<SEC-DOCUMENT>0001174947-17-000323.txt : 20170309
<SEC-HEADER>0001174947-17-000323.hdr.sgml : 20170309
<ACCEPTANCE-DATETIME>20170309172111
ACCESSION NUMBER:		0001174947-17-000323
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20170303
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170309
DATE AS OF CHANGE:		20170309

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:		17679433

	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-17304_fbnc.htm
<DESCRIPTION>8-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B><BR>
<FONT STYLE="font-size: 10pt">Washington, D.C. 20549 </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 1.5in">&nbsp;</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"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">Date of Report (Date of
earliest event reported): March 3, 2017</P>

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

<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>
    <TD STYLE="width: 33%; font-weight: normal; text-align: center; text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">North Carolina</FONT></TD>
    <TD STYLE="width: 35%; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><U>0-15572</U></FONT></TD>
    <TD STYLE="width: 32%; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><U>&nbsp;56-1421916</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or Other Jurisdiction of</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(IRS Employer</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;Incorporation)</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: 50%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">300 SW Broad Street,</FONT></TD>
    <TD STYLE="width: 50%; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: underline; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Southern Pines, NC 28387</U></FONT></TD>
    <TD STYLE="text-decoration: underline; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>28387</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address of Principal Executive Offices) </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(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"><U>(910) 246-2500</U></P>

<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; text-align: center; margin-right: 0; margin-left: 0"><U>Not applicable</U><BR>
(Former Name or Former Address, if changed since last report)</P>

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

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">x</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Written communications pursuant to Rule
425 under the Securities Act (17 CFR 230.425)</FONT></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)</FONT></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR></TABLE>


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<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-align: justify"><B>Item 2.01. Completion of Acquisition or
Disposition of Assets. </B></P>

<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"><FONT STYLE="font-size: 10pt">Effective March
3, 2017, First Bancorp (the &ldquo;Company&rdquo;), </FONT>the holding company for First Bank, <FONT STYLE="font-size: 10pt">completed
its previously announced merger with Carolina Bank Holdings, Inc. (&ldquo;CLBH&rdquo;)</FONT>, the holding company for Carolina
Bank, <FONT STYLE="font-size: 10pt">pursuant to that certain Agreement and Plan of Merger and Reorganization, dated as of June
21, 2016 (the &ldquo;Merger Agreement&rdquo;), by and between the Company and CLBH, whereby CLBH merged with and into the Company
(the &ldquo;Merger&rdquo;), with the Company surviving. </FONT></P>

<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">Under the terms of the Merger Agreement, CLBH
shareholders have the right to receive either $20.00 in cash or 1.002 shares of the Company&rsquo;s common stock, or a combination
thereof, for each CLBH share they owned immediately prior to the Merger, subject to the limitation that 25% of the outstanding
shares of CLBH common stock will be exchanged for cash and 75% of the outstanding shares of CLBH common stock will be exchanged
for shares of the Company&rsquo;s common stock.</P>

<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">Immediately following the consummation of the
Merger, Carolina Bank, a North Carolina-chartered commercial bank, merged with and into First Bank, a North Carolina-chartered
commercial bank, with First Bank surviving.</P>

<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">The foregoing description of the Merger Agreement
and the transactions described herein does not purport to be complete and is qualified in its entirety by reference to the Merger
Agreement, which is incorporated herein by reference as Exhibit 2.1.</P>

<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 2.03. Creation of a Direct Financial
Obligation under an Off-Balance Sheet Arrangement of Registrant. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In connection with the Merger, pursuant to
a First Supplemental Indenture dated March 3, 2017, by and between the Company and Wells Fargo Bank, National Association, as Trustee,
the Company assumed all of CLBH&rsquo;s obligations with respect to its outstanding trust preferred securities, including $10,310,000
of unsecured junior subordinated debt, due 2035, related to Carolina Capital Trust, an unconsolidated Delaware statutory trust,
with an interest rate equal to LIBOR plus 2.00%.</P>

<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">The transaction documents governing the trust
preferred securities, including the supplemental indenture and the original indenture have not been filed herewith pursuant to
Item 601(b)(4)(v) of Regulation S-K under the Securities Act of 1933, as amended. The Company agrees to furnish a copy of such
transaction documents to the Securities and Exchange Commission upon request.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 5.02. Departure of Directors or Certain
Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. </B></P>

<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">Effective upon the consummation of the Merger,
Donald H. Allred and Abby J. Donnelly, each of whom were members of the CLBH Board of Directors immediately prior to the consummation
of the Merger, were appointed to the Company&rsquo;s Board of Directors, which has been expanded to 12 members.</P>

<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">On March 9, 2017, the Company entered
into the First Amendment of the Employment Agreement made and entered into on August 28, 2012 by and between the Company and Richard
H. Moore (the &ldquo;First Amendment&rdquo;).&nbsp; The First Amendment revises certain post termination health care benefits;
amends provisions related to a Change in Control and Competitive Business Activities; includes a provision regarding compliance
with Section 280G of the Internal Revenue Code; and amends base salary, short-term and long-term incentives as approved by the
Company&rsquo;s Compensation Committee and Board of Directors.</P>

<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">The foregoing description of the
First Amendment is qualified in its entirety by reference to the full text of the First Amendment, a copy of which is filed as
Exhibit 3.1 to this report and is incorporated herein by reference.</P>



<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 5.03 Amendment to Articles of Incorporation
or Bylaws; Change in Fiscal Year</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Second Amended and Restated Bylaws</I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective upon the consummation of the Merger,
on March 3, 2017, the Company&rsquo;s Board of Directors amended and restated the bylaws for the second time (as so amended and
restated, the &ldquo;Second Amended and Restated Bylaws&rdquo;). The Second Amended and Restated Bylaws replace and supersede in
their entirety the then existing Amended and Restated Bylaws of the Company (the &ldquo;Prior Bylaws&rdquo;) Substantive amendments
to the Prior Bylaws include:</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: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Shareholder Proposals</I>. The Prior Bylaws provided that, for a shareholder to properly bring
business before the annual meeting the shareholder had to give written notice not less than sixty (60) nor more than ninety (90)
days before the first anniversary of the preceding year&rsquo;s annual meeting. The Second Amended and Restated Bylaws revise this
notice period to not less than sixty (60) days before the first anniversary of the mailing date of the Company&rsquo;s proxy statement
in connection with the last annual meeting and do not have a maximum amount of time within which notice may be given.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Number of Directors</I>. The Prior Bylaws provided that the Company&rsquo;s Board of Directors
would consist of not less than three (3) nor more than eighteen (18) directors. The Second Amended and Restated Bylaws increase
these numbers to not less than seven (7) nor more than twenty-five (25) directors.</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Age of Directors</I>. The Prior Bylaws provided that no individual could serve on the Board
of Directors at any time after such individual&rsquo;s seventy-fifth (75<SUP>th</SUP>) birthday. The Second Amended and Restated
Bylaws reduce the maximum age at which a director may stand for election to seventy-two (72), absent specific approval of an exception
by the Board.</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Notice of Director Nominations by Shareholders. </I>The Prior Bylaws provided that a shareholder
wishing to nominate a director had to provide the Company notice not less than sixty (60) nor more than ninety (90) days prior
to the first anniversary of the preceding year&rsquo;s annual meeting. The Second Amended and Restated Bylaws change this notice
period to not less than fifty (50) nor more than seventy-five (75) days before the first anniversary of the date of the Company&rsquo;s
proxy statement in connection with the last meeting of shareholders called for the election of directors.</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Cumulative Voting.</I> The Prior Bylaws provided that shareholders could cumulate their votes
for the election of directors if the proxy statement so provided or if the shareholder wishing to do so gave notice of such intent.
This right has been eliminated by the Second Amended and Restated Bylaws to be consistent with Section 55-7-28(e) of the North
Carolina Business Corporation Act, which effectively eliminated cumulative voting for most publicly-traded North Carolina corporations.</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Evaluation of Business Combinations. </I>The Prior Bylaws did not speak to the evaluation of
business combinations by the Board of Directors. The Second Amended and Restated Bylaws provide that the Board of Directors shall,
in conjunction with the exercise of its judgment in determining what is in the best interests of the Company, give due consideration
to all relevant factors, including without limitation, the social and economic effects on the employees, customers, and other constituents
of the Company and in the communities in which the Company operates or is located.</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Indemnification</I>. The Second Amended and Restated Bylaws clarify and modernize the indemnification
provisions of the Prior Bylaws by providing that 1) the Company shall not be liable to indemnify a claimant for any amounts paid
in settlement of any proceeding without the Company&rsquo;s written consent; and 2) no claimant shall be entitled to bring suit
against the Company until sixty (60) days after a written claim has been received by the Company.</TD></TR></TABLE>

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

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Exclusive Forum</I>. The Second Amended and Restated Bylaws designate North Carolina courts
as the exclusive forum to resolve disputes pertaining to certain corporate governance matters.</TD></TR></TABLE>

<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">The Second Amended and Restated Bylaws also
contain various technical, conforming and clarifying changes that more accurately reflect the currently applicable provisions of
the North Carolina Business Corporation Act and the Company&rsquo;s governance practices.</P>

<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">The foregoing description of the Second Amended
and Restated Bylaws is qualified in its entirety by reference to the full text of the Second Amended and Restated Bylaws, a copy
of which is filed as Exhibit 4.1 to this report and is incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Additional Information About the CLBH Acquisition
and Where to Find It</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has filed relevant documents concerning
the CLBH acquisition with the SEC, including a registration statement on Form S-4 which includes a proxy statement/prospectus.
Shareholders of CLBH can obtain a free copy of the proxy statement/prospectus, as well as other filings by the Company, at the
SEC&rsquo;s internet site (http://www.sec.gov). Copies of the proxy statement/prospectus and the filings with the SEC that are
incorporated by reference in the proxy statement/prospectus can also be obtained, without charge, by directing a request to: First
Bancorp, 300 SW Broad Street, Southern Pines, NC, Attention: Investor Relations.</P>

<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">SHAREHOLDERS OF CLBH ARE URGED TO READ THE
PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC REGARDING THE TRANSACTION, BECAUSE THEY CONTAIN IMPORTANT
INFORMATION ABOUT THE TRANSACTION.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 9.01 Financial Statements and Exhibits.
</B></P>

