<SEC-DOCUMENT>0001144204-13-049037.txt : 20130903
<SEC-HEADER>0001144204-13-049037.hdr.sgml : 20130902
<ACCEPTANCE-DATETIME>20130903170956
ACCESSION NUMBER:		0001144204-13-049037
CONFORMED SUBMISSION TYPE:	8-K/A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20130812
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130903
DATE AS OF CHANGE:		20130903

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST COMMUNITY BANCSHARES INC /NV/
		CENTRAL INDEX KEY:			0000859070
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				550694814
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-19297
		FILM NUMBER:		131075684

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 989
		CITY:			BLUEFIELD
		STATE:			VA
		ZIP:			24605
		BUSINESS PHONE:		3043236300

	MAIL ADDRESS:	
		STREET 1:		29 COLLEGE DRIVE
		STREET 2:		P O BOX 989
		CITY:			BLUEFIELD
		STATE:			VA
		ZIP:			24605

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FCFT INC
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K/A
<SEQUENCE>1
<FILENAME>v354183_8ka.htm
<DESCRIPTION>8-K/A
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    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="color: black"><B>UNITED STATES</B></FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="color: black"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="color: black"><B>Washington, D.C. 20549</B></FONT></TD></TR>
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    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 12pt; color: black"><B>FORM 8-K/A</B></FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>CURRENT REPORT </B></FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</B></FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt; color: black">Date of Report (Date of earliest event reported): <B>August 12, 2013</B></FONT></TD></TR>
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    <TD STYLE="width: 80%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 12pt"><B>FIRST
    COMMUNITY BANCSHARES, INC.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Exact name of registrant as specified in its charter)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
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    <TD STYLE="width: 33%; border-bottom: windowtext 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>Nevada</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: windowtext 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>000-19297</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 33%; border-bottom: windowtext 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>55-0694814</B></FONT></TD></TR>
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    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Commission</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(IRS Employer</FONT></TD></TR>
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    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: black">of incorporation)&nbsp;</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: black">File Number)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: black">Identification No.)</FONT><FONT STYLE="font-size: 10pt"> </FONT></TD></TR>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>P.O. Box 989</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Bluefield, Virginia</B></P></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>24605-0989</B></FONT></TD></TR>
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    <TD STYLE="border-top: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code) </FONT></TD></TR>
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    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt; color: black">Registrant&rsquo;s telephone number, including area code: <B>(276) 326-9000</B></FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
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<P STYLE="margin: 0">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions:</P>

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    <TD STYLE="width: 100%; font-size: 10pt"><FONT STYLE="font: 10pt Wingdings; color: black">o</FONT><FONT STYLE="font-size: 10pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
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    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
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    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Wingdings; color: black">o</FONT><FONT STYLE="font-size: 10pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
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    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
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    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Wingdings; color: black">o</FONT><FONT STYLE="font-size: 10pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
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    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
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    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Wingdings; color: black">o</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: center; text-indent: -1in"><B>Explanatory
Note</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 13, 2013, First Community Bancshares,
Inc. (the &ldquo;Company&rdquo;) filed a current report on Form 8-K (the &ldquo;Original 8-K&rdquo;) to report information relating
to the departure of John M. Mendez, the Chief Executive Officer and a Director of the Company, the appointments of William P. Stafford
II, Chairman of the Board of Directors to serve as interim Chief Executive Officer of the Company, Gary R. Mills to serve as to
serve as Chief Executive Officer of the Company&rsquo;s subsidiary, First Community Bank (the &ldquo;Bank&rdquo;) and Martyn A.
