Document:

Exhibit4.2Formofcertificate7125%SeriesACumulativeRedeemablePreferredStock

[GRAPHIC OMITTED]

	
		
	7.125% SERIES A CUMULATIVE
REDEEMABLE PREFERRED STOCK
PAR VALUE $0.01

CERTIFICATE
NUMBER

	7.125% SERIES A CUMULATIVE
REDEEMABLE PREFERRED STOCK

THIS CERTIFICATE IS TRANSFERABLE IN
CANTON, MA AND NEW YORK, NY

SHARES

	 
	CUSIP 866674203
SEE REVERSE FOR CERTAIN DEFINITIONS

SUN COMMUNITIES, INC.
ORGANIZED UNDER THE LAWS OF THE STATE OF MARYLAND

THIS CERTIFIES THAT
IS THE OWNER OF
FULLY PAID AND NONASSESSABLE SHARES OF 7.125% SERIES A CUMULATIVE
REDEEMABLE PREFERRED STOCK OF THE PAR VALUE OF $0.01 PER SHARE OF

SUN COMMUNITIES, INC., TRANSFERABLE ON THE BOOKS OF THE CORPORATION BY THE HOLDER HEREOF IN PERSON OR BY DULY AUTHORIZED ATTORNEY UPON SURRENDER OF THIS CERTIFICATE PROPERLY ENDORSED. THIS CERTIFICATE IS NOT VALID UNLESS COUNTERSIGNED BY THE TRANSFER AGENT AND REGISTERED BY THE REGISTRAR.
THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE ISSUED AND SHALL BE HELD SUBJECT TO ALL OF THE PROVISIONS OF THE CHARTER OF THE CORPORATION, TO ALL OF WHICH THE HOLDER, BY ACCEPTANCE HEREOF, ASSENTS.  
WITNESS THE FACSIMILE SEAL OF THE CORPORATION AND THE FACSIMILE SIGNATURES OF ITS DULY AUTHORIZED OFFICERS.   
DATED        DD-MMM-YYYY
COUNTERSIGNED AND REGISTERED:    
		
	______________________________      [SEAL OMITTED]
	COMPUTERSHARE TRUST COMPANY, N.A.,

Chief Executive Officer and President            TRANSFER AGENT AND REGISTRAR,

_______________________________             BY: _____________________________________
Executive Vice President, Secretary,                 AUTHORIZED SIGNATURE
Treasurer and Chief Financial Officer

SUN COMMUNITIES, INC.
The securities represented by this certificate are subject to restrictions on transfer for the purpose of the Corporation’s maintenance of its status as a real estate investment trust under the Internal Revenue Code of 1986, as amended.  Except as otherwise provided pursuant to the charter of the Corporation, no Person may Beneficially Own shares of Common Stock and/or Preferred Stock in excess of nine and eight-tenths percent (9.8%) (or such greater percentage as may be determined by the Board of Directors of the Corporation) of the number or value of the outstanding Equity Stock of the Corporation (unless such Person is an Exempt Holder).  Any Person who attempts or proposes to Beneficially Own shares of Common Stock and/or Preferred Stock in excess of the above limitations must notify the Corporation in writing at least fifteen (15) days prior to such proposed or attempted Transfer.  All capitalized terms in this legend have the meanings defined in the charter of the Corporation, a copy of which, including the restrictions on transfer, will be sent without charge to each stockholder who so requests.  If the restrictions on transfer are violated, the securities represented hereby will be designated and treated as shares of Excess Stock which will be held in trust by the Corporation.  
The Corporation has the authority to issue more than one class of stock.  The Corporation will furnish without charge to any stockholder upon request a full statement of the: (1) designations and any preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications and terms or conditions of redemption, in any, of each class of stock which the Corporation is authorized to issue (including the securities represented by this certificate), (2) relative rights and preferences between shares of each series of preferred stock to the extent they have been set; and (3) authority of the Board of Directors to set relative rights and preferences of any subsequent series of preferred stock.  Inquiries should be made to the Corporation’s secretary at the Corporation’s principal office. 

The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:
	
		
	TEN COM - as tenants in common
TEN ENT - as tenants by the entirety
JT TEN - as joint tenants with right
of survivorship and not as tenants in common
	UNIF GIFT MIN ACT _____________Custodian____________________
                                                   (Cust)                                                       (Minor)
                               Under Uniform Gifts to Minors Act ______________
                                                                                                        (State)
UNIF TRF MIN ACT _____________Custodian (until age ____________)
                                               (Cust)                                       
                     _____________under Uniform Transfers to Minors Act_____
                                 (Minor)                                                                                                (State)

    
Additional abbreviations may also be used though not in the above list.

FOR VALUE RECEIVED, hereby sells, assigns and transfers unto _______________________________________
PLEASE INSERT SOCIAL SECURITY OR OTHER 
IDENTIFYING NUMBER OF ASSIGNEE    ____________________________________
_____________________________________________________________________________________________
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE AND ASSIGNEE)

_____________________________________________________________________________________________

_____________________________________________________________________________________________

_______________________________________________________________________________________ Shares
of the stock represented by the within Certificate, and do hereby irrevocably constitute and appoint

_____________________________________________________________________________________ Attorney
to transfer the said stock on the book of the within named Corporation with full power of substitution in the premises. 

	
		
	

Dated_________________20____________________

Signature: ___________________________________

Signature: ___________________________________
NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

	Signature(s) Guaranteed: Medallion Guarantee Stamp
THE SIGNATURES(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURUANT TO S.E.C. RULE 17Ad-15.Exhibit
10.a

 

EMPLOYMENT
AGREEMENT

This
Employment Agreement (the “Agreement”) is made and entered into on August 28, 2012 (the “Effective Date”),
by and between First Bancorp (the “Company”), and Richard H. Moore (“Employee”).

The Company desires
to employ Employee and Employee desires to accept such employment on the terms set forth below.

In consideration
of the mutual promises set forth below and other good and valuable consideration, the receipt and sufficiency of which the parties
acknowledge, the Company and Employee agree as follows:

1.             EMPLOYMENT.
Employee’s employment shall be subject to the terms and conditions set forth in this Agreement. 

2.             NATURE
OF EMPLOYMENT/DUTIES. Employee shall serve as President and Chief Executive Officer of the Company. He shall report
to the Company’s Board of Directors (the “Board”) and shall have such responsibilities and authority as the Board
may designate from time to time consistent with his title and position.

2.1             Employee
shall perform all duties and exercise all authority in accordance with, and otherwise comply with, all Company policies, procedures,
practices and directions.

