CEO José Rafael Fernández enters new employment agreement with base salary $935k, three-year term

OFG BANCORP

New employment agreement for CEO José Rafael Fernández effective July 1, 2021; term ends June 30, 2024.
Base salary of $935,000; annual expense allowance of $100,000; $3M term life insurance; 25 vacation days.
Severance: if terminated without cause (not change in control), lump sum of 3x (base salary + avg cash bonus over 2 years).
Amended change in control agreement: 3x (base salary + last cash bonus) upon qualifying termination after change in control.

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