Document:

EX10.1

    CONSULTING
      AGREEMENT

     

    THIS
      CONSULTING AGREEMENT
      (this
“Agreement”),
      dated
      as of December 4, 2006, is by and between First Bancorp (the
“Company”)
      and
      James H. Garner (“Consultant”).

     

    Background
      Statement

     

    Consultant
      has skills, knowledge and expertise in the banking industry that will benefit
      the Company. The Company desires to engage Consultant to perform certain
      services, and Consultant agrees to provide such services according to the terms
      and conditions set forth hereafter.

     

    Statement
      of Agreement

     

    Now,
      therefore, in consideration of the mutual covenants and benefits flowing between
      the parties, and other good and valuable consideration, the receipt and
      sufficiency of which is hereby acknowledged, the parties agree as
      follows:

     

    1. Term.
      The
      Company hereby contracts with Consultant for a term of one (1) year commencing
      on January 1, 2007, unless terminated sooner pursuant to the provisions of
      Section 8
      hereof.

     

    2. Responsibilities
      of Consultant.
      Consultant shall perform such consulting services as requested from time to
      time
      by the Company’s Chief Executive Officer, including assistance with public
      relations and employee relations activities. Although the Company has the right
      to specify the objectives, general nature and parameters of Consultant’s work,
      Consultant is, and at all times shall be solely responsible for the control
      and
      direction of his services for the Company. Consultant agrees to conduct himself
      in manner consistent with the best interests of the Company, and to perform
      his
      obligations hereunder in a good and workmanlike manner, utilizing his best
      efforts. Consultant shall also serve as Director Emeritus to the Company’s board
      of directors (the “Board”); provided that this designation shall not entitle
      Consultant to any voting rights on matters brought before the Board. Consultant
      shall have observation rights for meetings of the Board only to the extent
      provided from time to time by the Board.

     

    3. Noncompetition.

     

    (a) In
      the
      course of performing services under this Agreement, Consultant will be provided
      with and have access to trade secrets of the Company, including, without
      limitation, knowledge and information of customer lists and other confidential
      information related to the business operations of the Company. Consultant
      acknowledges that such information is highly confidential. Consultant agrees
      that he will not use, divulge, publish or otherwise reveal, either directly
      or
      indirectly, to any person, firm or organization, during and after the term
      of
      this Agreement, any such knowledge or information and shall retain such
      knowledge and information for the sole benefit of the Company and its affiliates
      and successors and assigns.

    (b) Based
      on
      Consultant’s acknowledgement of the confidential nature and unique value to the
      Company of the knowledge and information referred to above, and for the
      valuable

     

    
      
         

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      consideration
        provided herein, Consultant agrees that during the term of this Agreement
        and
        for a period of two (2) years (not including any period(s) of violation or
        period(s) of time required for litigation to enforce the covenants
        herein) after
        any
        expiration or termination of this Agreement, Consultant will not, without
        the
        prior written consent of the Board, (i) either as a principal, agent, manager,
        employee, owner (if the percentage of ownership exceeds two percent (2%)
        of the
        net worth of the business), partner (whether general or limited), director,
        officer, consultant or in any other capacity participate in any business
        that
        competes with the Company or its subsidiaries within fifty (50) miles of
        any
        North Carolina office of the Company or its subsidiaries (the “Territory”),
        such
        determination of the geographic scope of this covenant to be made as of the
        date
        of this Agreement, or (ii) solicit business in competition with the Company
        or
        its subsidiaries, from any customer with whom Consultant had any substantial
        or
        nonincidental contact or communications during the two years prior to
        termination of this Agreement; provided, however, that for the period following
        expiration or termination of this Agreement, Consultant may be employed or
        associated with a business in competition with the Company to the extent
        that
        such employment or association does not involve Consultant (i) working in
        a
        capacity related to the work he did for the Company; or (ii) utilizing any
        contacts or knowledge of trade and business secrets or other confidential
        data
        of the Company. Consultant acknowledges that the restrictive covenants contained
        in this Section are fair and reasonable. The parties intend the restrictions
        on
        competition contained in this paragraph 3 to be completely severable and
        independent, and any invalidity or unenforceability of any one or more such
        restrictions or requirements shall not render invalid or unenforceable any
        one
        or more of the other restrictions or requirements. The Company shall have
        the
        right to limit, unilaterally, the scope of any provision of this paragraph
        3 to
        ensure the enforceability of Consultant’s agreement not to compete with the
        Company.

    

     

    4. Compensation.
      In
      consideration of the services to be performed by Consultant hereunder, the
      Company shall pay to Consultant in cash an annual fee equal to the sum of
      $100,000, payable in arrears in equal monthly installments
      beginning on January 31, 2007.

