<SEC-DOCUMENT>0000914317-14-001020.txt : 20140801
<SEC-HEADER>0000914317-14-001020.hdr.sgml : 20140801
<ACCEPTANCE-DATETIME>20140801153142
ACCESSION NUMBER:		0000914317-14-001020
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140729
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:		20140801
DATE AS OF CHANGE:		20140801

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
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-15572
		FILM NUMBER:		141009943

	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
<SEQUENCE>1
<FILENAME>form8k-140051_fbnc.htm
<DESCRIPTION>8-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</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: 5pt 0; text-align: center"><B>Form&nbsp;8-K</B></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: 5pt 0; text-align: center">CURRENT REPORT PURSUANT TO SECTION 13 OR
15(d) OF<BR>
THE SECURITIES EXCHANGE ACT OF 1934</P>

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<tr style="vertical-align: top">
    <TD STYLE="width: 45%; font-size: 10pt; text-align: center"><font style="font-size: 10pt">Date of Report (Date of earliest event reported):</font></td>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</td>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><font style="font-size: 10pt"><b>July 29, 2014</b></font></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: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>First Bancorp</B></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"></P>

<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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<tr style="vertical-align: top">
    <TD STYLE="width: 32%">&nbsp;</td>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 32%">&nbsp;</td>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 32%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">North Carolina</font></td>
    <TD>&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0-15572</font></td>
    <TD>&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">56-1421916</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><font style="font-size: 10pt">(State or Other Jurisdiction</font></td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">(Commission </font></td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">(I.R.S. Employer</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><font style="font-size: 10pt">of Incorporation)</font></td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">File Number) </font></td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">Identification Number)</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&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: 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; text-align: center"><font style="font-size: 10pt">300 SW Broad Street, Southern Pines, <BR>
North Carolina</font></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">28387</P></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><font style="font-size: 10pt">(Address of Principal Executive Offices)</font></td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">(Zip Code)</font></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) 246-2500</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>

<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">Not Applicable</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"></P>

<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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.3pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.3pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 22.3pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD 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></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.3pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD 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></TABLE>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center">First Bancorp<BR>
<B>INDEX</B></P>

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<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><font style="font-size: 10pt"><b>Page</b></font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-left: 7.5pt; text-indent: -7.5pt"><font style="font-size: 10pt">Item&nbsp;5.02 &ndash; Departure of Directors or Principal Officers; Election of Directors; Election of Principal Officers; Compensatory Arrangements of Certain Officers</font></td>
    <TD STYLE="width: 0in">&nbsp;</td>
    <TD STYLE="width: 0.1in; text-align: center; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 0.75in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">3</P></td>
    <TD STYLE="width: 0.1in; text-align: center; vertical-align: bottom">&nbsp;</td></tr>
<tr style="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 7.5pt; text-indent: -7.5pt">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-left: 7.5pt; text-indent: -7.5pt"><font style="font-size: 10pt">Item&nbsp;9.01 &ndash; Financial Statements and Exhibits</font></td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="text-align: center; vertical-align: bottom"><font style="font-size: 10pt">4</font></td>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</td></tr>
<tr style="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 7.5pt; text-indent: -7.5pt">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-left: 7.5pt; text-indent: -7.5pt"><font style="font-size: 10pt">Signatures</font></td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="text-align: center; vertical-align: bottom"><font style="font-size: 10pt">4</font></td>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</td></tr>
<tr style="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 7.5pt; text-indent: -7.5pt">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-left: 7.5pt; text-indent: -7.5pt"><font style="font-size: 10pt">Exhibit&nbsp;10(a)&nbsp;Annual Incentive Plan</font></td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Exhibit</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center">&nbsp;</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><B>Item&nbsp;5.02 &ndash; Departure
of Directors or Principal Officers; Election of Directors; Election of Principal Officers; Compensatory Arrangements of Certain
Officers</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(e) On July 29, 2014, the Compensation Committee
of First Bancorp (the &ldquo;Registrant&rdquo;) approved changes to the terms of its annual incentive plan (the &ldquo;AIP&rdquo;).
The AIP is a performance-based incentive plan that includes specified employees of the Registrant, including each of its executive
officers except for its Chief Executive Officer, who has a separate annual incentive plan. The primary change made to the AIP is
to allow for payments earned under the plan to be made in cash, common stock of the Registrant, or a combination of stock and cash.
The stock may have vesting conditions. Previously, the AIP only permitted cash payments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">A copy of the restated AIP is included as Exhibit
10(a) to this report.</P>


