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FIRST BANCORP /PR/·4

Mar 18, 5:00 PM ET

ALEMAN AURELIO 4

4 · FIRST BANCORP /PR/ · Filed Mar 18, 2026

Research Summary

AI-generated summary of this filing

Updated

First Bancorp (FBP) CEO Aurelio Aleman Exercises Performance Awards, Sells Shares

What Happened Aurelio Aleman, President, CEO and Director of First Bancorp (FBP), had 86,511 performance-based share units convert/vest on March 16, 2026 (reported on Form 4). Of those shares, 51,208 were withheld to satisfy tax liabilities at $20.57 per share, resulting in proceeds of $1,053,349. The net shares delivered to Aleman after withholding were approximately 35,303 shares.

Key Details

  • Transaction date: March 16, 2026; Form 4 filed March 18, 2026 (timely filing).
  • Derivative exercise/conversion code: M — 86,511 Performance Share Units converted to common stock.
  • Tax withholding code: F — 36,638 shares withheld for $753,644 and 14,570 shares withheld for $299,705 (both at $20.57/share); total withheld 51,208 shares, total proceeds $1,053,349.
  • Net shares received by Aleman: ~35,303 shares (86,511 vested − 51,208 withheld).
  • Shares owned after transaction: Not specified in the provided excerpt.
  • Relevant footnotes: Vesting was based on performance goals (PSUs) over a three‑year period; TSR goal paid at 150% of target and TBV at ~101.46% of target for the award that vested. Withholdings relate to taxes on vested Performance Share Units and restricted stock from awards made March 16, 2023.

Context

  • This was not an open‑market sale — the “sales” here were share withholdings to cover tax obligations following vesting (common for vested equity compensation).
  • Transaction codes: M = exercise/conversion of derivative (PSUs converting to stock); F = shares withheld/used to pay tax liability.
  • These actions reflect routine tax withholding on vested awards rather than a decision to sell shares on the open market.

Insider Transaction Report

Form 4
Period: 2026-03-16
FIRST BANCORP /PR/FBP
ALEMAN AURELIO
DirectorPresident and CEO
Transactions
  • Exercise/Conversion

    First BanCorp Common Stock, par value $0.10 per share

    [F1][F2]
    2026-03-16+86,511→ 1,136,058 total
  • Tax Payment

    First BanCorp Common Stock, par value $0.10 per share

    [F3]
    2026-03-16$20.57/sh−36,638$753,644→ 1,099,420 total
  • Tax Payment

    First BanCorp Common Stock, par value $0.10 per share

    [F4]
    2026-03-16$20.57/sh−14,570$299,705→ 1,084,850 total
  • Exercise/Conversion

    Performance Share Unit

    [F1][F2][F5]
    2026-03-16−86,511→ 118,797 total
    Exp: 2026-03-16→ Common Stock (86,511 underlying)
Footnotes (5)
  • [F1]Performance Share Units granted as a performance award, vesting based upon degree of achievement of performance goal. Each Performance Share Unit represents a contingent right to receive one share of FBP common stock. At the end of the three-year performance period, 50% of the award is paid for threshold-level performance up to 150% for maximum level performance, in FBP common stock free of restriction. Amounts between threshold, target, and maximum level performance are interpolated to reward incremental achievement and no amounts are paid if actual results of the performance goal are below threshold-level performance.
  • [F2]Performance Share Units that vested based upon the degree of achievement of equally weighed performance goals at the end of a three-year performance period, comprising: (i) our total shareholder return relative to companies comprising the KBW Regional Bank Index ("TSR Target Performance"); and (ii) our pre-established targeted tangible book value per share goal ("TBV Target Performance"). Performance Share Units vested based on the achievement of (i) the TSR Target Performance goal at a level resulting in 150% of target, and (ii) the TBV Target Performance goal at a level resulting in 101.46% of target, each pursuant to the grant of Performance Units awarded on March 16, 2023.
  • [F3]Shares withheld to cover taxes related to Performance Shares Units that vested on March 16, 2026 pursuant to the terms of the long-term incentive award made on March 16, 2023.
  • [F4]Shares withheld to cover taxes related to restricted stock that vested on March 16, 2026 pursuant to the terms of the restricted stock award made on March 16, 2023.
  • [F5]The amount of 118,797 Performance Share Units were granted as a performance award with 59,942 shares granted on March 21, 2024 and 58,855 shares granted on March 19, 2025, and vest upon the degree of achievement of performance goals. Each Performance Share Unit represents a contingent right to receive one share of FBP common stock.
Signature
/s/ Adolfo Sepulveda, Esq., Attorney-in-Fact|2026-03-18

Documents

1 file
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    ownership.xmlPrimary

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