Document:

exh_101.htm

EXHIBIT 10.1

AMENDMENT NO. 3

and Confirmation of Lease

84 October Hill Road, Holliston, Massachusetts

This Amendment No. 3 and Confirmation of Lease (this "Amendment") is entered into as of this 30th day of May, 2014 ("Effective Date") between Seven October Hill LLC, a Massachusetts Limited Liability Company ("Landlord"), and Harvard Bioscience, Inc., a Delaware corporation ("Tenant") for the purpose of amending the Lease between Landlord and Tenant dated December 30, 2005 (the "Original Lease"). The term "Lease" as used herein shall mean the Original Lease, as amended by this Amendment. Capitalized terms used herein but not defined shall be given the meanings assigned to them in the Lease.

Pursuant to the terms of the Lease, Tenant leases certain Premises located in the building known as 84 October Hill Road, Holliston, MA, and more particularly described in the Lease. Tenant now desires to lease additional space in the Building and therefore, the parties now desire to amend the Lease to reflect the leasing of the additional space, to extend the Term of the Lease and to make certain other revisions as more particularly set forth below.

NOW, THEREFORE, in consideration of the foregoing and the mutual agreements herein contained and for other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

	
1.

	
Revised Basic Lease Information. The Basic Lease Information section of the Lease is hereby deleted in its entirety and the following is substituted therefore:

BASIC LEASE INFORMATION

 

	Lease Date: 	 	as of December 30, 2005
	 	 	 
	Tenant:	 	Harvard Bioscience, Inc.
	 	 	 
	Landlord: 	 	Seven October Hill, LLC, a Massachusetts limited liability company.
	 	 	 
	
Premises:

	 	
Approximately 83,123 rentable square feet of space in the building (Building # 7) (the "Building") whose street address is 84 October Hill Road, Holliston, Massachusetts. The Premises is comprised of collectively, the Existing Premises and the Expansion Premises. The term "Building" includes the land on which the Building is located and the driveways, parking facilities and similar improvements located thereon.

	 	 	 
	
Existing Premises:

	 	
Approximately 61,570 rentable square feet of space in the Building as shown more particularly on the floor plans attached to this Amendment as Exhibits A1-A4.

	 	 	 
	
Expansion Premises:

	 	
Approximately 21,553 rentable square feet of space in the Building as shown more particularly on the floor plans attached to this Amendment as Exhibit B.

 

  

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Park:

	 	
The industrial park known as New Englander Industrial Park, October Hill Road, Holliston, MA. The Building is located in the Park.

	 	 	 
	
Commencement Date:

	 	
March 1, 2006.

	 	 	 
	
EP Commencement Date:

	 	
The later to occur of (i) September 1, 2014; or (ii) the Substantial Completion Date as defined in Section 2 of this Amendment.

	 	 	 
	
Term:

	 	
With respect to the Existing Premises, the period commencing on the Commencement Date, and with respect to the Expansion Premises, the period commencing on the EP Commencement Date, and in each case expiring one hundred twenty (120) months after the EP Commencement Date (anticipated on August 31, 2024), unless terminated earlier pursuant to the terms of this Lease (the "Expiration Date").

 

Basic Rent:    Basic Rent shall be the following amounts for the following periods of time:

 

	
Period

	
Monthly Basic

Rent

	
Rate per R.S.F

	
Effective Date— one (1) day immediately preceding the EP Commencement Date

	
$28,476.12

	
$5.55 per rsf/triple net

	
EP Commencement Date — Month 12 (August 31, 2015)

	
$39,830.00

	
$ 5.75 per rsf/triple net

	
Month 13 — Month 24

(September 1, 2015—August 31, 2016)

	
$39,830.00

	
$ 5.75 per rsf/triple net

	
Month 25 — Month 36

(September 1, 2016—August 31, 2017)

	
$39,830.00

	
$ 5.75 per rsf/triple net

	
Month 37 — Month 48

(September 1, 2017—August 31, 2018)

