secwatch.observer — SEC 8-K summary
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Issuer:     FIRST BANCORP /PR/ (FBP)
CIK:        0001057706
Form:       8-K/A
Filed at:   2025-05-16T23:59:59+00:00
Accession:  0001140361-25-019487
Event type: leadership
Sentiment:  neutral
Materiality: 0.30
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

First BanCorp discloses terms of consulting agreement with former EVP Pancham
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1057706/000114036125019487/0001140361-25-019487-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1057706/000114036125019487/ef20049204_8ka.htm
  HTML page:      https://secwatch.observer/filing/0001140361-25-019487

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