McDonald Michael 4

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

AI-generated summary of this filing

Updated Mar 24, 2026

First BanCorp (FBP) EVP Michael McDonald Receives Equity Awards

What Happened

Michael McDonald, Executive Vice President of First BanCorp (FBP), was granted equity awards on March 19, 2026: 7,613 restricted shares at $20.59 each (reported value $156,752) and 7,612 Performance Share Units (PSUs) reported as a derivative award with $0 immediate cash value. On March 21, 2026, 794 shares were withheld to cover taxes related to restricted stock that vested, a disposition valued at $16,333 (794 shares @ $20.57).

Key Details

Transaction dates and prices:
- 2026-03-19: Award (A) — 7,613 restricted shares @ $20.59 (acquired), 7,612 PSUs @ $0 (derivative).
- 2026-03-21: Tax withholding (F) — 794 shares withheld @ $20.57 (disposed) = $16,333.
Shares owned after the transactions: Not disclosed in the provided filing excerpt.
Notable footnotes:
- F1: The 7,613 restricted shares issued under the First BanCorp Omnibus Incentive Plan vest over three years (time-based), with 50% vesting on year two (March 19, 2028) and 50% on year three (March 19, 2029).
- F2: The 794 shares withheld relate to restricted stock that vested on March 21, 2026 from a March 21, 2024 award.
- F3/F4: The 7,612 PSUs are performance awards that convert to shares only if performance thresholds are met; payout ranges from 0% (below threshold) up to 150% (maximum), and the F4 note shows portions of a multi-year PSU grant (6,023 on 3/21/2024; 5,814 on 3/19/2025; 7,612 on 3/19/2026).
Filing timeliness: Form 4 was filed on March 23, 2026 for report period March 19, 2026 — within the typical 2-business-day reporting window and therefore appears timely.

Context

Restricted shares are time-based awards that become actual, sellable shares only after vesting dates; PSUs are contingent on performance and may pay out between 0%–150% in stock at the end of the performance period. The 794-share withholding is a routine tax-coverage event when awards vest and does not necessarily indicate a voluntary sale by the insider.

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+7,613$156,752→ 76,964 total
Tax Payment
First BanCorp Common Stock, par value $0.10 per share
[F2]
2026-03-21$20.57/sh−794$16,333→ 76,170 total
Award
Performance Share Unit
[F3][F4]
2026-03-19+7,612→ 19,449 total
Exp: 2029-03-19→ Common Stock (7,612 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 19,449 Performance Share Units were granted as a performance award with 6,023 shares granted on March 21, 2024, 5,814 shares granted on March 19, 2025, and 7,612 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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