<SEC-DOCUMENT>0001174947-18-000175.txt : 20180209
<SEC-HEADER>0001174947-18-000175.hdr.sgml : 20180209
<ACCEPTANCE-DATETIME>20180209170223
ACCESSION NUMBER:		0001174947-18-000175
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180206
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:		20180209
DATE AS OF CHANGE:		20180209

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:		18592690

	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>
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k-19422_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>
Washington, D.C. 20549</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported):
February 6, 2018</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>First Bancorp</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(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="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-size: 10pt"><U>North Carolina</U></FONT></TD>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 10pt"><U>0-15572</U></FONT></TD>
    <TD STYLE="width: 33%; 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; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 67%; text-align: center"><FONT STYLE="font-size: 10pt">300 SW Broad Street,</FONT></TD>
    <TD STYLE="width: 33%; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><U>Southern Pines, NC 28387</U></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><U>28387</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Address of Principal Executive Offices)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
</TABLE>
<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="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
</TABLE>
<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="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></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">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule 12b-2 of the Securities Exchange Act
of 1934 (17 CFR &sect;240.12b-2).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: 0.5in">Emerging growth company&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT>&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">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 6, 2017, First Bancorp (the &ldquo;Company&rdquo;),
the holding company for First Bank, entered into the Second Amendment of the Employment Agreement by and between the Company and
its Chief Executive Officer, Richard H. Moore (the &ldquo;Second Amendment&rdquo;).&nbsp; The Second Amendment, which was approved
by the Company&rsquo;s Compensation Committee and Board of Directors, modifies the annual long-term incentive awards of restricted
stock that the Committee may grant, in its discretion.</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 Amendment
is qualified in its entirety by reference to the full text of the Second Amendment, a copy of which is filed as Exhibit 10.1 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>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">On February 6, 2018, the Board of Directors
of the Company adopted Amended and Restated Bylaws. The primary modifications effected were to include enhanced remote shareholder
participation provisions available under applicable North Carolina corporate law; to clarify the duties and responsibilities of
executive officers; to add provisions of applicable North Carolina corporate law pertaining to the creation of Board committees
and limitations upon the authority of such committees; to remove provisions no longer relevant or not effective under applicable
North Carolina corporate law; and, to group related provisions organizationally in a more consistent fashion.</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 Amended and
Restated Bylaws is qualified in its entirety by reference to the full text of the Amended and Restated Bylaws, 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"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></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: 48px"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Exhibits</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 88%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Description </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">3.1</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="ex3-1.htm">Amended and Restated Bylaws of First Bancorp, dated February 6, 2018.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="ex10-1.htm">Second Amendment of Employment Agreement made and entered into as of February 6, 2018, by and between First Bancorp and Richard H. Moore.</A></FONT></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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>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; text-indent: 0.3in">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>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>FIRST BANCORP</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="width: 40%; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><I>/s/ </I>Michael G. Mayer</FONT></TD>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Michael G. Mayer</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">President</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date: February 9, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt">&nbsp;</P>

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


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<P STYLE="font: 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; margin-bottom: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 88%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Description </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">3.1</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="ex3-1.htm">Amended and Restated Bylaws of First Bancorp, dated February 6, 2018.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="ex10-1.htm">Second Amendment of Employment Agreement made and entered into as of February 6, 2018, by and between First Bancorp and Richard H. Moore</A>.</FONT></TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 3.1</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><B>AMENDED
AND RESTATED</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none"><B>BYLAWS</B></FONT></P>

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

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

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

<P STYLE="font: 18pt 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">&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">&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">&nbsp;</P>

