Form 4: OFG Bancorp Executive Hugh Gonzalez Reports Stock Transactions
SEC Form 4
Hugh Gonzalez, General Counsel of OFG Bancorp, reports the vesting of restricted stock units and subsequent tax withholding.
Summary
- Hugh Gonzalez, General Counsel of OFG Bancorp, filed a Form 4 detailing transactions involving OFG Bancorp common stock on February 26, 2024.
- The transactions involved the vesting of restricted stock units (RUs) and the subsequent withholding of shares to cover applicable taxes.
- Specifically, 650, 400, and 334 restricted units vested, converting into common stock on a one-for-one basis.
- A total of 122, 146, and 237 shares of common stock were withheld to cover taxes at prices of $35.55, $35.48, and $35.71 respectively.
- Following these transactions, Gonzalez directly owns 11,288 shares of common stock and holds 1,700, 2,350, and 2,750 restricted units from previous grants.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing, and the transactions are part of a routine compensation process. Therefore, the sentiment is neutral.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they relate to executive compensation and do not represent a significant change in the company's financial position.
Key Dates
| Date | Description |
|---|---|
| 2021-02-17 | Date of original grant of Restricted Units, 34% of which vested on 02/26/2024 |
| 2022-02-22 | Date of original grant of Restricted Units, 33% of which vested on 02/26/2024 |
| 2023-01-26 | Date of Limited Power of Attorney for Section 16 Reporting Obligations |
| 2023-02-21 | Date of original grant of Restricted Units, 33% of which vested on 02/26/2024 |
| 2024-02-26 | Date of stock transactions (vesting of restricted stock units and tax withholding) |
| 2024-02-28 | Date of signature on the Form 4 filing |
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