secwatch.observer — SEC 8-K summary
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Issuer:     FIRST BANCORP /PR/ (FBP)
CIK:        0001057706
Form:       8-K
Filed at:   2024-03-27T23:59:59+00:00
Accession:  0001140361-24-015405
Event type: other
Sentiment:  neutral
Materiality: 0.30
Item codes: 5.02
LLM model:  deepseek-v4-flash:cloud@v2

First BanCorp increases CEO base salary to $1.08M and CRO to $550K; adjusts incentive targets for CFO and CRO
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- CEO Aurelio Alemán base salary increase from $1.04M to $1.08M, effective April 1, 2024.
- CRO Nayda Rivera base salary increase from $500K to $550K, effective April 1, 2024.
- CFO Orlando Berges short-term incentive target raised from 50% to 60% of base salary.
- CRO Nayda Rivera short-term incentive target raised from 50% to 60% of base salary.
- CEO long-term incentive target increased from 165% to 200% of base salary, effective March 21, 2024.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1057706/000114036124015405/0001140361-24-015405-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1057706/000114036124015405/ef20025235_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-24-015405

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