Form 4: OFG Bancorp Director Rafael Velez-Dominguez Acquires Restricted Stock Units

Director Rafael Velez-Dominguez was awarded 1,500 restricted stock units (RUs) of OFG Bancorp on April 10, 2025, under the company's Amended and Restated 2007 Omnibus Performance Incentive Plan.

Summary

• On April 10, 2025, Rafael A. Velez-Dominguez, a director of OFG Bancorp, acquired 1,500 restricted stock units.
• These units were awarded under the OFG Bancorp Amended and Restated 2007 Omnibus Performance Incentive Plan.
• The restricted period for these units is expected to lapse on the first anniversary of the award date.
• Velez-Dominguez has granted a Limited Power of Attorney to Hugh Gonzalez, Ricardo Colon-Rios, 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 slightly positive. The acquisition of restricted stock units by a director is generally seen as a positive sign, indicating confidence in the company's future. However, it's a routine transaction and doesn't necessarily imply a significant change in the company's outlook.

Positives

• The acquisition of restricted stock units by a director signals confidence in the company's future performance.

Future Outlook

The grantee is expected to receive the underlying shares of common stock at the end of the restricted period, which is the first anniversary of the award date.

Industry Context

This is a standard Form 4 filing, which is common for directors and officers of publicly traded companies who have transactions in the company's securities. It reflects insider activity and is required by the SEC to ensure transparency.

Stakeholder Impact

• The acquisition of restricted stock units by a director can have a slightly positive impact on shareholder sentiment.

Key Dates

Keywords

OFG Bancorp, Rafael Velez-Dominguez, restricted stock units, director, Form 4, Section 16, insider trading, power of attorney