Berges Gonzalez Orlando 4

What Happened

• Orlando Berges, EVP and Chief Financial Officer of First Bancorp (FBP), had 28,595 derivative awards (performance share units) convert into common shares on March 16, 2026. Of those shares, 12,842 were withheld to cover tax obligations at $20.57 per share (9,108 shares withheld for $187,352 and 3,734 shares withheld for $76,808), leaving a net delivery of 15,753 shares to Mr. Berges.
• This was a conversion/vesting event (not an open-market purchase). The withholding of shares to cover taxes is routine and often reported as a disposition (code F) on Form 4.

Key Details

• Transaction date: March 16, 2026; Form 4 filed March 18, 2026 (appears timely, within standard two-business-day reporting).
• Exercise/conversion: 28,595 performance share units converted into 28,595 shares (transaction code M).
• Tax withholding/dispositions: 9,108 shares @ $20.57 = $187,352 and 3,734 shares @ $20.57 = $76,808 (total withheld ≈ $264,160) (transaction code F).
• Net shares received by insider: 15,753 shares.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Relevant footnotes: the shares arose from performance share units that vest based on multi-year performance goals (see F1–F3). The filing indicates vesting tied to performance goals from awards granted in March 2023 and later awards; some shares were withheld specifically to cover taxes on vested performance shares and restricted stock.

Context

• This was effectively a cashless settlement of performance awards: performance units converted to shares and some of those shares were withheld to satisfy tax withholding obligations.
• Tax-withholding dispositions are routine and do not necessarily indicate a sell decision by the insider beyond meeting tax obligations.
• No evidence in this filing of an open-market sell or additional purchases by the insider.