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Exhibit 10.36
 Sovereign Bancorp, Inc.
2007 Deferred Compensation Plan
       1. DEFINITIONS
  1.1 Account
 1.2 Beneficiary
 1.3 Board
 1.4 Bonus
 1.5 Bonus Deferrals
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1.6 BRRP Deferrals
 1.7 BRRP Deferral Account
 1.8 BRRP Election
 1.9 Cause
    1.10 Change in Control
    2




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3




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1.11 Code
 1.12 Committee
 1.13 Common Stock
 1.14 Company
 1.15 Deferral Account
 1.16 Deferral Election
 1.17 Director
 1.18 Director Deferrals
 1.19 Director Deferral Account
 1.20 Directors Fees
 1.21 Disability
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1.22 Effective Date
 1.23 Employee
 1.24 Employer
 1.25 ERISA
 1.26 Exchange Act
 1.27 Fair Market Value
 1.28 Incentive Plan
 1.29 Investment Funds
 1.30 Matching Amount
 1.31 Participant
 1.32 Plan
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1.33 Plan Year
 1.34 Retirement
 1.35 Securities Act
 1.36 Salary
 1.37 Subsidiary
 1.38 Salary Deferrals
 1.39 Termination
 1.40 Trust
 1.41 Trustee
 1.42 Unforeseeable Emergency
 1.43 Valuation Date
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1.44 Year of Service
 2. ELIGIBILITY AND PARTICIPATION
 2.1 Eligibility for Participation:
   2.2 Commencement of Participation:
     2.3 Cessation of Participation:
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3. DEFERRAL OF COMPENSATION
 3.1 Salary Deferrals:
 3.2 Bonus Deferrals:
 3.3 Director Deferrals:
 3.4 First Year of Eligibility:
 3.5 Vesting:
 4. INVESTMENT OF CONTRIBUTION
 4.1 Establishment of Accounts:
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4.2 Obligation of the Company:
 4.3 Establishment of Investment Funds:
 4.4 Crediting Investment Results:
 4.5 BRRP Deferral Account Investment:
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5. PAYMENT AND AMOUNT OF BENEFITS
 5.1 Form of Distribution:
   5.2 Time of Distribution:
   5.3 Change in Control Election:
 5.4 Change in Form or Time of Distribution:
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5.5 Distribution after Death: i.e
 5.6 De Minimis Distributions:
 5.7 Distribution Due to Unforeseeable Emergency:
 5.8 BRRP Deferral Account Distribution:
 6. FINANCING
  11




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7. ADMINISTRATION
 7.1 Administration:
 7.2 Plan Expenses:
 7.3 Liability:
 8. AMENDMENT OR TERMINATION
 8.1 Plan Amendment:
 8.2 Termination of the Plan:
 9. CLAIMS PROCEDURE
 9.1 Claim:
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9.2 Denial of Claim:
    9.3 Review of Claim:
 9.4 Final Decision:
 9.5 Attorneys Fees and Expenses:
 9.6 Interest on Delayed Payments:
 10. GRANDFATHERED PROVISIONS
 10.1 BRRP Participants:
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11. MISCELLANEOUS
 11.1 Non-Alienation of Benefits:
 11.2 Limitation of Rights:
   11.3 Participants Rights Unsecured:
 11.4 Incapacity:
 11.5 Withholding:
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11.6 Severability:
 11.7 Controlling Law:
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APPENDIX A
SPECIAL PROVISIONS RELATING TO
GRANDFATHERED BRRP DEFERRAL ACCOUNTS
 1. ELIGIBILITY
 1.1 Eligibility for BRRP Deferral Account.
 2. PLAN CONTRIBUTIONS AND INVESTMENTS
 2.1 Bonus Deferral.
 2.2 Payment of Deferred Bonus to Trust; Investment of Deferred Bonus.
 2.3 Additional Payment to Trust; Investment of Additional Payment.
 2.4 Reinvestment of Earnings.
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2.5 Effect on Deferral Election Upon Certain Terminations of Employment.
 3. VESTING
 3.1 In General.
 3.2 Death; Disability.
 3.3 Retirement.
 3.4 Change in Control.
 3.5 Involuntary Termination.
 3.6 Termination for Cause; Certain Voluntary Termination.
 3.7 Disposition of Forfeitures.
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4. DISTRIBUTION OF BENEFITS
 4.1 Distribution In General.
 4.2 Events Occasioning Distribution.
        4.3 Time of Distribution.
 4.4 Mode of Distribution.
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5. ADDITIONAL ADMINISTRATIVE PROVISIONS WITH RESPECT TO BRRP DEFERRAL ACCOUNT
 5.1 Voting of Common Stock.
 5.2 Certain Securities Law Matters.
   19