EX-10.1



 Exhibit 10.1 
 EXECUTION COPY 
 This EMPLOYMENT AGREEMENT by and
between EVERTEC, LLC, a Puerto Rico limited liability company (the “Company”), and Philip E. Steurer (“Executive”) (collectively, the “Parties”) is made as of this 1st day of August, 2012. 

WHEREAS, the Parties desire to enter into this employment agreement (the “Agreement”) pursuant to the terms,
provisions and conditions set forth herein; and 
 NOW, THEREFORE, in consideration of the premises and of the mutual
covenants, understandings, representations, warranties, undertakings and promises hereinafter set forth, intending to be legally bound thereby, the Parties agree as follows: 

 

	1.	Employment Period. 

 Subject to earlier termination in accordance with Section 3 of this Agreement, Executive shall be employed by the Company for a period commencing on August 1, 2012 (the “Effective
Date”) and ending on the fifth
(5th) anniversary of the Effective Date (the
“Employment Period”) unless the parties mutually agree to extend the term at least 90 days prior to the end of the Employment Period. Upon Executive’s termination of employment with the Company for any reason, Executive shall
immediately resign all positions with the Company or any of its subsidiaries or affiliates. 
  

	2.	Terms of Employment. 

 (a)
Position. During the Employment Period, Executive shall serve as Executive Vice President and Chief Operating Officer of the Company and will perform such duties and exercise such supervision with regard to the business of the Company as are
associated with such positions, including such duties as may be prescribed from time to time by the President and Chief Executive Officer of the Company (the “CEO”). Executive shall report directly to the CEO and if requested by the
CEO, Executive hereby agrees to serve (without additional compensation) as an officer and director of the Company or any affiliate or subsidiary thereof. 
 (b) Duties. During the Employment Period, Executive shall have such responsibilities, duties, and authority that are customary for his position, subject at all times to the control of the CEO, and
shall perform such services as customarily are provided by an executive of a corporation with his position and such other services consistent with his position, as shall be assigned to him from time to time by the CEO. During the Employment Period,
and excluding any periods of vacation and sick leave to which the Executive is entitled in accordance with Company policies, the Executive agrees to devote all of his business time to the business and affairs of the Company and to use
Executive’s commercially reasonable efforts to perform faithfully, effectively and efficiently his responsibilities and obligations hereunder. 
 (c) Principal Work Location. Executive’s principal work location, subject to travel on Company business, shall be the Company’s headquarters in Puerto Rico. Executive shall be required to
relocate his primary residence to Puerto Rico. 







 (d) Compensation. 

(i) Base Salary. During the Employment Period, Executive shall receive an initial annual base salary in an amount equal to Two
Hundred Thirty Five Thousand Dollars ($235,000), less all applicable withholdings, which shall be paid in accordance with the customary payroll practices of the Company (as in effect from time to time, the “Annual Base Salary”). The
Annual Base Salary shall be prorated for partial calendar years of employment and shall be subject to annual review and possible increase as determined by the Board, in its sole discretion. 

