Document:

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                                                                   EXHIBIT 10.17

                    CHANGE IN CONTROL COMPENSATION AGREEMENT

                                     BETWEEN

                         ORIENTAL FINANCIAL GROUP INC.

                                       AND

                                CARLOS J. NIEVES

      Agreement made as of the 15th day of December, 2004, by and between
Oriental Financial Group Inc., a Puerto Rico corporation and a financial holding
company with principal offices in San Juan, Puerto Rico (hereinafter referred to
as "OFG") and Carlos J. Nieves, of legal age, married, business executive and
resident of San Juan, Puerto Rico (hereinafter referred to as the "Executive
Officer").

                                   WITNESSETH:

      WHEREAS, the Executive Officer is presently a Senior Executive Vice
President of OFG;

      WHEREAS, it is in the best interest of OFG to promote the retention of the
Executive Officer's services on behalf of OFG by reducing concerns that the
Executive Officer may be adversely affected in the event of change in control of
OFG as defined herein below;

      WHEREAS, OFG and the Executive Officer wish to enter into this Agreement
to set forth the terms and conditions for the payment by OFG of certain
compensation to the Executive Officer in the event of a termination of Executive
Officer's employment as a result of a change in control of OFG;

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                                       -2-

      NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
OFG and the Executive Officer do hereby agree as follows:

            1.    TERM.

                  This Agreement shall be in full force and effect so long as
the Executive Officer is employed by the Company.

            2.    TERMINATION OF EMPLOYMENT DUE TO A CHANGE IN CONTROL

                  A. In the event there is a Change in Control of OFG (as
defined herein below) while this Agreement is in effect and as a result thereof
or within one (1) year after the Change in Control, the Executive Officer's
employment with OFG is terminated by OFG or its successor in interest, the
Executive Officer shall be entitled to the cash payment compensation determined
as provided in subparagraph B below.

                  B. The cash payment compensation shall be in an amount equal
to two (2) times the sum of the Executive Officer's annual base salary at the
time the termination of his employment occurs and the last cash bonus paid to
the Executive Officer prior to the termination of his employment.

                  C. The cash payment compensation shall be in lieu of any other
payments which the Executive Officer may be entitled to receive by law, contract
or otherwise. The cash payment compensation shall be due and payable in a lump
sum to the Executive Officer on or before the thirtieth (30th) day following the
termination of the Executive Officer employment. The receipt of the cash payment
compensation shall not affect the

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                                       -3-

rights of Executive Officer to any vested benefits or accrued compensation,
including bonuses.

                  D. For purposes of this Agreement, a "Change in Control of
OFG" shall be deemed to have occurred if any Person or persons acting as a group
within the meaning of Sections 13(d) and 14(d) of the Securities Exchange Act
of 1934, as amended (the "Exchange Act"), is or becomes the Beneficial Owner (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of OFG representing 25% or more of either the then outstanding shares
of common stocks of OFG or the combined voting power of OFG's then outstanding
securities and if individuals who on the date hereof are members of OFG's Board
of Directors cease for any reason to constitute at least a majority thereof,
unless the appointment election or nomination of each new director who was not a
director on the date hereof has been approved by at least two-thirds of the
directors in office on the date hereof.

                  E. For purposes of this Agreement, "Person" shall have the
meaning given in Section 3(a) (9) of the Exchange Act, except that such term
shall not include (i) OFG or any of its subsidiaries; (ii) an individual who on
the date of this Agreement is a director or officer of OFG or any of its
subsidiaries, or a beneficial owner of more than ten percent (10%) of OFG's
outstanding securities; (iii) a trustee or other fiduciary holding securities
under an employee benefit plan of OFG or any of its subsidiaries; (iv) an
underwriter temporarily holding securities pursuant to an offering of such
securities; or (v) a corporation or entity owned, directly or indirectly, by the
stockholders of OFG in substantially the same proportion as their ownership of
stock of OFG on the date of this Agreement.

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                                       -4-

                  F. Notwithstanding anything to the contrary herein, any event
or transaction which would otherwise constitute a Change in Control of OFG
(hereinafter referred to as a "Transaction") shall not constitute a Change in
Control of OFG for purposes of this Agreement if the Executive Officer
participates as an acquirer in the Transaction or as an equity investor or
stockholder of the acquiring entity or any of its affiliates and thus, the
Executive Officer shall not be entitled to receive the benefits provided for in
this Agreement.

