Document:

Exhibit 10.aa

AMENDMENT TO THE

FIRST
BANCORP SENIOR MANAGEMENT SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

 

 

THIS AMENDMENT to the First Bancorp
Senior Management Supplemental Executive Retirement Plan (hereinafter referred to as “the SERP”), by First Bancorp
(hereafter referred to as “the Employer”), is made this the 11th day of March, 2014.

 

W I T N E S S E T H:

 

WHEREAS, the Employer maintains
an unfunded, nonqualified supplemental pension plan known as the First Bancorp Senior Management Supplemental Executive Retirement
Plan (hereinafter referred to as “the SERP”) for the exclusive benefit of certain members of management and highly
compensated employees; and

 

WHEREAS, the Employer previously
amended the SERP so as to freeze participation and benefit accruals effective December 31, 2012, and now desires this Amendment
to supersede the provisions of the SERP to the extent those provisions are inconsistent with the provisions of this Amendment;

 

NOW, THEREFORE, effective March
31, 2014, the SERP shall be amended as follows:

 

 

		1.	Section 1.14 Normal Retirement Age is deleted in its entirety and the
following new Section

1.14 Normal Retirement Age is substituted
in its place, as follows:

 

“1.14
Normal Retirement Age shall be a Participant’s 65th birthday, except that effective March 31, 2014, a Participant
who, as of any determination date following March 31, 2014, is a member of the Employer's Executive Officer and who has earned
at least 40 Years of Service with the Employer, shall be automatically deemed to have met the Normal Retirement Age requirement
as of the date such conditions are attained.”

 

		2.	Section 1.15 Normal Retirement Date is deleted in its entirety and the
following new Section

1.15 Normal Retirement Date is
substituted in its place, as follows:

 

“1.15
Normal Retirement Date shall be the first day of the month coinciding with or next following the Participant’s Normal
Retirement Age.”

 

IN WITNESS WHEREOF, this Amendment
to the First Bancorp Senior Management Supplemental Executive Retirement Plan is adopted this 11th day of March, 2014,
to be effective as otherwise stated above.

 

	 	FIRST BANCORP
	 	 
	 	By: /s/ Richard H. Moore
	 	Its: President and CEO

 

ATTEST:

 

By: /s/ Timothy S. Maples

Its: Assistant SecretaryExhibit 10.20

		

			Exhibit 10.20

		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			AMENDMENT NO. 1
		

		
			TO THE PROMISSORY NOTE DATED August 18, 2006
		

		
			 
		

		
			MODIFICATION OF PAYMENT TERMS
		

		
			 
		

			
					
						Contract # 31437

					
					
						May 6, 2008

				

		
			 
		

		
			The undersigned Supertel Limited Partnership, a Virginia limited partnership (collectively “Borrower”) executed a certain Promissory Note dated August 18, 2006 (the “Note”) in the original principal amount of $17,850,000.00, payable to General Electric Capital Corporation ("Lender") a copy of which is attached as Exhibit "A" hereto.
		

		
			 
		

		
			Whereby Debtor has elected the option to fix the rate for the remainder of the term.  Interest for the remaining term will accrue at the rate of 5.67% per annum (computed on the basis of a 360-day year of twelve consecutive 30/31-day months). Accordingly, the Debtor hereby amends and modifies certain provisions of the Term Note as follows:
		

		
			 
		

		
			For valuable consideration, it is mutually agreed that the Note be and hereby is amended in that future payments shall be made in amounts and at times as follows:
		

		
			 
		

		
			The principal sum of $17,850,000.00 from the date of May 1, 2008, together with interest on the unpaid principal amount until payment in full at the rate of 5.67% per annum (computed on the basis of a 360-day year of twelve consecutive 30/31-day months).  Said sum is the amount remaining unpaid under the Note.  Future payments are as follows:
		

		
			 
		

		
			One Hundred (100) installments including both principal and interest, each in the amount of $131,493.33, payable commencing June 1, 2008, and monthly thereafter until September 1, 2016, on which date the entire balance of unpaid principal and interest shall be due and payable.
		

		
			 
		

		
			 
		

		
			The Note remains in full force and effect, modified only as expressly set forth herein, and all other terms and conditions of the Note remain unchanged and are hereby ratified and affirmed.
		

		
			 
		

		
			IN WITNESS WHEREOF, the parties hereto have executed this Amendment to the Promissory Note as of May 6, 2008.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						,

					
						 

					
						 

				
	
					
						 

					
					
						LENDER:

					
						GENERAL ELECTRIC CAPITAL CORPORATION

					
					
						 

					
					
						 

					
					
						BORROWER:

					
						SUPERTEL LIMITED PARTNERSHIP,

					
						a Virginia limited partnership

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						By:

					
					
						SUPERTEL HOSPITALITY REIT TRUST,

					
						a Maryland real estate investment trust,

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Its General Partner

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Becky A. Morrison

					
					
						 

					
					
						By:

					
					
						/s/ Donavon A. Heimes

				
	
					
						 

					
					
						Becky A. Morrison

					
					
						 

					
					
						 

					
					
						Donavon A Heimes

				
	
					
						Its:

					
					
						Authorized Signatory

					
					
						 

					
					
						Its:

					
					
						Vice President/ TreasurerExhibit 10.22

		

			Exhibit 10.22

		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			AMENDMENT NO. 1
		

		
			TO THE PROMISSORY NOTE DATED January 5, 2007
		

		
			 
		

		
			MODIFICATION OF PAYMENT TERMS
		

		
			 
		

			
					
						Contract # 32098

					
					
						May 6, 2008

				

		
			 
		

		
			The undersigned Supertel Limited Partnership, a Virginia limited partnership (collectively “Borrower”) executed a certain Promissory Note dated January 5, 2007 (the “Note”) in the original principal amount of $15,600,000.00, payable to General Electric Capital Corporation ("Lender") a copy of which is attached as Exhibit "A" hereto.
		

