Document:

Exhibit 10.d
                                                                   Pages 108-130

                                  FIRST BANCORP

                                SENIOR MANAGEMENT
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

                                    Effective
                                 January 1, 1993

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                                TABLE OF CONTENTS

                                                                          Page
                                                                          ----

ARTICLE 1 - DEFINITIONS                                                     3
ARTICLE 2 - ELIGIBILITY                                                     5
ARTICLE 3 - EARLY RETIREMENT                                                6
ARTICLE 4 - NORMAL RETIREMENT                                               7
ARTICLE 5 - DELAYED RETIREMENT                                              9
ARTICLE 6 - DISABILITY RETIREMENT                                          10
ARTICLE 7 - SURVIVOR BENEFITS                                              12
ARTICLE 8 - TERMINATION OF EMPLOYMENT                                      14
ARTICLE 9 - PAYMENT OF RETIREMENT BENEFITS                                 16
ARTICLE 10 - PENSION RETIREMENT COMMITTEE                                  17
ARTICLE 11 - CLAIM PROCEDURE                                               18
ARTICLE 12 - UNFUNDED PLAN                                                 19
ARTICLE 13 - SPENDTHRIFT                                                   20
ARTICLE 14 - AMENDMENT AND TERMINATION                                     21
ARTICLE 15 - MISCELLANEOUS PROVISIONS                                      22

                                       1
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                                  FIRST BANCORP
                                SENIOR MANAGEMENT
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

    EFFECTIVE January 1, 1993 the Employer establishes the First Bancorp Senior
Management Supplemental Executive Retirement Plan.

    WHEREAS, it is the intention of the Employer to establish an unfunded,
nonqualified, supplemental pension plan for the benefit of members of management
and highly compensated employees, as selected by the Employer's Board of
Directors.

    WHEREAS, the Plan embodied herein has been duly approved and authorized by
the Board of Directors of said Employer.

                         NOW, THEREFORE, THIS AGREEMENT,

                                CREATION AND NAME

This Plan is effective January 1, 1993. The name of the Plan shall be the First
Bancorp Senior Management Supplemental Executive Retirement Plan, hereafter
referred to as "Plan"

                                       2
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                                    ARTICLE 1

                                   DEFINITIONS
                                   -----------

The following terms shall have the meanings indicated when capitalized
throughout this document, unless the context clearly indicates otherwise.

                  1.1      Accrued Benefit shall mean a Participant's benefit
                           determined on any given date and will be the benefit
                           to which he will be entitled at his Normal Retirement
                           Date. The Accrued Benefit is determined as follows:
                           The Participant's benefit payable at his Normal
                           Retirement Date, determined with reference to Section
                           4.2 herein, using actual Years of Credited Service
                           and Final Average Compensation as of the date the
                           benefit is determined.

                  1.2      Actuarial (or Actuarially) Equivalent shall mean a
                           benefit of equivalent value to the Normal Annuity
                           Form determined by generally accepted actuarial
                           principles, using the interest and mortality rates
                           set forth for this purpose in the First Bancorp
                           Employees' Pension Plan.

                  1.3      Board shall mean the Board of Directors of the
                           Employer.

                  1.4      Code shall mean the Internal Revenue Code of 1986 and
                           amendments thereto.

                  1.5      Committee shall mean the Pension Retirement Committee
                           appointed by the Board to administer the Plan (also
                           known as the Pension Committee or the Retirement
                           Committee).

                  1.6      Compensation - An Employee's Compensation for any
                           Plan Year shall mean his wages within the meaning of
                           Code Section 3401(a) and all other payments to the
                           Employee by the Employer (in the course of the
                           Employer's trade or business) for which the Employer
                           is required to furnish the Employee a written
                           statement under Code Section 6041(d) and 6051(a)(3),
                           reduced by all of the following (even if includable
                           in gross income): Reimbursements or other expense
                           allowances, fringe benefits (cash and noncash),
                           moving expenses, deferred compensation and welfare
                           benefits. Compensation shall also include elective
                           contributions that are made by the Employer on behalf
                           of the Employee that are not included in gross income
                           under Code Section 125, 402(a)(8) or 402(h).

                           As of any Anniversary Date, an Employee's
                           Compensation shall be the Compensation (as defined in
                           the preceding paragraph) paid for the prior calendar
                           year.

                  1.7      Dates:
                           -----

                           (a)  The Effective Date of the Plan is January 1,
                                1993.

                           (b)  Anniversary Date is January 1, 1993, and
                                thereafter the Anniversary Date shall be the
                                first day of each Plan Year.

                           (c)  Plan Year: The Plan Year shall begin each
                                January 1 and end the following December 31.

                                       3
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                           (d)  Entry Date shall mean the date specified by the
                                Board on which an Employee's participation shall
                                begin.

                  1.8      Eligible Spouse shall mean the spouse to whom a
                           Participant is married on the date the Participant's
                           benefits under this Plan are to commence or on the
                           Participant's date of death.

                  1.9      Employee shall mean any person on the payroll of the
                           Employer who is subject to withholding for purposes
                           of Federal income taxes and for purposes of the
                           Federal Insurance Contributions Act.

                  1.10     Employer or Company shall mean First Bancorp and any
                           successor of First Bancorp.

                  1.11     Gender and Number - The masculine pronoun shall
                           include the feminine and the singular shall include
                           the plural.

