FIRST BANCORP /NC/ — Director's Dealing 2010

Mar 24, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FIRST BANCORP /NC/ (FBNC)
CIK: 0000811589
Period of Report: 2010-03-22

Reporting Person: GRIGG DAVID C (PRESIDENT OF SUBSIDIARY)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-03-22	Stock Options (Right to Buy)	$16.53	A	3453	Acquired	2018-06-17	Common Stock (3453)	Direct
2010-03-22	Performance Units	$0	A	1070	Acquired	2011-12-31	Common Stock (1070)	Direct

Footnotes

F1: On June 18, 2008 the reporting person was granted an option to purchase 10,359 shares of common stock. The option vests in three equal installments based on First Bancorp's satisfaction of certain performance criteria for each of the fiscal years ending December 31, 2008, 2009, and 2010. The performance criteria for 2009 were met, resulting in the vesting of the option as to 3,453 shares. The option will not become exercisable unless the reporting person remains employed with First Bancorp and otherwise eligible to exercise options on December 31, 2011.

F2: Each performance unit represents a contingent right to receive one share of First Bancorp common stock. The performance rights vest if the recipient remains employed with the Company and otherwise eligible to receive the shares on December 31, 2011.