2.2             Employee
shall devote substantially all working time, best efforts, knowledge and experience to perform successfully his duties and advance
the Company’s interests. During his employment, Employee shall not engage in any other business activities of any nature
whatsoever for which he receives compensation without the Board’s prior written consent; provided, however, this provision
does not prohibit him from personally owning and trading in stocks, bonds, securities, real estate, commodities or other investment
properties for his own benefit and which do not create actual or potential conflicts of interest with the Company, or from serving
on the boards of directors of other entities as long as such entities do not compete with the Company and such board service furthers
the interests of the Company. Employee must notify the Chairman of the Company’s Board annually of any such board service.

3.             COMPENSATION.

3.1             Base
Salary. Employee’s annual base salary for all services rendered shall be Four Hundred Seventy- Five Thousand and
00/100 Dollars ($475,000.00) (less applicable taxes and withholdings) payable in accordance with the Company’s customary
payroll practices as they may exist from time to time (“Base Salary”). The Employee’s Base Salary may be reviewed
and increased or decreased by the Board, annually at its discretion, in accordance with the Company’s policies, procedures
and practices as they may exist from time to time.

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3.2             Annual
Bonus. Employee shall be eligible for an annual bonus of up to Six Hundred Thousand and 00/100 Dollars ($600,000.00)
(“Annual Bonus”).  The Annual Bonus shall be awarded in accordance with the terms of the Performance Incentive
Plan, attached as Exhibit A. The Annual Bonus shall be provided to Employee provided that Employee is employed by the Company
on the last day of the fiscal year for which the award was earned. The Annual Bonus shall be payable no later than two and one-half
months following the end of the fiscal year for which it was earned.

3.3             Long-Term
Incentive. On the Effective Date, Employee shall be entitled to two performance-based equity awards. The first of these
awards shall be an option to acquire 75,000 shares of the Company’s common stock and shall be subject to the terms and conditions
of the Stock Option Award Agreement attached hereto as Exhibit B. This option shall vest in full if, as of December 31, 2014,
Employee continues to be an employee of the Company and the Company has achieved the target earnings established with respect to
the option, and if those target earnings have not been achieved by that date, no part of the option will vest. The second of these
awards shall be 40,000 shares of restricted stock and shall be subject to the terms and conditions of the Restricted Stock Award
Agreement attached hereto as Exhibit C. The restricted stock shall vest in full if, as of December 31, 2015, Employee
continues to be an employee of the Company and the Company has achieved the target earnings established with respect to the restricted
stock, and if those target earnings have not been achieved by that date, none of the restricted stock will vest.

3.4             Benefits.
Employee may participate in all medical, dental, disability, insurance, 401(k), vacation and other employee benefit plans and programs
which may be made available from time to time to Company employees at Employee’s level; provided, however, that Employee’s
participation is subject to the applicable terms, conditions and eligibility requirements of these plans and programs as they may
exist from time to time. The Company shall reimburse Employee for costs he incurs to participate in the North Carolina State Health
Plan (“State Health Plan”) rather than the Company’s group health plans. All such reimbursements shall be made
no later than March 15 of the year following the year in which Employee incurred the expense. Nothing in this Agreement shall require
the Company to create, continue or refrain from amending, modifying, revising or revoking any of its group plans, programs or benefits
that are offered to employees. Employee acknowledges that the Company, in its sole discretion, may amend, modify, revise or revoke
any such group plans, programs or benefits and any amendments, modifications, revisions and revocations of these plans, programs
and benefits shall apply to Employee. 

3.5             Business
Expenses. Employee shall be reimbursed for reasonable and necessary expenses actually incurred by him in performing services
under this Agreement in accordance with and subject to the terms and conditions of the applicable Company reimbursement policies,
procedures and practices as they may exist from time to time. All such reimbursements shall be made no later than March 15
of the year following the year in which Employee incurred the expense.

3.6             Office
Costs. Employee shall maintain an office in Raleigh, North Carolina and the Company shall be responsible for the costs
of that office.

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3.7             Clawback.
Notwithstanding any other provisions in this Agreement to the contrary, any incentive-based compensation, or any other compensation,
paid to Employee pursuant to this Agreement or any other agreement or arrangement with the Company which is subject to recovery
under any law, government regulation or stock exchange listing requirement, including, but not limited to, the Dodd-Frank Wall
Street Reform and Consumer Protection Act and implementing rules and regulations of that Act, will be subject to such deductions
and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or
any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement). Employee
shall, upon written demand by the Company, promptly repay any such incentive-based compensation or other compensation, or take
such other action as the Company may require for compliance with this Section.

4.             TERM
OF EMPLOYMENT AND TERMINATION. The initial term of this Agreement and Employee’s employment hereunder shall
be the one-year period commencing on the Effective Date and terminating on the first anniversary of the Effective Date (the
“Initial Term”), provided that, on such anniversary of the Effective Date and on each annual anniversary thereafter,
this Agreement shall automatically renew for successive one year periods on the same terms and conditions set forth herein unless:
(a) earlier terminated or amended as provided herein or (b) either party gives the other written notice of non-renewal at least
sixty (60) days prior to the end of the Initial Term or any renewal term of this Agreement. The Initial Term and all applicable
renewals thereof are referred to herein as the “Term.”

4.1             Without
Cause, Upon Notice. Either the Company or Employee may terminate Employee’s employment and this Agreement
without Cause at any time upon giving the other party thirty (30) days written notice.

4.2             For Cause.
The Company may terminate Employee’s employment and this Agreement immediately without
notice at any time for “Cause,” which shall mean the following: (i) Employee’s demonstrated gross negligence
or willful misconduct in the execution of his duties; (ii) Employee’s refusal to comply with the Company’s policies,
procedures, practices or directions, after notice and opportunity to cure within fifteen (15) days after such notice; (iii) Employee’s
commission of an act of dishonesty or moral turpitude; (iv) Employee’s being convicted of a felony; or (v) Employee’s
breach of this Agreement.

4.3             By Death
or Disability. Employee’s employment and this Agreement shall terminate upon Employee’s Disability or
death. For purposes of this Agreement, “Disability” shall mean Employee’s physical or mental inability to perform
substantially all of Employee’s duties, with or without reasonable accommodation, for a period of ninety (90) days, whether
or not consecutive, during any 365-day period, as determined in the Company’s reasonable discretion and in accordance with
any applicable law. The Company shall give Employee written notice of termination for Disability and the termination shall be effective
as of the date specified in such notice.

4.4             Following
a Change in Control, by Employee for Good Reason. Following a Change in Control, as defined herein, Employee may terminate
his employment and this Agreement if he has “Good Reason” to do so.

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For
purposes of this Agreement, “Good Reason” shall mean: (i) a material diminution in Employee’s authority, duties,
or responsibilities from such immediately prior to the Change in Control; (ii) a material change in the geographic location at
which Employee must perform his services under this Agreement; and (iii) any other action or inaction that constitutes a material
breach by the Company of this Agreement. Provided that, in order for Employee to be able to terminate for Good Reason, Employee
must first provide notice to the Company of the condition Employee contends constitutes Good Reason within thirty (30) days of
the initial existence of such condition, and the Company must have thirty (30) days in which to remedy the condition, and further,
if the condition is not remedied, Employee must terminate his employment within thirty (30) days of the end of the Company’s
thirty (30) day remedy period.

