First Bancorp 8-K, filed Mar 30, 2022
First Bancorp (FBP)
8-K
2022-03-30
For: 2022-03-24
View Original
Added on
April 07, 2026
About this 8-K
First Bancorp filed this 8-K on March 30, 2022, reporting on events of March 24, 2022.
Items reported
- Item 5.02: Director or officer change, or executive pay
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 24, 2022
(Exact name of registrant as specified in its charter)
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(State or Other Jurisdiction
of Incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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(Address of Principal Executive Offices)
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(Zip Code)
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(787 ) 729-8200
Registrant’s Telephone Number, Including Area Code:
Not applicable
(Former Name or Former Address, if Changed Since Last Report):
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions:
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Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading
Symbol(s)
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Name of each exchange on which registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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5.02 (e) Compensatory Arrangements of Certain Officers
On March 24, 2022, the Board of Directors (the “Board”) of First BanCorp. (the “Corporation”), as part of its annual competitive review of
executive compensation, and with guidance from its independent compensation consultant, Pearl Meyer & Partners LLC, approved the following compensation adjustments for certain of the Corporation’s Named Executive Officers (“NEOs”). Except for
the adjustments to compensation discussed below, there were no changes to the terms and conditions of the short-term annual cash incentive and long-term equity incentive, as well as all other components of compensation under the Corporation’s
compensation plans and programs which are as set forth on the Corporation’s 2021 Annual Proxy Statement.
Changes to base salary for certain NEOs
The Board approved an increase in the annual base salary for the following NEOs, effective April 1, 2022:
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Aurelio Alemán, Chief Executive Officer (“CEO”) of the Corporation, increase to $1,000,000;
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Nayda Rivera, Chief Risk Officer (“CRO”) of the Corporation, increase to $500,000.
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Changes to Short-Term Incentive Opportunities for certain NEOs
The Board approved an adjustment to the target opportunity under the
short-term incentive program for Aurelio Alemán, CEO, to 100% of base salary, effective for the annual cash incentive to be paid in 2023 related to 2022 performance.
Changes to Long-Term Incentive Opportunities for certain NEOs
The Board approved adjustments to the target opportunity under the long-term incentive program for the following NEOs, effective March 24, 2022 :
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Aurelio Alemán, CEO, an incentive opportunity as a percentage of base salary of 145%;
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Orlando Berges, Chief Financial Officer of the Corporation, an incentive opportunity as a percentage of base salary of 70%; and
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Nayda Rivera, CRO, an incentive opportunity as a percentage of base salary of 70%.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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FIRST BANCORP.
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Date: March 30, 2022
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/s/ Sara Alvarez
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Sara Alvarez
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EVP and General Counsel
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