Pavia Juan Carlos 4

What Happened
Juan Carlos Pavia, COO of First Bancorp (FBP), had 16,515 Performance Share Units (PSUs) vest/convert on March 16, 2026 (transaction code M). To satisfy tax withholding (code F), 7,090 shares were withheld — 4,950 shares at $20.57 each ($101,822) and 2,140 shares at $20.57 each ($44,020) — for a total withholding value of $145,842. The net shares issued to Pavia from the vesting were 9,425 shares (16,515 gross − 7,090 withheld). These disposals were tax withholdings, not open-market sales.

Key Details

• Transaction date: March 16, 2026; Form 4 filed March 18, 2026 (appears timely).
• Transactions: Exercise/conversion of 16,515 PSUs (M); tax withholding disposals of 4,950 and 2,140 shares at $20.57 each (F).
• Withheld shares/value: 7,090 shares withheld, totaling $145,842. Net shares retained: 9,425.
• Shares owned after transaction: Not disclosed in the provided filing excerpt.
• Notable footnotes: F2 indicates PSU vesting was based on performance goals (TSR and tangible book value); the TSR goal paid at 150% of target and the TBV goal at ~101.46% of target for the March 16, 2023 grant. F3 confirms shares were withheld to cover taxes on PSUs that vested on March 16, 2026.
• Transaction codes: M = exercise/conversion of derivative (PSU vesting); F = shares withheld for taxes (not market sales).

Context
PSUs are performance-based compensation that convert to shares when vesting conditions are met; this is a routine compensation event rather than a purchase or an investment decision by the insider. Tax-withholding disposals are common and do not indicate a directional view on the stock. The filing shows enhanced payout levels for the relevant performance measures (per F2), which explains why 16,515 shares vested.