<SEC-DOCUMENT>0000914317-12-001295.txt : 20120904
<SEC-HEADER>0000914317-12-001295.hdr.sgml : 20120903
<ACCEPTANCE-DATETIME>20120904161544
ACCESSION NUMBER:		0000914317-12-001295
CONFORMED SUBMISSION TYPE:	8-K/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20120829
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20120904
DATE AS OF CHANGE:		20120904

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST BANCORP /NC/
		CENTRAL INDEX KEY:			0000811589
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				561421916
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-15572
		FILM NUMBER:		121071027

	BUSINESS ADDRESS:	
		STREET 1:		341 NORTH MAIN ST
		STREET 2:		PO BOX 508
		CITY:			TROY
		STATE:			NC
		ZIP:			27371-0508
		BUSINESS PHONE:		9105766171
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K/A
<SEQUENCE>1
<FILENAME>form8ka-125348_fbnc.htm
<DESCRIPTION>8-K/A
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.5pt 0 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.3pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 5.5pt 0 0; text-align: center"><B></B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 5.5pt 0 0; text-align: center"><B>Form&nbsp;8-K/A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5.5pt; text-align: center"><B>(Amendment No. 1)</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">THE SECURITIES EXCHANGE
ACT OF 1934</P>

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

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    <TD STYLE="width: 46%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Date of Report (Date of earliest event reported):</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-weight: bold; text-align: center">August 28, 2012</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>First Bancorp</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in its
Charter)</P>



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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">North Carolina</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">0-15572</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">56-1421916</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or Other Jurisdiction</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(Commission</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(I.R.S. Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">File Number)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Identification Number)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">341 North Main Street, Troy,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">North Carolina</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">27371</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(910) 576-6171</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Not Applicable</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Former Name or Former Address, if changed since
last report)</P>

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

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

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

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    <TD STYLE="width: 5%; text-align: left; font-family: Wingdings; vertical-align: bottom">o</TD>
    <TD STYLE="width: 94%; vertical-align: top; text-align: justify">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; font-family: Wingdings; vertical-align: bottom">o</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Wingdings; text-align: left; vertical-align: bottom">o</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Wingdings; text-align: left; vertical-align: bottom">o</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.5pt 0; text-align: center">First Bancorp</P>

