EMPLOYMENT TERMS AND CONDITIONS FOR THE POSITION OF
DIRECTOR OF THE IRREGULAR ASSETS DIVISION
The present agreement for the position of the Irregular Assets Division Director is effective on July 1, 2003. This
Agreement is entered into by and between Banco Santander Puerto Rico (hereafter, the "Bank"or "Santander")
and Mr. Bartolome Velez (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 by his immediate supervisor. 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
objectives and goals of the position to be held will be established by the immediate supervisor during the initial
weeks of employment. The Director must comply with these goals and objectives or therefore be subject to the
progressive discipline in relation to the efficiency and/or performance of his tasks.
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. Such changes will be notified in writing to the Director, so
that he may comply with the new requirements.
2. COMPENSATION AND BENEFITS
Effective by the date of this agreement, the Bank will compensate the Director with a gross yearly salary of
$250,000.00 and other
conditions stated in the job offering (Attachment). The amount of $50,000.00 will be paid as a hiring bonus. The
Director will return