4.5           Survival.
Section 6 (Confidential Information, Company Property and Competitive Business Activities) of this Agreement shall survive the
termination of Employee’s employment and/or the termination of this Agreement, regardless of the reasons for such termination.

5.             COMPENSATION
AND BENEFITS UPON TERMINATION.

5.1          By
the Company for Cause or by Employee by Notice of Non-Renewal or Without Cause. If Employee’s employment and this
Agreement are terminated by the Company for Cause or by Employee by notice of non-renewal or pursuant to Section 4.1 (Without
Cause, Upon Notice), then the Company’s obligation to compensate Employee ceases on the effective termination date except
as to amounts of Base Salary earned, but unpaid as of the effective termination date.

5.2          By
the Company Without Cause. If the Company terminates Employee’s employment and this Agreement without Cause, then
the Company shall:

	 	(i) 	pay Employee any earned, but unpaid compensation due as of the effective termination date; and

		(ii)	pay Employee a lump sum amount equal to the greater of his then-current Base
Salary for three (3) months or the then remaining period of the Term (less applicable taxes and withholdings) and shall reimburse
Employee for costs he incurs to continue his participation in the State Health Plan for the period of time equal to the period
of time used to calculate the severance pay. Said lump sum payment shall be made on the date immediately following the date on
which the required release of claims becomes effective. All such reimbursements shall be made no later than March 15 of the year
following the year in which Employee incurred the expense. Said payment and reimbursements are subject to the conditions set forth
in Section 5.5 below.

5.3          By
the Company by Notice of Non-Renewal or for Disability. If the Company terminates Employee’s employment and this
Agreement by notice of non-renewal or for Disability, then the Company shall:

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	 	(i)	pay Employee any earned, but unpaid compensation due as of the effective termination date; and

	 	(ii)	pay Employee a lump sum amount equal to his then-current Base Salary for three (3) months (less
applicable taxes and withholdings). Said lump sum payment shall be made on the date immediately following the date on which
the required release of claims becomes effective. Said payment is subject to the conditions
set forth in Section 5.5 below.

5.4          Following
a Change in Control, by the Company Without Cause or by Notice of Non-Renewal or by Employee for Good Reason. If the Company
terminates Employee’s employment without Cause or by notice of non-renewal or if Employee terminates for Good Reason within
twelve (12) months following a Change in Control (as defined below), then Employee shall be entitled to receive:

		(i)	any earned, but unpaid compensation due as of the effective
termination date; and

		(ii)	a lump sum payment equal to two (2) times his then current
Base Salary (less applicable taxes and withholdings); and, the Company shall continue to reimburse Employee for costs he
incurs to continue his participation in the State Health Plan for twelve (12) months. Said lump sum payment shall be made on the
date immediately following the date on which the required release of claims becomes effective. All such reimbursements shall be
made no later than March 15 of the year following the year in which Employee incurred the expense. Said payment and reimbursements
are subject to the conditions set forth in Section 5.5 below.

For
purposes of this Agreement, a “Change in Control” shall be deemed to have occurred on: 

		(i)	the date on which any “person” or “group”
(as such terms are used in Section 13(d) and 14(d) of the Exchange Act), other than the Company or any entity owned, directly or
indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of the Company’s
common stock, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) of shares representing
more than 40% of the combined voting power of the then-outstanding securities entitled to vote generally in the election of directors
of the Company; or

		(ii)	the date on which (i) the Company merges with any other entity,
(ii) the Company enters into a statutory share exchange with another entity, or (iii) the Company conveys, transfers or leases
all or substantially all of its assets to any person; provided, however, that in the case of subclauses (i) and (ii), a Change
of Control shall not be deemed to have occurred if the shareholders of the Company immediately before such transaction own, directly
or indirectly immediately following such transaction, more than 60% of the combined voting power of the outstanding securities
of the corporation resulting from such transaction in substantially the same proportions as their ownership of securities immediately
before such transaction.

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5.5             Required
Release. The Company’s obligation to provide any payment or reimbursement under Sections 5.2(ii), 5.3(ii), or 5.4(ii),
is conditioned upon Employee’s execution of an enforceable release of all claims and his compliance with Section 6 of this
Agreement. If Employee chooses not to execute such a release or fails to comply with that Section, then the Company’s obligation
to compensate him ceases on the effective termination date except as to amounts due at that time. The release of claims shall be
provided to Employee within seven (7) days of his separation from service and Employee must execute it within the time period specified
in the release (which shall not be longer than forty-five (45) days from the date of receipt). Such release shall not be effective
until any applicable revocation period has expired. Any payments subject to the release, shall be made or commence, as applicable,
within sixty (60) days of Employee’s separation from service with the Company and, if the sixty (60) day period begins in
one taxable year and ends in another taxable year, no payment shall be made until the beginning of the second taxable year.

5.6             Benefits
in lieu of Other Severance. Employee is not entitled to receive any compensation or benefits upon his termination except
as: (i) set forth in this Agreement; (ii) otherwise required by law; or (iii) otherwise required by any employee benefit plan in
which he participates with the following exception. The benefits afforded Employee under this Agreement are in lieu of any severance
benefits to which he otherwise might be entitled pursuant to a severance plan, policy and practice. Nothing in this Agreement,
however, is intended to waive or supplant any death, disability, retirement, 401(k) pension benefits, or group health continuation
rights, if any, to which he may be entitled under employee benefit plans in which he participates.

6.             TRADE
SECRETS, CONFIDENTIAL INFORMATION, COMPANY PROPERTY AND COMPETITIVE BUSINESS ACTIVITIES. Employee acknowledges that:
(i) by virtue of his senior management and key leadership position with the Company, Employee has had and will continue to have
access to Trade Secrets and Confidential Information, as defined below; (ii) the Company has business operations in multiple states
and is engaged in the business of providing financial services and products in retail, commercial, and corporate banking (the “Business”);
and (ii) the provisions set forth in this Confidential Information, Company Property and Competitive Business Activities Section
are reasonably necessary to protect the Company’s legitimate business interests, are reasonable as to time, territory and
scope of activities which are restricted, do not interfere with public policy or public interest and are described with sufficient
accuracy and definiteness to enable him to understand the scope of the restrictions imposed upon him.  

6.1             Trade
Secrets and Confidential Information. Employee acknowledges that: (i) the Company will disclose to him certain Trade Secrets
and Confidential Information; (ii) Trade Secrets and Confidential Information are the sole and exclusive property of the Company
(or a third party providing such information to the Company) and the Company or such third party owns all worldwide rights therein
under patent, copyright, trade secret, confidential information, or other property right; and (iii) the disclosure of Trade Secrets
and Confidential Information to Employee does not confer upon him any license, interest or rights of any kind in or to the Trade
Secrets or Confidential Information.

