Form 4: OFG Bancorp Director Rafael Velez-Dominguez Reports Stock Transactions
SEC Form 4
Director Rafael Velez-Dominguez reports the acquisition and disposal of OFG Bancorp common stock related to restricted unit conversions for tax obligations.
Summary
- On May 1, 2024, Rafael A. Velez-Dominguez, a director of OFG Bancorp, reported transactions involving the company's common stock.
- These transactions involved the conversion of 1,700 restricted units into common stock.
- Simultaneously, 170 shares were disposed of at a price of $36.30 to cover applicable taxes related to the restricted unit conversion.
- Following these transactions, Velez-Dominguez directly owns 8,805 shares of OFG Bancorp common stock and 1,700 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 insider transactions and is a standard practice for publicly traded companies. It provides transparency into the actions of company directors regarding their holdings in the company.
Stakeholder Impact
- The transactions have a minimal impact on stakeholders as they are related to routine compensation and tax obligations of a company director.
Key Dates
| Date | Description |
|---|---|
| 2022-10-27 | Date of Limited Power of Attorney for Section 16 Reporting Obligations |
| 2023-04-26 | Grant date of Restricted Units under the OFG Bancorp Amended and Restated 2007 Omnibus Performance Incentive Plan |
| 2024-05-01 | Date of stock transactions: conversion of restricted units and disposal of shares for tax obligations |
| 2024-05-03 | Date of signature for the Form 4 filing |
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