Form 4: OFG Bancorp Director Lynda Grindstaff Awarded Restricted Stock Units
SEC Form 4 Filing
Director Lynda Grindstaff received 300 restricted stock units (RUs) of OFG Bancorp common stock on March 19, 2025, which will vest on the first anniversary of the award date.
Summary
- On March 19, 2025, Lynda Grindstaff, a director of OFG Bancorp, was awarded 300 restricted stock units (RUs) under the company's Amended and Restated 2007 Omnibus Performance Incentive Plan.
- These RUs represent 100% of a grant from February 20, 2025.
- The restricted period for these units will lapse on the first anniversary of the award date, subject to the provisions of the plan.
- Grindstaff has granted a Limited Power of Attorney to Hugh Gonzalez, Miguel Ribas Abislaiman, Alfonso Cuesta and Nilda M. Vazquez-Rodriguez to handle Section 16 reporting obligations related to OFG Bancorp securities.
Sentiment
Score: 7
Explanation: The sentiment is neutral to positive. The granting of restricted stock units is a common practice and generally viewed favorably as it aligns the interests of the director with those of the shareholders. There are no negative aspects to this announcement.
Positives
- The award of restricted stock units aligns the director's interests with those of the shareholders.
- The vesting period encourages continued service and contribution to the company.
Future Outlook
The director is expected to receive the underlying shares of common stock at the end of the restricted period.
Industry Context
The granting of restricted stock units to directors is a common practice to incentivize and align their interests with the long-term performance of the company. This is a standard form 4 filing related to insider transactions.
Stakeholder Impact
- Shareholders may view the award of restricted stock units positively as it aligns the director's interests with the company's long-term success.
Key Dates
| Date | Description |
|---|---|
| 2024-09-11 | Date of execution of the Limited Power of Attorney by Lynda Grindstaff. |
| 2025-02-20 | Date of grant of Restricted Units. |
| 2025-03-19 | Date of transaction: Lynda Grindstaff awarded 300 Restricted Units. |
| 2026-03-19 | Restricted Period shall lapse in its entirety on the first anniversary of the date of the Award. |
Keywords
OFG Bancorp, Lynda Grindstaff, restricted stock units, director, Form 4, Section 16, beneficial ownership, power of attorney
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