Board Justification

The compensation program is designed to attract, motivate, reward, and retain highly qualified executives, reflecting the Corporation’s performance and the responsibilities and personal performance of the individual executives, while ensuring sound risk management and performance metrics consistent with long-term contributions to sustained profitability.

Board Justification

Includes a Christmas bonus, which is a non-discriminatory broad-based benefit offered to all employees, under which the Corporation paid during 2011 through 2013 six percent (6%) of the employees’ base salary up to $1,200.

Board Justification

Includes personal benefits such as a corporate-owned automobile, club memberships, and a life insurance policy of $1,000,000.

Board Justification

Restricted stock granted under the First BanCorp 2008 Omnibus Incentive Plan, as amended, which will vest 50% on the second anniversary date of the grant and the remaining 50% on the third anniversary date of the grant.