Pell to serve as President of the Bank, all effective August 31, 2013. The Company hereby amends the Original 8-K to disclose:
(i) information relating to Mr. Mendez&rsquo;s execution of a separation and release agreement with the Company, and (ii) the appointment
of Robert L. Buzzo to serve as President Emeritus of the Bank. This 8-K/A should be read in conjunction with the Original 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

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    <TD STYLE="width: 12%; text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 5.02</B></FONT></TD>
    <TD STYLE="width: 88%; text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)
(c) </FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">On August 28, 2013, the Company and John M. Mendez,
President, Chief Executive Officer, and Director of the Company entered into a Separation Agreement and Release (the
&ldquo;Separation and Release Agreement&rdquo;) which confirms and clarifies certain benefits and restrictions set forth in
the Employment Agreement entered into by the Company and Mr. Mendez on December 16, 2008, as amended December 16, 2010 (the
&ldquo;Employment Agreement&rdquo;). As provided in the Employment Agreement, upon a termination not for cause, Mr. Mendez
will receive his current base salary in effect on the Termination Date for a period of thirty (30) months, specified health
and dental benefits and a monthly car allowance of $800, subject to any applicable six month delay under Internal Revenue
Code Section 409A. Under the terms and conditions of certain qualified and non-qualified retirement plans, Mr. Mendez is also
entitled to receive retirement benefits under the Company&rsquo;s qualified retirement plan, non-qualified 401(k) WRAP Plan,
and non-qualified Executive Retention Plan. Mr. Mendez was previously granted options to purchase 42,323 shares of common
stock of the Company, ownership of certain life insurance policies, and 3,731 shares of common stock of the Company, all of
which he will retain at termination, subject in the case of the options, to the terms and conditions of the applicable Option
Agreement and Plan. In addition, the Company agreed to reimburse Mr. Mendez for any fees and expenses reasonably incurred by
him in connection with the Executive&rsquo;s negotiation, execution and delivery of the Separation Agreement and Release up
to a maximum amount of $15,000. As further consideration for the release, the Company will pay Mr. Mendez $15,000. Mr. Mendez also
resigned as a director of the Company and its subsidiaries effective August 31, 2013. Pursuant to the terms of the Separation
and Release Agreement, Mr. Mendez is also subject to certain restrictive covenants, including restrictions for thirty-six
months on his ability to compete with the Company, its subsidiaries and affiliates, and his ability to solicit the employees,
customers or other business relationships thereof. Mr. Mendez is also prohibited from disclosing confidential information or
disparaging the Company, its subsidiaries, affiliates, directors, officers, employees or stockholders. In accordance with
applicable law, Mr. Mendez may revoke the Separation and Release Agreement for a period of seven days after the date on which
it was executed, and the Separation and Release Agreement will not become effective or enforceable until after the expiration
of such seven-day revocation period.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A copy of the Separation and Release Agreement
by and between the Company, the Bank, and Mr. Mendez is attached as Exhibit 99.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, the Board of Directors of
the Company appointed Robert L. Buzzo to serve as President Emeritus of the Bank effective August 31, 2013. Mr. Buzzo, age 63,
previously served as President of the Bank since 2000. Mr. Buzzo will continue service to the Company and the Bank in all areas
and with all responsibility previously held. There are no arrangements or understandings between Mr. Buzzo and any other person
or persons pursuant to which Mr. Buzzo was appointed President Emeritus.</P>

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    <TD STYLE="width: 12%; text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item&nbsp;9.01</B></FONT></TD>
    <TD STYLE="width: 88%; text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Financial Statements and Exhibits</B> </FONT></TD></TR>
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    <TD NOWRAP STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">(d)</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">The following exhibit is included with this report:</FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exhibit No.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exhibit Description</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.1</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Separation Agreement and Release dated August 27, 2012</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">FIRST COMMUNITY BANCSHARES, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">September 3, 2013</FONT></TD>
