Document:

EX-10.48

 Exhibit 10.48 
 EXECUTION VERSION 
 AMENDED AND RESTATED ATH NETWORK PARTICIPATION AGREEMENT

 This Amended and Restated ATH Network Participation Agreement (the “Agreement”) is dated as of this September 30, 2010
(the “Effective Date”), by and between BANCO POPULAR DE PUERTO RICO, a bank organized and existing under the laws of the Commonwealth of Puerto Rico (“BPPR”) and EVERTEC, Inc. (“EVERTEC”), a corporation organized and
existing under the laws of the Commonwealth of Puerto Rico. 
 WITNESSETH 

WHEREAS, EVERTEC is the owner and operator of the electronic funds transfer system known as the ATH Network in which eligible financial
institutions (“Participants”) participate for the interchange of transactions; 
 WHEREAS, EVERTEC has entered into individual
and separate agreements with Participants (a) for the sharing of POS and ATM terminals among all other Participants in the ATH Network, (b) for performing certain switch operation services necessary to effect certain selected electronic
fund transfer and other transactions at Participants’ POS and ATM terminals throughout the ATH Network, and (c) for the use of the Licensed Marks to describe the common usage of the ATH Network, Participants’ terminals and
Participants’ debit cards issued for use within the ATH Network; 
 WHEREAS, EVERTEC has granted BPPR’s cardholders access to
the ATH Network pursuant to the terms and conditions of the Agreement, dated March 1, 2000 (the “2000 ATH Network Agreement”), by and between GM Group, Inc. (predecessor-in-interest to EVERTEC) and BPPR; 

WHEREAS, the parties desire to amend and restate the 2000 ATH Network Agreement in order (i) to update the description of services provided
to BPPR by EVERTEC under the 2000 ATH Network Agreement and the riders thereto (the “2000 Service Riders”) and (ii) for EVERTEC to continue to grant BPPR’s cardholders access to the ATH Network pursuant to the terms of this
Agreement and the Operating Rules; 
 WHEREAS, EVERTEC wishes to grant, and BPPR wishes to obtain, a license for the use of the Licensed
Marks in connection with BPPR’s participation in the ATH Network. 
 NOW, THEREFORE, in consideration of the payments to be
made and services to be performed hereunder, upon the terms and subject to the conditions set forth in this Agreement and intending to be legally bound, the parties hereto agree to the following terms and conditions: 

ARTICLE ONE – DRAFTING OF THE AGREEMENT 
  

	1.1.	Definitions. Terms (capitalized or otherwise) that are used herein but not otherwise defined herein will have the meanings set forth in the Operating Rules and
Exhibit A to this Agreement. 

  

	1.2.	Plural, Successors, Assignees, Gender, Days. Unless the context of this Agreement clearly requires otherwise, references to the plural include the singular and
vice versa; references to any Person include such Person’s permitted successors and assignees; references to one gender, masculine, feminine, or neuter, include all genders; the term “day” refers to a calendar day,
“including” is not limited but is inclusive; the words “hereof”, “herein”, “hereby”, “hereunder” and similar terms in this Agreement refer to this Agreement as a whole and not to any particular
provision of this Agreement, article, paragraph, section, and/or a subsection, unless otherwise specified. 

  

	1.3.	Interpretation. 

  

	 	a)	The general terms and conditions of this Agreement and the Exhibits, Addenda, Schedules and Riders made a part hereof from time to time will be interpreted as a single
document. However, in the event of a conflict between the general terms and conditions of this Agreement and the terms of any Exhibit, Addendum, Schedule or Rider hereto, then the terms of the Schedules, Addenda, Exhibits and Riders will prevail and
control the interpretation of the Agreement with respect to the subject matter of the applicable Schedules, Addenda, Exhibits and/or Riders. Furthermore, in the event of any conflict or inconsistency between this Agreement and any other document
referenced hereto, regarding the interpretation of the terms of this Agreement, this Agreement together with its Schedules, Addenda, Exhibits and Riders will prevail and control. 

 

	 	b)	Notwithstanding the foregoing, in the event of a conflict or inconsistency between the terms of this Agreement or any Exhibit, Addendum, Schedule, or Rider hereto on
the one hand and the Operating Rules on the other hand, the Operating Rules will prevail and control. 

  

	1.4.	Headings. The headings used in this Agreement are inserted for purposes of convenience of reference only and will not limit or define the meaning of any
provisions of this Agreement. 

	1.5.	Language. This Agreement has been executed in the English language and all Schedules, Addenda, Exhibits and Riders to this Agreement shall be in English.

 ARTICLE TWO – THE SERVICES 

 

	2.1	General. EVERTEC will provide the Standard Services (as that term is defined below) to BPPR set forth herein and more fully described in the Operating Rules.
Furthermore, the Operating Rules describe certain optional services where BPPR must “opt-in” to receive such optional services (the “Optional Services” and together with the “Standard Services,” the
“Services”). BPPR may indicate its decision to “opt-in” to an Optional Service by requesting the addition of the Optional Service and the corresponding fees to Schedule F; provided, that for certain Optional
Services, EVERTEC and BPPR will also execute a separate rider to this Agreement (each a “Service Rider”) setting forth the mutually agreed upon terms and conditions for such Optional Services. Each such Service Rider will be incorporated
and, to the extent not incompatible, will be subject to the terms and conditions of this Agreement. Except as otherwise provided herein, nothing herein will be interpreted as imposing an obligation upon EVERTEC to develop new services, or upon BPPR
to acquire any additional services from EVERTEC. 

  

	2.2	Description. 

  

	 	a)	Standard Services. EVERTEC will provide the following services to BPPR in accordance with this Agreement and the Operating Rules (collectively, the
“Standard Services”): 

  

	 	i.	Authorization Services – The ATH Network will forward BPPR’s Terminal Participant transactions to the Issuer Participant, or vice versa, as the case may be,
through the available routes. Upon receipt of a response, the ATH Network will log the transaction and relay the response back to the terminal. Transactions that are not ATH branded card transactions are referred to the corresponding card issuing
institution for processing. Transactions originated by terminals may be authorized by BPPR or by the ATH Network. If BPPR elects to have EVERTEC authorize transactions made by BPPR cardholders, BPPR shall provide a positive file to EVERTEC for
processing, in a magnetic tape or other electronic form of transmission with the information and format required by EVERTEC. If BPPR elects to do its own processing of transactions on a host-to-host basis, but have EVERTEC provide stand-in
authorization, BPPR shall provide EVERTEC with negative files in a magnetic tape or other electronic transmission with the information and format required by EVERTEC. BPPR must opt into any stand-in authorization service by requesting the addition
of such service to Schedule F. 

  

	 	ii.	Financial Settlement – The ATH Network will perform a daily settlement of all POS and ATM transactions among Participants and provide to Participants detailed
reports related to those transactions. The reports will include financial information and all switch and interchange fees. 

  

	 	iii.	ATM Terminal Services – Host-to-host connection of BPPR to EVERTEC’s computer center to process authorization requests from ATM
terminals.

  

	 	iv.	ATM Monitoring Services – Provides BPPR the ability to maintain a reasonable uptime in their terminals. The ATH Network will constantly monitor all BPPR terminals,
365 days a year, 24 hours a day. The service includes tracking of opened incident tickets, notification to BPPR custodians previously confirmed in writing by BPPR, and escalation of incident tickets. 

 

	 	v.	Gateway Services – The ATH Network is linked to one or more processors that process transactions through national and international networks permitting the
interchange of transactions among participating institutions in the various networks. Cardholders of BPPR (as the Issuer Participant) will be able to use their cards at the terminal of entities participating in the national and international
networks. BPPR (as the Terminal Participant) will be able to request authorization for cards issued by other entities that participate in those networks. Transaction settlement is included in the daily settlement reports generated by the ATH
Network. 

  

	 	b)	Optional Services. EVERTEC will provide the Optional Services set forth in Schedule F in accordance with this Agreement and the Operating Rules.