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6.1.1             Employee
may use the Trade Secrets and Confidential Information only in accordance with applicable Company policies and procedures and solely
for the Company’s benefit while he is employed or otherwise retained by the Company. Except as authorized in the performance
of services for the Company, Employee will hold in confidence and not directly or indirectly, in any form, by any means, or for
any purpose, disclose, reproduce, distribute, transmit, or transfer Trade Secrets or Confidential Information or any portion thereof.
Upon the Company’s request, Employee shall return Trade Secrets and Confidential Information and all related materials.

6.1.2             If
Employee is required to disclose Trade Secrets or Confidential Information pursuant to a court order or other government process
or such disclosure is necessary to comply with applicable law or defend against claims, he shall: (i) notify the Company promptly
before any such disclosure is made; (ii) at the Company’s request and expense take all reasonably necessary steps to defend
against such disclosure, including defending against the enforcement of the court order, other government process or claims; and
(iii) permit the Company to participate with counsel of its choice in any proceeding relating to any such court order, other government
process or claims.

6.1.3             Employee’s
obligations with regard to Trade Secrets shall remain in effect for as long as such information shall remain a trade secret under
applicable law. 

6.1.4             Employee’s
obligations with regard to Confidential Information shall remain in effect while he is employed or otherwise retained by the Company
and for fifteen (15) years thereafter.

6.1.5             As
used in this Agreement, “Trade Secrets” means information of the Company, suppliers, customers, or prospective or customers,
including, but not limited to, data, formulas, patterns, compilations, programs, devices, methods, techniques, processes, financial
data, financial plans, product plans, or lists of actual or potential customers or suppliers, which: (i) derives independent actual
or potential commercial value, from not being generally known to or readily ascertainable through independent development by persons
or entities who can obtain economic value from its disclosure or use; and (ii) is the subject of efforts that are reasonable under
the circumstances to maintain its secrecy.

6.1.6             As
used in this Agreement, “Confidential Information” means information other than Trade Secrets, that is of value to
its owner and is treated as confidential, including, but not limited to, future business plans, marketing campaigns, and information
regarding employees, provided, however, Confidential Information shall not include information which is in the public domain or
becomes public knowledge through no fault of Employee.

6.2             Company
Property. Upon the termination of his employment or upon Company’s earlier request, Employee shall: (i) deliver to
the Company all records, memoranda, data, documents and other property of any description which refer or relate in any way to Trade
Secrets or Confidential Information, including all copies thereof, which are in his possession, custody or control; (ii) deliver
to the Company all Company property (including, but not limited to, keys, credit cards, customer files, contracts, proposals, work
in process, manuals, forms, computer- stored work in process and other computer data, research materials, other items of business
information concerning any Company customer, or Company business or business methods, including all copies thereof) which is in
his possession, custody or control; (iii) bring all such records, files and other materials up to date before returning them; and
(iv) fully cooperate with the Company in winding up his work and transferring that work to other individuals designated by the
Company.

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6.3             Competitive
Business Activities. Employee agrees that during the Term of this Agreement and for a period of time ending on the
date occurring one (1) year after the later of the date his employment terminates and/or this
Agreement terminates (irrespective of the circumstances of such termination) (the
“Non-Competition Period”), Employee will not engage in the following activities:

(a)             on
Employee’s own or another’s behalf, whether as an officer, director, stockholder, partner, associate, owner, employee,
consultant or otherwise:

(i)             compete
with the Company in the Company’s Business;

(ii)             solicit
or do business which is the same, similar to or otherwise in competition with the Company’s Business, from or with persons
or entities: (a) who are customers of the Company; (b) who Employee or someone for whom he was responsible solicited, negotiated,
contracted, serviced or had contact with on the Company’s behalf; or (c) who were customers of the Company at any time during
the last year of Employee’s employment with the Company; or

(iii)             offer
employment to or otherwise solicit for employment any employee or other person who had been employed by the Company during the
last year of Employee’s employment with the Company; 

(b)             be
employed (or otherwise engaged) in (i) a management capacity, (ii) other capacity providing the same or similar services which
Employee provided to the Company, or (iii) any capacity connected with competitive business activities, by any person or entity
that engages in the same, similar or otherwise competitive business as the Company’s Business; or

             (c)             directly
or indirectly take any action, which is materially detrimental, or otherwise intended to be adverse to the Company’s goodwill,
name, business relations, prospects and operations.

6.3.1             The
restrictions set forth in Section 6.3(a)(i) apply to the following geographical areas: (i) within a 60-mile radius of the location
of the Company’s headquarters during Employee’s employment with the Company; (ii) any city, metropolitan area, county,
or state in which Employee’s substantial services were provided, or for which Employee had substantial responsibility, or
in which Employee worked on Company projects, while employed by the Company; (iii) any city, metropolitan area, county, or state
in which the Company is located or does or, during Employee’s employment with Company, did business.

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6.3.2             Notwithstanding
the foregoing, Employee’s ownership, directly or indirectly, of not more than one percent of the issued and outstanding stock
of a corporation the shares of which are regularly traded on a national securities exchange or in the over-the-counter market shall
not violate Section 6.3.

6.4             Remedies.
Employee acknowledges that his failure to abide by the Confidential Information, Company Property or Competitive Business Activities
provisions of this Agreement would cause irreparable harm to the Company for which legal remedies would be inadequate. Therefore,
in addition to any legal or other relief to which the Company may be entitled by virtue of Employee’s failure to abide by
these provisions; the Company may seek legal and equitable relief, including, but not limited to, preliminary and permanent injunctive
relief, for Employee’s actual or threatened failure to abide by these provisions without the necessity of posting any bond,
and Employee will indemnify the Company for all expenses including attorneys’ fees in seeking to enforce these provisions.

6.5             Tolling.
The period during which Employee must refrain from the activities set forth in Sections 6.1 and 6.3 shall be tolled during any
period in which he fails to abide by these provisions.

6.6             Other
Agreements. Nothing in this Agreement shall terminate, revoke or diminish Employee’s obligations or the Company’s
rights and remedies under law or any agreements relating to trade secrets, confidential information, non-competition and intellectual
property which Employee has executed in the past, or may execute in the future or contemporaneously with this Agreement.

7.             EXECUTIVE
REPRESENTATION. Employee represents and warrants that his employment and obligations under this Agreement will not (i)
breach any duty or obligation he owes to another or (ii) violate any law, recognized ethics standard or recognized business custom.

8.             RESIGNATION
OF ALL OTHER POSITIONS. Upon termination of Employee’s employment hereunder, for any reason, Employee shall be deemed
to have resigned from all positions that Employee holds as an officer or member of the Board of Directors of the Company or any
of its affiliates. 

9.             WAIVER
OF BREACH. The Company’s or Employee’s waiver of any breach of a provision of this Agreement shall not waive
any subsequent breach by the other party.

10.             ENTIRE
AGREEMENT. Except as expressly provided in this Agreement, this Agreement: (i) supersedes and cancels all other understandings
and agreements, oral or written, with respect to Employee’s employment with the Company including any prior employment agreement;
(ii) supersedes all other understandings and agreements, oral or written, between the parties with respect to the subject matter
of this Agreement; and (iii) constitutes the sole agreement between the parties with respect to this subject matter. Each party
acknowledges that: (i) no representations, inducements, promises or agreements, oral or written, have been made by any party or
by anyone acting on behalf of any party, which are not embodied in this Agreement; and (ii) no agreement, statement or promise
not contained in this Agreement shall be valid. No change or modification of this Agreement shall be valid or binding upon the
parties unless such change or modification is in writing and is signed by the parties.

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11.             SEVERABILITY.
If a court of competent jurisdiction holds that any provision or sub-part thereof contained in this Agreement is invalid, illegal
or unenforceable, that invalidity, illegality or unenforceability shall not affect any other provision in this Agreement. Additionally,
if any of the provisions, clauses or phrases in Section 6, Trade Secrets, Confidential Information, Company Property and Competitive
Business Activities, are held unenforceable by a court of competent jurisdiction, then the parties desire that such provision,
clause, or phrase be “blue-penciled” or rewritten by the court to the extent necessary to render it enforceable.

12.             PARTIES
BOUND. The terms, provisions, covenants and agreements contained in this Agreement shall apply to, be binding upon and
inure to the benefit of the Company’s successors and assigns. Employee may not assign this Agreement.

13.             REMEDIES.
Employee acknowledges that his breach of this Agreement would cause the Company irreparable harm for which damages would be difficult,
if not impossible, to ascertain and legal remedies would be inadequate. Therefore, in addition to any legal or other relief to
which the Company may be entitled by virtue of the Employee’s breach or threatened breach of this Agreement, the Company
may seek equitable relief, including but not limited to preliminary and injunctive relief, and such other available remedies.             

14.             GOVERNING
LAW. This Agreement and the employment relationship created by it shall be governed by North Carolina law. 

15.             SECTION
409A OF THE INTERNAL REVENUE CODE. 

15.1             Parties’
Intent. The parties intend that the provisions of this Agreement comply with Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”), and the regulations thereunder (collectively, “Section 409A”)
and all provisions of this Agreement shall be construed in a manner consistent with the requirements for avoiding taxes
or penalties under Section 409A. If any provision of this Agreement (or of any award of compensation, including equity compensation
or benefits) would cause Employee to incur any additional tax or interest under Section 409A, the Company shall, upon the
specific request of Employee, use its reasonable business efforts to in good faith reform such provision to comply with Code Section 409A;
provided, that to the maximum extent practicable, the original intent and economic benefit to Employee and the Company of
the applicable provision shall be maintained, and the Company shall have no obligation to make any changes that could create any
additional economic cost or loss of benefit to the Company. The Company shall timely use its reasonable business efforts to amend
any plan or program in which Employee participates to bring it in compliance with Section 409A. Notwithstanding the foregoing,
the Company shall have no liability with regard to any failure to comply with Section 409A so long as it has acted in good faith
with regard to compliance therewith.

    	10

    	 

    

15.2             Separation
from Service. A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement
providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination also
constitutes a “Separation from Service” within the meaning of Section 409A and, for purposes of any such provision
of this Agreement, references to a “termination,” “termination of employment,” “separation from service”
or like terms shall mean “Separation from Service.”

15.3             Separate
Payments. Each installment payment required under this Agreement shall be considered a separate payment for purposes of
Section 409A.

15.4             Delayed
Distribution to Key Employees. If the Company determines in accordance with Sections
409A and 416(i) of the Code and the regulations promulgated thereunder, in the Company’s sole discretion, that the Employee
is a Key Employee of the Company on the date his employment with the Company terminates and that a delay in benefits provided under
this Agreement is necessary to comply with Code Section 409A(A)(2)(B)(i), then any severance payments and any continuation of benefits
or reimbursement of benefit costs provided by this Agreement, and not otherwise exempt from Section 409A, shall be delayed for
a period of six (6) months following the date of termination of the Employee’s employment (the “409A Delay Period”).
In such event, any severance payments and the cost of any continuation of benefits provided under this Agreement that would otherwise
be due and payable to the Employee during the 409A Delay Period shall be paid to the Employee in a lump sum cash amount in the
month following the end of the 409A Delay Period. For purposes of this Agreement, “Key Employee” shall mean an employee
who, on an Identification Date (“Identification Date” shall mean each December 31) is a key employee as defined in
Section 416(i) of the Code without regard to paragraph (5) thereof. If the Employee is identified as a Key Employee on an
Identification Date, then Employee shall be considered a Key Employee for purposes of this Agreement during the period beginning
on the first April 1 following the Identification Date and ending on the following March 31.

16.             Counterparts.
This Agreement may be executed in counterparts, each of which shall be an original, with the same effect as if the signatures
affixed thereto were upon the same instrument.

 

 

 

[Signature Page Follows]

    	11

    	 

    

IN
WITNESS WHEREOF, the parties have entered into this Agreement on the day and year first written above.

 

	EMPLOYEE
	 
	 
	 
	 
	BY:/s/  Richard H. Moore
	Richard H. Moore
	 
	 
	 
	 
	 
	First Bancorp
	 
	BY:/s/  Anna G. Hollers
	 
	Title: EVP, Secretary, and Chief Operating Officer 

 

 

 

    	12

    	 

    

EXHIBIT A

FIRST BANCORP

PERFORMANCE INCENTIVE PLAN

 

THIS PERFORMANCE INCENTIVE
PLAN (the “PIP”) establishes the terms of the annual bonus opportunity set forth in the employment agreement by
and between Richard H. Moore (the “Participant”) and First Bancorp (the “Company”) effective as of September
4, 2012 (the “Employment Agreement”). The PIP provides for the grant of an incentive award opportunity under and subject
to the terms of the Company’s 2007 Equity Plan (the “2007 Plan”). Capitalized terms not otherwise defined herein
shall have the meanings ascribed to them in the 2007 Plan.

 

1.              Annual Bonus
Opportunity; Determination of Annual Bonus. Each year, the Participant will have the opportunity to earn an annual bonus
of up to Six Hundred Thousand Dollars ($600,000). The amount payable will be determined based on performance against the Company’s
performance goal with respect to modified earnings per share established by the Committee for the applicable performance year (the
“EPS Goal”) and the following scale:

 

	Performance	Award
	Threshold  	$150,000
	Target   	$300,000
	Maximum 	$600,000

 

The amount payable where performance is greater
than Threshold but less than Target or greater than Target but less than Maximum shall be determined on the basis of straight line
interpolation between points. Payment of the amount determined to be payable (the “Annual Bonus”) is conditioned on
(i) the Participant’s continued employment with the Company through December 31 of the performance year, as described in
Section 6 below, and (ii) First Bank’s having achieved a satisfactory regulatory review as of such date as determined by
the Board.

