Form 4: First BanCorp EVP Nayda Rivera Reports Changes in Beneficial Ownership

Nayda Rivera, EVP and CRO of First BanCorp, reports acquisition of restricted stock and performance share units, as well as shares withheld for taxes.

Summary

• Nayda Rivera, EVP and CRO of First BanCorp, filed a Form 4 detailing changes in beneficial ownership.
• On March 21, 2024, Rivera acquired 12,565 shares of First BanCorp common stock at $17.35 per share as restricted stock under the Omnibus Incentive Plan.
• These shares vest over a three-year period, with 50% vesting on March 21, 2026, and the remaining 50% on March 21, 2027.
• On March 24, 2024, 2,678 shares were withheld at $16.86 to cover taxes related to restricted stock vesting from a long-term incentive award made on March 24, 2022.
• Rivera also acquired 12,564 Performance Share Units on March 21, 2024, 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 beneficially owns 256,838 shares of First BanCorp common stock and 56,209 Performance Share Units.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The filing reflects standard compensation practices and alignment of executive interests with company performance through stock and performance-based awards.

Positives

• The acquisition of restricted stock and performance share units aligns Rivera's interests with the long-term performance of First BanCorp.
• The vesting schedule of the restricted stock encourages continued service and commitment from Rivera.

Future Outlook

The performance share units vest based on the degree of achievement of performance goals, indicating a link between executive compensation and company performance.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders and their alignment with shareholder interests.

Stakeholder Impact

• Shareholders can monitor insider transactions to assess management's confidence in the company's future prospects.
• Employees may be impacted by the performance goals associated with the vesting of performance share units.

Key Dates