<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">(d) Exhibits.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1pt solid"><B>Exhibit No.</B></P></TD>
    <TD STYLE="width: 81%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1pt solid"><B>Description </B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">2.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agreement and Plan of Merger and Reorganization, dated as of June 21, 2016 by and between First Bancorp and CLBH (which is hereby incorporated by reference to Appendix A to the document that is a part of the Form S-4 Registration Statement filed on October 24, 2016).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">3.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><P STYLE="padding-right: 0; padding-left: 0; text-align: justify">First Amendment of the Employment
Agreement made and entered into on August 28, 2012 by and between the Company and Richard H. Moore, dated as of March 9, 2017.</P>


</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <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">4.1</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <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">Second Amended and Restated Bylaws of First
        Bancorp, dated as of March 3, 2017.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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<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-align: center"><B>SIGNATURES</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: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, 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: 0">&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="text-decoration: none">&nbsp;</TD>
    <TD STYLE="width: 0.1in; text-decoration: none">&nbsp;</TD>
    <TD STYLE="width: 0.5in; text-decoration: none">&nbsp;</TD>
    <TD STYLE="width: 3in; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none">
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-decoration: none">FIRST BANCORP</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none">
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none">
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none">
    <TD STYLE="text-align: justify; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: justify">By:&nbsp;&nbsp;</TD>
    <TD STYLE="text-decoration: underline; text-align: justify">/s/ Richard H. Moore&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none">
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">Richard H. Moore</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none">
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">Chief Executive Officer</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date: March 9, 2017</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></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: 19%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1pt solid"><B>Exhibit No.</B></P></TD>
    <TD STYLE="width: 81%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1pt solid"><B>Description </B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">2.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agreement and Plan of Merger and Reorganization, dated as of June 21, 2016 by and between First Bancorp and CLBH (which is hereby incorporated by reference to Appendix A to the document that is a part of the Form S-4 Registration Statement filed on October 24, 2016).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">3.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><P STYLE="margin: 0">First Amendment of the Employment Agreement made and entered into on August 28, 2012 by and between the Company
and Richard H. Moore, dated as of March 9, 2017.</P>


</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <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">4.1</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <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">Second Amended and Restated Bylaws of First
        Bancorp, dated March 3, 2017.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<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-align: center"><B>&nbsp;</B></P>

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

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

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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>ex3-1.htm
<DESCRIPTION>EX-3.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>FIRST AMENDMENT OF EMPLOYMENT AGREEMENT</U></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; text-align: justify; text-indent: 0.5in">THIS AMENDMENT (this
&ldquo;Amendment&rdquo;) is made and entered into this 9<SUP>th</SUP> day of March, 2017, by and between First Bancorp (the
&ldquo;Company&rdquo;), and Richard H. Moore, (the &ldquo;Employee&rdquo;), amending that certain Employment Agreement by and
between the Company and Employee, dated August 28, 2012 (the &ldquo;Employment Agreement&rdquo;).</P>

<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: center"><U>RECITALS</U>:</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: justify; text-indent: 0.5in"><B>A.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>The Company and Employee have entered into the Employment Agreement; and</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: 0.5in"><B>B.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>The Company and Employee desire to amend the Employment Agreement as provided in this Amendment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the premises and the mutual promises and obligations set forth herein, the Company and Employee do hereby agree as follows:</P>

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

<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: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Amendment of Employment Agreement</U>.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">Section 3.1 of the Employment Agreement is hereby amended and restated as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 40.5pt"><B>3.1</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Base
Salary</U></B>. Employee&rsquo;s annual base salary for all services rendered shall be Four Hundred Thousand and 00/100 Dollars
($400,000.00) (less applicable taxes and withholdings) payable in accordance with the Company&rsquo;s customary payroll practices
as they may exist from time to time (&ldquo;Base Salary&rdquo;). The Employee&rsquo;s Base Salary may be reviewed and increased
or decreased by the Board, annually at its discretion, in accordance with the Company&rsquo;s policies, procedures and practices
as they may exist from time to time.</P>

<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: 0.5in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">Section 3.3 of the Employment Agreement is hereby amended and restated as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><B>3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Long-Term
Incentive</U>.</B> Employee shall be entitled to long-term incentive awards of restricted stock of up to 50% of his Base Salary
annually which shall be granted at the discretion of the Committee.</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: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify">Section 3.4 of the Employment Agreement is hereby amended and restated as follows:</TD></TR></TABLE>

<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 0 0 0.5in; text-align: justify; text-indent: 0.5in"><B>3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Benefits.</U></B>
Employee may participate in all medical, dental, disability, insurance, 401(k), vacation and other employee benefit plans and programs
which may be made available from time to time to Company employees at Employee&rsquo;s level; provided, however, that Employee&rsquo;s
participation is subject to the applicable terms, conditions and eligibility requirements of these plans and programs as they may
exist from time to time, and provided further that Executive may elect to continue Executive&rsquo;s participation in the North
Carolina State Health Plan (&ldquo;<U>State Health Plan</U>&rdquo;) rather than the Company&rsquo;s group health plans. Nothing
in this Agreement shall require the Company to create, continue or refrain from amending, modifying, revising or revoking any of
its group plans, programs or benefits that are offered to employees. Employee acknowledges that the Company, in its sole discretion,
may amend, modify, revise or revoke any such group plans, programs or benefits and any amendments, modifications, revisions and
revocations of these plans, programs and benefits shall apply to Employee.</P>

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

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

<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: 0.5in"></TD><TD STYLE="width: 0.25in">d.</TD><TD STYLE="text-align: justify">Section 5.2 of the Employment Agreement is hereby amended and restated as follows:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><B>5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>By
the Company Without Cause</U>.</B> <FONT STYLE="font-family: Times New Roman, Times, Serif">If the Company terminates Employee&rsquo;s
employment and this Agreement without Cause, then the Company shall:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">pay Employee any earned, but unpaid compensation due as of the effective
termination date; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">pay Employee a lump sum amount equal to the greater of his then-current Base
Salary for three (3) months or the then remaining period of the Term (less applicable taxes and withholdings). Said lump sum payment
shall be made on the date immediately following the date on which the required release of claims becomes effective. All such reimbursements
shall be made no later than March 15 of the year following the year in which Employee incurred the expense. Said payment and reimbursements
are subject to the conditions set forth in Section 5.5 below.</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: 0.5in"></TD><TD STYLE="width: 0.5in">e.</TD><TD STYLE="text-align: justify">Section 5.4 of the Employment Agreement is hereby amended and restated as follows:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><B>5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Following
a Change in Control, by the Company Without Cause or by Notice of Non-Renewal or by Employee for Good Reason</U>.</B> If the Company
terminates Employee&rsquo;s employment without Cause or by notice of non-renewal or if Employee terminates for Good Reason within
twelve (12) months following a Change in Control (as defined below), then Employee shall be entitled to receive:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">any earned, but unpaid compensation due as of the effective termination date; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">a lump sum payment equal to 2.99 times his then current Base Salary (less applicable taxes and
withholdings); said lump sum payment shall be made on the date immediately following the date on which the required release of
claims becomes effective. Said payment is subject to the conditions set forth in Section 5.5 below.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">For purposes of
this Agreement, a &ldquo;Change in Control&rdquo; shall be deemed to have occurred on:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the date on which any &ldquo;person&rdquo; or &ldquo;group&rdquo; (as such terms are used in Section
13(d) and 14(d) of the Exchange Act), other than the Company or any entity owned, directly or indirectly, by the stockholders of
the Company in substantially the same proportions as their ownership of the Company&rsquo;s common stock, becomes the beneficial
owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) of shares representing more than 40% of the combined voting
power of the then-outstanding securities entitled to vote generally in the election of directors of the Company; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the date on which (i) the Company merges with any other entity, (ii) the Company enters into a
statutory share exchange with another entity, or (iii) the Company conveys, transfers or leases all or substantially all of its
assets to any person; provided, however, that in the case of subclauses (i) and (ii), a Change of Control shall not be deemed to
have occurred if the shareholders of the Company immediately before such transaction own, directly or indirectly immediately following
such transaction, more than 60% of the combined voting power of the outstanding securities of the corporation resulting from such
transaction in substantially the same proportions as their ownership of securities immediately before such transaction</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: 0.5in"></TD><TD STYLE="width: 0.5in">f.</TD><TD STYLE="text-align: justify">Section 5.7 is added to the agreement as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><B>5.7</B>&#9;<B><U>Section
280G of the Internal Revenue Code</U></B>.&#9;The parties intend that the severance payments and other compensation provided for
herein are reasonable compensation for Executive&rsquo;s services to the Company and shall not constitute &ldquo;excess parachute
payments&rdquo; within the meaning of Section 280G of the the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;).
If the Company&rsquo;s independent accounting firm or independent tax counsel appointed by the Company (&ldquo;Tax Counsel&rdquo;)
determine that any or the aggregate value (as determined pursuant to Section 280G of the Code) of all payments, distributions,
accelerations of vesting, awards and provisions of benefits by the Company to or for the benefit of Executive (whether paid or
payable, distributed or distributable, accelerated, awarded or provided pursuant to the terms of this Agreement or otherwise),
(a &ldquo;Payment&rdquo;) would constitute an excess parachute payment and be subject to the excise tax imposed by Section 4999
of the Code (the &ldquo;Excise Tax&rdquo;), such Payment shall be reduced to the least extent necessary so that no portion of the
Payment shall be subject to the Excise Tax, but only if, by reason of such reduction, the net after-tax benefit received by the
Executive as a result of such reduction will exceed the net after-tax benefit that would have been received by the Executive if
no such reduction were made. The Payment shall be reduced by the Company pursuant to the foregoing sentence in a manner that Tax
Counsel determines maximizes the Executive&rsquo;s economic position. In applying this principle, the reduction shall be made in
a manner consistent with the requirements of Section 409A of the Code, and where Tax Counsel determines that two economically equivalent
amounts are subject to reduction but payable at different times, such amounts shall be reduced on a pro rata basis but not below
zero. If, however, such Payment is not reduced as described above, then such Payment shall be paid in full to the Executive and
the Executive shall be responsible for payment of any Excise Taxes relating to the Payment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">All calculations
and determinations under this Section 5.7 shall be made by Tax Counsel whose determinations shall be conclusive and binding on
the Company and the Executive for all purposes. For purposes of making the calculations and determinations required by this Section
5.7, the Tax Counsel may rely on reasonable, good faith assumptions and approximations concerning the application of Section 280G
and Section 4999 of the Code. The Company and the Executive shall furnish Tax Counsel with such information and documents as Tax
Counsel may reasonable request in order to make its determinations under this Section. The Company shall bear all costs the Tax
Counsel may reasonably incur in connection with its services. In connection with making determinations under this Section, the
Tax Counsel shall take into account the value of any reasonable compensation for services to be rendered by the Executive before
or after the Change in Control, including without limitation, the Executive&rsquo;s agreeing to refrain from performing services
pursuant to a covenant not to compete or similar covenant, and the Company shall cooperate in good faith in connection with any
such valuations and reasonable compensation positions. Without limiting the generality of the foregoing, for purposes of this provision,
the Company agrees to allocate as consideration for the covenants set forth in Section 6 the maximum amount of compensation and
benefits payable under Section 5 hereof reasonably allocable thereto so as to avoid, to the extent possible, subjecting any payment
to tax under Section 4999 of the Code.</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: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">g.</TD><TD STYLE="text-align: justify">Section 6.3 of the Employment Agreement is hereby amended and restated as follows:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><B>6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Competitive
Business Activities</U>.</B> Employee agrees that during the Term of this Agreement and for a period of time ending on the date
occurring six (6) months after the later of the date his employment terminates and/or this Agreement terminates (irrespective of
the circumstances of such termination) (the &ldquo;Non-Competition Period&rdquo;), Employee will not engage in the following activities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on
Employee&rsquo;s own or another&rsquo;s behalf, whether as an officer, director, stockholder, partner, associate, owner, employee,
consultant or otherwise:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;compete
with the Company in the Company&rsquo;s Business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;solicit
or do business which is the same, similar to or otherwise in competition with the Company&rsquo;s Business, from or with persons
or entities: (a) who are customers of the Company; (b) who Employee or someone for whom he was responsible solicited, negotiated,
contracted, serviced or had contact with on the Company&rsquo;s behalf; or (c) who were customers of the Company at any time during
the last year of Employee&rsquo;s employment with the Company; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;offer
employment to or otherwise solicit for employment any employee or other person who had been employed by the Company during the
last year of Employee&rsquo;s employment with the Company;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;be
employed (or otherwise engaged) in (i) a management capacity, (ii) other capacity providing the same or similar services which
Employee provided to the Company, or (iii)&nbsp;any capacity connected with competitive business activities, by any person or entity
that engages in the same, similar or otherwise competitive business as the Company&rsquo;s Business; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;irectly
or indirectly take any action, which is materially detrimental, or otherwise intended to be adverse to the Company&rsquo;s goodwill,
name, business relations, prospects and operations.</P>