            3.    ASSIGNMENT.

                  This Agreement is personal to each of the parties hereto and
neither party may assign or delegate any of his or its rights or obligations
hereunder without first obtaining the written consent of the other party.

            4.    AMENDMENTS OR ADDITIONS.

                  No amendments or additions to this Agreement shall be binding
unless in writing and signed by both parties. The prior approval by a two-thirds
affirmative vote of the full Board of Directors of OFG shall be required in
order for OFG to authorize any amendments or additions to this Agreement, to
give any consent or waivers of provisions of this Agreement, or to take any
other action under this Agreement.

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                                       -5-

            5.    MISCELLANEOUS.

                  A. The provisions of this Agreement shall be deemed severable
and the invalidity or unenforceability of any provision shall not affect the
validity or enforceability of the other provisions hereof.

                  B. This Agreement shall be governed in all respects and be
interpreted by and under the laws of the Commonwealth of Puerto Rico, except to
the extent that such law may be preempted by applicable United States federal
law, in which case this Agreement shall be governed and be interpreted by and
under United States federal law. Venue for the litigation of any and all maters
arising under or in connection with this Agreement shall be laid in the United
States District Court for the District of Puerto Rico, at San Juan, in the case
of federal jurisdiction, and in the Court of First Instance, Superior Part, the
Commonwealth of Puerto Rico in San Juan, in the case of state court
jurisdiction.

  EXECUTIVE OFFICER                        ORIENTAL FINANCIAL GROUP INC.

/s/ Carlos J. Nieves                       /s/ Julian S. Inclan
--------------------------                 ------------------------------
    Carlos J. Nieves                          Julian S. Inclan

                                           /s/ Alberto Richa
                                           ------------------------------
                                               Alberto Richa

                                           /s/ Emilio Rodriguez
                                           ------------------------------
                                               Emilio Rodriguez

FORM APPROVED ON NOVEMBER 29, 2004<PAGE>

                                                                    EXHIBIT 10.1

                                LICENSE AGREEMENT

      This License Agreement (the "License") is made and entered into this 30th
day of August, 2002 (the "Effective Date"), by and between VALUE CITY DEPARTMENT
STORES, INC., an Ohio corporation, whose address is 1800 Moler Road, Columbus,
Ohio 43207 ("VCDS"), and SHONAC CORPORATION, an Ohio corporation, whose address
is 4150 East Fifth Avenue, Columbus, Ohio 43219 ("Shonac").

                                    RECITALS

      A. Crossings at Hobart - I LLC, an Ohio limited liability company ("Master
Landlord") is the fee owner of certain real property located in the City of
Merrillville, State of Indiana, legally described on Exhibit "A" hereto (the
"Shopping Center Parcel");

      B. Master Landlord is the lessor under that certain Lease ("Master Lease")
dated as of May 18th, 1994, between Master Landlord and Service Merchandise
Company, Inc. (the "Service Merchandise") for 50,000 square feet of premises in
the Shopping Center Parcel, as depicted in Exhibit "B" attached hereto and made
a part hereof ("premises"), which premises is part of the Shopping Center
Parcel;

      C. Service Merchandise filed a voluntary petition for relief under Chapter
11 of the Bankruptcy Code on March 27, 1999. Pursuant to that certain order by
the United States Bankruptcy Court for TN, Service Merchandise and Jubilee
Limited Partnership, an Ohio limited partnership ("Landlord") entered into a
certain Assignment and Assumption Agreement dated July 2, 2002 (the
"Assignment") in which Service Merchandise assigned to Landlord and Landlord
assumed from Service Merchandise all of Service Merchandise's right, title and
interest as tenant under the Master Lease;

      D. Landlord and VCDS entered into that certain Lease ("Lease") dated
August 30th, 2002, demising to VCDS the premises. The Lease is attached hereto
and made a part hereof as Exhibit "C" ; and

      E. VCDS desires to license to Shonac and Shonac desires to license from
VCDS certain rights, title and interest of VCDS under the Lease with respect to
the premises, as provided herein.

