Cassan Pancham - Mar 31, 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 31, 2024
Transactions value $: -$72,598
Form type: 4
Date filed: 4/2/2024, 05:16 PM
Previous filing: Mar 25, 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.	Options Exercise		+11K	+3.84%		297K	Mar 31, 2024	Direct	F1, F2
transaction	FBP	First BanCorp Common Stock, par value $0.10 per share.	Tax liability	-$48.4K	-2.76K	-0.93%	$17.54	294K	Mar 31, 2024	Direct	F3
transaction	FBP	First BanCorp Common Stock, par value $0.10 per share.	Tax liability	-$24.2K	-1.38K	-0.47%	$17.54	293K	Mar 31, 2024	Direct	F4

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	Options Exercise		-11K	-26.48%		30.5K	Mar 31, 2024	Common Stock	11K		Direct	F1, F2, F5

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

Explanation of Responses:

Id	Content
F1	Performance Share Units granted as a performance award, vesting based upon degree of achievement of performance goal. Each Performance Share Units 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 100% for target level performance, in FBP common stock free of restriction. Amounts between threshold and target 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.
F2	Performance Share Units that vested based on the achievement of the performance goal at a level resulting in 100% of target, pursuant to a grant of Performance Share Units awarded on March 31, 2021.
F3	Shares withheld to cover taxes related to the Performance Share Units that vested on March 31, 2024 pursuant to the terms of the long-term incentive award made on March 31, 2021.
F4	Shares withheld to cover taxes related to a restricted stock that vested on March 31, 2024 pursuant to the terms of the restricted stock award made on March 31, 2021.
F5	The amount of 30,512 Performance Share Units were granted as a performance award with 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.