Kumar Ganesh - Jan 19, 2023 Form 4 Insider Report for OFG BANCORP (OFG)

Role
Chief Operating Officer
Signature
/s /Nilda M. Vazquez-Rodriguez, Attorney-in-Fact for Kumar Ganesh
Stock symbol
OFG
Transactions as of
Jan 19, 2023
Transactions value $
$172,962
Form type
4
Date filed
1/23/2023, 03:09 PM
Previous filing
Aug 12, 2022
Next filing
Feb 3, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction OFG Common Stock Options Exercise $173K +11.9K +7.88% $14.52 163K Jan 19, 2023 Direct F1

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 Option Tax liability $0 -13.6K -17.93% $0.00 62.2K Jan 19, 2023 Common Stock 13.6K $14.52 Direct F2, F3, F4, F5
transaction OFG Qualified Stock Options Options Exercise $0 -11.9K -19.15% $0.00 50.3K Jan 19, 2023 Common Stock 11.9K $14.52 Direct F2, 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 11,912 shares of Common Stock on net exercise of option to purchase 25,500 shares of Common Stock. The Issuer withheld 13,588 shares of Common Stock underlying the option for payment of the exercise price, using the closing stock price on January 18, 2023.
F2 Awarded pursuant to the OFG Bancorp Amended and Restated 2007 Omnibus Performance Incentive Plan ("Plan").
F3 Represents a "net exercise" of outstanding stock options. The Issuer withheld 13,588 shares of Common Stock underlying the option, for payment of the exercise price, using the closing stock price of $27.25 on January 18, 2023. The reporting person received 11,912 shares of Common Stock on net exercise of option to purchase 25,500 shares of Common Stock.
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.