Ortiz Cesar A 4

What Happened

• Cesar A. Ortiz, Chief Risk Officer of OFG Bancorp (OFG), had 1,410 restricted units convert to common stock on March 4, 2026. The restricted units convert one-for-one to common shares.
• Of the 1,410 shares, 412 shares were withheld at $41.39 (≈ $17,053) and 381 shares were withheld at $42.66 (≈ $16,253) to satisfy tax withholding, for a total tax-withholding value of about $33,306. Net shares delivered to Ortiz after withholding: 1,410 − 793 = 617 shares.
• This award represents 33% of grants of Restricted Units from February 21, 2023 and February 20, 2025 under OFG’s Amended and Restated 2007 Omnibus Performance Incentive Plan.

Key Details

• Transaction date: March 4, 2026; Form 4 filed March 6, 2026 (timely filing).
• Entries: A = Award/Grant of 1,410 Restricted Units; M = conversion/exercise of 1,410 RUs to common stock; F = 412 and 381 shares withheld to satisfy tax obligations.
• Withheld shares and values: 412 @ $41.39 = $17,053; 381 @ $42.66 = $16,253; total ≈ $33,306.
• Net new shares to insider: 617 shares.
• Shares owned after transaction: not specified in the filing.
• Footnotes: withholding represents shares surrendered against Restricted Units for taxes; RUs convert 1:1 to common stock; awards granted under OFG’s 2007 Omnibus Performance Incentive Plan.

Context

• This was a routine vesting/conversion of restricted units, not an open-market sale or purchase. The withholding of shares to satisfy taxes is common practice and does not necessarily signal a buy or sell decision by the insider.
• For retail investors, such equity awards are typically compensation-related rather than direct expressions of market sentiment.