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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
450 Fifth Street NW
Washington, D.C. 29549
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Form 8-K
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PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 26, 2005
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First Bancorp
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(Exact Name of Registrant as Specified in its Charter)
North Carolina 0-15572 56-1421916
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
341 North Main Street, Troy, North
Carolina 27371
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(Address of Principal Executive Offices) (Zip Code)
(910) 576-6171
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(Registrant's telephone number, including area code)
Not Applicable
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(Former Name or Former Address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[_] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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First Bancorp
INDEX
Page
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Item 1.01 - Entry Into a Material Definitive Agreement 3
Item 9.01 - Financial Statements and Exhibits 3
Signatures 4
Exhibit 10 (a) Amendment to Employment Agreement Exhibit
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Item 1.01 - Entry Into a Material Definitive Agreement
On April 26, 2005, the Registrant and James H. Garner entered into an
addendum to the employment agreement between the Registrant and James H. Garner
dated August 17, 1998 that was filed as Exhibit 10(l) to the Registrant's
Quarterly Report on Form 10-Q for the quarter ended September 30, 1998. The
addendum provides for the following - 1) upon Mr. Garner's death, the Registrant
will make a cash payment of $100,000 to his estate or to a designated
beneficiary, and 2) upon Mr. Garner's retirement and for as long as he and his
spouse each shall live, the Registrant will pay an amount equal to Plan J
Medicare supplement payments directly to the Garners or will make Plan J
Medicare supplement payments directly to an insurance company on their behalf.
The above noted summary description of the addendum to the employment agreement
is qualified in its entirety by reference to the Addendum to Employment
Agreement filed as Exhibit 10(a) to this filing.
Based on consultations with the Registrant's third-party actuary, the
immediate pretax accounting expense associated with providing the aforementioned
benefits is approximately $196,000, which the Registrant will record as expense
in the second quarter of 2005.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits. The Addendum to Employment Agreement dated April 26, 2005
between the Registrant and James H. Garner is filed as Exhibit 10(a) to this
report.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
First Bancorp
April 26, 2005 By: /s/ James H. Garner
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James H. Garner
President and Chief Executive Officer
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