 

2.             Form of Payment.
The Annual Bonus shall be paid 50% in cash and 50% in Restricted Stock. The number of shares of Restricted Stock deliverable shall
be determined by dividing (x) by (y) where (x) is 50% of the Annual Bonus and (y) is the closing price of a share of Company Stock
as reported on the NASDAQ on the trading day immediately preceding the date of grant, rounded down to the nearest whole number.
The Restricted Stock shall be granted on the Company’s usual form of Restricted Stock Award Agreement and vest in thirds
over three years with one-third vesting on each of the first, second and third anniversaries of December 31 of the performance
year; provided, however, that in the event of a Change in Control, any unvested Restricted Stock granted pursuant to this PIP shall
immediately vest in full.

 

3.             Latest Payment
Date; Tax Withholding. All Annual Bonus payments, if any, shall be made not later than March 15 of the calendar year
following the performance year. The minimum tax withholding amount with respect to the cash and Restricted Stock portions of the
Annual Bonus shall be withheld from the cash portion of such payment.

 

    	13

    	 

    

4.              Administration;
Nature of Awards. The PIP shall be administered by the Committee as described in the 2007 Plan. The Committee may in its
discretion consult with outside advisors or internal Company resources for purposes of making any determinations in connection
with its administration of the PIP. The bonus opportunities hereunder are intended to qualify as Performance Unit Awards under
the 2007 Plan. The PIP is unfunded and any cash payments by the Company hereunder shall be made from the general assets of the
Company.

 

5.               Intent
with Respect to Section 162(m). The annual bonus opportunity is intended to qualify for the performance-based compensation
exception under Section 162(m) of the Code.

 

6.               Termination
of Employment. No Annual Bonus shall be payable to or in respect of a Participant, except as the Committee shall otherwise
expressly determine, unless the Participant is employed by the Company on December 31 of the performance year.

 

7.               Availability
of Common Stock. If, when an Annual Bonus becomes payable in respect of any performance year, the number of shares of
Common Stock needed to grant any Restricted Stock exceeds the number of shares then available under the 2007 Plan, the Company
will pay out the value of any Restricted Stock in excess of the number available in cash and determine the cash amount by reversing
the calculation under Section 2 above used to determine the number of shares of Restricted Stock deliverable.

 

8.               Clawback.
If the participant receives an Annual Bonus payment under the PIP based on financial statements that are subsequently required
to be restated in a way that would decrease the amount to which the Participant was entitled, the Participant will refund to the
Company the difference between what the Participant received and what the Participant should have received; provided that no refund
will be required for Annual Bonus payments made more than three years prior to the date on which the Company is required to prepare
the applicable restatement. The value of any difference to be refunded will be determined in a manner consistent with regulations
the Securities and Exchange Commission may adopt pursuant to Section 945 of the Dodd-Frank Wall Street Reform and Consumer
Protection Act.

 

9.               Amendment.
The PIP, including the EPS Goal once established by the Committee for a given performance year, may be amended by the Company
only with the written consent of the Participant.

 

10.             409A. This PIP shall be construed and administered consistent with the intent that it at all times be in compliance
with or exempt from the requirements of Section 409A of the Code and the regulations promulgated thereunder.

 

 

    	14

    	 

    

The Company hereby certifies that the PIP was adopted effective
as of September 4, 2012.

	
         

        FIRST BANCORP

         

         

         

	
        By: /s/ Anna G. Hollers

        Its: EVP, Secretary, and Chief Operating Officer

 

    	15

    	 

    

EXHIBIT B

FIRST BANCORP

2007 EQUITY PLAN

 

STOCK OPTION AWARD AGREEMENT

 

 

THIS STOCK OPTION AWARD AGREEMENT (this
“Agreement”) is made by and between Richard H. Moore (the “Participant”) and First Bancorp (the “Company”),
effective as of August 28, 2012 (the “Grant Date”).

 

WHEREAS, the Participant has entered
into an employment agreement, executed and effective as of the date hereof, by and between the Participant and the Company (the
“Employment Agreement”); and

 

WHEREAS, in accordance with the terms
of the Employment Agreement, the Compensation Committee of the Company’s Board of Directors (the “Committee”)
desires to award a nonqualified stock option to the Participant pursuant to the First Bancorp 2007 Equity Plan (the “Plan”).

 

NOW, THEREFORE, in consideration
of the premises and mutual covenants contained herein, and for other good and valuable consideration, the parties agree as follows:

 

1.               Grant
of Option. Pursuant to the Plan, the Company hereby grants to the Participant, as of the
Grant Date, an option (the “Option”) to purchase all or any part of an aggregate of 75,000 shares of the Company’s
Common Stock (the “Option Shares”), subject to, and in accordance with, the terms and conditions set forth in this
Agreement and the Plan. The exercise price per Option Share (the “Exercise Price”) is $9.76, the Fair Market Value
of a share of the Company’s Common Stock on the Grant Date. The Option and this Agreement are subject to all of the terms
and conditions of the Plan, which terms and conditions are hereby incorporated by reference, and, except as otherwise expressly
set forth herein, the capitalized terms used in this Agreement shall have the same definitions as set forth in the Plan. The Option
is not intended to constitute an “incentive stock option” as that term is used in Section 422 of the Internal Revenue
Code, as amended.

 

2.               Term. Subject to earlier termination as hereinafter provided, the term of
the Option shall be ten (10) years (the “Term”).

 

3.               Vesting. Subject to earlier vesting or termination as hereinafter provided,
the Option shall become fully vested and exercisable with respect to all the Option Shares on December 31, 2014 (the “Vesting
Date”) if, as of such date, the Company’s performance goal with respect to modified earnings per share as established
by the Committee on the date hereof for such date (the “EPS Goal”) has been met. If these requirements are not met
as of the Vesting Date, the Option will terminate.

 

    	16

    	 

    

4.               Change
in Control. Subject to Section 5 below, in the event of a Change in Control, the Committee
may accelerate the vesting of the Option in its discretion, except that if the Participant terminates for Good Reason within twelve
(12) months following a Change in Control, the Option shall vest in full. For this purpose, “Good Reason” shall have
the meaning set forth in the Employment Agreement (as in effect on the date hereof) and the Participant shall have given the Company
thirty (30) days notice of the condition the Participant contends constitutes Good Reason and thirty (30) days in which to remedy
the condition.

