Document:

EX-10.07

 Exhibit 10.07 

EMPLOYMENT AGREEMENT 

This Agreement is made and entered into as of the 11th day of January, 2017, by and
between BANK OF GUAM, a Guam corporation (herein called the “Bank”) and Francisco M. Atalig (herein called the “Employee”). 

NOW, THEREFORE, in consideration of the mutual promises of the parties to the Agreement, it is hereby agreed as follows: 

1. Employment. Bank hereby designates and employs, and Employee hereby accepts employment with Bank, as its Senior Vice President and
Chief Financial Officer. 
 2. Term. This Agreement shall be for a term of five (5) years effective January 1, 2017, and
terminating on December 31, 2021. 
 3. Duties. Employee shall, subject to the control of the Chief Executive Officer or the
Chief Operating Officer, have the general powers and duties of management usually vested in the office assigned, and shall have such other powers and duties as may be prescribed by the Chief Executive Officer or the Chief Operating Officer of the
Bank, or the By-Laws. The duties of the Employee shall include without limitation the duties described in the attached Exhibit A. 
 4.
Extent of Services. Employee shall devote his full time, attention and energy to the business of Bank and shall not, during the term of this Agreement, be engaged in any other business activities, unless such activities are reasonably
determined by the Chief Executive Officer or Chief Operating Officer of the Bank not to be in competition or in conflict with the commercial banking business of Bank. 

5. Base Compensation. As regular compensation for Employee’s services hereunder, Bank shall pay Employee an annual base salary of
Two Hundred One Thousand and 00/100 ($201,000.00) during each year of the term hereof, payable in equal installments not less frequently than bi-weekly (herein called “Base Compensation”). 

 6. Adjustments to Base Compensation. The Base Compensation shall be adjusted annually to
reflect the increase, if any, in the cost-of-living by adding thereto an amount obtained by multiplying the Base Compensation by the percentage of which the level of the Consumer Price Index for the United States has increased over its level as of
the date of commencement of the term of Agreement (herein called, together with Base Compensation, the “Adjusted Base Compensation”). 

Following the end of each year of this Agreement and within thirty (30) days after the release by the United States Bureau of Labor
Statistics of the figures for such year, Bank shall pay to the Employee the amount of any additional compensation to which he is entitled as a result of such cost-of-living adjustment for that year. 

7. Incentive Bonus. As an incentive to Employee for his continuing services and contributions to the growth and profitability of Bank,
Employee shall be paid, in addition to his Adjusted Base Compensation, an Incentive Bonus as follows: 
 (a) Subject to the quarterly
adjustments at Section 8 below, an amount equal to one hundred basis points (1.00%) of current net profits of the Bank after taxes, payable in capital stocks of the Bank or in cash, or combination, at the option of Employee. 

(b) The Incentive Bonus shall be computed and payable quarterly, within fifteen (15) days following each quarter except that each of the
first calendar quarter payments of the Incentive Bonus shall be subject to adjustment, either increase or decrease, depending on the Bank’s final audited financial statements of the preceding year by the Bank’s independent accountants.

  
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 8. Adjustments To Bonus. On an annual basis, the Bank’s management shall submit an
annual budget and strategic plan to the Board. Based upon the criteria contained within the budget and strategic plan, the Incentive Bonus of the Employee shall be adjusted on a quarterly basis as follows: 

(a) If the then current Return on Equity (ROE) of the Bank is below the preceding three-year average ROE of the Bank, then the Incentive Bonus
shall be reduced by ten percent (10%); 
 (b) If the then current Return on Assets (ROA) of the Bank is less than that of the Bank’s
peer group as published in the Federal Deposit Insurance Corporation’s (FDIC) Uniform Bank Performance Report, then the Incentive Bonus shall be reduced by ten percent (10%); 

(c) If the then current Bank’s FDIC Examination Composite Rating (FDIC Rating) is 2 or better, there shall be no reduction to the
Incentive Bonus; if the FDIC Rating is 3, then Incentive Bonus shall be reduced by fifteen percent (15%); if the FDIC Rating is 4, then the Incentive Bonus shall be reduced by fifty percent (50%); if the FDIC Rating is 5, then the Incentive Bonus
shall be reduced by one-hundred percent (100%); 
 (d) If the then current Total Adversely Classified Items to Tier 1 Capital of the Bank
plus the Allowance for Loan and Lease Losses is greater than twenty-five percent (25%), then the Incentive Bonus shall be reduced by ten percent (10%); 

(e) If the Efficiency Ratio of the Bank is greater than 75%, the Incentive Bonus shall be reduced by five percent (5%). 