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


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

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

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

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

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

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 9pt">ARTICLE 1.&nbsp; Offices</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 1.&nbsp; Principal and Registered Office</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 2.&nbsp; Other Offices</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 9pt">ARTICLE 2.&nbsp; Meetings of Shareholders</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 1.&nbsp; Place of Meeting</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 2.&nbsp; Annual Meeting</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 3.&nbsp; Substitute Annual Meeting</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 4.&nbsp; Special Meetings</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 5.&nbsp; Record Date; Notice of Meetings</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 6.&nbsp; Quorum</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 7.&nbsp; Conduct of Business</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 8.&nbsp; Shareholders&rsquo; List</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 9.&nbsp; Voting of Shares</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 10.&nbsp; Proxies</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 9pt">ARTICLE 3.&nbsp; Board of Directors</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 1.&nbsp; General Powers</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 2.&nbsp; Number, Election, Term and Qualification</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 3.&nbsp; Removal</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 4.&nbsp; Vacancies</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 5.&nbsp; Compensation</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 6.&nbsp; Nomination of Directors</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 7.&nbsp; Communications with Directors</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 8.&nbsp; Evaluation of Business Combinations</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 9pt">ARTICLE 4.&nbsp; Meetings of Directors</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 1.&nbsp; Annual and Regular Meetings</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 2.&nbsp; Special Meetings</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 3.&nbsp; Notice of Meetings</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 4.&nbsp; Quorum</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 5.&nbsp; Manner of Acting</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 6.&nbsp; Presumption of Assent</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 7.&nbsp; Action Without Meeting</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 8.&nbsp; Meeting by Communications Device</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 9pt">ARTICLE 5.&nbsp; Committees</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 1.&nbsp; Election and Powers</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 2.&nbsp; Removal; Vacancies</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 3.&nbsp; Meetings</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 4.&nbsp; Minutes</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 5.&nbsp; Charters</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 9pt">ARTICLE 6.&nbsp; Officers</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 1.&nbsp; Titles</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 2.&nbsp; Election; Appointment</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 3.&nbsp; Removal</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">10</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; width: 90%">Section 4.&nbsp; Vacancies</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 10%">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 5.&nbsp; Compensation</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 6.&nbsp; Chair of the Board of Directors</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 7.&nbsp; Chief Executive Officer</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 8.&nbsp; President</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 9.&nbsp; Executive Vice Presidents and Vice Presidents</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 10.&nbsp; Chief Financial Officer</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 11.&nbsp; Treasurer; Assistant Treasurers</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 12.&nbsp; Secretary; Assistant Secretaries</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 13.&nbsp; Controller and Assistant Controllers</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 14.&nbsp; Voting of Stock</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 9pt">ARTICLE 7.&nbsp; Capital Stock</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">13</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 1.&nbsp; Certificate For Shares</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">13</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 2.&nbsp; Stock Transfer Books; Transfer Agent and Registrar</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">13</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 3.&nbsp; Lost Certificates</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">13</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 4.&nbsp; Distribution or Share Dividend Record Date</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">14</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 5.&nbsp; Holders of Record</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">14</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 6.&nbsp; Shares Held by Nominees</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">14</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 7.&nbsp; Transfer Agent and Registrar</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">14</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 9pt">ARTICLE 8.&nbsp; Indemnification</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">15</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 1.&nbsp; Indemnification Provisions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">15</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 2.&nbsp; Definitions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">15</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 3.&nbsp; Settlements</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">15</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 4.&nbsp; Litigation Expense Advances</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">15</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 5.&nbsp; Approval of Indemnification Payments</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">16</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 6.&nbsp; Suits by Claimant</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">16</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 7.&nbsp; Consideration; Personal Representatives and Other Remedies</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">16</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 8.&nbsp; Scope of Indemnification Rights</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">16</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 9.&nbsp; Extension of Indemnification Rights to Additional Employees</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">16</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 9pt">ARTICLE 9.&nbsp; Emergency Bylaws</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">17</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 1.&nbsp; Effectiveness</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">17</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 2.&nbsp; Board Meetings</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">17</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 3.&nbsp; Principal Office</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">17</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 4.&nbsp; Specific Powers</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">17</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 5.&nbsp; Nonexclusive Powers</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">17</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 9pt">ARTICLE 10.&nbsp; Exclusive Forum</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">18</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 9pt">ARTICLE 11.&nbsp; General Provisions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">18</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 1.&nbsp; Dividends and Other Distributions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">18</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 2.&nbsp; Seal</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">18</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 3.&nbsp; Waiver of Notice</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">18</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 4.&nbsp; Checks</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">18</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 5.&nbsp; Bond</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">18</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 6.&nbsp; Fiscal Year</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">18</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 7.&nbsp; Amendments</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">18</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 9pt">ARTICLE 12.&nbsp; Anti-Takeover Statutes</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">19</TD></TR>
</TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><U>Offices</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>Principal
and Registered Office</U>. The principal office of the Corporation shall be located at 300 SW Broad Street, Southern Pines, North
Carolina, which shall also be the registered office 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 2. <U>Other
Offices</U>. The Corporation may have offices at such other 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><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>. Meetings of shareholders shall be held at the principal office of the Corporation, or at such other 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 and third 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 of the Corporation&rsquo;s proxy statement in connection
with the last annual shareholders&rsquo; meeting. 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 </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">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 in accordance with the rules of conduct applicable to such 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 (A) state law, (B) the Securities Exchange Act
of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;), and the rules and regulations thereunder, and (C) stock exchange listing
requirements applicable to the Corporation with respect to the matters set forth in this Section 2, and Article 3, Section 6. In
addition, to the extent that a provision of this Article 2, Section 2, is in express conflict with any of the laws, regulations
or requirements set forth in the foregoing items (A), (B) or (C) that are applicable to the Corporation, such provisions shall
be deemed without effect during such period of conflict.</P>