(ii) Annual Bonus. During the Employment Period, with respect to each completed fiscal year of the Company, Executive shall be
eligible to receive a bonus (the “Bonus”) of up to 75% of Annual Base Salary contingent upon the achievement of qualitative and quantitative performance goals established by the Board of Directors of the Company (the
“Board”); provided, however, that with respect to fiscal year 2012, Executive shall receive a guaranteed Bonus equal to $100,000. The Bonus, if any, shall be paid in the year following the fiscal year to which the
Bonus relates. 
 (iii) Equity. 
 (1) Investment Equity. Executive shall invest $200,004.87 in non-voting Class B common stock of the Carib Latam Holdings, Inc. (“Common Stock”), which shall be made at a valuation
equal to the per share fair market value on the Effective Date. Such investment will be subject to the terms of the stockholder’s agreement. 
 (2) Options. As soon as practicable following the Effective Date, Executive shall be granted options to purchase 150,000 shares of Common Stock with an exercise price equal to the fair market value
per share of Common Stock as of the grant date, subject to the terms of the applicable award agreement and the Carib Latam Holdings, Inc. Amended and Restated 2010 Equity Incentive Plan (the “Plan”). Any such options will vest on a
schedule no less favorable than the following, subject to Executive’s continuous employment through the relevant vesting dates: (A) one third of the options will vest in equal installments on each of the first five (5) anniversaries
of the grant date; (B) one third of the options will vest at such time as AP Carib Holdings, Ltd. (“Apollo”) realizes at least a 25% rate of return on its entire investment based on cash proceeds received by Apollo; and
(C) one third of the options will vest at such time as Apollo realizes at least a 30% rate of return on its entire investment based on cash proceeds received by Apollo. 
 (iv) Benefits. During the Employment Period, Executive shall be eligible to participate in all retirement, compensation and employee benefit plans, practices, policies and programs provided by the
Company to other executives of the Company (except severance plans, policies, practices, or programs) subject to the eligibility criteria set forth therein, as such may be amended or terminated from time to time. 

(v) Expenses. During the Employment Period, Executive shall be entitled to receive reimbursement for all reasonable business
expenses incurred by Executive in performance of his duties hereunder provided that Executive provides all necessary documentation in accordance with the Company’s policies. 

  
 2 








 (vi) Relocation. The Company will reimburse Executive for reasonable costs incurred
in connection with his relocation to Puerto Rico, including (A) reasonable travel in connection with finding a residence in Puerto Rico, (B) temporary lodging to the extent reasonably necessary and (C) reasonable incidental expenses,
in each case, upon reasonable substantiation. 
  

	3.	Termination of Employment. 


(a) Death or Disability. Executive’s employment shall terminate automatically upon Executive’s death. If Executive
becomes subject to a “Disability” (as defined below) during the Employment Period, the Company may give Executive written notice in accordance with Sections 3(f) and 9(g) of its intention to terminate Executive’s employment. For
purposes of this Agreement, “Disability” means Executive’s inability to perform his duties hereunder by reason of any medically determinable physical or mental impairment for a period of six (6) months or more in any
twelve (12) month period. 
 (b) Cause. Executive’s employment may be terminated at any time by the Company for
“Cause” (as defined below). For purposes of this Agreement, “Cause” shall mean Executive’s (i) commission of a felony or a crime of moral turpitude, (ii) engaging in conduct that constitutes fraud or
embezzlement, (iii) engaging in conduct that constitutes gross negligence or willful misconduct that results or could reasonably be expected to result in harm to the Company’s business or reputation, (iv) breach of any material terms
of Executive’s employment, including this Agreement, which results or could reasonably be expected to result in harm to the Company’s business or reputation, (v) continued willful failure to substantially perform duties as Executive
Vice President and Chief Operating Officer or (vi) failure to relocate his primary residence to Puerto Rico within six (6) months following the Effective Date. Executive’s employment shall not be terminated for “Cause”
within the meaning of clauses (iv) and (v) above unless Executive has been given written notice by the Board stating the basis for such termination and Executive is given fifteen (15) days to cure, to the extent curable, the neglect
or conduct that is the basis of any such claim. 
 (c) Termination Without Cause. The Company may terminate
Executive’s employment hereunder without Cause at any time. 
 (d) Good Reason. Executive’s employment may be
terminated at any time by Executive for Good Reason upon thirty (30) days’ prior written notice following the occurrence of the event giving rise to the termination for Good Reason. For purposes of this Agreement, “Good
Reason” means voluntary resignation after any of the following actions taken by the Company without Executive’s written consent: (i) any material failure of the Company to fulfill its obligations under this Agreement, (ii) a
material and adverse change to, or a material reduction of, Executive’s duties and responsibilities to the Company, (iii) a material reduction in Executive’s then current Annual Base Salary (not including any diminution related to a
broader compensation reduction that is not limited to Executive specifically and that is not more than 10% in the aggregate), or (iv) the failure of any successor (whether by sale, reorganization,