                  1.12     Normal Retirement Age shall be a Participant's 65th
                           birthday.

                  1.13     Normal Retirement Date for a Participant shall be the
                           first day of the month coinciding with or next
                           following the Participant's 65th birthday.

                  1.14     Participant shall mean any Employee or former
                           Employee (or Beneficiary thereof) who has become a
                           Participant pursuant to the provisions of Section 2.1
                           and whose benefits under the Plan have not been paid
                           in full.

                  1.15     Plan shall mean the "First Bancorp Senior Management
                           Supplemental Executive Retirement Plan" as embodied
                           in this instrument, any and all supporting documents,
                           and all subsequent amendments and supplements
                           thereto.

                  1.16     Plan Administrator shall mean the Employer, unless
                           otherwise designated by the Board.

                  1.17     Service

                           (a)  Years of Credited Service shall mean a
                                Participant's "Years of Credited Service" as
                                defined in the First Bancorp Employees' Pension
                                Plan.

                           (b)  Years of Service shall mean a Participant's
                                "Years of Service" as defined in the First
                                Bancorp Employees' Pension Plan

                                       4
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                                    ARTICLE 2

                                   ELIGIBILITY
                                   -----------

                  2.1      Requirements for Participation - An Eligible Employee
                           shall participate in the Plan on January 1, 1993 or
                           any subsequent Entry Date coinciding with or next
                           following the date he is designated by the Board as a
                           Participant in the Plan.

                                       5
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                                    ARTICLE 3

                                EARLY RETIREMENT
                                ----------------

                  3.1      Early Retirement Benefit - If a Participant shall
                           cease to be an Employee following his 55th birthday
                           but prior to his Normal Retirement Date, this shall
                           be considered as an Early Retirement, provided the
                           Participant shall have completed 15 Years of Service
                           in the employ of the Employer. Monthly benefit
                           payments shall start on the date the Participant's
                           retirement benefits under the First Bancorp
                           Employees' Pension Plan start, and the amount of such
                           benefit shall be determined as follows:

                           (a)  If the payment of benefits commences at Normal
                                Retirement Date, the amount of the benefit shall
                                be the Participant's Accrued Benefit determined
                                as of his Early Retirement Date.

                           (b)  If the payment of benefits commences prior to
                                Normal Retirement Date, the amount of the
                                benefit shall be the Participant's Accrued
                                Benefit determined as of his Early Retirement
                                Date, reduced as follows:

                           The Accrued Benefit shall be reduced by 1/180 for
                           each of the first 60 months, and 1/360 for each of
                           the next 60 months, by which payments commence prior
                           to Normal Retirement Date.

                  3.2      The Early Retirement Date of a Participant who ceases
                           to be an Employee shall be the first day of the month
                           coinciding with or next following the date such
                           Participant meets the requirements stated in Section
                           3.1.

                  3.3      The Accrued Benefit of a Participant shall be 100%
                           vested and nonforfeitable on his Early Retirement
                           Date.

                                       6
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                                    ARTICLE 4

                               NORMAL RETIREMENT
                               -----------------

                  4.1      At Normal Retirement Age each Participant shall have
                           a 100% vested and nonforfeitable right to his Normal
                           Retirement Benefit.

                  4.2      Amount of Normal Retirement Benefit - The amount of
                           the monthly Normal Retirement Benefit, payable as a
                           straight life annuity, shall be determined as
                           follows:

                           (a)  Determination of Normal Retirement Benefit -
                                Each Participant shall be entitled to receive a
                                monthly retirement benefit commencing at Normal
                                Retirement Date in an amount equal to (1), minus
                                (2) minus (3) below:

                                (1) 3.0% of the Participant's Final Average
                                    Monthly Compensation multiplied by his
                                    number of Years of Credited Service subject
                                    to a maximum of 20 years (maximum 60%). The
                                    maximum benefit is increased to 65% of Final
                                    Average Compensation for James H. Garner and
                                    gives credit to Mr. Garner for up to 22
                                    Years of Credited Service in the calculation
                                    of his benefit; less

                                (2) 50% of the Participant's monthly primary
                                    Social Security benefit payable at his
                                    Social Security retirement age, less

                                (3) the amount of the Participant's monthly
                                    Normal Retirement Benefit as determined
                                    under Section 4.2 of First Bancorp
                                    Employees' Pension Plan. If a Participant
                                    retires or dies on a date other than his
                                    Normal Retirement Date, the amount
                                    determined for purposes of this Section
                                    4.2(a)(3) shall be his "Accrued Benefit"
                                    determined under the First Bancorp
                                    Employees' Pension Plan as of such date.

                           (b) The Normal Retirement Benefit shall be equal to
                           the greater of a Participant's Early Retirement
                           Benefit or his Normal Retirement Benefit at Normal
                           Retirement Age.

                           (c) Final Average Monthly Compensation - A
                           Participant's "Final Average Monthly Compensation" is
                           one-twelfth of:

                                (1) his average annual Compensation for those
                                    five consecutive Plan Years during all of
                                    which he worked as an Employee, within the
                                    last ten Plan Years during all of which he
                                    worked as an Employee, that produce the
                                    highest average, or

                                (2) his average annual Compensation for all Plan
                                    Years during all of which he worked as an
                                    Employee if five or less years.

                                However, the Compensation corresponding to a
                                Plan Year during which he did not work

                                       7
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                                throughout the entire year shall be used as one
                                of the five consecutive years if the result is a
                                higher average than as determined under (1)
                                and/or (2) above.