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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: 0"><B>Item 9.01 Financial Statements and Exhibits.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exhibits</I>. The Registrant&rsquo;s Annual Incentive
Plan is filed as Exhibit 10(a) to this report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center">Signatures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-indent: 0.5in">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>

<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: 0.25in">&nbsp;</td>
    <TD STYLE="width: 0.25in">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="width: 0in">&nbsp;</td>
    <TD STYLE="width: 0.5in">&nbsp;</td>
    <TD STYLE="width: 0in">&nbsp;</td>
    <TD STYLE="width: 3in">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">First Bancorp</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <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">August 1, 2014</P></td>
    <TD>&nbsp;</td>
    <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>
    <TD>&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid">
        <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>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Richard H. Moore</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">President and Chief Executive Officer</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center">Exhibit Index</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center">&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: 38%">Exhibit</td>
    <TD STYLE="width: 62%">Description</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-decoration: underline"><u>Number</u></td>
    <TD STYLE="text-decoration: underline"><u>of Exhibit</u></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>10(a)</td>
    <TD>Annual Incentive Plan</td></tr>
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<TYPE>EX-10.A
<SEQUENCE>2
<FILENAME>ex10a.htm
<DESCRIPTION>EX-10(A)
<TEXT>
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<P STYLE="margin: 0"></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The First Bancorp Annual
Incentive Plan (&ldquo;AIP&rdquo;) is a bonus plan that links compensation to the achievement of performance goals. The performance
goals will generally include business measures that improve both the short-term earnings and long-term earnings of the company
and/or contribute to shareholder value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 2.5in; padding-right: 0; padding-left: 0; text-decoration: underline; text-align: justify; text-indent: 0"><B><U>Plan Features</U></B></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><B>Measurement Period</B></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">Calendar Year</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><B>Eligible Participants</B></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">Executive officers, and other employees of the Company designated by the Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><B>Participation Categories</B></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><B>Branch</B> &ndash; includes branch employees and Regional Executives.&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><B>Corporate</B> &ndash; includes all other individuals, including executive officers, the audit department, the deposit and loan operations departments, the credit card department, collections, human resources, Montgomery Data Services, First Bank Insurance Services, and the Appraisal Department.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><B>Performance Goals</B></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">One or more performance goals will be established related to consolidated corporate performance (&ldquo;Corporate Performance Goals&rdquo;) and related to regional and branch specific performance (&ldquo;Regional/Branch Performance Goals&rdquo;) &ndash; collectively &ldquo;Performance Goals.&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">The Corporate Performance Goals will be determined annually by the Compensation Committee and reported to the Board of Directors.&nbsp;&nbsp;The specific Regional/Branch Performance Goals will be determined annually by the Chief Executive Officer.&nbsp;&nbsp;There may be Corporate Performance Goals that are measured differently for Branch participants than for Corporate participants, and certain Corporate Performance goals may apply to only one category of participants.</TD></TR>
</TABLE>

