Document:

exv4w1

Exhibit 4.1

PURCHASE MONEY NOTE

			
	 	 	 
	$5,758,084,000
	 	April 30, 2010
	 	 	 

     FOR VALUE RECEIVED, Banco Popular de Puerto Rico, a Puerto Rico commercial bank (herein
referred to as the “Issuer”), hereby unconditionally promises to pay to the order of the
Federal Deposit Insurance Corporation (in any capacity, the “FDIC”), as receiver for Westernbank
Puerto Rico (the FDIC, in such capacity, the “Receiver”), or its successors and assigns
(the “Holder”), the principal sum of $5,758,084,000 (Five Billion Seven Hundred Fifty-Eight Million
Eighty-Four Thousand and 00/100 United States Dollars), and interest thereon at the rates and at
the times provided herein.

     The principal and interest on
this Purchase Money Note is payable in such coin or currency of
the United States of America as at the time of payment is legal tender for payment of public and
private debts. This Purchase Money Note is the Purchase Money Note referred to in, and is entitled
to the security, protections and benefits afforded by, (i) that certain Security Agreement dated as
of April 30, 2010 by and among the Issuer, the Receiver, as initial Holder and as collateral agent
(as amended, supplemented or restated from time to time, and including any substantially similar
agreement entered into by the parties thereto, the “Security Agreement”), and (ii) the
Custodial and Paying Agency Agreement (as defined in the Security Agreement). The foregoing
notwithstanding, this Purchase Money Note is fully recourse to the Issuer. Unless otherwise defined
herein, capitalized terms used in this Purchase Money Note have the meanings provided in, or by
reference in, (x) the Security Agreement (as originally executed) or (y) if not defined in, or by
reference in the Security Agreement, the Custodial and Paying Agency Agreement (as originally
executed).

     The entire outstanding principal amount of this Purchase Money Note shall be due and payable
on April 30, 2015 (the “Maturity Date”), or such earlier date as such amount shall become
due and payable pursuant to the terms of this Purchase Money Note.

     The Issuer will pay interest in arrears on this Purchase Money Note at the Note Interest Rate
(defined below) on each Distribution Date on the principal amount of this Purchase Money Note
outstanding from time to time. Interest will be calculated on the basis of a 360-day year
consisting of twelve 30-day months. As used herein, “Note Interest Rate” shall mean a rate
per annum equal to two and one half percent (2.50%). Notwithstanding the foregoing, should the
Issuer fail to pay any interest as and when due hereunder, such interest shall accrue interest at
the Note Interest Rate plus two percent (2.00%) per annum. Interest hereunder shall continue to
accrue after the commencement by or against the Issuer of any proceeding under any Debtor Relief
Law naming the Issuer as a debtor therein, regardless of whether such interest is an allowed claim
in such proceeding.

     Notwithstanding anything to the contrary in the Custodial and Paying Agency Agreement and
except as otherwise provided herein, any and all payments by the Issuer to or for the account of
the Holder or its successors and assigns, including any person that holds a participatory interest
in this Purchase Money Note (the Holder, its successors and assigns, and any person that holds a
participatory interest in this Purchase Money Note is referred to herein as a “Participating
Holder”), on this Purchase Money Note shall be made free and clear of and

 

 