 

5.               Termination
of Employment. If the Participant’s employment is terminated by the Company without
Cause or as a result of the Participant’s death or Disability, then the Option shall vest in full. Except as set forth in
Section 4 above, if the Participant resigns or ceases to be employed by the Company for any other reason, then to the extent not
previously vested, the Option shall terminate. For purposes of this Agreement, “Cause” shall have the meaning set
forth in the Employment Agreement (as in effect on the date hereof).

 

6.                Termination of Option. In no case will the vested Option be exercised by
anyone after the first to occur of the following events:

(a)               The expiration of the Term of the Option;

(b)              The date that is three (3) months after the date of termination of the Participant’s employment for any reason other than
death, Disability or Cause; 

(c)               The date that is one year after the date of the Participant’s termination as a result of death (during which period the Option
may be exercised by the Participant’s Personal Representative) or Disability; or 

(d)               The date the Company terminates the Participant’s employment for Cause.

 

7.                 Exercise
of Option. Subject to the terms of this Agreement and the Plan, the vested Option may be
exercised in whole or in part by giving written notice to the Chief Financial Officer of the Company at its corporate headquarters.
Such notice shall specify the number of Option Shares that the Participant elects to purchase and shall be accompanied by payment
of the Exercise Price for the Option Shares indicated by the Participant’s election. Payment shall be by cash or by check
payable as directed by the Company, except as may otherwise be permitted in accordance with such rules and procedures, if any,
as established by the Committee for such purpose from time to time. The Option shall not be exercisable if and to the extent the
Company determines that such exercise would violate applicable state or federal securities laws or the rules and regulations of
any securities exchange on which the Company’s common stock is traded. If the Company makes such a determination, it shall
use all reasonable efforts to obtain compliance with such laws, rules and regulations. In making any determination hereunder,
the Company may rely on the opinion of counsel for the Company.

 

    	17

    	 

    

8.                 No
Rights as Shareholder. The Participant shall not have any rights of a shareholder with respect
to the Option Shares until a stock certificate has been duly issued following exercise of the Option as provided herein.

 

9.                 Nontransferability.
Except as otherwise approved by the Committee, the Option granted pursuant to this Agreement
is not transferable other than by will, the laws of descent and distribution or a qualified domestic relations order.

 

10.              Beneficiary Designation. Each Participant may name a beneficiary or beneficiaries
to receive or exercise the vested Option at the Participant’s death. Unless otherwise provided in the beneficiary designation,
each designation will revoke all prior designations made by the same Participant, must be made on a form prescribed by the Committee,
and will be effective only when filed in writing with the Committee. If a Participant has not made an effective beneficiary designation,
the deceased Participant’s beneficiary will be the Participant’s surviving spouse or, if none, the deceased Participant’s
estate. The identity of a Participant’s designated beneficiary will be based only on the information included in the latest
beneficiary designation form completed by the Participant and will not be inferred from any other evidence.

 

11.              Administration.
The authority to manage and control the operation and administration of this Agreement shall
be vested in the Committee, which shall have all powers with respect to this Agreement as it has with respect to the Plan (to
the fullest extent permitted by the Plan). Any interpretation of the Agreement by the Committee and any decision made by it with
respect to the Agreement is final and binding on all persons. If and to the extent of a conflict between this Agreement and the
terms of the Plan, the terms of this Agreement will govern.

 

12.             
No Right to Employment. The granting of the Option shall not be deemed (a)
to create any obligation on the part of the Company or any Subsidiary to retain the Participant in the employ of, or continue the
provision of services to, the Company or any Subsidiary, or (b) to be evidence of any agreement or understanding, express or implied,
that the Participant has a right to continue as an employee for any period of time or at any particular rate of compensation.

 

13.             
Tax Withholding. The Company shall have the power and the right to deduct
or withhold, or require a Participant to remit to the Company, the minimum statutory amount to satisfy federal, state and local
taxes required by law or regulation to be withheld with respect to any taxable event arising as a result of the exercise of the
Option. With respect to withholding required upon any taxable event arising as a result of the exercise of the Option, the Participant
may elect, subject to the approval of the Committee, to satisfy the withholding requirement, in whole or in part, by having the
Company withhold shares of Company Stock having a Fair Market Value on the date the tax is to be determined equal to the minimum
statutory total tax that could be imposed on the transaction. All such elections shall be irrevocable, made in writing and signed
by the Participant, and shall be subject to any restrictions or limitations that the Committee, in its sole discretion, deems appropriate.

 

14.             
Notices. Any written notices provided for in this Agreement or the Plan
shall be in writing and shall be deemed sufficiently given if either hand delivered or if sent by fax or overnight courier, or
by postage paid first-class mail. Notices sent by mail shall be deemed received three business days after mailing but in no event
later than the date of actual receipt. Notices shall be directed, if to the Participant, at the Participant’s address indicated
by the Company’s records, or if to the Company, at the Company’s corporate headquarters.

    	18

    	 

    

 

15.             
Amendment. This Agreement may be amended only by mutual written agreement
of the parties. 

 

16.             
Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of North Carolina.

 

17.             
Severability.  The provisions of this Agreement are severable
and if any one or more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part, the remaining
provisions shall nevertheless be binding and enforceable.

 

18.             
Counterparts; Further Instruments. This Agreement may be executed in two
or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
The parties hereto agree to execute such further instruments and to take such further action as may be reasonably necessary to
carry out the purposes and intent of this Agreement.

 

IN WITNESS WHEREOF, the Participant has
executed this Agreement, and the Company has caused this Agreement to be executed in its name and on its behalf, effective as of
the Grant Date.

 

	PARTICIPANT
	
         

         

        BY:/s/ Richard H. Moore

        Richard H. Moore

	 
	
         

        FIRST BANCORP

         

         

         

	
        BY:/s/ Anna G. Hollers

        Its: EVP, Secretary, and Chief Operating Officer

 

 

    	19

    	 

    

EXHIBIT C

FIRST BANCORP

2007 EQUITY PLAN

 

RESTRICTED STOCK AWARD AGREEMENT

 

 

THIS RESTRICTED STOCK AWARD AGREEMENT
(this “Agreement”) is made by and between Richard H. Moore (the “Participant”) and First Bancorp (the “Company”),
effective as of August 28, 2012 (the “Grant Date”).

 

WHEREAS, the Participant has entered
into an employment agreement, executed and effective as of the date hereof, by and between the Participant and the Company (the
“Employment Agreement”); and

 

WHEREAS, in accordance with the terms
of the Employment Agreement, the Compensation Committee of the Company’s Board of Directors (the “Committee”)
desires to award a nonqualified stock option to the Participant.

 

NOW, THEREFORE, in consideration
of the premises and mutual covenants contained herein, and for other good and valuable consideration, the parties agree as follows

 

1.                 
Grant of Restricted Stock Award.  Pursuant to the Plan, the Company
hereby grants to the Participant, as of the Grant Date, a Restricted Stock Award (the “Award”) for 40,000 shares of
the Company’s Company Stock (the “Shares”), subject to, and in accordance with, the terms and conditions set
forth in this Agreement and the Plan.  The Award and this Agreement are subject to all of the terms and conditions of
the Plan, which terms and conditions are hereby incorporated by reference, and, except as otherwise expressly set forth herein,
the capitalized terms used in this Agreement shall have the same definitions as set forth in the Plan.