<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>Record
Date; Notice of Meetings</U>. The Board of Directors shall establish a record date for each meeting in accord with the North Carolina
Business Corporation Act or any successor statutes (the &ldquo;<U>NCBCA</U>&rdquo;). At least ten (10) and no more than seventy
(70) days prior to any annual or special meeting of shareholders, the Corporation shall notify shareholders of the date, time and
place of the meeting in person, by mail or by electronic means 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 Amended and Restated Articles of Incorporation
of the Corporation (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 one hundred twenty (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 established by the Board of Directors, notice of the adjourned meeting shall </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">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 each
shareholder&rsquo;s address 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 NCBCA. 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. The Board of Directors
may, but shall not be required to, permit shareholders to participate in a shareholders&rsquo; meeting by remote communication
as allowed under Section 55-7-09 of the NCBCA, subject to such guidelines and procedures as the Board of Directors may adopt.</P>

<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, the rules of conduct and the procedure
at the meeting, including such regulation of the manner of voting and the conduct of discussion as determined by such 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 a record date for a meeting is established, 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, at the Corporation&rsquo;s principal office or 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, subject to the provisions of Section 55-7-20 of the NCBCA with respect to shareholder participation
by remote communication.</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>. 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, (iv) by </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">remote participation in the event the Board
of Directors permits shareholders to participate in a meeting by such means, or (v) 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, by telephone of by remote participation. 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">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 eleven
(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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><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, these Bylaws 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,
Election, 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 twenty-five (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 will be eligible to stand for election
as a director after the person shall have attained the age of seventy-two (72), and a director who attains the age of seventy-two
(72) shall retire from the Board at the end of the term for which the director was elected. Notwithstanding the foregoing, the
Board of Directors, on a case-by-case basis and in its sole discretion, may approve an exception to ineligibility and mandatory
retirement provisions set forth in the prior sentence.</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">(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 as of the adjournment of the
annual meeting of shareholders following the annual meeting of shareholders at which such director was elected or, as applicable,
the adjournment of the annual meeting of shareholders following the appointment of the director to the Board, or in each case upon
the director&rsquo;s earlier death, resignation, removal or disqualification. In the event of any increase or decrease in the authorized
number of directors, each director then serving shall nevertheless continue as a director until the expiration of the director&rsquo;s
current term or the director&rsquo;s earlier death, resignation, removal or disqualification. In the event of the death, resignation,
removal or disqualification of a director during the director&rsquo;s term of office, 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>

<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;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>

<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 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, 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 thereof established for such purpose, the directors may be paid fees and/or other forms of compensation, which may
include but are not restricted to fees and/or other forms of compensation, for attendance at meetings of the Board or of a committee
thereof, and they may be reimbursed for expenses of attendance. Any director may serve the Corporation in any other capacity and
receive compensation therefor.</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>Nomination
of Directors</U>. Subject to any rights, if any, of holders of shares of preferred stock of the Corporation, 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 a 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 fifty (50) nor more than seventy-five
(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 nominee, (ix) a description of all arrangements or understandings between the shareholder and such 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 Board&rsquo;s
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 any such committee, to the Board of
Directors, for review. 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 (A) state law, (B) the Exchange Act
and the rules and regulations thereunder and (C) stock exchange listing requirements applicable to the Corporation with respect
to the matters set forth in this Section 6 and Article 2, Section 2. In addition, to the extent that a provision of this Article
3, Section 6, is in express conflict with any of the laws, regulations or requirements set forth in the foregoing items (A), (B)
or (C) that are applicable to the Corporation, such provisions shall be deemed without effect during such period of conflict.</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 of the Corporation 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 </P>

