Gary R. Mills - 29 May 2024 Form 4 Insider Report for FIRST COMMUNITY BANKSHARES INC /VA/ (FCBC)

Footnote F1

Shares were transferred from individual account to joint account.

Footnote F2

Owned jointly with spouse.

Footnote F3

Shares were acquired due to nondiscretionary company contribution and allocation under 401(k) plan as well as quarterly dividend reinvestment.

Footnote F4

Each restricted stock unit represents a contingent right to receive one share of First Community Bankshares Inc. common stock, or at the reporting persons election, the cash value thereof. The restricted stock units cliff vest on May 24, 2025 based on First Community Bankshares, Inc. satisfaction of certain performance criteria for the three years ending March 31, 2025 and the continued employment of the reporting person.

Footnote F5

The restricted stock units vest in three years.

Footnote F6

Each restricted stock unit represents a contingent right to receive one share of First Community Bankshares Inc. common stock, or at the reporting persons election, the cash value thereof. The restricted stock units cliff vest on May 23, 2026 based on First Community Bankshares, Inc. satisfaction of certain performance criteria for the three years ending March 31, 2026 and the continued employment of the reporting person.

Footnote F7

Each restricted stock unit represents a contingent right to receive one share of First Community Bankshares Inc. common stock, or at the reporting persons election, the cash value thereof. The restricted stock units cliff vest on May 29, 2027 based on First Community Bankshares, Inc. satisfaction of certain performance criteria for the three years ending March 31, 2027 and the continued employment of the reporting person.

Footnote F8

Stock options vest and become exercisable in seven equal annual installments beginning with the date listed.

Footnote F9

Stock options are exercisable until 5 years after retirement at or after age 62, disability or death. If employment is terminated other than by retirement at or after 62, disability or death vested options must be exercised within 90 days after the effective date of termination. Any option not exercised within such period shall be deemed cancelled.

Footnote F10

Stock options vest in three equal installments over three years beginning with 03/31/2022.

Footnote F11

Each share of phantom stock is the economic equivalent of one share of common stock. The shares of phantom stock become payable, in cash or common stock, at the election of the reporting person, upon the reporting person's termination of employment.