exv10w1






Exhibit 10.1




			
	 	 	 
	
	 	





September 21, 2010




Carlos J. Vázquez

Individual Lending Group



Dear Carlos:



We are pleased to extend you an offer related to your assignment as President of Banco Popular
North America (“BPNA”). This position reports directly to Mr. Richard L. Carrión, President and
Chief Executive Officer of Popular, Inc. (“Popular”). This appointment will be effective on
September 21, 2010.



Your annualized base salary will be $600,000.00. You will participate in an annual incentive plan
based on Popular’s financial results and your individual performance in accordance with
pre-established objectives. The incentive could represent up to an additional 50% of your earned
base salary and will be payable in Popular, Inc.’s restricted stock. All incentive plans are
subject to changes due to financial results and federal regulations.



This offer also includes the following components:





	•	 	A car allowance of $24,000 per year. Your current corporate vehicle will be sold in Puerto
Rico by Popular. Proceeds from the sale will be allocated between Banco Popular de Puerto Rico
(“BPPR”) and you based the original investment rate of 90% and 10%, respectively.






	•	 	A housing allowance of $6,250 per month. At the end of the third year, you and Popular will
evaluate the allowance amount in order to determine whether any adjustment is deemed necessary
under the circumstances. Also, the housing allowance will be adjusted annually for any
escalation clause established in the lease agreement.






	•	 	Relocation benefits:






	 	1.	 	Home finding trip — up to six calendar days for you and your spouse.
	 
	 	2.	 	Final move trip — for you and your family.
	 
	 	3.	 	Temporary accommodations — up to two months prior to moving into new home.
	 
	 	4.	 	Shipping and storage — for household goods, up to 30 days in PR and USA.
Maximum weight of 15,000 pounds.






	 	•	 	Insurance at replacement cost (limitations on works of art)
	 
	 	•	 	One automobile
	 
	 	•	 	Pets
	 
	 	•	 	No bulky articles or recreational vehicles






	 	5.	 	Tax assistance






	 	•	 	Tax advisory services/consultations
	 
	 	•	 	Tax return preparation for PR and USA during first two years





 








 




Page 2 of 2 — Offer letter



	•	 	Employee 401(k) Plan
	 
	 	 	You are eligible to make tax-deferred contributions, from 1% to 70% of total compensation,
through payroll deduction. The contributions will be subject to IRS limits of $22,000 ($16,500
for regular pre-tax and $5,500 characterized as catch-up).






	•	 	Retirement Plan






	 	 	Your current frozen benefit under the BPPR Retirement Plan of $5,938 will be preserved in BPNA.






	•	 	Medical Plan






	 	 	A comprehensive medical plan sponsored by the company for you, including prescription drugs and
dental plan. Coverage for your family and enhanced medical and dental coverage is also available
with optional employee contributions.






	•	 	Retiree Medical Benefit






	 	 	You are eligible to the post-retirement medical plan and Popular will consider your service
years at BPNA to determine your percentage of contribution.




We are totally committed to the values and vision that guide Popular, for we believe we are
guardians of a long tradition of excellence. We are confident that you will find your new
employment to be challenging as well as rewarding.



If you have any questions, please do not hesitate to call me at 787-765-9800, extension 7055.




	 	 	 	 	 
	Sincerely,

 	 
	/s/ Eduardo J. Negrón
 	 
	Eduardo J. Negrón 	 
	Executive Vice President

People Group

Popular, Inc. 	 
	 



Popular is an Equal Opportunity Employer (M/F/V/D)




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