Form 4: First Community Corp Director Snipe Acquires Deferred Stock Units

Director Alexander Snipe Jr. acquired 1,127 deferred stock units in First Community Corp through a deferred compensation plan.

Summary

• On March 31, 2024, Alexander Snipe Jr., a director of First Community Corp, acquired 1,127 deferred stock units.
• These units were acquired through the First Community Corporation Amended and Restated Non-Employee Director Deferred Compensation Plan.
• The price was calculated based on the common stock consolidated closing bid price of $17.30 on March 28, 2024.
• Snipe directly owns 49,374 shares of common stock and indirectly owns 3,927 shares through Glory Communications, Inc.
• The total deferred stock units held by Snipe under the plan is 41,896, including 343 units credited as dividend equivalents during the first quarter of 2024.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive as it reflects standard director compensation practices and aligns interests with shareholders.

Positives

• The acquisition of deferred stock units aligns the director's interests with the long-term performance of the company.
• The deferred compensation plan allows directors to defer income and potentially benefit from future stock appreciation.

Future Outlook

Shares of First Community Corporation common stock will be issued on a one-for-one basis in respect of deferred stock units upon a distribution from the Plan.

Industry Context

Director compensation in the form of stock and deferred stock units is a common practice in the financial services industry to align management's interests with shareholders.

Comparison to Industry Standards

• Many regional banks use deferred compensation plans to attract and retain directors.
• Stock ownership guidelines and equity-based compensation are frequently used to align director and shareholder interests.
• Comparing the total equity compensation of First Community Corp's directors to peers like South State Corporation or United Community Banks, Inc. would provide a benchmark.

Stakeholder Impact

• The acquisition of deferred stock units by a director can be viewed positively by shareholders as it aligns management's interests with the company's performance.

Key Dates