 

2.                 
Restriction Period. Subject to earlier vesting or termination as hereinafter
provided, the Award shall become fully vested on December 31, 2015 (the “Vesting Date”) if, as of such date, the Company’s
performance goal with respect to modified earnings per share as established by the Committee on the date hereof for such date (the
“EPS Goal”) has been met. If these requirements are not met as of the Vesting Date, the Option will terminate. If these
requirements are not met as of the Vesting Date, the Award will terminate.

 

3.                 
Change in Control. Subject to Section 4 below, in the event of a Change
in Control, the Committee may accelerate the vesting of the Award in its discretion, except that if the Participant terminates
for Good Reason within twelve (12) months following a Change in Control, the Award shall vest in full. For this purpose, “Good
Reason” shall have the meaning set forth in the Employment Agreement (as in effect on the date hereof) and the Participant
shall have given the Company thirty (30) days notice of the condition the Participant contends constitutes Good Reason and thirty
(30) days in which to remedy the condition.

    	20

    	 

    

 

4.               Termination
of Employment. If the Participant’s employment is terminated by the Company without
Cause or as a result of the Participant’s death or Disability then the Award shall vest in full. Except as set forth in
Section 3 above, if the Participant resigns or ceases to be employed by the Company for any other reason, then to the extent not
previously vested, the Award shall terminate. For purposes of this Agreement, “Cause” shall have the meaning set forth
in the Employment Agreement (as in effect on the date hereof).

 

5.               Settlement of Award.  The Award shall be payable in whole
shares of Company Stock upon vesting.

 

6.               Nontransferability
of Award and Shares.  The Award shall not be transferable (including by sale,
assignment, pledge or hypothecation) other than by will, the laws of descent and distribution or a qualified domestic relations
order. The designation of a beneficiary does not constitute a transfer. The Participant shall not sell, transfer, assign, pledge
or otherwise encumber the Shares subject to the Award until the Restriction Period has expired and all conditions to vesting and
transfer have been met.

 

7.               Beneficiary Designation.  Each Participant may name a beneficiary
or beneficiaries to receive any vested Award that is unpaid at the Participant’s death.  Unless otherwise provided
in the beneficiary designation, each designation will revoke all prior designations made by the same Participant, must be made
on a form prescribed by the Committee and will be effective only when filed in writing with the Committee.  If a Participant
has not made an effective beneficiary designation, the deceased Participant’s beneficiary will be the Participant’s
surviving spouse or, if none, the deceased Participant’s estate.  The identity of a Participant’s designated
beneficiary will be based only on the information included in the latest beneficiary designation form completed by the Participant
and will not be inferred from any other evidence.  

 

8.               Administration.  The
authority to manage and control the operation and administration of this Agreement shall be vested in the Committee, which shall
have all powers with respect to this Agreement as it has with respect to the Plan (to the fullest extent permitted by the Plan).  Any
interpretation of the Agreement by the Committee and any decision made by it with respect to the Agreement is final and binding
on all persons. If and to the extent of a conflict between this Agreement and the terms of the Plan, the terms of the Plan will
govern.

 

9.               No
Right to Employment.  The granting of any Award pursuant to this Agreement shall
not be deemed (a) to create any obligation on the part of the Company or any Subsidiary to retain the Participant in the employ
of, or continue the provision of services to, the Company or any Subsidiary, or (b) to be evidence of any agreement or understanding,
express or implied, that the Participant has a right to continue as an employee for any period of time or at any particular rate
of compensation.

 

10.             Certificates for Shares; Rights as Shareholder.  The Shares underlying
the Award will be represented in a book entry account in the name of the Participant. The Participant shall be entitled to receive
dividends during the Restriction Period and shall have the right to vote such Shares and shall have all other Shareholder rights,
with the exception that (i) unless otherwise provided by the Committee, if any dividends are paid with respect to the Shares in
shares of Company Stock, those shares will be subject to the same restrictions as the Shares, (ii) the Participant will not be
entitled to delivery of any stock certificate evidencing the Shares underlying the Award during the Restriction Period, (iii) the
Company will retain custody of the Shares underlying the Award during the Restriction Period, and (iv) a breach of a restriction
or a breach of the terms and conditions of this Agreement or the Plan will cause a forfeiture of the Award.

    	21

    	 

    

 

11.             Tax Withholding. The Company shall have the power and the right to deduct
or withhold, or require a Participant to remit to the Company, the minimum statutory amount to satisfy federal, state and local
taxes required by law or regulation to be withheld with respect to any taxable event arising as a result of the grant of the Award
and delivery of the Shares. With respect to withholding required upon any taxable event arising as a result of an Award granted
hereunder, a Participant may elect, subject to the approval of the Committee, to satisfy the withholding requirement, in whole
or in part, by having the Company withhold shares of Company Stock having a Fair Market Value on the date the tax is to be determined
equal to the minimum statutory total tax that could be imposed on the transaction. All such elections shall be irrevocable, made
in writing and signed by the Participant, and shall be subject to any restrictions or limitations that the Committee, in its sole
discretion, deems appropriate.

 

12.             Notices.  Any written notices provided for in this Agreement or
the Plan shall be in writing and shall be deemed sufficiently given if either hand delivered or if sent by fax or overnight courier,
or by postage paid first-class mail.  Notices sent by mail shall be deemed received three business days after mailing
but in no event later than the date of actual receipt.  Notices shall be directed, if to the Participant, at the Participant’s
address indicated by the Company’s records, or if to the Company, at the Company’s corporate headquarters.

 

13.             Amendment.  This Agreement may be amended only by mutual written
agreement of the parties. 

 

14.             Governing Law.  This Agreement shall be governed by and construed
in accordance with the laws of the State of North Carolina.

 

15.             Severability.  The provisions of this Agreement are severable
and if any one or more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part, the remaining
provisions shall nevertheless be binding and enforceable.

 

16.             Counterparts; Further Instruments. This Agreement may be executed in two
or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
The parties hereto agree to execute such further instruments and to take such further action as may be reasonably necessary to
carry out the purposes and intent of this Agreement.

    	22

    	 

    

 

 

IN WITNESS WHEREOF, the Participant has
executed this Agreement, and the Company has caused this Agreement to be executed in its name and on its behalf, effective as of
the Grant Date.

 

	PARTICIPANT
	
         

         

         

        BY:/s/ Richard H. Moore

        Richard H. Moore

	 
	
         

        FIRST BANCORP

         

         

         

	
        BY:/s/ Anna G. Hollers

        Its: EVP, Secretary, and Chief Operating Officer

 

 

    	23

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