OFG Bancorp CEO Fernández gets new 3-year contract with $981,750 base salary and special LTI

OFG BANCORP

Agreement effective Jan 1, 2024 through Dec 31, 2026; replaces prior July 2021 pact.
Annual base salary of $981,750, target bonus at 100% of base, and $100,000 expense allowance.
Receives special LTI grant of 40,442 RSUs and 40,442 PSUs based on Dec 20, 2023 closing price.
Severance: lump sum equal to 3x (base salary + average last 2 years cash bonus) if terminated without cause or for good reason.
Board will nominate Fernández as director and appoint as Vice Chairperson during term.

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