Grindstaff Lynda 4

What Happened Lynda Grindstaff, a director of OFG Bancorp (OFG), was granted 1,500 restricted units (derivative award) reported as an acquisition (code A) on the Form 4. The grant shows no purchase price or immediate cash value (price = N/A; total value = N/A). The restricted units were awarded under OFG’s Amended and Restated 2007 Omnibus Performance Incentive Plan and are expected to convert into underlying common shares at the end of the restricted period.

Key Details

• Transaction date: 2026-03-22 (filed on 2026-03-24). Price: N/A. Transaction code: A (award/grant).
• Quantity: 1,500 restricted units (derivative securities that become common shares at vesting).
• Vesting: Restricted period lapses in its entirety on the first anniversary of the Award (award date noted as Feb 26, 2026 → vest date one year later).
• Shares owned after transaction: not disclosed in the filing excerpt provided.
• Footnotes: Award made under the company Plan (F1); grantee expected to receive underlying shares at end of restricted period (F2); full vesting on first anniversary (F3); no tax-withholding or other adjustments noted (F4 = not applicable).
• Timeliness: Filed two days after the reported transaction date — appears timely under normal Form 4 deadlines.

Context This was a compensation grant of restricted units, not an open-market purchase or sale. Restricted units are derivative awards that convert to stock only after vesting, so there was no immediate change in marketable share ownership. Such grants are routine director compensation and should be viewed as non-cash remuneration rather than a direct bullish or bearish trading signal.