McDonald Michael Form 4 FIRST BANCORP / Michael McDonald ownership change

SEC Form 4

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).

1. Name and Address of Reporting Person^*

McDonald Michael

(Last) (First) (Middle)

P.O. BOX 9146

(Street)

SAN JUAN PR 00908-0146

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
FIRST BANCORP /PR/ [ FBP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
EVP

3. Date of Earliest Transaction (Month/Day/Year)
03/21/2021

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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.	03/21/2021		F		716(1)	D	$12.22	194,514	D
First BanCorp Common Stock, par value $0.10 per share.	03/21/2021		F		1,250(2)	D	$12.22	195,230	D
First BanCorp Common Stock, par value $0.10 per share.	03/21/2021		F		3,777(3)	D	$12.22	196,480	D
First BanCorp Common Stock, par value $0.10 per share.	03/21/2021		M		14,096(4)	A	(5)	200,257	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
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	(4)	03/21/2021		M		14,096		(5)	03/21/2021	Common Stock	14,096(5)	(4)	32,606(6)	D

Explanation of Responses:

1. Shares withheld to cover taxes related to a restricted stock that vested on March 21, 2021 pursuant to the terms of the restricted stock award made on March 21, 2019.

2. Shares withheld to cover taxes related to a restricted stock that vested on March 21, 2021 pursuant to the terms of the restricted stock award made on March 21, 2018.

3. Shares withheld to cover taxes related to the performance share units granted in a restricted stock that vested on March 21, 2021, pursuant to the terms of the long-term incentive award made on March 21, 2018.

4. Performance Share Units granted as a performance award, vesting based upon degree of achievement of performance goal. Each performance right represents a contingent right to receive one share of FBP common stock. At the end of the performance period, 100% of the award is paid in common stock free of restrictions. If the final amount is less than 100% of the share units, the balance is forfeited to the Corporation.

5. Performance shares that vested based in the achievement of the performance goal at a level resulting in 100% of target, pursuant to a grant of performace shares award made on March 21, 2018.

6. The amount of 32,606 performance share units were granted as a performance award, with 8,072 shares granted on March 21, 2019 and 24,534 shares granted on March 18, 2020, respectively, and vest based upon the degree of achievement of performance goals. Each performance right represents a contingent right to receive one share of FBP common stock.

Remarks:

	/s/Thomas Michael McDonald	03/23/2021
	** 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).
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