Note 5 - Stock Option Plan >. The Corporation has a stock option plan covering certain employees. The options granted under the plan cannot exceed 20% of the number of com- mon shares outstanding. Each option provides for the purchase of one share of common stock at a price not less than the fair market value of the stock on the date the option is granted. Stock options are fully vested upon issuance. The maximum term to exercise the options is ten years. The stock option plan provides for a proportionate adjustment in the exer- cise price and the number of shares that can be purchased in the event of a stock dividend, stock split, reclassification of stock, merger or reorgani- zation and certain other issuance and distributions. Following is a summary of the activity related to stock options: The options outstanding at December 31, 2001 have an original expiration term of ten years and all of them are exercisable. The exercise price of the options outstanding at December 31, 2001 ranges from $15.63 to $28.38 and the weighted average remaining contractual life is approximately seven years. Following is additional information concerning the stock options outstand- ing at December 31, 2001. 0 60 First BanCorp.> 2001 Number of Exercise Price Contractual Options  per Option Maturity 207,500 $15.63 November 2007 60,000 $19.19 February 2008 5,000 $28.38 April 2008 40,000 $27.09 May 2008 12,000 $26.56 June 2008 175,000 $26.00 November 2008 2,000 $25.94 February 2009 3,500 $26.44 April 2009 10,000 $22.56 August 2009 202,500 $19.63 November 2009 318,000 $22.31 December 2010 1,035,500 Number Weighted Average of Options  Exercise Price per Option  At December 31, 1998  756,500 $16.16 Granted 223,000 $19.99 Exercised (13,000 $13.56 At December 31, 1999 966,500 $17.07 Granted 318,000 $22.31 Exercised (6,000 $15.63 Canceled (7,000 $26.00 At December 31, 2000 1,271,500 $18.36 Exercised (234,000 $ 5.79 Canceled (2,000 $28.38 At December 31, 2001 1,035,500 $21.18 ) ) ) ) )