  
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 For purposes of this Section 8, the ROA, ROE, FDIC Rating, Total Adversely Classified Items
to Tier 1 Capital, Allowance for Loan and Lease Losses and Efficiency Ratio shall all be derived from any report of management submitted to the Board of Directors at the Board Meeting immediately preceding the date of any adjustment. If any dispute
arises as to the calculations of any of such figures, the Ad Hoc Compensation Committee, subject to Board approval, shall make the sole determination of such figures using whatever resources the Committee shall deem reasonably necessary. Attached to
this Agreement and made a part hereof by this reference as Exhibit B, is a worksheet, which shall be used by the Bank to calculate the Incentive Bonus of the Employee. 

9. Other Compensation or Benefits. In addition to the Adjusted Base Compensation and Incentive Bonus and any other compensation
provided hereunder, Bank shall provide Employee with the following: 
 (a) Twenty-five days of paid time-off annually, at full pay. 

(b) A health insurance and accident insurance and disability insurance of a type and in an amount generally made available by Bank to its
executive employees, at Bank’s sole cost and expense. 
 (c) A group term life insurance that is generally available to Bank’s
executive employees, at Bank’s sole expense and cost. As of the execution of this Agreement, Employee’s group life insurance amount is Seven Hundred Thousand Dollars ($700,000.00). Employee shall be allowed to name his beneficiary. 

(d) A Survivor Income Plan that is generally available to Bank’s executive employees, at Bank’s sole expense and cost. 

(e) Employee will be entitled to participate in any retirement plans currently available to other similarly situated employees, as well as any
plans implemented in the future. 

  
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 10. Termination With Cause. Notwithstanding anything to the contrary, the Bank may
terminate this Agreement upon five (5) days written notice to the Employee upon the occurrence of any of the following events: 
 (a)
Within sixty (60) days of the effective date of this Agreement, the Bank determines, in its sole judgment, that the Employee’s character, personality and abilities are not suited to the position for which hired hereunder. 

(b) If the Bank, in its sole judgment, determines that the Employee is not properly and efficiently performing the duties of the position to
which assigned. 
 (c) If the Employee violates any material provisions in this Agreement. 

(d) If the Employee becomes bankrupt or insolvent, is frequently under the influence of alcoholic beverages or illegal drugs, is convicted of
a felony or perpetration of a common law fraud, misrepresentation or embezzlement, is found to have violated the Bank’s productive work environment policy, or otherwise habitually acts in a manner inconsistent with the policies, rules and
regulations of the Bank. 
 (e) Employee engages in excessive risk taking in contravention of standards established or revised by his
supervisor, or Employee fails to comply with any balance sheet or working or regulatory capital guidance provided by his Supervisor; 
 (f)
Employee is subject to an action taken by a regulatory body as a result of his act or omission which substantially impairs him from performing his duties; 

(g) Employee violates a federal or state securities or banking law, or regulation; 

(h) Employee made a factual representation or omission in the furtherance of his hiring or retention which proves to have been incorrect in
any material respect when made. 

  
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 (i) If the Employee willfully breaches or neglects the duties which the Employee is required to
perform under the terms of this Agreement. 
 11. Termination of Contract for Good Reason. 

“Good Reason” shall mean the occurrence of any one of the following acts by the Bank, or failures by the Bank to act,
without the Employee’s consent, provided the Employee give the Bank notice of the Employee’s intent to incur a Separation from Service for Good Reason within 30 days of the initial existence of the act or failure to act such act or failure
to act is not corrected within 30 days of such notice: 
  

	 	(a)	A material diminution in the Employee’s base compensation. 

  

	 	(b)	A material diminution in the Employee’s authority, duties, or responsibilities. 

  

	 	(c)	A material diminution in the authority, duties, or responsibilities of the supervisor to whom the Employee is required to report, including a requirement that the Employee report to a corporate officer or employee
instead of reporting directly to the Chief Executive Officer or The Chief Operating Officer. 

 12. Restrictive
Covenants. 
 (a) During the term of this Agreement and for a period of one (1) year following his employment with the Bank, the
Employee shall not without the written consent of the Bank, actively participate in any other business in Guam, whether as owner, employee, or consultant, whether for compensation or not, which is in competition with the Bank. The Employee may,
however, invest in the securities of companies which are publicly traded and which may compete with the Bank so long as Employee owns less than two percent (2%) of such company. 

