Cassan Pancham - Mar 21, 2024 Form 4 Insider Report for FIRST BANCORP /PR/ (FBP)

Role
EVP
Signature
/s/ Adolfo Sepulveda, Esq., Attorney-in-Fact
Stock symbol
FBP
Transactions as of
Mar 21, 2024
Transactions value $
$129,698
Form type
4
Date filed
3/25/2024, 08:11 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 $150K +8.62K +3.1% $17.35 287K Mar 21, 2024 Direct F1
transaction FBP First BanCorp Common Stock, par value $0.10 per share. Tax liability -$19.9K -1.18K -0.41% $16.86 286K 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 +8.62K +26.23% $0.00 41.5K Mar 21, 2024 Common Stock 8.62K 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 41,502 Performance Share Units were granted as a performance award with 10,990 shares granted on March 31, 2021, 9,410 shares granted on March 24, 2022, 12,479 shares granted on March 16, 2023, and 8,623 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.