Ortiz Cesar A 4
4 · OFG BANCORP · Filed Mar 20, 2026
Research Summary
AI-generated summary of this filing
OFG Bancorp (OFG) Chief Risk Officer Cesar Ortiz Receives Award
What Happened
Cesar A. Ortiz, Chief Risk Officer of OFG Bancorp (OFG), received an award of 2,145 restricted share units (derivative securities) reported as acquired on 2026-03-19. No purchase price was paid (price N/A). The award was granted under the OFG Bancorp Amended and Restated 2007 Omnibus Performance Incentive Plan and is structured as restricted units that will convert to common stock subject to vesting.
Key Details
- Transaction date (reported): 2026-03-19; Form 4 filed 2026-03-20 (timely filing).
- Transaction type: A = Award/Grant of derivative securities (restricted share units); Price: N/A.
- Quantity: 2,145 units (expected to become common shares at vesting).
- Vesting: Restricted Period lapses 33% on each of the first, second and third anniversaries of the award (three annual installments).
- Grant origin: Award referenced as granted February 26, 2026, under the company’s 2007 Omnibus Performance Incentive Plan.
- Shares owned after transaction: Not specified in the provided filing.
- Footnotes: F2 notes the grantee is expected to receive underlying common shares at the end of the restricted period; F4 not applicable.
Context
This was a standard long-term incentive award (restricted share units), not an open-market purchase or sale. The award does not represent immediate cash or stock proceeds — underlying shares are subject to multi-year vesting and will only become owned common stock as each tranche vests. Such grants are common for executive compensation and are intended for retention and performance alignment rather than immediate market bets.
Insider Transaction Report
- Award
Restricted Units
[F1][F2][F4][F3]2026-03-19+2,145→ 4,182 total→ Common Stock (2,145 underlying)
Footnotes (4)
- [F1]Awarded pursuant to the OFG Bancorp Amended and Restated 2007 Omnibus Performance Incentive Plan (the "Plan") per grant of February 26, 2026.
- [F2]Not applicable. The Grantee is expected to receive the underlying shares of Common Stock at the end of the Restricted Period.
- [F3]Subject to the provisions of the Plan, the Restricted Period shall lapse in three annual installments as follows: 33% on the first anniversary, 33% on the second anniversary, and 33% on the third anniversary of the date of the Award.
- [F4]Not applicable.