4/A//SEC Filing
Alvarez-Cabrero Sara 4/A
Accession 0000950170-24-046552
CIK 0001057706other
Filed
Apr 21, 8:00 PM ET
Accepted
Apr 22, 6:26 PM ET
Size
11.1 KB
Accession
0000950170-24-046552
Insider Transaction Report
Form 4/AAmended
Alvarez-Cabrero Sara
EVP, General Counsel
Transactions
- Award
First BanCorp Common Stock, par value $0.10 per share.
2024-03-21$17.35/sh+8,831$153,218→ 63,631 total - Tax Payment
First BanCorp Common Stock, par value $0.10 per share.
2024-03-24$16.86/sh−2,018$34,023→ 61,613 total - Award
Performance Share Unit
2024-03-21+8,830→ 30,384 totalExp: 2027-03-21→ Common Stock (8,830 underlying)
Footnotes (6)
- [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]The original Form 4, filed on March 25, 2024, is being amended by this Form 4 amendment solely to correct an administrative error which misreported the shares of restricted stock awarded on March 21, 2024 as a total of 8,745 shares when in fact, 8,831 shares of the Issuer's common stock were awarded to the reporting person. As a result of this administrative error, the number of shares beneficially owned by the reporting person following the corrected transaction reflects an increase in the number of shares reported as beneficially owned.
- [F3]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.
- [F4]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.
- [F5]The original Form 4, filed on March 25, 2024, is being amended by this Form 4 amendment solely to correct an administrative error which misreported the Performance Share Unit awarded on March 21, 2024 as a total of 8,744 when in fact, 8,830 Performance Share Units were awarded to the reporting person. As a result of this administrative error, the number of derivative securities beneficially owned by the reporting person following the corrected transaction reflects an increase in the number of derivative securities reported as beneficially owned.
- [F6]The amount of 30,298 Performance Share Units were granted as a performance award with 9,528 shares granted on March 24, 2022, 12,026 shares granted on March 16, 2023, and 8,744 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.
Documents
Issuer
FIRST BANCORP /PR/
CIK 0001057706
Entity typeother
Related Parties
1- filerCIK 0001860032
Filing Metadata
- Form type
- 4/A
- Filed
- Apr 21, 8:00 PM ET
- Accepted
- Apr 22, 6:26 PM ET
- Size
- 11.1 KB