  

	 	c)	BPPR agrees to receive the Services (to the extent a Service is provided by EVERTEC to BPPR prior to the date hereof and continuing on the date hereof but is not
described above or set forth in Schedule F, such Service shall be added to a Service Rider or Schedule F, as applicable), including any change, modification, enhancement or upgrade of such Services in accordance with Section 2.9
(collectively, the “Exclusive Services”), on an exclusive basis from EVERTEC. Subject to the terms of this Agreement, BPPR shall not, without the prior written consent of EVERTEC, use a Third Party to provide any of the Exclusive Services
and BPPR shall not perform any of the Exclusive Services itself or through its Affiliates (other than through EVERTEC). 

  

	2.3	Service Personnel. EVERTEC agrees that it will use its Best Efforts to assign qualified, adequately trained, and efficient professionals and personnel who will
use their Best Efforts to discharge their obligations under this Agreement in an efficient and timely manner and to exercise reasonable care in performing the Services subject to the terms, conditions and prices established in the corresponding
Service Riders. 

  
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	2.4	Consulting Services. General consulting services that EVERTEC provides to BPPR on a time and material basis can be provided through the execution of a purchase
order or a Service Rider that will form a part of and be subject to the general terms and conditions of this Agreement. 

  

	2.5	Participants. The parties agree that it is in their respective best interest that other institutions be encouraged and permitted to participate in the ATH
Network. Therefore, EVERTEC shall have the right to contract with other financial institutions to act as Participants in the ATH Network, at EVERTEC’s sole discretion and pursuant to a separate agreement with each such institution, and without
prior written notice to, or approval from, BPPR. 

  

	2.6	Service Level Agreements. 

  

	 	a)	The Services will be rendered in a commercially reasonable manner in accordance with the generally accepted industry practices and procedures used in performing
services of a like-kind to the Services (the “Standard of Care”). Any applicable performance standards or service levels relating to a particular Service (“Service Levels”) will be as set forth in the Operating Rules or a
corresponding Service Rider, as applicable. 

  

	 	b)	If EVERTEC fails to meet the Service Levels, EVERTEC will (i) investigate and report to BPPR on the root cause(s) of such failure; (ii) advise BPPR of the
status of remedial efforts being undertaken with respect to such failure; (iii) notify BPPR of the steps which EVERTEC believes should be taken to correct the cause of such failure; and (iv) promptly correct the cause of such failure. The
failure of EVERTEC to meet or exceed the Service Levels will not, in and of itself, constitute a breach of the corresponding Service Rider, nor this Agreement, unless such failure also constitutes a breach of the Standard of Care.

  

	2.7	Service Deficiencies. BPPR will notify EVERTEC immediately upon discovery of any evidence that might indicate that there is any failure, malfunction, defect or
non-conformity in the Services. Except as otherwise provided for in the Service Levels set forth in the Operating Rules or of a particular Service Rider, if EVERTEC and BPPR determine that the cause of the problem is exclusively imputable to
EVERTEC, EVERTEC will exercise Best Efforts to provide a solution to the problem at its own cost, otherwise any corrections to the Services will be at BPPR’s expense. BPPR will be responsible for making appropriate adjustments within its
capacity and control as may be reasonably necessary to mitigate adverse effects until EVERTEC remedies the deficiency or problem. 

  

	2.8	Reports and Forms. 

  

	 	a)	EVERTEC will produce and send to BPPR the reports identified in the Operating Rules and/or Service Riders, as applicable. The frequency of the reports will also be
specified in the Operating Rules and/or Service Riders, as applicable. BPPR will be responsible for promptly reviewing and reconciling the reports, statements and files, and any notice, correspondence or communication it receives from EVERTEC.
Should BPPR identify any omission or discrepancy between its records and the data provided by EVERTEC, or if it has an objection to information in any report, it must notify EVERTEC in writing within ten (10) days following the receipt of the
report. EVERTEC will process the investigation according to the procedures set forth in the Operating Rules. BPPR agrees and acknowledges that its failure to report the omission, discrepancy or objection within the time set forth in this
Section 2.8 will release EVERTEC from any liability regarding such omission, discrepancy or objection. 

  

	 	b)	Should a form be needed in conjunction with the Services, BPPR will use one provided or accepted by EVERTEC. All information provided to EVERTEC by BPPR must be
complete and legible. EVERTEC may, but is not required to, communicate with BPPR in order to verify the incomplete or illegible information and will not be held responsible for any errors in rendering the Services due to incomplete or illegible
information provided by BPPR. 

  

	2.9	Modifications to Services. 

  

	 	a)	EVERTEC reserves the right to change, modify, enhance or upgrade the manner in which it renders the Services, at any time; provided, however, that any
change, modification, enhancement or upgrade does not materially adversely effect the functionality of the Services nor the agreed upon Service Levels. EVERTEC will provide BPPR with timely prior written notice of any change, modification,
enhancement or upgrade to any Service. 

  

	 	b)	Any change, modification, enhancement or upgrade requested or required by BPPR will require ninety (90) days’ prior written notice to EVERTEC. Upon receipt of
such notice, EVERTEC will prepare and present to BPPR within thirty (30) days following the receipt of the notice, a written estimate of the costs for such changes, as well as any adjustment in fees that may be necessary as a result thereof.
The parties will have a period of thirty (30) days following the receipt of the estimate to negotiate in good faith any costs and/or price adjustments. Subject to Section 2.2(c), should the parties be unable to arrive at mutually agreed
upon costs and/or price adjustments within such thirty (30) day time period, the changes will not be implemented and this Agreement will continue in full force in effect under the then current terms and conditions. 

  
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	2.10	Development Projects. 

  

	 	a)	For purposes of this Section, the following terms shall have the corresponding meanings: 

 

	 	1.	“Development Project” means any development, maintenance and other technology projects related to the Services. 

 

	 	2.	“Exercise Notice” means notification by EVERTEC of its desire to exercise its Right of First Refusal for a Development Project. 

 

	 	3.	“Right of First Refusal” means the right of EVERTEC to be given an opportunity before any other Person to accept or reject an offer with respect to a
Development Project. 

  

	 	4.	“Notice of Intent” means written notification by BPPR to EVERTEC of its intent to implement a Development Project. 

 

	 	5.	“Option Period” means the period of thirty (30) days following receipt of the Notice of Intent, during which EVERTEC must deliver its Exercise Notice.

  

	 	b)	BPPR hereby grants to EVERTEC a Right of First Refusal with respect to any Development Project. 

 

	 	c)	Should BPPR intend to implement a Development Project, it shall send EVERTEC a Notice of Intent. If EVERTEC determines that it will exercise its Right of First Refusal,
EVERTEC must send BPPR its Exercise Notice within the Option Period. If EVERTEC exercises its Right of First Refusal, BPPR and EVERTEC will immediately commence good faith negotiations to enter into a definitive agreement for the Development Project
to be incorporated hereunder as a Service Rider stating the mutually agreed upon terms and prices for such Services. 

  

	 	d)	BPPR will be entitled to negotiate the Development Project with a Third Party and EVERTEC’s Right of First Refusal will be deemed terminated should one of the
following circumstances occur: 

  

	 	1.	EVERTEC notifies BPPR that EVERTEC will not exercise the Right of First Refusal; 

 

	 	2.	EVERTEC fails to exercise the Right of First Refusal within the Option Period; 

 

	 	3.	 The parties are unable to reach an agreement by the fiftieth (50th) day following the date of the Exercise Notice; provided, however, that in such case, the terms and
conditions for the Development Project as offered by or to a Third Party must be as favorable or better to BPPR than those proposed during the negotiations between the parties; or 

 

	 	4.	This Agreement is terminated in accordance with Article Four herein. 

  

	 	e)	In the event that EVERTEC decides not to exercise the Right of First Refusal within the Option Period and BPPR contracts the Development Project to a Third Party, BPPR
acknowledges and agrees that EVERTEC will not be liable for any errors to or impact on the Services as a result of the work performed by such Third Party and will have no obligation under this Agreement to correct such errors or impact.