<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: 0.5in"></TD><TD STYLE="width: 0.5in">h.</TD><TD STYLE="text-align: justify">Section 14 of the Employment Agreement is hereby amended and restated as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify"><B>14.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>GOVERNING
LAW.</U></B> This Agreement and the employment relationship created by it shall be governed by North Carolina law, except to the
extent governed by the laws of the United States of America in which case federal laws shall govern.</P>

<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: 0.5in"></TD><TD STYLE="width: 0.5in">i.</TD><TD STYLE="text-align: justify">Section 1 of <I>Exhibit A &ndash; First Bancorp Performance Incentive Plan</I> is hereby amended
and restated as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Annual Bonus Opportunity;
Determination of Annual Bonus</U></B>. Each year, the Participant will have the opportunity to earn an annual bonus of up to Four
Hundred Eighty Thousand Dollars ($480,000). The amount payable will be determined based on performance against the Company&rsquo;s
performance goals as set by the Compensation Committee of the Board of Directors (the &ldquo;Performance Goals&rdquo;) and the
following scale:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 1in; width: 2in; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>Performance</B></TD>
    <TD STYLE="width: 49%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>Award</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Threshold&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$120,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Target&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$240,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Maximum&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$480,000</TD></TR>
</TABLE>
<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">The amount payable where performance is greater
than Threshold but less than Target or greater than Target but less than Maximum shall be determined on the basis of straight line
interpolation between points. Payment of the amount determined to be payable (the &ldquo;Annual Bonus&rdquo;) is conditioned on
(i) the Participant&rsquo;s continued employment with the Company through December 31 of the performance year, as described in
Section 6 below, and (ii) First Bank&rsquo;s having achieved a satisfactory regulatory review as of such date as determined by
the Board.</P>

<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; text-indent: 0.5in">j.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
9 of <I>Exhibit A &ndash; First Bancorp Performance Incentive Plan</I> is hereby amended and restated as follows:</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: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>9.</B></TD><TD STYLE="text-align: justify"><B><U>Amendment</U>.</B> The PIP, including the Performance Goals once established by the Committee
for a given performance year, may be amended by the Company only with the written consent of the Participant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 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: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Amendment is Part of Employment Agreement</U>. </B>The terms of this Amendment shall be considered
to be a part of and included in the Employment Agreement, as if the terms of this Amendment were set forth in the Employment Agreement.
The terms of this Amendment shall be subject to the terms, conditions and limitations of the Employment Agreement except for the
provisions of the specific sections of the Employment Agreement which are expressly amended by this Amendment.</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">[<I>Signatures Follow Next Page</I>.]</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
the Company and Employee have executed this Amendment as of the date first above-written.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify"></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>&nbsp;</TD>
    <TD COLSPAN="2"><B>COMPANY:</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 3in">&nbsp;</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 COLSPAN="2"><B>FIRST BANCORP</B></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>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Michael G. Mayer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Michael G. Mayer, President</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>EMPLOYEE:</B></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>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Richard H. Moore</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Richard H. Moore</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify"></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="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>ex4-1.htm
<DESCRIPTION>EX-4.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none">SECOND
AMENDED AND RESTATED</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none">BYLAWS</FONT></P>

<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: center">OF</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">FIRST BANCORP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">ADOPTED BY THE BOARD OF DIRECTORS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">EFFECTIVE AS OF</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">March 3, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">INDEX TO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">SECOND AMENDED
AND RESTATED BYLAWS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">FIRST BANCORP</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 87%; padding-bottom: 12pt; text-align: justify">ARTICLE 1 Offices</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify; width: 13%">1</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; text-align: justify">ARTICLE 2 Meetings of Shareholders</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">1</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 1. <U>Place of Meeting</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">1</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 2. <U>Annual Meeting</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">1</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 3. <U>Substitute Annual
    Meeting</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">2</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 4. <U>Special Meetings</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">2</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 5. <U>Notice of Meetings</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">2</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 6. <U>Quorum</U>.</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">2</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 7. <U>Conduct of Business</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">3</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 8. <U>Shareholders&rsquo;
    List</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">3</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 9. <U>Voting of Shares</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">3</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 10. <U>Proxies</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">4</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; text-align: justify">ARTICLE 3 Board of Directors</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">4</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 1. <U>General Powers</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">4</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 2. <U>Number, Term
    and Qualification</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">4</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 3. <U>Removal</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">5</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 4. <U>Vacancies</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">5</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 5. <U>Compensation</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">5</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 6. <U>Nomination of
    Directors</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">5</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 7. <U>Communications
    with Directors</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">6</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 8. <U>Evaluation of
    Business Combinations</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">6</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; text-align: justify">ARTICLE 4 Meetings of Directors</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">8</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 1. <U>Annual and Regular
    Meetings</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">8</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 2. <U>Special Meetings</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">8</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 3. <U>Notice of Meetings</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">9</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 4. <U>Quorum</U>.</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">9</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 5. <U>Manner of Acting</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">9</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 6. <U>Presumption
    of Assent</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">9</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 7. <U>Action Without
    Meeting</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">9</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 8. <U>Meeting by Communications
    Device</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">10</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; text-align: justify; width: 87%">ARTICLE 5 Committees</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify; width: 13%">10</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 1. <U>Election and
    Powers</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">10</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 2. <U>Removal; Vacancies</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">11</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 3. <U>Meetings</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">11</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 4. <U>Minutes</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">11</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; text-align: justify">ARTICLE 6 Officers</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">11</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 1. <U>Titles</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">11</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 2. <U>Election; Appointment</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">11</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 3. <U>Removal</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">12</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 4. <U>Vacancies</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">12</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 5. <U>Compensation</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">12</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 6. <U>Chair of the
    Board of Directors</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">12</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 7. <U>Chief Executive
    Officer</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">12</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 8. <U>President</U>.</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">12</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 9. <U>Executive Vice
    Presidents and Vice Presidents</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">12</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 10. <U>Treasurer;
    Assistant Treasurers</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">13</TD></TR>
</TABLE>

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<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify; width: 87%">Section 11. <U>Secretary;
    Assistant Secretaries</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify; width: 13%">13</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 12. <U>Chief Financial
    Officer</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">14</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 13. <U>Controller
    and Assistant Controllers</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">14</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 14. <U>Voting of Stocks</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">14</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 15. <U>Chair and CEO
    Succession; President</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">14</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; text-align: justify">ARTICLE 7 Capital Stock</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">15</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 1. <U>Certificates
    For Shares</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">15</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 2. <U>Stock Transfer
    Books; Transfer Agent and Registrar</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">16</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 3. <U>Lost Certificates</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">16</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 4. <U>Distribution
    or Share Dividend Record Date</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">16</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 5. <U>Holders of Record</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">15</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 6. <U>Shares Held
    By Nominees</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">16</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 7. <U>Transfer Agent
    and Registrar</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">17</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; text-align: justify">ARTICLE 8 Indemnification</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">17</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 1. <U>Indemnification
    Provisions</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">17</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 2. <U>Definitions</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">18</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 3. <U>Settlements</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">18</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 4. <U>Litigation Expense
    Advances</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">18</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 5. <U>Approval of
    Indemnification Payments</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">18</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 6. <U>Suits by Claimant</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">18</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 7. <U>Consideration;
    Personal Representatives and Other Remedies</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">19</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 8. <U>Scope of Indemnification
    Rights</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">19</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 9. <U>Extension of
    Indemnification Rights to Additional Employees</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">19</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; text-align: justify">ARTICLE 9 Emergency Bylaws</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">19</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 1. <U>Effectiveness</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">19</TD></TR>
</TABLE>

