Document:

ofg10k12312020ex1011

 

1 
 
Exhibit 10.11 
 
Certain identified information 
has been excluded from this exhibit pursuant 
to 
Item 601(b)(10)(iv) of Regulation 
S-K because it is both not 
material and would 
likely cause competitive 
harm to the registrant 
if publicly disclosed.
 
 
ORDER
 
 
Prepared for: Oriental 
Bank
 
254 Munoz Rivera 
Avenue15th 
Floor San Juan, PR 00918 
Order Effective 
Date: 
7/28/2020 

 

 

 

 

 

 

2 
Fidelity Information 
Services, 
LLC 601 
Riverside 
Avenue 
Jacksonville, 
FL 32204-2946 
 
This Order is 
governed 
by the Technology 
Outsourcing 
Agreement 
originally 
entered into between 
Oriental Bank 
(“
Client
”) and 
Metavante Corporation 
dated 1/26/2007 (“
Agreement
”). The 
Solution 
Terms below 
apply to 
the 
referenced 
Solutions, 
in addition to 
the Technology Outsourcing Agreement. By 
signing this Order, Client 
agrees to 
purchase the Services 
and license the 
Software listed 
on the attached 
pricing attachment(s). 
SOLUTIONS 
& TERM
 
 
 
 
 
 
 
 
 
 
Each Service on this Order will begin on the Commencement Date for that Service and continue for the initial term in 
the table above (the “
Initial Term
”). After the Initial Term, 
or the then current Renewal Term, 
the term of the Service 
automatically 
renews for successive renewal terms as set 
forth in the table 
above (each, a “
Renewal Term
”) unless 
terminated 
by Client or FIS 
in writing at least 180 
days prior to the 
last day of the 
Initial Term or 
of the then current 
Renewal Term. 
As of the Order Effective Date above, Metavante Corporation hereby assigns, and Fidelity Information 
Services, 
LLC, 
herby assumes, all of 
the rights and 
obligations 
of the Agreement existing or 
accruing on or before 
the date of 
this 
Amendment to the same extent 
as if Fidelity Information Services, 
LLC had been the original party to the 
Agreement
. 
The parties agree 
that the 
Agreement is hereby 
Amended 
to replace 
references to “Metavante 
Corporation” 
with 
references 
to  Fidelity  Information 
Services, 
LLC,  whose  principal 
place  of  business  is  601  Riverside  Avenue, 
Jacksonville, 
FL 32204-2946. 
All references 
to “Metavante” 
or “FIS” shall 
hereafter refer 
to Fidelity Information 
Services, 
LLC. 
This Order 
may be 
executed 
and delivered 
by electronic 
means. Electronic 
signatures will 
be deemed 
original 
signatures 
for all purposes and will legally bind the parties to the same extent as an original signature. 
In the event of 
any conflict between 
this Order and 
the Agreement, 
the terms of this 
Order govern the 
Solutions 
on this Order. 
 
ORIENTAL BANK
FIDELITY INFORMATION 
SERVICES, 
LLC
Signature: 

/s/ Ana Ramos
Signature:
 
/s/ Matthew Egan
Name: 
Ana Ramos 
Name: 
Matthew Egan 
Title: 
Ana T. Ramos, CIO
Title: 
Accounting Manager 
Date: 
November 18, 2020 | 15:05 PST 
Date: 

November 30, 2020 | 11:30 EST 
 
 
 
 
 
 
 
 
 
 
 
Account ID: 11461           OID: 00663758
 
Solution
Applicable Solution 
Terms (Existing)
Applicable 
Solution Terms 
(Attached)
Initial Term
Renewal Term
IBS Banking System 
The existing 
Technology 
Outsourcing 
Agreement 
Coterminous 
with 
the Services 
provided under 
the 
Technology 
Outsourcing 
Agreement. 
Coterminous 
with 
the Services 
provided under 
the Technology 
Outsourcing 
Agreement. 
 