                                The five consecutive Plan Years used in making
                                the computation may not necessarily be five
                                "consecutive" Plan Years, or Plan Years during
                                all of which the Participant worked as an
                                Employee may be interspersed with Plan Years
                                during all or part of which he did not work as
                                an Employee. In the latter event, all Plan Years
                                during which he did not work as an Employee for
                                all of such year shall be ignored, and the
                                remaining Plan Years shall be deemed to be
                                consecutive, provided that any Compensation
                                ignored as a result of the application of this
                                paragraph shall not be ignored if using such
                                Compensation would result in a higher average.

                                If there are no Plan Years during all of which
                                the Participant worked as an Employee, his Final
                                Average Compensation shall be his average
                                adjusted Compensation corresponding to the last
                                five Plan Years (or all Plan Years if less than
                                five during any part of which he is an
                                Employee). Adjusted Compensation is determined
                                by annualizing his Compensation which
                                corresponds to such Plan Year or Plan Years to
                                reflect what Compensation would have been if he
                                had worked as an Employee for the entire Plan
                                Year. Such Compensation shall be annualized by
                                multiplying such partial Compensation by a
                                ratio, the numerator of which is 365, and the
                                denominator of which is the number of days of
                                the Plan Year for which he was paid as an
                                Employee.

                                       8

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                                    ARTICLE 5

                               DELAYED RETIREMENT
                               ------------------

                  5.1      A Participant may retire later than his Normal
                           Retirement Date. In such event:

                           (a)  A Participant's Delayed Retirement Date shall be
                                the first day of the month coincident with or
                                next following his last day of employment. The
                                amount of benefit to which the Participant shall
                                be entitled as of the date payments actually
                                commence shall be equal to his Accrued Benefit
                                calculated as of his Delayed Retirement Date,
                                considering his Final Average Compensation
                                through his Delayed Retirement Date and his
                                Years of Credited Service, subject to a maximum
                                of 20 years, as of such date. Not withstanding
                                the above, the maximum Years of Credited Service
                                of James H. Garner shall be 22 years with a
                                maximum Delayed Retirement Benefit of 65% of his
                                Final Average Compensation offset by the
                                benefits described in Section 4.2(a)(2) and
                                Section 4.2(a)(3).

                           (b)  The benefit so determined in 5.1(a) above shall
                                be payable as a straight life annuity.

                                       9

<PAGE>

                                    ARTICLE 6

                             DISABILITY RETIREMENT
                             ---------------------

                  6.1      Eligibility for Disability Retirement Benefits

                           (a)  A Participant who is not yet eligible for Early
                                Retirement under Article 3 or Normal Retirement
                                under Article 4, and who ceases to be an
                                Employee due to disability shall be eligible to
                                receive a Disability Retirement Benefit if the
                                Participant qualifies for disability benefits
                                under a long-term disability insurance plan
                                sponsored by the Employer.

                           (b)  The Disability Retirement Date of a Participant
                                shall be the first day of the month coinciding
                                with or next following the date a Participant
                                meets the requirements of Section 6.1(a) above.
                                However, benefit payment shall be deferred until
                                the date such long-term disability insurance
                                benefit shall terminate, whereupon the
                                Participant shall be eligible to receive his
                                disability retirement benefit, reduced as
                                provided in Section 6.2(b)(4) if payment
                                commences before his Normal Retirement Date.

                  6.2      Determination of Disability Benefit

                           (a)  Disability benefit payments shall be payable
                                commencing on the first day of any month on or
                                after his Disability Retirement Date and before
                                his Normal Retirement Date, but not before
                                long-term disability benefit payments stop, as
                                elected by the Participant, provided, however,
                                that any such benefit shall cease upon the first
                                to occur of the following dates:

                                (1) the date the Participant is deemed to be no
                                    longer disabled for purposes of the
                                    long-term disability insurance plan,

                                (2) the date of the Participant's death, unless
                                    the option elected by the Participant
                                    pursuant to Article 9 provides for the
                                    continuation of payments to an Eligible
                                    Spouse or other Beneficiary, or

                                (3) the date the Participant attains his Normal
                                    Retirement Age, at which time such
                                    Participant shall be deemed to be a retired
                                    Participant no longer required to furnish
                                    proof of disability. Any benefit being paid
                                    to a disabled Participant who reaches Normal
                                    Retirement Age shall continue as if the
                                    Participant had elected such benefit at his
                                    Normal Retirement Date.

                           (b)  The amount of such benefit shall be determined
                                as follows:

                                (1) Once a Participant is determined to be
                                    totally and permanently disabled, his
                                    Accrued Benefit shall become 100% vested and
                                    nonforfeitable.

                                (2) Crediting of Service - For purposes of
                                    benefit accrual, a Participant shall
                                    continue to receive credit for Hours of
                                    Service until his Disability Retirement Date
                                    equal to the Hours of Service for which he

                                       10
<PAGE>

                                    would have normally received credit if he
                                    had been actively employed until such date.

                                (3) If the payment of benefits commences at
                                    Normal Retirement Date, the amount of the
                                    benefit shall be the Participant's Accrued
                                    Benefit as of his Disability Retirement
                                    Date.

                                (4) If the payment of benefits commences prior
                                    to Normal Retirement Date, the amount of the
                                    benefit shall be the Participant's Accrued
                                    Benefit as of his Disability Retirement
                                    Date, reduced as follows:

                                The Accrued Benefit shall be reduced by 1/180
                                for each of the first 60 months and 1/360 for
                                each of the next 60 months by which the starting
                                date of the benefit precedes Normal Retirement
                                Date, and reduced actuarially in accordance with
                                Section 1.2(c) herein for each month thereafter.

