<SEC-DOCUMENT>0001030469-23-000043.txt : 20231222
<SEC-HEADER>0001030469-23-000043.hdr.sgml : 20231222
<ACCEPTANCE-DATETIME>20231222160705
ACCESSION NUMBER:		0001030469-23-000043
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20231221
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20231222
DATE AS OF CHANGE:		20231222

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OFG BANCORP
		CENTRAL INDEX KEY:			0001030469
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				660538893
		STATE OF INCORPORATION:			PR
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12647
		FILM NUMBER:		231509838

	BUSINESS ADDRESS:	
		STREET 1:		254 MU?OZ RIVERA AVENUE
		CITY:			SAN JUAN
		STATE:			PR
		ZIP:			00918
		BUSINESS PHONE:		7877716800

	MAIL ADDRESS:	
		STREET 1:		254 MU?OZ RIVERA AVENUE
		CITY:			SAN JUAN
		STATE:			PR
		ZIP:			00918

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ORIENTAL FINANCIAL GROUP INC
		DATE OF NAME CHANGE:	19970110
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>ofg-20231221.htm
<DESCRIPTION>8-K
<TEXT>
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<title>ofg-20231221</title></head><body><div style="display:none"><ix:header><ix:hidden><ix:nonNumeric contextRef="c-1" name="dei:EntityCentralIndexKey" id="f-23">0001030469</ix:nonNumeric><ix:nonNumeric contextRef="c-1" name="dei:AmendmentFlag" format="ixt:fixed-false" id="f-24">FALSE</ix:nonNumeric></ix:hidden><ix:references xml:lang="en-US"><link:schemaRef xlink:type="simple" xlink:href="ofg-20231221.xsd"></link:schemaRef></ix:references><ix:resources><xbrli:context id="c-1"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001030469</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2023-12-21</xbrli:startDate><xbrli:endDate>2023-12-21</xbrli:endDate></xbrli:period></xbrli:context></ix:resources></ix:header></div><div id="id6078e016bcb48c380ad4efa4145ff96_1"></div><div style="min-height:72pt;width:100%"><div><span><br/></span></div></div><div style="margin-top:12pt;text-align:center"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">UNITED STATES SECURITIES AND EXCHANGE COMMISSION</span></div><div style="text-align:center"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Washington, D.C. 20549</span></div><div style="text-align:center"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:16pt;font-weight:700;line-height:80%">FORM <ix:nonNumeric contextRef="c-1" name="dei:DocumentType" id="f-1">8-K</ix:nonNumeric></span></div><div style="text-align:center"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:16pt;font-weight:700;line-height:120%">_______________</span></div><div style="margin-top:12pt;text-align:center"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">CURRENT REPORT</span></div><div style="text-align:center"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934</span></div><div style="margin-top:12pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:80%">Date of report (Date of earliest event reported): December 22, 2023 (<ix:nonNumeric contextRef="c-1" name="dei:DocumentPeriodEndDate" format="ixt:date-monthname-day-year-en" id="f-2">December&#160;21, 2023</ix:nonNumeric>)</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:16pt;font-weight:700;line-height:100%">________________</span></div><div style="margin-top:3pt;text-align:center"><span 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Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:EntityFileNumber" id="f-5">001-12647</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:EntityTaxIdentificationNumber" id="f-6">66-0538893</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(State or other Jurisdiction of Incorporation)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(Commission File Number)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(IRS Employer Identification No.)</span></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:EntityAddressAddressLine1" id="f-7">Oriental Center</ix:nonNumeric>, <ix:nonNumeric 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colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:EntityAddressCityOrTown" id="f-10">San Juan</ix:nonNumeric>, <ix:nonNumeric contextRef="c-1" name="dei:EntityAddressCountry" format="ixt-sec:countrynameen" id="f-11">Puerto Rico</ix:nonNumeric></span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:EntityAddressPostalZipCode" id="f-12">00918</ix:nonNumeric></span></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(Address of principal executive offices)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(Zip Code)</span></td></tr><tr style="height:11pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="15" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Registrant&#8217;s telephone number, including area code:</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:CityAreaCode" id="f-13">787</ix:nonNumeric></span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:LocalPhoneNumber" id="f-14">771-6800</ix:nonNumeric></span></div></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 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8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</span></div><div style="margin-top:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:1.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:95.870%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="background-color:#ffffff;color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:WrittenCommunications" format="ixt:fixed-false" id="f-15">&#9744;</ix:nonNumeric></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</span></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="background-color:#ffffff;color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:SolicitingMaterial" format="ixt:fixed-false" id="f-16">&#9744;</ix:nonNumeric></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="background-color:#ffffff;color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:PreCommencementTenderOffer" format="ixt:fixed-false" id="f-17">&#9744;</ix:nonNumeric></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="background-color:#ffffff;color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:PreCommencementIssuerTenderOffer" format="ixt:fixed-false" id="f-18">&#9744;</ix:nonNumeric></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></td></tr></table></div><div style="margin-top:3pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Securities registered pursuant to Section 12(b) of the Act:</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:38.201%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.082%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:38.205%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Title of each class</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New 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par value $1.00 per share</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:TradingSymbol" id="f-20">OFG</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:SecurityExchangeName" format="ixt-sec:exchnameen" id="f-21">New York Stock Exchange</ix:nonNumeric></span></td></tr></table></div><div style="margin-top:3pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</span></div><div style="margin-top:12pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Emerging growth company&#160;&#160;&#160;&#160;</span><span style="background-color:#ffffff;color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:EntityEmergingGrowthCompany" format="ixt:fixed-false" id="f-22">&#9744;</ix:nonNumeric></span></div><div style="margin-top:3pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160;</span><span style="background-color:#ffffff;color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#9744;</span></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div><div id="id6078e016bcb48c380ad4efa4145ff96_7"></div><hr style="page-break-after:always"/><div style="min-height:72pt;width:100%"><div><span><br/></span></div></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">               On December&#160;21, 2023, OFG Bancorp (the &#8220;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Company</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;) entered into an employment agreement (the &#8220;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Agreement</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;) with Jos&#233; Rafael Fern&#225;ndez, the Company&#8217;s President, CEO and Vice Chairperson of its Board of Directors (the &#8220;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Board</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;). The Agreement is effective on January 1, 2024, for a three-year term ending December 31, 2026, unless extended or sooner terminated in accordance with its terms and conditions, and replaces the employment agreement dated July 28, 2021, between the Company and Mr. Fern&#225;ndez. </span></div><div><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">As provided in the Agreement, Mr. Fern&#225;ndez will continue to serve as President and CEO of the Company reporting directly to the Board and will have overall responsibility for the business and affairs of the Company. During the term of the Agreement, including any extension thereof, in any election of directors in which Mr. Fern&#225;ndez&#8217;s term as director is set to expire, the Board will nominate and recommend to the Company&#8217;s shareholders his election as a Board member and, if elected, will appoint him as its Vice Chairperson.</span></div><div><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Agreement provides that Mr. Fern&#225;ndez will be compensated as follows: (a) annual base salary of $981,750, which may be increased by the Board&#8217;s Compensation Committee (the &#8220;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Compensation Committee</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;) commencing in contract year 2025; (b) an annual target bonus pursuant to the Company&#8217;s non-equity incentive bonus plan based on 100% of his annual base salary; (c) annual incentive compensation under the Company&#8217;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; (d) an annual expense allowance of $100,000 for certain designated expenses, including those that are reasonably appropriate for the performance of his duties under the Agreement; (e) a 10-year term life insurance policy in the amount of $3,000,000 covering his life and having as beneficiaries his spouse and heirs or other beneficiaries designated by him; and (f) 25 days of paid vacation per year. It also provides that Mr. Fern&#225;ndez will be entitled to participate in any equity-based compensation plan, profit-sharing plan or other plans, benefits and privileges offered by the Company to its employees and executives to the extent commensurate with his then duties and responsibilities, as fixed by the Compensation Committee, insofar as he is otherwise eligible and qualifies to participate and receive such benefits or privileges.</span></div><div><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In consideration for entering into the Agreement, the Compensation Committee will grant Mr. Fern&#225;ndez a special long-term incentive award (&#8220;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">LTI</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;) under the Company&#8217;s equity-based compensation plan, based on the closing price of the Company&#8217;s common stock on December 20, 2023, which will consist of (a) 40,442.17 restricted stock units (&#8220;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">RSUs</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;) and (b) 40,442.17 performance stock units (&#8220;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">PSUs</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;). In line with LTI program guidelines, the RSUs will have a three-year ratable vesting and the PSUs will have a three-year cliff vesting.</span></div><div><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Agreement may be terminated by the Board for &#8220;just cause&#8221; (as defined therein). In the event it is terminated for just cause or if Mr. Fern&#225;ndez is removed or barred from office under applicable law, he will have no right to compensation or other benefits for any period after such termination. However, if the Agreement is terminated by the Board other than for just cause and other than in connection with a change in control of the Company (as defined in his Change in Control Compensation Agreement with the Company), or if Mr. Fern&#225;ndez terminates the Agreement for &#8220;good reason&#8221; (as defined in the Agreement), the Company will be required to pay him as severance in lieu of any further compensation for periods subsequent to the date of termination, a lump sum equal to the product of (a) his annual base salary and incentive bonus (equal to the average cash bonus paid to him in the last two fiscal years prior to the termination date), multiplied by (b) three. Such payment to be made in a lump sum on or before the fifth day following the date of termination.</span></div><div id="id6078e016bcb48c380ad4efa4145ff96_73"></div><div style="-sec-extract:summary;margin-top:12pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Item 9.01. Financial Statements and Exhibits.</span></div><div style="margin-top:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(d) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Exhibits</span></div><div><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:19.252%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.441%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:77.907%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Exhibit No.</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Description of Document</span></td></tr><tr style="height:3pt"><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10.1</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="exhibit10112212023.htm">Employment Agreement dated December 21, 2023, between the Company and Jos&#233; Rafael Fern&#225;ndez</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">104</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cover Page Interactive Data File (embedded within the Inline XBRL document)</span></td></tr></table></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div><div id="id6078e016bcb48c380ad4efa4145ff96_10"></div><hr style="page-break-after:always"/><div style="min-height:72pt;width:100%"><div><span><br/></span></div></div><div style="margin-top:12pt;text-align:center"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">SIGNATURES</span></div><div style="margin-top:3pt;text-indent:18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</span></div><div style="margin-top:24pt;text-align:center"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">OFG BANCORP</span></div><div style="margin-top:24pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:46.778%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.142%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.780%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Date: December 22, 2023</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">By:</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">/s/ Hugh Gonz&#225;lez</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Name: Hugh Gonz&#225;lez</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Title: General Counsel</span></td></tr></table></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div></body></html>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exhibit10112212023.htm
<DESCRIPTION>EX-10.1
<TEXT>
<html><head>
<!-- Document created using Wdesk -->
<!-- Copyright 2023 Workiva -->
<title>Document</title></head><body><div id="ifd28f27fd9c24be9880afed5b29f4614_1"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="-sec-extract:summary;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:150%">Exhibit 10.1</font></div><div style="text-align:center"><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">EMPLOYMENT AGREEMENT</font></div><div style="text-align:center"><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">BETWEEN</font></div><div style="text-align:center"><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">OFG BANCORP</font></div><div style="text-align:center"><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">AND</font></div><div style="text-align:center"><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">JOS&#201; RAFAEL FERN&#193;NDEZ</font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">This Employment </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Agreement (the </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">&#34;Agreement&#34;) </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">is </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">made and </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">entered into on the 21</font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:6.47pt;font-weight:400;line-height:150%;position:relative;top:-3.48pt;vertical-align:baseline">st</font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%"> day of </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">December</font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%"> </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">2023, by and </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">between </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">OFG BANCORP, </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">a financial </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">holding </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">company that has its </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">principal </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">office in San Juan, Puerto Rico (the </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">&#34;Company&#34;), </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">JOS&#201; RAFAEL FERN&#193;NDEZ </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(the </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">&#34;President </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and CEO&#34; or </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">&#34;Mr</font><font style="color:#665757;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">. </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Fern&#225;ndez&#34;).</font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">WITNESSETH&#58;</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:35.9pt"><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">WHEREAS, </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Mr. </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Fern&#225;ndez </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">has been an </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">executive </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">officer of </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company since </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">June 1991, </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">is presently </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company's President, Chief Executive Officer, and Vice Chairperson of the </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Board </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of Directors, and the retention of his services for and on behalf of the Company is of material importance </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the preservation and enhancement of </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">value of the Company's business&#59;</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:35.2pt"><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">WHEREAS, </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the Company and the President and CEO wish </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to enter </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">into this Agreement and </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">intend that th</font><font style="color:#131113;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">i</font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">s Agreement shal</font><font style="color:#131113;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">l </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">become </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">effective on January</font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%"> </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">1, 2024 (the &#34;Effective </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Date&#34;), and replace </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Employment </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Agreement,</font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%"> dated July 28</font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">, 2021 between </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the President and CEO, which </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">is now in </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">effect&#59;</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:35.55pt"><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">NOW THEREFORE, </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">consideration </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">mutual </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">covenants </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">herein </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">set forth, the Company and the </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and CEO </font><font style="color:#2f2f31;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">do hereby </font><font style="color:#444444;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">agree as follows&#58;</font></div><div style="text-align:justify;text-indent:35.55pt"><font><br></font></div><div style="text-align:justify"><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">1.   TERM OF EMPLOYMENT</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36.09pt"><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">1.1  </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">The </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">hereby </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">employs Mr. </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Fern&#225;ndez as </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">its President and Chief </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Executive </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Officer, </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Mr. </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Fern&#225;ndez hereby </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">accepts said employment and agrees to render such services </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the Company on the terms and conditions set forth </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">this Agreement for a term commencing on the </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Effective Date </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and ending </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">on December 31, 2026,</font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%"> </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">unless further </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">extended or sooner terminated</font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%"> in </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">accordance with the terms and conditions </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">herein set forth.