Form 4: OFG Bancorp CEO Jose Rafael Fernandez Awarded Restricted Stock Units

OFG Bancorp's CEO and Chairperson of the Board, Jose Rafael Fernandez, was granted 14,120 restricted stock units under the company's 2007 Omnibus Performance Incentive Plan.

Summary

• Jose Rafael Fernandez, CEO and Chairperson of the Board of OFG Bancorp, was awarded 14,120 restricted stock units on March 8, 2025.
• The grant was made under the OFG Bancorp Amended and Restated 2007 Omnibus Performance Incentive Plan.
• The restricted stock units will vest in three annual installments: 33% on the first anniversary, 33% on the second anniversary, and 33% on the third anniversary of the award date.
• Following the reported transaction, Fernandez beneficially owns 58,166.17 shares of OFG Bancorp common stock.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive. The awarding of restricted stock units is a standard practice and signals confidence in the CEO's ability to lead the company. However, it's not a major event that would drastically alter investor sentiment.

Positives

• The awarding of restricted stock units aligns the CEO's interests with those of the shareholders, incentivizing performance and long-term value creation.

Future Outlook

The restricted stock units will vest over the next three years, incentivizing the CEO to drive long-term value for the company.

Industry Context

Equity compensation is a common practice in the financial services industry to attract, retain, and incentivize top executive talent.

Stakeholder Impact

• Shareholders may view the equity compensation positively as it aligns management's interests with theirs.
• Employees may see this as a sign of stability and commitment from the company's leadership.

Next Steps

• The CEO will receive the underlying shares of common stock as the restricted stock units vest over the next three years.

Key Dates