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 between the Executive and the Company, during the Term of Employment, the Company agrees to provide the Executive with the non-cash benefits provided by the Company to its other officers and key employees as they may exist from time to time (other than stock options and equity compensation). Such benefits shall include such leave or vacation time (not less than five weeks), medical and dental insurance, the Company's basic term life insurance and other health care benefits, and retirement and disability benefits as may hereafter be provided by the Company in accordance with its policies. The Company's normal basic term life insurance policy provides a death benefit of $1,500,000 (or any lesser amount, at the Executive's election) payable to a beneficiary or beneficiaries selected by the Executive. Payments and benefits under any program that provides for payments and benefits after termination of employment will be paid or provided to the Executive under the terms of such program during periods following the Term of Employment, including retiree medical benefits to be provided on the same terms as such benefits are provided to any similarly situated former employee.
(i) In the event the Executive's employment hereunder shall automatically terminate on the Expiration Date, the Executive will be provided with monthly retirement benefits, commencing on the date of termination, under a non-qualified supplemental employees retirement plan (SERP) of the Company, equal to the excess, if any, of (A) over the sum of (B) and (C) as follows, assuming that such benefits are to be paid in the form of a single life only annuity without survivor benefits:
(A) Sixty percent (60%) of the Executive's Final Average Earnings, as such monthly amount is defined in the Aerospace Pension Plan except that, for purposes of this Agreement, such amount shall be determined by reference to the Executive's highest thirty-six (36) consecutive months (or if the Term of Employment is less than thirty-six (36) months, then such lesser number of months representing the number of full months in the Term of Employment) of earnings attributable to base salary and annual cash incentive bonus awards during the last sixty (60) consecutive months of the Term of Employment, provided that the Executive has reached 65 years of age upon such termination date; if the Executive has not reached 65 years of age upon such termi...
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. (a) As additional compensation for the Executive’s services under this Agreement, the Executive’s covenants regarding confidentiality in Section 7 hereof and noncompetition in Section 8 hereof, during the Term of Employment, the Company agrees to provide the Executive with such other benefits as it provides to its employees from time to time and subject to the eligibility provisions of any such employee benefit plans and policies. Executive shall be eligible for leave or vacation time (not less than five (5) weeks per year).
(b) The Executive shall be eligible to participate in the Company’s Supplemental Executive Retirement Plan (“SERP”), to the extent that the Board has adopted a SERP. The Executive’s retirement benefits under the SERP shall be determined and paid in accordance with the terms of the SERP plan document.
(c) The Board shall have the discretion to make equity grants to Executive under the Company’s Long Term Incentive Plan.
(d) 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.
(e) During the Term of Employment, the Company shall pay to Executive an automobile allowance of Seven Hundred Dollars ($700) per month.
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 Employee will be entitled to such additional compensation, bonuses or benefits as the Company's Board of Directors, in its sole discretion, may decide.