without deduction for any and all present or future taxes, duties, levies, imposts, deductions,
assessments, fees, withholdings or similar charges, and all liabilities (including additions to
tax, penalties and interest) with respect thereto, excluding, in the case of each Participating
Holder, (A) taxes imposed on or measured by its net income or overall gross income (including
branch profits), and franchise (and similar) taxes imposed on it in lieu of net income taxes, by
the jurisdiction (or any political subdivision thereof) under the laws of which such Participating
Holder, as the case may be, is organized, is a resident of, maintains a lending office or is
otherwise engaged in trade or business, and all liabilities (including additions to tax, penalties
and interest) with respect thereto; (B) any taxes that are solely attributable to such
Participating Holder’s failure to deliver a Withholding Certificate (as defined below) in
accordance with the terms hereof; and (C) any withholding taxes imposed on amounts payable to a
Participating Holder at the time such Participating Holder acquires an interest in this Purchase
Money Note, except to the extent that such Participating Holders’s assignor (if any) was entitled,
at the time of assignment, to receive a Withholding Tax Gross-Up Payment (as defined below) from
the Issuer with respect to such non-excluded taxes pursuant to this paragraph. All non-excluded
taxes, duties, levies, imposts, deductions, assessments, fees, withholdings or similar charges, and
liabilities described in the immediately preceding sentence are hereinafter referred to as
“Taxes.” If the Issuer shall be required by any Laws to deduct any Taxes from or in respect
of any sum payable under this Purchase Money Note to a Participating Holder, (i) an additional
amount shall be payable (such additional amount, a “Withholding Tax Gross-Up Payment”) so
that after making all required deductions (including deductions applicable to the Withholding Tax
Gross-Up Payment), the Participating Holder receives the amount equal to the sum it would have
received had no such deductions been made, (ii) the Issuer shall make such deductions (to the
extent not deducted by the Paying Agent under the Custodial and Paying Agency Agreement), (iii) the
Issuer shall pay the full amount deducted to the relevant taxation authority or other authority in
accordance with applicable laws, and (iv) within thirty (30) days after the date of such payment
(or, if receipts or evidence are not available within thirty (30) days, as soon as possible
thereafter), the Issuer shall furnish to such Participating Holder the original or a certified copy
of a receipt evidencing payment thereof to the extent such a receipt is issued therefor, or other
written proof of payment thereof that is reasonably satisfactory to the Participating Holder. If
the Issuer fails to pay any Taxes when due to the appropriate taxing authority or fails to remit to
any Participating Holder the required receipts or other required documentary evidence, the Issuer
shall indemnify such Participating Holder for any incremental taxes, interest or penalties that may
become payable by such Participating Holder arising out of such failure to the extent that such
amounts were previously not paid to such Participating Holder.

     Notwithstanding anything to the contrary in the Custodial and Paying Agency Agreement, the
Issuer agrees to indemnify each Participating Holder for (i) the full amount of Taxes (including
any Taxes imposed or asserted by any jurisdiction on a Withholding Tax Gross-Up Payment) paid by
such Participating Holder and (ii) any liability (including additions to tax, penalties, interest
and expenses) arising therefrom or with respect thereto, in each case whether or not such Taxes
were correctly or legally imposed or asserted by the relevant governmental authority; provided that
such Participating Holder provides the Issuer with a written statement thereof setting forth in
reasonable detail the basis and calculation of such amounts. Payments required pursuant to the
preceding sentence shall be made within thirty (30) days after the date such Participating Holder
makes a demand therefor.

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     Any Participating Holder that is entitled to an exemption from or reduction of any applicable
withholding tax with respect to payments hereunder shall deliver to the Issuer such properly
completed and executed documentation in a form reasonably acceptable to the Issuer as will permit
such payments to be made without withholding or at a reduced rate of withholding (any such
documentation, a “Withholding Certificate”). Without limiting the generality of the
foregoing, each Participating Holder shall deliver to the Issuer a Withholding Certificate
certifying the status of such Participating Holder as a resident or non-resident of Puerto Rico,
whether or not it (or he/she) is engaged in trade or business in Puerto Rico and, in the case of
non-residents of Puerto Rico not engaged in trade or business in Puerto Rico, that such
Participating Holder is not a “Related Person” of the Issuer as such term is defined in Sections
1221(a)(3) and 1231(a)(l)(A)(3) of the Puerto Rico Internal Revenue Code of 1994, as amended. Such
Withholding Certificates shall be delivered by each Participating Holder on or before the date it
acquires its interest in this Purchase Money Note. In addition, a Participating Holder shall
deliver such Withholding Certificates promptly upon the invalidity of any Withholding Certificate
previously delivered by such Participating Holder. A Participating Holder shall promptly notify the
Issuer at any time it determines that any previously delivered Withholding Certificate no longer
applies.

     This Purchase Money Note is subject to prepayment, and shall be prepaid, from time to time in
accordance with the terms of the Custodial and Paying Agency Agreement. In addition to the
foregoing, the principal of this Purchase Money Note may be prepaid by the Issuer at any time or
from time to time, in whole or in part, but only on a Distribution Date and only upon at least
twenty (20) days prior written notice to the Holder with respect to partial prepayments, and upon
at least sixty (60) days prior written notice with respect to prepayments in full, provided
that any such prepayment shall be accompanied by the payment in full of (x) all overdue
interest hereunder (and interest accrued on such overdue interest) and (y) accrued and unpaid
interest (other than the amount described in clause (x)) on the principal amount being prepaid. Any
amount repaid or prepaid pursuant to this Purchase Money Note may not be reborrowed.