  
 3 








 
consolidation, merger or other corporate transaction) to assume this Agreement, whether in writing or by operation of law; provided, that any such event shall not constitute Good Reason
unless and until Executive shall have provided the Company with notice thereof no later than 30 days following Executive’s knowledge of the occurrence of such event and the Company shall have failed to remedy such event within 30 days of
receipt of such notice. 
 (e) Voluntary Termination. Executive’s employment may be terminated at any time by
Executive without Good Reason upon 30 days’ prior written notice. 
 (f) Termination as a Result of Expiration of the
Employment Period. Unless otherwise agreed between the parties, Executive’s employment shall automatically terminate upon expiration of the Employment Period. 
 (g) Notice of Termination. Any termination by the Company for Cause or without Cause, or by Executive for Good Reason or without Good Reason, shall be communicated by Notice of Termination to the
other party hereto given in accordance with Section 9(g). For purposes of this Agreement, a “Notice of Termination” means a written notice that (i) indicates the specific termination provision in this Agreement relied
upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated and (iii) if the “Date of
Termination” (as defined below) is other than the date of receipt of such notice, specifies the termination date. The failure by Executive or the Company to set forth in the Notice of Termination any fact or circumstance that contributes to a
showing of Good Reason or Cause shall not waive any right of Executive or the Company hereunder or preclude Executive or the Company from asserting such fact or circumstance in enforcing Executive’s or the Company’s rights hereunder.

 (h) Date of Termination. “Date of Termination” means (i) if Executive’s employment is
terminated by the Company for Cause, without Cause or by reason of Disability, or by Executive for Good Reason or without Good Reason, the date of receipt of the Notice of Termination (in the case of a termination with or without Good Reason,
provided such Date of Termination is in accordance with Section 3(d) or Section 3(e)) or any later date specified therein pursuant to Section 3(g), as the case may be, (ii) if Executive’s employment is terminated by
reason of death, the date of death, and (iii) the expiration of the Employment Period, and the termination of Executive’s employment upon the date of such expiration. 

 

	4.	Obligations of the Company upon Termination. 

 (a) With Good Reason; Without Cause. If during the Employment Period, the Company shall terminate Executive’s employment without Cause or Executive shall terminate his employment for Good
Reason, then the Company will provide Executive with the following payments and/or benefits: 
 (i) The
Company shall pay to Executive as soon as reasonably practicable but no later than the 15th day of the third month following the end of the calendar year that contains the Date of Termination in a lump sum to the extent not previously paid, (A) the Annual Base Salary through the Date of
Termination, (B) the Bonus earned for any fiscal year ended prior to 

  
 4 








 
the year in which the Date of Termination occurs, provided that Executive was employed on the last day of such fiscal year, (C) the amount of any unpaid expense reimbursements to which
Executive may be entitled pursuant to Section 2(d)(v) hereof and (D) any other vested payments or benefits to which Executive or Executive’s estate may be entitled to receive under any of the Company’s benefit plans or applicable
law, in accordance with the terms of such plans or law (clauses (A)-(D), the “Accrued Obligations”); and 

(ii) Subject to Section 4(e) below, after the Date of Termination, the Company will pay Executive severance in an amount equal to
Executive’s Annual Base Salary (the “Severance Payment”). The Severance Payment shall be made in a lump sum on the date that is 60 days following the Date of Termination, subject to the terms and conditions in Section 4(e)
below. 
 (b) Death or Disability. If Executive’s employment shall be terminated by reason of the Executive’s
death or Disability, then the Company will provide Executive with the Accrued Obligations. Thereafter, the Company shall have no further obligation to Executive, his beneficiaries or his legal representatives. 