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

<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 12pt; text-align: center; text-indent: 0in">ARTICLE 4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><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. Notice of regular meetings held at the principal office
of the Corporation and at the usual scheduled time shall not be required. If any date for which a regular meeting is scheduled
shall be a legal holiday, a notice of a revised meeting date shall be given, with such date being during either the same week in
which the regularly scheduled date falls or during the preceding or following week. Regular meetings of the Board shall be held
at the principal office of the Corporation or at such other place 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 date 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>

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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 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, the director&rsquo;s dissent or abstention is entered
in the minutes of the meeting or 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>

<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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><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, 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. Each appointee
to each such committee shall satisfy all applicable requirements for service on such committee established under the Exchange Act
and the rules and regulations promulgated thereunder, stock exchange listing requirements applicable to the Corporation, and Section
162(m) of the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder. Upon the recommendation
of the Chair, the Board of Directors may </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">create one (1) or more additional committees and appoint two (2) or more directors to
serve at the pleasure of the Board on each such committee. The creation of any such additional 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
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 except according to a formula or method, or within limits, 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">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approve
or propose to shareholders action required to be approved by shareholders under the NCBCA;</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>

<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; or</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">Section 2. <U>Removal;
Vacancies</U>. Any member of a committee may be removed by the Board of Directors at any time with or without cause, and vacancies
in the membership of a committee by means of death, resignation, removal or disqualification 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 and its 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; text-align: justify; text-indent: 0.5in">Section 5. <U>Charters</U>.
Each committee shall have a charter setting forth its authority and responsibilities, which charters (and any amendments thereto)
shall be subject to approval by the Board of Directors. The Board of Directors may amend or rescind any such charter in its discretion.</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 0 12pt; text-align: center; text-indent: 0in">ARTICLE 6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><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 include a Chair of the Board of Directors, a Chief Executive Officer, a President, a Secretary
and a Chief Financial Officer and may include one 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 </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(1) or more Assistant Secretaries, one (1) or more Assistant Treasurers, 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 or 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 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 to appoint
officers) or by the President (to the extent the President is authorized by the Board 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 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>

<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 authorized by the Board) or the President (to the extent authorized by the Board).</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, by a committee established for such purpose
or by the Chief Executive Officer or the President (to the extent the Board authorizes such officers to do so).</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 absence of the Chair from a meeting of the Board of Directors or the Chair&rsquo;s inability to preside, a Vice Chair (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 and may
hold also the title of President. 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. 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 </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">inconsistent with applicable law or the provisions of these Bylaws, as may be customarily performed
by the president of a corporation 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 shall report to the Chief Executive
Officer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 11. <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 </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">duties of other officers), and the Assistant Treasurers in order of seniority
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; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 12. <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 the principal 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 or the Chief Executive Officer or the President (to the extent that the Chief Executive Officer
or 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
or the Chief Executive Officer or the President (to the extent that the Chief Executive Officer or the President authorized by
the Board of Directors to prescribe the authority and duties of other officers), and the Assistant Secretaries in order of seniority
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 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 or the Chief Executive Officer or the
President (to the extent that the Chief Executive Officer or 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 or the Chief Executive Officer or the President (to the extent that the Chief
Executive Officer or the President is authorized by the Board of Directors to prescribe the authority and duties of other officers),
and the Assistant Controllers in order of seniority 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 Stock</U>. Unless otherwise ordered by the Board of Directors, each of the Chief Executive Officer and the President 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>

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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: center; text-indent: 0in">ARTICLE 7</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; 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 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 Section &sect; 55-6-26 of the NCBCA.</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">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 in fact 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; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; 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, mutilated or destroyed, upon receipt of an affidavit of such fact from the person claiming the certificate
to have been lost, mutilated or destroyed. When authorizing such issue of a new certificate, the Board of Directors shall require
that the owner of such lost, mutilated 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, mutilated or destroyed, except
where the Board of Directors </P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; 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 in whose name shares stand of record on its
books as the absolute owner of such shares and the person exclusively entitled to receive notification and distributions, to vote,
and to otherwise exercise the rights, powers, and privileges of ownership of such shares.</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">Section 6. <U>Shares Held
by Nominees</U>. The Corporation may, but shall not be required to, 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 desires to be recognized as
the shareholder.</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">The purposes for which
the Corporation may recognize the beneficial owner as the shareholder may include one or more of 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 NCBCA; (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; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; 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 or a book entry notation
that bears a conspicuous legend stating that there is a nominee certificate in effect with respect to the shares represented by
that share certificate or book entry notation.</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">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>

