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AI brief of an SEC Form 8-K · OFG Bancorp (OFG)

OFG Bancorp signs three-year employment agreement with CEO José Rafael Fernández

Neutral Impact 4 of 5 leadership Written later

OFG Bancorp entered into a new three-year employment agreement with CEO and Vice Chairperson José Rafael Fernández, effective January 1, 2024, through December 31, 2026, replacing his July 2021 agreement. The filing sets his base salary at $981,750 and grants him a special long-term incentive award tied to the December 20, 2023 closing stock price, which matters to shareholders because it defines executive pay and severance obligations.

Key points

  • Base salary of $981,750, with a target bonus equal to 100% of base salary
  • Special long-term award of 40,442.17 restricted stock units and 40,442.17 performance stock units
  • Severance on termination without just cause or for good reason: three times the sum of base salary and average cash bonus over the last two fiscal years, paid as a lump sum

The filing

CompanyOFG Bancorp (OFG)
Form8-K, current report
Filed with the SECDec 22, 2023, 4:07 PM ET
Accession number0001030469-23-000043

Items reported: 5.02 Director / Officer Change

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 6:56 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on December 22, 2023.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.