RIVERA NAYDA 4

What Happened

• Nayda Rivera, EVP, Chief Customer & Corporate Officer and Chief of Staff at First BanCorp (FBP), received equity awards on March 19, 2026: 13,576 restricted shares recorded at $20.59 each (total value $279,530) and 13,576 Performance Share Units (PSUs) recorded as a derivative award ($0.00 per-unit reporting).
• On March 21, 2026, 2,661 shares were withheld (disposed) to cover taxes related to restricted stock that vested, at an average value of $20.57 per share (proceeds/withholding value $54,737).

Key Details

• Transaction types: A = Award/Grant (restricted stock and PSUs); F = Tax withholding (shares disposed to cover taxes).
• Dates and prices: March 19, 2026 — 13,576 restricted shares @ $20.59 (value $279,530) and 13,576 PSUs @ $0.00 (derivative); March 21, 2026 — 2,661 shares withheld @ $20.57 (value $54,737).
• Vesting and conditions: Restricted shares vest solely by time over three years (50% on year two / March 19, 2028; remaining 50% on year three / March 19, 2029) (F1). PSUs are performance-based (payable 0–150% depending on performance; threshold = 50% payout up to 150% at maximum; interpolated between levels) (F3, F4). F4 notes 39,328 PSUs were granted as a multi-year performance award (13,576 of which were from the March 19, 2026 tranche).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Filing timeliness: Form 4 filed 2026-03-23 for transactions on 2026-03-19 and 2026-03-21; filing appears to be within the normal reporting window.

Context

• The restricted shares are time-based awards (vest over set dates) — not an open-market purchase or sale indicating immediate bullish or bearish action.
• The PSUs are contingent awards: they do not immediately transfer stock and will only convert to shares depending on future performance metrics.
• The 2,661-share disposition was a routine tax withholding to satisfy tax obligations on vested restricted stock, which is common after vesting events.