Document:

EX-10.1

 Exhibit 10.1 

HESS CORPORATION 
 2016
PERFORMANCE INCENTIVE PLAN FOR SENIOR OFFICERS 
 SECTION 1.    General Purpose of Plan.  

The name of this plan is the 2016 Hess Corporation Performance Incentive Plan for Senior Officers (the “Plan”). The purpose of
the Plan is to condition and limit awards of annual incentive compensation and restricted stock to designated senior officers of Hess Corporation (the “Company”) in any year based on the financial performance of the Company for the
preceding year. The conditions and limitations imposed on such awards under the Plan are intended to qualify the awards as “qualified performance-based compensation” for purposes of Section 162(m) of the Code (“Section
162(m)”). For the avoidance of doubt, nothing in the Plan prevents the Committee or the Company from making awards of cash bonuses or restricted or deferred stock to a Participant that are outside of the provisions of the Plan and therefore
may not qualify as “qualified performance-based compensation” for purposes of Section 162(m). 

SECTION 2.    Definitions.  
  

	 	(a)	“Award” means any award of Cash Incentive Compensation or Restricted Stock made to a Participant with respect to a Performance Year, whether such award is paid or deferred during the Payment
Year, and whether or not such award is subject to further performance or service conditions after the date of the award. 

  

	 	(b)	“Cash Incentive Compensation” means a cash bonus or other cash payment awarded by the Committee to a Participant with respect to a Performance Year under the Company’s practice of making
annual payments of incentive compensation to senior officers in a Payment Year based on performance during the preceding Performance Year. 

  

	 	(c)	“Code” means the Internal Revenue Code of 1986, as amended. 

  

	 	(d)	“Committee” means the Compensation and Management Development Committee of the Company’s Board of Directors, or any successor committee of the Company’s Board of Directors which has
authority to approve Awards and which consists solely of outside directors within the meaning of Section 162(m)(4)(C)(i) of the Code and the regulations thereunder. 

 

	 	(e)	“Disability” means a medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six months,
where such impairment causes the Participant to be unable to perform the duties of his or her position of employment or any substantially similar position of employment. 

 

	 	(f)	“Participant” means a senior officer of the Company whom the Committee has designated as a Participant in the Plan for any Performance Year. 

 

	 	(g)	“Payment Year” means the calendar year following a Performance Year. 

  

	 	(h)	“Performance Year” means calendar year 2016 and each succeeding year. 

	 	(i)	“Plan Maximum” means the maximum dollar amount of the Awards that the Committee may pay or grant to any individual Participant with respect to any Performance Year which shall be $25,000,000.

  

	 	(j)	“Restricted Stock” means any shares of restricted stock or deferred stock granted by the Committee to a Participant with respect to a Performance Year under the Company’s Stock Plan.

  

	 	(k)	“Stock Plan” means the Company’s Amended and Restated 2008 Long-Term Incentive Plan, or any successor plan under which the Company makes awards of Restricted Stock. 

SECTION 3.    Designation of Participants. 

Within the first 90 days of each Performance Year, the Committee will designate the Plan Participants for that Performance Year. The
Participants will include the Company’s Chief Executive Officer and such other senior officers of the Company as the Committee shall designate. It is intended that the Participants designated by the Committee will include, but not be limited
to, each senior officer of the Company who the Committee anticipates would be a “Covered Employee” for purpose of Section 162(m) at the end of the Payment Year following the Performance Year. 

SECTION 4.    Establishment of Performance Goals. 

Within the first 90 days of each Performance Year, the Committee shall establish in writing the performance goal or goals for such year, which
shall be based solely on account of the attainment of one or more of the following criteria: attainment of pre-established levels of net income, pre-tax earnings, earnings before interest, taxes, depreciation, depletion and amortization (EBITDA),
earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses (EBITDAX), net cash flow, net cash provided by operating activities before changes in operating assets and liabilities, net cash flow before changes in
operating assets and liabilities, net cash flow from operations, sales, production, cost of production, controllable operated cash costs, margins, capital and exploratory spend, capital expenditures, market capitalization, market price per share,
return on equity, return on assets, return on capital employed, earnings per share, net asset value, book value per share, total shareholder return, cash return on capital employed, finding and development costs per barrel, reserve replacement,
proved reserve additions, resource additions, or environment, health & safety measures, as determined by the Committee. Such performance goals may be applied either individually, alternatively or in any combination to the Company or any
subsidiary or subsidiaries of the Company, on a consolidated or individual company basis, on an adjusted or unadjusted basis, or on a division, entity, line of business, project or geographical basis, either individually, alternatively or in any
combination, as determined by the Committee, in its discretion. As determined by the Committee, performance goals may relate to absolute performance or relative performance compared to the performance of other companies, an index or indices or other
comparator selected by the Committee in its discretion consistent with the “qualified performance-based compensation” exception under Section 162(m) of the Code. The 