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify;text-indent:35.75pt"><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Unless </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">written </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">notice </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">non-renewal is </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">given </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">by </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">either </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">party not less </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">than one hundred twenty (120) days </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">advance of the expiration of the term, this Agreement will </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">be </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">automatically extended for one (1) additional year.  Unless otherwise agreed </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in writing by Mr</font><font style="color:#69696b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">. </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Fern&#225;ndez and the Company, and except in the event of a termination for just cause pursuant </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Section 6.1 </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">hereof </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or a removal or bar </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">from </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">office pursuant to Section 6.5 hereof, Mr. Fern&#225;ndez shall remain as an employee of the Company after the expiration of the term of this Agreement and shall be entitled to all the rights and </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">benefits </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of an employee </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">under </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">laws </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of the Commonwealth of Puerto Rico.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36.09pt"><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">1.2  </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">During the term of this Agreement, the President and CEO shall devote </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">his </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">best </font><font style="color:#69696b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">e</font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">fforts to performing such services for </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company as may be consistent with </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">his </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">title of President and Chief </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Executive </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Officer and those which from </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">time to time may be </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">assigned </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">him by </font><font style="color:#343636;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#49494b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company's Board of Directors (the &#34;Board of Directors&#34;).</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:37.25pt"><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">1.3  </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">The </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">services of </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the President </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and CEO to </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company shall be </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">rendered principally in </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Commonwealth </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Puerto Rico</font><font style="color:#1f1f21;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">, </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">but he </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">shall do such </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">traveling </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">on </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">behalf </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">as may be reasonably required </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">by </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">his duties.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:37.25pt"><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">1.4  </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">The President </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and CEO shall </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">report directly to </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Board </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of Directors and shall have overall </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">responsibility for </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">all of </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the business </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and affairs of the Company, including </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">making </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">all </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">determinations </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">concerning </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">hiring, </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">dismissal and compensation </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">for a</font><font style="color:#1f1f21;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ll </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">classes of </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">employees of the </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(exception in the case of the Head of </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the Company's </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Internal Audit </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Department)</font><font style="color:#1f1f21;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">, </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">which </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">determinations </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">shall be in accordance with </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">policies </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">for such hiring, dismissal </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">compensation </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">established </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">by the </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Compensation </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Committee </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of the </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Boa</font><font style="color:#1f1f21;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">r</font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">d </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Directors </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(the </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">&#34;Compensation </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Committee&#34;) </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">from </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">time </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to time </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">accordance with applicable laws, rules and </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">regulations, including </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the applicable </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">regulations </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of the </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Federal </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Deposit </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Insurance </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Corporation (the </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">&#34;FDIC&#34;), </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the Board of </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Governors </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the Federal Reserve </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">System (the &#34;FRB&#34;), the </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Securities </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Exchange </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Commission (&#34;SEC&#34;), and the Office of the Commissioner of Financial Institutions of Puerto Rico </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(the &#34;OCFI&#34;).</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36.55pt"><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">1.5  </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">The President and CEO shall continue </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">occupy </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">his position </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">as Vice </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Chairperson </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the Board </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Directors</font><font style="color:#1f1f21;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">.  </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Furthermore, during the term of this Agreement and any extension thereof, and </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">any election of directors in which his term as a </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">member </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of the Board of Directors will expire, the </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Board </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Directors </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">shall nominate and </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">recommend </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the Company's </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">stockholders the election of Mr. </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Fern&#225;ndez </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to t</font><font style="color:#1f1f21;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">h</font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">e Board </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Direct</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ors </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and, </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">if </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">electe</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">d, </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the Board of </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Dir</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ec</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">tors </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">shall appoint </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">him </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">as </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">its Vice C</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ha</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">irperson</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">2.   </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">COMPETITIVE ACTIVITIES</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36.2pt"><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">2.1  </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">The President </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">a</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">nd </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">CEO ag</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">rees that </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">during </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the term of </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">this </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Agree</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ment, </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">except </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">w</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ith </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">expres</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">s </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">written consent of the </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Board </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Directors, he </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">will </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">not, directly </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">indirectly, </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">engage or </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">participate in</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">, become a director of, </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">render </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">advisory </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or other </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">services for, or </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">connection with, </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">become </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">interested in, </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">mak</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">e f</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">i</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">nanc</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">i</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">al </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">investment in any </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">firm, </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">corporation, business </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">entity or </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">business </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">enterprise&#59; </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">provided, </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ho</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">wever, </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">that the President </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and CEO s</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">h</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">all </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">not </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">t</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">h</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ereby </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">be precluded or prohibited </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">from </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">owning </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">p</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">assive </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">investments </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">including investments in the </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">securities of other </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">financial </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">instit</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">uti</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ons, so </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">long </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">as </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">suc</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">h </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ownership </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">does </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">not </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">require </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">him to </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">devo</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">t</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">e substantia</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">l </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">time </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">man</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">agement or control </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the business or activities </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">whic</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">h he h</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">as </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">invested.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36.55pt"><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">2.2  </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">The </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">P</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">resident and CEO agrees and acknowledges </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">that during the time </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">that </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">h</font><font style="color:#666667;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">e</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%"> is employed </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">by the </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company, he </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">will </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">maint</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ain an intimate </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">knowledge </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of the </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">activities </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">affairs of </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">th</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">e </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company including </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">trade secrets a</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">nd </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">other confidential </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">matt</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ers</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">.  </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">As a </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">result, </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and also </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">because </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">special, </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">unique, </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">a</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">nd </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">extraordinary services </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">that </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President and CEO </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">is capable of </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">performing </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">for the Company or one of its compet</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">i</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">tors, t</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">he </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">CEO </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">recognizes </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">that </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">t</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">h</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">e se</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">r</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">vices to be </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">rendered by </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">him h</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ere</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">un</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">der </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">are </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of a c</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">h</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">a</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">r</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">acter giv</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ing </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">them </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">a </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">peculiar value, </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the loss of wh</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">i</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ch cannot </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">be </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">adequately </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or reasonably </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">co</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">mp</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ensated </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">for by </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">damages.  