 

3 
 
Prepared for: Oriental Bank 
Page 1
 

 

4 
 
PRICING 
ATTACHMENT 
ORIENTAL 
BANK
 
 
REVISED: 
OCTOBER 
23, 2020 
[* * *] 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

5 
 
 
 
 
 
 
 
 
 
 
Company 
Confidential/SB/663758/S1/C3 
Page 1 of 7ofg10k12312020ex1012

 

 

1 
Exhibit 10.12 
SECOND AMENDMENT TO EMPLOYMENT AGREEMENT 
BETWEEN 
OFG BANCORP 
AND 
JOSÉ RAFAEL FERNÁNDEZ 
 
 
 
This Second Amendment to Employment 
Agreement (the “Amendment”) is made 
and entered into 
on the 26th 
day of February, 
2020 (the “Effective 
Date”), by 
and between 
OFG BANCORP
, a financial 
holding company that 
has its principal 
office in 
San Juan, 
Puerto Rico 
(the “Company”), 
and 
JOSÉ RAFAEL 
FERNÁNDEZ
 
(the “President and CEO” or “Mr. Fernández”). 
 
WITNESSETH:
 
 
 
WHEREAS
, Mr. 
Fernández has 
been an 
executive officer 
of the 
Company since 
June 1991, is presently 
the Company’s President, 
Chief Executive Officer, 
and 
Vice Chairperson of 
the Board of 
Directors, and the 
retention of his 
services 
for and 
on behalf 
of the 
Company is 
of material 
importance to 
the preservation 
and enhancement of the value of the Company's business; 
 
 
WHEREAS
, the 
Company and 
the President 
and CEO 
have entered 
into an 
Employment Agreement 
dated February 
28, 2018 
(the “Employment 
Agreement”), 
which is now in 
effect, and wish to 
enter into this Amendment 
and intend that 
this Amendment shall 
become effective on 
the Effective Date, 
subject to the 
final approval 
of this 
Amendment by the 
Board of 
Directors of 
the Company, 
and amend the Employment Agreement; 
 
 
NOW THEREFORE
, in 
consideration of 
the mutual 
covenants herein 
set forth, 
the Company and the President and CEO do hereby agree as 
follows: 
 
1.
 
Section 3.2 
of the 
Employment Agreement 
is hereby 
amended in 
its entirety 
to read as follows: 
 
3.2  Bonus.
 
The Compensation Committee shall set for the 
President and 

 

2 
CEO an 
annual target 
bonus based 
on a 
percentage of 
his annual 
base salary 
as may 
be earned by 
him under 
the Company’s non 
-equity incentive bonus 
plan (the “Incentive Bonus”). 
The bonus shall be 
due and payable on or 
before March 31 of 
each contract year of 
this Agreement commencing with 
the bonus 
corresponding to 
calendar year 
2019 due 
and payable 
on or before 
March 31, 2020. 
 
2.
 
Section 5.2(b) 
of the 
Employment Agreement 
is hereby 
amended in 
its 
entirety to read as follows: 
 
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, 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 2017. 
As long as 
he is in 
compliance with the 
requirements of the 
Company’s Stock 
Ownership Policy, 
with respect to 
any incentive compensation 
award granted to 
him by 
the 
Compensation Committee, the 
President and CEO 
shall have 
the option 
of 
electing to receive the award in deferred cash equivalents. 
 
3.
 
The Employment Agreement, as amended 
by this Amendment, constitutes the 
entire agreement and understanding 
between the parties 
hereto with respect 
to 
the subject 
matter thereof 
and hereof 
and, as 
of the 
Effective Date, 
supersedes 
all prior agreements 
and understandings, 
whether written 
or oral, relating 
to 
such subject 
matter. 
This Amendment 
to the 
Employment Agreement shall 
be 
effective as of 
the Effective Date subject 
to the approval 
and ratification 
of this 
Amendment by 
the Board 
of Directors 
of the Company. 
For the 
avoidance 
of doubt, 
nothing in 
the Employment 
Agreement or 
this Amendment 
limits, expands 
or otherwise 
amends the 
terms of 
the Change 
in Control 
Compensation Agreement.
 
 

 

3 
4.
 
This Amendment 
may be 
executed in 
one or 
more counterparts, 
each of 
which 
shall be deemed an original and all of which taken together shall constitute 
one and the same agreement.
 
