secwatch.observer — SEC 8-K summary
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Issuer:     OFG BANCORP (OFG)
CIK:        0001030469
Form:       8-K
Filed at:   2023-12-22T23:59:59+00:00
Accession:  0001030469-23-000043
Event type: leadership
Sentiment:  neutral
Materiality: 0.50
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1030469/000103046923000043/0001030469-23-000043-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1030469/000103046923000043/ofg-20231221.htm
  HTML page:      https://secwatch.observer/filing/0001030469-23-000043

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