     The Holder, by acceptance of this Purchase Money Note, covenants and agrees that no recourse
may be taken, directly or indirectly, with respect to the rights of the Issuer pursuant to the
Custodial and Paying Agency Agreement or any other PA Financing Transaction Document or under any
certificate or other writing delivered in connection therewith, against the Paying Agent or its
Affiliates.

     Payments on this Purchase Money Note, whether by the Issuer or the Paying Agent, will be made
by wire transfer of immediately available funds to such account as may be specified by the Holder
in writing from time to time or, at the option of the Holder, by check to such address as the
Holder shall have designated in writing from time to time, in each case without the presentation or
surrender of this Purchase Money Note or the making of any notation hereon. Notwithstanding the
foregoing, the final payment on this Purchase Money Note will be made only upon presentation and
surrender of this Purchase Money Note at the office or agency maintained for that purpose by the
Paying Agent in New York, New York or at any other office or agency of the Issuer. If any payment
of principal of, or any other amount owed by the Issuer pursuant to, this Purchase Money Note
becomes due and payable on a day other than a Business

3

 

Day, such due date shall be extended to the next succeeding Business Day (unless such Business Day
would occur after the Maturity Date, in which case such due date shall be the immediately preceding
Business Day).

     Upon the occurrence of an Event of Default, the Collateral Agent may declare this Purchase
Money Note to be immediately due and payable, by a notice in writing to the Issuer, and upon any
such declaration the unpaid principal amount of, and all accrued and unpaid interest on, the
Purchase Money Note, together with all other accrued and unpaid amounts in respect thereof through
the date of acceleration, shall become immediately due and payable without the necessity of any
presentment, demand, protest or any other notice of any kind, all of which are hereby expressly
waived by the Issuer; provided, however, that with respect to an Event of Default
resulting from the occurrence of an Insolvency Event enumerated in any of clauses (i) through (vi),
or clause (ix), of the definition thereof, the unpaid principal amount of, all accrued and unpaid
interest on, and all such other amounts in respect of, this Purchase Money Note shall automatically
become immediately due and payable without further act of the Collateral Agent or the Holder.

     The Issuer shall pay to the Holder such additional amounts as shall be sufficient to pay the
Holder’s actual and reasonable costs and expenses of collection, including without limitation
reasonable attorneys’ fees.

     No delay, omission or waiver on the part of the Holder in exercising any right pursuant to
this Purchase Money Note shall operate as a waiver of such right or any other right of the Holder,
nor shall any delay, omission or waiver on any one occasion be deemed a bar to or waiver of the
same or any other right on any future occasion. Except as otherwise set forth herein, the rights
and remedies of the Holder are cumulative and not exclusive of any rights or remedies the Holder
would otherwise have.

     The Issuer’s obligations pursuant to this Purchase Money Note are absolute and unconditional
and shall not be affected by any circumstance whatsoever, and the Issuer hereby agrees to make, or
cause the Paying Agent to make, all payments pursuant to this Purchase Money Note in full and when
due, whether in respect to principal, interest or any other amount owed by the Issuer pursuant to
this Purchase Money Note, without notice, demand, counterclaim, setoff, deduction, defense,
abatement, suspension, limitation, deferment, diminution, recoupment or other right that the Issuer
may have against the Holder or any other Person, and the Issuer hereby waives and agrees not to
assert any defense (other than payment in accordance with the terms hereof), right of counterclaim,
set off or recoupment, or other right which it may have against the Holder or any other Person.

     All notices, requests, demands, and other communications required or permitted to be given or
delivered under or by reason of the provisions of this Purchase Money Note shall made in accordance
with Article XVIII of the Custodial and Paying Agency Agreement.

     In case any one or more of the provisions hereof should be invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions contained
herein shall not in any way be affected or impaired thereby.

4

 

     This Purchase Money Note shall bind the Issuer and the successors of the Issuer, and the term
“Issuer” herein shall include the successors of the Issuer.

     The terms of this Purchase Money Note may be amended from time to time only by the written
agreement of the Issuer and the Holder.

     This Purchase Money Note and the rights and the duties of the Issuer and the Holder pursuant
to this Purchase Money Note shall be governed by and construed in accordance with the law of the
State of New York, excluding any conflict of laws rule or principle that might refer the governance
or the construction of this Purchase Money Note to the law of another jurisdiction.

