Amendment to 2005 Incentive Stock Award and Agreement between Popular, Inc. and Roberto R. Herencia

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This amendment updates the 2005 Incentive Award and Agreement between Popular, Inc. and Roberto R. Herencia. It changes the schedule for when restrictions on restricted stock awards lapse. Now, 40% of the restricted stock becomes unrestricted when Mr. Herencia reaches age 55 and completes 10 years of service. The remaining 60% becomes unrestricted either at the same milestone or gradually over five years. All other terms of the original agreement remain unchanged.

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EX-10.1 2 g07132exv10w1.htm EX-10.1 AMENDMENT TO 2005 AMENDED AND RESTATED INCENTIVE AWARD AGREEMENT EX-10.1 AMENDMENT TO 2005 INCENTIVE AWARD AGRMT  

Exhibit 10.1
POPULAR, INC.
AMENDMENT TO
2005 INCENTIVE STOCK AWARD AND AGREEMENT
GRANTEE:     Roberto R. Herencia
Pursuant to the mutual consent of the parties to the 2005 Incentive Award and Agreement (the “Agreement”), executed as of February 22, 2005, the following sections are hereby amended as follows:
SECTION 5
Payment of Award
     Section 5.2. Long-Term Annual Incentive Award.
(b)   Except as otherwise provided in paragraph (i) below, the restrictions on 40% of the Restricted Stock awarded to the Grantee will lapse upon the date the Grantee both has attained age 55 and completed 10 years of service, as determined pursuant to personnel policies and procedures.
(c)   Except as otherwise provided in paragraph (i) below, the restrictions on the remaining 60% of the Restricted Stock awarded to the Grantee will lapse on the earlier of: i) the date the Grantee both has attained age 55 and completed 10 years of service, as determined pursuant to personnel policies and procedures; or ii) as provided below:
         
Period of Time After the Award   % of Award Free
    of Restrictions
1 year
     12 %
2 years
     12 %
3 years
     12 %
4 years
     12 %
5 years
     12 %
All other terms of the Agreement shall apply.
IN WITNESS WHEREOF, Popular, Inc. and the Grantee have executed this amendment to the 2005 Incentive Award and Agreement as of the                      day of                      of                     .
         
     
  POPULAR, INC.   GRANTEE  
 
  /s/ Tere Loubriel                       /s/ Roberto R. Herencia                      
  By: Tere Loubriel   By: Roberto R. Herencia  
  Title: Executive Vice President   Date: March 23, 2007  
  Date: March 23, 2007      

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