 
Committee shall have the authority to make equitable adjustments to a performance goal in recognition of unusual or non-recurring events affecting the Company or the financial statements of the
Company, or in response to changes in applicable laws, or to account for items of gain, loss or expense determined to be extraordinary or unusual in nature or infrequent in occurrence or related to the disposal of a segment of a business or related
to a change in accounting principles. The Committee may also provide in advance for such adjustments to any performance goal as it may determine are permitted under Section 162(m) of the Code. 

SECTION 5.    Method for Computing Awards. 

Within the first 90 days of each Performance Year, the Committee shall establish in writing the methodology for computing the amount of
compensation which will be payable under the Plan to each Participant for such year if the performance goals established by the Committee for such year are attained in whole or in part (the “Award Methodology”). Such method shall be
stated in terms of an objective formula or standard that precludes discretion to increase the amount of the award that would otherwise be due upon attainment of the goals. 

SECTION 6.    Certification of Performance Goals.  

After the Company’s independent auditors have completed their audit of the Company’s financial statements for the Performance Year,
and before any Award is made to any Participant for the Performance Year, the Committee will determine and certify in writing the extent to which the performance goals under Section 4 hereof have been satisfied. 

SECTION 7.    Committee’s Authority to Make Awards. 

(a) After the Committee has determined and certified in writing the extent to which the performance goals under Section 4 hereof have been
satisfied for a Performance Year, the Committee will determine the dollar amount earned by each Participant under the Award Methodology (the “Earned Award Amount”). Following determination of the Earned Award Amount for each
Participant, and subject to the Plan Maximum, the Committee will have the authority to grant an Award for the Performance Year up to the Earned Award Amount, or through the use of “negative discretion” (within the meaning of Treasury
Regulation Section 1.162-27(e)(2)(iii)(A)), any lesser amount determined in the Committee’s sole and complete discretion. The Committee will also have the authority to determine the allocation of such Awards between Cash Incentive
Compensation and Restricted Stock. In exercising its negative discretion to determine a Participant’s Awards of Cash Incentive Compensation and Restricted Stock, and to reduce the total of these Awards below a Participant’s Earned Award
Amount, the Committee may utilize individual or other performance criteria with respect to such separate Awards. For purpose of valuing Awards, the value of a grant of Restricted Stock shall be considered to be equal to the closing price of the
Company’s common stock on the New York Stock Exchange on the last trading date before the date of the grant multiplied by the number of shares included in the Award, and there shall be no discount reflecting any additional performance or
service conditions applicable to such award. The terms of any grant of Restricted Stock, including any vesting provisions, shall be determined in the sole discretion of the Committee in accordance with the terms of the Stock Plan. 

 (b) Payment of Cash Incentive Compensation and grants of Restricted Stock will generally be made
as soon as practicable following the certification of performance goals pursuant to Section 4 hereof, but in all events, during the Payment Year, provided, that the Committee may permit for the deferral of payment of Cash Incentive Compensation
upon such terms as determined by the Committee that comply with Section 409A of the Code. In the event the payment of Cash Incentive Compensation and grants of Restricted Stock made at different times during any Payment Year, any prior Award to
a Participant will reduce the maximum amount of any subsequent Award to that Participant with respect to such Performance Year. 
 (c)
Notwithstanding anything in this Section 7 to the contrary, the Plan Maximum and the maximum amount payable under the Award Methodology will cease to apply with respect to a Participant who has died or terminates employment on account of
Disability and the Plan Maximum and the maximum amount payable under the Award Methodology will cease to apply to all Participants in the event the Company experiences a “Change in Control” (as defined in the Stock Plan). 

SECTION 8.    Termination of Employment. 

If a Participant’s employment with the Company terminates for any reason before the date of payment of any Cash Incentive Compensation or
the date of grant of any Restricted Stock with respect to a Performance Year, the Participant shall not be entitled to any such payment or grant under this Plan for such Performance Year unless otherwise provided in the terms of the Award or
otherwise determined by the Committee. 
 SECTION 9.     Relationship to Stock Plan.  

