Management Change/Compensation (Form 8-K)

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 19, 2026, First Community Corporation (the "Company"), the holding company for First Community Bank (the "Bank"), and the Bank announced that Freddie Deutsch has notified the Company and the Bank of his decision to retire from his position as Director of Specialty Business Lending of the Bank, effective January 15, 2027 (the "Retirement Date"). Mr. Deutsch will also retire from the boards of directors of the Company and the Bank, effective as of the Retirement Date.

Mr. Deutsch joined the Company and the Bank in connection with the Company's acquisition of Signature Bank of Georgia, which was completed on January 8, 2026, and was engaged to assist with the integration and transition of the acquired business and with the development of the Bank's Small Business Administration lending line of business. Having substantially completed those objectives, Mr. Deutsch has elected to retire. Mr. Deutsch's retirement is voluntary and is not in connection with, or in response to, the management succession and leadership transition previously announced by the Company on July 22, 2026. Mr. Deutsch's retirement is not the result of any disagreement with the Company or the Bank on any matter relating to the Company's or the Bank's operations, policies or practices.

In connection with Mr. Deutsch's retirement, the Company, the Bank and Mr. Deutsch have entered into a letter amendment (the "Letter Amendment") to Mr. Deutsch's Employment Agreement, dated July 13, 2025 (the "Employment Agreement"), which confirms the terms of his planned retirement and transition. The effectiveness of the Letter Amendment is conditioned upon Mr. Deutsch's execution of a general release of claims in favor of the Company and the Bank effective as of the Retirement Date.

Pursuant to the Letter Amendment, from the date of the Letter Amendment through the Retirement Date, Mr. Deutsch will serve in an advisory role and will make himself reasonably available to assist the Bank as requested, and he will no longer serve as Director of Specialty Business Lending. Mr. Deutsch will continue to be treated as a full-time employee of the Bank during this transition period, and his current base salary and employee benefits will remain unchanged. The Letter Amendment further provides that Mr. Deutsch will receive the first $50,000 installment of the retention bonus, together with the related carve back payment, as described in the Employment Agreement, and that the remaining retention bonus installments will be forfeited as of the Retirement Date. Mr. Deutsch will remain eligible for an award under the Bank's 2026 incentive plan, subject to the terms of the plan, and his outstanding equity award will be treated in accordance with its terms, with all unvested shares forfeited as of the Retirement Date. The Letter Amendment also provides for Bank-subsidized health coverage for up to 18 months following the Retirement Date.

Except as expressly modified by the Letter Amendment, the Employment Agreement will remain unchanged and continue in full force and effect, including, without limitation, all restrictive covenants, confidentiality, non-solicitation, non-competition and other post-employment obligations contained therein.

The foregoing description of the Letter Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Letter Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.