          (a) The Issuer on behalf of itself and its Affiliates, irrevocably and unconditionally:

            
   (i) consents to the jurisdiction of the United States District Court for
the Southern District of New York and to the jurisdiction of the United States District Court
for
the District of Columbia for any suit, action or proceeding against it or any of its
Affiliates
commenced by the Holder arising out of, relating to, or in connection with this Purchase Money
Note or any other PA Financing Transaction Document, and waives any right to:

                    (A) remove or transfer such suit, action or proceeding to any court or dispute-resolution
forum other than the court in which the Holder files the suit, action or proceeding without the
consent of the Holder;

                    (B) assert that venue is improper in either the United States District Court for the Southern
District of New York or the United States District Court for the District of Columbia; or

                    (C) assert that the United States District Court for the Southern District of New York or the
United States District Court for the District of Columbia is an inconvenient forum.

             
  (ii) consents to the jurisdiction of the Supreme Court of the State of
New York for any suit, action or proceeding against it or any of its Affiliates commenced by
the
Holder arising out of, relating to, or in connection with this Purchase Money Note or any PA
Financing Transaction Document, and waives any right to:

                    (A) remove or transfer such suit, action or proceeding to any
other court or dispute-resolution forum without the consent of the Holder;

                    (B) assert that venue is improper in the Supreme Court of the
State of New York; or

                    (C) assert that the Supreme Court of the State of New York is
an inconvenient forum.

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               (iii) agrees to bring any suit, action or proceeding by the Issuer or its
Affiliates against the Holder arising out of, relating to, or in connection with this Purchase
Money Note or any PA Financing Transaction Document in only either the United States District
Court for the Southern District of New York or the United States District Court for the
District of
Columbia, and waives any right to remove or transfer such suit, action or proceeding to any
other
court or dispute-resolution forum without the consent of the Holder, and agrees to consent
thereafter to transfer of the suit, action or proceeding to either the United States District
Court for
the Southern District of New York or the United States District Court for the District of
Columbia at the option of the Holder; and

               (iv) agrees, if the United States District Court for the Southern District
of New York and the United States District Court for the District of Columbia both lack
jurisdiction to hear a suit, action or proceeding falling within paragraph (a)(iii)
above, to bring
that suit, action or proceeding in only the Supreme Court of the State of New York, and waives
any right to remove or transfer such suit, action or proceeding to any other court or dispute-resolution forum without the consent of the Holder.

          (b) The Issuer, on behalf of itself and its Affiliates, hereby irrevocably and unconditionally
agrees that any final judgment entered against it in any suit, action or proceeding falling within
paragraph (a) above may be enforced in any court of competent jurisdiction.

          (c) Subject to the provisions of paragraph (d), the Issuer, on behalf of itself and
its Affiliates, and, by its acceptance hereof, the Holder, hereby irrevocably and unconditionally
agrees that service of all writs, process and summonses in any suit, action or proceeding pursuant
to paragraph (a) or paragraph (b) above may be effected by the mailing of copies
thereof by registered or certified mail, postage prepaid, to it at its address for notices set
forth in the Custodial and Paying Agency Agreement; provided, however, that nothing
contained in this paragraph (c) shall affect the right of any party to serve process in any
other manner permitted by Law.

          (d) Nothing in paragraph (a), paragraph (b) or paragraph (c)
above shall constitute consent to jurisdiction in any court by the FDIC or in any way limit the
FDIC’s right to remove, transfer, seek to dismiss, or otherwise respond to any suit, action, or
proceeding against it in any forum.

     EACH OF THE ISSUER AND, BY ITS ACCEPTANCE HEREOF, THE HOLDER HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE ARISING OUT OF OR
RELATING TO THIS PURCHASE MONEY NOTE AND AGREES THAT ANY SUCH DISPUTE SHALL BE TRIED BEFORE A JUDGE
SITTING WITHOUT A JURY.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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     IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in
facsimile, as of the date first shown above.

	 	 	 	 	 
	 	BANCO POPULAR DE PUERTO RICO

 	 
	 	By:  	/s/ David H. Chafey, Jr.
 	 
	 	 	Name:  	David H. Chafey, Jr. 	 
	 	 	Title:  	President 	 
	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature Page to Purchase Money Note]exv4w2

Exhibit 4.2

BANCO POPULAR CASH-SETTLED VALUE APPRECIATION INSTRUMENT

Issue Date: April 30, 2010

1.
Defined Terms. When used in this Value Appreciation Instrument (“VAI”), the
following terms have the meanings indicated.

     “Bank” means Banco Popular de Puerto Rico.

     “Company” means Popular, Inc.

     “Determination Price” means the Company’s “average volume weighted price” (displayed under the
heading “Bloomberg VWAP” on the issuer’s Bloomberg page) over the two NASDAQ trading days
immediately prior to the Exercise Date.

