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FBNC > SEC Filings for FBNC > Form 8-K on 1-Aug-2014All Recent SEC Filings

Show all filings for FIRST BANCORP /NC/



Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02 - Departure of Directors or Principal Officers; Election of Directors; Election of Principal Officers; Compensatory Arrangements of Certain Officers

(e) On July 29, 2014, the Compensation Committee of First Bancorp (the "Registrant") approved changes to the terms of its annual incentive plan (the "AIP"). The AIP is a performance-based incentive plan that includes specified employees of the Registrant, including each of its executive officers except for its Chief Executive Officer, who has a separate annual incentive plan. The primary change made to the AIP is to allow for payments earned under the plan to be made in cash, common stock of the Registrant, or a combination of stock and cash. The stock may have vesting conditions. Previously, the AIP only permitted cash payments.

A copy of the restated AIP is included as Exhibit 10(a) to this report.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits. The Registrant's Annual Incentive Plan is filed as Exhibit 10(a) to this report.

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