McDonald Michael 4

What Happened

• Michael McDonald, Executive Vice President of First Bancorp (FBP), had 10,380 Performance Share Units vest and convert into 10,380 shares on March 16, 2026. To satisfy tax obligations, 2,736 shares and 1,230 shares were withheld (disposed) at $20.57/share, totaling $81,581. Net shares retained from the vesting = 6,414 shares (approx. $131,936 at $20.57).

Key Details

• Transaction date: March 16, 2026; Form 4 filed March 18, 2026 (timely).
• Activity codes: M = exercise/conversion of derivative (PSUs converted to shares); F = shares withheld to cover tax liabilities.
• Withheld shares: 2,736 shares ($56,280) and 1,230 shares ($25,301) at $20.57 per share; total withheld value = $81,581.
• Gross shares delivered on vesting: 10,380; net retained: 6,414.
• Shares owned after transaction: filing does not report total holdings; net increase of 6,414 shares from this vesting.
• Relevant footnotes: F2 explains the PSU vesting levels (TSR at 150% and TBV at 101.46% for the 3‑year grant from March 16, 2023). F3 and F4 confirm the withheld shares cover taxes on vested awards.

Context

• These were performance-based equity awards vesting after a three-year performance period (not an open-market purchase or sale). Withholding to cover taxes is routine and should not be read as a voluntary sale signal. Code M indicates conversion of performance units into common stock; code F indicates shares surrendered/withheld for tax obligations.