l'JIOJ£CT: 

PROJECT ASSICNMF.NT #2A 

TITLE Ill 

UNDER INDEPENDENT CONTRACI'OR SERVICES AGReEMENT 

ANDREW WOLFE 

EFFECTIVE: August 1.2017 

Contractor (A. Wolfe) shall render senrices to ~ist the Boatd in connection with matters relating to its 

certification and <.."VcntuaJ monitoring of a fiSCal plan fo·r the Commonv..'Calth of Puerto Rico through lbc 

Title lll process pertaining to the debts aud plan of adjustment, without limiting the genernlity of the 

foregoing: 

J. Evaluating the macroeconomic framework underlying the fiscal plan and making 

recommendations to the Board; 

2. ArlaJyzing the fiscaJ projections in the fiscal plan, including evaloations of che underlyirlg policies, 

consistency "ivith tbe macroeconomic t.rtunewol:'~ a.od shortfalls vis-ii-vis fiscal needs and p<>teotial; 

3. Providing advice oo addiJiooal pOlicies r.hat could be enacted. including Slrt!Ctural relbnns to 

bolster growth and fiscal perfonnance; 

4. Providing an as:;ess.meo~ of debt sustainability under the fisC31 phm and carrying out an U\1F-stylc 

debt sustainability analysis; 

5. Assisting the Bo..'tfd's outside counsel in pending and threatened litigation concerning fiscal plans 

a.od othct Board decisions, provided. however, t hat any such as..~istance shaH be governed by the 

tenns of a separaLe engagement leuer between Oulside counsel aod Contractor. aDd iJl"oiccs for 

work done for outside counsel should be separated frQm invoices for " 'ork done for the Board; 

6. Providing ~-tdvice on monitodng developments Lmder a certified fiscal plan and assisting in the 

monitoring process; and 

7. Any other tasks mutually agreed upon. 

Sca:F;Ot11£ (U' WORK: 

The work commenced or shall have commenced e!Iective oo AuguS1 I, 2017, and shall he completed by 

June 30,2018. Conu:actor shall devote at least half of the month's nonnal business hours to services for the 

Board for d>e term of this Project Assignment to eoro the monthly fee ''" forth below. 

A· I 

Case:17-03283-LTS Doc#:2718-1 Filed:03/16/18 Entered:03/16/18 15:12:50 Desc:

Exhibit 1 Page 1 of 3
A. Fee: $25.000 per roootb, subject to the maxim-um charge helow. 

B. Rc.imbursement for air tr.;~vcl whjch, due to Mr. Wolfe's medical condition related to flying, can 

be first class, as long as it is at or below the cost of full eco1lomy coach. and one class below first 

for travel by train, as we-ll as costs of hotels consistent with the TiLI.e lll guidelioes on suc.h 

expenditures. The Board, in its discretion. determines that any costs incurred by Mr. WoJie for 

legal fees assoc·iatcd with Title Ill filings shall also be reirobursable in full. Aoy other expeiJSe$ 

t.o be incurred and for which re-imbursement is sought should be approved in advance by tlle 

Executive Director or the Chainnan of the Board. 

Contractor shaJI invoice the Board monthly for services and expenses and shall provide receipts, 

copies of time record.-; showing portions of da;)'s worked and services performed by Contractor 

and (01:' Contractor by outSide professionals. if any. indoded in disbursementS, and such othet 

documentation of e.xperlses a~ the Boatd teque.c;t.~. MonthJy time records wi It be majntained in an 

Exocl spreadsheet-containing the date, hours worked, and short description of the:-work 

p ... rormcd. 

Payment terms: net thirty (30) days from recei:pt of invoice for all valid chatges. Contractor shaH 

invoice the Board on or before the tenth day of each month for services rendered and expenses 

incurred during the previous month. 

C. Max.imuro amouot chargeable by C<>nuac1or on this Project Assignment is $275,000 plus valid 

reirnbursable e~penses, unless cban_£,red i.o a writing Si8Jled by lhe Exeeutive Director or the 

Chairman of the Board. 

D. Contractor will be res-ponsible for the payment of any applicable payroll and i_neorne taxes. If the 

Contractor physically renders: services: in Puerlo Rico, he will be r-esponsible to file applicable 

income tax return in Puerto Rico. 

ADDITIONAL TERMS: 

Putsuant to Section 4.2 of the Agreement, sJI bre:;ic economic models in the possession of the 

Contractor prior to engagement with the Board pursuant to the hldepexldent Contractor Services 

Agreement shall remain the propeny of the Contractor after termination of the Agreement. 

Adjustments to these models for the specifics of Puerto R.ico and the work of the Board sMU 

remain with the Board upon tennioation of the Agreemenl.. 

Contractor sb.aH ex.ocu1e and deliver to the Board a Vendor Conflict of lnterest Disclosure 

Certification in the fonn of Appendix A attached hereto. 

A·2 

Case:17-03283-LTS Doc#:2718-1 Filed:03/16/18 Entered:03/16/18 15:12:50 Desc:

Exhibit 1 Page 2 of 3
IN Wri'N£&1 WtUliU:CW, the p:mies have executed this Project Assi8Jimcnt as of the date lio;t written obove. 

TilE Fll<ANCIAt.. ()vr.JISrGtrT ANO MA.'<AGoU".l\"T 

BoARD 1'011 Pllf.ttTO RlOO 

By: , .4 /1. c; .. ,;,. 

Name: N.Wic A Jaresko 

Title: Executive Din:ctor 

Co>"TitACTOI< 

By: ~ •• ., Wtft{t. 

Name: Dr. Andn:w Wolfe 

Title: 

Case:17-03283-LTS Doc#:2718-1 Filed:03/16/18 Entered:03/16/18 15:12:50 Desc:

Exhibit 1 Page 3 of 3