  

	2.11	Equipment. 

  

	 	a)	EVERTEC will retain all right, title or interest in any EVERTEC equipment supplied to BPPR as part of the Services, and no ownership rights in such EVERTEC equipment
will transfer to BPPR. BPPR will provide a suitable and secure environment free from environmental hazards and electric power for such EVERTEC equipment and will keep the EVERTEC equipment free from all liens, charges, and encumbrances. BPPR will
bear the risk of loss of or damage to EVERTEC equipment (ordinary wear and tear excepted) from any cause except to the extent caused by EVERTEC or its suppliers. As such, BPPR agrees that it will provide a Loss Payable Clause in BPPR’s general
liability and property causality insurance policies in an amount equal to the value of the equipment EVERTEC equipment will not be removed, relocated, modified, interfered with, or attached to non-EVERTEC equipment by BPPR without prior written
authorization from EVERTEC. 

  

	 	b)	Title to and risk of loss of any equipment purchased from EVERTEC will pass to BPPR as of delivery, upon which date EVERTEC will have no further obligations of any kind
with respect to such purchased equipment, except as set forth in the Operating Rules or an applicable Service Rider. BPPR hereby grants EVERTEC a purchase money security interest in any equipment purchased by BPPR, together with all improvements and
accessories at any time made or acquired, to secure the payment in full by BPPR of the purchase price of such equipment to EVERTEC. BPPR agrees that EVERTEC will have the right to file or record this Agreement and all such financing statements
and/or other appropriate documents, pursuant to applicable law to evidence and perfect EVERTEC’s security interest. At EVERTEC’s request BPPR will cooperate with EVERTEC in executing such financing statements. 

 

	 	c)	All ownership interest in a party’s facilities and associated equipment used in connection with the Services will at all times remain with that party. If any BPPR
equipment is used to provide the Services, BPPR grants EVERTEC a non-transferable and non-exclusive license to use such BPPR equipment in the manner necessary to provide the Services. 

  
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	2.12	Import/Export Control. 

  

	 	a)	The parties acknowledge that equipment, products, software, and technical information (including, but not limited to, technical assistance and training) provided under
this Agreement may be subject to import or export laws, conventions or regulations, and any use or transfer of the equipment, products, software, and technical information must be in compliance with all such laws, conventions and regulations. The
parties will not use, distribute, transfer, or transmit the equipment, products, software, or technical information (even if incorporated into other products) except in compliance with such laws, conventions and regulations. If requested by either
party, the other party agrees to sign written assurances and other documents as may be required to comply with such laws, conventions and regulations. 

  

	 	b)	In the event any necessary import or export license cannot be obtained within six (6) months after making an application, neither party will have further
obligations with respect to providing or purchasing and, if applicable, BPPR will return the equipment, products, software, or technical information that is the subject matter of the unsuccessful application. 

 

	2.13	Contingency Planning. Each party acknowledges that it is responsible for maintaining in effect at all times an appropriate Business Continuity Plan. EVERTEC
warrants that it has a Business Continuity Plan that addresses the continuation of the majority of the services it provides to its clients if an Event threatens to impair or disrupt EVERTEC’s delivery of such services. Any terms and conditions
for a particular Service that the parties desire to include in EVERTEC’s Business Continuity Plan will be agreed to by the parties. EVERTEC’s Business Continuity Plan is not a guarantee that BPPR will be able to communicate with
EVERTEC’s systems at all times if the loss of connection itself is due to an event of Force Majeure or is otherwise beyond EVERTEC’S control. Upon BPPR’s reasonable request, EVERTEC will make available to BPPR, for the purpose
of responding to questions concerning EVERTEC’s Business Continuity Plan, one or more Representatives who are knowledgeable about the Business Continuity Plan, the manner in which it is tested and the manner in which it would be implemented in
the event EVERTEC experiences an Event. 

 ARTICLE THREE – PAYMENT FOR SERVICES 

 

	3.1	Fees. EVERTEC will charge BPPR the fees and prices for the Services set forth in Schedule F. BPPR also agrees to pay applicable Participants the
corresponding fees set forth in Schedule F. The parties agree that regardless of whether a Service is set forth in a Service Rider, the pricing related to any and all the Services shall be set forth in Schedule F.

  

	3.2	Settlement. Settlement of all transactions will occur at the end of each Business Day, or as otherwise provided in the Operating Rules. All settlement will be
performed in accordance with the Operating Rules. 

  

	3.3	 Terms of Payment. With respect to all the fees that are not collected through the settlement procedures set forth in Section 3.2, EVERTEC
will send an invoice directly to BPPR on or before the fifteenth (15th) day of the month following the month in which the Services are rendered, reflecting the fees and other charges to BPPR for the preceding month. EVERTEC will debit BPPR’s ACH Payment Account
the undisputed amount due on the invoice on the tenth
(10th) calendar day following the date the invoice is
sent to BPPR. Any amount due under this Agreement that is not paid when due will thereafter bear interest at an annual rate of interest equal to one and a half percent (1.5%), but in no event to exceed the maximum rate of interest allowed under any
applicable law. BPPR agrees that, if any properly submitted invoice remains unpaid and undisputed for a period exceeding sixty (60) days (regardless if the Service Rider indicates payments will not be made via the ACH Payment Account), EVERTEC
may (i) deduct such amount from BPPR’s ACH Payment Account; (ii) refuse to provide the Services, until such time as all past due amounts are paid in full. 

 

	3.4	Additional Services. Any additional services performed by EVERTEC at BPPR’s request (or as required by BPPR’s act or failure to act) over and above the
Services listed in the corresponding Service Riders hereto will be billed at EVERTEC’s standard rates then in effect for computer and personnel time, equipment, supplies, out-of-pocket costs, and other items and expenses incurred in performing
such additional services or as may otherwise be set forth in any Service Rider. 

  

	3.5	Out-of-pocket and Third-Party Expenses. With BPPR’S prior approval, additional costs related to delivery and/or collection, telecommunications or other
incidental services, as well as necessary and reasonable services to be provided through EVERTEC by Third Parties, for BPPR’s benefit, incurred during the term of this Agreement and that are not contemplated in any of the established fees,
costs, and charges, will be paid by BPPR when invoices and related documents are duly presented. All such out-of-pocket or Third-Party charges and administration costs related to the Services will be billed by EVERTEC to BPPR at cost plus a 20%
administrative fee for overhead incurred by EVERTEC in the management of invoices, resources and other administrative tasks. 

  

	3.6	Modifications to Fees. The fees to be charged under this Agreement will be subject to change from time to time by EVERTEC in its sole discretion;
provided, that EVERTEC will notify BPPR of any changes at least thirty (30) days’ prior to such changes entering into effect and provided further that any fees charged under this Agreement shall be consistent with the fees charged
to other participants of the ATH Network and taking into account BPPR’s transaction volumes. In addition to the foregoing, the fees charged by EVERTEC to BPPR shall be in compliance with applicable Legal Requirements, in particular, the
provisions of Section 23A and Section 23B of the Federal Reserve Act, and Regulation W of the Board of Governors of the Federal Reserve System, as amended from time to time. The fees to be charged by EVERTEC to BPPR under this Agreement
shall be subject to periodic review by the parties in order to ensure compliance with the previous sentence. 

  
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	3.7	Taxes. The fees and charges paid by BPPR under this Agreement will be inclusive of any applicable sales, use, personal property, excise, services or other taxes
in existence as of the Effective Date. Each party will bear its corresponding taxes or contributions related to this Agreement, which may include, but not be limited to, municipal, Commonwealth or federal taxes, as applicable.

  

	3.8	Disputed Charges; Requests for Information. 

  

	 	a)	BPPR will pay undisputed charges when such payments are due. BPPR may withhold payment of specific charges within a given invoice that it in good faith disputes or for
which it reasonably requires information from EVERTEC to verify the amounts being charged, provided that BPPR delivers to EVERTEC a written statement either via facsimile or e-mail to be followed by signed letter (“Notice of Dispute”).

