exhibit102

EXHIBIT

10.2

FIRST BANCORP

RESTRICTED STOCK AWARD

AGREEMENT

THIS AGREEMENT

is entered into as of the ___ day of _________, ____, and effective as of the ____ day of _______, ______

(the “Effective Date”), by and between First BanCorp (the

"Corporation"), and __________ (the "Participant").

The Corporation, pursuant to its

First BanCorp 2026 Omnibus Incentive Plan,

as amended (the "Plan"),

hereby grants the following

stock award to the Participant, which award shall have the terms and conditions set forth

in this Agreement:

Definitions

All capitalized

terms used herein

and not otherwise

specifically defined

herein shall

have the

meanings ascribed

to such terms

the Plan. The following definitions shall be in effect under this Agreement:

(a) “

Disability

” means with respect to any Participant, long-term disability as defined under the welfare benefit plan maintained by

the Corporation or an Affiliate and in which the Participant participates and from which the Participant is receiving long-term disability

benefits.

(b) “

Retirement

” means the voluntary termination of employment by a

Participant after attaining: (i) age sixty-five (65); or (ii)

age

sixty

(60)

with

fifteen

(15)

years

service

with

the

Corporation;

provided

that

grounds

for

termination

employment

the

Corporation for Cause does not exist.

Award

The Corporation, as

of the Effective

Date, hereby grants

to the Participant a

restricted stock award of

_____

shares (the "Shares")

of common

stock, par

value $0.10

per share,

of the

Corporation (the

"Common Stock"),

subject to

the terms

and conditions

set forth

herein

and subject

to the

terms and

conditions

of the

Plan

which

is incorporated

herein by

reference

and

made

a part

hereof for

all

purposes.

The restricted

period shall

commence upon

the Effective

Date and shall

lapse with

respect to the

Shares on such

date the

vesting

period of the Shares elapses.

Vesting

Subject to the terms and conditions of this Agreement,

the Shares shall vest solely on the basis of the passage of time over

a three-

year period

as follows: fifty

percent (50%)

of the

Shares shall vest

on the

second anniversary

date of

the Effective

Date of

the award

and the remaining fifty

percent (50%) shall

vest on the

third anniversary date

of the Effective

Date,

subject to the

Participant’s continued

employment

with

the Corporation

or an

Affiliate

as provided

in Section

7 hereof

in the

event

of death,

Disability,

Retirement,

or a

Change in Control.

Restriction on Transfer

Until the Shares vest pursuant to Section 3 hereof, none of the Shares may be sold, assigned, transferred, pledged, hypothecated, or

otherwise encumbered, and no attempt

to transfer the Shares, whether voluntary

or involuntary, by

operation of law or otherwise, shall

vest the transferee with any interest or right in or with respect to the Shares.

Issuance and Custody

(a)

Shares of

Common

Stock shall

be issued

in book-entry

form only

and

shall not

be represented

by a

certificate

and

shall

registered in the name of the Participant. Each such book-entry shall bear

the following legend:

“THE SALE, TRANSFER OR ASSIGNMENT OF THE SECURITIES

REPRESENTED BY THIS BOOK-ENTRY

FORM ARE SUBJECT TO

THE TERMS AND CONDITIONS

OF A CERTAIN

RESTRICTED STOCK AWARD

AGREEMENT EFFECTIVE

AS OF _______,

____, AS AMENDED

FROM TIME

TO TIME,

AND THE

FIRST

BANCORP 2026 OMNIBUS INCENTIVE PLAN, AS MAY

BE AMENDED FROM TIME TO TIME. COPIES OF

SUCH AGREEMENT

AND PLAN

MAY

BE OBTAINED

NO COST

BY WRITTEN

REQUEST MADE

THE HOLDER

OF RECORD OF

THIS BOOK-ENTRY FORM TO

THE SECRETARY OF THE CORPORATION.”

(b) The Participant shall execute stock powers relating to the Shares and deliver the

same to the Corporation. The Corporation shall

use such stock powers only for the purpose of canceling any unvested Shares

that are forfeited.

book-entry form

issued pursuant

to Section 5(a)

hereof,

together with

the stock

powers relating

to the

Shares, shall

deposited by the Corporation with the Secretary of

the Board of Directors (the “Secretary”) of

the Corporation or a custodian designated

by the

Secretary.

Unless otherwise

determined

by the

Committee, delivery

of the

Shares will

be by

book-entry

credit to

an account

maintained by the registrar and transfer agent of the shares with the applicable restrictions on transferability imposed on such Shares by

this Agreement.

(d) After any Shares

vest pursuant to

Section 3 hereof and there

exists no restrictions on

transfer pursuant to Section

4 hereof, the

Corporation shall

promptly cause

issue a

book-entry form

evidencing such

vested Shares,

free of

the legend

provided in

section 5(a)

hereof, and shall be delivered to the Participant or the Participant's legal representatives,

beneficiaries, or heirs.

