EXHIBIT 10.1

On September 29, 2014, upon the recommendation of the Compensation & Benefits Committee, the Board of Directors of First BanCorp (the “Corporation”) approved the following revised compensation structure for the non- management Chairman of the Board, effective September 30, 2014. The Non-Management Chairman of the Board (Mr. Roberto R. Herencia) is entitled to receive total compensation of $1.6 million per year comprised of the following three components:

·$400,000 per year in a retainer payable monthly for his services as the non-management chairman of the Board, including as chairman of the board of directors of the Corporation’s subsidiary bank, FirstBank Puerto Rico.

·$500,000 in a restricted stock grant, payable in September. Grant would have a one year vesting period with acceleration upon a change in control.

·Special compensation of $700,000 (consisting of $350,000 payable in September and $350,000 payable in March)

oPayments would be to compensate for services for the subsequent six months.

oIn the event of termination for cause, or in the event of resignation, the unvested portion would be repaid to the Corporation.

oIn the event of a change in control or other separation event, the unvested portion would become vested.

In addition, the Board approved a one time special compensation of $150,000 paid on September 30, 2014.