Alexander Snipe, Jr.
About Alexander Snipe, Jr.
Independent Class III director (age 73) serving on First Community Corporation’s board since May 2005. President and CEO of Glory Communications, Inc. since September 1992, with 40+ years in broadcasting, past president of the South Carolina Broadcasters Association, and inductee in the South Carolina Broadcasters Hall of Fame . Prior career includes a decade as general sales manager at a top Columbia radio station, and board service at civic and industry organizations .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Columbia radio station | General Sales Manager | 10 years | Led sales at a top market station |
| South Carolina Broadcasters Association | Board Member; Past President | Not disclosed | Industry leadership; Hall of Fame recognition |
| Columbia Urban League | Board Member | Not disclosed | Community engagement |
| William L. Bonner Bible College | Board Member | Not disclosed | Education/community oversight |
| Gospel Heritage Foundation | Board Member | Not disclosed | Non-profit governance |
| National Association of Broadcasters Radio Board | Board Member (former) | Not disclosed | National industry governance |
External Roles
| Organization | Role | Tenure | Scope/Notes |
|---|---|---|---|
| Glory Communications, Inc. | President & CEO | Since Sep 1992 | Operates radio stations in Columbia, Florence, Moncks Corner (SC) and Augusta (GA) |
Board Governance
- Committees: Compensation Committee member; Nominating and Corporate Governance Committee member .
- Chair roles: None (Nominating chaired by Roderick M. Todd, Jr.; Compensation chaired by Thomas C. Brown) .
- Independence: Board determined Snipe is independent under Nasdaq rules .
- Attendance: Board met 12 times in 2024 and 15 times in 2023; each director attended at least 75% of combined board and committee meetings in both years .
- Board structure: Independent Chairman (C. Jimmy Chao) and separate CEO; committees fully independent .
- Stock ownership guidelines: Pre-2023 directors required to own 10,000 shares; directors may defer cash retainers into share units until long-term thresholds are met; trading pre-approval required; short sales prohibited .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Fees Earned or Paid in Cash ($) | $41,500 | $35,000 |
| Stock Awards ($) | $14,000 | $21,995 |
| Total ($) | $55,500 | $56,995 |
| Director Fee Policy Elements | 2023 | 2024 |
|---|---|---|
| Chairman of the Board Retainer | $14,500 | $14,500 |
| Chairman Board Meeting Fee | $1,350 per meeting | $1,350 per meeting |
| Committee Chair Retainers (ALCO, Audit, Comp, Nominating) | $11,000 | $11,500 |
| Loan Committee Chair Retainer | $13,500 | $13,500 |
| Outside Director Retainer (non-chair) | $9,500 | $9,500 |
| Board Meeting Fee (outside directors) | $1,000 per meeting | $1,000 per meeting |
| Committee Meeting Fee | $500 per meeting | $500 per meeting |
| Audit Committee Meeting Fee | $750 per meeting | $750 per meeting |
- Deferred Compensation: In 2023, Snipe deferred $63,082 of fees/dividends into 3,388 share units; cumulative since inception 40,426 units .
- 2023 Director Equity Grant: 690 restricted shares granted per non-employee director on Feb 21, 2023 at $20.29/share; vested Jan 1, 2024 .
Performance Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Non-Equity Incentive Plan Compensation ($) | — (none) | — (none) |
| Option Awards ($) | — (none) | — (none) |
Director pay is primarily fixed cash plus time-based equity; no performance-based cash or stock options disclosed .
Other Directorships & Interlocks
| Entity | Type | Role | Notes |
|---|---|---|---|
| South Carolina Broadcasters Association | Industry association | Past President; Board Member | Hall of Fame inductee |
| National Association of Broadcasters Radio Board | Industry association | Former Board Member | National industry governance |
| Columbia Urban League | Non-profit | Former Board Member | Community-focused |
| William L. Bonner Bible College | Education | Former Board Member | Community/education |
| Gospel Heritage Foundation | Non-profit | Former Board Member | Arts/community |
- Public company boards: None disclosed .
- Interlocks: No disclosed interlocks with FCCO competitors, suppliers, or customers .
Expertise & Qualifications
- Small business operator since 1992 with deep regional market knowledge in FCCO’s footprint .
- Broadcast industry leadership and governance experience (SCBA past president; Hall of Fame) .
- Community ties across Midlands of South Carolina supporting local market insight .
Equity Ownership
| Metric | As of Mar 28, 2024 | As of Mar 27, 2025 |
|---|---|---|
| Shares of Common Stock Owned | 11,405 | 12,245 |
| Right to Acquire (deferred units) | 40,426 | 43,588 |
| % of Beneficial Ownership | 0.68% | 0.72% |
- Indirect holdings: Includes 3,927 shares held by Glory Communications, Inc., wholly owned by Snipe .
- Distribution of deferred units: Non-employee director deferred share units are distributed within 30 days following separation from the board .
- Ownership guideline status: As a pre-2023 director, required to own 10,000 shares; disclosed ownership exceeds threshold .
Say-on-Pay & Director Election Signals
| Say-on-Pay | 2024 Vote | 2025 Vote |
|---|---|---|
| For | 4,497,016 | 4,019,104 |
| Against | 150,124 | 61,274 |
| Abstain | 15,369 | 24,410 |
| Broker Non-Vote | 1,235,862 | 1,353,537 |
| Director Election (Class III, 2024) | For | Withheld | Broker Non-Vote |
|---|---|---|---|
| Alexander Snipe, Jr. | 4,147,116 | 515,393 | 1,235,862 |
Related Party & Conflicts Review
- Board independence determinations noted transactions for another director (Layden) at de minimis levels; no specific related-party transactions disclosed for Snipe .
- Routine insider lending: Aggregate loans to directors/executive officers were ~$1.1M at Dec 31, 2023, on market terms and compliant with Regulation O .
- Insider trading/short sales: Short sales prohibited by policy; trading pre-approval required .
- Section 16 compliance: All timely in 2024 except one CFO filing; no issues disclosed for Snipe .
Compensation Structure Analysis
- Mix shift to equity: Stock awards increased to $21,995 in 2024 from $14,000 in 2023, while cash fees decreased, modestly increasing equity alignment .
- No options or variable pay: Alignment primarily through restricted stock and deferred units; no performance-linked director incentives .
- Director equity plan cap: Annual non-employee director awards capped at $140,000 grant-date fair value .
Governance Assessment
- Board effectiveness: Active member of Compensation and Nominating committees; independence affirmed; attendance disclosed at ≥75% across board/committee duties, supporting engagement .
- Ownership alignment: Exceeds 10,000-share guideline and maintains significant deferred share units, reinforcing long-term alignment .
- Signals of investor confidence: Strong say-on-pay approvals (2024–2025) and solid director support in 2024 election; vote tallies consistent with stable governance .
- Risk indicators and RED FLAGS:
- Approaching mandatory retirement age: Bylaws set retirement at 74; Snipe is 73 in 2025, implying limited remaining term and potential board transition risk .
- Related-party exposure: Personal control of Glory Communications with indirect share holdings; no disclosed transactions with FCCO, but continued monitoring warranted .
- No performance-linked director pay: Absence of variable components may reduce pay-for-performance signals at the board level .
- Clawback policy: Robust executive incentive clawback policy adopted in 2023; enhances governance posture though not directly tied to director pay .
Overall: Snipe brings small-business and regional market expertise with strong ownership alignment and committee engagement. Primary watch items are retirement horizon, any evolving related-party exposures, and ongoing verification of attendance/engagement metrics and Section 16 compliance for sustained investor confidence .