(c) Cause; Other than for Good Reason. If Executive’s employment shall be terminated by the Company for Cause or by
Executive without Good Reason, then the Company shall have no further obligations to Executive other than for payment of the Accrued Obligations. 
 (d) Expiration of the Employment Period. If Executive’s employment shall be terminated by reason of the expiration of the Employment Period, then the Company will provide Executive with the
Accrued Obligations. Thereafter, the Company shall have no further obligation to Executive or his legal representatives. 
 (e)
Separation Agreement and General Release. The Company’s obligation to make the Severance Payment is conditioned on Executive’s or his legal representative’s executing a separation agreement and general release of claims related
to or arising from Executive’s employment with the Company or the termination of employment, against the Company and its affiliates (and their respective officers and directors) in a form reasonably determined by the Company, which shall be
provided by the Company to Executive within five (5) days following the Date of Termination; provided, that, if Executive should fail to execute (or revokes) such release within 60 days following the Date of Termination, the Company
shall not have any obligation to provide the Severance Payment. If Executive executes the release within such 60-day period and does not revoke the release within seven (7) days following the execution of the release, the Severance Payment will
be made in accordance with Section 4(a)(ii). 
  

	5.	Restrictive Covenants. 


(a) In consideration of Executive’s employment and receipt of payments hereunder, including, without limitation, the grant of options
under Section 2(d), during the period commencing on the Effective Date and ending twelve (12) months after the Date of Termination, Executive shall not directly, or indirectly through another person, (x) induce or attempt to induce
any employee, representative, agent or consultant of the Company or any of its Affiliates or subsidiaries to leave the employ or services of the Company or any of its affiliates or 

  
 5 








 
subsidiaries, or in any way interfere with the relationship between the Company or any of its affiliates or subsidiaries and any employee, representative, agent or consultant thereof,
(y) hire any person who was an employee, representative, agent or consultant of the Company or any of its affiliates or subsidiaries at any time during the twelve-month period immediately prior to the date on which such hiring would take place
or (z) directly or indirectly call on, solicit or service any customer, supplier, licensee, licensor, representative, agent or other business relation of the Company or any of its affiliates or subsidiaries in order to induce or attempt to
induce such person to cease doing business with, or reduce the amount of business conducted with, the Company or any of its affiliates or subsidiaries, or in any way interfere with the relationship between any such customer, supplier, licensee,
licensor, representative, agent or business relation of the Company or any of its affiliates or subsidiaries. No action by another person or entity shall be deemed to be a breach of this provision unless the Executive directly or indirectly
assisted, encouraged or otherwise counseled such person or entity to engage in such activity. 
 (b) Non-Competition.
Executive hereby acknowledges that it is familiar with the Confidential Information (as defined below) of the Company and its subsidiaries. Executive acknowledges and agrees that the Company would be irreparably damaged if Executive were to provide
services to any person competing with the Company or any of its affiliates or subsidiaries or engaged in a similar business and that such competition by Executive would result in a significant loss of goodwill by the Company. Therefore, Executive
agrees that during the period commencing on the Effective Date and ending on the first anniversary of the Date of Termination (the “Non-Compete Period”), Executive shall not (and shall cause each of his or its affiliates not to)
directly or indirectly own any interest in, manage, control, participate in (whether as an officer, director, manager, employee, partner, equity holder, member, agent, representative or otherwise), consult with, render services for, or in any other
manner engage in any business that is directly or indirectly competitive with business of the Company or its subsidiaries as conducted or proposed to be conducted as of the Date of Termination, in the Commonwealth of Puerto Rico, the United States
of America and any country in South America, Central America and the Caribbean, in which the Company or its subsidiaries is conducting or pursuing business as of the Date of Termination; provided, that nothing herein shall prohibit Executive
from being a passive owner of not more than 5% of the outstanding stock of any class of a corporation which is publicly traded so long as none of such persons has any active participation in the business of such corporation. 