		
			 
		

		
			Whereby Debtor has elected the option to fix the rate for the remainder of the term.  Interest for the remaining term will accrue at the rate of 5.67% per annum (computed on the basis of a 360-day year of twelve consecutive 30/31-day months). Accordingly, the Debtor hereby amends and modifies certain provisions of the Term Note as follows:
		

		
			 
		

		
			For valuable consideration, it is mutually agreed that the Note be and hereby is amended in that future payments shall be made in amounts and at times as follows:
		

		
			 
		

		
			The principal sum of $15,600,000.00 from the date of May 1, 2008, together with interest on the unpaid principal amount until payment in full at the rate of 5.67% per annum (computed on the basis of a 360-day year of twelve consecutive 30/31-day months).  Said sum is the amount remaining unpaid under the Note.  Future payments are as follows:
		

		
			 
		

		
			One Hundred and Five (105) installments including both principal and interest, each in the amount of $113,479.94, payable commencing June 1, 2008, and monthly thereafter until February 1, 2017, on which date the entire balance of unpaid principal and interest shall be due and payable.
		

		
			 
		

		
			 
		

		
			The Note remains in full force and effect, modified only as expressly set forth herein, and all other terms and conditions of the Note remain unchanged and are hereby ratified and affirmed.
		

		
			 
		

		
			IN WITNESS WHEREOF, the parties hereto have executed this Amendment to the Promissory Note as of May 6, 2008.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						,

					
						 

					
						 

				
	
					
						 

					
					
						LENDER:

					
						GENERAL ELECTRIC CAPITAL CORPORATION

					
					
						 

					
					
						 

					
					
						BORROWER:

					
						SUPERTEL LIMITED PARTNERSHIP,

					
						a Virginia limited partnership

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						By:

					
					
						SUPERTEL HOSPITALITY REIT TRUST,

					
						a Maryland real estate investment trust,

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Its General Partner

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Becky A. Morrison

					
					
						 

					
					
						By:

					
					
						/s/ Donavon A. Heimes

				
	
					
						 

					
					
						Becky A. Morrison

					
					
						 

					
					
						 

					
					
						Donavon A Heimes

				
	
					
						Its:

					
					
						Authorized Signatory

					
					
						 

					
					
						Its:

					
					
						Vice President/ TreasurerExhibit 10.25

		

			Exhibit 10.25

		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			AMENDMENT NO. 1
		

		
			TO THE PROMISSORY NOTE DATED May 16, 2007
		

		
			 
		

		
			MODIFICATION OF PAYMENT TERMS
		

		
			 
		

			
					
						Contract # 32912

					
					
						May 6, 2008

				

		
			 
		

		
			The undersigned Supertel Limited Partnership, a Virginia limited partnership (collectively “Borrower”) executed a certain Promissory Note dated May 16, 2007 (the “Note”) in the original principal amount of $27,755,000.00, payable to General Electric Capital Corporation ("Lender") a copy of which is attached as Exhibit "A" hereto.
		

		
			 
		

		
			Whereby Debtor has elected the option to fix the rate for the remainder of the term.  Interest for the remaining term will accrue at the rate of 6.19% per annum (computed on the basis of a 360-day year of twelve consecutive 30/31-day months). Accordingly, the Debtor hereby amends and modifies certain provisions of the Term Note as follows:
		

		
			 
		

		
			For valuable consideration, it is mutually agreed that the Note be and hereby is amended in that future payments shall be made in amounts and at times as follows:
		

		
			 
		

		
			The principal sum of $27,755,000.00 from the date of May 1, 2008, together with interest on the unpaid principal amount until payment in full at the rate of 6.19% per annum (computed on the basis of a 360-day year of twelve consecutive 30/31-day months).  Said sum is the amount remaining unpaid under the Note.  Future payments are as follows:
		

		
			 
		

		
			One Hundred and Nine (109) installments including both principal and interest, each in the amount of $208,298.46, payable commencing June 1, 2008, and monthly thereafter until June 1, 2017, on which date the entire balance of unpaid principal and interest shall be due and payable.
		

		
			 
		

		
			 
		

		
			The Note remains in full force and effect, modified only as expressly set forth herein, and all other terms and conditions of the Note remain unchanged and are hereby ratified and affirmed.
		

		
			 
		

		
			IN WITNESS WHEREOF, the parties hereto have executed this Amendment to the Promissory Note as of May 6, 2008.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						,

					
						 

					
						 

				
	
					
						 

					
					
						LENDER:

					
						GENERAL ELECTRIC CAPITAL CORPORATION

					
					
						 

					
					
						 

					
					
						BORROWER:

					
						SUPERTEL LIMITED PARTNERSHIP,

					
						a Virginia limited partnership

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						By:

					
					
						SUPERTEL HOSPITALITY REIT TRUST,

					
						a Maryland real estate investment trust,

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Its General Partner

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Becky A. Morrison

					
					
						 

					
					
						By:

					
					
						/s/ Donavon A. Heimes

				
	
					
						 

					
					
						Becky A. Morrison

					
					
						 

					
					
						 

					
					
						Donavon A Heimes

				
	
					
						Its:

					
					
						Authorized Signatory

					
					
						 

					
					
						Its:

					
					
						Vice President/ Treasurer

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