     “Exercise Date” means (i) the date of exercise designated by the Holder in the Notice or (ii)
if the date is not so designated in the Notice, the date the Bank receives the Notice, which, in
either event, shall not be earlier than the date that the Notice is received by the Company and
shall not be later than the expiration of the Term.

     “Exercise Price” means $3.43, subject to adjustment pursuant to Section 13.

     “FDIC” means Federal Deposit Insurance Corporation.

     “Holder” means the FDIC or its assignee.

     “Initial Exercise Date” means May 7, 2010.

     “Notice” means written notice, in the form attached as Appendix A, executed by the
Holder.

     “Right” means the cash-settled value appreciation right granted pursuant to this VAI with
respect to 50,000,000 Units (such number of Units subject to adjustment pursuant to Section 13), at
the Exercise Price.

     “Term” means the period commencing on May 7, 2010 and expiring at 5 p.m. EST on May 7, 2011.

     “Unit” means an accounting device used to calculate the settlement amount of the Right granted
by this VAI, which mirrors one share of Company common stock.

     “VWAP” means the Volume Weighted Average Price for a trading day displayed under the heading
“Bloomberg VWAP” on the Bloomberg Page for the Company (or its equivalent successor page if such
page is not available) for such trading day. If the Bloomberg Page or the Bloomberg VWAP is not
available for a trading day, “VWAP” shall mean the volume weighted average price of Company common
stock for such trading day, as determined by a nationally

 

 

recognized investment banking firm retained by the Bank based on available trading information for
the Company’s common stock.

2. Grant of Value Appreciation Right. The Bank hereby grants to the FDIC, during the
Term, the Right.

3. Exercise. To the extent permitted by applicable laws and regulation, the Right is
exercisable in accordance with the following conditions:

	 	(a)	 	The Right may be exercised in whole or in part beginning on the Initial
Exercise Date and continuing, at any time, until expiration of the Term.
	 
	 	(b)	 	Notice designating the date of exercise must be delivered to the Bank prior to
expiration of the Term and the Right shall be deemed to be exercised on the Exercise
Date.

4. Settlement of Right; Payment by Bank. After receipt of the Notice, on the first business
day following the Exercise Date, the Bank shall deliver to the Holder an amount, in cash, equal to
the product of (i) the number of Units with respect to which the Right was exercised and (ii) the
difference between (A) the Determination Price and (B) the Exercise Price. Payment shall be made by
wire transfer of immediately available funds by the Bank to the account designated in the Notice.

5. No Rights as Shareholder. This VAI does not entitle the Holder to any voting rights or
other rights as a shareholder of the Bank or the Company.

6. Compliance with Law. Holder will not exercise the Right and the Bank will not be
obligated to deliver payment, if such exercise or payment would violate any applicable law or any
rule or regulation of any governmental authority or any rule or regulation of any securities
exchange or association.

7. Transfer/Assignment. This VAI is transferable, in whole or in part as set forth above
without the consent of the Bank. This VAI shall be binding upon any successors or assigns of the
Bank and the Holder.

8. Governing Law: Jurisdiction. This VAI shall be governed by and construed in accordance
with the federal law of the United States. Each of the Bank and the Holder agrees to submit to the
exclusive jurisdiction and venue of the federal courts located in the Southern District of New York
for any action, suit or proceeding arising out of or relating to this VAI or the transactions
contemplated hereby. To the extent permitted by applicable law, each of the Bank and the Holder
hereby unconditionally waives trial by jury in any legal action or proceeding relating to the VAI.

9. Amendments/Waivers. This VAI may be amended and the observance of any term of this Value
Appreciation Instrument may be waived only, in the case of an amendment, with the written consent
of the Bank and the Holder, or in the case of a waiver, in writing by the party against whom the
waiver is to be effective.

 

 

10. Notices. All notices hereunder shall be in writing and shall be effective (A) on the
day on
which delivered if delivered personally or transmitted by facsimile with evidence of receipt,
(B) one Business Day after the date on which the same is delivered to a nationally recognized
overnight courier service with evidence of receipt, or (C) five Business Days after the date on
which the same is deposited, postage prepaid, in the U.S. mail, sent by certified or registered
mail, return receipt requested, and addressed to the party to be notified at the address indicated
below, or at such other address and/or telecopy or telex number and/or to the attention of such
other person as the Company or the Holder may designate by ten-day advance written notice.