(c) Non-Disclosure; Non-Use of Confidential Information. Executive shall not disclose or use at any time, either during his
employment with the Company or at any time thereafter, any Confidential Information of which Executive is or becomes aware, whether or not such information is developed by him, except to the extent that such disclosure or use is directly related to
and required by Executive’s performance in good faith of duties assigned to Executive by the Company. Executive will take all appropriate steps to safeguard Confidential Information in his possession and to protect it against disclosure,
misuse, espionage, loss and theft. Executive shall deliver to the Company at the termination of his employment with the Company, or at any time the Company may request, all memoranda, notes, plans, records, reports, computer tapes and software and
other documents and data (and copies thereof) relating to the Confidential Information or the “Work Product” (as defined in Section 5(e)(ii)) of the business of the Company Group that Executive may then possess or have under his
control. 

  
 6 








 (d) Proprietary Rights. Executive recognizes that the Company Group possesses a
proprietary interest in all Confidential Information and Work Product and has the exclusive right and privilege to use, protect by copyright, patent or trademark, or otherwise exploit the processes, ideas and concepts described therein to the
exclusion of Executive, except as otherwise agreed between the Company Group and Executive in writing. Executive expressly agrees that any Work Product made or developed by Executive or his agents during the course of Executive’s employment,
including any Work Product which is based on or arises out of Work Product, shall be the property of and inure to the exclusive benefit of the Company Group. Executive further agrees that all Work Product developed by Executive (whether or not able
to be protected by copyright, patent or trademark) during the course of his employment with the Company, or involving the use of the time, materials or other resources of the Company Group, shall be promptly disclosed to the Company Group and shall
become the exclusive property of the Company Group, and Executive shall execute and deliver any and all documents necessary or appropriate to implement the foregoing. 
 (e) Certain Definitions. 
 (i) As used herein, the term
“Confidential Information” means information that is not generally known to the public (but for purposes of clarity, Confidential Information shall never exclude any such information that becomes known to the public because of
Executive’s unauthorized disclosure) and that is used, developed or obtained by the Company Group in connection with its business, including, but not limited to, information, observations and data obtained by Executive while employed by the
Company Group concerning (A) the business or affairs of the Company Group, (B) products or services, (C) fees, costs and pricing structures, (D) designs, (E) analyses, (F) drawings, photographs and reports,
(G) computer software, including operating systems, applications and program listings, (H) flow charts, manuals and documentation, (I) databases, (J) accounting and business methods, (K) inventions, devices, new
developments, methods and processes, whether patentable or unpatentable and whether or not reduced to practice, (L) customers and clients and customer or client lists, (M) other copyrightable works, (N) all production methods,
processes, technology and trade secrets, and (O) all similar and related information in whatever form. Confidential Information will not include any information that has been published in a form generally available to the public (except as a
result of Executive’s unauthorized disclosure) prior to the date Executive proposes to disclose or use such information. Confidential Information will not be deemed to have been published or otherwise disclosed merely because individual
portions of the information have been separately published, but only if all material features comprising such information have been published in combination. 
 (ii) As used herein, the term “Work Product” means all inventions, innovations, improvements, technical information, systems, software developments, methods, designs, analyses, drawings,
reports, service marks, trademarks, trade names, logos and all similar or related information (whether patentable or unpatentable) that relates to the Company Group’s actual or anticipated business, research and development or existing or
future products or services and that are conceived, developed or made by Executive (whether or not during usual business hours and whether or not alone or in conjunction with any other person) while employed by the Company together with all patent
applications, letters patent, trademark, trade name and service mark applications or registrations, copyrights and reissues thereof that may be granted for or upon any of the foregoing. 

