Gonzalez Hugh 4

What Happened
Hugh Gonzalez, General Counsel of OFG Bancorp (OFG), was awarded 667 restricted units that converted one-for-one into 667 shares on March 10, 2026. Of those shares, 250 were withheld to cover tax obligations at $41.39 per share, generating proceeds of $10,348. The award represents 33% of a restricted-unit grant made on February 23, 2024.

Key Details

• Transaction date: March 10, 2026; Form 4 filed March 12, 2026 (timely Section 16 filing).
• Awards and conversions: 667 Restricted Units awarded (code A) and converted to 667 shares (code M); Restricted Units convert one-for-one to common stock (footnote F4).
• Tax withholding: 250 shares withheld/disposed to satisfy taxes at $41.39 each for ~$10,348 (code F; footnote F2).
• Net delivered to insider (derived): 667 − 250 = 417 shares retained after withholding (filing shows awards, conversion, and withholding but does not list post-transaction total holdings).
• Award plan and allocation: Awarded under the OFG Bancorp Amended & Restated 2007 Omnibus Performance Incentive Plan; this transaction equals 33% of the Feb 23, 2024 grant (footnote F3).
• No indication of a 10b5-1 plan or gift; tax withholding is routine, not a market-timing signal.

Context
This was an award/vesting event (restricted units converting to common stock) with routine tax withholding. The tax-withholding disposal is common and does not necessarily reflect a sale decision beyond meeting tax obligations. For derivative actions: the M code here denotes conversion/exercise of the restricted-unit award into shares; the F code denotes shares withheld to pay taxes.