Form 4: OFG Bancorp Executive Hugh Gonzalez Awarded Restricted Stock Units

OFG Bancorp's General Counsel, Hugh Gonzalez, received 2,000 restricted stock units under the company's Amended and Restated 2007 Omnibus Performance Incentive Plan.

Summary

• Hugh Gonzalez, General Counsel of OFG Bancorp, was granted 2,000 restricted stock units on March 15, 2024.
• The grant was made under the OFG Bancorp Amended and Restated 2007 Omnibus Performance Incentive Plan.
• The restricted stock units will vest in three annual installments: 33% on the first anniversary, 33% on the second anniversary, and 34% on the third anniversary of the award date.
• Following the transaction, Gonzalez holds 3,700 derivative securities.

Sentiment

Score: 7

Explanation: The document reflects a standard executive compensation practice, indicating stability and alignment of interests. The sentiment is neutral to positive.

Positives

• The award of restricted stock units aligns the executive's interests with those of the shareholders.
• The vesting schedule encourages long-term commitment from the executive.

Future Outlook

The restricted stock units will vest over a three-year period, subject to the provisions of the OFG Bancorp Amended and Restated 2007 Omnibus Performance Incentive Plan.

Industry Context

The granting of restricted stock units is a common practice in the financial industry to incentivize and retain key executives.

Stakeholder Impact

• Shareholders may view the granting of restricted stock units positively as it aligns management's interests with the company's long-term performance.
• Employees may see this as a positive sign of the company's commitment to its leadership.

Key Dates