FIRST BANCORP /PR/ — Director's Dealing 2022

Mar 22, 2022

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FIRST BANCORP /PR/ (FBP)
CIK: 0001057706
Period of Report: 2022-03-18

Reporting Person: Berges Gonzalez Orlando (EVP and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2022-03-18	First BanCorp Common Stock, par value $0.10 per share.	F	5585	$13.43	Disposed	318340	Direct
2022-03-21	First BanCorp Common Stock, par value $0.10 per share.	F	1726	$13.45	Disposed	316614	Direct
2022-03-21	First BanCorp Common Stock, par value $0.10 per share.	F	5177	$13.45	Disposed	311437	Direct
2022-03-21	First BanCorp Common Stock, par value $0.10 per share.	M	16257	—	Acquired	327694	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2022-03-21	Performance Share Unit	$	M	16257	Disposed	2022-03-21	Common Stock (16257)	Direct

Footnotes

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, 2022, 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 in 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: The amount of 47,062 performance share units were granted as a performance award, with 35,073 shares granted on March 18, 2020 and 11,989 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.