secwatch.observer — SEC 8-K summary
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Issuer:     OFG BANCORP (OFG)
CIK:        0001030469
Form:       8-K
Filed at:   2024-10-22T23:59:59+00:00
Accession:  0001030469-24-000039
Event type: leadership
Sentiment:  neutral
Materiality: 0.45
Item codes: 5.02
LLM model:  deepseek-v4-flash:cloud@v2

OFG Bancorp CSO Ganesh Kumar to retire Dec 2; receives $1.35M severance + equity adjustments
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- Ganesh Kumar, Chief Strategy Officer, U.S. Business, retires effective Dec 2, 2024 after 20 years of service.
- Company to pay $1,353,413 lump-sum cash severance under Puerto Rico law within 7 days of effective date.
- Equity awards amended: restricted units not forfeited; performance shares settled at estimated attainment level.
- All equity awards settled in cash using OFG stock closing price on October 3, 2024.
- Both parties agree to mutual release of all claims as part of separation agreement.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1030469/000103046924000039/0001030469-24-000039-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1030469/000103046924000039/ofg-20241018.htm
  HTML page:      https://secwatch.observer/filing/0001030469-24-000039

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