	
$41,561.00

	
$ 6.00 per rsf/triple net

	
Month 49 — Month 60

(September 1, 2018—August 31, 2019)

	
$42,254.00

	
$ 6.10 per rsf/triple net

	
Month 61 — Month 72

(September 1, 2019—August 31, 2020)

	
$42,254.00

	
$ 6.10 per rsf/triple net

	
Month 73 — Month 84

(September 1, 2020—August 31, 2021)

	
$43,640.00

	
$ 6.30 per rsf/triple net

	
Month 85 — Month 96

(September 1, 2021—August 31, 2022)

	
$43,640.00

	
$ 6.30 per rsf/triple net

	
Month 97 — Month 108

(September 1, 2022—August 31, 2023)

	
$45,025.00

	
$ 6.50 per rsf/triple net

	
Month 109 — Month 120

(September 1, 2023—August 31, 2024)

	
$45,025.00

	
$ 6.50 per rsf/triple net

*Dates in parenthesis ( ) are estimated dates

 

  

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Security Deposit:

	 	
$40,000.00. Landlord is currently holding $30,785.00 and upon execution of this Amendment, Tenant shall pay to Landlord $9,215.00 as an additional security deposit. See Section 6 of the Original Lease.

	 	 	 
	
Rent:

	 	
Basic Rent plus all additional rent and other sums that Tenant may owe to Landlord or otherwise be required to pay under the Lease.

	 	 	 
	
Permitted Use:

	 	
Office, warehouse, distribution and light manufacturing use as permitted by the zoning by-laws of the Town of Holliston.

	 	 	 
	Tenant's Proportionate Share:	 	
54.97%, provided that from and after the EP Commencement Date, Tenant's Proportionate Share shall mean 74.22% (the percentage obtained by dividing the rentable square feet in the Premises (83,123) by the rentable square feet in the Building (112,000))

	 	 	 
	
Initial Liability Insurance Amount:

	 	$2,000,000.00.
	 	 	 
	Tenant’s Address: 	 	For All Notices:
	 	 	
Harvard Bioscience, Inc.

84 October Hill Road

Holliston, MA 01746

Attn: Robert Gagnon

Telephone: (508) 893 8999

Telecopy: (508) 429 8478

	 	 	 
	Landlord’s Address: 	 	For all Notices & Payments:
	 	 	
Seven October Hill LLC

c/o Parsons Commercial Group

1881 Worcester Road

Framingham, MA 01701

Attention: John R. Parsons, Jr.

Telephone: 508-820-2700

Telecopy: 508-820-2727

 

The foregoing Basic Lease Information is incorporated into and made a part of the Lease identified above. If any conflict exists between any Basic Lease Information and the Lease, then the Lease shall control.

2.           Landlord's Work/Expansion Premises. Landlord agrees to perform the work and improvements in the Expansion Premises as described on Exhibit C attached hereto and made a part hereof ("Landlord's Work"). Landlord's Work shall be performed in a good and workmanlike manner substantially in accordance with the plans and specifications referenced in Exhibit C and in accordance with all applicable laws and regulations. Landlord may make reasonable substitutions of the materials and methods of construction described in Exhibit C in order to accommodate field conditions encountered during performance of Landlord's Work. Except for the completion of Landlord's Work, Tenant acknowledges and represents to Landlord that it has inspected and examined, or caused to be inspected and examined, the Expansion Premises and that it is satisfied with the physical condition and state of repair thereof, and Tenant will accept the Expansion Premises on the EP Commencement Date, in their existing condition and state of repair "as-is" subject to performance of Landlord's Work, and Landlord shall have no obligation to do any work or make any installation or alteration of any kind to the Expansion Premises, except any "punch-list items" to complete Landlord's Work.