    <TD STYLE="width: 17%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 44%; border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ David D. Brown</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">David D. Brown</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>




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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v354183_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SEPARATION AGREEMENT AND RELEASE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black"><B>THIS
SEPARATION AGREEMENT AND RELEASE</B> (this &ldquo;Agreement&rdquo;) is made and effective as of </FONT>this 28th day of August,
2013, by and between <FONT STYLE="color: black">JOHN M. MENDEZ, an individual and resident of the State of South Carolina (the
&ldquo;Executive&rdquo;), FIRST COMMUNITY BANCSHARES, INC., a Nevada corporation (&ldquo;FCBI&rdquo; or the &ldquo;Corporation&rdquo;),
and FIRST COMMUNITY BANK, a Virginia-chartered commercial bank (&ldquo;FCB&rdquo;). </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">R E C I T A L S</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FCBI is the parent
and sole shareholder of FCB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 16, 2008,
FCBI and Executive entered into that certain amended and restated employment agreement whereby the parties agreed that Executive
would serve as President and Chief Executive Officer of the Corporation and which said agreement was amended by an amendment and
waiver entered into on December 16, 2010 (both of which are referred to hereinafter collectively as the &ldquo;Employment Agreement&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Employment Agreement
provides for the payment of certain sums to Executive upon separation from service as more particularly set forth in the Employment
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FCBI has terminated
Executive pursuant to Section 4 &ldquo;<B><U>Termination Without Cause</U></B>&rdquo; of the Employment Agreement, which sets forth
certain payments due to Executive upon his separation from service with FCBI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The parties hereto
wish to confirm and clarify certain benefits and restrictions set forth in the Employment Agreement. In all other respects, the
parties reaffirm and ratify the terms of the Employment Agreement. In case of any conflict with the terms of the Employment Agreement,
the terms of this Agreement shall prevail and govern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE</B>,
in consideration of the mutual promises and covenants set forth herein, which the parties acknowledge are valuable and sufficient,
and in full and complete settlement of all matters between the Executive and FCB, FCBI and their affiliates, except as specifically
set forth below, the parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.<B>&#9;</B><U>Termination
Date</U>. The Executive agrees that his employment with FCBI and FCB will terminate and he will separate from service effective
as of August 31, 2013 (the &ldquo;Termination Date&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT><U>Severance
Obligations</U>. <B> </B>The parties hereto agree that the payments below shall be deemed payments made pursuant to the Employment
Agreement and, once made, shall be deemed to be full satisfaction of the FCBI&rsquo;s and FCB&rsquo;s payment obligations thereunder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">a)&#9;FCBI
or FCB shall continue the Executive&rsquo;s current base salary in effect on the Termination Date </FONT>for a period of thirty
(30) months. Such payments shall be made as follows: the first payment shall be a lump sum amount equal to 6.5 times the <FONT STYLE="color: black">Executive&rsquo;s
current monthly base salary in effect on the Termination Date</FONT> and paid on the first pay period following six months from
the Termination Date, <FONT STYLE="color: black">followed by payments of the Executive&rsquo;s current monthly base salary in effect
on the Termination Date for the next twenty-three and one-half (23.5) months paid </FONT>at regular bi-weekly payroll intervals
coinciding with <FONT STYLE="color: black">FCB&rsquo;s</FONT> regular payroll dates beginning on the first pay period following
six months from the Termination Date. <FONT STYLE="color: black">FCBI or FCB shall also continue the Executive&rsquo;s specified
welfare benefits in effect on the Termination Date </FONT>for a period of thirty (30) months.<FONT STYLE="color: black"> </FONT>For
the purposes of the foregoing, specified welfare benefits shall be defined as health and dental insurance premiums, to be paid
in full as follows: (i) FCBI or FCB will reimburse Executive for COBRA premiums as follows: the first payment shall be a lump sum
amount equal to seven times the applicable COBRA premium and paid on the first day of the seventh month after the Termination Date,
(ii) followed by payments of the applicable COBRA premium for an additional eleven months, and (iii) thereafter, FCBI or FCB will
pay to Executive, each month, the cash equivalent of the amount of the monthly COBRA premium in effect for the eighteenth month
after said Termination Date, for the remaining twelve months of such thirty (30) month period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">b)&#9;FCBI or FCB shall
