Form 4: OFG Bancorp Executive Mari Evelyn Rodriguez Reports Stock Transactions
SEC Form 4 Filing
Mari Evelyn Rodriguez, Chief Retail Banking Officer of OFG Bancorp, reports the vesting of restricted stock units and subsequent tax withholding.
Summary
- On May 6, 2024, Mari Evelyn Rodriguez, Chief Retail Banking Officer of OFG Bancorp, reported transactions involving OFG Bancorp's common stock.
- 3,500 restricted stock units vested and converted into common stock.
- 751 shares were withheld to cover applicable taxes at a price of $36.7 per share.
- Following these transactions, Rodriguez directly owns 2,749 shares of common stock and 9,150 restricted stock units.
Sentiment
Score: 5
Explanation: This is a routine regulatory filing reflecting standard executive compensation practices, and does not indicate positive or negative sentiment.
Industry Context
This is a routine disclosure related to executive compensation and is a standard practice for publicly traded companies.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock units that vest over time.
- Tax withholding upon vesting is a common practice.
- Form 4 filings are standard for reporting insider transactions as per SEC regulations.
- Comparable companies such as Popular, Inc. and First BanCorp also have executives who file similar reports.
Stakeholder Impact
- The transaction has a minor impact on shareholders as it involves the issuance of shares related to executive compensation.
- Employees may be impacted through similar compensation structures.
Key Dates
| Date | Description |
|---|---|
| 2023/05/01 | Date of grant of Restricted Units, 33% of which vested on 05/06/2024 |
| 2023/08/09 | Date of Limited Power of Attorney execution |
| 2024/05/06 | Date of transaction: vesting of restricted stock units and tax withholding |
| 2024/05/08 | Date of signature on the Form 4 filing |
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