Ginoris Lopez-Lay - Mar 24, 2025 Form 4 Insider Report for FIRST BANCORP /PR/ (FBP)

Role: EVP
Signature: /s/ Adolfo Sepulveda, Esq., Attorney-in-Fact
Stock symbol: FBP
Transactions as of: Mar 24, 2025
Transactions value $: -$113,593
Form type: 4
Date filed: 3/26/2025, 05:00 PM
Previous filing: Mar 21, 2025
SEC: View on sec.gov

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	Options Exercise		+10.6K	+5.33%		210K	Mar 24, 2025	Direct	F1, F2
transaction	FBP	First BanCorp Common Stock, par value $0.10 per share	Tax liability	-$75.7K	-3.98K	-1.89%	$19.04	206K	Mar 24, 2025	Direct	F3
transaction	FBP	First BanCorp Common Stock, par value $0.10 per share	Tax liability	-$37.9K	-1.99K	-0.96%	$19.04	204K	Mar 24, 2025	Direct	F4

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	Options Exercise		-10.6K	-25.98%		30.3K	Mar 24, 2025	Common Stock	10.6K		Direct	F1, F2, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	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.
F2	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 24, 2022.
F3	Shares withheld to cover taxes related to the Performance Share Units that vested on March 24, 2025 pursuant to the terms of the long-term incentive award made on March 24, 2022.
F4	Shares withheld to cover taxes related to a restricted stock that vested on March 24, 2025 pursuant to the terms of the restricted stock award made on March 24, 2022.
F5	The amount of 30,328 Performance Share Units were granted as a performance award with 12,406 shares granted on March 16, 2023, 9,168 shares granted on March 21, 2024, and 8,754 shares granted on March 19, 2025 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.