NAYDA RIVERA - 18 Mar 2022 Form 4 Insider Report for FIRST BANCORP /PR/ (FBP)

Role: EVP and CRO
Signature: /s/Nayda Rivera
Issuer symbol: FBP
Transactions as of: 18 Mar 2022
Net transactions value: -$200,886
Form type: 4
Filing time: 22 Mar 2022, 19:17:29 UTC
Previous filing: 10 Feb 2022
Next filing: 28 Mar 2022
SEC: View on sec.gov

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	$92,506	-6,888	-2.4%	$13.43	283,742	18 Mar 2022	Direct	F1
transaction	FBP	First BanCorp Common Stock, par value $0.10 per share.	Tax liability	$27,102	-2,015	-0.71%	$13.45	281,727	21 Mar 2022	Direct	F2
transaction	FBP	First BanCorp Common Stock, par value $0.10 per share.	Tax liability	$81,278	-6,043	-2.1%	$13.45	275,684	21 Mar 2022	Direct	F3
transaction	FBP	First BanCorp Common Stock, par value $0.10 per share.	Options Exercise		+18,540	+6.7%		294,224	21 Mar 2022	Direct	F4, F5, F6

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		-18,540	-25%		54,916	21 Mar 2022	Common Stock	18,540		Direct	F4, F5, F7

* 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, 20221, 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 on 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	Includes 2,394 shares purchased through the Employee Purchase Plan.
F7	The amount of 54,916 performance share units were granted as a performance award with 42,261 shares granted on March 18, 2020 and 12,655 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.