Therefore, if </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">during the </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ti</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">m</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">e </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">he </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">is e</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">mploy</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ed </font><font style="color:#424244;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">by </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the Company, the President and CEO renders </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">services </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to a </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">co</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">mpetit</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or of </font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">th</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">e Co</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">mpan</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">y ot</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">her </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">than as </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">a</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">uthorized </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">pursuant to </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Sectio</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">n </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">2.1 </font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">her</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">eof, t</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">h</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">e Company sha</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ll </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">be entitled to </font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">immediate </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">injunctive </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or other equitable </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">relief to </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">restra</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">i</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">n the </font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">CEO from </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">rendering his </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">se</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">rvi</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ces </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to the competitor </font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of the </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Com</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">p</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">any, </font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">addition to </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">any other </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">remedies to </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">w</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">hich </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the Company </font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">m</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ay </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">be entitled under </font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">la</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">w&#59; </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">provided, however, that the </font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">right to </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">such </font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">injun</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ctive or </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">other </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">eq</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">uitabl</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">e </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">relief </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">s</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">h</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">al</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">l not </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">survive </font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">termination of </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President and CEO's </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">emp</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">loyment </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">with the </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company.</font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">3.   </font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">COMPENSATION AND </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">REIMBURSEMENT </font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">OF EXPENSES</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">     3</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">.1  </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%;text-decoration:underline">Compensation</font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:72pt"><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(a) The Co</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">mp</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">any wi</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ll </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">compensa</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">t</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">e and </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">pay the </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">P</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">re</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">s</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">i</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">dent a</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">nd </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">CEO </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">a</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">n </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">a</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">nnu</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">al </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">base </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">salary of $981,750.00 equivalent </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">$81,812.50 per </font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">month </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">for </font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">hi</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">s services to </font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">th</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">e Compa</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">n</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">y during the ter</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">m </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">thi</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">s Agree</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">m</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ent.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify;text-indent:72pt"><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(b) Commencing in contract year 2025, </font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">n</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ot </font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">l</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ater than </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">March </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">31 of each contract </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">year, </font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Compensation Co</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">mm</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ittee shall eva</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">l</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">uate and determine t</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">h</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">e </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">amount </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of any </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">increase to the </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Pres</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">i</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">dent and CEO</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">'</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">s </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">annual </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">base sa</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">l</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">a</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ry</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">.  </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Any increases to </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the President and C</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">EO'</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">s a</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">nnu</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">a</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">l ba</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">se </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">salary determined </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">by the Compensation Committee shall be effective </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">on January </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">1 </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the then running contract year and the increased annua</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">l </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">base </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">salary s</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">h</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">all beco</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">m</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">e </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the President and </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">CEO</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">'</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">s </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">new </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">contract</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">u</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">a</font><font style="color:#333334;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">l </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">annua</font><font style="color:#1a1a1c;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">l </font><font style="color:#424242;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">base </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">salary.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:35.84pt"><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">3</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">.</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">2  </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%;text-decoration:underline">Bonus</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">.  </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">The </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Compensation Committee </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">sha</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ll set for </font><font style="color:#242326;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">th</font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">e </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Presid</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ent and </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">CEO </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">an annua</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">l </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">target bonus based on 100% of his</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%"> ann</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ual </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">base </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">salary </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">as may be </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">earn</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ed </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">by </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">him </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">under </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company's </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">non-equity </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">incentive </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">bonus plan </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(t</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">he &#34;Incentive Bonus&#34;)</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">.  </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">The bonu</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">s s</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">h</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">a</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ll be </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">due and </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">payable </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">on </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or before March</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%"> </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">31 </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of each </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">contract </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">year o</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">f this </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Ag</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">reement </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">commencing with </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">bonus </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">correspond</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ing </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ca</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">lend</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ar year </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">2023 due </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">a</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">nd payable </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">on or </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">befor</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">e </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">March </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">3</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">1, </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">2024.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36.55pt"><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">3.3  </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%;text-decoration:underline">Expense Allowance</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">.  </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">During the term </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">this Agreement </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and any </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">exte</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">n</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">sion </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">thereof, </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">shall provide </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">CEO an annual </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">expense a</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ll</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">owa</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">nce </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(the </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">&#34;Exp</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">e</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">nse </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">A</font><font style="color:#242326;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ll</font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">owance&#34;)in </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">amount </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of o</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ne </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">hundred thousand </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">dollars </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">($100</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">,000</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">) </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">from </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">which </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">th</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">e </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President and </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">CEO s</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">hall </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">pay </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">hi</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">s </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(i) </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">car-relate</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">d </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">expe</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ns</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">es</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">&#59; </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">i</font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">i) </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">m</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">embership expenses for socia</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">l, </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">business </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">pr</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ofess</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">i</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">o</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">n</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">a</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">l </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">organizations (all suc</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">h </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">membership(s) shall </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">be main</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ta</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ined i</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">n the </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">name </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of the Pres</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">id</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ent and CEO)&#59; and (</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">iii</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">) any o</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ther </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">expe</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">n</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ses </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">which, in his </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">j</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ud</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">g</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">m</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ent, are </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">reasonably </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">appropr</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">iat</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">e </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">for </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">performance of his duties under this </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">A</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">greement.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:37.25pt"><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">3.4  </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%;text-decoration:underline">Reimbursement </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%;text-decoration:underline">of Expenses</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">.  </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Not </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">l</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ess </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">frequently </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">than m</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">onthly, t</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">h</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">e </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">s</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">h</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">all </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">pay </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">for or </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">reimburse </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">t</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">h</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">e </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Presiden</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">t </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and CEO </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">for a</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ll </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">reasonable travel an</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">d </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">other </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">expe</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">n</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ses </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">incurr</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">e</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">d by the </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">CEO in </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">performance </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of hi</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">s </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">duties </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">und</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">e</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">r </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">this Agreement, including, </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">without </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">li</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">mit</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ing </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">generality </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">for</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">egoing, the </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Expense </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Allowance </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">provided </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">for </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Section 3.3 above.