FIRST BANCORP /PR/ — Director's Dealing 2024

Mar 26, 2024

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FIRST BANCORP /PR/ (FBP)
CIK: 0001057706
Period of Report: 2024-03-21

Reporting Person: Pavia Juan Carlos (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2024-03-21	First BanCorp Common Stock, par value $0.10 per share.	A	9829	$17.35	Acquired	67928	Direct
2024-03-24	First BanCorp Common Stock, par value $0.10 per share.	F	997	$16.86	Disposed	66931	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2024-03-21	Performance Share Unit	$	A	9828	Acquired	2027-03-21	Common Stock (9828)	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 21, 2026 and the remaining 50% vesting on year three or March 21, 2027.

F2: Shares withheld to cover taxes related to the restricted stock that vested on March 24, 2024 pursuant to the terms of the long-term incentive award made on March 24, 2022.

F3: Performance Share Units granted as a performance award, vesting based upon degree of achievement of performance goal. Each Performance Share Unit 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 31,879 Performance Share Units were granted as a performance award with 8,916 shares granted on March 24, 2022, 13,135 shares granted on March 16, 2023, and 9,828 shares granted on March 21, 2024, 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.