FERNANDEZ JOSE RAFAEL 4

What Happened
Jose Rafael Fernandez, CEO and Chairman of OFG Bancorp (OFG), had 5,150 restricted units convert to common stock on March 10, 2026. The units were awarded under OFG’s 2007 Omnibus Performance Incentive Plan (33% of a Feb 23, 2024 grant) and convert one-for-one to 5,150 shares. To satisfy tax withholding on the vesting, 1,667 shares were withheld/disposed at $41.39 per share for a tax payment of $68,997, leaving a net 3,483 shares retained from this conversion.

Key Details

• Transaction date: March 10, 2026; Form 4 filed March 12, 2026 (appears timely).
• Award/Conversion: 5,150 restricted units converted to 5,150 shares (code A and M).
• Tax withholding: 1,667 shares withheld/disposed at $41.39/share for $68,997 (code F).
• Net shares retained from this event: 3,483 shares (5,150 converted − 1,667 withheld).
• Footnotes: award is under the OFG Amended & Restated 2007 Omnibus Performance Incentive Plan (33% tranche of Feb 23, 2024 grant); restricted units convert one-for-one; shares were withheld to cover taxes.

Context
This was a vesting/conversion of restricted units, not an open-market sale. The 1,667-share disposition reflects share withholding to pay taxes (a routine administrative step), not necessarily a sell-for-cash decision. The filing shows a net acquisition of 3,483 shares from the award event.