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:35.84pt"><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">3.5  </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%;text-decoration:underline">Life Insurance</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">.  </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">The </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Compa</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">n</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">y sha</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ll </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">renew </font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">for </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">an </font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">additional ten (</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">1</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">0) year term the ex</font><font style="color:#38383a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">isti</font><font style="color:#565657;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ng ten (10) </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">year term </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">life insurance policy in the sum of three million dollars ($3,000,000) covering the life of the </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and CEO and </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">having </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">as its beneficiary the spouse and </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">heirs </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of Mr.  Fern&#225;ndez&#59; provided, that the President and CEO may </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">designate </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in writ</font><font style="color:#1c1a1c;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">i</font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ng </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">from </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">time any </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">other person or entity </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">as its </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">beneficiary.  </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">For </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">as </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">long </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">as </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the President </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and CEO is employed by the Company, a</font><font style="color:#1c1a1c;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ll </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">premiums and costs associated with such </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">term </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">life insurance policy shall be for the account of the Company.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:35.9pt"><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">3.6</font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">  </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%;text-decoration:underline">Vacation</font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">.  </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">The President and CEO shall be entitled </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">twenty-five (25) days of paid vacation each year during the term of this Agreement.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">4.   DISABILITY</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36.59pt"><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">4.1  </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">If the President and CEO sha</font><font style="color:#69696b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ll </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">become physically or mentally disabled or incapacitated to the extent that he </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">is </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">unable to perform his duties under this Agreement, and so long as such disability continues, the President and CEO shall, subject </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the provisions of Section 6.2 </font><font style="color:#69696b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">a</font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">nd 6.3 hereof, and for a period not </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">exceed the remaining term of thi</font><font style="color:#69696b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">s </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Agreement, continue to </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">receive his </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">full compensation, as set forth in Section 3 hereof, including an annual cash bonus equal to the annual cash bonus paid to him in the last </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">fiscal </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">year prior to </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">his </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">disability or </font><font style="color:#69696b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">i</font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ncapacitation.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:35.55pt"><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">4.2  </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">There shall be deducted from the amounts paid to the Pre</font><font style="color:#69696b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">s</font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ident and CEO hereund</font><font style="color:#69696b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">e</font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">r during any period of disability or incapaci</font><font style="color:#69696b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">t</font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ation, as described in Section 4.1 hereof, any amounts actually paid </font><font style="color:#69696b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">t</font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">o </font><font style="color:#69696b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">t</font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">he President and CEO </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">pursuant </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to any disability insuranc</font><font style="color:#69696b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">e </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or other simila</font><font style="color:#69696b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">r </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">program(s) which the Company has </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">instituted </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">may institute </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">on </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">behalf of its </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">emp</font><font style="color:#28282a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">loyees </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">for the purpose </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of providing compensation </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in the </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">event of </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">disability.</font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">5.   ADDITIONAL COMPENSATION AND </font><font style="color:#28282a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">BENEFITS</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:37.25pt"><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">5.1  </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">During the term of this Agreement, the </font><font style="color:#28282a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and CEO </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">will </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">be </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">entitled </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to participate in, and receive the benefits of, </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">any equity-based compensation </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">plan, profit </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">sha</font><font style="color:#28282a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ring </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">plan, or other </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">plans, </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">benefits </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">privileges given to employees and </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">executives of </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company or </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">its </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">subsi</font><font style="color:#28282a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">diari</font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">es and </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">affiliates which may now </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">exist or come into </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">existence hereinafter, </font><font style="color:#28282a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to the </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">extent commensurate </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">with </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">his </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">then </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">duties </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">responsibilities, as fixed by the </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Compensation Committee, and</font><font style="color:#28282a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">, </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to the </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">extent </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">that </font><font style="color:#28282a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President and CEO is otherwise </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">elig</font><font style="color:#28282a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ible </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">qualifies, to so </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">participate in, and receive such </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">benefits </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or privileges.  </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">The </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company shall not </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">make </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">any changes in such plans</font><font style="color:#28282a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">, </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">benefits </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or privileges which would adversely affec</font><font style="color:#28282a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">t </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President and CEO's </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">rights </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or benefits there under, unless such change or changes are </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">made </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">pursuant to a program applicable </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">all executives of </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Co</font><font style="color:#28282a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">m</font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">pany and does </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">not </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">result </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">a propo</font><font style="color:#28282a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">rti</font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">onately greater adverse change in </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">rights of or benefits to the President and CEO as compared </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">any executive officer of the Company.</font><font style="color:#28282a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">  </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Nothing </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">paid </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the President and CEO </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">under </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">any </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">plan </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">arrangement </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">presen</font><font style="color:#28282a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">tly </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">effect or </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">made </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">available </font><font style="color:#28282a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the future </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">shall </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">be deemed in </font><font style="color:#28282a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">lieu </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of the annual base salary</font><font style="color:#28282a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">, </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Incentive Bonus, Special Bonus, </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Expense </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Allowance, and </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">term </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">life </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">insurance payable </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or provided to </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the President </font><font style="color:#4d4f4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and CEO pursuant to Sections 3.1, 3.2, 3.3 and 3.5 </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">hereof.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify;text-indent:31.5pt"><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">5.2</font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">   In consideration for entering into this new Employment Agreement, the Compensation Committee will grant the President and CEO a special Long Term Incentive Award (&#8220;LTI&#8221;) based on the closing price of OFG common stock on December 20, 2023 of 40,442.17 Restricted Stock Units (&#8220;RSU&#8217;s&#8221;) and 40,442.17 Performance Stock Units (&#8220;PSU&#8217;s&#8221;).  In line with LTI Program guidelines the RSU&#8217;s shall have a three-year ratable vesting and the PSU&#8217;s shall have a three-year cliff vesting.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">5.3  </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(a</font><font style="color:#5d5d5d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">) </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">The </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Compensation Committee </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">shall consider in each </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">contract year of this Agreement granting </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the President </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">CEO </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">additional </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">incentive </font><font style="color:#5d5d5d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">co</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">mpensation under the </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company's </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">equity based </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">compensation </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">plan based </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">on </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">his performance scorecard, as </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">approved by </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Compensation Committee, </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">up to an annual amount </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">equal </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to a percentage, </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">be determined by the Compensation </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Committee </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">from </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">time to time, of </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">his annual base </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">salary.  </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">The incentive </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">compensation grants </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to the President and CEO shall be made </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">on </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">before March 31 of each </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">contract </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">year of </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">this </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Agreement commencing with the year 2024</font><font style="color:#5d5d5d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">.  </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">As </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">long </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">as he </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">is in </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">compliance with the requirements of the Company's </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Stock </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Ownership </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Policy, with respect to any incentive </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">compensation award </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">granted to him by </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the Compensation Committee, </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the President and CEO shall have the </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">option </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of electing to </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">receive the </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">award in deferred cash </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">equivalents.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:72pt"><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(b) Restrictions on the </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">restricted stock units granted </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to the </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and CEO hereunder will </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">expire </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">as </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">established by </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the Compensation Committee </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">under the </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">terms of </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">award agreement </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">but </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">not </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">later </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">than on the </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">third anniversary </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the award or </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">earlier 1n the event of a Change of </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Control </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of the Company, </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">as defined in the Change in </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Control Compensation </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Agreement between the </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and the President and </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">CEO, </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">dated December </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">5, 2004, </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">as amended </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(the </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">&#34;Change in </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Control </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Compensation Agreement&#34;), or if the President and CEO dies </font><font style="color:#464648;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">becomes disabled.</font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">6    TERMINATION</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36.25pt"><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">6.1  </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">The Board of Directors shall have the right, at any time upon prior written Notice of Termination </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(as </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">defined in Section 6.8(b) hereof), to terminate the President and CEO's employment hereunder for just cause or in connection with a removal or bar from office pursuant to Section 6</font><font style="color:#181818;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">.</font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">5 hereof.  