With respect to Awards of Restricted Stock, the terms and conditions of this Plan limit the Committee’s discretion to make awards under
the Stock Plan, but do not otherwise affect any of the terms or conditions of the Stock Plan. For the avoidance of doubt, nothing in the Plan prevents the Committee or the Company from making awards of cash bonuses or restricted or deferred stock to
a Participant that are outside of the provisions of the Plan and therefore may not qualify as “qualified performance-based compensation” for purposes of Section 162(m). 

SECTION 10.    Relationship to Annual Incentive Compensation Program.  

Any senior officer who has been designated as a Participant in this Plan for a Performance Year will be eligible to receive an Award of Cash
Incentive Compensation based on his or her performance during that Performance Year only in accordance with the terms and conditions of this Plan. 

SECTION 11.    Authority of Committee.  

Any action of the Committee with respect to the Plan shall be final, conclusive and binding on all persons, including the Company,
Participants, any person claiming rights under the Plan form or through any Participant, and shareholders. The express grant of any specific 

 
power to the Committee, and the taking of any action by the Committee, shall not be construed as limiting any power or authority of the Committee. The Committee may delegate to officers or
managers of the Company the authority, subject to such terms as the Committee shall determine, to perform administrative functions under the Plan. 

SECTION 12.    Shareholder Approval.  

No payment shall be made to any senior officers designated as a Participant with respect to the 2016 Performance Year or any later year unless
and until the material terms of the Plan have been disclosed to and approved in a separate vote by the Company’s shareholders. 

SECTION 13.    Section 409A. 

It is intended that the Awards granted under the Plan shall be exempt from, or in compliance with, Section 409A of the Code. In the event
any of the Awards issued under the Plan are subject to Section 409A of the Code, it is intended that no payment or entitlement pursuant to this Plan will give rise to any adverse tax consequences to a Participant under Section 409A of the
Code. The Plan shall be interpreted to that end and, consistent with that objective and notwithstanding any provision herein to the contrary, the Company may unilaterally take any action it deems necessary or desirable to amend any provision herein
to avoid the application of, or excise tax under, Section 409A of the Code provided that such action is consistent with the requirements of Section 162(m) of the Code. Neither the Company nor its current or former employees, officers,
directors, representatives or agents shall have any liability to any current or former Participant with respect to any accelerated taxation, additional taxes, penalties, or interest for which any current or former Participant may become liable in
the event that any amounts payable under the Plan are determined to violate Section 409A.EX-10.01

 Exhibit 10.1 

FORM OF DOCUMENTS RELATED TO DIRECTOR COMPENSATION 

PERSONAL AND CONFIDENTIAL 
 [DATE] 

Dear [INSERT NAME OF DIRECTOR]: 
 We are writing to set forth the
general terms of your compensation as a director of Popular, Inc. (the “Corporation”) and certain of its wholly-owned subsidiaries. These terms are subject to future modification by the Board of Directors. 

The annual compensation for directors approved by the Corporation’s Board on December 11, 2015 is as follows: 

 

	 	•	 	A grant of $100,000 (the “Restricted Stock Grant”) payable to each director in Restricted Stock of the Corporation (the “Restricted Stock”) under the Popular, Inc. 2004 Omnibus Incentive Plan (the
“Omnibus Plan”); 

  

	 	•	 	A retainer fee (the “Annual Retainer”) of $50,000 (payable in cash or in shares of Restricted Stock, at your option); 

  

	 	•	 	A retainer fee (the “Committee Chair Fee”) payable to the director designated as Chairperson of the following Committees (in cash or in shares of Restricted Stock, at the director’s option):

  

	 	•	 	Audit and Risk Committees: $15,000. 

  

	 	•	 	Compensation and Corporate Governance, and Nominating Committees $10,000; and 

  

	 	•	 	A grant of $20,000 (the “Lead Director Grant”) payable in Restricted Stock under the Omnibus Plan, to the director designated as lead director. 

The aforementioned compensation is attributable to the period commencing on April 26, 2016 and ending on the day before the 2017 annual
stockholders’ meeting, and for each subsequent year that you are a director and/or elected as committee chair or lead director. The annual compensation period for subsequent years will commence on the day of the corresponding annual
stockholders’ meeting and end on the day before the following year’s annual meeting. The total cash and Restricted Stock compensation will be paid and/or delivered in advance, within the 30 days following the Corporation’s annual
stockholders’ meeting. 