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<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify; width: 87%">Section 2. <U>Board Meetings</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify; width: 13%">20</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 3. <U>Principal Office</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">20</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 4. <U>Specific Powers</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">20</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 5. <U>Nonexclusive
    Powers</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">20</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; text-align: justify">ARTICLE 10 General Provisions</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">20</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 1. <U>Dividends and
    Other Distributions</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">20</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 2. <U>Seal</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">20</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 3. <U>Waiver of Notice</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">20</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 4. <U>Checks</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">21</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 5. <U>Bond</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">21</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 6. <U>Fiscal Year</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">21</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">Section 7. <U>Amendments</U></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">21</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; text-align: justify">ARTICLE 11 Anti-Takeover Statutes</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; padding-left: 0.5in; text-align: justify">22</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">SECOND AMENDED
AND RESTATED</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">BYLAWS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">OF</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">FIRST BANCORP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE 1<BR>
<BR>
<U>Offices</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: -0.5in">The Corporation
may have offices at such places, either within or without the State of North Carolina, as the Board of Directors may from time
to time determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE 2<BR>
<BR>
<U>Meetings of Shareholders</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 1. <U>Place
of Meeting</U>. Each meeting of shareholders shall be held at such place, either within or without the State of North Carolina,
as shall be designated in the notice of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2. <U>Annual
Meeting</U>. The annual meeting of shareholders shall be held at such time as shall be set by the Board of Directors on a specific
date in the second or third calendar quarter of each year, for the purpose of electing directors of the Corporation and the transaction
of such other business as may be properly brought before the meeting in accordance with these Bylaws. To be properly brought before
an annual meeting, business must be (i) specified in the notice of annual meeting (or any supplement thereto) given by or at the
direction of the Board of Directors, (ii) otherwise properly brought before the annual meeting by or at the direction of the Board
of Directors, or (iii) otherwise properly brought before the annual meeting by a shareholder entitled to vote at the meeting in
compliance with the procedure set forth in this Section 2. In addition to any other applicable requirements for business to be
properly brought before an annual meeting by a shareholder, the shareholder must have given timely notice thereof in writing to
the Secretary. To be timely, a shareholder&rsquo;s notice must be in writing and delivered or mailed to and received by the Secretary
not less than sixty (60) days before the first anniversary of the date on which the Corporation&rsquo;s proxy statement in connection
with the last annual shareholders&rsquo; meeting was mailed or otherwise released to the shareholders. A shareholder&rsquo;s notice
to the Secretary shall set forth as to each matter the shareholder proposes to bring before the annual meeting (i) a brief description
of the business desired to be brought before the annual meeting and the reasons for conducting such business at the annual meeting,
(ii) the name and address as they appear on the Corporation&rsquo;s books of the shareholder proposing such business, (iii) the
class, series, and number of the Corporation&rsquo;s shares that are owned of record and beneficially by such shareholder, and
(iv) any material interest of such shareholder in such business. No business shall be conducted at the annual meeting except in
accordance with the procedures set forth in this Section 2; provided, however, that nothing in this Section 2 shall be deemed to
preclude discussion by any shareholder of any business properly brought before the annual meeting and provided further that this
Section 2 shall not apply to the nomination of directors by shareholders, which is governed by Article 3, Section 6 of these Bylaws.
In the event that a shareholder attempts to bring business before an annual meeting without complying with the provisions of this
Section 2, the Chair of the meeting may, if the facts warrant, determine that the business was not properly brought before the
meeting in accordance with the foregoing procedures, and, if the Chair shall so determine, the Chair shall so declare to the shareholders
present at the meeting and any such business shall not be transacted. Notwithstanding the foregoing provisions of this Section
2 regarding shareholder proposals and the provisions of Article 3, Section 6, regarding nominations of directors, a shareholder
shall also comply with all applicable requirements of state law and of the Securities Exchange Act of 1934, as amended (the &ldquo;<U>Exchange
Act</U>&rdquo;), and the rules and regulations thereunder, with respect to the matters set forth in this Section 2 and Article
3, Section 6.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 3. <U>Substitute
Annual Meeting</U>. If the annual meeting of shareholders is not held within the period designated by these Bylaws, a substitute
annual meeting may be called in accordance with Section 4 of this Article 2. A meeting so called shall be designated and treated
for all purposes as the annual meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 4. <U>Special
Meetings</U>. Special meetings of the shareholders may be called at any time by the Chief Executive Officer, the President or the
Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 5. <U>Notice
of Meetings</U>. At least ten (10) and no more than sixty (60) days prior to any annual or special meeting of shareholders, the
Corporation shall notify shareholders of the date, time and place of the meeting and, in the case of a special or substitute annual
meeting or where otherwise required by law, shall briefly describe the purpose or purposes of the meeting. Only business within
the purpose or purposes described in the notice may be taken at a special meeting. Unless otherwise required by the Corporation&rsquo;s
Articles of Incorporation, as amended (the &ldquo;<U>Articles of Incorporation</U>&rdquo;), or by law, the Corporation shall be
required to give notice only to shareholders entitled to vote at the meeting. If an annual or special shareholders&rsquo; meeting
is adjourned to a different date, time or place, notice thereof need not be given if the new date, time or place is announced at
the meeting before adjournment; provided, however, that notice must be given if such meeting is adjourned to a date more than 120
days after the date fixed for the original meeting or if a new record date is otherwise fixed for the adjourned meeting. If a new
record date for the adjourned meeting is fixed pursuant to Article 7, Section 5, notice of the adjourned meeting shall be given
to persons who are shareholders as of the new record date. It shall be the primary responsibility of the Secretary to give the
notice, but notice may be given by or at the direction of the Chief Executive Officer, the President or the Board of Directors.
If mailed, such notice shall be deemed to be effective when deposited in the United States mail with postage then prepaid, correctly
addressed to the shareholders&rsquo; addresses shown in the Corporation&rsquo;s current record of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6. <U>Quorum</U>.
A majority of the votes entitled to be cast by a voting group on a matter, represented in person or by proxy at a meeting of shareholders,
shall constitute a quorum for that voting group for any action on that matter, unless the Articles of Incorporation provide otherwise
or other quorum requirements are fixed by law, including by a court of competent jurisdiction acting pursuant to Section 55-7-03
of the General Statutes of North Carolina. Once a share is represented for any purpose at a meeting, it is deemed present for quorum
purposes for the remainder of the meeting and any adjournment thereof, unless a new record date is or must be set for the adjournment.
Action may be taken by a voting group at any meeting at which a quorum of that voting group is represented, regardless of whether
action is taken at that meeting by any other voting group. In the absence of a quorum at the opening of any meeting of shareholders,
such meeting may be adjourned from time to time by a vote of the majority of the shares voting on the motion to adjourn.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7. <U>Conduct
of Business</U>. The Chair of any meeting of shareholders shall determine the order of business and the procedure at the meeting,
including such regulation of the manner of voting and the conduct of discussion as determined by the Chair to be appropriate. The
date and time of the opening and closing of the polls for each matter upon which the shareholders will vote at the meeting shall
be announced at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 8. <U>Shareholders&rsquo;
List</U>. After fixing a record date for a meeting, the Corporation shall prepare an alphabetical list of the names of all its
shareholders that are entitled to notice of the shareholders&rsquo; meeting. The list shall be arranged by voting group, if any
(and within each voting group by class or series of shares), and shall show the address of and number of shares held by each shareholder.
The shareholders&rsquo; list shall be available for inspection by any shareholder, personally or by or with his, her or its representative,
at any time during regular business hours, beginning two (2) business days after notice of the meeting is given for which the list
was prepared and continuing through the meeting or any adjournment thereof, at a place identified in the meeting notice in the
city where the meeting will be held. The list shall also be available at the meeting and shall be subject to inspection by any
shareholder, personally or by or with his, her or its representative, at any time during the meeting or any adjournment thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 9. <U>Voting
of Shares</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided in the Articles of Incorporation or these Bylaws, each outstanding share of voting capital stock of the Corporation
shall be entitled to one (1) vote on each matter submitted to a vote at a meeting of the shareholders. Shares may be voted (i)
in person, (ii) over the internet, (iii) by telephone or (iv) by one or more proxies (subject to Section 10 of this Article 2).
Notwithstanding the foregoing, the Board of Directors may, in its discretion, decide for any shareholder meeting not to permit
voting over the internet or by telephone. Action on a matter (other than the election of directors) by a voting group for which
a quorum is present is approved if the votes cast within the voting group favoring the action exceed the votes cast opposing the
action, unless the vote of a greater number if required by law or by the Articles of Incorporation. Absent special circumstances,
the shares of the Corporation are not entitled to vote if they are owned, directly or indirectly, by a second corporation, domestic
or foreign, and the Corporation owns, directly or indirectly, a majority of the shares entitled to vote for directors of the second
corporation, except that this provision shall not limit the power of the Corporation to vote shares held by it or a subsidiary
thereof in a fiduciary capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of election of directors, those nominees who receive a majority of the votes cast by the shares entitled to vote in such
election shall be deemed to have been elected as directors; provided, however, that in the event two (2) or more nominees are presented
for election to the same directorship, the nominee receiving a plurality of the votes cast by the shares entitled to vote in the
election of a nominee to such directorship shall be deemed elected to the directorship.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10. <U>Proxies</U>.
Shares may be voted by one (1) or more proxies authorized by a written appointment of proxy signed by the shareholder or the shareholder&rsquo;s
duly authorized attorney-in-fact. In addition, proxies may be appointed in the form of (a) a photocopy, telegram, cablegram, facsimile
or equivalent reproduction, (b) an electronic record that bears the shareholder&rsquo;s electronic signature and that may be directly
reproduced in paper form by an automated process, and (c) any kind of telephonic transmission authorized by the Board of Directors,
even if not accompanied by written communication, under circumstances or together with information from which the Corporation can