  
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 (b) Employee shall not divulge, publish or otherwise reveal, either directly or indirectly
through another, to any person, firm or corporation, during the term of this Agreement or any time thereafter any knowledge or information of a confidential nature received by him during the course of his employment with regard to the services,
clients, personnel, financial or other affairs of the Bank, and such information shall be kept confidential and shall not in any manner be revealed except as may be necessary in connection with his duties hereunder. 

(c) Upon the termination of employment with the Bank, the Employee shall promptly turn over to the Bank all records, including client lists or
references, keys, credit cards and all other property belonging to or supplied by the Bank. 
 13. Business Expenses. Bank shall pay
or reimburse Employee upon submission of an itemized account by his for all reasonable business expenses incurred by Employee in promoting, pursuing or otherwise furthering the business of Bank, including, but not limited to expenses for travel,
meals, hotel accommodations, entertainment, gifts and the like. 
 14. Payments Following Disability. Upon the permanent disability
of the Employee, Bank shall pay to the Employee, or his assigns, the Adjusted Base Compensation, together with all Incentive Bonuses, for the remainder of the term of this Contract. 

15. Successors and Assigns. This Agreement and all the terms and conditions hereof shall be binding upon and inure to the benefit of
the Bank, including any successor entity to Bank by liquidation, merger, consolidation, reorganization, sale of assets or otherwise, and to the Employee, and when applicable, to his heirs, successors and assigns. 

  
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 16. Retirement Plans. The bank will provide employee with a Supplemental Executive
Retirement Plan. 
 17. Non-Assumption. The services to be performed by Employee under this Agreement are personal to him, and may
not be assumed by any other party except with Bank’s prior written consent. 
 18. Entire Agreement. The making and execution of
this Agreement by the parties hereto has been induced by no representations, statements, warranties or agreements other than those expressed herein. This Agreement embodies the entire understanding of the parties, and there are no further or other
agreements or understandings, written or oral, in effect between the parties relating to the subject matter hereof, unless specifically referred to herein by reference. 

19. Amendments. This Agreement and any term hereof may be changed, waived, discharged, or terminated only by an instrument in writing
signed by the party against whom enforcement of such change, waiver, discharge or termination is or would be sought and without the necessity of additional consideration. 

20. Notices. All communications and notices hereunder shall be deemed to have been properly given or served for all purposes when
personally delivered to the party to whom it is directed, or in lieu of such personal service, if received by certified or registered United States mail, postage prepaid, at the following addresses: 

 

							
	If to Bank at:	  	P.O. Box BW	  		  	
		  	Hagåtña, Guam 96932	  		  	
	If to Employee at:	  		  		  	

  
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 Either party may change the address provided above by giving written notice of such change to the
other party as herein provided. 
 21. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such
a manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited or invalid under such law, such provision shall be ineffective to the extent of the prohibition or invalidity without invalidating
the remainder of such provision or the remaining provisions of this Agreement. 
 22. Law. This Agreement shall be governed under and
construed in accordance with the laws of Guam. 
 23. Attorney’s Fees. In the event of any action, suit or proceeding brought
under or in connection with this Agreement, the prevailing party therein shall be entitled to recover, and the other party thereto agrees to pay, costs and expenses in connection therewith including reasonable attorney’s fees, disbursements and
expenses. 
 24. The headings of this sections of this Agreement have been included for convenience of reference only and shall in no way
restrict or modify any of the terms or provisions thereof. 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above mentioned. 
  

			
	BANK OF GUAM, a Guam corporation
	(herein called the “Bank”)
		
	By:	 	 /s/ Lourdes Leon Guerrero

		 	Its Authorized Representative
		
		 	 /s/ Francisco M. Atalig

		 	Francisco M. Atalig
		 	(herein called the “Employee”)

  
 - 9 -Exhibit 10.1

 

SEVERANCE AGREEMENT
AND RELEASE OF CLAIMS

 

This Severance Agreement
and Release of Claims (the “Agreement”) is made and entered into by and between Edward F. Soccorso (“Employee”)
and First Bancorp (the “Company”), as well as any affiliated or related entities, subsidiaries, or divisions,
and the shareholders, directors, officers, employees, and agents thereof (collectively referred to as “Employer”).

