Exhibit 10.r


 





 


NOTE: Execution of this Adoption Agreement
creates a legal liability of the Employer with significant tax consequences to the Employer and Participants. Principal Life Insurance
Company disclaims all liability for the legal and tax consequences which result from the elections made by the Employer in this
Adoption Agreement.




 





	 	Principal Life Insurance Company, Raleigh, NC 27612
	 	A member of the Principal Financial Group®


 


 


 


 


 


THE EXECUTIVE NONQUALIFIED EXCESS PLAN


 


ADOPTION AGREEMENT


 


THIS AGREEMENT is the adoption by First
Bancorp (the "Company") of the Executive Nonqualified Excess Plan ("Plan").


 


W I T N E S S E T H:


 


WHEREAS, the Company desires to adopt the Plan
as an unfunded, nonqualified deferred compensation plan; and


 


WHEREAS, the provisions of the Plan are intended
to comply with the requirements of Section 409A of the Code and the regulations thereunder and shall apply to amounts subject to
section 409A; and


 


WHEREAS, the Company has been advised by Principal
Life Insurance Company to obtain legal and tax advice from its professional advisors before adopting the Plan,


 


NOW, THEREFORE, the Company hereby adopts the
Plan in accordance with the terms and conditions set forth in this Adoption Agreement:


 


ARTICLE I


 


Terms used in this Adoption Agreement shall have
the same meaning as in the


Plan, unless some other meaning is expressly herein set forth. The
Employer hereby represents and warrants that the Plan has been adopted by the Employer upon proper authorization and the Employer
hereby elects to adopt the Plan for the benefit of its Participants as referred to in the Plan. By the execution of this Adoption
Agreement, the Employer hereby agrees to be bound by the terms of the Plan.


 


ARTICLE II


 


The Employer hereby makes the following designations or elections
for the purpose of the Plan:


 


		2.6	Committee:	The duties of the Committee set forth in the Plan shall be satisfied by:



 


		XX	(a)	Company



 


		__	(b)	The administrative committee appointed by the Board to serve at the pleasure of the Board.



 


		__	(c)	Board.



 


		__	(d)	Other (specify): _____________________________.



 


 



     


     

    




 


		2.8	Compensation:	The "Compensation" of a Participant shall mean all of a Participant's:



 


		__	(a)	Base salary.



 


		__	(b)	Service Bonus.



 


		__	Service Bonus earned from 1/1 – 12/31, paid on or around first quarter of the following Plan Year.



 


		__	Service Bonus earned each calendar quarter, paid on or around the following calendar quarter..



 


		__	Service Bonus with no defined earnings period (e.g.: a “spot bonus”)



 


 


		__	(c)	Performance-Based Compensation earned in a period of 12 months or more.



 


		__	Performance Based Bonus earned from 1/1 – 12/31, paid on or around first quarter the following Plan Year
and whose elections must be made no later than 6/30 of the Plan Year it is earned.



 


		__	Performance Based Bonus earned from _______, paid on or around _________ the following Plan Year and whose elections
must be made no later than _____ of the Plan Year it is earned.



 


		__	(d)	Commissions.



 


		__	(e)	Compensation received as an Independent Contractor reportable on Form 1099.



 


		__	(f)	Other: ___________________________



 


 


		2.9	Crediting Date:	The Deferred Compensation Account of a Participant shall be credited as follows:



 


Participant Deferral Credits at the time designated below:


 


		__	(a)	On any business day as specified by the Employer.



 


		__	(b)	Each pay day as reported by the Employer.



 


		__	(c)	The last business day of each payroll period during the Plan Year.



 


 


Employer Credits at the time designated below:


 


		XX	(a) 	On any business day as specified by the Employer.



 


 



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		2.13	Effective Date:



 


		XX	(a)	This is a newly-established Plan, and the Effective Date of the Plan is January 1, 2017.



 


 


		2.20	Normal Retirement Age: The Normal Retirement Age of a Participant shall be:



 


		XX	(a)	Age 65.



 


		__	(b)	The later of age ___ or the _______ anniversary of the participation commencement date. The participation commencement date is
the first day of the first Plan Year in which the Participant commenced participation in the Plan.



 


		__	(c)	Other: _____________________________________.



 


 


		2.23	Participating Employer(s): As of the Effective Date, the following Participating Employer(s) are parties to the Plan:



 


	Name of Employer	 	EIN
	First Bancorp	 	56-1421916


 


 


 


 


 


		2.26	Plan: The name of the Plan is



 


First Bancorp Employer Contribution Nonqualified
Plan.


