ALEMAN AURELIO 4

What Happened

• Aurelio Aleman, President, CEO and Director of First BanCorp (FBP), received a grant on March 19, 2026 of 58,318 shares of restricted stock valued at $20.59 each (total $1,200,768). On the same date he was also granted 58,318 Performance Share Units (PSUs), a contingent award that can convert to common shares depending on performance. Separately, on March 21, 2026, 12,693 shares were withheld to cover taxes related to restricted stock that vested that day (12,693 shares withheld at $20.57, ~$261,095).

Key Details

• Transaction types: A = Award/Grant (restricted stock and PSUs); F = shares withheld for taxes.
• Dates and prices: 3/19/2026 — 58,318 restricted shares at $20.59 ($1,200,768) and 58,318 PSUs at $0.00 (derivative/contingent); 3/21/2026 — 12,693 shares withheld at $20.57 (~$261,095).
• Vesting/terms: Restricted stock vests over three years (50% on year two — March 19, 2028 — and 50% on year three — March 19, 2029). PSUs pay out 0%–150% of target based on performance, with 50% payout at threshold and interpolation between levels; no payout below threshold. The 58,318 PSUs are part of a broader 177,115-PSU award granted across 2024–2026.
• Shares owned after the transactions are not specified in this Form 4.
• Filing: Form 4 was filed on 2026-03-23 for reportable transactions dated 3/19 and 3/21; the filing appears to have been submitted within the normal SEC two-business-day window.

Context

• The restricted stock grant is a standard time-based award (not an open-market purchase) and typically aligns executive compensation with shareholder value over multiple years. The PSUs are performance-based and will only convert to shares depending on achievement of company goals. The withheld shares on 3/21 were a routine tax-withholding action tied to restricted stock vesting and do not indicate an open-market sale by the insider.