     

    5. Benefits.
      Consultant shall be entitled, during the term of this Agreement and subject
      to
      the Company’s policies, to prompt reimbursement of out-of-pocket expenses of
      Consultant in connection with his performance of the consulting services
      described herein. In addition, the Company will, during the term of this
      Agreement, provide the following benefits to Consultant: (i) office space
      at the Company’s headquarters; (ii) administrative support at the Company’s
      headquarters; and (iii) expenses related to representation of the Company
      at state and national banking conventions (to the extent representation is
      requested by the Company). Except as specifically provided herein or in separate
      agreements or benefit plans, Consultant shall not be entitled to any fringe
      benefits from the Company, including, without limitation, retirement, life,
      disability and health insurance, and coverage under workers’ compensation and
      unemployment compensation laws.

     

    6. Compliance
      with Laws.
      Consultant acknowledges that the Company will not be withholding any federal,
      state, local or social security taxes and that Consultant is solely responsible
      for the payment of all such taxes. Consultant, as an independent contractor
      of
      the Company, agrees to abide by, and comply with, all federal, state and local
      laws insofar as they relate to the filing of all necessary forms and the
      payments of all amounts relating to any and all withholding amounts and taxes,
      including but not limited to, income taxes, workers’

    
      
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      compensation,
        social security taxes, and/or unemployment compensation. If this independent
        contractor relationship is determined by tax or other legal authorities to
        constitute an employment relationship, (a) Consultant hereby waives, for
        the period prior to the date such determination becomes final, any and all
        claims to coverage under Company pension, profit-sharing, health, dental,
        welfare, or similar type plans that are generally provided to Company employees,
        unless otherwise agreed by the Company in writing; and (b) Consultant
        agrees to indemnify and hold harmless the Company and its affiliates and
        their
        respective employees, officers, managers, employees, directors, equity holders
        and agents from any attorney’s fees, costs, claims, suits, judgments, taxes,
        assessments, penalties, interest and related liabilities arising therefrom.
        Consultant agrees to indemnify, defend and hold harmless the Company and
        its
        affiliates and their respective employees, officers, managers, directors,
        shareholders and agents from and against any and all other liabilities, claims,
        costs, damages, expenses, losses, and attorney’s fees resulting from, or
        attributable to, any act or omission of Consultant related to the performance
        of
        Consultant’s obligations under this Agreement or from any breach of Consultant’s
        obligations under this Agreement. All indemnification obligations set forth
        in
        this Section shall survive any termination of this
        Agreement.

    

     

    7. Independent
      Contractor Status/Further Assurance.
      The
      parties hereto expressly intend that Consultant be an independent contractor
      of
      the Company and not an employee, partner, joint venturer, or agent. Consultant
      shall have no authority in the affairs of the Company, nor any authority to
      bind
      the Company to any form of contract or commitment, whether or not in writing.
      Consultant, upon request of the Company or its legal or tax counsel, agrees
      to
      sign all documents, provide any and all assistance and documentation requested
      (including but not limited to Form 1099, and federal tax returns) that may
      be of
      assistance to the Company or said counsel to dispute or explain any finding
      or
      inquiry regarding the nature of this independent contractor relationship.
      Consultant further appoints the Company, or its legal or tax counsel, as its
      attorney in fact for those purposes, and authorizes the Company or its qualified
      agent to sign and submit IRS Form 2848 or similar forms for those
      purposes.

     

    8. Termination.
      This
      Agreement shall terminate: (i) upon the death of Consultant; (ii) upon
      the Disability (as defined below) of Consultant; or (iii) for cause (as
      defined below), immediately upon notice from the Company to Consultant, or
      at
      such later time as the notice may specify. For purposes of this Agreement,
      “Disability” means the inability of Consultant, for physical or mental reasons,
      to perform Consultant’s duties under this Agreement for 60 consecutive
      days, or an aggregate of 120 days
      during any 12-month period, as determined by a medical doctor selected by the
      Company. For purposes of this Agreement, “Cause” means any of the following as
      determined in the good faith judgment of the Chief Executive Officer of the
      Company: (i) the failure of Consultant satisfactorily to perform his duties
      hereunder, (ii) the commission of a felony or other crime involving
      dishonesty by Consultant or (iii) any breach by Consultant of any material
      provision of this Agreement. In the event of a termination of this Agreement,
      Consultant shall be entitled only to payment for services rendered through
      the
      date of termination, and all benefits provided hereunder shall cease as of
      the
      date of termination.

     

    9. Governing
      Law.
      This
      Agreement shall be construed and governed in accordance with the substantive
      laws of the State of North Carolina without regard to the effect of
      choice-of-law principles.

     

    
      
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    10. Assignment.
      Consultant may not assign this Agreement, or delegate or transfer any
      responsibilities hereunder, to another party without the prior written consent
      of the Company. The Company may assign this Agreement to any of its affiliates
      or subsidiaries without the prior consent of Consultant.