 
 
 

 

 

 

4 
 
 
IN WITNESS 
WHEREOF
, the 
parties have duly 
executed and delivered 
this 
Agreement in San Juan, Puerto Rico, as of the date 
first above written. 
 
PRESIDENT AND CEO 
 
 
 
 
/s/José Rafael Fernández 

José Rafael Fernández 
 
 
OFG BANCORP 
 
By:  Compensation 
Committee of the 

 
Board of Directors 
 
 
 
By: 
/s/Jorge Colón Gerena 

 
Jorge Colón Gerena 

 
Chairman – Compensation Committeeexhibit41formofstockcert

Exhibit 4.1     INCORPORATED UNDER THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA        UNIVEST FINANCIAL CORPORATION                  CUSIP: 915271100    FULLY PAID AND NON-ASSESSABLE  PAR VALUE $5.00 PER SHARE       THE SHARES REPRESENTED BY THIS   CERTIFICATE ARE SUBJECT TO   RESTRICTIONS, SEE REVERSE SIDE    THIS CERTIFIES that  is the owner of    SHARES OF COMMON STOCK  of  Univest Financial Corporation  a Pennsylvania corporation       The shares evidenced by this certificate are transferable only on the books of Univest Financial Corporation by the holder hereof, in person or by  attorney, upon surrender of this certificate properly endorsed.   THE CAPITAL STOCK EVIDENCED HEREBY IS NOT AN ACCOUNT OF AN  INSURABLE TYPE AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER FEDERAL  OR STATE GOVERNMENTAL AGENCY.     IN WITNESS WHEREOF, Univest Financial Corporation has caused this certificate to be executed by the facsimile signatures of its duly  authorized officers and has caused a facsimile of its seal to be hereunto affixed.      By:   [SEAL] By:     MEGAN DURYEA SANTANA    JEFFREY M. SCHWEITZER   CORPORATE SECRETARY    PRESIDENT AND CHIEF EXECUTIVE       OFFICER No.    Shares    

 

Exhibit 4.1     The Board of Directors of Univest Financial Corporation (the “Company”) is authorized by resolution or resolutions,  from time to time adopted, to provide for the issuance of more than one class of stock, including preferred stock in series, and to  fix and state the voting powers, designations, preferences, limitations and restrictions thereof.  The Company will furnish to any  stockholder upon request and without charge a full description of each class of stock and any series thereof.    The shares represented by this certificate may not be cumulatively voted on any matter.  The Articles of Incorporation  requires that, with limited exceptions, no amendment, addition, alteration, change or repeal of the Articles of Incorporation shall  be made, unless such is first approved by the Board of Directors of the Company and approved by the stockholders by a majority  of the total shares entitled to vote, or in certain circumstances approved by the affirmative vote of up to 75% of the shares entitled  to vote.      The following abbreviations when used in the inscription on the face of this certificate shall be construed as though they  were written out in full according to applicable laws or regulations.    TEN COM - as tenants in common UNIF GIFT MIN ACT - _________ Custodian __________   (Cust) (Minor)  TEN ENT - as tenants by the entireties     Under Uniform Gifts to Minors Act  JT TEN - as joint tenants with right     of survivorship and not as           tenants in common     (State)    Additional abbreviations may also be used though not in the above list    For value received,      hereby sell, assign and transfer unto      PLEASE INSERT SOCIAL SECURITY NUMBER OR OTHER IDENTIFYING NUMBER                (please print or typewrite name and address including postal zip code of assignee)     Shares of   the Common Stock represented by the within Certificate, and do hereby irrevocably constitute and  appoint ________________________________________________________________________ Attorney to transfer the said  shares on the books of the within named corporation with full power of substitution in the premises.    Dated,         In the presence of      Signature:                       NOTE:  THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME OF THE STOCKHOLDER(S)  AS WRITTEN UPON THE FACE OF THE CERTIFICATE, IN EVERY PARTICULAR, WITHOUT ALTERATION OR  ENLARGEMENT, OR ANY CHANGE WHATSOEVER.

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