Form 4: First Bancorp CEO Richard H. Moore Receives Significant Equity Grant Under Long-Term Incentive Plan

First Bancorp's Chief Executive Officer, Richard H. Moore, was granted 13,058 shares of common stock under the company's Long Term Incentive Plan, with vesting scheduled for June 24, 2028.

Summary

• Richard H. Moore, the Chief Executive Officer and a Director of First Bancorp /NC/ (FBNC), acquired 13,058 shares of common stock.
• The transaction occurred on June 24, 2025, with the shares granted under the Company's Long Term Incentive Plan.
• The acquisition price for these shares was $42.12 per share.
• These newly acquired shares are scheduled to vest on June 24, 2028.
• Following this transaction, Richard H. Moore directly holds 138,405.0394 shares of common stock.
• Additionally, Richard H. Moore indirectly holds 14,338.18 shares through a 401(k) Plan.

Sentiment

Score: 7

Explanation: The grant of shares to the CEO under a long-term incentive plan is a positive signal for management alignment with shareholder interests and long-term company performance, representing a standard and expected compensation practice.

Positives

• The grant of 13,058 shares to the CEO aligns management's interests with long-term shareholder value, as the shares vest over a multi-year period.
• The equity award is part of a structured Long Term Incentive Plan, indicating a strategic approach to executive compensation tied to future company performance and retention.

Future Outlook

The grant of shares under a Long Term Incentive Plan suggests the company's strategy to align executive compensation with future performance and long-term shareholder value creation, with the shares vesting in 2028.

Management Comments

• The acquisition of shares by the Chief Executive Officer under the Long Term Incentive Plan demonstrates management's commitment to the company's long-term success and aligns their interests with shareholders.

Industry Context

This type of equity grant to a senior executive is a standard practice in the financial services industry, aiming to incentivize long-term performance and retention. It reflects a common corporate governance strategy to link executive compensation to the company's future stock performance.

Comparison to Industry Standards

• Equity grants to CEOs are a standard component of executive compensation across the banking and financial services sector.
• While specific grant sizes and vesting schedules vary by company size and performance, the structure of this grant under a Long Term Incentive Plan is consistent with practices observed at comparable regional banks and financial institutions, such as Truist Financial Corporation or PNC Financial Services Group, which also utilize performance-based equity awards to align executive incentives with shareholder returns.

Corporate Governance

Stakeholder Impact

• Shareholders: Potential positive impact due to increased alignment of CEO's interests with long-term company performance and shareholder value creation.
• Management: The grant provides a significant long-term incentive for the CEO, tying a portion of their compensation directly to the company's future stock performance.

Next Steps

• The granted shares are scheduled to vest on June 24, 2028, at which point they will become fully owned by the reporting person.

Key Dates

Recommendation

Keywords

First Bancorp, FBNC, Richard H. Moore, SEC Form 4, Insider Transaction, Stock Grant, Long Term Incentive Plan, CEO Compensation, Equity Award, Executive Compensation