Form 4: First BanCorp EVP and CFO Orlando Berges Gonzalez Reports Stock Transactions
SEC Form 4 Filing
Orlando Berges Gonzalez, EVP and CFO of First BanCorp, reports the vesting and subsequent tax withholding of shares related to performance share units and restricted stock awards.
Summary
- On March 31, 2024, Orlando Berges Gonzalez, EVP and CFO of First BanCorp, reported transactions involving First BanCorp common stock.
- These transactions include the vesting of 11,989 performance share units, which converted into common stock.
- A total of 3,819 shares were withheld to cover taxes related to the vested performance share units.
- Additionally, 1,910 shares were withheld to cover taxes related to restricted stock that vested on the same date.
- Following these transactions, Berges Gonzalez directly owns 352,020 shares of First BanCorp common stock and 54,273 performance share units.
Sentiment
Score: 5
Explanation: This is a neutral disclosure of stock transactions related to executive compensation. It doesn't inherently indicate positive or negative sentiment.
Industry Context
This Form 4 filing is a routine disclosure related to executive compensation and stock ownership, common in the financial services industry.
Stakeholder Impact
- The transactions have a minor impact on the total outstanding shares of First BanCorp.
- The vesting of performance share units aligns executive compensation with company performance.
Key Dates
| Date | Description |
|---|---|
| 03/31/2021 | Date of original performance share unit and restricted stock awards. |
| 03/24/2022 | Date of grant of 15,969 performance share units. |
| 03/16/2023 | Date of grant of 22,743 performance share units. |
| 03/21/2024 | Date of grant of 15,561 performance share units. |
| 03/31/2024 | Date of vesting of performance share units and restricted stock; tax withholding. |
| 04/02/2024 | Date of Form 4 filing. |
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