---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-25-019487"
form_type: "8-K/A"
ticker: "FBP"
cik: "0001057706"
company_name: "FIRST BANCORP /PR/"
filed_at: "2025-05-16T23:59:59+00:00"
generated_at: "2026-05-21T02:46:28.773835+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.3
calibrated_materiality_score: 0.3
confidence: "high"
source: SEC EDGAR
---

# First BanCorp discloses terms of consulting agreement with former EVP Pancham

## Summary
- Hourly fee of $250; minimum 20 hours/month, maximum 40 hours/month without prior approval.
- Agreement term from May 16, 2025 through December 31, 2025; renewable by mutual agreement.
- Consulting services focus on mortgage, insurance, and FirstBank Puerto Rico's Virgin Islands operations.
- Non-compete and non-solicitation covenants apply for 12 months after termination of the agreement.
- This amendment to the prior 8-K on Pancham's retirement provides the consulting terms not previously disclosed.

## SEC filing metadata
- accession: 0001140361-25-019487
- form_type: 8-K/A
- ticker: FBP
- cik: 0001057706
- company_name: FIRST BANCORP /PR/
- filed_at: 2025-05-16T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.3
- calibrated_materiality_score: 0.3
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1057706/000114036125019487/0001140361-25-019487-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1057706/000114036125019487/ef20049204_8ka.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-25-019487
- JSON: https://secwatch.observer/filing/0001140361-25-019487.json
- Plain text: https://secwatch.observer/filing/0001140361-25-019487.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.