Form 4: First BanCorp EVP Pancham Cassan Reports Stock Transaction
SEC Form 4 Filing
EVP Pancham Cassan reports disposition of First BanCorp shares to cover taxes related to vested restricted stock.
Summary
- On March 16, 2025, Pancham Cassan, an Executive Vice President of First BanCorp, disposed of 1,816 shares of First BanCorp common stock at a price of $18.26 per share.
- The transaction was executed to cover taxes related to restricted stock that vested on the same date, March 16, 2025.
- Following the transaction, Cassan directly owns 290,915 shares of First BanCorp common stock.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing detailing a stock transaction for tax purposes, indicating a neutral sentiment.
Industry Context
This Form 4 filing is a routine disclosure required by the SEC for corporate insiders, providing transparency into their stock transactions. It's a standard practice for executives to sell shares to cover tax obligations when restricted stock vests.
Stakeholder Impact
- The transaction has a minimal impact on shareholders as it is a standard procedure for covering tax obligations.
Key Dates
| Date | Description |
|---|---|
| 03/16/2023 | Date of long-term incentive award. |
| 03/16/2025 | Date of transaction and vesting of restricted stock. |
| 03/18/2025 | Date of signature on the Form 4 filing. |
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