Form 4: First BanCorp EVP Nayda Rivera Reports Stock Transactions
SEC Form 4 Filing
EVP and CRO of First BanCorp, Nayda Rivera, reports the vesting and subsequent tax withholding of performance share units and restricted stock, along with adjustments to her holdings of First BanCorp common stock.
Summary
- Nayda Rivera, EVP and CRO of First BanCorp, filed a Form 4 detailing changes in beneficial ownership.
- On March 31, 2024, performance share units vested, resulting in the acquisition of 12,655 shares of First BanCorp common stock.
- Also on March 31, 2024, 5,360 shares were withheld to cover taxes related to the vested performance share units at a price of $17.54 per share.
- An additional 2,680 shares were withheld to cover taxes related to restricted stock that vested on the same date, also at $17.54 per share.
- Following these transactions, Rivera directly owns 261,453 shares of First BanCorp common stock.
- Rivera also holds 43,554 performance share units that were granted on March 24, 2022, March 16, 2023, and March 21, 2024, which vest based on the achievement of performance goals.
Sentiment
Score: 6
Explanation: The document is a standard regulatory filing detailing stock transactions. It doesn't contain information that would significantly sway investor sentiment positively or negatively.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in the financial services industry.
Comparison to Industry Standards
- Executive compensation practices, including the use of performance share units and restricted stock, are common among publicly traded financial institutions like First BanCorp.
- Comparable companies such as Popular, Inc. and OFG Bancorp also utilize similar equity-based compensation plans to incentivize and retain key executives.
- The vesting schedules and performance metrics associated with these awards are typically aligned with the company's strategic goals and shareholder value creation.
Stakeholder Impact
- The vesting of performance share units aligns executive compensation with company performance, potentially benefiting shareholders.
- Tax withholding impacts the executive's net compensation, but ensures compliance with tax regulations.
Key Dates
| Date | Description |
|---|---|
| 03/31/2021 | Date of the long-term incentive award and restricted stock award. |
| 03/24/2022 | Date of grant of 12,642 performance share units. |
| 03/16/2023 | Date of grant of 18,348 performance share units. |
| 03/21/2024 | Date of grant of 12,564 performance share units. |
| 03/31/2024 | Date of vesting of performance share units and restricted stock; tax withholding. |
| 04/02/2024 | Date of Form 4 filing. |
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