pay the Executive an auto allowance of $800 per month for a period of thirty (30) months. Such payments shall be made as follows:
the first payment shall be a lump sum amount equal to $5,600 paid<FONT STYLE="color: black"> </FONT>the beginning on the first
pay period following six months from the Termination Date <FONT STYLE="color: black">followed by payments of $800</FONT> per month
<FONT STYLE="color: black">the next twenty-three (23) months.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">c)&#9;Prior to the Termination Date,
Executive may purchase his current company-provided automobile for Eighteen Thousand Dollars ($18,000) (which amount is the average
trade in value set forth in the 2013 NADA Guide).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">d)&#9;Other than the
compensation described in Section 2, Paragraphs (a), (b) and (c) above, Executive acknowledges that Executive is not entitled to
any additional payments or benefits of any kind, from FCBI or FCB, whether or not under the Employment Agreement or any plan, program,
policy or arrangement except for the following benefits or payments, none of which are separation or severance benefits:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&#9;under
the terms of that certain First Community Bancshares, Inc. Employee Stock Ownership and Savings Plan as amended and restated January
1, 2007, and as further amended thereafter and from time to time, under the terms and conditions thereof (sometimes hereinafter
referred to as the &ldquo;KSOP&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&#9;under
that certain FCFT, Inc. 401(k) WRAP Plan dated January 21, 1997, as amended thereafter and from time to time, under the terms and
conditions thereof (hereinafter sometimes referred to as the &ldquo;401(k) WRAP Plan&rdquo;), which shall be paid to Executive
as follows: as elected under the election forms executed by the Executive under the 401(k) WRAP Plan, subject to the applicable
six month delay under Internal Revenue Code Section 409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&#9;under
the terms of that certain First Community Bancshares, Inc. and Affiliates Executive Retention Plan as amended and restated January
30, 2008, effective January 1, 2005, and as amended by that certain Amendment No. 1 dated December 16, 2010, effective January
1, 2011 (hereinafter sometimes referred to as the &ldquo;SERP&rdquo;) under the terms and conditions thereof, which shall be paid
as set forth on the Initial Payment Election Form signed by Executive December 20, 2008, which provides for a 10 year certain and
life annuity beginning at Normal Retirement Date, as defined therein, in the event of Involuntary Termination of Employment not
for cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv)&#9;options
to purchase 42,323 shares of common stock of FCBI under that certain Option Agreement dated January 1, 1999, entered into by and
between Executive and FCBI respecting Options granted to Executive under the 1999 First Community Bancshares, Inc., Omnibus Stock
Option Plan (hereinafter any and all such existing Option Agreements or Option Plan are referred to together as the &ldquo;Option
Agreement&rdquo;), under the terms and conditions thereof, including a requirement to exercise options within 90 days of the Termination
Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v)&#9;Life
Insurance Policies as follows: Pacific Life Policy Number VF50232780 and General American Policy Number 3342586 issued under FCBI
and/or FCB Executive Carve Out Life Insurance plan or program (hereinafter sometimes referred to as the &ldquo;Life Insurance Policy&rdquo;);
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(vi)&#9;3,731
shares of common stock of FCBI under that certain First Community Bancshares, Inc. 2012 Omnibus Equity Compensation Plan (the &ldquo;Omnibus
Plan&rdquo;), which such shares are fully vested as of the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, FCBI or
FCB shall pay to Executive as reimbursement for the payment of any fees or expenses reasonably incurred by Executive in connection
with the Executive&rsquo;s negotiation, execution and delivery of this Agreement up to a maximum amount of $15,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&#9;<U>Effect of
Agreement</U>. Executive specifically agrees and acknowledges that (i) Executive has already used or been paid for all vacation
time, sick days, personal leave, holidays and/or any other benefits due to him as an employee of the Bank, and (ii) Executive is
not entitled to any other benefits or payments including but not limited to any benefit or payment under that certain First Community
Bancshares, Inc. Endorsement Method Split Dollar Life Insurance Plan Agreement dated February 2, 2000, as amended May 1, 2000,
other than those specifically set forth and provided for in this Agreement and the Employment Agreement (as modified by this Agreement),
and as set forth and provided for in the KSOP, the 401(k) WRAP Plan, the SERP, the Option Agreement, the Life Insurance Policy
and the Omnibus Plan (the benefits or payments under which are specifically set forth in Section 2 of this Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&#9;<U>Resignation from Boards of Directors</U>.
