Lopez-Lay Ginoris 4

What Happened Lopez-Lay Ginoris, Executive Vice President of First Bancorp (FBP), had 15,599 Performance Share Units convert into common stock on March 16, 2026 (transaction code M). To cover required tax withholding, 6,918 shares were surrendered/disposed (two withholding transactions of 4,816 and 2,102 shares) at $20.57 per share, generating proceeds of $99,065 and $43,238 respectively (total $142,303). Net shares delivered after withholding were 8,681 (15,599 converted minus 6,918 withheld).

Key Details

• Transaction date: March 16, 2026; Form 4 filed March 18, 2026 (appears timely).
• Conversion: 15,599 Performance Share Units (exercise/conversion, code M).
• Withholding/dispositions: 4,816 shares @ $20.57 = $99,065 and 2,102 shares @ $20.57 = $43,238 (code F); total $142,303.
• Net shares received by insider: 8,681 shares (15,599 - 6,918).
• Shares owned after transaction: not reported in this filing.
• Relevant footnotes: F2 explains the PSUs vested based on achievement of TSR and tangible book value goals (resulting in 150% and ~101.46% payouts, respectively); F3/F4 note shares were withheld to cover taxes related to vested Performance Share Units and restricted stock.

Context

• These were Performance Share Units (long-term incentive awards) that vested based on pre-set performance goals; conversion is not an open-market purchase and withholding to cover taxes is a routine administrative step, not an opportunistic sale.
• Transaction codes: M = exercise/conversion of derivative (PSUs); F = shares withheld/used to pay taxes.