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 79%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Page</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>Item 5.02</TD>
    <TD>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.7pt; text-indent: -7.7pt">&nbsp;</TD>
    <TD STYLE="padding-left: 7.7pt; text-indent: -7.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 7.7pt; text-indent: -7.7pt">&nbsp;</TD>
    <TD STYLE="padding-left: 7.7pt; text-indent: -7.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 7.7pt; text-indent: -7.7pt">Signatures</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 7.7pt; text-indent: -7.7pt">&nbsp;</TD>
    <TD STYLE="padding-left: 7.7pt; text-indent: -7.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.7pt; text-indent: -7.7pt">&nbsp;</TD>
    <TD STYLE="padding-left: 7.7pt; text-indent: -7.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.5pt 0; text-indent: 13.2pt">This Amendment No. 1 on Form 8-K/A amends
the report on Form 8-K (the &ldquo;Original Report&rdquo;) filed by First Bancorp (the &ldquo;Company&rdquo;) with the Securities
and Exchange Commission on May 22, 2012 to provide additional information in Item 5.02 regarding certain finalized compensation
arrangements between the Company and Richard H. Moore, who was appointed as the Company&rsquo;s President and Chief Executive Officer
effective June 11, 2012. The information previously reported in the Original Report is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 12.95pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 1in; vertical-align: top; padding-bottom: 2.2pt">Item 5.02</TD>
    <TD STYLE="width: 0%; vertical-align: top; padding-bottom: 2.2pt; padding-left: 2.2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.2pt; padding-left: 2.2pt">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 12.95pt"><FONT STYLE="color: black">On August
28, 2012, First Bancorp entered into an employment agreement with Mr. Moore that sets forth Mr. Moore&rsquo;s final compensation
arrangements. Under the employment agreement, Mr. Moore will receive a base salary of $475,000, which may be increased or decreased
for subsequent years at the discretion of the Board of Directors of the Company. The employment agreement is for a one-year term
that automatically renews for one-year terms unless either party gives written notice of non-renewal. Mr. Moore is entitled to
participation in Company benefit plans and programs made available to other employees and reimbursement of the costs of participation
in the </FONT><FONT STYLE="letter-spacing: -0.1pt">North Carolina State Health Plan</FONT><FONT STYLE="color: black">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 12.95pt">Mr. Moore will participate in a new
Performance Incentive Plan, adopted by the Company on August 28, 2012, which provides for an annual bonus ranging from a threshold
level of $150,000 to a maximum of $600,000, depending on achievement of certain earnings per share targets set by the Compensation
Committee. One-half of Mr. Moore&rsquo;s annual bonus under the Performance Incentive Plan will be paid in cash and the remainder
will be paid in restricted common stock vesting over a three-year period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 12.95pt">The employment agreement also provides
Mr. Moore with severance benefits including, among other things, that if the Company terminates his employment without cause, he
is entitled to receive his base salary for the greater of three months or the then remaining period of his employment term. If,
within 12 months following certain specified change in control transactions, the Company terminates Mr. Moore&rsquo;s employment
without cause, or if Mr. Moore terminates his employment for good reason, Mr. Moore shall be entitled to two times his base salary
and continuation of health insurance reimbursements for 12 months. The employment agreement also imposes non-competition and employee
non-solicitation obligations on Mr. Moore for 12 months following the termination of his employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 12.95pt">Pursuant to the employment agreement,
on August 28, 2012, the Company granted Mr. Moore (i) performance-based, non-qualified options to purchase 75,000 shares of the
Company&rsquo;s common stock at an exercise price of $9.76 per share, the fair market value of one share of the Company&rsquo;s
common stock on August 28, 2012, and (ii) 40,000 shares of restricted common stock. The option award and restricted stock award
will vest in full on December 31, 2014 and December 31, 2015, respectively, if the Company achieves certain earnings per share
targets on such dates, and will be forfeited in full if the applicable targets are not achieved. These awards accelerate in the
event that Mr. Moore&rsquo;s employment is terminated by the Company without cause. In the event of certain specified change in
control transactions, acceleration will be in the discretion of the Compensation Committee, except that if Mr. Moore terminates
his employment with good reason within 12 months following such a transaction, his awards vest in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.5pt 0 6pt"><B>Disclosures About Forward Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 13.2pt">The discussions included in this document
and its exhibits contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and
the Private Securities Litigation Reform Act of 1995, which statements are inherently subject to risks and uncertainties. Forward-looking
statements are statements that include projections, predictions, expectations or beliefs about future events or results or otherwise
are not statements of historical fact. Such statements are often characterized by the use of qualifying words (and their derivatives)
such as &ldquo;expect,&rdquo; &ldquo;believe,&rdquo; &ldquo;estimate,&rdquo; &ldquo;plan,&rdquo; &ldquo;project,&rdquo; &ldquo;anticipate,&rdquo;
or other statements concerning opinions or judgments of the Company and its management about future events. Factors that could
influence the accuracy of such forward-looking statements include, but are not limited to, the financial success or changing strategies
of the Company&rsquo;s customers, the Company&rsquo;s level of success in integrating acquisitions, actions of government regulators,
the level of market interest rates, and general economic conditions. For additional information about the factors that could affect
the matters discussed in this paragraph, see the &ldquo;Risk Factors&rdquo; section of the Company&rsquo;s most recent annual report
on Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.5pt 0 6pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.5pt 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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
thereunto duly authorized.</P>

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    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
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    <TD STYLE="width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>First Bancorp</TD></TR>
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    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">September 4, 2012</P></TD>
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    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By:</P></TD>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">/s/ Richard H. Moore</P></TD></TR>
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    <TD>Richard H. Moore</TD></TR>
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    <TD>President and Chief Executive Officer</TD></TR>
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