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<TITLE> First BanCorp. (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	&nbsp;
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	May 31, 2018
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	First BanCorp.
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<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
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	Puerto Rico
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	001-14793
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	66-0561882
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_____________________<BR>
	(State or other jurisdiction
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_____________<BR>
	(Commission
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______________<BR>
	(I.R.S. Employer
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	of incorporation)
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	File Number)
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	Identification No.)
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	1519 Ponce de Leon Ave., PO Box 9146, San Juan, Puerto Rico
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	00908-0146
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_________________________________<BR>
	(Address of principal executive offices)
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	&nbsp;
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___________<BR>
	(Zip Code)
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	Registrant&#146;s telephone number, including area code:
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	787-729-8041
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	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
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	&nbsp;
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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:</FONT>
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[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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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 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</FONT>
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Emerging growth company [&nbsp;&nbsp;]<br>
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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. [&nbsp;&nbsp;]<br>
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    <TD align="left" valign="top"><FONT style="font-size: 12pt"><B>Item&nbsp;5.02</B></FONT>
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    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 12pt"><B>Departure of Directors or Certain Officers; Election of<BR>
Directors; Appointment of Certain Officers; Compensatory<BR>
Arrangements of Certain Officers</B></FONT></DIV></TD>
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<P align="left" style="font-size: 12pt"><FONT style="font-size: 10pt">(e)&nbsp;On May&nbsp;31, 2018, First BanCorp (the &#147;Corporation&#148;) entered into one-year employment
agreements (each individually, the &#147;Agreement,&#148; and collectively, the &#147;Agreements&#148;) with each of
Mr.&nbsp;Calixto Garc&#237;a-V&#233;lez, Executive Vice President and Florida Region Executive; Mrs.&nbsp;Nayda
Rivera, Executive Vice President and Chief Risk Officer; and Mr.&nbsp;Cassan Pancham, Executive Vice
President and Business Group Executive (each individually, the &#147;Executive Officer,&#148; and
collectively, the &#147;Executives&#148;). Each of the Agreements has an automatic one-year extension unless
the Corporation or the Executive Officer provides a written notice of non-extension at least
ninety (90)&nbsp;days prior to the anniversary date of the Agreement. Pursuant to the respective
Agreements, Mr.&nbsp;Garc&#237;a-V&#233;lez, Mrs.&nbsp;Rivera and Mr.&nbsp;Pancham are entitled to receive annually a base
salary (the &#147;Annual Base Salary&#148;) of $550,000, $475,000 and $450,000, respectively, plus an annual
bonus opportunity based upon achievement of predetermined business objectives in connection with
the areas of endeavor assigned to each of the Executives. In addition, the Executives will be
entitled to use a company-owned automobile, to participate in the Corporation&#146;s stock-based award,
retirement, incentive and any other benefit plans, and receive other benefits granted to employees
of the Corporation.
</FONT>

<P align="left" style="font-size: 10pt">Each of the Agreements includes termination and change in control provisions. If any of the
Executives is terminated by the Board without cause during the employment period, the executive
will be entitled to a severance payment equal to the total of twelve (12)&nbsp;months of the then
current Annual Base Salary amount to which the Executive Officer would be entitled under the
Agreement, plus the average of any cash bonuses or cash incentive compensation awarded for the last
two calendar years ended immediately before the year in which the termination occurred. If Mr.
Garc&#237;a-V&#233;lez or Mrs.&nbsp;Rivera is terminated by the Board without cause within a two-year period
following a change in control of the Corporation, each Executive Officer, respectively, will be
entitled to receive a severance lump sum payment equal to three (3)&nbsp;times the Annual Base Salary,
plus three (3)&nbsp;times the average of any cash bonuses or cash incentive compensation awarded in each
of the last two calendar years ended immediately before the year in which the termination without
cause occurred. If Mr.&nbsp;Pancham is terminated by the Board without cause within a two-year period
following a change in control of the Corporation, he will be entitled to receive a severance lump
sum payment equal to two (2)&nbsp;times the Annual Base Salary, plus two (2)&nbsp;times the average of any
cash bonuses or cash incentive compensation awarded in each of the last two calendar years ended
immediately before the year in which the termination without cause occurred.



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	SIGNATURES
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	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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<I>
	June 1, 2018
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	By:
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<I>
	Lawrence Odell
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	Name: Lawrence Odell
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<I>
	Title: EVP and General Counsel
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First BanCorp. (Form: 8-K)
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):
May 31, 2018
First BanCorp.
__________________________________________
(Exact name of registrant as specified in its charter)
Puerto Rico
001-14793
66-0561882
_____________________
(State or other jurisdiction
_____________
(Commission
______________
(I.R.S. Employer
of incorporation)
File Number)
Identification No.)
1519 Ponce de Leon Ave., PO Box 9146, San Juan, Puerto Rico
00908-0146
_________________________________
(Address of principal executive offices)
___________
(Zip Code)
Registrant's telephone number, including area code:
787-729-8041
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:
[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Top of the Form
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. [  ]
Top of the Form
Item 5.02
Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers
(e) On May 31, 2018, First BanCorp (the "Corporation") entered into one-year employment
agreements (each individually, the "Agreement," and collectively, the "Agreements") with each of
Mr. Calixto García-Vélez, Executive Vice President and Florida Region Executive; Mrs. Nayda
Rivera, Executive Vice President and Chief Risk Officer; and Mr. Cassan Pancham, Executive Vice
President and Business Group Executive (each individually, the "Executive Officer," and
collectively, the "Executives"). Each of the Agreements has an automatic one-year extension unless
the Corporation or the Executive Officer provides a written notice of non-extension at least
ninety (90) days prior to the anniversary date of the Agreement. Pursuant to the respective
Agreements, Mr. García-Vélez, Mrs. Rivera and Mr. Pancham are entitled to receive annually a base
salary (the "Annual Base Salary") of $550,000, $475,000 and $450,000, respectively, plus an annual
bonus opportunity based upon achievement of predetermined business objectives in connection with
the areas of endeavor assigned to each of the Executives. In addition, the Executives will be
entitled to use a company-owned automobile, to participate in the Corporation's stock-based award,
retirement, incentive and any other benefit plans, and receive other benefits granted to employees
of the Corporation.
Each of the Agreements includes termination and change in control provisions. If any of the
Executives is terminated by the Board without cause during the employment period, the executive
will be entitled to a severance payment equal to the total of twelve (12) months of the then
current Annual Base Salary amount to which the Executive Officer would be entitled under the
Agreement, plus the average of any cash bonuses or cash incentive compensation awarded for the last
two calendar years ended immediately before the year in which the termination occurred. If Mr.
García-Vélez or Mrs. Rivera is terminated by the Board without cause within a two-year period
following a change in control of the Corporation, each Executive Officer, respectively, will be
entitled to receive a severance lump sum payment equal to three (3) times the Annual Base Salary,
plus three (3) times the average of any cash bonuses or cash incentive compensation awarded in each
of the last two calendar years ended immediately before the year in which the termination without
cause occurred. If Mr. Pancham is terminated by the Board without cause within a two-year period
following a change in control of the Corporation, he will be entitled to receive a severance lump
sum payment equal to two (2) times the Annual Base Salary, plus two (2) times the average of any
cash bonuses or cash incentive compensation awarded in each of the last two calendar years ended
immediately before the year in which the termination without cause occurred.
Top of the Form
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.
First BanCorp.
June 1, 2018
By:
Lawrence Odell
Name: Lawrence Odell
Title: EVP and General Counsel