Exhibit 10.a


INDEMNIFICATION AGREEMENT


 


THIS INDEMNIFICATION AGREEMENT,
 made this ___ day of ______________, _____, by and between FIRST BANCORP, a North Carolina corporation, (the “Company”),
and ___________ a resident of North Carolina ( the “Director” or “Officer”).


WITNESSETH:


For valuable consideration, including
without limitation the agreement by the Director or Officer to serve or continue to serve as a director or officer of the Company
or both, as the case may be, the parties agree for themselves, their successors and assigns, as follows:


		I.	The Company shall indemnify and hold harmless the Director of Officer to the fullest extent from
                                                                                              time to time permitted by law in the event the Director or Officer is made, or threatened to be made, a party to any pending
                                                                                              threatened or completed civil, criminal, administrative, investigative or arbitrative action, suit or proceeding and any
                                                                                              appeal therein (and any inquiry or investigation that could lead to such action, suit or proceeding) by reason of the fact
                                                                                              that                                                                                               he/she is
                                                                                              or                                                                                                               was
                                                                                              director,                                                                                               officer
                                                                                              or employee                                                                                                        of
                                                                                              the                                                                                                   Company
                                                                                              or                                                                                                           serves or served
                                                                                              any other enterprise as a
                                                                                              director,                                                                                               officer or employee
                                                                                              at the                                                                                               request of the Company,
                                                                                              excepting
                                                                                              any liability or expense incurred on account of activities which were at the time taken known or believed by such person to
                                                                                              be clearly in conflict with the best interests of the Company.



 


		II.	The rights of the Director or Officer hereunder shall, to the fullest extent from time to time permitted by law, cover all
liability and expense, including without limitation all attorney’s fees and expenses, judgments, fines, excise taxes and
amounts paid in settlement, and all expense incurred by the Director or Officer in enforcing his rights hereunder.



 


		III.	To the fullest extent from time to time permitted by law, the Company agrees to pay the expenses of the Director or Officer,
including attorney’s fees and expenses, incurred in defending any action, suit or proceeding, provided such Director or Officer
notifies the Company that he will seek indemnification hereunder as a result of such action, suit or proceeding, and provided further
such Director or Officer provides to the Company an undertaking by or on behalf of such Director or Officer to prepay such amount
if it shall ultimately be determined that he/she is not entitled to be indemnified by the Company against such expenses in advance
of the final disposition of such action, suit or proceeding.



 



    	 



    	 



    




		IV.	The foregoing rights of the Director of Officer hereunder shall inure to the benefit of the Director or Officer, whether or
not he/she is an officer, director, employee or agent at the time such costs or expenses are imposed or incurred and whether or
not the claim asserted against him/her is based on matters which antedate the execution of this Agreement, and in the event of
his/her death shall extend to his /her legal representative.



 


 


		V.	The rights of the Director or Officer hereunder shall not be exclusive of any other rights to which the Director or Officer
may entitled under any statute, agreement, bylaw, insurance policy, or otherwise.



 


IN WITNESS WHEREOF, the parties have executed
this Agreement under seal as of the day and year first above written.


 


	 	 	FIRST BANCORP
	ATTEST:	 	 	 
	 	 	By: 	 
	 	 	 	 
	 	 	DIRECTOR OR OFFICER
	 	 	 (Seal)