  

	 	b)	The Notice of Dispute will include a detailed description of (i) the specific charge or charges being disputed and the basis of the dispute, (ii) if
applicable, the supporting documentation that is reasonably required for verification of the charge or charges, and (iii) the amount being withheld. 

  

	 	c)	If the Notice of Dispute is received prior to the date EVERTEC is set to debit the amount as set forth in Section 3.3 above, EVERTEC will not debit for such
disputed amounts until the dispute is resolved, provided that the amount in dispute is greater than one thousand dollars ($1,000.00). A charge will be deemed “undisputed” if BPPR does not deliver a Notice of Dispute within the time period
provided in this paragraph. 

  

	 	d)	With respect to charges that are disputed in good faith, BPPR will pay interest at the rate set forth in Section 3.3 on amounts withheld which are later determined
to be valid. Such interest will be calculated from the invoice due date to the date such amount is actually paid. 

  

	 	e)	The provisions of this Section 3.8 will not be construed to prohibit BPPR from disputing fees and expenses in the amount of one thousand dollars ($1,000.00) or
less. All disputes under this Section 3.8, if not settled by the parties, will be settled pursuant to Section 11.14 of this Agreement. 

  

	 	3.9	Supporting Documentation. EVERTEC will maintain supporting documentation for the amounts billable to, and payments made by, BPPR hereunder in accordance with its
practices prior to the Effective Date and applicable record retention requirements. EVERTEC agrees to provide BPPR with such supporting documentation with respect to each invoice as may be reasonably requested by BPPR. 

ARTICLE FOUR – TERM & TERMINATION 
  

	4.1	Term. This Agreement will enter into effect on the Effective Date and will continue in effect until September 30, 2025, unless there is a Change of Control
of Popular and/or BPPR prior to such date and EVERTEC notifies BPPR within thirty (30) days of such Change of Control of Popular and/or BPPR, in which case this Agreement will end on September 30, 2028 (the “Initial Term”),
unless earlier terminated in accordance with the provisions of this Agreement. After the Initial Term, this Agreement shall renew automatically for successive three (3) year periods (each a “Renewal Period” and together with the
Initial Term, the “Term”), unless either party gives written notice to the other party not less than one (1) year prior to the then applicable Renewal Period of its intent not to renew this Agreement. 

 

	4.2	Automatic Termination. This Agreement will terminate automatically upon the enactment of any applicable law of any Governmental Authority, or decision or order
of any court of competent jurisdiction prohibiting the maintenance, use or sharing of the terminals by any of the parties and/or the rendering of the Services by EVERTEC. 

 

	4.3	Termination for Cause. 

  

	 	a)	This Agreement may be terminated by either party if the other party: 

  

	 	1.	commits a Material Breach of this Agreement (or series of breaches that together constitute a Material Breach), which breach is not cured within thirty (30) days
following receipt of notice specifying the nature and extent of such breach; provided, however, that if such breach is not reasonably susceptible of cure within such thirty (30) day period, such period will be extended and the
party will not be in default hereunder so long as it commences such cure within such thirty (30) day period and diligently pursues such cure and such failure is cured within ninety (90) days following the receipt of such notice;

  

	 	2.	fails to pay any properly submitted invoice providing for material amounts in the aggregate that are undisputed for a period exceeding sixty (60) days pursuant to
Section 3.3 of this Agreement; or 

  

	 	3.	makes any assignment of this Agreement, except as expressly provided herein. 

 

	 	b)	 For purposes of Section 4.3(a), “Material Breach” (i) with respect to BPPR, shall include, but not be limited to, (a) any
activities or actions of BPPR which reflect adversely on the business reputation of EVERTEC, any Participant or the ATH Network, (b) any breach of the license provisions set forth in Section 7.1 of this Agreement or (c) any failure to
pay any 

  
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properly submitted invoice providing for material amounts in the aggregate that are undisputed for a period exceeding sixty (60) days pursuant to Section 3.3 of this Agreement, and
(ii) with respect to EVERTEC, means a breach, or series of breaches, of EVERTEC’s duties or obligations that, if left uncured for ninety (90) days following receipt of notice from BPPR detailing the relevant breach, would result in a
Material Adverse Effect on BPPR. 

  

	 	c)	Notwithstanding anything in this Agreement to the contrary, any Material Breach under a particular Service Rider will give the non-breaching party the right to
terminate that particular Service Rider, subject to the cure periods set forth under Section 4.3(a)(1), and will not automatically operate as a default under any other Service Rider. 

 

	4.4	Effect upon Termination. 

  

	 	a)	Upon the termination of this Agreement, BPPR shall (unless EVERTEC otherwise agrees to in writing): 

 

	 	1.	BPPR shall remove and/or disconnect, at its own cost and expense, any and all communication lines and modems connecting its terminals to EVERTEC’s ATH Network or
other computer systems. 

  

	 	2.	BPPR shall pay to EVERTEC and/or any Participant any outstanding fees within five (5) Business Days from the date of termination. 

 

	 	3.	BPPR shall not use, transfer, operate or market in any manner any program or system, or material of any kind developed by EVERTEC in conjunction with, or related to the
Services. 

  

	 	4.	The license granted to BPPR hereunder shall expire and terminate immediately and BPPR shall immediately and completely (i) discontinue all use of the Licensed
Marks and Intellectual Property of EVERTEC; (ii) remove all signs bearing the Licensed Marks from its terminals; and (iii) destroy and/or reissue any cards issued by BPPR that bear the Licensed Mark. 

 

	 	5.	BPPR shall cease and discontinue any use of any advertising and promotional materials relating to BPPR’s participation in the ATH Network.

  

	 	b)	Not later than thirty (30) days after termination of this Agreement, EVERTEC will deliver to BPPR all the documents, plastic cards, materials, records, and formats
in its possession, if any, belonging to BPPR, and all of the tapes and records where any BPPR Data is recorded. 

  

	 	c)	Except as otherwise provided for herein, upon termination, all further obligations of the parties pursuant to this Agreement or the particular Service Rider that was
terminated, whichever the case may be, will terminate without further liability of either party to the other; provided, however that termination will not release the party that terminates from any liability which at the time of
termination had already accrued to the non-terminating party. 

  

	 	d)	Neither party shall be liable to the other for damages of any kind solely as a result of terminating this Agreement in accordance with its provisions.

  

	 	e)	Furthermore, any termination will be without prejudice to any rights or remedies any party may have arising out of any breach of any material representation, warranty,
covenant or condition by any other party hereto. 

 ARTICLE FIVE – CONFIDENTIALITY, PRIVACY &
SECURITY OF INFORMATION 
  

	5.1	Confidential Information. 

  

	 	a)	The parties acknowledge that in the course of their dealings each may receive (the “Receiving Party”) Confidential Information of the other party (the
“Disclosing Party”). As such, the parties are willing to share such Confidential Information provided that the Receiving Party protects the Confidential Information of the Disclosing Party. Confidential Information will not include
information that: 

  

	 	1.	Is or becomes generally available to the public without breach of this Agreement; 

 

	 	2.	Was available to the Receiving Party on a non-confidential basis prior to its disclosure by the Disclosing Party; 

 

	 	3.	Becomes available to the Receiving Party from a Third Party, provided that such Third Party is not subject to an obligation of confidentiality with the Disclosing
Party; 

  

	 	4.	Is independently developed by the Receiving Party without reference to or reliance upon the Confidential Information; 

 

	 	5.	Is approved by the Disclosing Party for disclosure; or 

  
 -7-

	 	6.	Is required to be disclosed by applicable Legal Requirements or by a Governmental Authority, but only to the extent so required and solely for such purpose, and the
Receiving Party shall otherwise remain obligated to treat such information as Confidential Information pursuant to this Article Five. 

  

	 	b)	In any dispute with respect to these exclusions, the burden of proving that information is not Confidential Information will be on the party making such assertion.

