Michael McDonald - 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 $
-$68,388
Form type
4
Date filed
4/2/2024, 05:17 PM
Previous filing
Mar 25, 2024
Next filing
Aug 19, 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 +9.77K +9.45% 113K Mar 31, 2024 Direct F1, F2
transaction FBP First BanCorp Common Stock, par value $0.10 per share. Tax liability -$45.6K -2.6K -2.3% $17.54 111K Mar 31, 2024 Direct F3
transaction FBP First BanCorp Common Stock, par value $0.10 per share. Tax liability -$22.8K -1.3K -1.18% $17.54 109K 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 -9.77K -30.14% 22.6K Mar 31, 2024 Common Stock 9.77K 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 22,644 Performance Share Units were granted as a performance award with 8,365 shares granted on March 24, 2022, 8,256 shares granted on March 16, 2023, and 6,023 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.