 

THE PARTIES acknowledge
the following:

 

WHEREAS, on January
13, 2017, Employee tendered his resignation to Employer;

 

WHEREAS, Employee is
employed by Employer and First Bank, a wholly-owned subsidiary of First Bancorp, until January 20, 2017;

 

WHEREAS, Employee entered into that certain
Employment Agreement with Employer dated on or about March 17, 2014 (“Employment Agreement”); and

 

WHEREAS, Employer has
agreed to compensate Employee certain monies upon the termination of his Employment Agreement with Employer; and

 

THEREFORE, in consideration
of the mutual agreements and promises set forth within this Agreement, the receipt and sufficiency of which are hereby acknowledged,
Employee and Employer agree as follows:

 

1.       Definitions.

 

Unless the context
plainly requires otherwise, the term “Employee” includes the Employee executing this Agreement, as well as the Employee’s
agents, attorneys, spouse, heirs, dependents, executors, administrator, guarantees, successors and assigns. The term “Employer”
includes First Bancorp, its managers, shareholders, directors, officers, partners, agents, attorneys, parent entities, employees,
employee benefit plans, successors, assigns, affiliates, and subsidiaries, and each of their respective owners, shareholders, directors,
officers, partners, agents, attorneys, parent entities, employees, successors, assigns, affiliates and subsidiaries.

 

2.       Severance
Pay. 

 

		a.	Severance Pay. In consideration of Employee’s agreements and promises set forth below,
and in full and complete satisfaction of the Employer’s obligations under the Employment Agreement, Employer shall pay the
following amounts to Employee on the sixtieth (60th) day following his Termination Date provided (x) Employee has executed
and not revoked this Agreement, and (y) Employee remained employed through the Termination Date:

 

		i.	a lump sum cash amount of One Hundred Sixty-Two Thousand Five Hundred and 00/100 Dollars ($162,500),
less applicable deductions and withholdings, which represents six months’ base salary for Employee.

 

     

     

    

 

		ii.	a lump sum cash amount of Ninety-Two Thousand Six Hundred Thirty-Four and 00/100 Dollars ($92,634),
less applicable deductions and withholdings, which represents the Annual Incentive Plan payment earned by Employee in 2016.

 

		iii.	Two Thousand Two Hundred Eighty-Two Shares of First Bancorp Stock which previously were granted
to Employee as Restricted Stock shares tied to Annual Incentive Plan payments for 2014 and 2015 shall vest.

 

		b.	Effect of Severance Pay. Employee agrees that the above severance payments do not constitute
compensation for purposes of calculating the amount of any benefits Employee may be entitled to under the terms of any pension
or other benefit plan of Employer, or for the purpose of accruing any benefit, receiving any allocation of any contribution, or
having the right to defer any income in any employee pension or benefit plan.

 

3.       Legal
Obligations. 

 

The parties acknowledge
that pursuant to Section 5.4 of the Employment Agreement, they agreed that at the time of termination and as a condition of payment
of severance, they would enter into this release acknowledging any remaining obligations and discharging each other from any other
claims or obligations arising out of or in connection with Employee’s employment by the Bank, including the circumstances
of such termination. Employer has no prior legal obligations to make the payments described in Section 2(a), which are expressly
conditioned upon the promises of Employee herein. Except as otherwise provided herein, Employee shall be solely responsible for
any and all federal and state tax liability or consequences (including, but not limited to, taxes, contributions, withholdings,
fines, penalties, and interest) which could arise as a result of the severance payments to Employee pursuant to this Agreement.

 

4.       No
Admission of Liability.

 

By entering into this
Agreement, Employer does not admit any wrongdoing or that it has breached any obligation with respect to Employee’s employment.

 

5.       Release
and Covenant Not To Sue.

 

In exchange for Employer’s
agreement to provide the above-referenced severance payments, Employee releases and discharges Employer from any and all claims,
demands, and liabilities that Employee has ever had or now may have against Employer or Employer’s officers, directors, or
employees, both known and unknown, including, but not limited to, any and all claims, demands, and liabilities based on Employee’s
employment with Employer or the termination of the employment relationship. Further, Employee promises not to file or consent to
the filing of any lawsuit, complaint, or action against Employer, or Employer’s officers, directors, or employees arising
out of or in any way related to his employment with Employer or the termination of his employment with Employer.