  

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Tenant's interior furnishings (i.e., specification, coordination, supply and installation of furniture, furnishings, telephones and movable equipment) will be the responsibility of Tenant. Tenant's installation of furnishings and later changes or additions to the Expansion Premises may occur prior to the Substantial Completion Date upon Landlord's prior approval, which approval shall not be unreasonably withheld, conditioned or delayed, provided that such work shall be coordinated with any work being performed by Landlord in such manner as to maintain reasonably harmonious labor relations and so as not to cause any delay in Landlord's Work or damage the Building or unreasonably interfere with the Building's operations. Tenant's occupancy of the Expansion Premises for such purposes prior to the Substantial Completion Date shall be governed by all the terms and provisions of this Lease other than the payment of Rent.

The "Substantial Completion Date" shall be the date that (1) Landlord's Work has been substantially completed (with the exception of minor items which can be completed without material interference to Tenant's access to or use of the Premises for the Permitted Use, i.e., so called "punch-list items") and (2) the Expansion Premises can be legally occupied, with a certificate of completion, certificate of occupancy or similar certification issued by the applicable governmental authority. Landlord shall diligently pursue and complete all punch-list items within a reasonable time, subject to availability of materials, and other factors beyond Landlord's reasonable control. Notwithstanding the foregoing, if the Substantial Completion Date is delayed due to delays caused by Tenant (a "Tenant Delay"), including, without limitation, change orders, lack of timely action with respect to plans or submission of information which Tenant is required to provide hereunder, long lead time items required by Tenant, or any other actions or inactions of Tenant which directly prevent Landlord from completing (or which directly delay) any of Landlord's Work, the actual Substantial Completion Date shall be moved back by the same number of days that substantial completion was delayed by reason of any of the foregoing Tenant delays. Before Landlord may claim a Tenant Delay, Landlord shall give Tenant written notice of any action or inaction on the part of Tenant that may result in such a Tenant Delay. The estimated Substantial Completion Date is September 1, 2014.

Landlord shall deliver the Expansion Premises to Tenant on the Substantial Completion Date with the base building, including slab, steel, structure, exterior walls, roof, and mechanical systems in good working order.

In the event that Landlord has not Substantially Completed Landlord's Work with respect to the Expansion Premises and delivered the Expansion Premises to Tenant by September 15, 2014, subject to delays due to Force Majeure or Tenant Delay, then Basic Rent for the Expansion Premises shall be abated on the basis of one (1) day of Basic Rent for every day that Landlord has not Substantially Completed Landlord's Work and delivered the Expansion Premises to Tenant after September 15, 2014.

3.           Landlord's Work/Existing Premises. Landlord agrees, at Landlord's sole cost and expense, to perform the following work, as part of Landlord's Work: (1) construction of a product display area in the reception area lobby of the Existing Premises, the scope and size of such display to be mutually agreed upon by Landlord and Tenant; (2) repaint selected areas of the Existing Premises as needed; and (3) paint and recarpet the common area lobby (lobby A) and sheet rock or paint the interior red brick in this lobby.

           Utilities. In accordance with the provisions of Section (8)(a) of the Original Lease, Tenant shall obtain and pay for all water, gas, electricity, heat, telephone, sprinkler charges and other utilities and services servicing the Premises. The utilities are separately metered and Tenant shall pay all such charges directly to the utility service providers, together with all taxes, penalties, surcharges, and maintenance charges pertaining thereto.

5.            Parking and Loading Docks. Notwithstanding anything to the contrary in the Original Lease, Tenant shall be entitled to use up to one hundred and ten (110) parking spaces in the Building's parking area on an unreserved basis. Tenant shall the exclusive right to use the loading docks located within the Premises.

