SEC Form 4 · accession 0001209191-17-032141
FIRST BANCORP /PR/ · FBP
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Michael McDonald
Officer — EVP
Period of report
May 10, 2017
Accepted (ET)
May 12, 2017 · 6:21 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001057706
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| First BanCorp Common StockF1 | May 10, 2017 | A | 802 | $5.75 | A | 237,605 | D | |
| First BanCorp Common StockF1 | May 10, 2017 | F | 249 | $5.75 | D | 237,356 | D | |
| First BanCorp Common StockF2 | May 10, 2017 | D | 86,316 | $0.00 | D | 151,040 | D | |
| First BanCorp Common StockF3 | May 10, 2017 | F | 2,866 | $5.75 | D | 148,174 | D | |
| First BanCorp Common StockF4 | May 10, 2017 | F | 1,613 | $5.75 | D | 146,561 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1Salary stock issued bi-weekly as a portion of the reporting person's salary compensation under the First BanCorp Omnibus Incentive Plan, as amended. Salary stock is fully vested on the date of grant. The number of shares represented by this award was determined by dividing the dollar value of the award granted to the reporting person by $5.75 (the closing price of the Issuer's common stock as quoted on the NYSE on May 10, 2017, the last trading day of the pay period). The shares reported as disposed of were withheld for taxes.
- F2Reflects the forfeiture of restricted stock resulting from the sale by the United States Department of the Treasury ("U.S. Treasury") of its remaining shares of the Issuer's Common Stock at a price that, together with its proceeds from prior sales of the Issuer's Common Stock, resulted in its failure to recoup its entire original investment in the Issuer through the U.S. Treasury Troubled Asset Relief Program Capital Purchase Program ("TARP").
- F3Shares withheld to cover taxes related to restricted stock that vested pursuant to the terms of the restricted stock award dated March 27, 2014 but remained subject to TARP restrictions on transfer until the U.S. Treasury confirmed on May 10, 2017 that it had agreed to sell all of its remaining 10,291,553 shares of the Issuer's common stock, which caused that the restrictions on an additional 25% of the shares awarded to be released as of such date.
- F4Shares withheld to cover taxes related to restricted stock that vested pursuant to the terms of the restricted stock award dated March 20, 2015 but remained subject to TARP restrictions on transfer until the U.S. Treasury confirmed on May 10, 2017 that it had agreed to sell all of its remaining 10,291,553 shares of the Issuer's common stock, which caused the restrictions on an additional 25% of the shares awarded to be released as of such date.