Lilian Diaz-Bento - 16 Mar 2023 Form 4 Insider Report for FIRST BANCORP /PR/ (FBP)

Role
EVP
Signature
/s/ Adolfo Sepulveda, Esq., Attorney-in-Fact
Issuer symbol
FBP
Transactions as of
16 Mar 2023
Net transactions value
+$151,506
Form type
4
Filing time
20 Mar 2023, 20:09:54 UTC
Previous filing
28 Mar 2022
Next filing
25 Mar 2024
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. Award $151,506 +12,636 +137% $11.99 21,872 16 Mar 2023 Direct F1

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 +12,635 +137% $0.000000 21,870 16 Mar 2023 Common Stock 12,635 Direct F2, F3
* 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 16, 2025 and the remaining 50% vesting on year three or March 16, 2026.
F2 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 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.
F3 The amount of 21,870 Performance Share Units were granted as a performance award with 9,235 shares granted on March 24, 2022 and 12,635 shares granted on March 16, 2023, 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.