  

	5.2	Privacy. 

  

	 	a)	The Receiving Party agrees to protect and hold all Confidential Information in strict confidence and to take all reasonable steps necessary to protect the Confidential
Information from unauthorized and/or inadvertent disclosure. Unless in receipt of specific written exemption from the Disclosing Party, the Receiving Party will not: 

 

	 	1.	use, reproduce, modify or disclose any of the Confidential Information for any purpose other than to perform its obligations under this Agreement for which the
Confidential Information is being disclosed; 

  

	 	2.	disclose any of the Confidential Information other than to Representatives of the Receiving Party who have a reasonable need-to-know in order to discharge their
obligations under this Agreement, and only to do so when the Representatives have agreed to be bound by the confidentiality provisions of this Agreement; 

  

	 	3.	remove any proprietary rights legend from the Confidential Information. 

  

	 	b)	The prohibition against the disclosure of Confidential Information includes, but is not limited to, disclosing the substance of the negotiations of the Agreement and
the existence and/or the terms and conditions thereof, as well as the fact that any similarity exists between the Confidential Information and information independently developed by another Person or entity, and the parties understand that such
similarity does not excuse it from abiding by its covenant or other obligations under this Agreement. 

  

	 	c)	The Receiving Party will be fully liable for the acts of its Representatives to whom it discloses the Confidential Information. 

 

	5.3	Security of Customer Information. 

 a) To effect the purposes of this Agreement, BPPR may from time to time provide EVERTEC with information or access to information concerning BPPR and persons or entities who obtain financial products or
services from BPPR, including without limitation, client account information (“Customer Information”). EVERTEC acknowledges that its right to use the Customer Information may be limited by obligations of BPPR under the Gramm-Leach-Bliley
Act of 1999 (Public Law 106-102, 113 Stat. 1138) (the “Gramm Act”) and its implementing regulations (e.g., Federal Reserve Regulation P, Securities and Exchange Commission Regulation S-P) and other federal and state laws and regulations
regarding privacy and the confidentiality of customer records. EVERTEC shall be responsible for establishing and maintaining an information security program that complies with the Legal Requirements. To protect the privacy of the Customer
Information, EVERTEC shall: (i) limit access to the Customer Information to its employees and agents who have a need-to-know to carry out the purposes for which the Customer Information was disclosed; and (ii) use the Customer Information
only for purposes of carrying out its obligations hereunder. Furthermore, EVERTEC agrees to (i) protect and hold all Customer Information in strict confidence and to take all reasonable steps necessary to protect the Customer Information from
unauthorized and/or inadvertent disclosure; (ii) give immediate verbal and written notification to BPPR, as applicable of any court order or legal action requiring the disclosure of Customer Information and, to the extent allowable under the
law, hold the Customer Information in confidence while BPPR seeks a protective order; (iii) give prompt notification of any unauthorized or inadvertent disclosure of the Customer Information; (iv) upon request of BPPR, promptly return or
destroy all Customer Information belonging to BPPR, including all copies thereof; and (v) implement security measures designed to (a) ensure the security, integrity and confidentiality of the Customer Information; (b) protect against
any anticipated threats or hazards to the security or integrity of the Customer Information; and (c) protect against unauthorized access to or use of the Customer Information. 

b) Interagency Guidelines. EVERTEC acknowledges the requirements of the Interagency Guidelines Establishing Standards for Safeguarding
Customer Information issued by bank regulatory agencies on February 1, 2001, regarding the implementation of security measures to safeguard customer information. EVERTEC represents and warrants to BPPR that it has in place a comprehensive
written security program that includes administrative, technical and physical safeguards to protect the security, confidentiality and integrity of Customer Information. Furthermore, EVERTEC agrees that BPPR and any Third Party auditor reasonably
designated by BPPR may, in a manner that is consistent with practices and procedures of the parties prior to the date hereof, at any time (i) solicit a copy of the aforementioned security program and (ii) review, monitor and audit EVERTEC
to confirm it has satisfied its obligations pursuant to this paragraph. 
 c) Unauthorized Access. EVERTEC also acknowledges the
requirements of the Interagency Guidance on Response Programs for Unauthorized Access to Customer Information and Customer Notice issued by bank regulatory agencies on March 29, 2005, regarding implementing effective notification procedures in
the event of unauthorized access to Customer Information. As such, the parties acknowledge and agree that EVERTEC shall be responsible for the unauthorized or fraudulent application for, access to or use of the Customer Information by any entity
caused by the negligent acts or omissions of EVERTEC, its employees, 

  
 -8-

 
subcontractors or agents. If EVERTEC becomes aware of any actual or suspected security breach involving unauthorized access (i.e., physical trespass on a secure facility, computing systems
intrusion/hacking, loss/theft of a PC (laptop or desktop), loss/theft of printed materials, etc.) to the Customer Information, that either compromises or in EVERTEC’s reasonable judgment may have compromised the Customer Information, EVERTEC
shall report such incident within forty-eight (48) hours in writing to BPPR and describe in reasonable detail the circumstances surrounding such unauthorized access (including, without limitation, a description of the causes of such breach).
Any report under this Section shall include a brief summary of the steps being taken by EVERTEC to remedy such breach. Except as may be strictly required by Legal Requirements, EVERTEC agrees that it will not inform any Third Party of any such
security breach without BPPR’s prior written consent; however, if such disclosure is required by Legal Requirements, EVERTEC agrees to reasonably cooperate with BPPR regarding the content of such disclosure so as to minimize any potential
adverse impact upon BPPR and its clients and customers. 
  

	5.4	Remedies. In the event of any court order or legal action requiring the disclosure of Confidential Information, the Receiving Party agrees to give immediate
verbal and written notification of the order or action to the Disclosing Party, and to the extent allowable under the law and at the expense of the Disclosing Party, hold the Confidential Information while the Disclosing Party seeks a protective
order. The Receiving Party acknowledges and agrees that it would be difficult to fully compensate the Disclosing Party for damages resulting from the breach or threatened breach of the foregoing provisions and, accordingly, that, in addition to any
other remedies that may be available, in law, at equity or otherwise, the Disclosing Party will be entitled to seek injunctive relief, including without limitation temporary restraining orders, preliminary injunctions and permanent injunctions, to
enforce such provisions without the necessity of proving actual damages or posting a bond or any other security. This provision with respect to injunctive relief will not, however, diminish the Disclosing Party’s right to claim and recover
damages. 

  

	5.5	Term of Obligation. Unless indicated otherwise in a Service Rider, the parties’ obligations under this Section will survive this Agreement for a period of
three (3) years following termination hereof. Upon termination of this Agreement for any reason, the Receiving Party’s rights to possession and use of any Confidential Information in connection with the performance of its obligations
hereunder or otherwise will terminate. Upon the request of the Disclosing Party, the Receiving Party will promptly return or destroy (in either case under certification to said effect) all Confidential Information belonging to the Disclosing Party,
including all copies thereof. Should the Receiving Party be required by law to retain any of the Disclosing Party’s Confidential Information for a period longer than the Term of this Agreement, including any extension thereof, then the
Receiving Party’s obligations under this Section will remain in full force and effect until the expiration of any such legally mandated retention period. 

 ARTICLE SIX – SECURITY, BPPR DATA & RECORDS 
  

	6.1	Authorized Persons. BPPR will designate one or more individuals (hereinafter, “Authorized Persons”) who must be identified in the corresponding Service
Rider so that as to the specific Service, the Authorized Person can (1) carry out transactions in BPPR’s name; (2) receive information from EVERTEC related to the operation of the Service, including, but not limited to, any
EVERTEC-provided access code; (3) give written instructions or inform EVERTEC about any action or request for action by BPPR; (4) notify or issue any document related to this Agreement that the Authorized Person deems necessary or
convenient. 

  

	6.2	Security Measures. 

  

	 	a)	BPPR warrants that it has adopted, and will assume responsibility for complying with, any and all appropriate and necessary security measures required for the
protection of access to its systems and to the Services by its Representatives and Authorized Persons. As such, BPPR warrants that it has established commercially reasonable security procedures to minimize unauthorized access and it agrees that it
will take the necessary measures to maintain the confidentiality of the security procedures and any access codes, passwords, instructions or security equipment. 

