Exhibit 10.f Pages 136-146
1994 STOCK OPTION PLAN
1. Purpose of Plan. This 1994 Stock Option Plan (the "Plan") is intended to increase the incentive for participants
to contribute to the success of First Bancorp ("Bancorp") and its subsidiaries and to reward them for their
contribution to that success.
2. Shares Subject to Plan. The options granted under this Plan will be options to acquire shares of Bancorp's
common stock, no par value ("common stock"). The maximum number of shares that may be issued pursuant to
this Plan is 370,000.
3. Administration of Plan. The Compensation Committee (the "Committee") of Bancorp's Board of Directors will
administer the Plan. Except to the extent permitted under Rule 16b-3 promulgated under the Securities Exchange
Act of 1934 with respect to options granted pursuant to Section 5 below, during the year prior to
commencement of service on the Committee, the Committee members will not have participated in or received
securities under, and while serving and for one year after serving on the Committee, such members shall not
receive securities under or be eligible for selection as persons to whom shares may be transferred or to whom
stock options may be granted under, the Plan or any other discretionary plan of Bancorp (or an affiliate of
Bancorp) under which participants are entitled to acquire shares, stock options or stock appreciation rights of
Bancorp (or an affiliate of Bancorp).
The Committee, in addition to any other powers granted to it hereunder, shall have the powers, subject to the
express provisions of the Plan:
(a) in its discretion, to determine the Employees (defined in
Section 4(a) hereof) to receive options, the times when options shall be granted, the times when options may be
exercised, the number of shares to be subject to each option, the exercise price of each option, and any
restrictions on the transfer or ownership of shares purchased pursuant to an option;
(b) to prescribe, amend and repeal rules and regulatio