reasonably determine that the appointment was made or authorized by the shareholder. An appointment of proxy is valid for 11 months
from the date of its execution, unless a different period is expressly provided in the appointment form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE 3<BR>
<BR>
<U>Board of Directors</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 1. <U>General
Powers</U>. The business and affairs of the Corporation shall be managed under the direction of the Board of Directors except as
otherwise provided by the Articles of Incorporation or by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2. <U>Number,
Term and Qualification</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
number of directors of the Corporation shall consist of not less than seven (7) nor more than 25, the exact number within such
minimum and maximum limits to be fixed and determined from time to time, by resolution of a majority of the Board of Directors,
which number shall be stated in the notice of the meeting of shareholders, or by resolution of the shareholders at any meeting
thereof. Directors need not be residents of the State of North Carolina. No person other than an incumbent director or a person
appointed or to be appointed to the Board of Directors in connection with a merger transaction with the Corporation will be eligible
to stand for election as a director after the person shall have attained the age of seventy-two (72) years, and no incumbent director
or other appointed person will be eligible to stand for reelection as a director after he or she shall have attained the age of
seventy-two (72) years. Notwithstanding the foregoing, the Board of Directors, on a case-by-case basis at its sole discretion,
may approve an exception to the mandatory retirement age. Unless an exception is approved, a director who attains the age of seventy-two
(72) years shall retire from the Board at the end of the term for which the director was elected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors shall be composed of one (1) class. Each director shall serve for a term ending on the date of the annual meeting
of shareholders following the annual meeting at which such director was elected or appointed, as applicable, or the director&rsquo;s
earlier death, resignation, disqualification or removal. In the event of any increase or decrease in the authorized number of directors,
each director then serving as such shall nevertheless continue as a director until the expiration of the director&rsquo;s current
term or the director&rsquo;s earlier death, resignation, disqualification or removal. In the event of the death, resignation, removal
or disqualification of a director during the director&rsquo;s elected term of office, subject to Article 3, Section 9, the Board
of Directors or, subject to the provisions of these Bylaws and applicable law, the shareholders, may appoint the director&rsquo;s
successor, who shall serve until the next annual shareholders&rsquo; meeting at which directors are elected.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 3. <U>Removal</U>.
Except as otherwise provided in the Articles of Incorporation or these Bylaws, any director may be removed from office, with or
without cause, by a vote of the holders of a majority of the outstanding shares of the Corporation&rsquo;s voting stock. Notwithstanding
the foregoing, if a director is elected by a voting group of shareholders, only the shareholders of that voting group may participate
in the vote to remove him. If any directors are so removed, new directors may be elected at the same meeting by such voting group
of shareholders entitled to elect such director. Notice of a shareholders&rsquo; meeting to remove any director shall state that
the purpose, or one (1) of the purposes, of the meeting is removal of the director and shall otherwise be governed by Section 5
of Article 2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 4. <U>Vacancies</U>.
Except as otherwise provided in the Articles of Incorporation and subject to Article 3, Section 9, a vacancy occurring in the Board
of Directors, including, without limitation, a vacancy resulting from an increase in the number of directors or from the failure
by the shareholders to elect the full authorized number of directors, may be filled by a majority of the remaining directors or
by the sole director remaining in office. Subject to the requirements of applicable law and these Bylaws, the shareholders may
elect a director at any time to fill a vacancy not filled by the directors. A director elected to fill a vacancy shall be elected
to serve until the next annual shareholders&rsquo; meeting at which directors are elected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 5. <U>Compensation</U>.
The directors shall not receive compensation for their services as such, except that by resolution of the Board of Directors or
by a committee established for such purpose, the directors may be paid fees (in such form as such Board of Directors or a committee
established for such purpose may determine), which may include but are not restricted to fees for attendance at meetings of the
Board or of a committee, and they may be reimbursed for expenses of attendance. Any director may serve the Corporation in any other
capacity and receive compensation therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6. <U>Nomination
of Directors</U>. Subject to the provisions of Article 3, Section 9, and any rights of holders of preferred shares, only persons
who are nominated in accordance with the procedures set forth in this Section 6 shall be eligible for election as directors. Nomination
for election of any person to serve as a director shall be made by the Board of Directors or the nominating committee of the Board
of Directors. Nomination for election of any person to serve as a director may also be made by a shareholder if such nomination
is made in compliance with the procedure set forth in this Section 6. Notice of nominations made by shareholders entitled to vote
for the election of directors shall be received in writing by the Secretary not less than 50 nor more than 75 days before the first
anniversary of the date of the Corporation&rsquo;s proxy statement in connection with the last meeting of shareholders called for
the election of directors. Each notice shall set forth (i) the name, age, business address, residence address (if known), social
security number (if known) and telephone number of each nominee proposed in such notice, (ii) the principal occupation or employment
of each such nominee, (iii) the nominee&rsquo;s qualifications to serve as director, (iv) an executed written consent of the nominee
to serve as a director of the Corporation if so elected, (v) the number and class of capital shares of the Corporation beneficially
owned by each such nominee, (vi) the name and record address of the shareholder making the nomination, (vii) the class, series,
and number of the Corporation&rsquo;s shares that are owned of record or beneficially by the shareholder making the nomination,
(viii) a representation that the shareholder intends to appear in person or by proxy at the meeting to nominate the nominees, (ix)
a description of all arrangements or understandings between the shareholder and each nominee and any other person or persons (naming
such person or persons) pursuant to which the nomination or nominations are to be made by the shareholder, and (x) any material
interest of the shareholder in the proposed nomination. The Secretary shall deliver all such notices to the nominating committee,
or such other committee as may be appointed by the Board of Directors from time to time for the purpose of recommending to the
Board of Directors candidates to serve as director or, in the absence of such other committee, to the Board of Directors, for review.
Subject to Section 9 of this Article 3, the nominating committee or such other committee shall thereafter make its recommendation
with respect to nominees to the Board of Directors, and the Board of Directors shall thereafter make its determination as to whether
such candidate should be nominated for election as director. The Chair of any meeting of shareholders called for election of directors
may, if the facts warrant, determine that a nomination was not made in accordance with the foregoing procedures, and if the Chair
should so determine, the Chair shall so declare to the meeting and the defective nomination shall be disregarded. Notwithstanding
the foregoing provisions of this Section 6 regarding nominations of directors and the provisions of Article 2, Section 2 regarding
shareholder proposals, a shareholder shall also comply with all applicable requirements of state law, the Exchange Act and the
rules and regulations thereunder, and applicable rules and policies of securities markets or exchanges with respect to the matters
set forth in this Section 6 and Article 2, Section 2.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7. <U>Communications
with Directors</U>. Shareholders may communicate with the Board of Directors on any matter pursuant to this Section 7 other than
the proposal for business at a shareholders&rsquo; meeting (which is governed by Article 2, Section 2) and the nomination of directors
(which is governed by Article 3, Section 6) by writing to the Chair of the Board of Directors through the Secretary of the Corporation.
If a response on behalf of the Board of Directors or an individual director is appropriate, the Chair or another appropriate director
will gather any information and documentation necessary for responding to the communication and will provide, or will direct another
appropriate Board member to provide, such information, documentation and response to the shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 8. <U>Evaluation
of Business Combinations</U>. The Board of Directors, when evaluating any offer of another party to (a) make a tender or exchange
offer for any equity security of the Corporation, (b) merge the Corporation with another corporation or (c) purchase or otherwise
acquire all or substantially all of the properties and assets of the Corporation, shall, in connection with the exercise of its
judgment in determining what is in the best interests of the Corporation, give due consideration to all relevant factors, including
without limitation the social and economic effects on the employees, customers and other constituents of the Corporation and its
subsidiaries and on the communities in which the Corporation and its subsidiaries operate or are located.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE 4<BR>
<BR>
<U>Meetings of Directors</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 1. <U>Annual
and Regular Meetings</U>. The annual meeting of the Board of Directors shall be held immediately following the annual meeting of
the shareholders (or as soon thereafter as is practicable). The Board of Directors may by resolution provide for the holding of
regular meetings of the Board on specified dates and at specified times. If any date for which a regular meeting is scheduled shall
be a legal holiday, the meeting shall be held on a date designated in the notice of the meeting during either the same week in
which the regularly scheduled date falls or during the preceding or following week. Regular meetings of the Board of Directors
shall be held at such places as may be designated in the notice of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2. <U>Special
Meetings</U>. Special meetings of the Board of Directors may be called by or at the request of the Chair of the Board, the Chief
Executive Officer, the President or any two (2) directors. Such meetings may be held at the time and place designated in the notice
of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 3. <U>Notice
of Meetings</U>. Unless the Articles of Incorporation or these Bylaws provide otherwise, the annual and regular meetings of the
Board of Directors may be held without notice of the date, time, place or purpose of the meeting. The Secretary or other person
or persons giving notice of a regular meeting to be held on a date other than the usual scheduled time or a special meeting shall
give notice by any usual means of communication to be sent at least two (2) days before the meeting if notice is sent by means
of telephone, telecopy, electronic mail, or personal delivery and at least five (5) days before the meeting if notice is sent by
mail. A director&rsquo;s attendance at, or participation in, a meeting for which notice is required shall constitute a waiver of
notice, unless the director at the beginning of the meeting (or promptly upon arrival) objects to holding the meeting or transacting
business at the meeting and does not thereafter vote for or assent to action taken at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 4. <U>Quorum</U>.
Except as otherwise provided in the Articles of Incorporation, a quorum for the transaction of business at a meeting of the Board
of Directors consists of a majority of the number of directors prescribed at the time of the meeting by the Board of Directors;
provided, however, that if no such number is prescribed, a majority of the directors in office shall constitute a quorum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 5. <U>Manner
of Acting</U>. Except as otherwise provided in the Articles of Incorporation or these Bylaws, the act of a majority of the directors
present at a meeting at which a quorum is present shall be the act of the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6. <U>Presumption
of Assent</U>. A director of the Corporation who is present at a meeting of the Board of Directors at which action on any corporate
matter is taken is deemed to have assented to the action taken unless the director objects at the beginning of the meeting (or
promptly upon arrival) to holding, or transacting business at, the meeting, or unless the director&rsquo;s dissent or abstention
is entered in the minutes of the meeting or unless the director shall file written notice of his or her dissent or abstention to
