Lopez-Lay Ginoris 4

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

AI-generated summary of this filing

Updated Mar 23, 2026

First BanCorp (FBP) EVP Lopez‑Lay Ginoris Receives Awards

What Happened

Lopez‑Lay Ginoris, an Executive Vice President of First BanCorp (FBP), received stock awards on March 19, 2026: 9,228 restricted shares valued at $20.59 each (total ≈ $190,005) and 9,227 Performance Share Units (PSUs) granted as a derivative award (no cash paid).
Separately, on March 21, 2026, 796 shares were disposed/withheld at $20.57 each (≈ $16,374) to cover taxes related to restricted stock that vested on March 21, 2026.
The grants are compensation awards (A = award/grant); the 796‑share disposition is tax withholding (F = tax withholding), not an open‑market sale.

Key Details

Transaction dates & prices:
- 2026‑03‑19: 9,228 restricted shares @ $20.59 (acquired) — $190,005.
- 2026‑03‑19: 9,227 Performance Share Units granted (derivative, $0).
- 2026‑03‑21: 796 shares withheld @ $20.57 (disposed) — $16,374.
Shares owned after the transactions: not specified in the provided summary of the filing (check the full Form 4 for total beneficial ownership).
Filing: Form 4 was filed on March 23, 2026 (timely relative to the March 19 transaction).
Notable footnotes from the filing:
- F1: Restricted stock vests solely by passage of time over 3 years (50% on year 2 — Mar 19, 2028; 50% on year 3 — Mar 19, 2029).
- F2: 796 shares were withheld to cover taxes on restricted stock that vested Mar 21, 2026 from a Mar 21, 2024 award.
- F3: PSUs pay out in shares based on achievement of performance goals (50% payout at threshold up to 150% at maximum; none if below threshold).
- F4: The total PSU award referenced is 27,149 units granted over three years (9,168 in 2024; 8,754 in 2025; 9,227 in 2026).

Context

The 9,228 restricted shares and PSUs are compensation awards, not open‑market purchases; such grants are common for executive pay and typically vest over time or based on performance.
The 796‑share disposition was a tax‑withholding event tied to vesting and does not necessarily indicate a routine sale for investment purposes.
PSUs are contingent — they convert to actual shares only if performance goals are met at the end of the performance period. For full details (including exact post‑transaction ownership), review the complete Form 4 filing.

Form 4

Period: 2026-03-19

EVP

Transactions

Award
First BanCorp Common Stock, par value $0.10 per share
[F1]
2026-03-19$20.59/sh+9,228$190,005→ 222,185 total
Tax Payment
First BanCorp Common Stock, par value $0.10 per share
[F2]
2026-03-21$20.57/sh−796$16,374→ 221,389 total
Award
Performance Share Unit
[F3][F4]
2026-03-19+9,227→ 27,149 total
Exp: 2029-03-19→ Common Stock (9,227 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 27,149 Performance Share Units were granted as a performance award with 9,168 shares granted on March 21, 2024, 8,754 shares granted on March 19, 2025, and 9,227 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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