Fernandez Jose Rafael - Jun 7, 2023 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
Stock symbol
OFG
Transactions as of
Jun 7, 2023
Transactions value $
-$562,105
Form type
4
Date filed
6/9/2023, 05:18 PM
Previous filing
Jun 8, 2023
Next filing
Jul 26, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction OFG Common Stock Sale -$562K -20.2K -100% $27.89 0 Jun 7, 2023 By Non-Qualified Deferred Compensation Trust
transaction OFG Common Stock Options Exercise $842K +52.3K +12.55% $16.10 469K Jun 8, 2023 Direct
transaction OFG Common Stock Tax liability -$842K -30K -6.4% $28.04 439K Jun 8, 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 Options Options Exercise -52.3K -53.04% 46.3K Jun 8, 2023 Common Stock 52.3K $16.10 Direct F2, F3, F4
* 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 22,270 shares of Common Stock on net exercise of option to purchase 52,300 shares of Common Stock. The Issuer withheld 30,030 shares of Common Stock underlying the option for payment of the exercise price, using the closing stock price on June 7, 2023.
F2 Awarded pursuant to the OFG Bancorp Amended and Restated 2007 Omnibus Performance Incentive Plan. These options represented a right to buy the underlying securities.
F3 The executive is exercising a derivative security.
F4 The Award became exercisable at the rate of 25% per year commencing on February 27, 2016.