ADDITIONAL COMPENSATION AND BENEFITS. The Executive shall receive the following additional compensation and welfare and fringe benefits:
ADDITIONAL COMPENSATION AND BENEFITS. (a) As additional compensation for the Executive's services under this Agreement, the Executive's covenants regarding confidentiality in Section 5 hereof and noncompetition in Section 6 hereof, during the Term of Employment, the Company agrees to provide the Executive with the non-cash benefits being provided by the Company to its other officers and key employees as they may exist from time to time, including, but not limited to, the benefits described on EXHIBIT A attached hereto. Such benefits shall include leave or vacation time (not less than five (5) weeks per year), medical and dental insurance, life insurance and other health care benefits, retirement and disability benefits as may hereafter be provided by the Company in accordance with its policies as well as any stock option plan or similar employee benefit program for which key executives are or shall become eligible. The Executive's participation in each employee benefit plan or program provided to officers or other senior executives of the Company in general shall be at least as favorable to the Executive as the most highly benefited employee thereunder.
(b) The Executive is authorized to incur reasonable business expenses for promoting the business and reputation of the Company, including (without limitation) reasonable expenditures for travel, lodging, club memberships, meals and client, patron, customer and/or business associate entertainment. The Company shall reimburse within thirty (30) days the Executive for reasonable expenses incurred by the Executive in furtherance of the Company's business, provided that such expenses are incurred in accordance with the Company's policies and upon presentation of documentation in accordance with expense reimbursement policies of the Company as they may exist from time to time, and submission to the Company of adequate documentation in accordance with federal income tax regulations and administrative pronouncements.
(c) During the Term of Employment, the Company shall pay to the Executive an automobile allowance of Seven Hundred Dollars ($700) per month. The Board shall review the amount of such monthly allowance at least annually and may increase the same at any time as the Board deems appropriate.
ADDITIONAL COMPENSATION AND BENEFITS. During the Term, the Company shall pay to or provide Executive with the following additional compensation and benefits:
ADDITIONAL COMPENSATION AND BENEFITS. 1. During the term of the Agreement, the Executive will be entitled to participate in and receive the benefits of any stock option, profit sharing, or other plan, benefit or privilege given to employees and executives of the Bank or its subsidiaries and affiliates which may come into existence hereafter, to the extent commensurate with his duties and responsibilities, as fixed by the Bank’s Board of Directors or any committee of such Board or of the Bank selected for such purpose. To the extent the Executive is otherwise eligible and qualifies, he shall participate in and receive such benefits or privileges. The Bank shall not make any changes in such plans, benefits or privileges which would adversely affect the Executive’s rights or benefits, unless such change occurs pursuant to a program applicable to all executive officers of the Bank and does not result in a proportionately greater adverse change in the rights or benefits to the Executive as compared with any other executive officer of the Bank. Nothing paid to the Executive under any plan or arrangement presently in effect or made available in the future shall be deemed to be in lieu of the salary payable to the Executive pursuant to Section II.
2. For services performed by the Executive under this Agreement, the Bank has established a bonus program for the Executive which is attached hereto as Exhibit A. The payment of any such bonuses shall not reduce or otherwise affect any other obligation of the Bank to the Executive provided for in this Agreement.
ADDITIONAL COMPENSATION AND BENEFITS. Nothing contained in this Agreement shall limit the Board in awarding, in its discretion, additional compensation and benefits to Executive.
ADDITIONAL COMPENSATION AND BENEFITS. 5.1 During the term of this Agreement, the President and CEO will be entitled to participate in, and receive the benefits of, any equity-based compensation plan, profit sharing plan, or other plans, benefits and privileges given to employees and executives of the Company or its subsidiaries and affiliates which may now exist or come into existence hereinafter, to the extent commensurate with his then duties and responsibilities, as fixed by the Compensation Committee, and, to the extent that the President and CEO is otherwise eligible and qualifies, to so participate in, and receive such benefits or privileges. The Company shall not make any changes in such plans, benefits or privileges which would adversely affect the President and CEO's rights or benefits there under, unless such change or changes are made pursuant to a program applicable to all executives of the Company and does not result in a proportionately greater adverse change in the rights of or benefits to the President and CEO as compared to any executive officer of the Company. Nothing paid to the President and CEO under any plan or arrangement presently in effect or made available in the future shall be deemed in lieu of the annual base salary, Incentive Bonus, Special Bonus, Expense Allowance, and term life insurance payable or provided to the President and CEO pursuant to Sections 3.1, 3.2, 3.3 and 3.5 hereof.
