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First Community Bancshares (FCBC) just unveiled an announcement.
First Community Bankshares, Inc. has secured continuity in its leadership by entering into new employment contracts with its top executives, including the CEO, President, and CFO, effective from January 1, 2024. These agreements, which supersede prior contracts, have an initial term of three years with automatic annual renewals and provisions for annual salary reviews and incentive plan participation. Moreover, the contracts detail severance terms in the event of termination, with specific provisions for scenarios involving change of control, as well as clauses enforcing loyalty and non-compete obligations post-employment.
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