Form 4: First BanCorp EVP, General Counsel Sara Alvarez-Cabrero Reports Acquisition of Shares and Performance Share Units

Sara Alvarez-Cabrero, EVP and General Counsel of First BanCorp, reports the acquisition of restricted stock and performance share units.

Summary

• On March 19, 2025, Sara Alvarez-Cabrero, EVP and General Counsel of First BanCorp, acquired 8,512 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 a three-year period, with 50% vesting on March 19, 2027, and the remaining 50% vesting on March 19, 2028.
• Additionally, Ms. Alvarez-Cabrero acquired 8,511 Performance Share Units on the same date.
• These units vest based on the achievement of performance goals, with each unit representing a contingent right to receive one share of FBP common stock.
• Following these transactions, Ms. Alvarez-Cabrero beneficially owns 66,182 shares of First BanCorp common stock and 38,809 Performance Share Units.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It's a standard disclosure of insider transactions. The acquisition of shares could be seen as a positive signal, but it's not a major event.

Positives

• The acquisition of shares and performance share units by a high-ranking executive could be interpreted as a sign of confidence in the company's future performance.

Future Outlook

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

Industry Context

This filing is a routine disclosure of insider transactions, which are common in publicly traded companies. It provides transparency into the actions of company executives.

Comparison to Industry Standards

• Executive compensation packages often include a mix of salary, stock options, restricted stock, and performance-based incentives.
• The vesting schedules for restricted stock and performance share units are typical in the industry, designed to align executive interests with long-term shareholder value.
• Comparing the specific performance goals and vesting terms to those of peer companies would provide a more detailed assessment of the competitiveness of First BanCorp's executive compensation.

Stakeholder Impact

• The transaction could have a minor positive impact on shareholder sentiment if viewed as a sign of executive confidence.
• The vesting of restricted stock and performance share units aligns executive interests with long-term shareholder value.

Key Dates

Keywords

First BanCorp, FBP, Sara Alvarez-Cabrero, insider trading, Form 4, restricted stock, performance share units, executive compensation