  
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 The Annual Retainer and Committee Chair Fee will be paid in cash, unless you elect to receive payment in
Restricted Stock under the Omnibus Plan. In order to make such election, you must return to us the attached Director Compensation Election Form within 10 days from the date of this letter. If you do not submit the Director Compensation Election Form
within said 10-day period, the Annual Retainer and Committee Chair Fee will be payable to you in cash. Once you have made an election it will be applicable to all future payments of the Annual Retainer and Committee Chair Fee, unless you notify us
in writing of your desire to change the election. You may make such change in connection with future payments of either compensation element, by sending us a written notice at least 30 days prior to the date of the annual meeting for the year for
which the change would be in effect. 
 An election to receive the Annual Retainer and Committee Chair Fee in the form of Restricted Stock will result in
deferral of taxation of those amounts until such later year as the restrictions lapse.  
 The number of shares of Restricted Stock to be delivered
in payment of the Restricted Stock Grant, the Annual Retainer, the Committee Chair Fee and the Lead Director Grant, as applicable, will be determined by dividing the corresponding amount of the payment in cash by the closing price of the
Corporation’s common stock on the date of the annual stockholder’s meeting. 
 The Restricted Stock will be subject to the terms and conditions of
the Restricted Stock Agreement attached hereto. Any dividends paid on your Restricted Stock will be reinvested in your name in the Popular, Inc. Dividend Reinvestment and Stock Purchase Plan. Dividends will be subject to Puerto Rico income taxes in
the year paid by the Corporation. 
 Please note that, if you are a Puerto Rico resident, cash payments and a subsequent vesting of Restricted Stock may
impose an obligation on you to collect and remit to the Puerto Rico Department of the Treasury any value added tax imposed on the Corporation in connection with the compensation received by you as a director. 

We have enclosed the following documents regarding the foregoing: 
  

	 	1.	Director Compensation Election Form; 

  

	 	2.	Restricted Stock Agreement; and 

  

	 	3.	Omnibus Plan. 

 Please complete and sign the Director Compensation Election Form and the Restricted Stock
Agreement where indicated, and return the executed documents to Marie Reyes Rodríguez at the Corporate Secretary’s Office. Please retain a copy of the documents for your records. 

Cordially, 
 [INSERT NAME OF REPRESENTATIVE] 

  
 2 

 DIRECTOR COMPENSATION ELECTION FORM 

I have received the letter informing me of my compensation as a member of the Board of Directors of Popular, Inc. and certain of its wholly-owned subsidiaries.
I am in agreement with the terms set forth therein. 
 I hereby make the following elections with respect to my future compensation as a member of the Board
of Directors of Popular, Inc. and such subsidiaries: 
 ANNUAL RETAINER FEE 

 

			
	 CASH
	  	 RESTRICTED

STOCK

 COMMITTEE CHAIR
FEE 
  

			
	 CASH
	  	 RESTRICTED

STOCK

 I understand that:
(i) amounts received in cash will be taxed as ordinary income when received; and (ii) compensation income received in the form of restricted stock will be taxed as ordinary income on the date the restrictions lapse. I also understand that
I am free to sell, transfer or otherwise dispose of the shares based on the fair market value of the shares on the date the restrictions lapse. 
  

					
		 	By:	 	  

			
		 	Name:	 	[INSERT NAME OF DIRECTOR]
		
	Date:	 	  

  
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 RESTRICTED STOCK AGREEMENT 

This Restricted Stock Agreement (“Agreement”) by and between Popular, Inc. (the “Corporation”) and
            (“Director”), whereby the Corporation in consideration of Director’s services as a member of the Board of Directors of the Corporation and/or certain of its
wholly-owned subsidiaries, grants to the Director a number of restricted shares of the Corporation’s Common Stock (the “Restricted Stock”) subject to the terms and conditions hereinafter set forth and the terms and conditions of the
Popular, Inc. 2004 Omnibus Incentive Plan (the “Plan”), a copy of which is attached hereto as Exhibit A. Capitalized terms not otherwise defined herein shall having the meaning ascribed them in the Plan. 

