secwatch.observer — SEC 8-K summary
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Issuer:     OFG BANCORP (OFG)
CIK:        0001030469
Form:       8-K
Filed at:   2021-07-30T23:59:59+00:00
Accession:  0001193125-21-231523
Event type: leadership
Sentiment:  neutral
Materiality: 0.30
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1030469/000119312521231523/0001193125-21-231523-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1030469/000119312521231523/d204967d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-21-231523

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