EVP Power Carlos converted options into 10,646 units of First BanCorp Common Stock and covered exercise/tax liability with 4,868 units of First BanCorp Common Stock, increasing direct ownership by 3% to 188,349 units (SEC Form 4)
$FBP
Major Banks
Finance
| FORM 4 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 |
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| Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). | |||||||||||||||||
| Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10. | |||||||||||||||||
1. Name and Address of Reporting Person*
(Street)
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2. Issuer Name and Ticker or Trading Symbol
FIRST BANCORP /PR/ [ FBP ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 03/24/2025 | ||||||||||||||||||||||||||
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4. If Amendment, Date of Original Filed
(Month/Day/Year) |
6. Individual or Joint/Group Filing (Check Applicable Line)
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| Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ||||||||||
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| 1. Title of Security (Instr. 3) | 2. Transaction Date (Month/Day/Year) | 2A. Deemed Execution Date, if any (Month/Day/Year) | 3. Transaction Code (Instr. 8) | 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) | 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) | 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 7. Nature of Indirect Beneficial Ownership (Instr. 4) | |||
| Code | V | Amount | (A) or (D) | Price | ||||||
| First BanCorp Common Stock, par value $0.10 per share | 03/24/2025 | M | 10,646(1) | A | (2) | 193,217 | D | |||
| First BanCorp Common Stock, par value $0.10 per share | 03/24/2025 | F | 3,245(3) | D | $19.04 | 189,972 | D | |||
| First BanCorp Common Stock, par value $0.10 per share | 03/24/2025 | F | 1,623(4) | D | $19.04 | 188,349 | D | |||
| First BanCorp Common Stock, par value $0.10 per share | 32.9636 | I | Through 401K Plan | |||||||
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||||||||||
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| 1. Title of Derivative Security (Instr. 3) | 2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) | 6. Date Exercisable and Expiration Date (Month/Day/Year) | 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) | 8. Price of Derivative Security (Instr. 5) | 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) | 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 11. Nature of Indirect Beneficial Ownership (Instr. 4) | ||||
| Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
| Performance Share Unit | (1) | 03/24/2025 | M | 10,646 | (2) | 03/24/2025 | Common Stock | 10,646(2) | (1) | 31,600(5) | D | ||||
| Explanation of Responses: |
| 1. 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. |
| 2. 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. |
| 3. 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. |
| 4. 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. |
| 5. The amount of 31,600 Performance Share Units were granted as a performance award with 13,425 shares granted on March 16, 2023, 9,531 shares granted on March 21, 2024, and 8,644 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. |
| /s/ Adolfo Sepulveda, Esq., Attorney-in-Fact | 03/26/2025 | |
| ** Signature of Reporting Person | Date | |
| Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | ||
| * If the form is filed by more than one reporting person, see Instruction 4 (b)(v). | ||
| ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). | ||
| Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. | ||
| Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number. | ||