0000950170-24-046552.txt : 20240422 0000950170-24-046552.hdr.sgml : 20240422 20240422182607 ACCESSION NUMBER: 0000950170-24-046552 CONFORMED SUBMISSION TYPE: 4/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20240321 FILED AS OF DATE: 20240422 DATE AS OF CHANGE: 20240422 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Alvarez-Cabrero Sara CENTRAL INDEX KEY: 0001860032 ORGANIZATION NAME: FILING VALUES: FORM TYPE: 4/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-14793 FILM NUMBER: 24862317 MAIL ADDRESS: STREET 1: PO BOX 9146 CITY: SAN JUAN STATE: PR ZIP: 00908 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST BANCORP /PR/ CENTRAL INDEX KEY: 0001057706 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] ORGANIZATION NAME: 02 Finance IRS NUMBER: 660561882 STATE OF INCORPORATION: PR FISCAL YEAR END: 1231 BUSINESS ADDRESS: STREET 1: 1519 PONCE DE LEON AVE STREET 2: SANTURCE CITY: SAN JUAN STATE: PR ZIP: 00908-0146 BUSINESS PHONE: 7877298200 MAIL ADDRESS: STREET 1: 1519 PONCE DE LEON AVE STREET 2: PO BOX 9146 CITY: SAN JUAN STATE: PR ZIP: 00908-0146 4/A 1 ownership.xml 4/A X0508 4/A 2024-03-21 2024-03-25 0001057706 FIRST BANCORP /PR/ FBP 0001860032 Alvarez-Cabrero Sara PO BOX 9146 SAN JUAN PR 00908 PUERTO RICO false true false false EVP, General Counsel false First BanCorp Common Stock, par value $0.10 per share. 2024-03-21 4 A false 8831 17.35 A 63631 D First BanCorp Common Stock, par value $0.10 per share. 2024-03-24 4 F false 2018 16.86 D 61613 D Performance Share Unit 2024-03-21 4 A false 8830 0 A 2027-03-21 Common Stock 8830 30384 D 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. 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. 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. 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. 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. 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. /s/ Adolfo Sepulveda, Esq., Attorney-in-Fact 2024-04-22