RIVERA NAYDA 4

What Happened

• Nayda Rivera, EVP, Chief Compliance Officer & Chief of Staff at First Bancorp (FBP), had 23,069 performance-based units convert to common shares on March 16, 2026. Per the filing, 13,797 of those shares were withheld to cover tax obligations (9,770 shares and 4,027 shares at $20.57 each, totaling $200,969 + $82,835 = $283,804). The remaining 9,272 shares were delivered to Ms. Rivera. The total pre-withholding value of the 23,069 shares was roughly $474,529 (using $20.57 per share); net value retained was roughly $190,725.

Key Details

• Transaction date: March 16, 2026; Form 4 filed March 18, 2026 (timely).
• Actions reported: M = exercise/conversion of derivative (22,069 PSUs converted to 23,069 shares per filing), F = shares withheld/disposed to cover taxes.
• Shares converted/received: 23,069 vested/converted; 13,797 shares withheld for taxes; 9,272 shares delivered to insider.
• Tax withholding amounts reported: $200,969 (9,770 shares) and $82,835 (4,027 shares), total $283,804.
• Shares owned after the transaction: not specified in the provided filing excerpt.
• Relevant footnotes: Awards were performance share units (PSUs) granted as part of long-term incentive grants (March 16, 2023); vesting was based on achievement of TSR and tangible book value goals (see footnotes: TSR at 150% of target and TBV at ~101.46% of target). Shares were withheld to satisfy tax withholding per plan terms.

Context

• These entries reflect vested performance awards converting to company stock, not an open-market sale or purchase. The withholding of shares to cover taxes (F code) is a routine administrative disposition and does not necessarily signal a voluntary sale by the insider.
• Transaction code M indicates conversion/exercise of a derivative (here, PSUs converting to shares); code F indicates shares withheld to satisfy tax obligations.
• For retail investors: vested PSU conversions increase an insider’s stock position (net of withholding). Purchases typically carry more weight as an affirmative bullish signal; conversions/withholdings are often mandatory or routine.