Jose Rafael Fernandez - 16 Nov 2022 Form 4 Insider Report for OFG BANCORP (OFG)

Role
CEO & Vice Chairperson BOD, Director
Signature
/s /Nilda M. Vazquez-Rodriguez, Attorney-in-Fact for FERNANDEZ JOSE RAFAEL
Issuer symbol
OFG
Transactions as of
16 Nov 2022
Net transactions value
-$7.5
Form type
4
Filing time
18 Nov 2022, 15:08:18 UTC
Previous filing
05 Apr 2022
Next filing
07 Feb 2023
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction OFG Common Stock Options Exercise $531,432 +36,600 +9.5% $14.52 422,562 16 Nov 2022 Direct
transaction OFG Common Stock Tax liability $531,440 -18,647 -4.4% $28.50 403,915 16 Nov 2022 Direct F1, F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction OFG Qualified Stock Options Options Exercise $0 -36,600 -27% $0.000000 98,600 16 Nov 2022 Common Stock 36,600 $14.52 Direct F3, F4, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents a "net exercise" of outstanding stock options. The reporting person received 17,953 shares of Common Stock on net exercise of option to purchase 36,600 shares of Common Stock. The Issuer withheld 18,647 shares of Common Stock underlying the option for payment of the exercise price, using the closing stock price on November 15, 2021.
F2 In addition, the reporting person indirectly owns 45,152 OFG shares of Common Stock through a Non-Qualified Deferred Compensation Trust.
F3 Awarded pursuant to the OFG Bancorp Amended and Restated 2007 Omnibus Performance Incentive Plan. These options represented a right to buy the underlying securities.
F4 The executive is exercising a derivative security.
F5 The Award became exercisable at the rate of 25% per year commencing on January 22, 2015.