OFG BANCORP — Director's Dealing 2020

Nov 13, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: OFG BANCORP (OFG)
CIK: 0001030469
Period of Report: 2020-11-10

Reporting Person: FERNANDEZ JOSE RAFAEL (Director, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-11-10	Common Stock	M	100000	$11.95	Acquired	307986.688	Direct
2020-11-10	Common Stock	F	69965	$17.08	Disposed	238021.688	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-11-10	Qualified Stock Options	$11.95	M	100000	Disposed	2020-12-03	Common Stock (100000)	Direct

Footnotes

F1: Represents a "net exercise" of outstanding stock options. The reporting person received 30,035 shares of common stock on net exercise of option to purchase 100,000 shares of common stock. The Issuer withheld 69,965 shares of common stock underlying the option for payment of the exercise price, using the closing stock price on November 9, 2020 of $17.08.

F2: In addition to the reporting person's direct beneficial ownership of 238,021.688 OFG shares, he also indirectly owns 45,152 OFG shares through a Non-Qualified Deferred Compensation Trust, and directly owns 5,560 shares of Non-Cumulative Perpetual Preferred Stock, Series D.

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 Award became exercisable at the rate of 25% per year commencing on December 3, 2012.

F5: The executive is exercising a derivative security.