  
 7 









	6.	Non-Disparagement. 


During the Employment Period and at all times thereafter, neither Executive nor his agents, on the one hand, nor the Company formally, or
its executives or board of directors, on the other hand, shall directly or indirectly issue or communicate any public statement, or statement likely to become public, that maligns, denigrates or disparages the other (including, in the case of
communications by Executive or his agents, Company Group, any of Company Group’s officers, directors or employees, Apollo or any affiliate thereof). The foregoing shall not be violated by truthful responses to (i) legal process or
governmental inquiry or (ii) by private statements to Company Group or any of Company Group’s officers, directors or employees; provided, that in the case of Executive, with respect to clause (ii), such statements are made in the
course of carrying out his duties pursuant to this Agreement. 
  

	7.	Confidentiality of Agreement. 

 The Parties agree that the consideration furnished under this Agreement, the discussions and correspondence that led to this Agreement, and the terms and conditions of this Agreement are private and
confidential. Except as may be required by applicable law, regulation, or stock exchange requirement, neither Party may disclose the above information to any other person or entity without the prior written approval of the other. 

 

	8.	Executive’s Representations, Warranties and Covenants. 

 (a) Executive hereby represents and warrants to the Company that: 
 (i) Executive
has all requisite power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby, and this Agreement has been duly executed by Executive; 

(ii) the execution, delivery and performance of this Agreement by Executive does not and will not, with or without notice or the passage
of time, conflict with, breach, violate or cause a default under any agreement, contract or instrument to which Executive is a party or any judgment, order or decree to which Executive is subject; 

(iii) Except as set forth on Schedule I attached hereto, Executive is not a party to or bound by any employment agreement,
consulting agreement, non-compete agreement, fee for services agreement, confidentiality agreement or similar agreement with any other person; 
 (iv) upon the execution and delivery of this Agreement by the Company and Executive, this Agreement will be a legal, valid and binding obligation of Executive, enforceable in accordance with its terms;

 (v) Executive understands that the Company will rely upon the accuracy and truth of the representations and warranties of
Executive set forth herein and Executive consents to such reliance; and 

  
 8 








 (vi) as of the date of execution of this Agreement, Executive is not in breach of any of its
terms, including having committed any acts that would form the basis for a Cause termination if such act had occurred after the Effective Date. 
 (b) The Company hereby represents and warrants to Executive that: 
 (i) the
Company has all requisite power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby, and this Agreement has been duly executed by the Company; 

(ii) the execution, delivery and performance of this Agreement by the Company does not and will not, with or without notice or the
passage of time, conflict with, breach, violate or cause a default under any agreement, contract or instrument to which the Company is a party or any judgment, order or decree to which the Company is subject; 

(iii) upon the execution and delivery of this Agreement by the Company and Executive, this Agreement will be a legal, valid and binding
obligation of the Company, enforceable in accordance with its terms; and 
 (iv) the Company understands that Executive will
rely upon the accuracy and truth of the representations and warranties of the Company set forth herein and the Company consents to such reliance. 
  

	9.	General Provisions. 

 (a)
Severability. It is the desire and intent of the Parties hereto that the provisions of this Agreement be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is
sought. Upon a determination that any term or provision (or any portion thereof) is invalid, illegal, or incapable of being enforced, the Parties agree that a reviewing court shall have the authority to “blue pencil” or modify this
agreement so as to render it enforceable and effect the original intent of the parties to the fullest extent permitted by applicable law. 
 (b) Entire Agreement and Effectiveness. Effective as of the Effective Date, this Agreement embodies the complete agreement and understanding among the Parties hereto with respect to the subject
matter hereof and supersedes and preempts any prior understandings, agreements or representations by or among the Parties, written or oral, which may have related to the subject matter hereof in any way (excluding any stock options or awards granted
under any equity compensation plans maintained by the Company). 
 (c) Successors and Assigns. 

(i) This Agreement is personal to Executive and without the prior written consent of the Company shall not be assignable by Executive
otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by Executive’s legal representatives. 

