Juan Carlos Pavia - Mar 16, 2023 Form 4 Insider Report for FIRST BANCORP /PR/ (FBP)

Role: EVP, Chief Credit Officer
Signature: /s/ Adolfo Sepulveda, Esq., Attorney-in-Fact
Stock symbol: FBP
Transactions as of: Mar 16, 2023
Transactions value $: $134,520
Form type: 4
Date filed: 3/20/2023, 08:16 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	$158K	+13.1K	+27.56%	$11.99	60.8K	Mar 16, 2023	Direct	F1
transaction	FBP	First BanCorp Common Stock, par value $0.10 per share.	Tax liability	-$23K	-2.06K	-3.39%	$11.15	58.7K	Mar 18, 2023	Direct	F2

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	+13.1K	+147.32%	$0.00	22.1K	Mar 16, 2023	Common Stock	13.1K		Direct	F3, F4

* 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	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.
F3	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.
F4	The amount of 22,051 Performance Share Units were granted as a performance award with 8,916 shares granted on March 24, 2022, and 13,135 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.