Exhibit 10.e Pages 131-135
SAMPLE OF FIRST BANCORP SENIOR MANAGEMENT
SPLIT-DOLLAR LIFE INSURANCE AGREEMENT
STATE OF NORTH CAROLINA
COUNTY OF MONTGOMERY
SPLIT DOLLAR LIFE INSURANCE AGREEMENT
This Agreement is entered into this ____ day of _____________, 20___, by and between FIRST BANCORP,
(hereinafter called the "Employer"), and ____________, (hereinafter called the "Employee").
WHEREAS, the Employee is a valued Employee of the Employer and the Employer wishes to retain him/her in
its employ; and
WHEREAS, the Employer, as an inducement to such continued employment, wishes to assist the Employee with
his personal life insurance program;
NOW, THEREFORE, the Employer and the Employee agree as follows:
1. Description of the Policy - Policy Ownership.
The Employee has purchased, or will purchase, a certain policy of life insurance on the Employee's life, being
Policy No. ________________ issued by ________________ Life Insurance Company (hereinafter called the
"Insurer") in the face amount of $100,000 (said policy being hereinafter called the "Policy"). The Employee shall
be the sole owner of all rights and incidents of ownership in the Policy and may exercise all ownership rights
granted to the owner by the terms of the Policy, except as otherwise may be provided herein and in the Collateral
Assignment attached hereto and marked Exhibit A.
2. Premium Payments.
After the execution of this Agreement, and during the term of this Agreement, the Employer shall pay each
premium on the Policy as it becomes due.
3. Policy Loans.
The Employee shall have the sole right to obtain loans secured by the Policy. While this Agreement remains in
effect, the Employee agrees that the total of any such loans shall not exceed the amount, if any, by which the cash
value of the Policy exceeds the total unreimbursed payments made by the Employer toward premiums under the
4. Collateral Assignment.
To secure the repayment to the Employer of the premium payments made pursuant to Section 2,