Distributions and Adjustments

(a)

there

any

change

the

number

character

Common

Stock

(through

extraordinary

stock

dividend,

recapitalization,

stock

split,

reverse

stock

split,

reorganization,

merger,

consolidation,

split-up,

spin-off,

combination,

repurchase

exchange of Shares of Common

Stock or other securities of the

Corporation, issuance of warrants or other

rights to purchase Shares of

Common Stock

or other securities

of the Corporation

or other similar

corporate transaction or

event affecting

the Shares such

that the

Compensation

and

Benefit

Committee

the

Board

Directors

(the

"Committee")

determines

that

adjustment

to the

Award

determined to be appropriate in order to prevent dilution or enlargement

of the interest represented by the Shares), the Committee shall

adjust the Award

consistent with Section 5(e) of the Plan..

(b)

Any

additional

Common

Stock,

any

other

securities

the

Corporation

and

any

other

property

(except

for

cash

dividends) distributed

with respect

to the

Shares prior

to the

date the

Shares vest

shall be

subject to

the same

restrictions,

terms, and

conditions as the Shares.

additional Shares

of Common

Stock, any

securities, and

any other

property (except

for cash

dividends) distributed

with

respect to the

Shares prior to

the date such

Shares vest shall

be promptly deposited

with the Secretary,

or the custodian

designated by

the Secretary to be held in custody in accordance with Section 5(c) hereof.

(d) Shares

shall have the

rights to dividends

or dividend equivalents,

as applicable,

during the Restriction

Period. Such dividends

or dividend equivalents will accrue during the Restriction Period, but not be

paid until restrictions lapse.

(e) The Participant will have the right to vote the Shares.

Forfeiture; Termination

of Services; Change of Control

(a) In the

event of the

death of the

Participant while employed

by the Corporation,

Shares held by

the Participant which

have not

vested, shall vest irrespective of whether the vesting period has been completed.

(b) In the event the Participant’s employment is terminated by reason of Disability,

Shares held by such participant which have not

vested, shall vest irrespective of whether the vesting period has been completed.

the event

the Participant’s

employment

is terminated

by the

Corporation

or any

Affiliate

for

any

reason,

with or

without

Cause, Shares held by the Participant which have not vested shall be forfeited and canceled for no consideration upon such termination.

(d) Unless otherwise

determined by the Committee,

in the event the

Participant’s employment

ends as a result

of the Participant’s

resignation from the

Corporation or an Affiliate

other than upon the

Participant’s Retirement,

any Shares held by

such Participant that

has not vested, shall be forfeited and canceled upon such resignation.

(e)

the

event

the

Participant’s

employment

terminated

reason

Retirement,

held

the

Participant

shall

vest

irrespective of whether the vesting period has been completed.

(f) In the event

any portion of the

award is not assumed

by the successor entity

in a Change in

Control, the Shares shall

vest as of

the Change in Control irrespective

of whether the applicable vesting

period has been completed. In the

event any portion of the

is assumed by the successor entity in a

Change in Control and the Participant’s employment is involuntarily terminated by the successor

corporation without Cause within one

year after the Change

in Control, the Shares

shall vest as

of the termination irrespective of

whether

the applicable vesting period has been completed.

Taxes

The Corporation

is authorized to

withhold from

any Award

granted, any

payment relating

to an Award

under the

Plan, including

from a distribution of shares

of Common Stock, or any

payroll or other payment to

a participant, amounts of withholding and

other taxes

due or potentially payable in connection

with any transaction involving an Award,

and to take such other action as the

Committee may

deem

advisable

to enable

the Corporation

and participants

to satisfy

obligations

for

the payment

of withholding

taxes and

other

tax

obligations relating to

any Award. This authority shall

include authority to

withhold or receive

shares of Common

Stock or

other property

and to make cash payments in

respect thereof in satisfaction of a participant’s withholding obligations, either on a mandatory

or elective

basis

the

discretion

the Committee,

satisfaction

other

tax

obligations

such

withholding

will

not

result

additional

accounting expense to the Corporation. Notwithstanding other provisions of

the Plan, only the minimum number of shares of Common

Stock

deliverable

connection

with

Award

necessary

satisfy

statutory

withholding

requirements

will

withheld,

unless

withholding of any additional amount of shares of Common Stock will not

result in additional accounting expense to the Corporation.

Miscellaneous

(a) This Agreement is issued

pursuant to the Plan

and is subject to its terms.

Participant hereby acknowledges

receipt of a copy

the Plan. The Plan is also available for inspection during business hours at the principal

office of the Corporation.

(b) This Agreement

shall not confer on

the Participant any right

with respect to continuance

of employment of

the Corporation or

any of its subsidiaries.

Agreement shall

be governed

by and

construed under

the laws of

the Commonwealth

of Puerto

Rico, without

regard for

conflicts of laws principles thereof.

IN WITNESS WHEREOF

, the parties hereto have caused this

Agreement to be duly executed, and the

corporate seal affixed,

by its officers thereunto duly authorized, and the Participant has

hereunto set his hand, all on the day and year first above written.

Corporate Seal

FIRST BANCORP

PARTICIPANT

By: