Form 4: OFG Bancorp Director Awarded Restricted Units

OFG Bancorp Director Lynda Grindstaff received an award of 50 Restricted Units under the company's 2007 Omnibus Performance Incentive Plan, vesting in one year.

Summary

• Lynda Grindstaff, a Director of OFG Bancorp, was awarded 50 Restricted Units (RUs).
• The award was made pursuant to the OFG Bancorp Amended and Restated 2007 Omnibus Performance Incentive Plan.
• These RUs represent 100% of a grant dated August 20, 2025.
• The Restricted Period for these units will lapse in its entirety on the first anniversary of the award date, meaning August 20, 2026.
• Following this transaction, Lynda Grindstaff beneficially owns 350 derivative securities.
• The grantee is expected to receive the underlying shares of Common Stock at the end of the Restricted Period.

Sentiment

Score: 6

Explanation: The filing indicates a routine compensation event, slightly positive due to continued alignment of director interests with shareholders, but not significantly impactful on its own.

Positives

• The award of Restricted Units aligns the interests of Director Lynda Grindstaff with those of shareholders, as the value of the units is tied to the company's stock performance.
• The grant is part of an existing, approved incentive plan (OFG Bancorp Amended and Restated 2007 Omnibus Performance Incentive Plan), indicating structured compensation practices.

Future Outlook

The 50 Restricted Units awarded to Director Lynda Grindstaff are expected to vest and convert into underlying shares of Common Stock on August 20, 2026, which is the first anniversary of the award date.

Industry Context

The award of Restricted Units to a director is a common practice in the financial services industry, used to incentivize long-term performance and align management interests with shareholder value. This type of equity compensation is a standard component of executive and director remuneration packages across publicly traded companies.

Corporate Governance

Stakeholder Impact

• Shareholders: Positive impact due to increased alignment of director's interests with long-term shareholder value through equity ownership.
• Management/Directors: Provides incentive and compensation for service.

Next Steps

• The Restricted Units will vest on August 20, 2026.
• Upon vesting, the grantee is expected to receive the underlying shares of OFG Bancorp Common Stock.

Key Dates

Keywords

OFG Bancorp, OFG, Lynda Grindstaff, Restricted Units, Director Compensation, Insider Transaction, SEC Form 4, Equity Award, Incentive Plan