 


 


		2.28	Plan Year: The Plan Year shall end each year on the last day of the month of December.



 


 


		2.30	Seniority Date: The date on which a Participant has:



 


		__	(a)	Attained age __.



 


		__	(b)	Completed __ Years of Service from First Date of Service.



 


		__	(c)	Attained age __ and completed __ Years of Service from First Date of Service.



 


		XX	(d)	Not applicable – distribution elections for Separation from Service are not based on Seniority Date



 



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4.1       Participant Deferral
Credits: Subject to the limitations in Section 4.1 of the Plan, a Participant may elect to have his Compensation (as selected
in Section 2.8 of this Adoption Agreement) deferred within the annual limits below by the following percentage or amount as designated
in writing to the Committee:


 


		__	(a)	Base salary:
	 	 	 	 



	minimum deferral: 	 	%
	maximum deferral:	 	%


 


		__	(b)	Service Bonus:



 


		__	Service Bonus.
	 	 	 



	minimum deferral: 	 	%
	maximum deferral:	 	%


 


 


		__	(c)	Performance-Based Compensation:



 


		__	Performance Based Bonus
	 	 	 



	minimum deferral: 	 	%
	maximum deferral:	 	%


 


		__	(d)	Commissions:
	 	 	 	 



	minimum deferral: 	 	%
	maximum deferral:	 	%


 


		__	(e)	Form 1099 Compensation:
	 	 	 	 



	minimum deferral: 	 	%
	maximum deferral:	 	%


 


		__	(f)	Other:
	 	 	 	 



	minimum deferral: 	 	%
	maximum deferral:	 	%


 


		XX	(g)	Participant deferrals not allowed.



 



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4.1.2        Participant
Deferral Credits and Employer Credits – Election Period: Participant elections regarding Participant Deferral Credits
and Employer Credits shall be subject to the following effective periods (one must be selected):


 


		XX	(a)	Evergreen election. An election made by the Participant shall continue in effect for subsequent years until modified by the Participant
as permitted in Section 4.1 and Section 4.2. (This option is not permitted if source year accounts are elected in Section 5.1)



 


		__	(b)	Non-Evergreen election. Any election made by the Participant shall only remain in effect for the current election period and will
then expire. An election for each subsequent year will be required as permitted in Sections 4.1 and 4.2.



 


 


4.2       Employer Credits:
Employer Credits will be made in the following manner:


 


		XX	(a)	Employer Discretionary Credits: The Employer may make discretionary credits to the Deferred Compensation Account of each
Active Participant in an amount determined as follows:



 


		XX	(i)	An amount determined each Plan Year by the Employer.



 


		__	(ii)	Other: _______________________________________.



 


		__	(b)	Other Employer Credits: The Employer may make other credits to the Deferred Compensation Account of each Active Participant
in an amount determined as follows:



 


		__	(i)	An amount determined each Plan Year by the Employer.



 


		__	(ii)	Other: _______________________________________.



 


		__	(c)	Employer Credits not allowed.



 








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5.1        Deferred
Compensation Account: The Participant is permitted to establish the following accounts:


 


		XX	(a)	Non-source year account(s). Deferred Compensation Account(s) will not be established on a source year basis:



 


		__	(i)	A Participant may establish only one account to be distributed upon Separation from Service. One set of payment options for that
account is allowed as permitted in Section 7.1. Additional In-Service or Education accounts may be established as permitted in
Section 5.4.



 


		XX	(ii)	A Participant may establish multiple accounts to be distributed upon Separation from Service. Each account may have one set of
payment options as permitted in Section 7.1 Additional In-Service or Education accounts may be established as permitted in Section
5.4. If this multiple account option is elected, the Participant will also be required to elect Separation from Service payment
options for each In-Service or Education account established.



 


		__	(b)	Source year account(s): Annual Deferred Compensation Account(s) will be established each year in which Participant Deferral Credits
or Employer Credits are credited to the Participant. Only one account may be established each year for distribution upon Separation
from Service. One set of payment options for that account is allowed as permitted in Section 7.1. Additional In-Service or Education
accounts may be established for each source year as permitted in Section 5.4. If this option is selected, Evergreen elections
as described in Section 4.1.2 are not permitted.



 


 


		5.2	Disability of a Participant: 



 


		XX	(a)	A Participant's becoming Disabled shall be a Qualifying Distribution Event and the Deferred Compensation Account shall be paid
by the Employer as provided in Section 7.1.



 


		__	(b)	A Participant becoming Disabled shall not be a Qualifying Distribution Event.



 


 


 


5.3       Death of a Participant:
If the Participant dies while in Service, the Employer shall pay a benefit to the Beneficiary in an amount equal to the vested
balance in the Deferred Compensation Account of the Participant determined as of the date payments to the Beneficiary commence,
plus:


 


		__	(a)	An amount to be determined by the Committee.



 


		XX	(b)	No additional benefits.






