

• The transactions involve an executive (Ted J. Nissen) and the company (First Community Corp), which are inherently related party dealings concerning executive compensation.

Stakeholder Impact

• Shareholders: The vesting of performance-based units suggests the company met certain performance targets, which is generally positive. The grant of new RSUs aligns executive interests with long-term shareholder value.
• Employees: The equity incentive plan demonstrates the company's commitment to performance-based compensation, potentially influencing employee motivation and retention.

Next Steps

• Delivery of 2,713 vested shares to the reporting person on February 20, 2027.
• Delivery of 2,435 vested shares to the reporting person on February 18, 2028.
• Delivery of 2,250 vested shares to the reporting person on February 24, 2029.

Key Dates

Keywords

FCCO, First Community Corp, Ted J. Nissen, Form 4, SEC Filing, Insider Trading, Restricted Stock Units, RSU Vesting, Executive Compensation, Stock Ownership, Performance-Based Equity, Tax Withholding