Form 4: OFG Bancorp Chief Risk Officer Reports Stock Transactions
SEC Form 4
Cesar A. Ortiz, Chief Risk Officer of OFG Bancorp, reports the disposition of common stock to cover taxes related to the vesting of restricted units on February 26, 2024.
Summary
- On February 26, 2024, Cesar A. Ortiz, the Chief Risk Officer of OFG Bancorp, filed a Form 4 detailing changes in beneficial ownership of the company's stock.
- The transactions involved the disposition of common stock to cover tax obligations associated with the vesting of restricted units.
- Specifically, 1,167, 483, and 750 restricted units converted to common stock, and shares were withheld to satisfy tax liabilities at prices of $35.55, $35.48, and $35.71 respectively.
- Following these transactions, Ortiz directly owns 3,827 shares of common stock.
- Ortiz also directly owns 3,217, 2,734, and 1,984 restricted units.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions, with no inherent positive or negative sentiment.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in the financial services industry.
Stakeholder Impact
- The transactions have a minimal impact on shareholders, as they relate to executive compensation and tax obligations.
Key Dates
| Date | Description |
|---|---|
| 2021-02-17 | Date of grant of Restricted Units, 34% of which vested on 02/26/2024 |
| 2022-02-22 | Date of grant of Restricted Units, 33% of which vested on 02/26/2024 |
| 2022-07-29 | Date of Limited Power of Attorney for Section 16 Reporting Obligations |
| 2023-02-21 | Date of grant of Restricted Units, 33% of which vested on 02/26/2024 |
| 2024-02-26 | Date of transactions involving common stock and restricted units |
| 2024-02-28 | Date of signature of the Form 4 filing |
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