Form 4: First BanCorp EVP Lilian Diaz-Bento Reports Stock Transactions

EVP Lilian Diaz-Bento reports acquisition of restricted stock and performance share units, as well as shares withheld for taxes.

Summary

• Lilian Diaz-Bento, an EVP at First BanCorp, filed a Form 4 detailing changes in beneficial ownership.
• On March 21, 2024, Diaz-Bento acquired 9,823 shares of First BanCorp common stock at $17.35 per share.
• These shares were issued as restricted stock under the First BanCorp Omnibus Incentive Plan and will vest over a three-year period.
• 50% will vest on March 21, 2026, and the remaining 50% on March 21, 2027.
• On March 24, 2024, 1,264 shares were withheld to cover taxes related to restricted stock that vested, at a price of $16.86.
• Diaz-Bento also acquired 9,823 Performance Share Units on March 21, 2024, which vest based on the achievement of performance goals.
• These units represent a contingent right to receive one share of FBP common stock each.
• The filing indicates that Diaz-Bento directly owns 30,431 shares of First BanCorp common stock and 31,693 Performance Share Units following these transactions.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing detailing stock transactions by an executive. It doesn't inherently convey positive or negative sentiment.

Positives

• The acquisition of restricted stock and performance share units suggests continued alignment of the executive's interests with the company's long-term performance.

Future Outlook

The restricted stock and performance share units will vest in the future based on time and performance goals.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders.

Stakeholder Impact

• The transactions may have a minor impact on shareholders by slightly increasing the number of shares outstanding.

Key Dates