Form 4: First Community Corp Director Chao Chimin J Acquires Shares Through Deferred Compensation Plan

Director Chao Chimin J acquired 1,159 shares of First Community Corp through a deferred compensation plan, increasing total holdings to 88,399 shares.

Summary

• On March 31, 2024, Chao Chimin J, a director of First Community Corp, acquired 1,159 shares of common stock through the First Community Corporation Amended and Restated Non-Employee Director Deferred Compensation Plan.
• The acquisition price was $17.30 per share, based on the consolidated closing bid price on March 28, 2024.
• Following the transaction, Chao Chimin J's total holdings in First Community Corp amount to 88,399 shares, including 46,660 deferred stock units.
• The deferred stock units include 382 units credited as dividend equivalents during the first quarter of 2024.
• These deferred stock units will be converted to common stock on a one-for-one basis upon distribution from the plan.

Sentiment

Score: 7

Explanation: Director's acquisition of shares through a deferred compensation plan is a positive signal, indicating confidence in the company. The sentiment is moderately positive.

Positives

• The acquisition reflects the director's continued investment in the company.
• The deferred compensation plan aligns director compensation with company performance.

Industry Context

Directors acquiring shares in their own companies is generally seen as a positive sign, indicating confidence in the company's future prospects. Deferred compensation plans are a common way to align the interests of directors with those of shareholders.

Comparison to Industry Standards

• Deferred compensation plans for directors are a common practice 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 the form of payment, can vary depending on the company's size and financial condition.

Stakeholder Impact

• The transaction could have a slightly positive impact on shareholder sentiment.
• The director's increased stake aligns their interests further with those of shareholders.

Key Dates