such action with the presiding officer of the meeting before its adjournment or with the Corporation immediately after adjournment
of the meeting. The right of dissent or abstention shall not apply to a director who voted in favor of such action.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7. <U>Action
Without Meeting</U>. Unless otherwise provided in the Articles of Incorporation, action required or permitted to be taken at a
meeting of the Board of Directors may be taken without a meeting if the action is taken by all members of the Board. The action
must be evidenced by one (1) or more written consents signed by each director before or after such action, describing the action
taken, and included in the minutes or filed with the corporate records. Action taken without a meeting is effective when the last
director signs the consent, unless the consent specifies a different effective date. A director&rsquo;s consent to action taken
without a meeting may be in electronic form and delivered by electronic means.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 8. <U>Meeting
by Communications Device</U>. Unless otherwise provided in the Articles of Incorporation, the Board of Directors may permit any
or all directors to participate in a regular or special meeting by, or conduct the meeting through the use of, any means of communication
by which all directors participating may simultaneously hear each other during the meeting. A director participating in a meeting
by this means is deemed to be present in person at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE 5<BR>
<BR>
<U>Committees</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 1. <U>Election
and Powers</U>. The Board of Directors shall establish executive, nominating, compensation and audit committees and, subject to
Article 3, Section 9, upon the recommendation of the Chair, shall appoint two (2) or more directors to serve at the pleasure of
the Board on each such committee. Such appointees shall satisfy all applicable requirements for service on such committees established
under the Exchange Act and the rules and regulations promulgated thereunder, the rules and policies of relevant securities markets
or exchanges, and the applicable provisions of Section 162(m) the Internal Revenue Code of 1986, as amended, and the rules and
regulations promulgated thereunder. The Board of Directors may create one (1) or more additional committees and, subject to Article
3, Section 9, upon the recommendations of the Chair, appoint two (2) or more directors to serve at the pleasure of the Board on
each such committee. The creation of any such committee and the appointment of members to it must be approved by a majority of
all of the directors in office when such action is taken. To the extent specified by the Board of Directors or in the Articles
of Incorporation, each committee shall have and may exercise the powers of the Board of Directors in the management of the business
and affairs of the Corporation, except that no committee shall have authority to do the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorize
distributions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approve
or propose to shareholders action required to be approved by shareholders under the North Carolina Business Corporation Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fill
vacancies on the Board of Directors or on any of its committees;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amend
the Articles of Incorporation;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adopt,
amend or repeal these Bylaws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approve
a plan of merger not requiring shareholder approval;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorize
or approve the reacquisition of shares, except according to a formula or method prescribed by the Board of Directors; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorize
or approve the issuance, sale or contract for sale of shares, or determine the designation and relative rights, preferences and
limitations of a class or series of shares, except that the Board of Directors may authorize a committee (or a senior executive
officer of the Corporation) to do so within limits specifically prescribed by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2. <U>Removal;
Vacancies</U>. Any member of a committee may be removed by the Board at any time with or without cause, and, subject to the provisions
of Article 3, Section 9, vacancies in the membership of a committee by means of death, resignation, retirement, disqualification
or removal shall be filled by the Board of Directors upon the recommendation of the Chair.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 3. <U>Meetings</U>.
The provisions of Article 4 governing meetings of the Board of Directors, action without meeting, notice, waiver of notice and
quorum and voting requirements shall apply to the committees of the Board of Directors and their members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 4. <U>Minutes</U>.
Each committee shall keep minutes of its proceedings and shall report thereon to the Board of Directors at or before the next meeting
of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE 6<BR>
<BR>
<U>Officers</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 1. <U>Titles</U>.
The officers of the Corporation shall be a Chair of the Board of Directors, a Chief Executive Officer, a President, a Secretary
and a Chief Financial Officer, and may include one (1) or more Vice Chairs of the Board of Directors, a Chief Operating Officer,
a Chief Administrative Officer, one (1) or more Executive Vice Presidents, one (1) or more additional Vice Presidents, a Treasurer,
a Controller, one (1) or more Assistant Treasurers, one (1) or more Assistant Secretaries, one (1) or more Assistant Controllers,
and such other officers as shall be deemed necessary. The officers shall have the authority and perform the duties as set forth
herein or as from time to time may be prescribed by the Board of Directors, by the Chief Executive Officer (to the extent that
the Chief Executive Officer is authorized by the Board of Directors to prescribe the authority and duties of officers) or by the
President (to the extent the President is authorized by the Board of Directors to prescribe the authority and duties of officers).
Any two (2) or more offices may be held by the same individual, but no officer may act in more than one (1) capacity where action
of two (2) or more officers is required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2. <U>Election;
Appointment</U>. The officers of the Corporation shall be elected from time to time by the Board of Directors or appointed from
time to time by the Chief Executive Officer (to the extent that the Chief Executive Officer is authorized by the Board of Directors
to appoint officers) or by the President (to the extent that the President is authorized by the Board of Directors to appoint officers).Section
3. <U>Removal</U>. Any officer may be removed by the Board of Directors at any time with or without cause whenever in its judgment
the best interests of the Corporation will be served, but removal shall not itself affect the officer&rsquo;s contract rights,
if any, with the Corporation.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 4. <U>Vacancies</U>.
Vacancies among the officers may be filled and new offices may be created and filled by the Board of Directors or by the Chief
Executive Officer (to the extent the Chief Executive Officer authorized by the Board of Directors to appoint officers) or the President
(to the extent the President is authorized by the Board of Directors to appoint officers).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 5. <U>Compensation</U>.
The compensation of the officers shall be fixed by resolution of the Board of Directors or by a committee established for such
purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6. <U>Chair
of the Board of Directors</U>. The Chair of the Board of Directors, if such officer is elected, shall preside at meetings of the
Board of Directors and shall have such other authority and perform such other duties as the Board of Directors shall designate.
In the Chair&rsquo;s absence from a meeting of the Board of Directors, a Vice Chair (if such role has been designated by the Board
of Directors and in order of tenure in such office) shall preside at such meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7. <U>Chief
Executive Officer</U>. The Chief Executive Officer of the Corporation shall be elected annually by the Board of Directors. The
Chief Executive Officer shall have overall responsibility and authority for administering the affairs of the Corporation. The Chief
Executive Officer shall exercise all of the powers customarily exercised by a chief executive officer of any corporation by whatever
name called unless expressly limited by the Board of Directors. All officers of the Corporation shall report to the Chief Executive
Officer to the extent that the Chief Executive Officer may require; provided, however, that during the Specified Period, all officers
other than the Chief Executive Officer and President shall report to the President. The Chief Executive Officer shall have such
other powers and perform such other duties as the Board of Directors shall designate or as may be provided by applicable law or
elsewhere in these Bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 8. <U>President</U>.
The President shall be in general charge of the affairs of the Corporation in the ordinary course of its business. The President
may perform such acts, not inconsistent with applicable law or the provisions of these Bylaws, as may be performed by the president
of a corporation by whatever name called and may sign and execute all authorized notes, bonds, contracts and other obligations
in the name of the Corporation. The President shall exercise the powers of the Chief Executive Officer during the Chief Executive
Officer&rsquo;s absence or inability to act. The President shall have such other powers and perform such other duties as the Board
of Directors shall designate or as may be provided by applicable law or elsewhere in these Bylaws. The President of the Corporation
shall report directly to the Chief Executive Officer of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 9. <U>Executive
Vice Presidents and Vice Presidents</U>. The Executive Vice Presidents, if such officers are elected, shall exercise the powers
of the President during the President&rsquo;s absence or inability to act in the order of seniority established by the Board of
Directors or a committee thereof. In the event that the President and all Executive Vice Presidents are absent or unable to act,
any other Vice President designated by the Board of Directors or a committee thereof may exercise the powers of the President.
Any action taken by an Executive Vice President in the performance of the duties of the President shall be presumptive evidence
of the absence or inability to act of the President at the time the action was taken. The Vice Presidents shall have such other
powers and perform such other duties as may be assigned by the Board of Directors, the Chief Executive Officer (to the extent that
the Chief Executive Officer is authorized by the Board of Directors to prescribe the authority and duties of other officers), or
the President (to the extent that the President is authorized by the Board of Directors to prescribe the authority and duties of
other officers).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10. <U>Treasurer;
Assistant Treasurers</U>. The Treasurer shall have such powers and perform such duties as may be assigned by the Board of Directors,
the Chief Executive Officer (to the extent the Chief Executive Officer is authorized by the Board of Directors to prescribe the
authority and duties of such officer), or the President (to the extent that the President is authorized by the Board of Directors
to prescribe the authority and duties of such officer). Each Assistant Treasurer, if such officer is elected, shall have such powers
and perform such duties as may be assigned by the Board of Directors, the Chief Executive Officer (if authorized by the Board of
Directors to prescribe the authority and duties of other officers), or the President (to the extent that the President is authorized
by the Board of Directors to prescribe the authority and duties of other officers), and the Assistant Treasurers shall exercise
the powers of the Treasurer during that officer&rsquo;s absence or inability to act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 11. <U>Secretary;
Assistant Secretaries</U>. The Secretary shall keep accurate records of the acts and proceedings of all meetings of shareholders
and of the Board of Directors and shall give all notices required by law and by these Bylaws. The Secretary shall have general
charge of the corporate books and records and shall have the responsibility and authority to maintain and authenticate such books
and records. The Secretary shall have general charge of the corporate seal and shall affix the corporate seal to any lawfully executed
instrument requiring it. The Secretary shall have general charge of the stock transfer books of the Corporation and shall keep
at an office of the Corporation a record of shareholders, showing the name and address of each shareholder and the number and class
of the shares held by each. The Secretary shall sign such instruments as may require the signature of the Secretary, and in general
shall perform the duties incident to the office of Secretary and such other duties as may be assigned from time to time by the
Board of Directors, the Chief Executive Officer (to the extent that the Chief Executive Officer is authorized by the Board of Directors
to prescribe the authority and duties of other officers), or the President (to the extent that the President is authorized by the
Board of Directors to prescribe the authority and duties of other officers). Each Assistant Secretary, if such officer is elected,