  

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6.           Adjacent Space. Tenant shall have a right of first refusal (the "Right of First Refusal"), subject to the terms herein, with respect to the space currently occupied by Union Bio and shown as the "Union Bio Space" on the floor plan attached hereto as Exhibit B-1 (the "Refusal Space"). The Right of First Refusal shall be exercised as follows: Landlord shall send Tenant a notice stating that (i) Union Bio intends to vacate the Refusal Space and the expected date that the Refusal Space will be available to lease and (ii) the rental rate upon which Landlord is willing to lease the Refusal Space, which shall be the fair market rent as determined, in good faith, by Landlord ("Landlord's RFR Notice"). Tenant may lease the Refusal Space by providing Landlord with written notice of exercise sent within ten (10) days after the date of Landlord's RFR Notice. If Tenant sends notice to Landlord within the time period set forth above electing to lease the Refusal Space, the Refusal Space shall be added to this Lease for the Term and at the rental rate set forth in Landlord's RFR Notice and the parties shall enter into an amendment to this Lease reflecting the addition of the Refusal Space to the "Premises" and the adjustment to the Basic Rent and Tenant's Proportionate Share and such other terms as Landlord may reasonably request. If Tenant fails to reply within the time period set forth above, or provides notice that Tenant does not want to lease the Refusal Space, this Right of First Refusal shall automatically terminate and Tenant shall have no further rights under this Section 6, except that Landlord may only lease the Refusal Space to a third party at the rental rate specified in Landlord's RFR Notice, if Landlord decreases the rental rate offered to a third party, Landlord shall provide a new Landlord's RFR Notice to Tenant and its rights under this Section 6 shall apply to the new notice. Notwithstanding the foregoing, upon the occurrence of an Event of Default or upon any subletting of the Premises or assignment of this Lease, this Right of First Refusal shall automatically terminate. In addition, if there is less than five years left in the Term at the time the Refusal Space becomes available, Landlord shall not be obligated to deliver an RFR Notice.

7.           Amendments to Original Lease. The Original Lease is further amended as set forth below:

A.            Assignment/Sublet. Section 11(a) of the Original Lease is amended by deleting the last sentence in this Section. Any Transfer under the Lease shall require Landlord's prior written consent, such consent not to be unreasonably withheld, conditioned or delayed.

B.            Casualty. Section 16 (b) of the Original Lease is amended by deleting the reference to "90 days" in the fifth line and substituting "180 days" therefore.

C.            Exhibits. The following Exhibits to the Original Lease are hereby deleted: Exhibits C (Tenant's Finish Work), D (Expansion Option), E (Renewal Option), F (Overflow Parking) and G (Landlord insurance certificate).

8.           Prior Amendments. The Original Lease has been amended by Amendment No.1 dated June 1, 2006 and Amendment No. 2 dated May 22, 2010 (collectively the "Prior Amendments"). Landlord and Tenant agree that, as of the EP Commencement Date, the Prior Amendments and all terms and conditions set forth therein are hereby terminated in their entirety and are of no further force and effect.

9.           Signage. Tenant shall have the right to install a sign on the exterior of the Building subject to Landlord's reasonable approval as to the location, size and design of such sign and the means of attachment to the Building. Tenant shall obtain all necessary approvals for such sign and shall maintain its sign in good condition and repair. At the expiration of this Lease, Tenant shall remove the sign and repair any damage to the Building caused by such removal.

  

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10.           Operating Costs. The Operating Costs are hereby adjusted to a cap of $1.70 per rentable square foot until January 1, 2015, after such date the Operating Costs may only increase at a maximum of 5% per annum. There is no cap on Real Estate Taxes for the term of the Lease.

11.           Entire Agreement/Ratification. This Amendment and the attached exhibits, which are hereby incorporated into and made a part of this Amendment, set forth the entire agreement between the parties with respect to the matters set forth herein. This Amendment shall be binding upon and shall inure to the benefit of Landlord and Tenant and their respective legal representatives, successors and assigns. There have been no additional oral or written representations or agreements. Under no circumstances shall Tenant be entitled to any Rent abatement, improvement allowance, leasehold improvements, or other work to the Premises, or any similar economic incentives that may have been provided to Tenant in connection with entering into the Original Lease, unless specifically set forth in this Amendment and Tenant has no further rights to extend the term of this Lease. If any inconsistency exists or arises between the terms of this Amendment and the terms of the Original Lease, the terms of this Amendment shall prevail. Tenant hereby ratifies and confirms its obligations under the Lease, and represents and warrants to Landlord that it has no defenses thereto. Additionally, Tenant further confirms and ratifies that, as of the Effective Date, the Lease is and remains in good standing and in full force and effect, and Tenant has no current claims, counterclaims, set-offs or defenses against Landlord arising out of the Lease or in any way relating thereto or arising out of any other transaction between Landlord and Tenant.