                  6.3      Cash-out of Small Benefits - The provisions of
                           Section 6.2 notwithstanding, if the Actuarially
                           Equivalent lump sum present value of the disability
                           benefit determined for any disabled Participant shall
                           be $5,000 or less, then such lump sum shall be paid
                           directly to such disabled Participant.

                  6.4      Recovery from Disability - If a Participant is deemed
                           to be no longer disabled for purposes of the
                           long-term disability insurance plan prior to his
                           Normal Retirement Date, he shall be considered
                           recovered from his disability. If such Participant
                           returns to the service of the Employer within 30 days
                           of such recovery, then he shall be deemed not to have
                           incurred a Break in Service as a result of his
                           permanent and total disability, but the number of
                           years and fractions thereof during which he received
                           payments pursuant to this Article shall not be
                           counted in determining his Years of Credited Service
                           and Years of Service for any purpose under the Plan.
                           If the Participant does not return to the service of
                           the Employer within 30 days of such recovery, then he
                           shall be deemed to have separated from the service of
                           the Employer as of his Disability Retirement Date,
                           and no further benefits shall be payable to him under
                           the Plan.

                                       11
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                                    ARTICLE 7

                                SURVIVOR BENEFITS
                                -----------------

                  7.1      Eligibility for Survivor Benefits

                           (a)  The Eligible Spouse of a Participant who has
                                completed less than five Years of Service with
                                the Employer shall receive no death benefits
                                from this Plan.

                           (b)  If a Participant who has completed five or more
                                Years of Service shall die before the Earliest
                                Retirement Age, his surviving Eligible Spouse,
                                if any, shall receive a "Preretirement Survivor
                                Annuity" commencing at the Earliest Retirement
                                Age under the Plan, and subject to all relevant
                                early retirement reductions under the Plan.

                           (c)  If a Participant who has completed five or more
                                Years of Service shall die after the Earliest
                                Retirement Age, his surviving Eligible Spouse,
                                if any, shall receive a "Preretirement Survivor
                                Annuity" commencing immediately (with
                                appropriate early retirement reductions) unless
                                such surviving Eligible Spouse elects a later
                                date under the terms of the First Bancorp
                                Employees' Pension Plan.

                  7.2      Determination of Survivor Benefits

                           (a)  For a Participant who meets the requirements of
                                Section 7.1(b) above, a Preretirement Survivor
                                Annuity shall be determined as follows:

                                The Participant's surviving Eligible Spouse, if
                                any, will receive the same benefit that would be
                                payable if the Participant had:

                                (1) separated from service on the date of death;

                                (2) survived to the Earliest Retirement Age;

                                (3) retired at the Earliest Retirement Age with
                                    an immediate joint and 50% survivor annuity
                                    with his Eligible Spouse as the contingent
                                    annuitant; and

                                (4) died on the day after the Earliest
                                    Retirement Age.

                           (b)  For a Participant who meets the requirements of
                                Section 7.1(c) above, a Preretirement Survivor
                                Annuity shall be determined as follows:

                                The Participant's surviving Eligible Spouse, if
                                any, will receive the same benefit that would be
                                payable if the Participant had retired on the
                                day prior to his death with an immediate joint
                                and 50% survivor annuity with his Eligible
                                Spouse as the contingent annuitant.

                           (c)  Notwithstanding the provisions of Section 7.2(a)
                                and (b) above, if the Actuarially Equivalent

                                       12
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                                present value of the survivor's benefit is
                                $5,000 or less, such lump sum present value
                                shall be paid as soon as practical to the
                                surviving Eligible Spouse.

                           (d)  The Earliest Retirement Age shall mean the
                                earliest date under the Plan on which a
                                Participant could elect to receive retirement
                                benefits. For this purpose, if a Participant
                                dies prior to meeting the service requirement
                                for eligibility for early retirement, then his
                                Earliest Retirement Age shall be his Normal
                                Retirement Age.

                  7.3      Death Distribution Provisions for Retired
                           Participants - Upon the death of a Participant who
                           has retired, death benefits, if any, shall be
                           determined under the optional form, if any, under
                           which his retirement benefits were being paid.

                  7.4      Beneficiary - The beneficiary under any optional form
                           of benefit payment being received by a Participant
                           shall be determined under the terms of the First
                           Bancorp Employees' Pension Plan.

                                       13
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                                    ARTICLE 8

                            TERMINATION OF EMPLOYMENT
                            -------------------------

                  8.1      Nonforfeitable Rights - Notwithstanding any other
                           provisions of this Article, a Participant's Accrued
                           Benefit shall be 100% vested and nonforfeitable upon
                           such Participant's attaining Normal Retirement Age
                           or, if earlier, upon his Early Retirement Date or
                           disability pursuant to Article 6 herein, or upon his
                           death after completing five Years of Service.

                  8.2      Terminated Participant - A terminated Participant
                           shall only be vested (100%) in his Accrued Benefit
                           under this Plan upon the date the Participant
                           qualifies for either Early Retirement (Section 3.1)
                           or Normal Retirement (Section 1.22) or in the event
                           of his death or Disability (as defined in Article 6).
                           Furthermore, a Participant will become 100% vested in
                           his Accrued Benefit in the event of a "Change in
                           Control" (see Section 8.3(b)).

