BANCO SANTANDER PUERTO RICO
EMPLOYMENT TERMS AND CONDITIONS FOR THE POSITION OF
DIRECTOR OF THE CORPORATE BANKING DIVISION
The present agreement for the position of Director of the Corporate Banking Division is effective today February
11, 2003. This Agreement is entered into by and between Banco Santander Puerto Rico (hereafter, the "Bank"
or "Santander") and Mr. Roberto Cordova (hereafter the "Director")
1. TERMS AND CONDITIONS
The Director will dedicate all his efforts and the necessary time needed to meet the objectives established by the
Bank and will perform the duties indicated on the job description (Attachment A). These duties may change from
time to time, when the supervisor so states and according to the operational and business needs of the Bank. The
immediate supervisor will establish the objectives and goals of the position to be held during the first week of
employment. The Director must fully comply with these goals and objectives. The Director agrees to fully comply
with the norms, procedures, and policies of the Bank.
The Bank relied on the truthfulness of the information and the data provided by the Director on the job
application and other job entry forms and he may be fired at any time if upon verification it becomes apparent that
information provided in the forms has been omitted and/or submitted incomplete and/or is false.
The Bank reserves the right to modify functions, conditions, and terms of employment as hereby stated, to
conform to any needs that may arise in the institution, except for the compensation's terms and conditions hereby
described. Such changes will be notified in writing to the Director, so that he may comply with the new
2. COMPENSATION AND BENEFITS
Effective by the date of this agreement, the Bank will compensate the Director with a gross yearly salary of
$225,000.00. The conditions detailed in the offer letter dated January 27, 2003 are integrated into
this agreement. A special bonus in the amount of $25,000