Form 4: First Bancorp Executive Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
Juan Carlos Pavia, EVP and Chief Credit Officer of First Bancorp, sold 636 shares to cover taxes related to vested restricted stock.
Summary
- On March 31, 2024, Juan Carlos Pavia, EVP and Chief Credit Officer of First Bancorp, disposed of 636 shares of First BanCorp Common Stock at a price of $17.54 per share.
- The transaction was executed to cover taxes related to restricted stock that vested on the same date.
- Following the transaction, Pavia directly owns 66,295 shares of First BanCorp Common Stock.
Sentiment
Score: 5
Explanation: The document describes a routine transaction related to executive compensation and tax obligations, indicating a neutral sentiment.
Industry Context
Form 4 filings are a routine part of executive compensation and provide transparency into insider transactions. This transaction is related to tax obligations arising from vested stock awards, a common practice.
Stakeholder Impact
- The transaction has a minimal impact on shareholders as it is a small sale of shares by an executive to cover tax obligations.
Key Dates
| Date | Description |
|---|---|
| 03/31/2021 | Date of restricted stock award |
| 03/31/2024 | Date of transaction and vesting of restricted stock |
| 04/02/2024 | Date of signature on the form |
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