	 	 	 	 	 

	 

	 	If to the Bank, to:
	 	Richard L. Carrion
	 

	 	 	 	CEO and Chairman of the Board
	 

	 	 	 	 Banco Popular de Puerto Rico
	 

	 	 	 	rcarrion@bppr.com
	 

	 	 	 	(787) 763-0277 (tel)
	 

	 	 	 	(787) 756-0277 (fax)
	 
	 	 	 	 
	 

	 	If to the Holder, to:
	 	Federal Deposit Insurance Corporation
	 

	 	 	 	Receiver of Westernbank Puerto Rico
	 

	 	 	 	1601 Bryan Street, Suite 1700
	 

	 	 	 	Dallas, Texas 75201
	 

	 	 	 	Attn: [Settlement Manager]
	 

	 	 	 	Facsimile: [(703) 465-4324]

11. Entire Agreement. This VAI and the appendices attached hereto contain the entire
agreement between the parties with respect to the subject matter hereof and supersede all prior
and contemporaneous arrangements or undertakings with respect thereto.

12. Acceptance. The recipient of this Right shall signify acceptance of the terms and
conditions of this Value Appreciation Instrument by signing in the space provided below and
returning a signed copy to the Bank.

13. Adjustments; Anti-Dilution. In the event of any subdivision, reclassification or
consolidation of outstanding shares of common stock of the Company, declaration of a dividend
payable in shares of common stock of the Company or common stock split of the Company, then (i) the
number of Units and (ii) the Exercise Price shall each be proportionately adjusted by the Board of
Directors of the Bank to reflect such transaction; provided, however, that any adjustment shall
only be such as is necessary to maintain the proportionate interest of the Holder and preserve,
without exceeding, the value of this Right. There will be no anti-dilution adjustment with respect
to the conversion of the preferred stock of the Company (represented by depository shares) issued
in the April 2010 offering which are expected to convert into shares of common stock after the
shareholder meeting in May 2010. The existence of this Right shall not affect in any manner the
right or power of the Bank or the Company or their respective shareholders to make or authorize any
or all adjustments, recapitalizations, reorganizations or other changes in the capital stock of the
Bank or the Company or its business or any merger or consolidation of the Bank or the Company, or
any issuance of bonds, debentures or preferred

 

 

stock, or dissolution or liquidation, or any sale or transfer of all or any part of its assets or
business, or any other corporate act or proceeding of any kind.

IN WITNESS WHEREOF, the Bank has caused this VAI to be executed by a duly authorized officer as of
the Issue Date written above.

Banco Popular de Puerto Rico

	 	 	 	 	 

	By:

	 	/s/ Richard Carrión
 

	 	 
	 

	 	Name: Richard Carrión	 	 
	 

	 	Title: Chairman and CEO	 	 

ACCEPTED:

FEDERAL DEPOSIT INSURANCE CORPORATION

	 	 	 	 	 

	By:

	 	/s/ Victor Robert
 

	 	 
	 

	 	Name: Victor Robert	 	 
	 

	 	Title: Attorney-in-Fact	 	 

 

 

FORM OF NOTICE OF EXERCISE

TO: Banco Popular de Puerto Rico

RE:Election to Exercise Value Appreciation Instrument

The undersigned, pursuant to the provisions set forth in the attached Value Appreciation
Instrument, hereby irrevocably exercises its Right under such Value Appreciation Instrument with
respect to the Units set forth below.

	 	 	 	 	 	 	 	 	 

	 	 	Number of Units:	 	                   
                   	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Exercise Date:	 	                                                            ,
201
     
	 	 	 	 	 	 	(if a date is not designated, the
Exercise Date is date the Bank receives this
Notice)
	 
	 	 	 	 	 	 	 	 
	 	 	Wire Transfer Instructions:	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Bank Name:
	 	 
 

	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	ABA Routing#:
	 	 
 

	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Beneficiary Name:
	 	 
 

	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Beneficiary Account #:
	 	 
 

	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Bank Contact:
	 	 
 

	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Phone:
	 	 
 

	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Beneficiary Contact:
	 	 
 

	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Beneficiary Phone:
	 	 
 

	 	 

HOLDER:

                                                            

	 	 	 	 	 

	By:

	 	 
 

	 	 
	 
	 	 	 	 
	Name:

	 	 
 

	 	 
	 
	 	 	 	 
	Title:

	 	 
 

	 	 
	 
	 	 	 	 
	Date:

	 	                                                            , 201         	 	 

Appendix A -Form of Notice of Exercise of Value Appreciation Instrument

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