EX-10.22 TECHNOLOGY TRANSFER AGREEMENT

EX-10.22 3 g06037exv10w22.htm EX-10.22 TECHNOLOGY TRANSFER AGREEMENT EX-10.22 TECHNOLOGY TRANSFER AGREEMENT
 

Exhibit 10.22
           
    BANCA
INVERSIONES
HIPOTECAS 		  Oficinas Ejecutivas
PO Box 195115
San Juan PR 00919-5115
          Tel ###-###-####
Fax ###-###-####
March 5, 2007
Oriental International Bank Inc.
Oriental Center
Professional Offices Park
997 San Roberto Street
10th Floor
San Juan, Puerto Rico 00926
     Re: Investment Management Agreement
Dear Sirs:
     This letter will amend the Investment Management Agreement dated January 17, 2007 (the “Agreement”) between Oriental Financial Group Inc., Oriental Bank & Trust, and Oriental International Bank Inc. (“Client”) and Bear Stearns Asset Management Inc. (the “Manager”). The Investment Management Agreement shall be amended to include the following provision:
     The Investment Manager shall not sell any security held in the Available for Sale or Held to Maturity Portfolios for a loss without the prior written consent of “Client”.
     Please indicate your agreement to this amendment by signing the enclosed copies of this letter in the space indicated and returning a fully signed copy to us.
         
  Very truly yours,
ORIENTAL FINANCIAL GROUP INC.
 		  
  By:   /s/ José R. Fernández   
    Name:   José R. Fernández   
    Title : President & CEO   
 
         
  ORIENTAL BANK & TRUST
 		  
  By:   /s/ José R. Fernández   
    Name:   José R. Fernández   
    Title : President & CEO   

 

 

         
         
  ORIENTAL INTERNATIONAL BANK INC.
 		  
  By:   /s/ José R. Fernández   
    Name:   José R. Fernández   
    Title: President & CEO   
 
Acknowledged and agreed:
         
  BEAR STEARNS ASSET MANAGEMENT INC.
 		  
  By:   /s/ Andrew Headley    
    Name:   Andrew Headley  
    Title: Managing Director