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

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

<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 8; (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;<U>disinterested directors</U>&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>.</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 thirty (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>

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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">(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 8, the Board of Directors of the Corporation 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 8, 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>

<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, her or its rights under this
Article 8 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, 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 clause (b) of Section 1 of this Article 8, 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 NCBCA.</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 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 </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">trustee or administrator under any employee benefit plan of the Corporation or of any 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; 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>

<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 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 office of the Corporation or designate several
alternative principal officers, 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>

<!-- Field: Page; Sequence: 20; Value: 2 -->
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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: center; text-indent: 0in">ARTICLE 10</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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, officer
or 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, officer or employee of the Corporation arising pursuant to any provision of the NCBCA, the Articles
of Incorporation or these Bylaws (as any of the foregoing may be amended from time to time), or (iv) any action asserting a claim
against the Corporation or any director, officer or employee of the Corporation governed by the internal affairs doctrine shall
be a North Carolina state court located within Moore County, North Carolina (or, if no North Carolina state court located within
the State of North Carolina has jurisdiction, the United States District Court for the Middle District of North Carolina).</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 12pt; text-align: center; text-indent: 0in">ARTICLE 11</P>

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

<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 </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">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 or repeal these Bylaws to the extent otherwise provided in the Articles of Incorporation or the
NCBCA, and may not amend or repeal a Bylaw adopted by the shareholders.</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: 0in">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; text-align: center">ARTICLE 12</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"><U>Anti-Takeover Statutes</U></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">The provisions of Article
9 of the NCBCA, entitled the &ldquo;North Carolina Shareholder Protection Act,&rdquo; shall not apply to the Corporation. The provisions
of Article 9A of the NCBCA, entitled the &ldquo;North Carolina Control Share Acquisition Act,&rdquo; shall not apply to the Corporation.</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 0 12pt; text-align: justify; text-indent: 0.5in">THIS IS TO CERTIFY
that the above Amended and Restated Bylaws of First Bancorp, were duly adopted by the Board of Directors of the Corporation by
action taken at a meeting held on February 6, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 30pt; text-align: justify; text-indent: 0.5in">This the ___ day
of February, 2018.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 40%; padding-right: 5.4pt; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0.25in; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.25in; text-align: center; font-size: 10pt">Secretary</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: center">&nbsp;</P>

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

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



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<FILENAME>ex10-1.htm
<DESCRIPTION>EX-10.1
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>SECOND 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 SECOND AMENDMENT OF
EMPLOYMENT AGREEMENT (this &ldquo;Second Amendment&rdquo;) is made and entered into as of February 6, 2018, by and between First
Bancorp (the &ldquo;Company&rdquo;) and Richard H. Moore (the &ldquo;Employee&rdquo;) to amend that certain Employment Agreement
by and between the Company and Employee, dated August 28, 2012 and as amended on March 9, 2017.</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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
Company and Employee entered into the Employment Agreement;</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; text-align: justify; text-indent: 0.5in"><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
Company and Employee amended the Employment Agreement pursuant to a First Amendment of Employment Agreement, dated March 9, 2017
(the &ldquo;First Amendment&rdquo;); and</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; text-align: justify; text-indent: 0.5in"><B>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
Company and Employee desire to further amend the Employment Agreement as provided in this Second 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Amendment
of Employment Agreement</U>.</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 0 0 0.5in; text-align: justify">Section 3.3 of the Employment Agreement,
as amended previously by the First Amendment, is hereby amended and restated as follows:</P>

<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 100% 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Amendment
is Part of Employment Agreement</U>. </B>The terms of this Second Amendment shall be considered to be a part of and included in
the Employment Agreement, as if the terms of this Second Amendment were set forth in the Employment Agreement. Except as specifically
amended hereby, the provisions of the Employment Agreement, as amended by the First Amendment, remain in full force and effect
without modification.</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">[<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 Second Amendment of Employment Agreement as of the date first above-written.</P>

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

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

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