                           A Participant who terminates his/her employment with
                           the Employer or any of its Affiliated Companies for
                           any reason, other than those listed in the preceding
                           paragraph shall not be entitled to any benefit under
                           this Plan.

                  8.3      Change in Control

                           (a)  In the event of a Change in Control of the
                                Company (as defined below), each Participant who
                                is actively employed on the date of such Change
                                in Control as of the date of such Change in
                                Control shall become fully vested in his Accrued
                                Benefit under this Plan as of the date of such
                                Change in Control. Payment of such Accrued
                                Benefit may commence on the earlier of his Early
                                Retirement Date of Normal Retirement Date in
                                accordance with the provisions of Article 9.

                           (b)  The term "Change in Control" as used herein
                                shall mean the power, directly or indirectly, to
                                direct the management or policies of the
                                Corporation or to vote forty (40%) or more of
                                any class of voting securities of the
                                Corporation, except that any merger,
                                consolidation or corporate reorganization in
                                which the owners of the capital stock entitled
                                to vote ("Voting Stock") in the election of
                                directors of the Corporation prior to said
                                combination own sixty-one percent (61%) or more
                                of the resulting entity's Voting Stock shall not
                                be considered a Change in Control; provided,
                                however, that a Change in Control shall be
                                deemed to have occurred if: (i) any "person" (as
                                that term is used in Sections 13 (d) and 14
                                (d)(2) of the Securities Exchange Act of 1934),
                                other than a trustee or other fiduciary holding
                                securities under an employee benefit plan of the
                                Corporation, is or becomes the beneficial owner
                                (as the term is used in Section 13(d) of the
                                Securities exchange act of 1934), directly or
                                indirectly, of thirty-three (33%) or more of the
                                Voting Stock of the Corporation or its
                                successors; (ii) during any period of two
                                consecutive years individuals who at the
                                beginning of such period constituted the Board
                                of Directors of the Corporation or its
                                successors (the "Incumbent Board") cease for any
                                reason to constitute at least a majority
                                thereof; provided, that any person who becomes a
                                director of the Corporation after the beginning
                                of such period whose election was approved by a
                                vote of at least three-quarters of the directors

                                       14
<PAGE>

                                comprising the Incumbent Board shall be
                                considered a member of the Incumbent Board; or
                                (iii) there occurs the sale of all or
                                substantially all of the assets of the
                                Corporation.

                           (c)  The benefits payable under this section in the
                                event of a Change in Control shall be the
                                Accrued Benefit to which an eligible Participant
                                is entitled under the Plan. If the benefits to
                                which a Participant become entitled under the
                                Plan in the event of his Early Retirement or
                                Normal Retirement are greater than the benefits
                                provided under this section, then such other
                                benefits shall be the benefit payable to the
                                Participant (or the beneficiary) under the Plan.

                  8.4      Facts Concerning the Termination of a Participant's
                           Employment

                           (a)  The facts concerning the termination of a
                                Participant's employment shall be transmitted to
                                the Committee by written statement from the
                                Employer, and the Committee may accept such
                                statement as true. The Committee shall not incur
                                any liability by reason of any action taken or
                                omitted on the strength of such statement.

                                       15
<PAGE>

                                    ARTICLE 9

                         PAYMENT OF RETIREMENT BENEFITS
                         ------------------------------

                  9.1      At a Participant's Disability, Early, Normal or
                           Delayed Retirement Date, retirement benefits shall be
                           paid in the form elected by the Participant in
                           accordance with the terms of the First Bancorp
                           Employees' Pension Plan. Retirement benefits payable
                           in any form other than a straight life annuity shall
                           be the Actuarial Equivalent of the Participant's
                           Accrued Benefit payable as a straight life annuity.

                                       16
<PAGE>

                                   ARTICLE 10

                          PENSION RETIREMENT COMMITTEE
                          ----------------------------

                  10.1     The Retirement Committee shall have full
                           responsibility, discretion and authority to interpret
                           and administer the Plan, including the power to
                           promulgate rules of Plan administration, to settle
                           any disputes as to rights or benefits arising from
                           the Plan, to appoint agents and delegate its duties,
                           and to make decisions or take such actions as the
                           Retirement Committee, in its sole discretion, deems
                           necessary or advisable to aid in the proper
                           administration of the Plan. Actions and
                           determinations by the Retirement Committee shall be
                           final, binding and conclusive for all purposes of the
                           Plan.

                           The members of the Committee shall be indemnified and
                           held harmless by the Employer against and from any
                           and all loss, cost, liability or expense that may be
                           imposed upon or reasonably incurred by them in
                           connection with or resulting from any claim, action,
                           suit or proceeding to which they may be party or in
                           which they may be involved by reason of any action or
                           failure to act under this Plan, and against and from
                           any and all amounts paid by them in settlement (with
                           the Employer's written approval) or paid by them in
                           satisfaction of a judgment in any such action, suit
                           or proceeding. The foregoing provision shall not
                           apply to any person if the loss, cost, liability or
                           expense is due to such person's gross negligence or
                           willful misconduct.

                                       17
<PAGE>

                                   ARTICLE 11

                                 CLAIM PROCEDURE
                                 ---------------

                  11.1     Filing a Claim for Benefits - Any claim for a Plan
                           benefit hereunder shall be filed by a Participant or
                           beneficiary (claimant) with the Pension Committee.

