---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-21-231523"
form_type: "8-K"
ticker: "OFG"
cik: "0001030469"
company_name: "OFG BANCORP"
filed_at: "2021-07-30T23:59:59+00:00"
generated_at: "2026-06-30T00:13:45.269729+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.3
calibrated_materiality_score: 0.3
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-21-231523
- form_type: 8-K
- ticker: OFG
- cik: 0001030469
- company_name: OFG BANCORP
- filed_at: 2021-07-30T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.3
- calibrated_materiality_score: 0.3
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1030469/000119312521231523/0001193125-21-231523-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1030469/000119312521231523/d204967d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-21-231523
- JSON: https://secwatch.observer/filing/0001193125-21-231523.json
- Plain text: https://secwatch.observer/filing/0001193125-21-231523.txt

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