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FIRST BANCORP /PR/·4

Mar 23, 6:30 PM ET

Pavia Juan Carlos 4

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First BanCorp (FBP) COO Juan Carlos Pavia Receives 11,583-Share Award

What Happened Juan Carlos Pavia, Chief Operating Officer of First BanCorp (FBP), received equity awards on March 19, 2026. The filing shows an award of 11,583 restricted shares at a reported value of $20.59 per share (total value $238,494) and a grant of 11,583 Performance Share Units (PSUs) recorded as a derivative (no immediate cash value). Separately, on March 21, 2026, 1,474 shares were withheld/disposed at $20.57 per share to cover taxes related to a prior restricted-stock vesting (proceeds ≈ $30,320).

Key Details

  • Award date(s): March 19, 2026 (restricted shares and PSUs); tax withholding on March 21, 2026.
  • Prices/values: Restricted shares valued at $20.59 each (11,583 shares; $238,494). Tax-withheld shares: 1,474 shares at $20.57 ($30,320).
  • Transaction codes: A = Award/Grant; F = Tax withholding (sale/disposition of shares to cover taxes).
  • Vesting and performance notes:
    • Restricted shares issued under the First BanCorp Omnibus Incentive Plan vest over three years: 50% on year two (Mar 19, 2028) and 50% on year three (Mar 19, 2029). (Footnote F1)
    • The 11,583 PSUs are part of a multi-year performance award that vests based on the degree of achievement of specified performance goals; payout ranges from 0% up to 150% of target and is paid in common stock when earned. (Footnotes F3, F4)
    • The 1,474-share disposition was tax withholding for shares that vested on March 21, 2026 from a 2024 restricted-stock award. (Footnote F2)
  • Shares owned after the transactions: Not specified in the filing.
  • Filing timeliness: Report filed March 23, 2026 for transactions dated March 19–21, 2026 (Form 4 is normally due within two business days), so this filing appears later than the usual two-business-day window.

Context

  • The PSU grant is a contingent, performance-based award — it only converts to shares if performance goals are met; amounts can range from zero to a multiple of the target.
  • The restricted shares are time-based awards and will vest over future years (not immediate liquid ownership).
  • The tax-withholding disposition is routine and does not indicate a voluntary sale or change in insider sentiment.