 

    	 	A-1	 

     

    

 

This release and covenant
not to sue includes, but is not limited to, a release of any and all rights or claims Employee may have under any federal, state,
or local laws, ordinances, or regulations including, but not limited to: any claims of age discrimination under the Age Discrimination
in Employment Act of 1967; claims under Title VII of the Civil Rights Act of 1964; Section 1981 of the Civil Rights Act of 1866;
the Americans with Disabilities Act of 1990, the Civil Rights Act of 1991; the Family and Medical Leave Act of 1993; the Employee
Retirement Income Security Act (ERISA); the Consolidated Budget Reconciliation Act (COBRA); the Equal Pay Act of 1963; the Pregnancy
Discrimination Act; any and all state laws addressing the rights of employees and the payment of wages; and all amendments to these
Acts. This release also includes a release of any claims for wrongful termination, breach of express or implied contract, intentional
or negligent infliction of emotional distress, libel, slander, as well as any other claims, whether in tort, contract or equity,
under state or federal statutory or common law. Employee further agrees that in the event that any person or entity should file
a lawsuit, complaint, or action on Employee’s behalf, Employee hereby waives and forfeits any right to recovery under such
claims and will exercise every good faith effort to have such claims dismissed.

 

By entering into this
Agreement, Employee does not waive any rights or claims that might arise as a result of any conduct that occurs after the date
this Agreement is signed by the parties, nor shall this Agreement be interpreted to provide that Employee has entered into any
covenant or promise that would be invalid under applicable federal or state law.

 

6.       No
Prior Assignment.

 

Employee further warrants
and covenants, recognizing that the truth of this warranty and covenant is material to the above consideration having passed, that
Employee has not assigned, transferred or conveyed at any time to any individual or entity any alleged rights, claims or causes
of action against Employer.

 

7.       No
Employment Relationship.

 

The relationship of
employer-employee terminated effective as of the date of Employee’s Termination Date and the relationship created by this
Agreement is purely contractual and no employer-employee relationship is intended or inferred from the performance of the parties’
obligations under this Agreement.

 

8.       Non-disparagement.

 

Employee shall not
(except as required by law) communicate to anyone, whether verbally, in writing, or in any other manner, any statement that is
intended to cause or that reasonably would be expected to cause a person to whom it is communicated to have a lowered opinion of
Employer, including a lowered opinion of any services provided by Employer. Except as required by law, Employer shall instruct
its named executive officers and board of directors not to communicate to anyone, whether verbally, in writing, or in any other
manner, any statement that is intended to cause or that reasonably would be expected to cause a person to whom it is communicated
to have a lowered opinion of Employee.

 

    	 	A-2	 

     

    

 

9.       Property.

 

Employee shall immediately
return all property of Employer which is in Employee’s possession. This includes, but is not limited to, any computer provided
for Employee’s personal use, all data, documents, records, correspondence, reports, memoranda, or other property and shall
include all copies thereof, including electronically stored information.

 

10.       Performance.

 

Employer’s obligation
to perform under this Agreement is conditioned upon Employee’s agreements and promises to Employer as set forth herein. In
the event Employee breaches any such agreements or promises or causes any such agreements or promises to be breached, Employer’s
obligations to perform under this Agreement shall automatically terminate and Employer shall have no further obligation to Employee.

 

11.       Successors
and Assigns.

 

The rights and obligations
of this Agreement shall bind and inure to the benefit of the surviving entity in any merger or consolidation in which the Company
is a party, or any assignee of all or substantially all of the Company’s business and properties. Employee’s rights
and obligations under this Agreement may not be assigned by him, except that his right to receive accrued but unpaid compensation,
unreimbursed expenses and other rights, if any, provided under this Agreement, which survive termination of this Agreement shall
pass after death to the personal representatives of his estate.

 

12.       Governing
Law and Forum Selection.

 

This Agreement and
all rights hereunder shall be governed by the laws of the State of North Carolina, except to the extent governed by the laws of
the United States of America in which case federal laws shall govern. The parties agree that any appropriate state court located
in North Carolina or federal court for the Eastern District of North Carolina shall have exclusive jurisdiction of any case or
controversy arising under or in connection with this Agreement shall be a proper forum in which to adjudicate such case or controversy.
The parties consent and waive any objection to the jurisdiction or venue of such courts.

 

13.       Entire
Agreement; Modification.

 

This Agreement constitutes
the entire understanding of the parties, and no representation, promise, or inducement not included herein shall be binding upon
the parties. Employee affirms that the only consideration for the signing of this Agreement is the terms set forth above and that
no other promises or assurances of any kind have been made to Employee by Employer or any other entity or person as an inducement
for Employee to sign this Agreement. This Agreement may not be changed orally but only by an agreement in writing signed by the
parties or their respective heirs, legal representatives, successors, and assigns.

