Form 4: OFG Bancorp Executive Patrick J. Haggarty Awarded Restricted Stock Units

Patrick J. Haggarty, a Managing Director at OFG Bancorp, was granted 2,150 restricted stock units under the company's Amended and Restated 2007 Omnibus Performance Incentive Plan.

Summary

• On March 8, 2024, Patrick J. Haggarty, a Managing Director at OFG Bancorp, was awarded 2,150 restricted stock units.
• These units were granted under the OFG Bancorp Amended and Restated 2007 Omnibus Performance Incentive Plan, as per the grant on February 23, 2024.
• The restricted period for these units will lapse in three annual installments: 33% on the first anniversary, 33% on the second anniversary, and 33% on the third anniversary of the award date.
• Following this transaction, Haggarty directly owns 4,134 shares of OFG Bancorp common stock.

Sentiment

Score: 7

Explanation: The document reflects a routine executive compensation event, which is generally viewed neutrally to positively as it aligns management and shareholder interests.

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 executive is expected to receive the underlying shares of common stock at the end of the restricted period, subject to the provisions of the Plan.

Industry Context

This is a standard practice for incentivizing and retaining key executives in the financial services industry. Equity compensation aligns management's interests with those of shareholders.

Comparison to Industry Standards

• Equity compensation is a common practice among publicly traded companies, particularly in the financial sector.
• Companies like JPMorgan Chase, Bank of America, and Citigroup also utilize restricted stock units as part of their executive compensation packages.
• The vesting schedules and amounts of these grants are typically benchmarked against peer companies to ensure competitiveness.

Stakeholder Impact

• Shareholders may view this as a positive sign, as it incentivizes the executive to work towards the company's long-term success.
• Employees may see this as a sign of stability and commitment from the company to its leadership.

Key Dates