First Bancorp Non-Employee Director Compensation Description (Effective January 1, 2013)
This document outlines the compensation for non-employee directors of First Bancorp. Each director receives a base annual fee of $21,000, with additional payments for chairing the Company, First Bank, or the Audit Committee. Non-employee directors also receive an annual grant of company stock valued at about $16,100 and are reimbursed for expenses related to attending educational conferences. The compensation plan is effective as of January 1, 2013.
Exhibit 10.p
Description of Director Compensation pursuant to
Item 601(b)(10)(iii)(A) of Regulation S-K
The following is a description of Directors Compensation for First Bancorp (the “Company”), effective as of January 1, 2013.
Each non-employee director earns a base director fee of $21,000 per year. In addition to the base fee, the chairman of the Company is paid $6,000 annually, the chairman of First Bank is paid $6,000 annually, the chairman of the Audit Committee is paid $4,000 annually, and all other Audit Committee members are paid $1,000 annually,
Non-employee directors of the Company also participate in the Company’s equity plan. In June of each year, each non-employee director of the Company is expected to receive a grant of shares of common stock with a value of approximately $16,100.
Directors are also entitled to reimbursement of costs and expenses incurred in connection with attending bank educational conferences.