                                   AGREEMENTS

      In consideration of the premises and other good and valuable
consideration, VCDS and Shonac agree as follows:

                                     - 1 -
<PAGE>

                                    ARTICLE I
                               PRELIMINARY MATTERS

      1.1   Defined Terms. Any defined terms used herein shall have the same
            meaning as set forth in the Lease.

      1.2   Representations and Warranties. VCDS represents and warrants to
            Shonac that:

        (a)     To the best of VCDS's knowledge, neither Landlord nor VCDS are
                in default under the Lease;

        (b)     To the best of VCDS's knowledge, neither Master Landlord nor
                Landlord are in default under the Master Lease;

        (c)     VCDS has full right, power and authority to make this License;

        (d)     To the best of VCDS's knowledge, there is no litigation pending
                in connection with the Master Lease, the Lease, or the premises;

        (e)     To the best of VCDS's knowledge, the documents heretofore
                provided by VCDS to Shonac represent all agreements related to
                the Master Lease and Lease

                                   ARTICLE II
                                     LICENSE

      2.1 License and Term. VCDS hereby licenses to Shonac all of VCDS's rights
and obligations under the Lease, and Shonac hereby accepts such license and
assumes such rights and obligations. The term of this License shall commence on
the Effective Date and shall expire on the day preceding the end of the term of
the Lease, as the same may be extended, unless sooner terminated in accordance
with the terms set forth herein. In the event VCDS receives notice from Shonac
of its election to extend the term of the License at least seven (7) months
prior to the expiration of the then current term and any Lease renewal options
remain, VCDS agrees to timely exercise its right to extend the term of the
Lease. VCDS agrees to deliver the premises to Shonac immediately following
receipt thereof from Landlord.

      2.2 Lease. Shonac agrees to comply with all terms, provisions, and
conditions of VCD Sunder the Lease. VCDS agrees to immediately deliver to Shonac
any notices it receives from Landlord regarding the Lease and/or this License.
If Shonac fails to perform any of the provisions of the Lease, then, so long as
VCDS is liable for performance of obligations under the Lease, VCDS may exercise
the rights and remedies available to Landlord under the Lease, provided that
VCDS has afforded Shonac the same notice and opportunity to cure, if any,
afforded to VCDS under the Lease. Notwithstanding the foregoing, the parties
agree that the time period for such cure shall be five (5) days less than the
time period set forth in the Lease with respect to monetary obligations and ten
(10) days less than the time period set forth in the Lease with respect to
non-monetary

                                     - 2 -
<PAGE>

obligations. VCDS shall not be entitled to recover from Shonac any amounts
Shonac has paid to Landlord on account of VCDS's obligations under the Lease.

      VCDS agrees to enforce all of the obligations of Landlord under the Lease.
If VCDS fails to enforce any of the Landlord's obligations under the Lease, then
Shonac shall have the same rights and remedies available to VCDS under the
Lease, provided that Shonac has afforded to VCDS the same notice and opportunity
to cure, if any, afforded to Landlord under the Lease. Shonac agrees to
immediately deliver to VCDS any notices it may receive from Landlord regarding
the premises and/or this License.

      2.3 Rent. During the Term of this License, Shonac shall have the right to
pay all rental amounts due and payable under the Lease directly to Landlord.
VCDS agrees to deliver to Shonac, within five (5) days following receipt
thereof, any amounts paid to VCDS under the Lease by Landlord, including without
limitation, the Tenant Reimbursement set forth in Section 50 of the Lease.

      2.4 Assignment of Warranties and Guaranties. During the term of this
License, to the extent assignable, VCDS hereby assigns to Shonac all guaranties
and warranties it owns related to the premises. VCDS shall execute such further
documents to evidence such transfer as are reasonably requested by Shonac either
before or after the Effective Date.

                                   ARTICLE III
                                  MISCELLANEOUS

      3.1 Notices. Notices hereunder shall be given by United States mail,
postage prepaid, certified with return receipt requested, by hand delivery or by
a nationally recognized overnight courier (with evidence of receipt) and shall
be effective upon receipt or refusal of receipt, and shall be addressed to the
parties as follows:

        (a)     If intended for VCDS, to:

                   3241 Westerville Road
                   Columbus, Ohio 43224

                   Attn: __________________________________

                with a copy to:

                   1800 Moler Road
                   Columbus, Ohio 43207
                   Attn: Legal Department

        (b)     If intended for Shonac, to:

                   4150 East Fifth Avenue

                                     - 3 -
<PAGE>

                   Columbus, Ohio 43219
                   Attn: Real Estate

                with a copy to:

                   Randall S. Arndt, Esq.
                   Schottenstein, Zox & Dunn
                   41 South High Street, Suite 2600
                   Columbus, Ohio 43215

      Address for service of notice may be changed by written notice to the
other party.