                  11.2     Denial of Claim

                           (a)  If a claim for a Plan benefit is wholly or
                                partially denied, notice of the decision shall
                                be furnished to the claimant by the Committee
                                within a reasonable period of time after receipt
                                of the claim by the Committee.

                           (b)  Any claimant who is denied a claim for benefit
                                shall be furnished written notice setting forth:

                                (1) The specific reason or reasons for the
                                    denial;

                                (2) Specific reference to the pertinent Plan
                                    provisions upon which the denial is based;

                                (3) A description of any additional material or
                                    information necessary for the claimant to
                                    perfect the claim and an explanation of why
                                    such material or information is necessary;
                                    and

                                (4) An explanation of the Plan's claim review
                                    procedure.

                  11.3     Claims Review Procedure

                           (a)  In order that a claimant may appeal a denial of
                                a claim, a claimant or his duly authorized
                                representative:

                                (1) May request a review by written application
                                    to the Committee not later than 60 days
                                    after receipt by the claimant of written
                                    notification of denial of a claim;

                                (2) May review pertinent documents; and

                                (3) May submit issues and comments in writing.

                           (b)  A decision on review of a denied claim shall be
                                made not later than 60 days after receipt of a
                                request for review, unless special circumstances
                                require an extension of time for processing, in
                                which case a decision shall be rendered within a
                                reasonable period of time, but not later than
                                120 days after receipt of a request for review.

                           (c)  The decision on review shall be in writing and
                                shall include the specific reasons for the
                                decision and the specific references to the
                                pertinent Plan provisions on which the decision
                                is based.

                                       18
<PAGE>

                                   ARTICLE 12

                                  UNFUNDED PLAN
                                  -------------

                  12.1     The Employer's obligations under this Plan shall be
                           an unfunded and unsecured promise to pay. The
                           Employer shall not be obligated under any
                           circumstances to fund its financial obligations under
                           this Plan. Benefit payments shall be made solely from
                           the Employer's general assets. Any assets which the
                           Employer may acquire or set aside to help cover its
                           financial liabilities are and must remain general
                           assets of the Employer subject to the claims of its
                           creditors. Neither the Employer nor the Plan gives
                           any Participant any beneficial ownership interest in
                           any assets of the Employer. All rights of ownership
                           in any such assets are and remain in the Employer.

                           The expenses of administering the Plan shall be borne
                           by the Employer.

                                       19
<PAGE>

                                   ARTICLE 13

                                   SPENDTHRIFT
                                   -----------

                  13.1     No benefit under the Plan shall be subject in any
                           manner to anticipation, alienation, sale, transfer,
                           assignment, pledge, encumbrance or charge, and any
                           attempt to anticipate, alienate, sell, transfer,
                           assign, pledge, encumber or charge any such benefit
                           shall be void. Prior to the receipt thereof, no such
                           benefit shall in any manner be liable for or subject
                           to the recipient's debts, contracts, liabilities,
                           engagements or torts.

                                       20
<PAGE>

                                   ARTICLE 14

                            AMENDMENT AND TERMINATION
                            -------------------------

                  14.1     This Plan may be amended, suspended or terminated at
                           any time by the Employer by a written instrument
                           executed in the name of the Employer under its
                           corporate seal by officers duly authorized to execute
                           such instrument, provided that no such amendment,
                           suspension or termination shall materially adversely
                           affect the rights of any Participant to Accrued
                           Benefits previously earned by such Participant and
                           not yet paid.

                                       21

<PAGE>

                                   ARTICLE 15

                            MISCELLANEOUS PROVISIONS
                            ------------------------

                  15.1     Headings - The headings of the Plan have been
                           inserted for convenience of reference only and are to
                           be ignored in any construction of the provisions
                           hereof.

                  15.2     Plan not Contract of Employment - This Plan shall not
                           be construed as creating or changing any contract of
                           employment between the Employer and its Employees,
                           whether Participants or not, and the Employer retains
                           the right to deal with its Employees, whether
                           Participants or not, and to terminate their
                           respective employment at any time, to the same extent
                           as though this Plan had not been created.

                  15.3     Invalidity of Certain Provisions - If any provisions
                           of this Plan shall be held invalid or unenforceable,
                           such invalidity or unenforceability shall not affect
                           any other provisions, and this Plan shall be
                           construed and enforced as if such provisions had not
                           been included.

                  15.4     Law Governing - This Plan shall be construed and
                           enforced according to the laws of the State of North
                           Carolina.

                  15.5     General Undertaking - All parties to this Plan and
                           all persons claiming any interest whatsoever
                           hereunder agree to perform any and all acts and
                           execute any and all documents and papers which may be
                           necessary or desirable for the carrying out of this
                           Plan or any of its provisions.

                  15.6     Agreement to Bind - This Plan shall be binding upon
                           the Employer, its assigns, and any successor to
                           substantially all of the Employer's assets and
                           business through merger, acquisition or
                           consolidation, and upon a Participant and his
                           beneficiaries, assigns, heirs, executors and
                           administrators.

                  15.7     Action by Employer - Whenever under the terms of the
                           Plan the Employer is permitted or required to take
                           some action, such action may be taken by any officer
                           of the Employer who has been duly authorized by the
                           Board of Directors of the Employer.

                  15.8     The Company shall deduct from the amount of any
                           payments hereunder all taxes required by applicable
                           laws to be withheld.

