Alvarez-Cabrero Sara 4

4 · FIRST BANCORP /PR/ · Filed Mar 23, 2026

AI-generated summary of this filing

Updated Mar 23, 2026

First BanCorp (FBP) EVP Sara Alvarez‑Cabrero Receives Award

What Happened

Sara Alvarez‑Cabrero, EVP and General Counsel of First BanCorp (FBP), was granted 9,781 restricted shares (time‑based) and 9,781 Performance Share Units (PSUs) on March 19, 2026. The restricted shares are recorded at $20.59 each (total value $201,391). The 9,781 PSUs are a derivative award (recorded at $0.00) that convert to shares only if performance goals are met.
On March 21, 2026, 1,694 shares were disposed (code F) to cover taxes related to restricted stock that vested on March 21, 2026; those shares were recorded at $20.57 each (total ~$34,846). This was a withholding to satisfy tax obligations, not an open‑market sale.

Key Details

Transaction dates & prices:
- 2026-03-19: Grant of 9,781 restricted shares @ $20.59 (value $201,391).
- 2026-03-19: Grant of 9,781 Performance Share Units @ $0.00 (derivative award).
- 2026-03-21: 1,694 shares withheld for taxes @ $20.57 (value ~$34,846).
Vesting and award terms:
- Restricted stock vests solely by passage of time: 50% on year two (Mar 19, 2028) and 50% on year three (Mar 19, 2029). (Footnote F1)
- PSUs are performance‑based and pay out between 0% and 150% of target depending on achievement; each PSU entitles the holder to one share if earned. (Footnotes F3 & F4)
- The 9,781 PSUs granted on Mar 19, 2026 are part of a larger 27,122 PSU program granted over 2024–2026. (Footnote F4)
The March 21 disposition (code F) was tax withholding tied to restricted stock that vested on March 21, 2026 from a prior award (granted Mar 21, 2024). (Footnote F2)
Shares owned after the transactions are not disclosed in the information provided.
Filing: Form 4 filed March 23, 2026 reporting transactions dated March 19 and March 21, 2026.

Context

The PSU grant is a contingent/derivative award—it only converts to shares if performance targets are met; it is not an immediate purchase.
The 1,694‑share disposition was a tax withholding (routine administrative action), not an insider sale that reflects a decision to divest holdings.

Form 4

Period: 2026-03-19

EVP, General Counsel

Transactions

Award
First BanCorp Common Stock, par value $0.10 per share
[F1]
2026-03-19$20.59/sh+9,781$201,391→ 86,267 total
Tax Payment
First BanCorp Common Stock, par value $0.10 per share
[F2]
2026-03-21$20.57/sh−1,694$34,846→ 84,573 total
Award
Performance Share Unit
[F3][F4]
2026-03-19+9,781→ 27,122 total
Exp: 2029-03-19→ Common Stock (9,781 underlying)

Footnotes (4)

[F1]Shares of restricted stock issued pursuant to the First BanCorp Omnibus Incentive Plan, as amended. The shares shall fully vest solely on the basis of the passage of time over a three-year period, with 50% vesting on year two or March 19, 2028, and the remaining 50% vesting on year three or March 19, 2029.
[F2]Shares withheld to cover taxes related to restricted stock that vested on March 21, 2026 pursuant to the terms of the restricted stock award made on March 21, 2024.
[F3]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 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.
[F4]The amount of 27,122 Performance Share Units were granted as a performance award with 8,830 shares granted on March 21, 2024, 8,511 shares granted on March 19, 2025, and 9,781 shares granted on March 19, 2026 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, Es., Attorney-in-Fact|2026-03-23

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