12.            Governing Law. This Amendment shall be governed by the laws of the Commonwealth of Massachusetts.

13.            Brokers. It is agreed and understood that neither Landlord nor Tenant has dealt with any broker or agent in connection with the negotiation or execution of this Amendment other than Parsons Commercial Group, Inc. whose commission shall be paid by Landlord pursuant to a separate agreement.

14.            Counterparts. This Amendment may be executed in multiple counterparts, each of which shall constitute an original, but all of which shall constitute one document.

[Remainder of Page Intentionally Left Blank]

 

 

 

 

  

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WHEREFORE, the parties hereunto set their hands and seals as of the date first set forth above.

LANDLORD:

Seven October Hill LLC, a Massachusetts Limited Liability Company

 

	By: 	/s/ John R. Parsons, Jr. 	 
	 	      John R. Parsons, Jr., Manager

 

 

TENANT:

 

Harvard Bioscience, Inc., a Delaware corporation

 

	By:	 /s/ Robert E. Gagnon 	 
	Name:        Robert E. Gagnon
	Title:           CFO

 

 

  

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EXHIBITS Al- A4

FLOOR PLANS SHOWING EXISTING PREMISES

EXHIBIT Al

Not to Scale

 

 

 

 

	 	Harvard Bioscience, Inc 

84 October Hill Rd Holliston MA

First Floor South

Approx 37,820 RSF (South and North)

 

  

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EXHIBITS Al- A4 (continued)

FLOOR PLANS SHOWING EXISTING PREMISES

EXHIBIT A2

Not to Scale

 

 

 

 

	 	

Harvard Bioscience, Inc.

84 October Hill Rd Holliston MA

First Floor North

Approx. 37,820 RSF (South and North)

 

  

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EXHIBITS Al- A4 (continued)

FLOOR PLANS SHOWING EXISTING PREMISES

 

 

EXHIBIT A3

Not to Scale

 

 

 

	 	

Harvard Bioscience, Inc.

84 October Hill Rd Holliston MA

Second Floor South

Approx. 8,750 RSF (Left of Lobby A)

  

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EXHIBITS Al- A4 (continued)

FLOOR PLANS SHOWING EXISTING PREMISES

*Not to scale

 

 

 

 

 

  

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EXHIBIT B

FLOOR PLAN SHOWING EXPANSION PREMISES

*Not to scale

 

 

  

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EXHIBIT B-1

FLOOR PLAN SHOWING RIGHT OF FIRST REFUSAL SPACE

*Not to scale

  

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EXHIBIT C

DESCRIPTION OF LANDLORD'S WORK

For EXPANSION and EXISTING PREMISES

LANDLORD WORK LETTER SUMMARY:

The Landlord at Landlord's sole cost and expense shall perform the following work listed below under Sections 1, 2 & 3. In all other regards the Expansion Premises and the Existing Premises is taken in its "as-is" condition.

	
I.

	
TENANT IMPROVEMENT — ALLOWANCES:

Section 1- Landlord Work on the EXPANSION PREMISES:

A.  DEMO — Landlord shall remove the demising wall as shown on Exhibit B highlighted in Yellow. (This wall splits the warehouse areas of the Expansion Premises).

B.  DEMO — Landlord and Tenant will mutually agree to selective demo in the Expansion Premises Office area.

C.  CEILINGS — Landlord will install new second look tiles throughout the Expansion Premises Office Space, Restrooms, and Break room areas.