shall have such powers and perform such duties as may be assigned by the Board of Directors, the Chief Executive Officer (if authorized
by the Board of Directors to prescribe the authority and duties of other officers), or the President (to the extent that the President
is authorized by the Board of Directors to prescribe the authority and duties of other officers), and the Assistant Secretaries
shall exercise the powers of the Secretary during that officer&rsquo;s absence or inability to act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 12. <U>Chief
Financial Officer</U>. The Chief Financial Officer shall have custody of all funds and securities belonging to the Corporation
and shall receive, deposit or disburse the same under the direction of the Board of Directors. The Chief Financial Officer shall
keep full and accurate accounts of the finances of the Corporation, which may be consolidated or combined statements of the Corporation
and one (1) or more of its subsidiaries as appropriate, that include a balance sheet as of the end of the fiscal year, an income
statement for that year, and a statement of cash flows for the year unless that information appears elsewhere in the financial
statements. If financial statements are prepared for the Corporation on the basis of generally accepted accounting principles,
the annual financial statements must also be prepared on that basis. The Corporation shall mail the annual financial statements,
or a written notice of their availability, to each shareholder within 120 days of the close of each fiscal year. The Chief Financial
Officer shall in general perform all duties incident to the office and such other duties as may be assigned from time to time by
the Board of Directors, the Chief Executive Officer (to the extent that the Chief Executive Officer is authorized by the Board
of Directors to prescribe the authority and duties of other officers), or the President (to the extent that the President is authorized
by the Board of Directors to prescribe the authority and duties of other officers).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 13. <U>Controller
and Assistant Controllers</U>. The Controller, if such office is elected, shall have charge of the accounting affairs of the Corporation
and shall have such other powers and perform such other duties as the Board of Directors, the Chief Executive Officer (to the extent
that the Chief Executive Officer is authorized by the Board of Directors to prescribe the authority and duties of other officers),
or the President (to the extent the President is authorized by the Board of Directors to prescribe the authority and duties of
other officers) shall designate. Each Assistant Controller shall have such powers and perform such duties as may be assigned by
the Board of Directors, the Chief Executive Officer (to the extent that the Chief Executive Officer is authorized by the Board
of Directors to prescribe the authority and duties of other officers), or the President (to the extent that the President is authorized
by the Board of Directors to prescribe the authority and duties of other officers), and the Assistant Controllers shall exercise
the powers of the Controller during that officer&rsquo;s absence or inability to act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 14. <U>Voting
of Stocks</U>. Unless otherwise ordered by the Board of Directors, the Chief Executive Officer shall have full power and authority
on behalf of the Corporation to attend, act and vote at meetings of the shareholders of any corporation in which the Corporation
may hold stock, and at such meetings shall possess and may exercise any and all rights and powers incident to the ownership of
such stock and which, as the owner, the Corporation might have possessed and exercised if present. The Board of Directors may by
resolution from time to time confer such power and authority upon any other person or persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE 7<BR>
<BR>
<U>Capital Stock</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 1. <U>Certificate
For Shares</U>. The Board of Directors may authorize the issuance of some or all of the shares of the Corporation&rsquo;s classes
or series of capital stock without issuing certificates to represent such shares (i.e. book entry form). If shares are represented
by certificates, the certificates shall be in such form as required by law and as determined by the Board of Directors. Certificates
shall be signed, either manually or in facsimile, by the Chief Executive Officer or the President and by the Secretary or an Assistant
Secretary. All certificates for shares shall be consecutively numbered or otherwise identified and entered into the stock transfer
books of the Corporation. When shares are represented by certificates, the Corporation shall issue and deliver, to each shareholder
to whom such shares have been issued or transferred, certificates representing the shares owned by him. When shares are not represented
by certificates and ownership is recorded in book entry form, then within a reasonable time after the issuance or transfer of such
shares, the Corporation shall send the shareholder to whom such shares have been issued or transferred a written statement of the
information required by law to be on certificates. Shares represented by certificates may become held in book entry form upon surrender
of such certificates to the Corporation in compliance with N.C. Gen. Stat. &sect; 55-6-26.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2. <U>Stock
Transfer Books; Transfer Agent and Registrar</U>. The Corporation shall keep or cause to be kept a book or set of books, to be
known as the stock transfer books of the Corporation, containing the name of each shareholder of record, together with such shareholder&rsquo;s
address and the number and class or series of shares held by him. Transfers of shares of the Corporation shall be made only on
the stock transfer books of the Corporation (i) by the holder of record thereof or by his, her or its legal representative, who
shall provide proper evidence of authority to transfer; (ii) by his, her or its attorney authorized to effect such transfer by
power of attorney duly executed and filed with the Secretary; and (iii) on surrender for cancellation of the certificate for such
shares (if the shares are represented by certificates).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Board of Directors
may direct the Corporation to maintain in North Carolina or elsewhere one or more transfer offices or agencies and also one or
more registry offices which offices and agencies may establish rules and regulations for the issue, transfer and registration of
stock certificates. No certificates for shares of stock in respect of which a transfer agent and registrar shall have been designated
shall be valid unless countersigned by such transfer agent and registered by such registrar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 3. <U>Lost
Certificates</U>. The Board of Directors may direct a new certificate to be issued in place of any certificate theretofor issued
by the Corporation claimed to have been lost or destroyed, upon receipt of an affidavit of such fact from the person claiming the
certificate to have been lost or destroyed. When authorizing such issue of a new certificate, the Board of Directors shall require
that the owner of such lost or destroyed certificate, or his, her or its legal representative, give the Corporation a bond in such
sum and with such surety or other security as the Board of Directors may direct as indemnification against any claims that may
be made against the Corporation with respect to the certificate claimed to have been lost or destroyed, except where the Board
of Directors by resolution finds that in the judgment of the Board of Directors the circumstances justify omission of a bond.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 4. <U>Distribution
or Share Dividend Record Date</U>. The Board of Directors may fix a date as the record date for determining shareholders entitled
to a distribution or share dividend. If no record date is fixed by the Board of Directors for such determination, it shall be the
date the Board of Directors authorizes the distribution or share dividend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 5. <U>Holders
of Record</U>. Except as otherwise required by law, the Corporation may treat the person or entity in whose name shares stand of
record on its books as the absolute owner of such shares and the person or entity exclusively entitled to receive notification
and distributions, to vote, and to otherwise exercise the rights, powers, and privileges of ownership of such shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6. <U>Shares
Held by Nominees</U>. The Corporation shall recognize a beneficial owner of shares registered in the name of the nominee as the
owner and shareholder of such shares for certain purposes if the nominee in whose name such shares are registered files with the
Secretary a written certificate in a form prescribed by the Corporation, signed by the nominee, indicating the following: (i) the
name, address, and taxpayer identification number of the nominee; (ii) the name, address, and taxpayer identification number of
the beneficial owner; (iii) the number and class or series of shares registered in the name of the nominee as to which the beneficial
owner shall be recognized as the shareholder; and (iv) the purposes for which the beneficial owner shall be recognized as the shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The purposes for
which the Corporation shall recognize the beneficial owner as the shareholder may include the following: (i) receiving notice of,
voting at, and otherwise participating in shareholders&rsquo; meetings; (ii) executing consents with respect to the shares; (iii)
exercising dissenters&rsquo; rights under the North Carolina Business Corporation Act; (iv) receiving distributions and share dividends
with respect to the shares; (v) exercising inspection rights; (vi) receiving reports, financial statements, proxy statements, and
other communications from the Corporation; (vii) making any demand upon the Corporation required or permitted by law; and (viii)
exercising any other rights or receiving any other benefits of a shareholder with respect to the shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The certificate
shall be effective ten (10) business days after its receipt by the Corporation and until it is changed by the nominee, unless the
certificate specifies a later effective time or an earlier termination date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the certificate
affects less than all of the shares registered in the name of the nominee, the Corporation may require the shares affected by the
certificate to be registered separately on the books of the Corporation and be represented by a share certificate that bears a
conspicuous legend stating that there is a nominee certificate in effect with respect to the shares represented by that share certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7. <U>Transfer
Agent and Registrar</U>. The Board of Directors may appoint one or more transfer agents and one or more registrars of transfers
and may require all stock certificates to be signed or countersigned by the transfer agent and registered by the registrar of transfers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE 8<BR>
<BR>
<U>Indemnification</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 1. <U>Indemnification
Provisions</U>. Any person who at any time serves or has served as a director or officer of the Corporation or of any wholly owned
subsidiary of the Corporation, or in such capacity at the request of the Corporation for any other foreign or domestic corporation,
partnership, joint venture, trust or other enterprise, or as a trustee or administrator under any employee benefit plan of the
Corporation or of any wholly owned subsidiary thereof (a &ldquo;<U>Claimant</U>&rdquo;), shall have the right to be indemnified
and held harmless by the Corporation to the fullest extent from time to time permitted by law against all liabilities and litigation
expenses (as hereinafter defined) in the event a claim shall be made or threatened against that person in, or that person is made
or threatened to be made a party to, any threatened, pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative, and whether or not brought by or on behalf of the Corporation, including all appeals therefrom
(a &ldquo;<U>proceeding</U>&rdquo;), arising out of that person&rsquo;s status as such or that person&rsquo;s activities in any
such capacity; provided, however, that such indemnification shall not be available with respect to (a) that portion of any liabilities
or litigation expenses with respect to which the Claimant is entitled to receive payment under any insurance policy or (b) any
liabilities or litigation expenses incurred on account of any of the Claimant&rsquo;s activities which were at the time taken known
or believed by the Claimant to be clearly in conflict with the best interests of the Corporation.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2. <U>Definitions</U>.
As used in this Article 8, (a) &ldquo;<U>liabilities</U>&rdquo; shall include, without limitation, (1) payments to satisfaction
of any judgment, money decree, excise tax, fine or penalty for which Claimant had become liable in any proceeding and (2) payments
in settlement of any such proceeding subject, however, to Section 3 of this Article; (b) &ldquo;<U>litigation expenses</U>&rdquo;
shall include, without limitation, (1) reasonable costs and expenses and attorneys&rsquo; fees and expenses actually incurred by
the Claimant in connection with any proceeding and (2) reasonable costs and expenses and attorneys&rsquo; fees and expenses in
connection with the enforcement of rights to the indemnification granted hereby or by applicable law, if such enforcement is successful
