Form 4: First Community Corp Director Chao Chimin J Acquires Deferred Stock Units

Director Chao Chimin J acquired 296 deferred stock units in First Community Corp through a deferred compensation plan.

Summary

• Director Chao Chimin J acquired 296 deferred stock units in First Community Corp on June 30, 2024, through the First Community Corporation Amended and Restated Non-Employee Director Deferred Compensation Plan.
• The price was $17.04 per unit, based on the closing bid price on June 28, 2024.
• Chao Chimin J now beneficially owns 89,100 shares, including 47,361 deferred stock units.
• This includes 405 deferred stock units credited as dividend equivalents during the second quarter of 2024.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive as it reflects standard director compensation practices and aligns director interests with the company's performance.

Industry Context

This filing reflects standard executive compensation practices within publicly traded companies, utilizing deferred stock units as a means to align director interests with long-term shareholder value.

Comparison to Industry Standards

• Deferred compensation plans for directors are common in the banking industry.
• Many regional banks use similar plans to attract and retain qualified board members.
• The specific terms of the plan, such as the vesting schedule and dividend equivalents, would need to be compared to those of peer institutions to assess its competitiveness.

Stakeholder Impact

• The acquisition of deferred stock units aligns the director's interests with those of shareholders.
• This promotes long-term value creation.

Key Dates