The Executive hereby resigns his position as a member of the Boards of Directors of FCBI, FCB, and the subsidiaries and affiliates
of each, effective on the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&#9;<U>Full Satisfaction</U>. Executive
acknowledges and agrees that the payment of the foregoing under Section 2, Paragraphs (a), (b) and (c) constitutes a restatement
of the terms and conditions of the Employment Agreement and the full satisfaction of FCBI and FCB&rsquo;s obligations under the
Employment Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&#9;<U>Tax Issues</U>. Notwithstanding
the acknowledgement of the parties that as of August 31, 2013, no Change in Control of FCB or FCBI is being negotiated or contemplated,
the parties agree that Paragraph 7 &ldquo;Tax Issues&rdquo; of the Employment Agreement and any related provisions of said Agreement
shall remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.&#9;<U>Waiver and
Release</U>. As consideration for the forgoing, FCBI or FCB agrees to pay Executive a lump sum cash payment of Fifteen Thousand
Dollars ($15,000). For purposes of this Section 7, the term &ldquo;Executive&rdquo; shall include the Executive and his heirs,
executors, administrators and assigns, and the terms, &ldquo;FCBI&rdquo; and &ldquo;FCB&rdquo; shall include each respective entity,
any related or affiliated entities and current and former officers, directors, stockholders, employees and agents of such entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">a)&#9;The Executive
unconditionally releases and discharges FCBI and FCB, their successors and assigns, from any and all causes of action, suits, damages,
claims, proceedings, and demands that the Executive has ever had, or may now have, against FCBI or FCB, whether asserted or unasserted,
whether known or unknown, concerning any matter occurring up to and including the date of the signing of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">b)&#9;The Executive
acknowledges that he is waiving and releasing, to the full extent permitted by law, all claims against FCBI and FCB, including
(but not limited to) all claims arising out of, or related in any way to, his employment with FCB or the termination of that employment,
including (but not limited to) any and all breach of contract claims, tort claims, claims of wrongful discharge, claims for breach
of an express or implied employment contract, defamation claims, claims under Title VII of the Civil Rights Act of 1964, which
prohibits discrimination in employment based on race, color, national origin, religion or sex, the Family and Medical Leave Act,
which provides for unpaid leave for family or medical reasons, the Equal Pay Act, which prohibits paying men and women unequal
pay for equal work, the Age Discrimination in Employment Act of 1967, which prohibits age discrimination in employment, the Americans
with Disabilities Act, which prohibits discrimination based on disability, the Rehabilitation Act of 1973, any and all other applicable
local, state and federal non-discrimination statutes, Employee Retirement Income Security Act, all other statutes, the common law
of the State of South Carolina, or any other state, and any and all claims for attorneys&rsquo; fees. The Executive further agrees
that the release described herein shall apply to unknown and unanticipated damages resulting from or in any way connected to his
employment or the termination thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">c)&#9;The Executive
acknowledges that FCBI and FCB&rsquo;s payment of the consideration set forth herein shall be a full accord and satisfaction of
FCBI&rsquo;s and FCB&rsquo;s obligations under the Employment Agreement and any and all other employment agreements, contracts
or understandings between the parties and that no further performance of any kind is due Executive by FCBI and/or FCB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">d) &#9;These Waiver
and Release provisions (a) through (c) of Section 7 shall be construed to release all claims to the full extent allowed by law.
