---
schema_version: "secwatch.filing_event.v1"
accession: "0001030469-23-000043"
form_type: "8-K"
ticker: "OFG"
cik: "0001030469"
company_name: "OFG BANCORP"
filed_at: "2023-12-22T23:59:59+00:00"
generated_at: "2026-06-07T07:43:43.124929+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001030469-23-000043
- form_type: 8-K
- ticker: OFG
- cik: 0001030469
- company_name: OFG BANCORP
- filed_at: 2023-12-22T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1030469/000103046923000043/0001030469-23-000043-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1030469/000103046923000043/ofg-20231221.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001030469-23-000043
- JSON: https://secwatch.observer/filing/0001030469-23-000043.json
- Plain text: https://secwatch.observer/filing/0001030469-23-000043.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.