in whole or in part; and (c) &ldquo;disinterested directors&rdquo; shall mean directors who are not party to the proceeding in
question.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 3. <U>Settlements</U>.
The Corporation shall not be liable to indemnify the Claimant for any amounts paid in settlement of any proceeding effected without
the Corporation&rsquo;s written consent. The Corporation will not unreasonably withhold its consent to any proposed settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 4. <U>Litigation
Expense Advances</U>. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as provided in subsection (b) below, any litigation expenses shall be advanced to any Claimant within 30 days of receipt by the
Secretary of the Corporation of a demand therefor, together with an undertaking by or on behalf of the Claimant to repay to the
Corporation such amount unless it is ultimately determined that the Claimant is entitled to be indemnified by the Corporation against
such expenses. The Secretary shall promptly forward notice of the demand and undertaking immediately to all directors of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
ten (10) days after mailing of notice to the directors pursuant subsection (a) above, any disinterested director may, if desired,
call a meeting of disinterested directors to review the reasonableness of the expenses so requested. No advance shall be made if
a majority of the disinterested directors affirmatively determines that the item of expense is unreasonable in amount; but if the
disinterested directors determine that a portion of the expense item is reasonable, the Corporation shall advance such portion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 5. <U>Approval
of Indemnification Payments</U>. Except as provided in Section 4 of this Article, the Board of Directors shall take all such action
as may be necessary and appropriate to authorize the Corporation to pay the indemnification required by Section 1 of this Article,
including, without limitation, making a good faith evaluation of the manner in which the Claimant acted and of the reasonable amount
of indemnity due the Claimant. In taking any such action, any Claimant who is a director of the Corporation shall not be entitled
to vote on any matter concerning such Claimant&rsquo;s right to indemnification.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6. <U>Suits
by Claimant</U>. No Claimant shall be entitled to bring suit against the Corporation to enforce his or her rights under this Article
until sixty (60) days after a written claim has been received by the Corporation, together with any undertaking to repay as required
by Section 4 of this Article 8. It shall be a defense to any such action that the Claimant&rsquo;s liabilities or litigation expenses
were incurred on account of activities described in clause (b) of Section 1 of this Article 8, but the burden of proving this defense
shall be on the Corporation. Neither the failure of the Corporation to have made a determination prior to the commencement of the
action to the effect that indemnification of the Claimant is proper in the circumstances, nor an actual determination by the Corporation
that the Claimant had not met the standard of conduct described in such clause (b) of Section 1, shall be a defense to the action
or create a presumption that the Claimant has not met the applicable standard of conduct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7. <U>Consideration;
Personal Representatives and Other Remedies</U>. Any person who, during such time as this Article 8 or corresponding provisions
of predecessor Bylaws is or has been in effect, serves or has served in any of the aforesaid capacities for or on behalf of the
Corporation shall be deemed to be doing so or to have done so in reliance upon, and as consideration for, the right of indemnification
provided herein or therein. The right of indemnification provided herein or therein shall inure to the benefit of the legal representatives
of any person who qualifies or would qualify as a Claimant hereunder, and the right shall not be exclusive of any other rights
to which the person or legal representative may be entitled apart from this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 8. <U>Scope
of Indemnification Rights</U>. Except as otherwise set forth in these Bylaws, or as otherwise required by law, the rights granted
herein shall not be limited by the provisions of Section 55-8-51 of the General Statutes of North Carolina or any successor statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 9. <U>Extension
of Indemnification Rights to Additional Employees</U>. The Board of Directors may, from time to time as it deems appropriate, extend
the indemnification rights provided by this Article 8 on terms consistent with this Article 8 to any person other than a director
or officer who serves or who has served as an employee or agent of the Corporation or of any wholly owned subsidiary of the Corporation,
or in such capacity at the request of the Corporation for any other foreign or domestic corporation, partnership, joint venture,
trust or other enterprise, or as a trustee or administrator under any employee benefit plan of the Corporation or of any wholly
owned subsidiary thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE 9</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 1. <U>Effectiveness</U>.
Notwithstanding any other provisions of these Bylaws or the Articles of Incorporation of the Corporation, the emergency Bylaws
provided in this Article 9 shall be effective during any emergency resulting from a military or terrorist attack on the United
States or on a locality in which the Corporation conducts its principal business or customarily holds meetings of its Board of
Directors or its shareholders, or during any nuclear or atomic disaster, or during the existence of any other catastrophic event
or similar emergency, as a result of which a quorum of the Board of Directors, or of the executive committee of the Board of Directors,
if any, cannot readily be assembled for action. To the extent not inconsistent with the provisions of the emergency Bylaws in this
Article 9, the provisions of the regular Bylaws shall remain in effect during such emergency. Upon termination of the emergency,
the emergency Bylaws in this Article 9 shall cease to be effective.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2. <U>Board
Meetings</U>. During any such emergency, a meeting of the Board of Directors may be called by any officer or director of the Corporation.
Notice of the time and place of the meeting shall be given by the person calling the meeting to such of the directors as it may
be feasible to reach at the time by any available means of communication, including publication, television, internet or radio.
Such advance notice shall be given as, in the judgment of the person calling the meeting, circumstances permit. At any such meeting
of the Board of Directors, a quorum shall consist of a majority of the number of directors prescribed at the time of the meeting
by the Board of Directors; provided, however, that if no such number is prescribed, a majority of the directors in office shall
constitute a quorum. To the extent required to constitute a quorum at the meeting, the officers present shall be deemed, in order
of rank and within the same rank in order of seniority, directors for the meeting. The Board of Directors may take any action at
any such meeting which it deems necessary for managing the Corporation during the emergency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 3. <U>Principal
Office</U>. During the emergency, the Board of Directors may change the principal offices of the Corporation or designate several
alternative principal offices, or authorize the officers to do so, which change or designation shall last for the duration of the
emergency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 4. <U>Specific
Powers</U>. Without limiting the generality of the foregoing, the Board of Directors, acting pursuant to Section 2 of this Article
9, is authorized to make all necessary determinations of fact regarding the extent and severity of the emergency and the availability
of members of the Board; to designate and replace officers, agents and employees of the Corporation and otherwise provide for continuity
of management; and to adopt rules of procedure and fill vacancies in the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 5. <U>Nonexclusive
Powers</U>. The emergency powers provided in this Article 9 shall be in addition to any powers provided by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE 10<BR>
<BR>
<U>General Provisions</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 1. <U>Dividends
and Other Distributions</U>. The Board of Directors may from time to time declare, and the Corporation may pay or make, dividends
and other distributions with respect to its outstanding shares in the manner and upon the terms and conditions provided by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2. <U>Seal</U>.
The seal of the Corporation, if the Board of Directors determines to adopt one, shall be in the form approved by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 3. <U>Waiver
of Notice</U>. Whenever notice is required to be given to a shareholder, director or other person under the provisions of these
Bylaws, the Articles of Incorporation or by applicable law, a waiver in writing signed by the person or persons entitled to the
notice, whether before or after the date and time stated in the notice, and delivered to the Corporation shall be equivalent to
giving the notice.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 4. <U>Checks</U>.
All checks, drafts or orders for the payment of money shall be signed by the officer or officers or other individuals that the
Board of Directors may from time to time designate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 5. <U>Bond</U>.
The Board of Directors may by resolution require any or all officers, agents and employees of the Corporation to give bond to the
Corporation, with sufficient sureties, conditioned on the faithful performance of the duties of their respective offices or positions,
and to comply with such other conditions as may from time to time be required</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6. <U>Fiscal
Year</U>. The fiscal year of the Corporation shall be the calendar year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7. <U>Amendments</U>.
Notwithstanding anything herein to the contrary, the Corporation&rsquo;s shareholders may amend or repeal any one or more of these
Bylaws even though these Bylaws may also be amended or repealed by its Board of Directors. The Board of Directors may amend or
repeal these Bylaws, subject to the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors may not amend these Bylaws to the extent otherwise provided in the Articles of Incorporation, a Bylaw adopted
by the shareholders or by the North Carolina Business Corporation Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Bylaw adopted, amended or repealed by the shareholders may not be readopted, amended or repealed by the Board of Directors if neither
the Articles of Incorporation nor a Bylaw adopted by the shareholders authorizes the Board of Directors to adopt, amend or repeal
that particular Bylaw or these Bylaws generally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Bylaw that fixes a greater quorum or voting requirement for the Board of Directors may be amended or repealed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
originally adopted by the shareholders, only by the shareholders, unless such bylaw as originally adopted by the shareholders provides
that such bylaw may be amended or repealed by the Board of Directors; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
originally adopted by the Board of Directors, either by the shareholders or by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Bylaw that fixes a greater quorum or voting requirement for the Board of Directors may not be adopted by the Board of Directors
by a vote less than a majority of the directors then in office and may not itself be amended by a quorum or vote of the directors
less than the quorum or vote prescribed in such bylaw or prescribed by the shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 8. <U>Exclusive
Forum</U>. Unless the Corporation consents in writing to the selection of an alternative forum, the sole and exclusive forum for
(i) any derivative action or proceeding brought on behalf of the Corporation, (ii) any action asserting a claim of breach of a
fiduciary duty owed by any director or officer or other employee of the Corporation to the Corporation or the Corporation&rsquo;s
shareholders, (iii) any action asserting a claim against the Corporation or any director or officer or other employee of the Corporation
arising pursuant to any provision of the North Carolina Business Corporation Act or the Corporation&rsquo;s articles of incorporation
or bylaws (as either may be amended from time to time), or (iv) any action asserting a claim against the Corporation or any director
or officer or other employee of the Corporation governed by the internal affairs doctrine must be a state court located within
the Town of Southern Pines in Moore County, North Carolina (or, if no state court located within the State of North Carolina has
jurisdiction, the federal district court for the Middle District of North Carolina).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE 11<BR>
<BR>
<U>Anti-Takeover Statutes</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The provisions of
Article 9 of the North Carolina Business Corporation Act, entitled &ldquo;the North Carolina Shareholder Protection Act,&rdquo;
shall not apply to the Corporation. The provisions of Article 9A of the North Carolina Business Corporation Act, entitled &ldquo;the
North Carolina Control Share Acquisition Act,&rdquo; shall not apply to the Corporation.</P>



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