Sara Alvarez-Cabrero - Mar 21, 2024 Form 4 Insider Report for FIRST BANCORP /PR/ (FBP)

Role: EVP, General Counsel
Signature: /s/ Adolfo Sepulveda, Esq., Attorney-in-Fact
Stock symbol: FBP
Transactions as of: Mar 21, 2024
Transactions value $: $117,702
Form type: 4
Date filed: 3/25/2024, 08:02 PM
Previous filing: Apr 4, 2023
Next filing: Apr 2, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	FBP	First BanCorp Common Stock, par value $0.10 per share.	Award	$152K	+8.75K	+15.96%	$17.35	63.5K	Mar 21, 2024	Direct	F1
transaction	FBP	First BanCorp Common Stock, par value $0.10 per share.	Tax liability	-$34K	-2.02K	-3.18%	$16.86	61.5K	Mar 24, 2024	Direct	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	FBP	Performance Share Unit	Award	$0	+8.74K	+40.57%	$0.00	30.3K	Mar 21, 2024	Common Stock	8.74K		Direct	F3, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Shares of restricted stock issued pursuant to the First BanCorp Omnibus Incentive Plan, as amended. The shares shall fully vest solely on the basis of the passage of time over a three-year period, with 50% vesting on year two or March 21, 2026 and the remaining 50% vesting on year three or March 21, 2027.
F2	Shares withheld to cover taxes related to the restricted stock that vested on March 24, 2024 pursuant to the terms of the long-term incentive award made on March 24, 2022.
F3	Performance Share Units granted as a performance award, vesting based upon degree of achievement of performance goal. Each Performance Share Unit represents a contingent right to receive one share of FBP common stock. At the end of the performance period, 50% of the award is paid for threshold-level performance up to 150% for maximum level performance, in FBP common stock free of restriction. Amounts between threshold, target, and maximum level performance are interpolated to reward incremental achievement and no amounts are paid if actual results of the performance goal are below threshold-level performance.
F4	The amount of 30,298 Performance Share Units were granted as a performance award with 9,528 shares granted on March 24, 2022, 12,026 shares granted on March 16, 2023, and 8,744 shares granted on March 21, 2024, and vest upon the degree of achievement of performance goals. Each Performance Share Unit represents a contingent right to receive one share of FBP common stock.