FIRST BANCORP /PR/ — Director's Dealing 2023

Mar 21, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FIRST BANCORP /PR/ (FBP)
CIK: 0001057706
Period of Report: 2023-03-16

Reporting Person: Lopez-Lay Ginoris (EVP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-03-16	First BanCorp Common Stock, par value $0.10 per share.	A	12406	$11.99	Acquired	229132	Direct
2023-03-18	First BanCorp Common Stock, par value $0.10 per share.	M	31176	—	Acquired	260308	Direct
2023-03-18	First BanCorp Common Stock, par value $0.10 per share.	F	9716	$11.15	Disposed	250592	Direct
2023-03-18	First BanCorp Common Stock, par value $0.10 per share.	F	4858	$11.15	Disposed	245734	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-03-16	Performance Share Unit	$	A	12406	Acquired	2026-03-16	Common Stock (12406)	Direct
2023-03-18	Performance Share Unit	$	M	31176	Disposed	2023-03-18	Common Stock (31176)	Direct

Footnotes

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 granted in a restricted stock 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 33,709 Performance Share Units were granted as a performance award with 10,657 shares granted on March 31, 2021, 10,646 shares granted on March 24, 2022, and 12,406 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.