First Bancorp (FBP) CEO Aurelio Aleman Exercises Performance Awards, Sells Shares

What Happened Aurelio Aleman, President, CEO and Director of First Bancorp (FBP), had 86,511 performance-based share units convert/vest on March 16, 2026 (reported on Form 4). Of those shares, 51,208 were withheld to satisfy tax liabilities at $20.57 per share, resulting in proceeds of $1,053,349. The net shares delivered to Aleman after withholding were approximately 35,303 shares.

Key Details

• Transaction date: March 16, 2026; Form 4 filed March 18, 2026 (timely filing).
• Derivative exercise/conversion code: M — 86,511 Performance Share Units converted to common stock.
• Tax withholding code: F — 36,638 shares withheld for $753,644 and 14,570 shares withheld for $299,705 (both at $20.57/share); total withheld 51,208 shares, total proceeds $1,053,349.
• Net shares received by Aleman: ~35,303 shares (86,511 vested − 51,208 withheld).
• Shares owned after transaction: Not specified in the provided excerpt.
• Relevant footnotes: Vesting was based on performance goals (PSUs) over a three‑year period; TSR goal paid at 150% of target and TBV at ~101.46% of target for the award that vested. Withholdings relate to taxes on vested Performance Share Units and restricted stock from awards made March 16, 2023.

Context

• This was not an open‑market sale — the “sales” here were share withholdings to cover tax obligations following vesting (common for vested equity compensation).
• Transaction codes: M = exercise/conversion of derivative (PSUs converting to stock); F = shares withheld/used to pay tax liability.
• These actions reflect routine tax withholding on vested awards rather than a decision to sell shares on the open market.