1. NUMBER OF SHARES. Pursuant to the terms of the Director’s compensation letter
dated April 26, 2016 and the Director’s election thereunder, the Corporation has agreed to grant to the Director during each year of his/her term as director of the Corporation Restricted Stock in the amount stated in the compensation
letter and election form, as may be amended from time to time. The number of shares of Restricted Stock to be granted each year will be based on the closing price of the Corporation’s common stock on the date of the annual meeting of the
Corporation’s stockholders immediately preceding the commencement of each year for which compensation in the form of Restricted Stock applies. The Grant Date shall be the day the Restricted Stock is allocated to your account within the 30 days
following the annual meeting of the Corporation’s stockholders. For all purposes the Grant Price shall be zero ($0). 
 The Restricted
Stock shall be subject to all the terms, conditions, and restrictions set forth in this Agreement and the Plan. In the event any stock dividend, stock split, recapitalization or other change affecting the outstanding common stock of the Corporation
as a class is effected without consideration, then any new, substituted or additional securities or other property (including money paid other than as a regular cash dividend) that is by reason of any such transaction distributed with respect to
shares of Restricted Stock will be immediately subject to the provisions of this Agreement in the same manner and to the same extent as the Restricted Stock with respect to which such change was effected. Cash dividends paid on the Restricted Stock
shall be reinvested in Common Stock through the Popular, Inc. Dividend Reinvestment and Stock Purchase Plan. 
 2.
VESTING, FORFEITURE AND TRANSFER RESTRICTIONS. All Restricted Stock granted to Director shall become vested and not subject to restrictions upon the termination of
service as a Director for any reason other than for Cause (as defined in the Plan). In the event Director’s relationship with the Corporation, is terminated for Cause (as defined in the Plan), or if Director, Director’s legal
representative, or other holder of the Restricted Stock attempts to sell, exchange, transfer, pledge, or otherwise dispose of any Restricted Stock, all Restricted Stock will be immediately forfeited without any further action by the Corporation.

 Restricted Stock may not be assigned, transferred, pledged or otherwise disposed of in any way other than by the Last Will and Testament
of the Director or the laws of descent and distribution, subject to the bylaws of the Corporation. Any Restricted Stock held by a beneficiary shall be subject to the restrictions imposed on such Restricted Stock. Any such attempt at assignment,
transfer, pledge or other disposition shall be without effect. 

  
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 3. SECURITIES LAW COMPLIANCE.
Notwithstanding anything to the contrary contained herein, no shares under this Agreement may be granted unless the shares of Restricted Stock issuable upon such grant are then registered under the Securities Act of 1933, as amended (the
“Securities Act”) or, if such shares of Restricted Stock are not then so registered, the Corporation has determined that such grant and issuance would be exempt from the registration requirements of the Securities Act. The grant of shares
must also comply with other applicable laws and regulations governing the grant, and no grant of shares will be permitted if the Corporation determines that such purchase would not be in material compliance with such laws and regulations. 

4. STOCK LEGEND. The Corporation and Director agree that, to the extent certificates representing shares
of Restricted Stock are issued by the Corporation, during such time as such Restricted Stock are subject to the provisions of this Agreement and the Plan, such certificates will have endorsed upon them in bold-faced type a legend substantially in
the following form: 
 THE SHARES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER
DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF THE RESTRICTED STOCK AGREEMENT BETWEEN THE CORPORATION AND THE INITIAL HOLDER OF THE SHARES. THE RESTRICTED STOCK AGREEMENT MAY GRANT CERTAIN PURCHASE OPTIONS TO THE CORPORATION, PROVIDES FOR
FORFEITURE OF THE STOCK IN CERTAIN CIRCUMSTANCES, AND IMPOSES RESTRICTIONS ON THE TRANSFER OF THESE SHARES. A COPY OF THE RESTRICTED STOCK AGREEMENT IS ON DEPOSIT AT THE PRINCIPAL OFFICE OF THE CORPORATION AND WILL BE FURNISHED BY THE CORPORATION TO
THE REGISTERED HOLDER HEREOF UPON WRITTEN REQUEST. 
 5. AGREEMENT NOT A
SERVICE CONTRACT. This Agreement is not an employment or service contract, and nothing in this Agreement nor the Plan shall be deemed to create in any way whatsoever any obligation for the Director to
continue his relationship with the Corporation or its subsidiaries, as applicable, or of the Corporation or its subsidiaries, as applicable, to continue the relationship with the Director. 

6. SECTION 83(b) ELECTION. Director acknowledges that if he is subject to taxation under the United
States Internal Revenue Code of 1986, as amended (the “Code”), under Section 83(b) of the Code, the difference between the Grant Price and its fair market value at the time any forfeiture restrictions applicable to such Restricted
Stock lapse is reportable as ordinary income at that time. For this purpose, the term “forfeiture restrictions” includes the forfeiture provisions, and restrictions described in Section 2 of this Agreement. 