D.  PAINTING — All wall surfaces in the Office, Restrooms and Break room areas of the Expansion Premises shall receive one (1) finish coat of building standard paint over one (1) prime coat of paint. Tenant shall select the paint color for the Premises. There will be no more than two (2) wall colors used in the Premises and the color for door frames can be an additional color. (Landlord shall provide Tenant with a paint chart for the Tenant to select the paint colors from).

E.  FLOORING — New Carpet shall be installed throughout the office area of the Expansion Area. New VCT Tile will be installed in the Bathroom and Break room areas of the Expansion Premises. (Landlord shall provide Tenant with standard selection books to pick carpet and tile from.)

F.  BATHROOM VANITIES — Bathroom vanities will be replaced in all bathrooms in the Expansion Area. (Tenant will be provided a standard selection sheet by Landlord from which to choose the vanities from).

G.  LIGHTING — Landlord agrees to install LED Lighting throughout the warehouse space in the Expansion Premises. New lighting will be installed in all the Res rooms in the Expansion Premises.

H.  BREAK ROOM — Landlord agrees to install new flooring, cabinets and lighting in the Break room area to create a café environment in the Expansion Premises. (Landlord shall provide Tenant with standard selection books for the flooring, cabinets and lighting for which Tenant may choose from).

 

  

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Section 2- Landlord at Landlords sole cost and expense agree to perform the following work on the EXISTING PREMISES:

A.  RECEPTION LOBBY DISPLAY — Landlord agrees to construct a product display in Existing Lobby area of the Lower Level Front entrance. The scope and size of this display area will be mutually agreeable between Landlord and Tenant.

B.  PAINTING AND TOUCH UP — Landlord agrees to re-paint and touch-up mutually agreeable areas of the Existing Premises.

 

Section 3- Landlord at Landlords sole cost and expense agree to perform the following work to the COMMON AREA of Lobby A:

Landlord agrees to perform the following work in the common area of Lobby A, sheetrock and paint over the existing red brick interior walls. Landlord further agrees to install new carpet in the stair areas and landings and at the upper and lower landing levels as well as the hallway in Lobby A.

	
II.

	
ABOVE STANDARD ALLOWANCES

A.           Any above-standard Tenant improvements, i.e. improvements that exceed the standards described either in quantity or quality of materials, or in structural, mechanical or electrical capacities which are requested by Tenant and elected by Tenant after Landlord has advised Tenant of the additional expense of such above standard improvements, shall be at the Tenant's sole cost expense including all reasonable related design fees, or except as may be otherwise negotiated and attached in writing.

	
III.

	
BUILDING STANDARD MATERIAL SELECTIONS

A.           Building standard materials will be selected by Tenant from samples provided by the Landlord. Any deviations from this list will be considered an "above standard" choice and will be subject to the provisions of Paragraph II above.

 

	Carpet loop:	26oz direct glue down carpet. Sample book to be provided to Tenant by Landlord.
	 	 
	VCT: 	AZRock VCT Standard tiles for the kitchen and computer room to be selected by the Tenant in checker board pattern.
	 	 
	Vinyl wall base:	New Vinyl wall base approximately 4" throughout the Premises to be selected by Tenant.
	 	 
	Paint: 	Sherwin Williams or equivalent will be used — sample will be provided to Tenant.
	 	 
	Acoustical ceilings:	2'x4' Armstrong mineral fiber tile (or equivalent) with Standard Grid — second look tiles will be installed in the Expansion Area.

 

In all other regards the Expansion Premises and the Existing Premises are accepted in there "as-is" condition and Landlord shall have no obligation to perform additional work that is not explicitly described herein.

