Kumar Ganesh - Feb 1, 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
Feb 1, 2023
Transactions value $
-$108,288
Form type
4
Date filed
2/3/2023, 03:14 PM
Previous filing
Jan 23, 2023
Next filing
Feb 24, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction OFG Common Stock Options Exercise $34.7K +2.16K +1.32% $16.10 165K Feb 1, 2023 Direct F1
transaction OFG Common Stock Sale -$143K -5K -50% $28.60 5K Feb 1, 2023 By Non-Qualified Deferred Compensation Trust

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 -2.84K -5.65% 47.5K Feb 1, 2023 Common Stock 2.84K $16.10 Direct F2, F3, F4, F5
transaction OFG Qualified Stock Options Options Exercise -2.16K -4.54% 45.3K Feb 1, 2023 Common Stock 2.16K $16.10 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 2,156 shares of Common Stock on net exercise of option to purchase 5,000 shares of Common Stock. The Issuer withheld 2,844 shares of Common Stock underlying the option for payment of the exercise price, using the closing stock price on January 31, 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 2,844 shares of Common Stock underlying the options for payment of the exercise price, using the closing stock price of $28.31 on January 31, 2023. The reporting person received 2,156 shares of Common Stock on net exercise of option to purchase 5,000 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 February 27, 2016.