Description of Director Compensation pursuant to Item 601(b)(10)(iii)(A) of Regulation S-KExecutive Compensation Plan Agreement |
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Exh ib it 10.q
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, 2009.
The chairman of the Company receives a monthly retainer of $900. The chairman of First Bank, a wholly-owned subsidiary of the Company, receives a monthly retainer of $800. The chairman of the Audit Committee receives a monthly retainer of $700. All other directors are paid a monthly retainer of $600. The Company’s directors each receive a fee of $250 for each board meeting they attend. Board meetings are normally held monthly.
Directors who serve on the Audit Committee receive a fee of $350 for each Audit Committee meeting they attend. Directors who serve on the Executive Committee, Nominating and Corporate Governance Committee, or Compensatio |
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