For purposes </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">this Agreement, the </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">te</font><font style="color:#313133;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">rm </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">&#34;termination for just cause&#34; shall </font><font style="color:#313133;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">mean </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">termination because of </font><font style="color:#313133;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">willful and continued failure of the </font><font style="color:#313133;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and CEO to perform his duties under this Agreement, or the willful engaging by the President and CEO in illegal conduct or gross misconduct materially injurious to the Company as determined by </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">a </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">court of competent </font><font style="color:#313133;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">jurisdicti</font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">on </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or a federal or state regulatory agency having </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">jurisdictio</font><font style="color:#313133;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">n </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">over </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the Company.  For purposes of this paragraph, no act, </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">failure to act, </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">on </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the part of the President and CEO shall be considered </font><font style="color:#313133;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">&#34;willful&#34; </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">unless done, </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or omitted </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to be done, by him not in good faith </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">without reasonable belief that his action or omission was in the best </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">interest </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of the </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company&#59; </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">provided, </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">however, that </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">any act or omission to </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">act </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">by the President and CEO in reliance upon </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">an opinion of counsel </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to the Company </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">counsel to the President and </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">CEO </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">shall not be deemed to </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">be </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">willful.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:37pt"><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">6.2</font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">  In the event </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and CEO's employment is </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">terminated for just </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">cause </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">pursuant to Section </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">6.1 </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">hereof or </font><font style="color:#313133;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">he </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">is </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">removed or </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">barred from </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">office </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">pursuant to </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Section </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">6.5 hereof, the President </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">CEO shall have no right to compensation or other benefits for any period after </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">such </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">date </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">termination.  If the President and CEO is terminated by </font><font style="color:#313133;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Co</font><font style="color:#313133;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">mpany </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">other than </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">for </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">just </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">cause </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">pursuant </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to Section 6.1 </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">hereof, other </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">than </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">connection </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">with a removal </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">bar </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">from </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">office </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">pursuant </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to Section </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">6.5 </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">hereof, </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and other </font><font style="color:#464849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">than in </font><font style="color:#59595b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">connection with a Change of Control </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of the </font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company, </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">as </font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">defined </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in the Change in Control Compensat</font><font style="color:#1a1a1a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">i</font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">on Agreement, the President and CEO's right to compensation and other </font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">benefits under this </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Agreement shall be as set forth </font><font style="color:#1a1a1a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">i</font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">n Sect</font><font style="color:#1a1a1a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">i</font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ons 6.8(c) and (d) hereof.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36.34pt"><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">6</font><font style="color:#626262;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">.</font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">3</font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">  </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">The President </font><font style="color:#626262;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">a</font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">nd CEO shall have the right, upon prior written Notice of Termination of not less than thirty </font><font style="color:#626262;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(</font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">30) </font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">days, </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to terminate his employment hereunder.  </font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">In </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">such event, </font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Pre</font><font style="color:#626262;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">s</font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ident and CEO shall have the righ</font><font style="color:#626262;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">t</font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">, as of </font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">date of </font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">termination, </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to receive all accrued compensation and other </font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">benefits </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">provided for in this Agreement&#59; provided, however, that </font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">if </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the President and CEO terminates his employment hereunder for &#34;good reason&#34; pursuant to Section 6</font><font style="color:#626262;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">.</font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">8</font><font style="color:#626262;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(</font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">a) hereof he shall be entitled to receive </font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">severance payment provided for in Section 6.8(c) hereof.  If </font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President and CEO provides a Notice of Termination for good reason, the date of termination shall be the </font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">date </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">on which the Notice of Termination </font><font style="color:#626262;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">i</font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">s given </font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to the </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">6.4</font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">  </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">If </font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President and CEO </font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">is </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">suspended from office </font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and</font><font style="color:#626262;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">&#47;</font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or temporarily prohibited from participating in </font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">conduct of the Company's affairs pursuant to a notice served under </font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Federal </font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Deposit </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">In</font><font style="color:#626262;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">s</font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">urance Act (&#34;FDIA&#34;</font><font style="color:#626262;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">)</font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">, the Federal Reserve Act </font><font style="color:#626262;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(</font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">&#34;FRA&#34;</font><font style="color:#626262;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">)</font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">, </font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Bank Holding Company Act of 1956 (the &#34;BHCA&#34;</font><font style="color:#626262;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">)</font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">, </font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Secur</font><font style="color:#1a1a1a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">iti</font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">es </font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Exchange </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Act of 1934 (the &#34;SEA&#34;</font><font style="color:#626262;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">)</font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">, or the Puerto Rico Banking Act (the &#34;PRBA&#34;</font><font style="color:#626262;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">)</font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">, each as amended from time to time, the Company's obligations </font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">under </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">this Agreement shall be suspended as of the date of service unless stayed by appropriate proceedings.  If the charges </font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the notice are dismissed, </font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company sha</font><font style="color:#1a1a1a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ll&#58; </font><font style="color:#626262;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(</font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">i) </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">pay </font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President and CE</font><font style="color:#626262;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">O </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">all the compensation withheld while contractual obligations were suspended, and (</font><font style="color:#313131;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ii) reinstate </font><font style="color:#444446;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#505052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">whole or in part, as applicable, any of </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#505052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company's obligations which were suspended.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font><br></font></div><div style="text-align:justify;text-indent:36.65pt"><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">6.5</font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">  If the </font><font style="color:#505052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President and CEO </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">is removed from </font><font style="color:#505052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">office </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and&#47;or permanently prohibited </font><font style="color:#505052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">from </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">participating </font><font style="color:#505052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in the </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">conduct </font><font style="color:#505052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#505052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company's affairs by an order </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">issued </font><font style="color:#505052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">under the FDIA, the </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">FRA, the BHCA, the </font><font style="color:#505052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">SEA, or </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the PRBA </font><font style="color:#505052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">all obligations </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of the </font><font style="color:#505052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company under this Agreement shall terminate, as of </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#505052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">effective date of the order, but </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#505052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">rights of </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#505052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President and CEO to </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">compensation </font><font style="color:#505052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">earned as of the date of termination shall not be affected.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36.25pt"><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">6.6  </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">If </font><font style="color:#505052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the Company is </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#505052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">default, as defined to </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">mean </font><font style="color:#505052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">an adjudication or other official determination of a court of competent jurisdiction or other public authority </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">pursuant </font><font style="color:#505052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to which a conservator, receiver or other </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">legal </font><font style="color:#505052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">custodian is appointed for the Company for the purpose of </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">liquidation, </font><font style="color:#505052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">all obligations under this Agreement shall terminate as of the date of default, but </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#505052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">rights of the President and CEO to compensation and benefits accrued as of the date of termination shall not </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">be </font><font style="color:#505052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">affected.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36.25pt"><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">6.7</font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">  </font><font style="color:#505052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">In the event that the President and CEO is terminated in a manner which violates the provisions of Section 6.1 hereof, as determined by a court of competent </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">jurisdiction, </font><font style="color:#505052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the President and CEO shall be entitled to reimbursement for all reasonable costs, including attorneys' fees, in challenging such termination.  Such reimbursement shal</font><font style="color:#1f1d1f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">l </font><font style="color:#505052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">be </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#505052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">addition to all rights to which the President and CEO is otherwise entitled </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">under </font><font style="color:#505052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">this Agreement</font><font style="color:#707070;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">6.8  </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(a) </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">The </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President and CEO </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">may terminate his employment hereunder for </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">good reason.  For purposes of this </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Agreement, the term &#34;good reason&#34; </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">shall mean (i) a failure by the </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company to comply </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">with any </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">material provision of </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">this Agreement, </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">which failure has not been </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">cured within ten </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(10) days </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">after </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">a notice of such noncompliance has been given by the President and CEO to the </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company&#59; (ii) any purported </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">termination of the </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and CEO's employment </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">hereunder which is </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">not </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">effected pursuant </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to a Notice of Termination </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(and for </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">purposes </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">this </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Agreement </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">no </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">such </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">purported termination </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">shall </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">be </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">effective)&#59; (iii) </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">any reduction </font><font style="color:#232326;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the President </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and CEO's compensation and fringe </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">benefits, including </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">a </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">reduction </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">his </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Incentive </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Bonus  </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">opportunity, or </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Special </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Bonus, without </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">his </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">written </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">consent&#59; </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(iv) </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">failure to nominate the President </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">CEO for reelection as a member of the Board </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of Directors and, </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">if </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">elected, </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">failure to appoint him as </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Vice Chairperson  of the Board of Directors as </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">herein </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">provided&#59; (v) a material diminution in his positions, duties and </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">authorities </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">as President and Chief Executive Officer of </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company&#59; (vi) </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">if President </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">CEO is not the President </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and Chief </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Executive Officer </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of the ultimate parent entity resulting from a Change of Control of the Company, as defined </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the Change </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Control </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Compensation </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Agreement&#59; (vii) a change </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">reporting structure </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">so that </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and CEO reports to someone other than </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the Board of Directors, </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or (viii) the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">failure of any successor </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">all or substantially all of the Company's assets </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">assume this Agreement whether in writing or by operation of law.