 

	 	b)	Except as may be specifically set forth in a given Service Rider, BPPR represents and warrants that it will not alter or disable any hardware or software security
programs residing on EVERTEC’s hardware or systems. If a network connection is established between BPPR and EVERTEC, BPPR represents and warrants that its computing environment is free from all generally known viruses, worms, Trojans and other
“malware,” that may disrupt, damage or interfere with EVERTEC’s network and/or telecommunication facilities. As such, BPPR agrees to (1) allow EVERTEC to perform network assessments of BPPR’s computing environment, and
(2) maintain an alert status regarding the security of its computing systems, including without limitation all vulnerabilities and security patches or corrective actions, by subscribing to an industry-recognized service, such as CERT or CIAC.
BPPR understands that, should an EVERTEC assessment reveal inappropriate or inadequate security based on the pre-defined requirements for security, EVERTEC may, in addition to other remedies it may have, remove BPPR’s access to the EVERTEC
network until BPPR satisfactorily complies with the security requirements defined. Furthermore, BPPR agrees to conduct an annual security audit to ensure that its security practices and procedures include, at a minimum, adequate levels of
(a) physical security to protect against theft, tampering or damage; (b) personnel and access controls to protect against unauthorized access to and use of EVERTEC systems or Services; and (c) network security to ensure secure
capture, storage and distribution of information. 

  

	 	c)	BPPR Authorized Persons agree to comply with all of EVERTEC’s requirements in relation to the security of the EVERTEC computing environment and Authorized
Locations, including without limitation any subsequently agreed security plan or information processing requirements that may be embodied in any Service Rider. BPPR will execute all documents generally required by EVERTEC for access to
EVERTEC’s computing environment and Authorized Locations. Further, if any BPPR Authorized Person, at any time during the life of this Agreement, is granted remote access to EVERTEC’s network, or is telecommuting in any capacity, then such
person will be subject to additional EVERTEC data security requirements. 

  
 -9-

	 	d)	Should the Services require access codes or other identification methods to gain access, BPPR will immediately notify EVERTEC in writing of any change of Authorized
Person or the scope of his/her authority. Until such notification is received, EVERTEC may accept, without further inquiry, all declarations, instructions or representations made or issued by the Authorized Person. Furthermore, EVERTEC will not
assume responsibility, explicitly or implicitly, for questioning or verifying with BPPR whether the Person who uses or has access to the Service is in fact the Authorized Person or if he/she is acting in accordance with BPPR’s internal policies
and procedures. 

  

	6.3	Ownership of BPPR Data. 

  

	 	a)	BPPR will remain the sole and exclusive owner of its BPPR Data and Confidential Information, regardless of whether such data is maintained on magnetic tape, magnetic
disk, or any other storage or processing device. All BPPR Data and other Confidential Information will, however, be subject to regulation and examination by the appropriate auditors and Governmental Authorities at the Authorized Locations to the
same extent as if such information were on BPPR’s premises. EVERTEC will notify BPPR as soon as reasonably possible of any formal request by any Governmental Authority to examine such information maintained by EVERTEC. BPPR agrees that EVERTEC
is authorized to provide all such information when properly required to do so by a Governmental Authority, subject to the provisions of Section 5.4. EVERTEC acknowledges that it will not have or acquire any rights in or to any BPPR Data or
Confidential Information upon termination of this Agreement. 

  

	 	b)	EVERTEC will, subject to its internal control and security procedures, permit BPPR to have or obtain (by electronic or other means) access to its BPPR Data, including
where appropriate, access through BPPR’s computer terminals and equipment. EVERTEC will furnish BPPR with such written instructions, manuals or other documentation as will be necessary to such operation and access by BPPR.

  

	6.4	Records and Backup. Each party will maintain its respective records related to the Services in a proper, complete and accurate fashion, and in compliance with
all applicable laws applicable to each of them; provided, however, that EVERTEC will not be responsible for retaining any BPPR Data or other records pertaining to BPPR other than for backup purposes and BPPR assumes all responsibility
for retaining all such BPPR Data in accordance with its own record retention policies. Except as may be specifically provided in a Service Rider, EVERTEC does not assume any record retention responsibility for BPPR; provided, however,
that EVERTEC will maintain a backup of BPPR Data for ten (10) Business Days (in printed form, magnetic tape or other electronic media), from which reconstruction of lost or damaged items or data can be made. The parties will cooperate to ensure
compliance with any reasonable requirements established by EVERTEC for the record keeping of BPPR Data necessary for use of the Services. 

 ARTICLE SEVEN – INTELLECTUAL PROPERTY 
  

	7.1	License. EVERTEC hereby grants to BPPR a non-exclusive, non-transferable, limited, royalty free license to use the Licensed Marks, and BPPR hereby agrees and
binds itself to use the Licensed Marks, within the United States territories, the Commonwealth of Puerto Rico, and any other country, provided that the Licensed Mark is registered or subject to registration in such other country. BPPR agrees that
its use of the Licensed Marks and any of EVERTEC’s Intellectual Property must comply with the terms of any accompanying license agreement and the ATH Network Branding Standards, which form a part of this Agreement and the Operating Rules.

  

	7.2	Title. BPPR acknowledges that EVERTEC’s Intellectual Property used in connection with the provision of Services under this Agreement is valuable property of
EVERTEC. EVERTEC warrants that it is the owner of all right, title, and interest in and to such Intellectual Property, none of which, to EVERTEC’s best knowledge, infringes any proprietary right of any other Person. As such, the parties agree
that, subject to applicable law and to existing agreements with Third Parties, or except as otherwise expressly agreed to between the parties, EVERTEC is and will remain the owner of its Intellectual Property and all derivative works based thereon
and that no title to or ownership of EVERTEC’s Intellectual Property or any part thereof is hereby granted to BPPR. Should EVERTEC use the intellectual property of a Third Party to provide the Services, then EVERTEC warrants that it is duly
licensed to do so and any warranties and infringement indemnities for such intellectual property will be those of the Third Party license agreements with EVERTEC. In the alternative, BPPR will be given the opportunity to enter into license
agreements directly with such Third Parties. 

  

	7.3	Developments. Any services, technology, processes, methods, software and/or enhancements to EVERTEC Intellectual Property or any Third-Party Intellectual
Property used or developed for purposes of delivering the Services (collectively, the “Developments”), whether developed solely by EVERTEC or jointly by EVERTEC and any other party, including any Developments requested or suggested by
BPPR, will be the sole property of EVERTEC and will not be considered “works-made-for-hire”. BPPR will not acquire any ownership right, Intellectual Property right, claim or interest in EVERTEC’s Intellectual Property or in any
Developments. 

  

	7.4	Cooperation. The parties will cooperate with each other and execute such other documents as may be reasonably deemed necessary by EVERTEC to achieve the
objectives of this Article Seven. 

  
 -10-

	7.5	Intellectual Property Infringement. 

  

	 	a)	Subject to the Merger Agreement, EVERTEC agrees to defend and indemnify BPPR against claims that its Intellectual Property infringes any Intellectual Property Right of
a Third Party. EVERTEC will defend BPPR and will pay the damages and costs finally awarded against BPPR. Notwithstanding anything to the contrary herein, to the extent that Popular has an indemnity obligation to Parent (as that term is defined in
the Merger Agreement) and/or EVERTEC under the Merger Agreement with respect to any claim of Intellectual Property infringement, EVERTEC shall have no liability to BPPR for such claim under this Agreement. 

 

	 	b)	If EVERTEC receives notice of an infringement claim or otherwise concludes that its Intellectual Property may infringe the proprietary rights of a Third Party, EVERTEC
may in its sole discretion: (i) procure the right for BPPR to continue using the affected Intellectual Property; (ii) modify the affected Intellectual Property to make it non-infringing; (iii) replace the affected Intellectual
Property with a functional equivalent; or (iv) if EVERTEC determines that options (i) through (iii) are not practicable, terminate BPPR’s right to use the affected Intellectual Property and accept its return against payment of
its then-depreciated value, computed on a five (5) year straight-line depreciation schedule commencing as of its installation date. 

