FIRST BANCORP /PR/ — Director's Dealing 2021

Mar 23, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FIRST BANCORP /PR/ (FBP)
CIK: 0001057706
Period of Report: 2021-03-21

Reporting Person: Berges Gonzalez Orlando (EVP and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-03-21	First BanCorp Common Stock, par value $0.10 per share.	F	1727	$12.22	Disposed	411936	Direct
2021-03-21	First BanCorp Common Stock, par value $0.10 per share.	F	2718	$12.22	Disposed	413663	Direct
2021-03-21	First BanCorp Common Stock, par value $0.10 per share.	F	8128	$12.22	Disposed	416381	Direct
2021-03-21	First BanCorp Common Stock, par value $0.10 per share.	M	25592	—	Acquired	424509	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-03-21	Performance Share Unit	$	M	25592	Acquired	2021-03-21	Common Stock (25592)	Direct

Footnotes

F1: Shares withheld to cover taxes related to a restricted stock that vested on March 21, 2021 pursuant to the terms of the restricted stock award made on March 21, 2019.

F2: Shares withheld to cover taxes related to a restricted stock that vested on March 21, 2021 pursuant to the terms of the restricted stock award made on March 21, 2018.

F3: Shares withheld to cover taxes related to the performance share units granted in a restricted stock that vested on March 21, 2021, pursuant to
the terms of the long-term incentive award made on March 21, 2018.

F4: Performance Share Units granted as a performance award, vesting based upon degree of achievement of performance goal. Each performance right represents a contingent right to receive one share of FBP common stock. At the end of the performance period, 100% of the award is paid in common stock free of restrictions. If the final amount is less than 100% of the share units, the balance is forfeited to the Corporation.

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
performace shares award made on March 21, 2018.

F6: The amount of 51,330 performance share units were granted as a performance award, with 16,257 shares granted on March 21, 2019 and 35,073 shares granted on March 18, 2020, respectively, 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.