EX-10.1 AMENDMENT TO 2005 AMENDED AND RESTATED INCENTIVE AWARD AGREEMENT

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