  

	 	c)	EVERTEC will have no liability for any claim of infringement and thus no obligation to defend and indemnify BPPR under this Section if such infringement claim is based
on (i) BPPR’s continued use of the affected Intellectual Property after EVERTEC notifies BPPR to discontinue use because of such a claim; (ii) BPPR’s use of a superseded or altered release of the affected Intellectual Property or
any portion thereof, including, but not limited to, BPPR’s failure to use updates or new releases made available by EVERTEC; (iii) any BPPR or Third-Party modification to the affected Intellectual Property; (iv) BPPR’s use of the
affected Intellectual Property without EVERTEC’s written consent; (v) BPPR’s use, operation or combination of the affected Intellectual Property with information, software, specifications, instructions, data, materials or items not
supplied by EVERTEC, (vi) use of the affected Intellectual Property in a manner not intended by the accompanying and provided documentation; or (vii) BPPR’s misuse of the affected Intellectual Property. 

 

	 	d)	Furthermore, EVERTEC’s obligation to defend BPPR under this section is subject to all of the following conditions: (i) BPPR must notify EVERTEC promptly in
writing after the claim is asserted or threatened; (ii) BPPR must give EVERTEC sole control over its defense or settlement; (iii) BPPR does not take a position that is adverse to EVERTEC; and (iv) BPPR must provide EVERTEC with
reasonable assistance in defending the claim for which EVERTEC will reimburse BPPR for any reasonable out-of-pocket expenses that BPPR incurs in providing such assistance. 

 

	 	e)	BPPR agrees to notify EVERTEC promptly in writing if any other type of Third Party claim is brought against BPPR regarding EVERTEC’s Intellectual Property. EVERTEC
may, at its option, choose to treat these claims as being covered by this Section. 

  

	 	f)	BPPR agrees to give EVERTEC prompt notice of any act of any Third Party (including any Participant) which may constitute an infringement of EVERTEC’s Intellectual
Property or rights to the Licensed Marks. BPPR further agrees to assist EVERTEC in any action brought by EVERTEC to prosecute and maintain EVERTEC’s legal rights thereto. 

 

	 	g)	BPPR agrees to indemnify EVERTEC for any and all costs and expenses (including reasonable attorneys’ fees) incurred by EVERTEC in any action brought by EVERTEC to
maintain its legal rights to the Licensed Mark and Intellectual Property which arises as a result of any direct or indirect action or omission on the part of BPPR. 

 

	 	h)	This Section states EVERTEC’s entire liability and BPPR’s exclusive remedies with respect to any Third Party infringement and trade secret misappropriation
claims. 

 ARTICLE EIGHT – COMPLIANCE, AUDIT & SERVICE REVIEWS 

 

	8.1	Compliance. 

  

	 	a)	Each of the parties agrees to comply with applicable laws which may be applicable to the performance of their respective obligations under this Agreement, as well as
the use of the Services provided hereunder. 

  

	 	b)	Each party hereto shall be and hereby is subrogated to any and all rights and claims of the other party against any Participant, with respect to such Participant’s
regulatory compliance, including, without limitation, compliance with the error and dispute resolution procedures specified in any Regulatory Requirement. 

  

	 	c)	BPPR agrees to comply with the Operating Rules at all times during the Term of this Agreement. BPPR acknowledges that EVERTEC reserves the right to modify the Operating
Rules at any time, which changes will enter into effect no less than thirty (30) days following notification of such changes to BPPR. 

  

	 	d)	Each of the parties herein, at its own expense, shall apply for and obtain and/or renew in a timely fashion, any and all permits and authorizations required by the
applicable Governmental Authorities for the installation, operation and sharing of all of their present and future terminals. 

  

	 	e)	EVERTEC and BPPR acknowledge and agree that the performance of the Services may be subject to regulation by Governmental Authorities. BPPR acknowledges that BPPR will
be solely responsible for BPPR’s compliance with applicable laws applicable to BPPR, and as such, hereby warrants that BPPR will comply with all applicable laws, present and future, relating to the conduct and operation of its business and
performance of its obligations hereunder. 

  
 -11-

	8.2	Audit. 

  

	 	a)	Each of the parties agrees that it will keep current and accurate books of accounts and records, in accordance with its standard operating procedures, with respect to
the transactions effected pursuant to this Agreement. During the Term of this Agreement, each party shall permit the other party’s designated auditors and supervisory authorities to review its books and records with respect to such
transactions, upon prior written notice, during normal business hours. 

  

	 	b)	EVERTEC agrees to cooperate with Governmental Authorities in conjunction with any audit or examination of the Services in accordance with applicable laws. Furthermore,
in conjunction with any audit or examination of BPPR by a Governmental Authority, EVERTEC agrees to cooperate with any request of such Governmental Authority to review the Services, including, without limitation, providing any information or
material lawfully requested by a Governmental Authority, and permitting such Governmental Authority to inspect or audit EVERTEC with respect to its provision of the Services in accordance with applicable laws; provided, however, that
all such audits and examinations will be performed at the sole expense of BPPR and BPPR agrees to reimburse EVERTEC for all reasonable fees associated with such examination. 

 

	8.3	Service Reviews. 

  

	 	a)	On an annual basis during the Term, EVERTEC shall engage its independent certified public accountants to conduct a review of the operational controls of the ATH Network
Services as provided and available to all Participants. The aforesaid review shall be conducted in accordance with the American Institute of Certified Public Accountants Statement on Auditing Standards Number 70 (“SAS 70”) or any successor
standard, the findings and recommendations of which shall be set forth in a report (the “Service Review”). The Service Review shall include a Type II Service Auditor’s Report under SAS 70 or any successor standard.

  

	 	b)	Any findings and recommendations of the Service Review will be set forth in a report which will be the sole property of EVERTEC. Subject to each Participant’s
execution and delivery of a customary access letter (to the extent required by the independent certified public accountant that prepares the Service Review), EVERTEC shall deliver to each Participant, no less than on an annual basis, a copy of the
Service Review promptly after such report is received by EVERTEC. 

  

	 	c)	It is expressly agreed that EVERTEC is under no obligation to take any action or otherwise correct any findings or recommendations that may be included in the Service
Review report. 

  

	 	d)	If, at any time during the Term, BPPR has reasonable material concerns regarding EVERTEC’s operational controls and such concerns are not addressed in the scope of
the Service Review, BPPR will so notify EVERTEC and EVERTEC will promptly meet with BPPR in an effort to resolve BPPR’s concerns. 

  

	 	e)	Upon BPPR’s request, EVERTEC will deliver to BPPR a certification of its compliance with regards to this section. 

ARTICLE NINE – DISCLAIMER OF WARRANTIES & LIMITED LIABILITY 

 

	9.1	DISCLAIMER OF WARRANTIES. THE SERVICES AND ANY EQUIPMENT PROVIDED UNDER THIS AGREEMENT ARE PROVIDED ON AN “AS IS”, “AS AVAILABLE” BASIS. IN
ADDITION, THE PARTIES ACKNOWLEDGE THAT GIVEN THE SERVICES (INCLUDING ANY EQUIPMENT) MAY DEPEND TO SOME EXTENT ON BPPR’S OWN COMPUTER SYSTEMS, EVERTEC DOES NOT MAKE ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED
TO WARRANTIES OF TITLE, QUIET ENJOYMENT, QUIET POSSESSION, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT. FURTHERMORE, EVERTEC DOES NOT MAKE ANY WARRANTIES OF ANY KIND WITH RESPECT TO LOSS OR CORRUPTION OF DATA, LOSS OR
DAMAGE TO EQUIPMENT AND/OR SOFTWARE, SYSTEM RESPONSE TIMES, TELECOMMUNICATION LINES OR OTHER COMMUNICATION DEVICES, QUALITY, AVAILABILITY, RELIABILITY, SECURITY ACCESS DELAYS OR ACCESS INTERRUPTIONS, NOR COMPUTER VIRUSES, BUGS OR ERRORS. EVERTEC
DOES NOT MAKE ANY WARRANTIES THAT THE SERVICES WILL NOT BE INTERRUPTED OR ERROR FREE OR AS TO THE RESULTS THAT MAY BE OBTAINED FROM THE USE OF THE SERVICES AND EVERTEC ASSUMES NO RESPONSIBILITY OR LIABILITY IF TELECOMMUNICATION CARRIERS ARE NOT
AVAILABLE AT ANY GIVEN TIME. EVERTEC, ITS AFFILIATES, AND THEIR RESPECTIVE REPRESENTATIVES ARE NOT LIABLE, AND EXPRESSLY DISCLAIM ANY LIABILITY FOR THE CONTENT OF ANY DATA TRANSFERRED EITHER TO OR FROM BPPR OR STORED BY BPPR VIA THE SERVICES
PROVIDED BY EVERTEC. NO ORAL ADVICE OR WRITTEN INFORMATION GIVEN BY EVERTEC REPRESENTATIVES WILL CREATE A WARRANTY; NOR MAY BPPR RELY ON ANY SUCH INFORMATION OR ADVICE. 

