Cassan Pancham - Mar 16, 2023 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 16, 2023
Transactions value $
-$264,312
Form type
4
Date filed
3/20/2023, 08:15 PM
Previous filing
Mar 28, 2022
Next filing
Apr 4, 2023

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 -$150K -12.5K -4.52% $11.99 263K Mar 16, 2023 Direct F1
transaction FBP First BanCorp Common Stock, par value $0.10 per share. Options Exercise +26.7K +10.13% 290K Mar 18, 2023 Direct F2, F3
transaction FBP First BanCorp Common Stock, par value $0.10 per share. Tax liability -$76.5K -6.86K -2.36% $11.15 283K Mar 18, 2023 Direct F4
transaction FBP First BanCorp Common Stock, par value $0.10 per share. Tax liability -$38.2K -3.43K -1.21% $11.15 280K Mar 18, 2023 Direct 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 Award $0 +12.5K +26.5% $0.00 59.6K Mar 16, 2023 Common Stock 12.5K Direct F6
transaction FBP Performance Share Unit Options Exercise -26.7K -44.81% 32.9K Mar 18, 2023 Common Stock 26.7K Direct F2, F3, F7
* 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 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.
F3 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 18, 2020.
F4 Shares withheld to cover taxes related to the Performance Share Units that vested on March 18, 2023 pursuant to the terms of the long-term incentive award made on March 18, 2020.
F5 Shares withheld to cover taxes related to a restricted stock that vested on March 18, 2023 pursuant to the terms of the restricted stock award made on March 18, 2020.
F6 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.
F7 The amount of 32,879 Performance Share Units were granted as a performance award with 10,990 shares granted on March 31, 2021, 9,410 shares granted on March 24, 2022, and 12,479 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.