secwatch.observer — SEC 8-K summary
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Issuer:     FIRST BANCORP /PR/ (FBP)
CIK:        0001057706
Form:       8-K
Filed at:   2023-03-22T23:59:59+00:00
Accession:  0001140361-23-012850
Event type: other_material
Sentiment:  neutral
Materiality: 0.50
Item codes: 5.02
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1057706/000114036123012850/0001140361-23-012850-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1057706/000114036123012850/brhc10050089_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-23-012850

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer