Form 4: OFG Bancorp CEO Jose Rafael Fernandez Reports Transaction of Restricted Units
SEC Form 4
Jose Rafael Fernandez, CEO and Chairperson of the Board of OFG Bancorp, reports the transaction of restricted units into cash based on the fair market value of the issuer's common stock.
Summary
- Jose Rafael Fernandez, CEO and Chairperson of the Board of OFG Bancorp, filed a Form 4 on February 28, 2025, reporting a transaction.
- The transaction involved the vesting of 18,683 restricted units (RUs) on February 26, 2025, which were awarded under the OFG Bancorp Amended and Restated 2007 Omnibus Performance Incentive Plan.
- Mr. Fernandez received a cash payment based on the fair market value of OFG Bancorp's common stock on the vesting date; no shares were issued.
- Following the reported transaction, Mr. Fernandez beneficially owns 44,046.17 restricted units.
Sentiment
Score: 5
Explanation: This is a neutral reporting of a standard executive compensation transaction. It doesn't inherently indicate positive or negative sentiment.
Industry Context
This filing is a routine disclosure related to executive compensation and is typical for publicly traded companies. It provides transparency regarding the equity-based compensation of key executives.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock units (RSUs) or restricted units (RUs) that vest over time, aligning executive interests with long-term shareholder value.
- The vesting schedule and terms of these grants are typically benchmarked against peer companies in the financial services industry to ensure competitiveness and retention.
- Companies like Popular, Inc. and First BanCorp, which are also Puerto Rican financial institutions, may have similar compensation structures for their executives.
Stakeholder Impact
- Shareholders are informed about executive compensation practices.
- Employees may be interested in the details of executive compensation plans.
- The transaction has no immediate impact on customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| 07/21/2022 | Date of Limited Power of Attorney for Section 16 Reporting Obligations |
| 02/22/2022 | Date of one of the Restricted Unit grants |
| 02/21/2023 | Date of one of the Restricted Unit grants |
| 02/23/2024 | Date of one of the Restricted Unit grants |
| 02/26/2025 | Transaction Date: Vesting of Restricted Units |
| 02/28/2025 | Date of Form 4 Filing |
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