Form 4: First BanCorp EVP and CRO, Nayda Rivera, Reports Acquisition of Restricted Stock and Performance Share Units

Nayda Rivera, EVP and CRO of First BanCorp, reports the acquisition of restricted stock and performance share units, along with adjustments to her holdings.

Summary

• On March 19, 2025, Nayda Rivera, EVP and CRO of First BanCorp, acquired 13,188 shares of First BanCorp common stock at $18.35 per share.
• These shares are restricted stock issued under the First BanCorp Omnibus Incentive Plan and will vest over three years, with 50% vesting on March 19, 2027, and the remaining 50% on March 19, 2028.
• Rivera also acquired 13,188 Performance Share Units, which vest based on the achievement of performance goals and represent a contingent right to receive one share of FBP common stock each.
• Following these transactions, Rivera directly owns 245,600 shares of First BanCorp common stock and 56,742 Performance Share Units.
• The 56,742 Performance Share Units were granted as a performance award with 12,642 shares granted on March 24, 2022, 18,348 shares granted on March 16, 2023, 12,564 shares granted on March 21, 2024, and 13,188 shares granted on March 19, 2025.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive as it reflects standard executive compensation practices and alignment of interests. The acquisition of shares by an executive is generally viewed as a positive sign.

Positives

• The acquisition of restricted stock and performance share units by a key executive signals confidence in the company's future performance.
• The vesting schedule of the restricted stock aligns the executive's interests with the long-term success of the company.

Future Outlook

The performance share units vest based on the achievement of future performance goals, indicating a focus on future performance.

Industry Context

Executive compensation in the financial services industry often includes a mix of restricted stock and performance-based units to align executive interests with shareholder value.

Comparison to Industry Standards

• Many financial institutions use similar equity-based compensation plans, such as restricted stock units (RSUs) and performance share units (PSUs), to incentivize executives.
• Companies like JPMorgan Chase and Bank of America also utilize performance-based equity awards that vest upon achieving specific financial or strategic goals.
• The vesting schedules and performance metrics associated with these awards vary across companies, but the general principle of aligning executive compensation with shareholder value remains consistent.

Stakeholder Impact

• The acquisition of shares by a key executive can positively influence shareholder confidence.
• The performance-based vesting of share units incentivizes the executive to drive company performance, benefiting shareholders.

Key Dates

Keywords

First BanCorp, FBP, Nayda Rivera, restricted stock, performance share units, executive compensation, Form 4, insider trading