  
 9 








 (ii) This Agreement shall inure to the benefit of and be binding upon the Company and its
successors and assigns. The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to
perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined
and any successor to its business and/or assets as aforesaid that assumes and agrees to perform this Agreement by operation of law, or otherwise. 
 (d) Governing Law. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF PUERTO RICO, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING
PROVISION OR RULE (WHETHER OF THE COMMONWEALTH OF PUERTO RICO OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE COMMONWEALTH OF PUERTO RICO TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF THE
COMMONWEALTH OF PUERTO RICO WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS AGREEMENT, EVEN IF UNDER SUCH JURISDICTION’S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY.

 (e) Enforcement. 
 (i) Arbitration. Except for disputes arising under Sections 5 and 6 of this Agreement (including, without limitation, any claim for injunctive relief), any controversy, dispute or claim
arising out of or relating to this Agreement, or its interpretation, application, implementation, breach or enforcement which the Parties are unable to resolve by mutual agreement, shall be settled by submission by either Executive or the Company of
the controversy, claim or dispute to binding arbitration in New York (unless the Parties agree in writing to a different location), before a single arbitrator in accordance with the Employment Dispute Resolution Rules of the American Arbitration
Association then in effect. In any such arbitration proceeding the Parties agree to provide all discovery deemed necessary by the arbitrator. The decision and award made by the arbitrator shall be accompanied by a reasoned opinion, and shall be
final, binding and conclusive on all Parties hereto for all purposes, and judgment may be entered thereon in any court having jurisdiction thereof. The Company will bear the totality of the arbitrator’s and administrative fees and costs. Each
party shall bear its or his litigation costs and expenses; provided, however, that the arbitrator shall have the discretion to award the prevailing party reimbursement of its or his reasonable attorney’s fees and costs. Upon the
request of any of the parties, at any time prior to the beginning of the arbitration hearing the parties may attempt in good faith to settle the dispute by mediation administered by the American Arbitration Association. The Company will bear the
totality of the mediator’s and administrative fees and costs. 
 (ii) Remedies. All remedies hereunder are
cumulative, are in addition to any other remedies provided for by law and may, to the extent permitted by law, be exercised concurrently or separately, and the exercise of any one remedy shall not be deemed to be an election of such remedy or to
preclude the exercise of any other remedy. 

  
 10 









 (iii) Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL
RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 (f)
Amendment and Waiver. The provisions of this Agreement may be amended and waived only with the prior written consent of the Company and Executive and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall
be construed as a waiver of such provisions or affect the validity, binding effect or enforceability of this Agreement or any provision hereof. 
 (g) Notices. Any notice provided for in this Agreement must be in writing and must be either personally delivered, transmitted via telecopier, mailed by first class mail (postage prepaid and return
receipt requested) or sent by reputable overnight courier service (charges prepaid) to the recipient at the address below indicated or at such other address or to the attention of such other person as the recipient party has specified by prior
written notice to the sending party. Notices will be deemed to have been given hereunder and received when delivered personally, when received if transmitted via telecopier, five days after deposit in the U.S. mail and one day after deposit for
overnight delivery with a reputable overnight courier service. 
 If to the Company, to: 

EVERTEC, LLC 

Carr #176, Km 1.3 

Cupey Bajo, Rio Piedras Puerto Rico 00926 
 P.O. Box 364527 
 San Juan, Puerto Rico 00936-4527 

Telephone: (787) 759-9999 
 with a copy (which shall not constitute notice) to: 
 Apollo Management VII, L.P.

 9 West 57th Street 
 New York, NY 10019 
 Attention: Marc Becker 

Telephone: 212-515-3200 
 Facsimile: 212-515-3263 
 with a copy (which shall not constitute notice) to:

 Akin Gump Strauss Hauer & Feld LLP 
 One Bryant Park 
 New York, NY 10036 

Facsimile: (212) 872-1002 
 Attention: Adam Weinstein, Esq. 
 If to Executive, to: 

Executive’s home address most recently on file with the Company. 