5.2 In consideration for entering into this new Employment Agreement, the Compensation Committee will grant the President and CEO a special Long Term Incentive Award (“LTI”) based on the closing price of OFG common stock on December 20, 2023 of 40,442.17 Restricted Stock Units (“RSU’s”) and 40,442.17 Performance Stock Units (“PSU’s”). In line with LTI Program guidelines the RSU’s shall have a three-year ratable vesting and the PSU’s shall have a three-year cliff vesting.
(a) The Compensation Committee shall consider in each contract year of this Agreement granting the President and CEO additional incentive compensation under the Company's equity based compensation plan based on his performance scorecard, as approved by the Compensation Committee, up to an annual amount equal to a percentage, to be determined by the Compensation Committee from time to time, of his annual base salary. The incentive compensation grants to the President and CEO shall be made on or before March 31 of each contract year of this Agreement commencing with the year 2024. As long as he is in compliance with the...
ADDITIONAL COMPENSATION AND BENEFITS. 5.1 During the term of this Agreement, Employee will be entitled to participate in and receive the benefits of any stock option, stock ownership, profit-sharing, or other plans, benefits and privileges given to employees and executives of Employer or its subsidiaries and affiliates which may come into existence hereafter, to the extent commensurate with his then duties and responsibilities, as fixed by Employer's Boards of Directors or any committee of such Boards or of Employer selected for such purpose; and, to the extent Employee is otherwise eligible and qualifies, to so participate in and receive such benefits or privileges. Employer shall not make any changes in such plans, benefits or privileges which would adversely affect Employee's rights or benefits thereunder, unless such change occurs pursuant to a program applicable to all executive officers (Vice President or above) of Employer and does not result in a proportionately greater adverse change in the rights of or benefits to Employee as compared with any other executive officer of Employer. Nothing paid to Employee under any plan or arrangement presently in effect or made available in the future shall be deemed to be in lieu of the salary payable to Employee pursuant to Section 3.1 hereof.
ADDITIONAL COMPENSATION AND BENEFITS. Employee shall receive the following additional compensation and welfare and fringe benefits:
ADDITIONAL COMPENSATION AND BENEFITS. The Employee shall be entitled to receive the same health, disability and other benefits as are offered by the Company to all full-time employees from time to time. The Company, at its own expense, shall obtain, if available at commercially reasonable rates, officers’ and directors’ errors and omissions insurance in respect of Employee’s tenure as an officer of the Company.
ADDITIONAL COMPENSATION AND BENEFITS. As additional compensation for Employee's services under this Agreement, during the Term of Employment the Company agrees to provide Employee with the following reimbursements and benefits:
(a) The Company shall reimburse Employee for reasonable and necessary expenses incurred by Employee in furtherance of the Company's business, including a mileage allowance for all business- related travel on a per-mile basis at a rate equivalent to that allowed by the Internal Revenue Service, provided that such expenses are incurred in accordance with the Company's policies and upon presentation of documentation in accordance with expense reimbursement policies of the Company as they may exist from time to time, and submission to the Company of adequate documentation in accordance with federal income tax regulations.
(b) Employee may participate in any non-cash benefits provided by the Company to its employees as they may exist from time to time. Such benefits shall include leave or vacation time, medical and dental insurance, life insurance, accidental death and dismemberment insurance, retirement benefits and disability benefits, as such benefits may hereafter be provided by the Company in accordance with its policies in force from time to time. In addition, in the event of Employee's death during the Term of Employment, the Company shall make available to Employee's spouse, at the expense of such spouse, medical and dental insurance as provided by the terms and conditions of the then existing medical and dental insurance policies carried by the Company unless otherwise prohibited by applicable law.