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

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<P STYLE="margin: 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="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; width: 2.5in">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">Performance Goals may include, but are not limited to, the following business measures:&nbsp;&nbsp;net income, deposit growth, loan growth, noninterest income growth, and expense growth.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><B>Calculation of Awards</B></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">Each participant is assigned a Target Award, which is expressed as a percent of their annual salary.&nbsp;&nbsp;The Compensation Committee determines the Target Award for the Company&rsquo;s executive officers and officers classified as &ldquo;Regional Executives.&rdquo;&nbsp;&nbsp;The Company&rsquo;s Chief Executive Officer establishes the Target Award for all other participants.&nbsp;&nbsp;The Target Award for a given year for any or all employees may be adjusted by the Compensation Committee as deemed appropriate.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">The Target Award is then adjusted by multiplying it times the sum of the Performance Percentages (defined below) that apply to the individual.&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><B>Performance Goal Weight</B></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Each Performance Goal will have an assigned weight (&ldquo;Performance Goal Weight&rdquo;) determined by the Compensation Committee and reported to the Board of Directors.&nbsp;&nbsp;The total of the assigned weights for all Performance Goals will be 100%.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">For Branch participants, the sum of the Performance Goal Weights related to Regional/Branch Performance Goals will generally total 75% and the sum of the Performance Goal Weights related to Corporate Performance Goals will be 25%.&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">For Corporate participants, 100% of the Performance Goal Weights will be comprised of Corporate Performance Goals.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><B>Performance Percentage</B></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">The Performance Percentage is a percentage reflecting actual performance in relation to the Performance Goal.&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">For each Performance Goal, a threshold goal, target goal, and maximum goal will be set on an annual basis.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">Achievement of less than the threshold goal will result in a zero percent Performance Percentage.&nbsp;&nbsp;Achievement of the goal at the threshold level will result in a 50% percent Performance Percentage for that goal.&nbsp;&nbsp;Achievement of the Target Goal will result in 100% being applied to the Performance Goal Weight to determine the Performance Percentage, and achievement of the Maximum Goal will result in 200% being applied to the Performance Goal Weight to determine the Performance Percentage.</TD></TR>
</TABLE>

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

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<P STYLE="margin: 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="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; width: 2.5in">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">Pro-rata extrapolation will be utilized to determine a Performance Percentage that is between the Threshold Goal and the Target Goal or the Target Goal and the Maximum Goal.&nbsp;&nbsp;See Exhibit A for a table illustrating the extrapolation at various intervals of performance.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><B>Discretionary Awards</B></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">The Compensation Committee shall have the ability to adjust any award paid under this plan upward or downward in its discretion at any time.&nbsp;&nbsp;Examples of factors that the Compensation Committee may consider when adjusting an award include, but are not limited to:&nbsp;&nbsp;unusual items of income or expense, results of internal audit reports, and regulatory exam reports. This can include minimum triggers for any payments to be paid under this plan.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><B>Payment of Awards</B></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">All awards will be paid within 90 days after each fiscal year end.&nbsp;&nbsp;Any employee who terminates employment prior to December 31 of the Measurement Period is not eligible to receive an award.&nbsp;&nbsp;Employees who become participants in the plan during the year will receive a pro-rata bonus based on the amount of time they were in the plan during the Measurement Period.&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">Payments may be made in any combination of cash and common stock, as the Compensation Committee determines.&nbsp;&nbsp;The Compensation Committee may impose vesting requirements on the stock that are applicable to certain or all employees receiving stock.&nbsp;&nbsp;All stock awards will be made pursuant to shareholder approved equity plans.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 153pt; text-align: justify; text-indent: -153pt"></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: 0; text-align: right">Exhibit A</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: black 1pt solid; padding-right: 5.05pt; padding-left: 5.05pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.2pt 0 6pt; text-align: center"><B>Performance Achieved in Relation</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.2pt 0 6pt; text-align: center"><B>to the Performance
        Goal</B></P></TD>
    <TD STYLE="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.05pt; padding-left: 5.05pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.2pt 0 6pt; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.2pt 0 6pt; text-align: center"><B>Performance Percentage</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 4.2pt; padding-bottom: 6pt; text-align: center">At Threshold Goal</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 4.2pt; padding-bottom: 6pt; text-align: center">50</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.05pt; padding-left: 5.05pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.2pt 0 6pt; text-align: center">Halfway Between Threshold Goal</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.2pt 0 6pt; text-align: center">and Target Goal</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.05pt; padding-left: 5.05pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.2pt 0 6pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.2pt 0 6pt; text-align: center">75</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 4.2pt; padding-bottom: 6pt; text-align: center">At Target Goal</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 4.2pt; padding-bottom: 6pt; text-align: center">100</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.05pt; padding-left: 5.05pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.2pt 0 6pt; text-align: center">Halfway Between Target Goal</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.2pt 0 6pt; text-align: center">and Maximum Goal</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.05pt; padding-left: 5.05pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.2pt 0 6pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.2pt 0 6pt; text-align: center">150</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 4.2pt; padding-bottom: 6pt; text-align: center">At Maximum Goal</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 4.2pt; padding-bottom: 6pt; text-align: center">200</TD></TR>
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