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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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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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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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Emerging growth company
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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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Orlando Berges: $300,000
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Donald Kafka: $220,000
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Nayda Rivera: $237,500
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50% is subject to the successful conversion and integration of the Acquired Operations, as determined by the Committee. Completion of the conversion and
integration is expected by the 3rd quarter of 2021, and the Committee will determine if the conversion and integration has been successfully completed in the 4th quarter of 2021.
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50% is subject to the successful achievement of targeted cost savings in 2021 tied to the Santander acquisition, achievement to be assessed by the Committee during
the first quarter of 2022.
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The NEOs are entitled to receive 100% of their targeted long-term incentive (“LTI”) opportunity, with a discretionary +/-10% based on the individual’s performance.
This represents a change from the previous grant methodology, which was the following: awards that provided the opportunity to receive 25% of the respective NEO’s target LTI opportunity for threshold-level performance (achievement of 75% of
goals) and up to 150% of the target LTI opportunity for superior-level performance (achievement of 125% of goals or greater).
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Short-term total target incentive opportunity as a percentage of base salary was increased from 80% to 90%.
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Long-term total target incentive opportunity as a percentage of base salary was increased from 130% to 135%.
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FIRST BANCORP.
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Date: April 6, 2021
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/s/ Lawrence Odell
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Lawrence Odell
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EVP and General Counsel
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