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:72pt"><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(b) Any termination of the </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President and </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">CEO's employment by </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company or </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">by </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the President and C</font><font style="color:#232326;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">E</font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">O shall </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">be </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">communicated by a written Notice of </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Termination to the </font><font style="color:#4f5052;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">other </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">party </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">hereto.  For purposes </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">this </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Agreement, </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the term &#34;Notice of Termination&#34; </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">shall </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">mean </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">a dated notice which shall (i) </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">indicate the </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">specific </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">termination </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">provision in </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Agreement </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">relied upon&#59; </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(ii) set forth </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">reasonable detail the </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">facts </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">circumstances claimed to provide a basis for </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">termination </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of the President and CEO's </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">employment </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">under the provision </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">so </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">indicated&#59; </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(iii) </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">specify a date </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of termination, which shall </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">be not </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">less than </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">thirty </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(30) </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">nor more than ninety </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(90) days after such Notice </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of Termination is given, </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">except </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in the </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">case of </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the Company's </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">termination </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of the President </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and CEO's employment </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">for just cause </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">pursuant </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to Section </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">6.1 hereof or </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">connection with a removal or </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">bar from </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">office </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">pursuant </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to Section 6.5 hereof, in which case the </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Notice </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of Termination </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">may </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">specify a </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">date </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of termination as of </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the date </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">such </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Notice </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Termination </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">is </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">given&#59; </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(iv) </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">be given </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in the manner </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">specified in Section 9.1 </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">hereof.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:72pt"><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(c) </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">In </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the event that&#58;  (i) the President and CEO shall </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">terminate </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">his employment for good reason as defined </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in Section </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">6.8(a) </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">hereof, </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or (ii) if the President and CEO is terminated </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">by </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the Company other than for just cause </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">pursuant </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Section </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">6.1 </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">hereof, </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">other than </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">connection with a </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">removal </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or bar </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">from </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">office pursuant to Section 6.5 hereof, and other than in connection with a Change of Control of the Company, as </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">defined </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in the Change </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Control Compensation Agreement, </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">then in </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">lieu of any further compensation to the President and CEO </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">for </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">periods subsequent </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the date of termination, the Company shall pay as severance to the President and CEO an amount equal </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to the </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">product of </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(A) the aggregate </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">annual compensation paid </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or payable by the </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and any of its subsidiaries to </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President and CEO </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">during </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the year in which the termination of </font><font style="color:#3a3a3b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#4d4d4f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President and CEO's </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">employment </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">occurs, which amount </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">shall </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in</font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">clude </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the President </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">CEO's (i) annual base </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">sa</font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">lary, </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and (ii) </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Incenti</font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ve </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Bonus </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(eq</font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ual </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to the average </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">aggregate </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">cash bonuses </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">paid </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to the </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and CEO in the last two fiscal years prior to the date of termination of employment), </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">multiplied by </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(B) 3.00, such payment to </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">be </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">made in a </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">lump </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">sum </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">on or </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">before the fifth day following </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">t</font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">he </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">date of termination.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:72pt"><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(d) </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Unless </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the President </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">CEO's employment is terminated for just </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">cause </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">pursuant to </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Section </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">6.1 </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">hereof, or in connection with a </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">removal </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or bar from office pursuant to Section 6.5 hereof, or in connection with a Change of Control of </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company, as defined in the Change in Control Compensation Agreement, the Company shall maintain </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">full </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">force </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">effect, for the </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">conti</font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">nued </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">benefit </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of the </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and CEO </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">for </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">balance </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">term of </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">this Agreement (as such term may have </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">been </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">extended as provided herein), </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">all employee </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">benefit </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">plans and programs in which the President and </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">CEO </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">was </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">en</font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">titled </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">participate </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">immediately prior to </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">date of termination, provided that the President and CEO's continued participation is </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">possible </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">under the general terms and provisions of such plans and programs, and, further provided, </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">that the </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">s</font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">hall </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">not be </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">obligated </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to continue </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">payment </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">health benefits if the President and </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">CEO receives equal </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or greater health benefits under </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the medical </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">plan of a </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">subseq</font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">u</font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">e</font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">nt </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">employer.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:72pt"><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(e) The President and CEO shall not be </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">req</font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ui</font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">red </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to mitigate the </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">amount of any payment </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">provided for </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">paragraphs </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(c) an</font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">d </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(d) of </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">this </font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Section </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">6.</font><font style="color:#4b4b4d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">8 by seeking other employment </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or otherwise.</font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">7.   INDEMNIFICATION</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:35.75pt"><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">7.1  </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">The Company </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">shall </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">indemnify </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the President and CEO to the fullest extent authorized by applicable federal and </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Commonwealth of </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Puerto </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Rico </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">laws </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">regulations </font><font style="color:#666667;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(</font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">including 12 </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">C.F.R</font><font style="color:#2a2a2a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">. </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">part </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">359), with respect to </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">any </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">threatened</font><font style="color:#2a2a2a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">, </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">pending </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or completed action, suit or proceeding, </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">whether civil, criminal, </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">administrative or investigative (other </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">than </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">an </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">action by or in </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">right </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company) that </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the President and </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">C</font><font style="color:#2a2a2a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">EO </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">is a party </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">is threatened </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">made </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">a party </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">by reason </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#2a2a2a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">fact </font><font style="color:#2a2a2a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">that he is </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or was the </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President and </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Chief </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Executive Officer </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of the </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">that he is </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or was a </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">member </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of the </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Board </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Directors, or is </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or was serving at the </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">written </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">request of </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company as a </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">director, </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">officer, employee or </font><font style="color:#666667;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">agent </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of another corporation, partnership, </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">joint </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">venture, trust or other  enterprise, against costs and expenses (includ</font><font style="color:#2a2a2a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">i</font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ng attorneys</font><font style="color:#2a2a2a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">' </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">fees), judgments, fines </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">an</font><font style="color:#2a2a2a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">d </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">amounts paid </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#666667;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">settle</font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ment </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">actually and reasonab</font><font style="color:#2a2a2a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">l</font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">y </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">incurred by him in </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">connection with such action, suit or proceeding </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">if he </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">acted in good faith and </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">a </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">matter he reasonably believed </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">be in </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">not </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">opposed </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the best interests of </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company, and, with respect to any criminal action or proceeding, had </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">no </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">reasonable cause </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to believe his </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">conduct </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">was unlawful, provided that </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the Company shall </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">no</font><font style="color:#666667;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">t </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">be </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">liable </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">for any amounts which </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">may be due </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to the </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and CEO </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">connection w</font><font style="color:#2a2a2a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">i</font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">th a sett</font><font style="color:#2a2a2a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">l</font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ement of any action, suit </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">proceeding effected </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">without </font><font style="color:#2a2a2a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">i</font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ts </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">prior written </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">consent or any </font><font style="color:#666667;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ac</font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">tion, </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">suit or proceeding </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">initiated by the </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President and CEO seeking inde</font><font style="color:#2a2a2a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">mni</font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">fication hereunder wit</font><font style="color:#2a2a2a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">h</font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">out </font><font style="color:#2a2a2a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">i</font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ts </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">prior written </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">consent.  </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">The </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">provisio</font><font style="color:#2a2a2a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">n</font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">s </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of this </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Sec</font><font style="color:#2a2a2a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ti</font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">o</font><font style="color:#2a2a2a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">n </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">7.</font><font style="color:#2a2a2a;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">1 </font><font style="color:#3b3b3d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">shall </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">also extend the conjugal partnership of the President and CEO and his spouse </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to the </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President and </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">CEO's spouse, when applicable, and </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">shall survive the </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">termination </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">this </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Agreement</font><font style="color:#2a2a2b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">.</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">8.   SUCCESSORS OF </font><font style="color:#2a2a2b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">THE PARTIES</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36.9pt"><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">8.1  </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">This Agreement shall inure to </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">benefit of and be binding upon the President and CEO, and, </font><font style="color:#2a2a2b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the extent applicable, his assigns, executors, and personal representatives and </font><font style="color:#2a2a2b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company, its successors, and assigns, including, without </font><font style="color:#2a2a2b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">limit</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ation, </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">any person, partnership, or </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">corporation </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">which </font><font style="color:#2a2a2b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">may </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">acquire </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">all or substantially </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">all </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the Company's assets and business, or with </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">into which the Company may be consolidated or </font><font style="color:#2a2a2b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">m</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">erged, and </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">this provision </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">shall </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">apply in the event of any subsequent merger, </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">consolidation, or </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">transfer.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36.55pt"><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">8.2</font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">  This </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Agreement </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">is personal to </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">each of the </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">parties hereto </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">neither party </font><font style="color:#2a2a2b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">m</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ay assign or </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">delegate any of his or its rights </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or obligations </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">hereunder without first </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">obtaining </font><font style="color:#2a2a2b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">th</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">e </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">written </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">consent of </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">other party.</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">9.   NOTICES</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36.9pt"><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">9.1  </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">All </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">notices required by </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">this </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Agreement to be given by </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">one party </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to the </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">other sha</font><font style="color:#2a2a2b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ll </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">be </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in writing and </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">shall be deemed to have been </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">delivered either&#58;</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:72pt"><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(a) When personally </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">delivered to </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the office of </font><font style="color:#2a2a2b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Secretary </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company at his </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">regular corporate </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">off</font><font style="color:#2a2a2b;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">i</font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ce, or </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the President </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and CEO </font><font style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#525254;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">person&#59; or</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%"> </font></div><div><font><br></font></div><div style="text-align:justify;text-indent:72pt"><font style="color:#626464;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">b) Five </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">days after depositing such notice </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the United States mails, certified mail with </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">return </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">receipt </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">requested </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and postage prepaid to&#58;</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">a.</font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:10.37pt">Jos&#233; Rafael </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">Fern&#225;ndez</font></div><div style="text-align:justify;text-indent:135pt"><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">(at the address of record </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">in </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">his employment file with the Company)</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">               (ii) OFG Bancorp</font></div><div style="text-align:justify;text-indent:139.5pt"><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">P.O. Box 195115</font></div><div style="text-align:justify;text-indent:139.5pt"><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">San Juan, Puerto Rico 00919-5115</font></div><div style="text-align:justify;text-indent:139.5pt"><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">Attention&#58; Chairperson-Compensation Committee</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:0.7pt"><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">such </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">other address as either party may designate </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to the </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">other by notice in writing in accordance with the terms hereof.</font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">10.  AMENDMENTS OR ADDITIONS</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:35.75pt"><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">10.1 </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">No </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">amendments or additions to this Agreement shall be </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">binding </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">unless </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">writing and signed by both parties.  </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">The </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">prior approval </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">by </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">a two-thirds affirmative vote of the </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">fu</font><font style="color:#1c1a1c;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">l</font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">l </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Board </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of Directors shall be required in order </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">for </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the Company to </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">authorize </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">any amendments or additions to this Agreement, to give any consent or waivers of provisions of this Agreement, o</font><font style="color:#626464;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">r </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to take </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">any </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">other action under this Agreement </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">including </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">any termination of the employment of the President and CEO with or without just cause under Section 6.1 </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">hereof</font><font style="color:#777777;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">.</font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">11.  MISCELLANEOUS</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:35.4pt"><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">11.1 </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">No course of conduct between </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Company </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">President </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">CEO </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to exercise </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">any right or power </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">given </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">under </font><font style="color:#343436;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">this </font><font style="color:#464649;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Agreement </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">shall&#58; </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">(i) </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">impair </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the subsequent exercise of any </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">right </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">power, </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or (ii) be construed </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">be a waiver of any </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">default </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">any </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">acquiescence </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or consent to </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">curing of </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">any default while any other </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">default shall continue </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">exist, or be construed </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to be </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">a waiver </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of such </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">continuing default or of any other </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">right </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">power </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">that shall theretofore have arisen&#59; </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and, </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">every power </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and remedy granted by </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">law and by this Agreement to any party </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">hereto may be </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">exercised </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">from </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">time </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">time, and as often as </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">may be deemed </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">expedient. All such </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">rights </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">powers </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">shall </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">be cumulative to the fullest </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">extent </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">permitted by law.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">11.2 </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">The </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">provisions of this Agreement shall </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">be deemed </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">severable, and </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the invalidity </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">unenforceability of any provision </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">shall </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">not </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">affect the validity or </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">enforceability </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of the other </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">provisions hereof.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">11.3 </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">This </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Agreement shall </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">be </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">governed </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in all </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">respects </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and be interpreted </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">by and </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">under </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the laws of the Commonwealth </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of Puerto Rico, </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">except </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the extent </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">that </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">such </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">law </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">may be preempted </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">by applicable federal </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">law, including applicable </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">regulations, opinions </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or orders </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">duly </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">issued by the </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">FDIC, th</font><font style="color:#5b5b5d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">e </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">FRB </font><font style="color:#5b5b5d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">o</font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">r </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">SEC (&#34;Federal Law&#34;), in </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">which event this Agreement shall be </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">governed and be interpreted by </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">under Federal Law.  </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Venue </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">for the litigation </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of any and all </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">matters </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">arising </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">under or in connection </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">with </font><font style="color:#5b5b5d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">t</font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">his </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Agreement shall be </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">laid in </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">United States District </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Court </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">for the District </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of Puerto Rico, </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the case of </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">federal jurisdiction, and in the </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Court of First </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Instance, Superior Part </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of San </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Juan, </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Commonwealth </font><font style="color:#5b5b5d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Puerto Rico, in the </font><font style="color:#484849;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">case of state court </font><font style="color:#383838;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">jurisdiction</font><font style="color:#5b5b5d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36.34pt"><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">11.4 </font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Notwithstanding anything to the contrary herein contained, the payment or obligation to pay any monies or granting of a</font><font style="color:#2d2d2f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">n</font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">y rights or privileges to the Pres</font><font style="color:#2d2d2f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">i</font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">dent and C</font><font style="color:#2d2d2f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">E</font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">O as pr</font><font style="color:#2d2d2f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">o</font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">vide</font><font style="color:#2d2d2f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">d </font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in th</font><font style="color:#2d2d2f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">i</font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">s Agreement shall not be in lieu or derogation of the rights and privileges that the President and C</font><font style="color:#2d2d2f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">E</font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">O now has </font><font style="color:#2d2d2f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">u</font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">nder any plan or bene</font><font style="color:#2d2d2f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">f</font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">it presently outstanding.