 



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5.4       In-Service or Education
Distributions: In-Service and Education Accounts are permitted under the Plan:


 


		XX	(a)	In-Service Accounts are allowed with respect to:



		__	Participant Deferral Credits only.



		XX	Employer Credits only.



		__	Participant Deferral and Employer Credits.



 


In-service distributions may be made
in the following manner:


		XX	Single lump sum payment.



		XX	Annual installments over a term certain not to exceed 5  years.



 


Education Accounts are allowed with respect
to:


		__	Participant Deferral Credits only.



		__	Employer Credits only.



		__	Participant Deferral and Employer Credits.



 


Education Accounts distributions may be made in the following
manner:


		__	Single lump sum payment.



		__	Annual installments over a term certain not to exceed __ years.



 


If applicable, amounts not vested at the time payments
due under this Section cease will be:


		__	Forfeited



		__	Distributed at Separation from Service if vested at that time



 


		__	(b)	No In-Service or Education Distributions permitted.



 


 


		5.5	Change in Control Event: 



 


		XX	(a)	Participants may elect upon initial enrollment to have accounts distributed upon a Change in Control Event.



 


		__	(b)	A Change in Control shall not be a Qualifying Distribution Event.



 


 


		5.6	Unforeseeable Emergency Event: 



 


		XX	(a)	Participants may apply to have accounts distributed upon an Unforeseeable Emergency event.



 


		__	(b)	An Unforeseeable Emergency shall not be a Qualifying Distribution Event



 



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6.       Vesting: An Active
Participant shall be fully vested in the Employer Credits made to the


Deferred Compensation Account upon the first to occur of the following
events:


 


		__	(a)	Normal Retirement Age.



 


		XX	(b)	Death.



 


		XX	(c)	Disability.



 


		XX	(d)	Change in Control Event



 


		XX	(e)	Satisfaction of the vesting requirement as specified below:



 


		XX	Employer Discretionary Credits:



 


		__	(i)	Immediate 100% vesting.



 


		__	(ii)	100% vesting after __ Years of Service.



 


		__	(iii)	100% vesting at age __.



 


	 	XX	(iv)	Number of Years	 	 	Vested	 
	 	 	 	of Service	 	 	Percentage	 
	 	 	 	 	 	 	 	 	 
	 	 	 	Less than	1	 	0	%	 
	 	 	 	 	1	 	0	%	 
	 	 	 	 	2	 	0	%	 
	 	 	 	 	3	 	100	%	 
	 	 	 	 	4	 	 	%	 
	 	 	 	 	5	 	 	%	 
	 	 	 	 	6	 	 	%	 
	 	 	 	 	7	 	 	%	 
	 	 	 	 	8	 	 	%	 
	 	 	 	 	9	 	 	%	 
	 	 	 	 	10 or more	 	 	%	 


 


 


For this purpose, Years of Service of a Participant shall
be calculated from the date designated below:


 


		__	(1)	First day of Service.



 


		__	(2)	Effective date of Plan participation.



 


		XX	(3)	Each Crediting Date. Under this option (3), each Employer Credit shall vest based on the Years of Service of a Participant from
the Crediting Date on which each Employer Discretionary Credit is made to his or her Deferred Compensation Account.



 


 



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		__	Other Employer Credits:



 


		__	(i)	Immediate 100% vesting.



 


		__	(ii)	100% vesting after __ Years of Service.



 


		__	(iii)	100% vesting at age __.



 


	 	__	(iv)	Number of Years	 	 	Vested	 
	 	 	 	of Service	 	 	Percentage	 
	 	 	 	 	 	 	 	 	 
	 	 	 	Less than	1	 	 	%	 
	 	 	 	 	1	 	 	%	 
	 	 	 	 	2	 	 	%	 
	 	 	 	 	3	 	 	%	 
	 	 	 	 	4	 	 	%	 
	 	 	 	 	5	 	 	%	 
	 	 	 	 	6	 	 	%	 
	 	 	 	 	7	 	 	%	 
	 	 	 	 	8	 	 	%	 
	 	 	 	 	9	 	 	%	 
	 	 	 	 	10 or more	 	 	%	 


 


 


For this purpose, Years of Service of a Participant shall
be calculated from the date designated below:


 


		__	(1)	First day of Service.



 


		__	(2)	Effective date of Plan participation.



 


		__	(3)	Each Crediting Date. Under this option (3), each Employer Credit shall vest based on the Years of Service of a Participant from
the Crediting Date on which each Employer Discretionary Credit is made to his or her Deferred Compensation Account.