 

    	 	A-3	 

     

    

 

14.       Validity.

 

The provisions of this
Agreement shall be deemed severable and that the invalidity or unenforceability of any section of this Agreement, or any portion
or provision thereof, shall not affect the validity or enforceability of the other portions or provisions. Any such provision deemed
to be unenforceable shall be stricken and the remaining provisions shall be appropriately limited and given effect to the extent
they may be enforceable.

 

15.       Older
Workers Benefit Protection Act. 

 

Employee acknowledges
that it is the mutual intent of the parties that the full release contained in this Agreement fully complies with the Older Workers
Benefit Protection Act. Accordingly, this Agreement requires, and Employee acknowledges and agrees that: (a) the consideration
provided to Employee under this Agreement exceeds the nature and scope of any consideration to which Employee would otherwise have
been legally entitled to receive absent Employee’s execution of this Agreement; (b) execution of this Agreement and the full
release herein, which specifically includes a waiver of any claims under the Age Discrimination in Employment Act of 1967, is Employee’s
knowing and voluntary act; (c) Employee is hereby advised to consult with an attorney prior to executing this Agreement; (d) Employee
has forty-five (45) calendar days within which to consider this Agreement and Employee’s signature on this Agreement prior
to the expiration of this forty-five (45) day period (should Employee choose not to take the full period offered) constitutes an
irrevocable waiver of said period or its remainder; (e) in the event Employee signs this Agreement, Employee has another seven
(7) calendar days to revoke it by delivering a written notice of revocation to the individual addressee identified in the Notice
provision below (Section 17), and this Agreement does not become effective until the expiration of this seven-day period;
(f) Employee has read and fully understands the terms of this Agreement; and (g) nothing contained in this Agreement purports to
release any of Employee’s rights or claims under the Age Discrimination in Employment Act that may arise from acts occurring
after the date of the execution of this Agreement.

 

16.       Notice.

 

All communications
or notices required or permitted by this Agreement shall be made by Employee to Employer in writing and shall be delivered and
addressed as follows:

 

First Bancorp

300 SW Broad Street

Southern Pines, NC 283871

Attn: Human Resources

 

	
        PLEASE READ THIS AGREEMENT CAREFULLY. IT
        CONTAINS A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

         

        YOU AGREE THAT YOU RECEIVED
        VALUABLE CONSIDERATION IN EXCHANGE FOR ENTERING INTO THIS AGREEMENT AND THAT THE EMPLOYER ADVISED YOU IN WRITING TO CONSULT AN
        ATTORNEY OR SOMEONE YOU TRUST PRIOR TO SIGNING THIS AGREEMENT. YOU PROMISE THAT NO REPRESENTATIONS OR INDUCEMENTS HAVE BEEN MADE
        TO YOU EXCEPT AS SET FORTH HEREIN, AND THAT YOU HAVE SIGNED THE SAME KNOWINGLY AND VOLUNTARILY.

 

    	 	A-4	 

     

    

 

	
         

        YOU HAVE BEEN PROVIDED AT LEAST FORTY-FIVE
        (45) DAYS WITHIN WHICH TO CONSIDER THIS AGREEMENT AND WAIVE AND RELEASE ALL CLAIMS AND RIGHTS INCLUDING, BUT NOT LIMITED TO, THOSE
        ARISING UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT. YOU SHALL HAVE SEVEN (7) DAYS WITHIN WHICH TO REVOKE THIS AGREEMENT AND
        THIS AGREEMENT SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THAT REVOCATION PERIOD HAS EXPIRED. ANY SUCH REVOCATION MUST BE
        IN WRITING AND RECEIVED BY THE EMPLOYER, IN ACCORDANCE WITH THE NOTICE PROVISIONS SET FORTH IN SECTION 17 HEREIN,
        PRIOR TO THE END OF THE REVOCATION PERIOD.

 

[Remainder of page
intentionally left blank]

 

    	 	A-5	 

     

    

 

IN WITNESS WHEREOF,
the undersigned have caused this instrument to be executed on the date first above written.

 

As To Employee:

 

/s/ Edward F. Soccorso

Edward F. Soccorso

  

For Employer:

 

FIRST BANCORP

 

/s/ Richard H. Moore

Chief Executive Officer

  

January 17, 2016

 

[Signature Page to Severance
Agreement and Release of Claims]

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