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">11.5 </font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">As used herein, the term &#34;Company&#34; shall include a</font><font style="color:#1d1d1d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">l</font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">l o</font><font style="color:#2d2d2f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">f </font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the Company's subsidiaries.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify;text-indent:36.7pt"><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">11.6 </font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">This Agreement constitutes </font><font style="color:#2d2d2f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">t</font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">he entire ag</font><font style="color:#2d2d2f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">r</font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">eement and </font><font style="color:#2d2d2f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">un</font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">derstanding between the parties hereto with </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">respect </font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">to the subject matter hereof </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">and, </font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">as </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the Effective </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Date, </font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">supersedes all prior agreements and understandings, </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">whether </font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">written or oral, relating to such subject ma</font><font style="color:#2d2d2f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">t</font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ter.  For </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">avoidance of doubt, nothing in </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">this </font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Agreement limits, expands </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or otherwise </font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">amends the terms of the Change in Control Compensation </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Agreemen</font><font style="color:#2d2d2f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">t</font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36.34pt"><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">11.7 </font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">This Agreement may be executed </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">one o</font><font style="color:#2d2d2f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">r m</font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">ore counterparts, each of </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">which </font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">shall be deemed </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">an </font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">original and all of which taken </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">together shall constitute </font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">one and </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">same agreement.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36.7pt"><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">11.8 </font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">The heading </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">each section </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">or paragraph </font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#2d2d2f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">t</font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">his Agreement is for reference </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">purposes only a</font><font style="color:#777779;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">nd </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">shall </font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">not in any way affect the meaning or </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">interpretation </font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">any </font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">provision </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">of this </font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">Agreement.</font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">     IN WITNESS WHEREOF, </font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">the </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">parties have </font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">duly executed and delivered this Agreement </font><font style="color:#5d5d5e;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">in </font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">San Juan, Puerto R</font><font style="color:#2d2d2f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">i</font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">co, as of th</font><font style="color:#2d2d2f;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">e </font><font style="color:#494949;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:150%">date first above written.</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#343438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">PRESIDENT AND CEO</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">     </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">     &#47;s&#47; Jos&#233; Rafael Fern&#225;ndez                         </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">              Jos&#233; Rafael Fern&#225;ndez</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#343438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:150%">OFG BANCORP</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#343438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">By</font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#58; </font><font style="color:#4f4f50;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline"> &#47;s&#47; Jorge Col&#243;n Gerena                                 </font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#343438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">Jorge Col&#243;n Gerena</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#343438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">Chairperson - Compensation Committee</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>3
<FILENAME>ofg-20231221.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>

<!--XBRL Document Created with the Workiva Platform-->
<!--Copyright 2023 Workiva-->
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<xs:schema xmlns:xs="http://www.w3.org/2001/XMLSchema" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:ofg="http://ofgbancorp.com/20231221" attributeFormDefault="unqualified" elementFormDefault="qualified" targetNamespace="http://ofgbancorp.com/20231221">
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>4
<FILENAME>ofg-20231221_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>

<!--XBRL Document Created with the Workiva Platform-->
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<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
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  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel"/>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:label id="lab_dei_EntityAddressAddressLine3_8469e516-cc6f-4904-8fe8-368eccc6d8a3_terseLabel_en-US" xlink:label="lab_dei_EntityAddressAddressLine3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Address Line Three</link:label>
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    <link:label id="lab_dei_EntityCentralIndexKey_2382d342-6c07-4966-87ee-75e0d75e4fa5_terseLabel_en-US" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Central Index Key</link:label>
    <link:label id="lab_dei_EntityCentralIndexKey_label_en-US" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Central Index Key</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityCentralIndexKey" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityCentralIndexKey"/>
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    <link:label id="lab_dei_EntityAddressAddressLine2_acd1442d-3b2a-4edf-8d2d-320d16ee68d4_terseLabel_en-US" xlink:label="lab_dei_EntityAddressAddressLine2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Address Line Two</link:label>
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    <link:label id="lab_dei_EntityAddressAddressLine1_94e2b74e-6952-4e2a-b86e-eedc71a83708_terseLabel_en-US" xlink:label="lab_dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Address Line One</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine1" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine1"/>
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    <link:label id="lab_dei_TradingSymbol_b2537b56-303c-4556-937f-36268060ee72_terseLabel_en-US" xlink:label="lab_dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Trading Symbol</link:label>
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    <link:label id="lab_dei_EntityFileNumber_9520522f-e866-4c88-afcc-5341241fa7a8_terseLabel_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity File Number</link:label>
    <link:label id="lab_dei_EntityFileNumber_label_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity File Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityFileNumber" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityFileNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFileNumber" xlink:to="lab_dei_EntityFileNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_PreCommencementIssuerTenderOffer_545b3ad2-bf1c-4ee0-9dce-b7ed1670fbf9_terseLabel_en-US" xlink:label="lab_dei_PreCommencementIssuerTenderOffer" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
    <link:label id="lab_dei_PreCommencementIssuerTenderOffer_label_en-US" xlink:label="lab_dei_PreCommencementIssuerTenderOffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_PreCommencementIssuerTenderOffer" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_PreCommencementIssuerTenderOffer"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_PreCommencementIssuerTenderOffer" xlink:to="lab_dei_PreCommencementIssuerTenderOffer" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_SolicitingMaterial_b62a945e-c6eb-42a7-9373-a9f8a2ab7b23_terseLabel_en-US" xlink:label="lab_dei_SolicitingMaterial" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Soliciting Material</link:label>
    <link:label id="lab_dei_SolicitingMaterial_label_en-US" xlink:label="lab_dei_SolicitingMaterial" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Soliciting Material</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_SolicitingMaterial" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SolicitingMaterial"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_SolicitingMaterial" xlink:to="lab_dei_SolicitingMaterial" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressCityOrTown_ada153cb-5828-4f0e-af36-7fe6612daa3a_terseLabel_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, City or Town</link:label>
    <link:label id="lab_dei_EntityAddressCityOrTown_label_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, City or Town</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressCityOrTown" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressCityOrTown"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressCityOrTown" xlink:to="lab_dei_EntityAddressCityOrTown" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityIncorporationStateCountryCode_cf515385-6212-401f-9b1f-715e395cccd0_terseLabel_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:label id="lab_dei_EntityIncorporationStateCountryCode_label_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityIncorporationStateCountryCode" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityIncorporationStateCountryCode"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityIncorporationStateCountryCode" xlink:to="lab_dei_EntityIncorporationStateCountryCode" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_LocalPhoneNumber_7eee56a1-f980-4945-8ac9-7e3f64bed70b_terseLabel_en-US" xlink:label="lab_dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Local Phone Number</link:label>
    <link:label id="lab_dei_LocalPhoneNumber_label_en-US" xlink:label="lab_dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Local Phone Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_LocalPhoneNumber" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_LocalPhoneNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_LocalPhoneNumber" xlink:to="lab_dei_LocalPhoneNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressPostalZipCode_4c6762f8-e56c-4b6a-b104-7d2dec1982d4_terseLabel_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
    <link:label id="lab_dei_EntityAddressPostalZipCode_label_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressPostalZipCode" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressPostalZipCode"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressPostalZipCode" xlink:to="lab_dei_EntityAddressPostalZipCode" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressCountry_9f2a656f-e22b-40dc-854c-6529e21e57b7_terseLabel_en-US" xlink:label="lab_dei_EntityAddressCountry" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Country</link:label>
    <link:label id="lab_dei_EntityAddressCountry_label_en-US" xlink:label="lab_dei_EntityAddressCountry" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Country</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressCountry" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressCountry"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressCountry" xlink:to="lab_dei_EntityAddressCountry" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_WrittenCommunications_68eccac3-d7d9-407c-a604-4d03b8ea38ed_terseLabel_en-US" xlink:label="lab_dei_WrittenCommunications" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Written Communications</link:label>
    <link:label id="lab_dei_WrittenCommunications_label_en-US" xlink:label="lab_dei_WrittenCommunications" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Written Communications</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_WrittenCommunications" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_WrittenCommunications"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_WrittenCommunications" xlink:to="lab_dei_WrittenCommunications" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_CityAreaCode_0db52a2c-c08a-4a7e-bed8-10cc8feca2d2_terseLabel_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">City Area Code</link:label>
    <link:label id="lab_dei_CityAreaCode_label_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">City Area Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_CityAreaCode" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CityAreaCode"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CityAreaCode" xlink:to="lab_dei_CityAreaCode" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_CoverAbstract_label_en-US" xlink:label="lab_dei_CoverAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cover [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_CoverAbstract" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CoverAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CoverAbstract" xlink:to="lab_dei_CoverAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_Security12bTitle_10174175-26f4-4c29-85fe-85927fae39d0_terseLabel_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Title of 12(b) Security</link:label>
    <link:label id="lab_dei_Security12bTitle_label_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Title of 12(b) Security</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_Security12bTitle" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_Security12bTitle"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_Security12bTitle" xlink:to="lab_dei_Security12bTitle" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentType_b0f5612a-529a-4a99-81cf-76191f47319b_terseLabel_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Type</link:label>
    <link:label id="lab_dei_DocumentType_label_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Type</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentType" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentType"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentType" xlink:to="lab_dei_DocumentType" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_AmendmentFlag_ec90ae64-ef36-4a6c-81d1-78ce6eab9323_terseLabel_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amendment Flag</link:label>
    <link:label id="lab_dei_AmendmentFlag_label_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amendment Flag</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_AmendmentFlag" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AmendmentFlag"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AmendmentFlag" xlink:to="lab_dei_AmendmentFlag" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_SecurityExchangeName_d944b73d-a233-44fe-8ad5-1da252945cbd_terseLabel_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Security Exchange Name</link:label>
    <link:label id="lab_dei_SecurityExchangeName_label_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Security Exchange Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_SecurityExchangeName" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SecurityExchangeName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_SecurityExchangeName" xlink:to="lab_dei_SecurityExchangeName" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityRegistrantName_d3a9a7cd-9879-4628-a829-a5cd76bacf7a_terseLabel_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Registrant Name</link:label>
    <link:label id="lab_dei_EntityRegistrantName_label_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Registrant Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityRegistrantName" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityRegistrantName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityRegistrantName" xlink:to="lab_dei_EntityRegistrantName" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityEmergingGrowthCompany_fcf47419-c890-4159-9448-fbfd706c7106_terseLabel_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Emerging Growth Company</link:label>
    <link:label id="lab_dei_EntityEmergingGrowthCompany_label_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Emerging Growth Company</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityEmergingGrowthCompany" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityEmergingGrowthCompany"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityEmergingGrowthCompany" xlink:to="lab_dei_EntityEmergingGrowthCompany" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentPeriodEndDate_4b734312-0054-4810-bfa2-15b075cc9478_terseLabel_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Period End Date</link:label>
    <link:label id="lab_dei_DocumentPeriodEndDate_label_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Period End Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentPeriodEndDate" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentPeriodEndDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentPeriodEndDate" xlink:to="lab_dei_DocumentPeriodEndDate" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_PreCommencementTenderOffer_a1103bf7-e292-4a9f-b8dd-29c089662467_terseLabel_en-US" xlink:label="lab_dei_PreCommencementTenderOffer" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
    <link:label id="lab_dei_PreCommencementTenderOffer_label_en-US" xlink:label="lab_dei_PreCommencementTenderOffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_PreCommencementTenderOffer" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_PreCommencementTenderOffer"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_PreCommencementTenderOffer" xlink:to="lab_dei_PreCommencementTenderOffer" xlink:type="arc" order="1"/>
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>5
<FILENAME>ofg-20231221_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>

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<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://ofgbancorp.com/role/Coverpage" xlink:type="simple" xlink:href="ofg-20231221.xsd#Coverpage"/>
  <link:presentationLink xlink:role="http://ofgbancorp.com/role/Coverpage" xlink:type="extended">
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    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentPeriodEndDate_4e82cc74-ce83-4975-a275-4f9e6b05ac46" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentPeriodEndDate"/>
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    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityIncorporationStateCountryCode_a7e0d93a-c4a9-49d3-a7ad-168fe9da10f5" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityIncorporationStateCountryCode"/>
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<TYPE>XML
<SEQUENCE>6
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.23.4</span><table class="report" border="0" cellspacing="2" id="idm140198473658000">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover page<br></strong></div></th>
<th class="th"><div>Dec. 21, 2023</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 21,  2023<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">OFG BANCORP<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">PR<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-12647<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">66-0538893<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">Oriental Center<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">15th Floor<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine3', window );">Entity Address, Address Line Three</a></td>
<td class="text">254 Munoz Rivera Avenue<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">San Juan<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCountry', window );">Entity Address, Country</a></td>
<td class="text">PR<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">00918<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">787<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">771-6800<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common shares, par value $1.00 per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">OFG<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001030469<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine3">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 3 such as an Office Park</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine3</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCountry">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>ISO 3166-1 alpha-2 country code.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCountry</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:countryCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:securityTitleItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
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<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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$      $!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