 

 

 

15EX-10.61

 Exhibit 10.61 

EXECUTION COPY 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT 

This AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”) by and between EVERTEC GROUP, LLC, a
Puerto Rico limited liability company (the “Company”), and Carlos J. Ramírez (“Executive,” and collectively, the “Parties”) is made as of this
1st day of July, 2014 (the “Effective Date”). 
 WHEREAS,
Executive and the Company previously entered into an employment agreement dated April 14, 2011 (the “Original Effective Date”); and 

WHEREAS, the Parties desire to amend and restate the employment agreement pursuant to the terms, provisions and conditions set forth
herein. 
 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 continue to be employed by the Company until the fifth (5th) anniversary of the Original Effective Date (the “Employment Period”) unless the
parties mutually agree to extend the term at least 90 calendar 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, including any position as a member of the Company’s Board of Directors. 
  

	2.	Terms of Employment. 

 (a) Position. During the Employment Period, Executive shall
serve as Executive Vice President 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 reasonably 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. The Executive shall be entitled to engage in charitable and educational activities and to manage his personal and family investments, to the extent such activities are not competitive with the business of
the Company, do not interfere with the performance of his duties for the Company and are otherwise consistent with the Company’s governance policies. 

 EXECUTION COPY 

 

 (c) Principal Work Location. Executive’s principal work location, subject to
travel on Company business, shall be the Company’s headquarters in Puerto Rico. 
 (d) Compensation. 

(i) Base Salary. During the Employment Period, Executive shall receive an annual base salary in an amount equal to Three Hundred
Thousand Dollars ($300,000), 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; any such increased Annual Base Salary shall constitute “Annual
Base Salary” for purposes of this Agreement. 
 (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”) pursuant to the terms and conditions set forth in the EVERTEC Annual Performance Incentive Guidelines in effect on the date eligibility for a
bonus is determined. 
 (iii) Options. To the extent that Executive was granted options to purchase shares of common stock of
EVERTEC, Inc., such options shall be subject to the terms of the applicable award agreement and the applicable Equity Incentive Plan. 

(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 the extent applicable generally 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. In addition, the Company shall provide Executive with directors and officers insurance coverage at least equal to that provided to other Company directors and officers. 

(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. 
  

	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(g) 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. 

  
 2 

 EXECUTION COPY 

 

 (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 or (v) continued willful failure to substantially perform duties as executive
vice president. 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) calendar 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) calendar
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), (iv) the relocation of Executive’s primary office to a location more than 25 miles from the prior location that materially increases Executive’s commute to work or (v) the failure of any
successor (whether by sale, reorganization, 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 calendar days following Executive’s knowledge of the occurrence of such event and the Company shall have failed to remedy such event within 30 calendar 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 calendar 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 

  
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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 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)(vi) 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 (E) in the event that the termination occurs after September 30 of a given year, a
prorated amount of the Annual Bonus for such year based on the number of days elapsed, determined and payable in such manner and at such time as annual bonuses in respect of such year are generally paid (the “Prorated Bonus”); and

 (ii) Subject to Section 4(e) below, after the Date of Termination, the Company will pay Executive severance in an amount equal to
the greater of (a) Executive’s Annual Base Salary and (b) amounts due under applicable laws (the “Severance Payment”). The Severance Payment shall be made in a lump sum on the date that is 60 calendar days following
the Date of Termination, subject to the terms and conditions in Section 4(e) below. 

  
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 (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 estate, 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 as result of the Company’s non-extension, then the Company will provide Executive with the Accrued Obligations, the Prorated Bonus and the greater of (i) continued payment of Base Salary for a period of six months in
accordance with the Company’s payroll practices (the “Salary Continuation”) and (ii) amounts due under applicable law. If Executive’s employment shall be terminated by reason of the expiration of the Employment Period
as result of the Executive’s non-extension, then the Company will provide Executive with the Accrued Obligations. Thereafter, in either event, 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 or to pay the Salary
Continuation 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) calendar days following the
Date of Termination; provided, that, if Executive should fail to execute (or revokes) such release within 45 calendar days following the Date of Termination, the Company shall not have any obligation to provide the Severance Payment or the
Salary Continuation. If Executive executes the release within such 45-calendar day period and does not revoke the release within seven (7) calendar days following the execution of the release, the Severance Payment will be made in accordance
with Section 4(a)(ii) or the Salary Continuation shall commence at such time, as applicable.). 
  

