secwatch.observer — SEC 8-K summary
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Issuer:     FIRST BANCORP /NC/ (FBNC)
CIK:        0000811589
Form:       8-K
Filed at:   2024-05-17T23:59:59+00:00
Accession:  0000811589-24-000039
Event type: leadership
Sentiment:  neutral
Materiality: 0.35
Item codes: 5.02
LLM model:  deepseek-v4-flash:cloud@v2

First Bancorp names Christian Wilson EVP/COO, Brent Hicks EVP/CAO
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- Wilson (age 43) appointed EVP and COO of First Bank; base salary $375,000, initial restricted stock award $150,000.
- Hicks (age 52) appointed EVP and Chief Accounting Officer; base salary $300,000, initial restricted stock $50,000.
- Wilson eligible for Annual Incentive Plan with target bonus up to 30% of base, paid half cash/half stock vesting over 3 years.
- Hicks eligible for target bonus up to 20% of base (cash in 2024, then half cash/half stock vesting 3 years).
- Hicks entered Change in Control Agreement: cash payment equal to base salary if terminated w/o cause within 1 yr of change of control.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/811589/000081158924000039/0000811589-24-000039-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/811589/000081158924000039/fbnc-20240513.htm
  HTML page:      https://secwatch.observer/filing/0000811589-24-000039

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