                                       22Exhibit 10.e
                                                                   Pages 131-135

                    SAMPLE OF FIRST BANCORP SENIOR MANAGEMENT
                      SPLIT-DOLLAR LIFE INSURANCE AGREEMENT

STATE OF NORTH CAROLINA

COUNTY OF MONTGOMERY

                      SPLIT DOLLAR LIFE INSURANCE AGREEMENT

    This Agreement is entered into this ____ day of _____________, 20___, by and
between FIRST BANCORP, (hereinafter called the "Employer"), and ____________,
(hereinafter called the "Employee").

     WHEREAS, the Employee is a valued Employee of the Employer and the Employer
wishes to retain him/her in its employ; and

    WHEREAS, the Employer, as an inducement to such continued employment, wishes
to assist the Employee with his personal life insurance program;

    NOW, THEREFORE, the Employer and the Employee agree as follows:

    1.  Description of the Policy - Policy Ownership.
        ---------------------------------------------

        The Employee has purchased, or will purchase, a certain policy of life
insurance on the Employee's life, being Policy No. ________________ issued by
________________ Life Insurance Company (hereinafter called the "Insurer") in
the face amount of $100,000 (said policy being hereinafter called the "Policy").
The Employee shall be the sole owner of all rights and incidents of ownership in
the Policy and may exercise all ownership rights granted to the owner by the
terms of the Policy, except as otherwise may be provided herein and in the
Collateral Assignment attached hereto and marked Exhibit A.

    2.  Premium Payments.
        ----------------

        After the execution of this Agreement, and during the term of this
Agreement, the Employer shall pay each premium on the Policy as it becomes due.

    3.  Policy Loans.
        ------------

        The Employee shall have the sole right to obtain loans secured by the
Policy. While this Agreement remains in effect, the Employee agrees that the
total of any such loans shall not exceed the amount, if any, by which the cash
value of the Policy exceeds the total unreimbursed payments made by the Employer
toward premiums under the Policy.
<PAGE>

    4.  Collateral Assignment.
        ---------------------

        To secure the repayment to the Employer of the premium payments made
pursuant to Section 2, the Employee shall execute a Collateral Assignment of the
Policy and transfer possession of the Policy to the Employer. A copy of said
Collateral Assignment is attached hereto, marked Exhibit A and incorporated
herein by reference.

    5.  Payment of Policy Proceeds Upon Death of Employee.
        -------------------------------------------------

        In the event of the Employee's death, the Employer shall have an
interest in the Policy proceeds equal to the total amount of premiums paid
pursuant to Section 2 of this Agreement. The balance, if any, of the proceeds of
the Policy, shall be paid to the beneficiary designated in the Policy by the
Employee.

    6.  Procedures at Employee's Death.
        ------------------------------

        Upon the death of the Employee while the Policy and this Agreement are
in force, the Employer shall promptly take all necessary steps, including
rendering of such assistance as may reasonably be required by the Employee's
beneficiary, to obtain payment from the Insurer of the amounts payable under the
Policy to the respective parties, as provided under Section 5 above.

    7.  Termination of Employment.
        -------------------------

        If the Employee terminates employment with the Employer, the Employer
will cease paying the premiums on the Policy. However, the Employee will have
the option of making the premium payments that become due subsequent to the date
of his/her termination of employment. If the Employee pays the premiums as they
become due, then this Agreement will continue in full force and effect.

    8.  Termination of Agreement.
        ------------------------

        This Agreement shall terminate upon the occurrence of any of the
following events:

                  (a)      the total cessation of the business of the Employer.

                  (b)      bankruptcy, receivership, or dissolution of the
                           Employer.

                  (c)      payment in full by the Employee to the Employer of
                           the total cumulative premiums paid by the Employer to
                           the Insurer pursuant to Section 2, reduced by any
                           amounts previously paid to the Employer by the
                           Employee.

                  (d)      the Employee's failure to pay the premiums that
                           become due after termination of employment in
                           accordance with Section 7.

                  (e)      performance of the Agreement's terms following the
                           death of the Employee in accordance with Section 5.

                                       2
<PAGE>

    9.  Disposition of Policy upon Termination of Agreement.
        ---------------------------------------------------

        Upon the termination of this Agreement for any reason other than Section
8(c) or Section 8(e) above, the Employee shall have the option for 90 days of
obtaining the release of the Collateral Assignment of the Policy to the
Employer. To obtain such release, the Employee shall repay to the Employer the
total amount of unreimbursed premium payments made by the Employer pursuant to
Section 2. Upon receipt of such amount, the Employer shall release the
Collateral Assignment of the Policy.

        If the Employee does not repay such amount to the Employer within the
time period provided above, the Employer may enforce its rights under the
Collateral Assignment but the Employee shall not be liable for any deficiency
realized by the Employer upon the exercise of the Employer's rights under the
Collateral Assignment.

    10. Discharge of Insurer.
        --------------------

        The Insurer shall be fully discharged from its obligations under the
Policy by payment of the Policy death benefits to the beneficiary or
beneficiaries named in the Policy subject to the terms and conditions of the
Policy and the Collateral Assignment. In no event shall the Insurer be
considered a party to this Agreement, or to any modification or amendment
hereof. No provision of this Agreement, nor any modification or amendment
hereof, shall in any way be construed as enlarging, changing, varying or in any
other way affecting the obligations of the Insurer as expressly provided in the
Policy, except insofar as the provisions hereof are made a part of the Policy by
the Collateral Assignment.

