Cassan Pancham - Mar 18, 2022 Form 4 Insider Report for FIRST BANCORP /PR/ (FBP)

Role: EVP
Signature: /s/Cassan Pancham
Stock symbol: FBP
Transactions as of: Mar 18, 2022
Transactions value $: -$102,905
Form type: 4
Date filed: 3/22/2022, 07:08 PM
Next filing: Mar 28, 2022

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.	Tax liability	-$45.8K	-3.41K	-1.44%	$13.43	233K	Mar 18, 2022	Direct	F1
transaction	FBP	First BanCorp Common Stock, par value $0.10 per share.	Tax liability	-$14.3K	-1.06K	-0.46%	$13.45	232K	Mar 21, 2022	Direct	F2
transaction	FBP	First BanCorp Common Stock, par value $0.10 per share.	Tax liability	-$42.8K	-3.18K	-1.37%	$13.45	229K	Mar 21, 2022	Direct	F3
transaction	FBP	First BanCorp Common Stock, par value $0.10 per share.	Options Exercise		+12.5K	+5.44%		242K	Mar 21, 2022	Direct	F4, F5

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		-12.5K	-24.85%		37.7K	Mar 21, 2022	Common Stock	12.5K		Direct	F4, F5, F6

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

Explanation of Responses:

Id	Content
F1	Shares withheld to cover taxes related to a restricted stock that vested on March 18, 2022 pursuant to the terms of the restricted stock award made on March 18, 2020.
F2	Shares withheld to cover taxes related to a restricted stock that vested on March 21, 2022 pursuant to the terms of the restricted stock award made on March 21, 2019.
F3	Shares withheld to cover taxes related to the performance share units granted in a restricted stock that vested on March 21, 2022, pursuant to the terms of the long-term incentive award made on March 21, 2019.
F4	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.
F5	Performance shares that vested based in the achievement of the performance goal at a level resulting in 100% of target, pursuant to a grant of performance shares award made on March 21, 2019.
F6	The amount of 37,681 performance share units were granted as a performance award, with 26,691 shares granted on March 18, 2020 and 10,990 shares granted on March 31, 2021, and vest based upon the degree of achievement of performance goals. Each performance right represents a contingent right to receive one share of FBP common stock.