First BanCorp boosts CEO base salary & revamps incentive metrics for NEOs

FIRST BANCORP /PR/

CEO Aurelio Alemán base salary increased to $1,040,000 from $1,000,000, effective April 1, 2023.
Short-term incentive metrics for NEOs changed to EPS, Pre-Tax Pre-Provision Income, Non-Performing Asset Ratio, and Efficiency Ratio.
CEO short-term target opportunity raised to 115% of base salary; effective for 2023 performance paid in 2024.
Long-term incentive max payout raised to 150% of target; vesting 50% on TSR vs KBW Regional Bank Index and 50% on tangible book value per share goal.
Long-term target opportunities increased: CEO to 165%, CFO to 90%, CRO to 80%, Business Group Executive to 70% of base salary.

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