      3.2 Amendment of Lease. VCDS agrees that it shall not enter into any
amendment or modification of the Lease that increases the rent or charges
payable under the Lease, increases VCDS's or its predecessor's liabilities or
obligations under the Lease, or increases the term of the Lease without the
prior written consent of Shonac.

      3.3 Brokers. VCDS and Shonac each warrant to the other that they have not
dealt with any broker or agent in connection with the negotiation or execution
of this License. VCDS and Shonac shall each indemnify and defend the other
against all costs, expenses, attorneys' fees, and other liability for commission
or other compensation claimed by any broker or agent claiming the same by,
through, or under the indemnifying party.

      3.4 Third Parties. The agreements herein are for the sole benefit of VCDS
and Shonac and no third party is intended to benefit hereby.

      3.5 Counterparts. This License may be executed in any number of
counterparts each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

      3.6 Applicable Law. This License shall be governed by and construed in
accordance with the laws of the state in which the premises are located.

      EXECUTED as of the day and year above written.

Signed and acknowledged
in the presence of:                          VCDS:

                                             Value City Department Stores, Inc.,
                                             an Ohio corporation

/s/ Melinda Holmes                           BY: /s/ John C. Rossler
------------------------------                   -------------------
Print Name: Melinda Holmes

                                             ITS: President & CEO
/s/ Tracy L. Snow
------------------------------
Print Name: Tracy L. Snow

                                     - 4 -
<PAGE>

STATE OF OHIO                 :
                              : ss.
COUNTY OF FRANKLIN            :

      The foregoing instrument was acknowledged before me this 11 day of
September, 2002, by John C. Rossler, President & CEO of Value City Department
Stores, Inc., an Ohio corporation, for and on behalf of said corporation.

                                           /s/ Melinda Holmes
                                           -------------------
                                           Notary Public

                                                       MELINDA HOLMES
                                                MY COMMISSION EXPIRES ON 9/17/05
                                                   NOTARY PUBLIC - STATE OF OHIO

                                           SHONAC:

                                           Shonac Corporation,
                                           an Ohio corporation

/s/ Melinda Holmes                         BY: /s/ John C. Russler
-------------------------------                --------------------
Print Name: Melinda Holmes

/s/ Christy Cuschleg                       ITS: President & CEO
-------------------------------
Print Name: Christy Cuschleg

STATE OF OHIO                 :
                              : ss.

COUNTY OF FRANKLIN            :

      The foregoing instrument was acknowledged before me this 30 day of August,
2002, by John C. Rossler, President & CEO of Shonac Corporation, an Ohio
corporation, for and on behalf of said corporation.

                                           /s/ Melinda Holmes
                                           -------------------
                                           Notary Public

                                                       MELINDA HOLMES
                                                MY COMMISSION EXPIRES ON 9/17/05
                                                   NOTARY PUBLIC - STATE OF OHIO

                                     - 5 -
<PAGE>

JOINDER:

      Landlord hereby joins this License solely for the purpose of agreeing to
the following with respect to Shonac: (i) to recognize this License and Shonac's
rights thereunder, (ii) to simultaneously deliver to Shonac any notice delivered
to VCDS under the Lease, and (iii) to accept the performance by Shonac of any
obligations under the Lease on behalf of VCDS including the payment of rental
thereunder.

                                           LANDLORD:

                                           Jubilee Limited Partnership,
                                           an Ohio limited partnership

/s/ Edward K. Arndt                        BY: /s/ Jay L. Schottenstein
-------------------------------                ------------------------
Print Name: Edward K. Arndt

/s/ Leslie A. Schutte                      ITS: President
-------------------------------
Print Name: Leslie A. Schutte

STATE OF OHIO           :
                        : ss.
COUNTY OF FRANKLIN      :

      The foregoing instrument was acknowledged before me this 3rd day of
September, 2002, by Jay L. Schottenstein, President of Jubilee Limited
Partnership, an Ohio limited partnership, for and on behalf of said limited
partnership.

