Alvarez-Cabrero Sara 4

What Happened Sara Alvarez‑Cabrero, Executive Vice President and General Counsel of First Bancorp (FBP), had 15,121 performance share units convert to common stock on March 16, 2026 (reported Mar 18, 2026). Of those shares, 5,799 and 2,492 shares (total 8,291) were withheld to cover taxes at a withholding price of $20.57 per share (values: $119,285 and $51,260). The net shares delivered to her were 6,830 (15,121 − 8,291). This was a vesting/conversion of performance awards (not an open‑market purchase or discretionary sale).

Key Details

• Transaction date: March 16, 2026; Form 4 filed March 18, 2026 (timely).
• Actions reported: M = exercise/conversion of derivative (15,121 PSUs converted to shares); F = shares withheld to pay tax liabilities (5,799 and 2,492 shares at $20.57).
• Tax withholding value: $119,285 + $51,260 = $170,545 (approx).
• Net shares received: 6,830 shares (approx value using $20.57 = ~$140,500).
• Shares owned after transaction: not disclosed in the filing.
• Relevant footnotes: These were Performance Share Units granted in March 2023 that vested based on multi‑year performance goals (TSR and tangible book value). Footnote F2 notes the TSR component achieved 150% of target and the TBV component ~101.46% of target; F3 confirms shares were withheld for taxes.

Context This was a routine conversion/settlement of long‑term incentive awards (performance share units) that vested after a three‑year performance period. The withholding of shares to cover tax obligations is a common cashless mechanism and should not be read as an opportunistic sale signal. The filing does not show any open‑market purchase or discretionary sale by the insider on that date.