4/A: First BanCorp EVP Jose Maria Lacasa Amends Form 4 to Correctly Report Stock and Performance Share Unit Awards

Jose Maria Lacasa, EVP of First BanCorp, files an amended Form 4 to correct previously misreported amounts of restricted stock and performance share units awarded.

Summary

• Jose Maria Lacasa, an EVP at First BanCorp, filed an amendment to a previously submitted Form 4.
• The amendment corrects an administrative error in the original filing regarding the number of restricted stock shares and performance share units awarded on March 21, 2024.
• The corrected filing shows that 7,908 shares of restricted stock were awarded at a price of $17.35, instead of the previously reported 7,666 shares.
• Additionally, 7,907 Performance Share Units were awarded, instead of the previously reported 7,665 units.
• The shares of restricted stock vest over a three-year period, with 50% vesting on March 21, 2026, and the remaining 50% vesting on March 21, 2027.
• Shares were also withheld to cover taxes related to restricted stock that vested on March 24, 2024, pursuant to a long-term incentive award made on March 24, 2022.
• The Performance Share Units vest based on the achievement of performance goals, with payouts ranging from 50% to 150% of the award in FBP common stock.

Sentiment

Score: 7

Explanation: The document is a routine regulatory filing correcting an administrative error, which has a neutral to slightly positive sentiment as it reflects transparency and adherence to regulations.

Positives

• The amendment provides a more accurate representation of the stock and performance share unit awards granted to the reporting person.

Industry Context

This filing is a routine disclosure related to executive compensation and is required by the SEC to ensure transparency in insider transactions.

Comparison to Industry Standards

• Executive compensation packages, including stock and performance-based awards, are common practice in the financial services industry.
• Companies like Bank of America, JP Morgan Chase, and Citigroup also utilize similar incentive plans to align executive interests with shareholder value.
• The vesting schedules and performance metrics associated with these awards are typically benchmarked against industry peers to ensure competitiveness and effectiveness.

Stakeholder Impact

• The correction of the filing ensures that shareholders have accurate information regarding executive compensation.
• This promotes transparency and trust in the company's governance practices.

Key Dates