 



    9 


     

    




7.1       Payment Options:
Any benefit payable under the Plan upon a permitted Qualifying Distribution Event may be made to the Participant or his Beneficiary
(as applicable) in any of the following payment forms, as selected by the Participant in the Participation Agreement:


 


		(a)	Separation from Service (Seniority Date is Not Applicable)



 


		XX	(i)	A lump sum.



 


		XX	(ii)	Annual installments over a term certain as elected by the Participant not to exceed 10 years.



 


		(b)	Separation from Service prior to Seniority Date (If Applicable)



 


		__	(i)	A lump sum.



 


		XX	(ii)	Not Applicable



 


		(c)	Separation from Service on or After Seniority Date (If Applicable)



 


		__	(i)	A lump sum.



 


		__	(ii)	Annual installments over a term certain as elected by the Participant not to exceed ___ years.



 


		XX	(iii)	Not Applicable



 


		(d)	Separation from Service Upon a Change in Control Event



 


		XX	(i)	A lump sum.



 


		(e)	Death



 


		XX	(i)	A lump sum.



 


		__	(ii)	Annual installments over a term certain as elected by the Participant not to exceed ___ years.



 


(f)       Disability


 


		XX	(i)	A lump sum.



 


		XX	(ii)	Annual installments over a term certain as elected by the Participant not to exceed 10 years.



 


		__	(iii)	Not Applicable



 


If applicable, amounts not vested at the time payments due
under this Section cease will be:


		__	Forfeited



		__	Distributed at Separation from Service if vested at that time



 



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		(g)	Change in Control Event



 


		XX	(i)	A lump sum.



 


		__	(ii)	Not Applicable



 


If applicable, amounts not vested at the time payments due
under this Section cease will be:


		__	Forfeited



		__	Distributed at Separation from Service if vested at that time



 


 


		7.4	De Minimis Amounts. 



 


		XX	(a)	Notwithstanding any payment election made by the Participant, the vested balance in all Deferred Compensation Account(s) of the
Participant will be distributed in a single lump sum payment at the time designated under the Plan if at the time of a permitted
Qualifying Distribution Event that is either a Separation from Service, death, Disability (if applicable) or Change in Control
Event (if applicable) the vested balance does not exceed $ 150,000. In addition, the Employer may distribute a Participant's
vested balance in all Deferred Compensation Account(s) of the Participant at any time if the balance does not exceed the limit
in Section 402(g)(1)(B) of the Code and results in the termination of the Participant's entire interest in the Plan



 


		__	(b)	There shall be no pre-determined de minimis amount under the Plan; however, the Employer may distribute a Participant's vested
balance at any time if the balance does not exceed the limit in Section 402(g)(1)(B) of the Code and results in the termination
of the Participant's entire interest in the Plan.



 


 


		10.1	Contractual Liability: Liability for payments under the Plan shall be the responsibility of the:



 


		XX	(a)	Company.



 


		__	(b)	Employer or Participating Employer who employed the Participant when amounts were deferred.



 


 


14.       Amendment and
Termination of Plan: Notwithstanding any provision in this Adoption Agreement or the Plan to the contrary, Section
5.4 of the Plan shall be amended to read as provided in attached Exhibit A.


 


		__	There are no amendments to the Plan.



 



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17.8       Construction:
The provisions of the Plan shall be construed and enforced according to the laws of the State of North Carolina,
except to the extent that such laws are superseded by ERISA and the applicable provisions of the Code.


 


 


 


 


IN WITNESS WHEREOF, this Agreement has been executed
as of the day and year stated below.


 


 


	 	First Bancorp  
	 	Name of Employer
	 	 
	 	By: /s/ Eric P. Credle
	 	Authorized Person
	 	Date: 1/30/2017


 


 


 


 


 



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Exhibit A


 


Section 5.4 of the Plan Document shall be replaced with the
following:


 


5.4 In-Service or Education Distributions. If the Employer designates
in the Adoption Agreement that in-service or education distributions are permitted under the Plan, a Participant may designate
in the Participation Agreement to have a specified amount credited to the Participant’s In-Service or Education Account for
in-service or education distribution of an amount be made before the date that is four years after the first day
of the year in which such amount was credited to the In-Service or Education Account. Notwithstanding the foregoing, if a Participant
incurs a Qualifying Distribution Event prior to the date on which the entire balance in the In-Service or Education Account has
been distributed, then the balance in the In-Service or Education Account on the date of the Qualifying Distribution Event shall
be paid as provided under Section 7.1 for payments on such Qualifying Distribution Event.


 


 


 


 



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