  
 11 









 (h) Withholdings Taxes. The Company may withhold from any amounts payable under this
Agreement such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation. 

(i) Survival of Representations, Warranties and Agreements. All representations, warranties and agreements contained herein shall
survive the consummation of the transactions contemplated hereby indefinitely. 
 (j) Descriptive Headings. The
descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this Agreement. All references to a “Section” in this Agreement are to a section of this Agreement unless otherwise noted. 

(k) Construction. Where specific language is used to clarify by example a general statement contained herein, such specific
language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates. The language used in this Agreement shall be deemed to be the language chosen by the Parties to express their
mutual intent, and no rule of strict construction shall be applied against any Party. 
 (l) Counterparts. This Agreement
may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement. 
 (m) Section 409A. Notwithstanding anything herein to the contrary, this Agreement is intended to be interpreted and applied so that the payment of the benefits set forth herein either shall
either be exempt from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), or shall comply with the requirements of such provision. Notwithstanding anything in this Agreement or
elsewhere to the contrary, distributions upon termination of Executive’s employment may only be made upon a “separation from service” as determined under Section 409A of the Code. Each payment under this Agreement or otherwise
shall be treated as a separate payment for purposes of Section 409A of the Code. In no event may Executive, directly or indirectly, designate the calendar year of any payment to be made under this Agreement or otherwise which constitutes a
“deferral of compensation” within the meaning of Section 409A of the Code. All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A of the
Code. To the extent that any reimbursements pursuant to this Agreement or otherwise are taxable to Executive, any reimbursement payment due to Executive shall be paid to Executive on or before the last day of Executive’s taxable year following
the taxable year in which the related expense was incurred; provided, that, Executive has provided the Company written documentation of such expenses in a timely fashion and such expenses otherwise satisfy the Company’ expense
reimbursement policies. Reimbursements pursuant to this Agreement or otherwise are not subject to liquidation or exchange for another benefit and the amount of such reimbursements that Executive receives in one taxable year shall not affect the
amount of such reimbursements that Executive receives in any other taxable year. Notwithstanding any provision in this Agreement to the contrary, if on the date of his termination from employment with the Company Executive is deemed to be a
“specified employee” within the meaning of 

  
 12 









 
Code Section 409A and the Final Treasury Regulations using the identification methodology selected by the Company from time to time, or if none, the default methodology under Code
Section 409A, any payments or benefits due upon a termination of Executive’s employment under any arrangement that constitutes a “deferral of compensation” within the meaning of Code Section 409A shall be delayed and paid or
provided (or commence, in the case of installments) on the first payroll date on or following the earlier of (i) the date which is six (6) months and one (1) day after Executive’s termination of employment for any reason other
than death, and (ii) the date of Executive’s death, and any remaining payments and benefits shall be paid or provided in accordance with the normal payment dates specified for such payment or benefit. Notwithstanding any of the foregoing
to the contrary, the Company and its respective officers, directors, employees, or agents make no guarantee that the terms of this Agreement as written comply with, or are exempt from, the provisions of Code Section 409A, and none of the
foregoing shall have any liability for the failure of the terms of this Agreement as written to comply with, or be exempt from, the provisions of Code Section 409A. 
 [SIGNATURE PAGE FOLLOWS] 

  
 13 









 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the
date first written above. 
  

			
	EVERTEC, LLC
		
	By:	 	 /s/ Peter Harrington

	Name:	 	Peter Harrington
	Title:	 	President & Chief Executive Officer


 
			
	
	PHILIP E. STEURER
		
	Signature:	 	 /s/ Philip E. Steurer



 [Signature Page to Steurer Employment Agreement] 







 SCHEDULE I 
 Other Agreements 
  

	•	 	 Restrictive Covenant Agreement (for Employees in Other States) between Philip E. Steurer and First Data Corporation