If any term of this section shall be declared unenforceable by a court or other tribunal of competent jurisdiction, it shall not
adversely affect the enforceability of the remainder of this section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.&#9;<U>Restrictive
Covenants and Other Obligations</U>. The parties agree that Paragraph 8 &ndash; &ldquo;Loyalty Obligations&rdquo;, Paragraph 9
&ndash; &ldquo;Non-Compete Restriction&rdquo; of the Employment Agreement and any related provisions of said Agreement shall remain
in full force and effect. By executing this Agreement, Executive acknowledges and agrees that he will perform his obligations under
the aforementioned sections for the prescribed period of thirty-six (36) months as to (i) FCB, (ii) FCBI and (iii) any affiliates
thereof, and that said sections as restated are hereby ratified and incorporated by reference as if set forth fully herein. In
the event the Executive breaches any obligation under any of the sections of the Employment Agreement referenced in this Section
8, FCBI and FCB&rsquo;s obligations to make payment to the Executive under subsections 2(a) and 2(b) shall terminate immediately
and FCBI and FCB shall have no further obligations to the Executive with regards to such subsections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.&#9;<U>Duty of Loyalty/Non-disparagement</U>.
The parties shall not (except as required by law) communicate to anyone, whether by word or deed, whether directly or through any
intermediary, and whether expressly or by suggestion or innuendo, any statement, whether characterized as one of fact or of opinion,
that is intended to cause or that reasonably would be expected to cause any person to whom it is communicated to have a lowered
opinion of the other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">10.&#9;<U>Confidentiality
of the Terms of This Agreement</U>. Except to the extent such contents are disclosed by FCBI</FONT> as required by law including,
but not limited to, its public reporting obligations under the Securities Exchange Act of 1934<FONT STYLE="color: black">, the
Executive agrees not to publicize or disclose the contents of this Agreement, including the amount of the monetary payment, other
than (i) to his immediate family; (ii) to his attorney(s), accountant(s), and/or tax preparer(s); (iii) as may be required by law;
or (iv) as necessary to enforce the terms of this Agreement. The Executive further agrees that he will inform anyone to whom the
terms of this Agreement are disclosed of the confidentiality requirements contained herein. Notwithstanding the foregoing, the
parties agree that where business needs dictate, the Executive may disclose to a third party that he has entered into an agreement
with FCBI and FCB, which agreement contains restrictive covenants including non-competition and nondisclosure provisions, one or
more of which prohibit him from performing the requested service.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.&#9;<U>Entire Agreement;
Modification of Agreement</U><B>. </B>Except as otherwise expressly noted herein, this Agreement constitutes the entire understanding
of the parties and supersedes all prior discussions, understandings, and agreements of every nature between them relating to the
matters addressed herein. Accordingly, no representation, promise, or inducement not included or incorporated by reference in this
Agreement shall be binding upon the parties. The Executive affirms that the only consideration for the signing of this Agreement
are the terms set forth above and that no other promises or assurances of any kind have been made to him by FCBI, FCB or any other
entity or person as an inducement for him to sign this Agreement. This Agreement may not be changed orally, but only by an agreement
in writing signed by the parties or their respective heirs, legal representatives, successors, and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.&#9;<U>Partial Invalidity</U><B>.
</B>The parties agree that the provisions of this Agreement and any paragraphs, subsections, sentences, or provisions thereof shall
be deemed severable and that the invalidity or unenforceability of any paragraph, subsection, sentence, or provision shall not
affect the validity or enforceability of the remainder of the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.&#9;<U>Waiver</U>.<B>
</B>The waiver of the breach of any term or provision of this Agreement shall not operate as or be construed to be a waiver of
any other subsequent breach of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.&#9;<U>Successors
and Assigns</U>. This Agreement shall inure to and be binding upon FCBI, FCB and the Executive, their respective heirs, legal representatives,
successors, and assigns. However, Executive may not assign his obligations under this Agreement without the prior written consent
of both FCBI and FCB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.&#9;<U>Governing
Law</U>. This Agreement shall be construed in accordance with the laws of the Commonwealth of Virginia and any applicable federal
laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.&#9;<U>Headings</U>.
The headings or titles of sections and subsections of this Agreement are for convenience and reference only and do not constitute
a part of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.&#9;<U>Notice</U>.
