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FIRST BANCORP /PR/·4

Mar 23, 6:30 PM ET

Alvarez-Cabrero Sara 4

Research Summary

AI-generated summary

Updated

First BanCorp (FBP) EVP Sara Alvarez‑Cabrero Receives Award

What Happened

  • Sara Alvarez‑Cabrero, EVP and General Counsel of First BanCorp (FBP), was granted 9,781 restricted shares (time‑based) and 9,781 Performance Share Units (PSUs) on March 19, 2026. The restricted shares are recorded at $20.59 each (total value $201,391). The 9,781 PSUs are a derivative award (recorded at $0.00) that convert to shares only if performance goals are met.
  • On March 21, 2026, 1,694 shares were disposed (code F) to cover taxes related to restricted stock that vested on March 21, 2026; those shares were recorded at $20.57 each (total ~$34,846). This was a withholding to satisfy tax obligations, not an open‑market sale.

Key Details

  • Transaction dates & prices:
    • 2026-03-19: Grant of 9,781 restricted shares @ $20.59 (value $201,391).
    • 2026-03-19: Grant of 9,781 Performance Share Units @ $0.00 (derivative award).
    • 2026-03-21: 1,694 shares withheld for taxes @ $20.57 (value ~$34,846).
  • Vesting and award terms:
    • Restricted stock vests solely by passage of time: 50% on year two (Mar 19, 2028) and 50% on year three (Mar 19, 2029). (Footnote F1)
    • PSUs are performance‑based and pay out between 0% and 150% of target depending on achievement; each PSU entitles the holder to one share if earned. (Footnotes F3 & F4)
    • The 9,781 PSUs granted on Mar 19, 2026 are part of a larger 27,122 PSU program granted over 2024–2026. (Footnote F4)
  • The March 21 disposition (code F) was tax withholding tied to restricted stock that vested on March 21, 2026 from a prior award (granted Mar 21, 2024). (Footnote F2)
  • Shares owned after the transactions are not disclosed in the information provided.
  • Filing: Form 4 filed March 23, 2026 reporting transactions dated March 19 and March 21, 2026.

Context

  • The PSU grant is a contingent/derivative award—it only converts to shares if performance targets are met; it is not an immediate purchase.
  • The 1,694‑share disposition was a tax withholding (routine administrative action), not an insider sale that reflects a decision to divest holdings.