  
 5 

 Notwithstanding the preceding, Director understands that he or she may elect to be taxed at the
time the Restricted Stock is acquired hereunder, rather than when and as such Restricted Stock ceases to be subject to such forfeiture restrictions, by filing an election under Section 83(b) of the Code with the Internal Revenue Service within
30 days after the Grant Date. If the Grant Price equals the fair market value of the Restricted Stock on such date, or if it is likely that the fair market value of the Restricted Stock at the time any forfeiture restrictions lapse will exceed the
Grant Price, the election may avoid adverse tax consequences in the future. Director understands that the failure to make this filing within said 30 day period will result in the recognition of ordinary income by Director (in the event the fair
market value of the Restricted Stock increases after Grant Date) as the forfeiture restrictions lapse. Director acknowledges that it is his or her sole responsibility, and not the Corporation’s, to file a timely election under
Section 83(b) of the Code. Director further acknowledges that the election under Section 83(b) of the Code is an election that must be made with respect to each separate grant of Restricted Stock that is subject to this Agreement and that,
immediately after filing the election with the Internal Revenue Service, Director will deliver a copy of such election to the Corporation. 

7. Section 409A. The Restricted Stock granted under this Agreement is intended to be exempt from Section 409A of the
Code, to the extent applicable, and this Agreement is intended to, and shall be interpreted, administered and construed consistent therewith.

8. NOTICES. Any notices provided for in this Agreement or the Plan shall be given in writing and shall be
deemed effectively given upon receipt or, in the case of notices delivered by mail by the Corporation to the Director, five (5) days after deposit in the United States mail, postage prepaid, addressed to the Director at the last address the
Director provided to the Corporation. Notice to the Corporation BPPR shall be given in writing and shall be deemed effectively given upon receipt or, in the case of notices delivered by mail to the Corporation by the Director, five (5) days
after deposit in the United States mail, postage prepaid, addressed to Chief Legal Officer, Popular, Inc. Board of Directors (751), PO Box 362708, San Juan, Puerto Rico 00936-2708. 

9. RIGHTS AS A SHAREHOLDER. Except for the restrictions set forth in this
Agreement and the Plan and unless otherwise determined by the Corporation, the Director shall be entitled to all of the rights of a shareholder with respect to the shares of Restricted Stock awarded pursuant to this Agreement including the right to
vote such shares of Restricted Stock and to receive dividends and other distributions (if any) payable with respect to such shares. Provided, however, that cash dividends paid on Restricted Stock shall be reinvested in common stock of the
Corporation through the Popular, Inc. Dividend Reinvestment and Stock Purchase Plan. 
 10. TAX
WITHHOLDING. The Corporation may withhold or cause to be withheld from any Restricted Stock grant (or Director’s compensation) any Federal, Puerto Rico, state or local taxes required by law to be withheld with
respect to such Restricted Stock grant. By acceptance of this Agreement, Director agrees to such deductions. 

  
 6 

 11. GOVERNING LAW. All questions arising with respect to
this Agreement and the provisions of the Plan shall be determined by application of the laws of the Commonwealth of Puerto Rico except to the extent such governing law is preempted by Federal law. The obligation of the Corporation to grant and
deliver Restricted Stock under this Agreement is subject to applicable laws and to the approval of any governmental authority required in connection with the authorization, issuance, sale, or delivery of such Restricted Stock. 

12. SEVERABILITY. If any provision of this Agreement is held to be illegal or invalid for any
reason, the illegality or invalidity shall not affect the remaining provisions of the Agreement, but such provision shall be fully severable and the Agreement shall be construed and enforced as if the illegal or invalid provision had never been
included in the Agreement. 
 13. SUCCESSORS. This Agreement shall be binding upon the Director,
his legal representatives, heirs, legatees, distributees, and shall be binding upon the Corporation and its successors and assigns. 
 IN
WITNESS WHEREOF, the parties hereto have entered into this Agreement as of             . 
  

			
	POPULAR, INC.
		
	By:	 	  

	Name:	 	[INSERT NAME OF REPRESENTATIVE]
	Title:	 	[INSERT TITLE OF REPRESENTATIVE]
	
	DIRECTOR:
	
	  

	Name:	 	[INSERT NAME OF DIRECTOR]

  
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