     

    11. Notices.
      All
      notices hereunder shall be by facsimile and delivery by regular mail or
      overnight courier, addressed as follows:

     

    
      	 	
              To
                Company:

            	 	
              First
                Bancorp

            
	 	 	 	
              341
                North Main Street

            
	 	 	 	
              Troy,
                North Carolina 27371

            
	 	 	 	
              Attn:
                Chief Executive Officer

            
	 	 	 	
              Facsimile:
                (910) 576-1070

            
	 	
              To
                Consultant:

            	 	
              James
                H. Garner

            
	 	 	 	
              116
                Garner Britt Drive

            
	 	 	 	
              Robbins,
                North Carolina 27325

            
	 	 	 	
              Facsimile:
                (910) 464-6214

            

    

    

    Any
      party
      may change its address for notice by giving notice thereof to the other party
      in
      accordance with this Section.

     

    12. Entire
      Agreement.
      This
      Agreement represents the entire agreement between the parties concerning the
      subject matter hereof. No addition, alteration or modification hereto and no
      waiver of any of the provisions hereof shall be valid unless made in writing
      and
      executed by both parties. The invalidity or unenforceability of a particular
      provision of this Agreement shall not affect the other provisions hereof, and
      this Agreement shall be construed in all respects as if such invalid or
      unenforceable provisions were omitted.

    
      
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    IN
      WITNESS WHEREOF,
      the
      parties have executed this Agreement as of the date first above
      written.

    

    

    
      	
              COMPANY:

            	
              CONSULTANT:

            
	 	 
	
              FIRST
                BANCORP

            	 
	 	 
	
              By: /s/
                Anna G. Hollers

            	
              /s/
                James H. Garner

            
	
              Name: Anna
                G. Hollers

            	
              James
                H. Garner 

            
	
              Title: Corporate
                Secretary

            	 

    

    
 

     

     

    
      5Ex. 10.35 Amendment No. 3 to Employment Agreement

    
      

    

     

                                                                                                Exhibit
      10.35

     

    
 

    AMENDMENT
      NO. 3 TO EMPLOYMENT AGREEMENT

    

    This
      Amendment dated November 22, 2006 hereby amends the Employment Agreement dated
      November 8, 2004, by and between SpeechSwitch, Inc., a New Jersey corporation,
      f/k/a iVoice Technology 3, Inc., (hereinafter referred to as the "Company"),
      having an office at 750 Highway 34, Matawan, New Jersey 07747 and Bruce Knef,
      having his office at 750 Rt. 34, Matawan, NJ 07747 (hereinafter referred to
      as
      the "Executive").

    

    W
      I T N E S S E T H :

    

    WHEREAS,
      the
      Company and the Executive mutually desire to amend the Employment Agreement;
      and

    

    WHEREAS,
      the
      Employment Agreement dated November 8, 2004 and amended on July 25, 2005
      provided for the Expiration Date to occur on November 7, 2005; and 

    

    WHEREAS,
      the
      Company and the Executive mutually have agreed to extend this Employment
      Agreement for an additional year through November 7, 2007, as well as provide
      an
      increase in the compensation paid to the Executive;

    

    NOW,
      THEREFORE,
      in
      consideration of the premises, the parties agree as follows:

    

    1. The
      Employment Agreement dated November 8, 2004, amended on July 25, 2005 and
      amended on May 11, 2006 shall hereby be amended whereby Section 2 shall be
      amended by replacing the date “November 7, 2005” with the date “November 7,
      2007”.

    

    2. The
      Employment Agreement dated November 8, 2004, amended on July 25, 2005 and
      amended on May 11, 2006 shall hereby be amended whereby a new subparagraph
      5(c)
      shall be added to the Employment Agreement and shall read as
      follows:

    

    5. Compensation

    

    (c) Additional
      Compensation. The Executive shall receive additional compensation totaling
      Fifteen Thousand Dollars ($15,000) annually payable in quarterly disbursements
      of the Company’s Class A Common Stock issued under the 2005 Directors’ and
      Officers’ Stock Incentive Plan (the “Plan”). Shares issuable under the Plan have
      been registered under the Securities Act of 1933, as amended, on Form
      S-8.

    

    3. All
      other
      terms of the Employment Agreement shall remain in full force and
      effect.

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto have executed this Amendment as of the date written
      below.

    

    

    SpeechSwitch,
      Inc.                                             
      Bruce
      Knef

    

    

    By:
      /s/ Jerome Mahoney                                           
      By:
      /s/ Bruce Knef

    

    

    Title:__________________

    

    

    Date:__________________                                    Date:__________________

    
 

     

     

     

     

    2

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