0001140361-26-020795
SEC filingFirst BanCorp's stockholders approved the 2026 Omnibus Incentive Plan, elected nine directors—including one with significant opposition—and ratified Crowe LLP as auditor at the May 6, 2026 annual meeting, as disclosed in its May 12, 2026 Form 8-K.
The May 6, 2026 annual meeting resulted in several material corporate governance outcomes. The overwhelming approval of the 2026 Omnibus Incentive Plan—replacing the 2016 plan and authorizing up to 5 million new shares plus forfeited shares—signals a multi-year expansion of equity-based compensation for officers, employees, and nonemployee directors, subject to administration by the Compensation Committee. While all director nominees were elected, Roberto R. Herencia’s notably lower support (73% of votes cast in favor, versus 95–99% for others) and high opposition (36.1M votes against) stands out as a potential red flag for investor relations or board composition concerns, though not sufficient to block election given plurality voting. The strong ratification of Crowe LLP (99.4% of votes cast in favor) and advisory approval of 2025 executive compensation (96.6% in favor) reflect stable audit oversight and alignment on pay practices. No financial results, debt actions, or executive departures were disclosed—limiting immediate earnings or capital structure implications. The filing centers on governance continuity and long-term incentive framework renewal.