	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 Original Effective Date and ending twelve (12) months after the Date of Termination, Executive shall not
directly, or indirectly through another person, (i) 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 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 or (ii) 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. 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. 

  
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 (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 (as defined below) and that such competition by Executive would result in a significant loss of goodwill by the Company. Therefore, Executive agrees that the following are reasonable
restrictions: 
 i) Similar Business: During the Employment Period, and for a term of twelve (12) months immediately after the
termination of such relationship (voluntarily or involuntarily), Executive shall not, directly or indirectly, engage in Similar Business services or activities within the Commonwealth of Puerto Rico; 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. 

ii) Clients: For a period of twelve (12) months after the termination the Executive’s employment relationship with the Company
(voluntarily or involuntarily) Executive shall not, directly or indirectly, solicit or provide, without the written consent from the Company, any service for any Client, such as those Similar Business services or activities provided by Executive
during his employment relationship. 
 For purposes of this Section 5(b) of the Agreement, the following terms shall have these
meanings: 
 “Similar Business” shall mean the same or substantially the same business activity or activities performed or engaged by
Executive for, or on behalf, of the Company. 
 “Client” shall mean any person or entity that was a client or customer of the Company at
the time of termination of Executive’s employment relationship with the Company and for whom Executive provided any services on behalf of the Company or any of its affiliates or subsidiaries at any time, during the term of five (5) years
prior to such termination. 
 Executive warrants and represents that the nature and extent of this non-competition clause has been fully
explained to Executive by the Company, and that Executive’s decision to accept the same is made voluntarily, knowingly, intelligently and free from any undue pressure or coercion. Executive further warrants and represents that he has agreed to
this non-competition clause in exchange for the increase in Base Salary Executive is receiving under this Agreement. 
 (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

  
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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 that Executive may then possess or have under his control. 

(d) Proprietary Rights. Executive recognizes that the Company 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 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. 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, shall be promptly disclosed to the Company and shall become the exclusive property of the Company, 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 in connection with
its business, including, but not limited to, information, observations and data obtained by Executive while employed by the Company concerning (A) the business or affairs of the Company, (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. 

  
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 (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’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. 
  

	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, the Company or any of the Company’s officers, directors or employees. The foregoing shall not be violated by truthful responses to
(i) legal process or governmental inquiry or (ii) by private statements to the Company or any of Company’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) 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; 

  
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 (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 

(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 Original 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 with the exception of the Non-Competition covenant contained in Section 5(b) of this Agreement) 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). 

  
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 (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. 

(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 San Juan, Puerto Rico (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. 

  
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 (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.

 (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, mailed by first class mail (postage prepaid and return receipt requested) or sent by reputable overnight courier service (charges prepaid) in an envelope marked
“confidential” 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, five calendar days after deposit in the U.S. mail and one calendar day after deposit for overnight delivery with a reputable overnight courier service. 

If to the Company, to: 
 EVERTEC
GROUP, LLC 
 GENERAL COUNSEL AND HUMAN RESOURCES SENIOR VICE PRESIDENT 

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: 

McConnell Valdés LLC 

EVERTEC GROUP, LLC’S CLIENT SERVICE COORDINATOR (“CSC”) 

PO Box 364225 
 San Juan, Puerto
Rico 00936-4225 
 Telephone: (787) 759-9292 

  
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 If to Executive, to: 

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

(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 calendar 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 

  
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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 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) calendar 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] 

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

			
	EVERTEC GROUP, LLC
	
	 /s/ Peter Harrington

	Name:	 	Peter Harrington
	Title:	 	President & Chief Executive Officer
	
	CARLOS J. RAMIREZ
	
	 /s/ Carlos J. Ramírez

	Title:	 	Executive Vice President

  
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