For the purposes of this Agreement, notices, demands and other communications provided for in this Agreement shall be in writing
and shall be deemed to have been duly given when delivered or (unless otherwise specified) mailed by the United States registered
mail, return receipt requested, postage prepaid, addressed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</td>
    <TD STYLE="width: 93%"><font style="color: black">If to Executive: </font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="color: black">John M. Mendez</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="color: black">9354 Modena Court</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="color: black">Myrtle Beach, South Carolina&nbsp;&nbsp;29579</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="color: black">If to FCBI or FCB or both:</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="color: black">Robert L. Schumacher</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="color: black">General Counsel</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="color: black">First Community Bancshares, Inc.</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="color: black">P.O. Box 989</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="color: black">Bluefield, Virginia&nbsp;&nbsp;24605-0989</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">or such other address as any party may
have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only
upon receipt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.&#9;<U>Representations</U>.<B>
</B>The Executive acknowledges that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">a)&#9;He has read this
Agreement and understands its meaning and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">b)&#9;He has knowingly
and voluntarily entered into this Agreement of his own free will.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">c)&#9;By signing this
Agreement, the Executive has waived, to the full extent permitted by law, all claims against FCBI and FCB based on any actions
taken by FCBI and FCB up to the date of the signing of this Agreement, and FCBI and FCB may plead this Agreement as a complete
defense to any claim the Executive may assert.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">d)&#9;FCBI and FCB
are providing the consideration set forth in this Agreement in return for the Executive&rsquo;s agreement to be bound by the terms
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">e)&#9;He has been advised
to consult with an attorney before signing this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">f)&#9;He has been given
up to twenty one (21) days to consider the terms of this Agreement beginning with the presentation of the initial draft of the
Agreement to the Executive on August 21, 2013. Because this Agreement is the product of negotiations, any agreed-upon changes do
not re-start the 21-day consideration period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">g)&#9;He has seven
(7) days, after the Executive has signed the Agreement and it has been received by FCBI and FCB, to revoke it by notifying Robert
L. Schumacher, General Counsel of FCBI, of his intent to revoke acceptance. For such revocation to be effective, the notice of
revocation must be received no later than 5:00 p.m. Eastern Standard Time on the seventh day after the signed Agreement is received
by FCBI and FCB. This Agreement shall not become effective or enforceable until the revocation period has expired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">h)&#9;He is not waiving
or releasing any rights or claims that may arise after the date the Executive signs this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">19.&#9;<U>Counterparts</U>.
This Agreement may be executed in separate counterparts, each of which shall be deemed to be an original and both of which taken
together shall constitute one and the same Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>As to the Executive:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid"><font style="color: black">&nbsp;</font></td>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="color: black">&nbsp;</font></td>
    <TD STYLE="width: 47%; padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid"><font style="color: black">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="color: black">Date</font></td>
    <TD>&nbsp;</td>
    <TD><font style="color: black">John M. Mendez</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="color: black"><b>As to FCBI:</b></font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt; color: black"><b>FIRST COMMUNITY BANCSHARES, INC</b></font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="color: black">&nbsp;</font></td>
    <TD><font style="color: black">&nbsp;</font></td>
    <TD><font style="color: black">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><font style="color: black">&nbsp;</font></td>
    <TD><font style="color: black">&nbsp;</font></td>
    <TD STYLE="border-bottom: Black 1pt solid"><font style="color: black">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="color: black">Date</font></td>
    <TD>&nbsp;</td>
    <TD><font style="color: black">Name:</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="color: black">Title:</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="color: black"><b>As to FCB:</b></font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="color: black"><b>FIRST COMMUNITY BANK</b></font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><font style="color: black">&nbsp;</font></td>
    <TD><font style="color: black">&nbsp;</font></td>
    <TD STYLE="border-bottom: Black 1pt solid"><font style="color: black">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="color: black">Date</font></td>
    <TD>&nbsp;</td>
    <TD><font style="color: black">Name:</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="color: black">Title:</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></td></tr>
</table>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="margin: 0"></P>

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