                                           /s/ Leslie A. Schutte
                                           ---------------------
                                           Notary Public

                       LESLIE A. SCHUTTE
                 Notary Public, State of Ohio
                     My Commission Expires
                            08-21-06

[NOTARIAL SEAL]

                                     - 6 -
<PAGE>

                                    EXHIBIT A
                                LEGAL DESCRIPTION

Parcel I: (Fee Simple)

Part of the North 1/2, Section 23, Township 35 North, Range 8 West of the 2nd
P.M., in Lake County, Indiana, described [ILLEGIBLE] Commencing at the Northwest
corner of said Section 23, thence South 02 degrees 42' 00" East along the West
line of said Section 23 a distance of 842.20 feet to the Southerly right-of-way
line of the Chesapeake and Ohio Railroad, thence South 62 degrees 42' 00" East
along said South line 1615.41 feet, thence South 27 degrees 18' 00" West, 748.26
feet, thence South 88 degrees 25' 00" West, 134.54 feet to the point of
beginning of this described parcel thence continuing South 88 degrees 25' 00"
West, 326.65 feet, thence South 01 degrees 35' 00" East, 193.56 feet to the
Northerly line of U.S. Highway 30, thence Easterly along the Northerly line of
said Highway, 309.65 feet, thence North 01 degrees 35' 00" West, 43.06 feet,
thence North 88 degrees 25' 00" East, 17.0 feet; thence North 01 degrees 35' 00"
West, 150 feet to the point of beginning. Except that part conveyed to the State
of Indiana by Warranty Dead recorded September 19, 1978 an Document No. 491229
described as follows: a part of the Northwest Quarter of Section 23, Township 35
North, Range 8 West, Lake County, Indiana, described as follows: commencing at
the Northwest corner of said section, thence south 0 degrees 01 minutes 00
seconds West 2,287.90 feet along the West line of said Section to the Southwest
corner of the owner's land, thence South 89 degrees 59 minutes 00 seconds East
350.00 feet to the corner of the owner's land, thence South 0 degrees 01 minutes
00 seconds West 196.90 feet along the West line of the owner's land to the North
boundary of U.S.R. 30, thence along the boundary of said U.S.R. 30 Easterly
463.51 feet along an arc to the right and having a radius of 53, 814.79 feet and
subtended by a long chord having a bearing of South 89 degrees 02 minutes 50
seconds East and a length of 463.51 feet to the point of beginning of this
description, thence North 1 degree 11 minutes 58 seconds East 10.00 feet, thence
South 88 degrees 46 minutes 26 seconds East 50.01 feet, thence South 1 degree 15
minutes 10 seconds West 10.00 feet to the North boundary of U.S.R. 30, thence
along the boundary of said U.S.R. 30 Westerly 50.00 feet along an arc to the
left and having a radius of 53,814.79 feet and subtended by; long chord having a
bearing of North 88 degrees 46 minutes 26 seconds West and a length of 50.00
feet to the point of beginning.

Parcel II: (Fee Simple)

Part of the North 1/2 Section 23, Township 35 North Range 8 West of the 2nd
P.M., in Lake County, Indians, described as: Commencing at the Northwest corner
of said Section 23, thence South 02 degrees 42' 00" East along the West line of
said Section 23 a distance of 842.20 feet to the Southerly right-of-way line of
the Chesapeake and Ohio Railroad, thence South 62 degrees 42' 00" East along
said Southerly right-of-way 1845.00 feet to the point of beginning of this
described parcel, thence South 27 degrees 18' 00" West, 274.33 feet; thence
South 62 degrees 42' 00" East, 4.0 feet; thence South 27 degrees 18' 00" West,
80.00 feet; thence South 62 degrees 42' 00" East, 26.41 feet; thence SOUTH 27
degrees 18' 00" West 275.00 feet; thence North 62 degrees 42' 00" West, 260.0
feet; thence South 27 degrees 18' 00" West, 339.51 feet more of less to the
Northerly line of U.S. Highway 30; thence on a curve to the right with radius of
53,817.23 feet a distance of 87.67 feet to the point of curve; thence North 88
degrees 37' 48" CONTINUED

                               SCHEDULE A - PAGE 2

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                                                                       EXHIBIT B

                                  [FLOOR PLAN]

                                                                        TOTAL P.

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