Lacasa Jose Maria 4

What Happened

• On March 16, 2026, Jose Maria Lacasa, Executive Vice President of First Bancorp (FBP), had 14,451 performance-based units convert into common stock (reported as an exercise/conversion of a derivative instrument).
• The filing shows two tax-withholding dispositions: 5,831 shares and 2,506 shares were withheld at $20.57 per share to cover tax liabilities, totaling $119,944 and $51,548 respectively (combined = $171,492).
• The report also lists a derivative disposition related to the 14,451-share conversion. The combined entries indicate conversion of PSUs with shares withheld for taxes; the derivative disposition line may reflect the mechanics of conversion/sale as reported on Form 4.

Key Details

• Transaction date: March 16, 2026 (filed March 18, 2026 — filing appears timely).
• Conversion/acquisition: 14,451 shares (exercise/conversion of derivative, code M).
• Tax-withholding dispositions: 5,831 shares @ $20.57 = $119,944; 2,506 shares @ $20.57 = $51,548 (codes F).
• Net shares potentially retained after withholding: 14,451 − 8,337 = 6,114 shares (unless the reported derivative disposition indicates those shares were also disposed/sold).
• Relevant footnotes: Vesting and conversion relate to performance share units (PSUs) granted as multi-year awards; F2 notes the PSU payout levels (150% and ~101.46% of target for the underlying goals). F3/F4 confirm shares were withheld to satisfy tax withholding on vested awards.
• No indication this was a gift or 10b5-1 plan; this is compensation-related vesting and tax withholding, not an open-market purchase.

Context

• These transactions reflect compensation vesting (PSUs converting to common stock) rather than an open-market buy or routine voluntary sale. Shares withheld to cover taxes (code F) are common when restricted or performance shares vest. The derivative reporting (code M) signals conversion/exercise mechanics; it does not necessarily mean an additional market sale beyond the withheld shares.