McDonald Michael 4

What Happened

• Michael McDonald, Executive Vice President of First BanCorp (FBP), was granted equity awards on March 19, 2026: 7,613 restricted shares at $20.59 each (reported value $156,752) and 7,612 Performance Share Units (PSUs) reported as a derivative award with $0 immediate cash value. On March 21, 2026, 794 shares were withheld to cover taxes related to restricted stock that vested, a disposition valued at $16,333 (794 shares @ $20.57).

Key Details

• Transaction dates and prices:
  • 2026-03-19: Award (A) — 7,613 restricted shares @ $20.59 (acquired), 7,612 PSUs @ $0 (derivative).
  • 2026-03-21: Tax withholding (F) — 794 shares withheld @ $20.57 (disposed) = $16,333.
• Shares owned after the transactions: Not disclosed in the provided filing excerpt.
• Notable footnotes:
  • F1: The 7,613 restricted shares issued under the First BanCorp Omnibus Incentive Plan vest over three years (time-based), with 50% vesting on year two (March 19, 2028) and 50% on year three (March 19, 2029).
  • F2: The 794 shares withheld relate to restricted stock that vested on March 21, 2026 from a March 21, 2024 award.
  • F3/F4: The 7,612 PSUs are performance awards that convert to shares only if performance thresholds are met; payout ranges from 0% (below threshold) up to 150% (maximum), and the F4 note shows portions of a multi-year PSU grant (6,023 on 3/21/2024; 5,814 on 3/19/2025; 7,612 on 3/19/2026).
• Filing timeliness: Form 4 was filed on March 23, 2026 for report period March 19, 2026 — within the typical 2-business-day reporting window and therefore appears timely.

Context

• Restricted shares are time-based awards that become actual, sellable shares only after vesting dates; PSUs are contingent on performance and may pay out between 0%–150% in stock at the end of the performance period. The 794-share withholding is a routine tax-coverage event when awards vest and does not necessarily indicate a voluntary sale by the insider.