    11. Miscellaneous Provisions.
        ------------------------

                  (a)      This Agreement may not be amended, altered or
                           modified except by a written instrument signed by the
                           parties hereto or their respective successors or
                           assigns and may not be otherwise terminated except as
                           provided herein.

                  (b)      The interpretation and effect of this Agreement shall
                           be governed by the laws of the State of North
                           Carolina.

                  (c)      This Agreement shall be binding upon and shall inure
                           to the benefit of the Employer, Employee and their
                           respective successors and assigns.

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

                                                    EMPLOYER:

[CORPORATE SEAL]                                    FIRST BANCORP

Attest:                                             By:  _______________________
                                                         President

------------------------
Secretary

                                                    EMPLOYEE:

                                                    ----------------------------

                                       3

<PAGE>

                                                                       EXHIBIT A

                       SPLIT DOLLAR COLLATERAL ASSIGNMENT

A.                For Value Received, __________________ (the "Assignor") hereby
                  assigns, transfers and sets over to First Bancorp, a North
                  Carolina corporation (the "Assignee"), as the interest of such
                  Assignee may appear, Policy No. _________________ issued by
                  ________________ Life Insurance Company (the "Insurer") and
                  any supplementary contracts issued in connection therewith
                  (said policy and contracts being herein called the "Policy")
                  upon the life of ________________ (the "Insured"), subject to
                  all the terms and conditions of the Policy and to all superior
                  liens, if any, which the Insurer may have against the Policy.
                  The Assignor by execution of this Agreement agrees and the
                  Assignee by the execution and acceptance of this Assignment
                  agrees to the conditions and provisions herein set forth.

B.                It is expressly agreed that the only specific right which
                  passes by virtue of this Assignment to Assignee is the right
                  of Assignee to collect from the Insurer Assignee's Interest
                  (as hereinafter defined) from the cash surrender value or
                  other proceeds or payments under the Policy upon the death of
                  the Insured or upon the earlier termination of that certain
                  Split Dollar Life Insurance Agreement dated _______________ by
                  and between Assignor and Assignee (the "Split Dollar
                  Agreement").

C.                It is expressly agreed that all rights not specifically set
                  forth in paragraph B of this Assignment are reserved and
                  excluded from this Assignment and do not pass by virtue
                  hereof.

D.                This Assignment is made and the Policy is to be held as
                  collateral security for the repayment of certain amounts
                  heretofore or hereafter advanced by the Assignee pursuant to
                  the Split Dollar Agreement.

E.                The Assignee covenants and agrees with the Assignor as
                  follows:

                  1.       That the Assignee will upon request forward without
                           unreasonable delay to the Insurer a signed statement
                           of the total of Assignee's Interest in the Policy
                           under the Split Dollar Agreement. The Assignee's
                           Interest in the Policy under the Split Dollar
                           Agreement as of any determination date shall be an
                           amount equal to the total cumulative premiums paid by
                           the Assignee to the Insurer through such
                           determination date pursuant to the provisions of
                           Section 2 of the Split Dollar Agreement reduced by
                           the premiums reimbursed to Assignee by the Assignor
                           prior to such determination date.

                  2.       That the Assignee will upon request forward without
                           unreasonable delay to the Insurer the Policy for
                           necessary endorsements including, but not limited to,
                           endorsement or a designation or change of beneficiary
                           or election of an optional mode of settlement.

                  3.       That the Assignee will forward without unreasonable
                           delay to the Insurer a formal Statement of Release of
                           this Assignment if the Split Dollar Agreement is
                           terminated for any reason and the obligation which
                           this Assignment secures is satisfied in accordance
                           with the terms of the Split Dollar Agreement.

F.                The Insurer is hereby authorized to recognize the Assignee's
                  claims to rights hereunder without investigating the reason
                  for any action taken by the Assignee, or the validity or the
                  amount due to the Assignee under the Split Dollar Agreement,

                                       4
<PAGE>

                  or the application to be made by the Assignee of any amounts
                  to be paid to the Assignee. The sole signature of an officer
                  of Assignee shall be sufficient for the exercise of those
                  rights in the Policy which have been assigned hereby, and
                  checks for all amounts claimed by the Assignee by reason of
                  this Assignment shall be drawn to the exclusive order of the
                  Assignee. The Insurer may accept and rely upon the signed
                  statement of the Assignee as conclusive evidence of the extent
                  of the Assignee's collateral interest, and the receipt by the
                  Assignee of the sums claimed hereunder and paid by the Insurer
                  shall be a complete release and discharge to the Insurer to
                  the extent of such payment.

G.                The Assignee may take or release other security, may grant
                  extensions, renewals or indulgences with respect to the
                  amounts due it under the Split Dollar Agreement, or may apply
                  to such amounts due it in such order as the Assignee shall
                  determine, the proceeds of the Policy hereby assigned or any
                  amount received on account of the Policy by the exercise of
                  any right permitted under this Assignment without resorting to
                  other security.

H.                The Assignor declares that no proceedings in bankruptcy are
                  pending against him/her and that his/her property is not
                  subject to any assignment for the benefit of creditors.

    IN WITNESS WHEREOF, the parties hereto have executed this Assignment this
____ day of _____________, 20___.

                                                    ASSIGNEE:

                                                    FIRST BANCORP

Attest:                                             By:  _______________________
                                                    President

------------------------
Secretary

                                                    ASSIGNOR:

                                       5

<PAGE>

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