 

	9.2	Reliance on BPPR-Provided Data. In performing the Services, EVERTEC will be entitled to rely upon the data, information, instructions, or specifications provided
by BPPR and, therefore, will not be liable to BPPR in the same accord as set forth herein as a limitation of liability, should EVERTEC perform in accordance with such data, information, instructions or specifications received from BPPR. If any error
results from incorrect input supplied by BPPR, BPPR will be responsible for discovering and reporting such error and supplying the data necessary to correct such error to EVERTEC, in which case, EVERTEC will exercise Best Efforts to correct the
error at BPPR’s sole expense. 

  
 -12-

	9.3	Exclusion of Liability. EVERTEC will not be liable for any Loss, damage, non-performance, default, or delay under this Agreement caused by or due to
Force Majeure. In such event, EVERTEC’s obligation will be limited to using commercially reasonable efforts to reinstate the Services within a reasonable period of time once the unforeseen event has been rectified. Except as otherwise
provided for herein, EVERTEC’s time for performance or cure hereunder will be extended for a period equal to the duration of the cause. Furthermore, neither party will be liable to the other party if there is any mechanical failure of a
terminal, communication lines or any related equipment. 

  

	9.4	Systems and/or Services Not Provided by EVERTEC. To the extent BPPR performs any services itself or uses its own software, hardware, communications devices,
Internet services, e-mail systems or other systems or, in the alternative, retains Third Parties to provide such services and systems, the parties acknowledge and agree that terms of this Agreement will not be deemed to impose on EVERTEC any
obligation to obtain from owners of such systems any licenses or agreements that are necessary in order for EVERTEC to interface the Services with such systems. Nor will EVERTEC have any responsibility or liability in connection with such services
or systems not provided by EVERTEC. BPPR will be solely responsible for the installation, operation, maintenance, use, and compatibility of such systems and services. In the event that such systems or services impair BPPR’s use of any Services:
(a) BPPR will nonetheless be liable for payment for all Services provided by EVERTEC, and (b) any specifications generally applicable to the Services will not apply. 

 

	9.5	LIMITATION OF LIABILITY. 

  

	 	a)	IN ADDITION TO ANY OTHER LIMITATION OF LIABILITY ESTABLISHED IN THIS AGREEMENT, THE OPERATING RULES OR ANY SERVICE RIDER HERETO, AND TO THE EXTENT PERMITTED BY ANY
APPLICABLE LAW AND EXCEPT IN THE CASE OF WILLFUL MISCONDUCT OR GROSS NEGLIGENCE, UNDER NO CIRCUMSTANCES SHALL EVERTEC (OR ANY OF ITS AFFILIATES (OTHER THAN BPPR)) BE LIABLE TO BPPR OR ANY OTHER PERSON FOR LOSSES OR DAMAGES WHICH FALL INTO EACH OF
THE FOLLOWING CATEGORIES: (I) LOST REVENUES, LOST PROFITS OR LOSS OF BUSINESS, (II) LOSS OF OR DAMAGE TO GOODWILL, OR LOSS OF ANTICIPATED SAVINGS, (III) LOSS OF OR CORRUPTION TO DATA, OR (IV) ANY INCIDENTAL, INDIRECT, EXEMPLARY, CONSEQUENTIAL
OR SPECIAL DAMAGES OF ANY KIND, INCLUDING (IN EACH CASE) SUCH DAMAGES ARISING FROM ANY BREACH OF THIS AGREEMENT OR ANY TERMINATION OF THIS AGREEMENT, AND (IN EACH CASE) WHETHER SUCH LIABILITY IS ASSERTED ON THE BASIS OF CONTRACT, NEGLIGENCE, OTHER
TORT, STATUTE OR OTHERWISE AND WHETHER OR NOT FORESEEABLE, EVEN IF EVERTEC HAS BEEN ADVISED OR WAS AWARE OF THE POSSIBILITY OF SUCH LOSS OR DAMAGES. 

  

	 	b)	EXCEPT FOR WILLFUL MISCONDUCT OR GROSS NEGLIGENCE OR TO THE EXTENT OTHERWISE PROVIDED UNDER ANY LEGAL REQUIREMENT, EVERTEC’S AGGREGATE LIABILITY UNDER THIS
AGREEMENT WILL BE THE AMOUNT OF DIRECT DAMAGES SUBJECT TO AN AGGREGATE ANNUAL LIMIT EQUAL TO THE AMOUNT OF PAYMENTS MADE TO EVERTEC BY BPPR FOR THE SERVICE FOR WHICH THE LIABILITY RELATES DURING THE TWELVE MONTHS PRIOR TO THE ACT, OMISSION OR EVENT
THAT GIVES RISE TO THE CLAIM FOR LIABILITY. NOTHING IN THIS AGREEMENT SHALL EXCLUDE OR LIMIT EVERTEC’S LIABILITY FOR DEATH OR PERSONAL INJURY CAUSED BY EVERTEC’S NEGLIGENCE OR OTHERWISE LIMIT OR EXCLUDE EVERTEC’S LIABILITY FOR DAMAGES
TO THE EXTENT THAT SUCH LIMITATION OR EXCLUSION IS NOT PERMITTED BY APPLICABLE LAW. THIS LIMITATION WILL APPLY NOTWITHSTANDING ANY LIMITED REMEDY PROVIDED HEREIN; PROVIDED, HOWEVER, THAT THIS LIMITATION WILL NOT APPLY TO LOSSES RELATED TO BREACHES
OF THE CONFIDENTIALITY PROVISIONS OF THIS AGREEMENT, NOR TO INTELLECTUAL PROPERTY INDEMNIFICATION PROVISIONS. EACH PARTY HEREBY WAIVES ANY CLAIM THAT THESE EXCLUSIONS DEPRIVE IT OF AN ADEQUATE REMEDY OR CAUSE THIS AGREEMENT TO FAIL OF ITS ESSENTIAL
PURPOSE. 

  

	 	c)	The foregoing sets forth BPPR’s exclusive remedy for breach of this Agreement by EVERTEC. The provisions of this section allocate the risks between EVERTEC and
BPPR and EVERTEC’s pricing reflects the allocation of risk and limitation of liability specified herein. 

ARTICLE TEN – INSURANCE & INDEMNIFICATION 

 

	10.1	Insurance. Each of the parties agrees to maintain adequate insurance coverage from reputable providers in amounts complying with industry standards for such
party’s respective operations and the performance of its obligations under this Agreement. All such insurance policies will be carried at such party’s own expense. If either party requests any additional coverage of the other party, the
costs associated with such coverage will be paid by the party requesting such additional coverage. 

  

	10.2	 BPPR’s Indemnity. BPPR hereby agrees to indemnify, defend, protect and hold harmless EVERTEC, its Affiliates (except for BPPR) and their
respective Representatives, suppliers, Third Party information providers, sub-contractors and permitted assigns and successors in interest (collectively the “EVERTEC Indemnitee”) from and against any Losses incurred or suffered by, or
asserted against, such EVERTEC Indemnitee directly or indirectly in relation to or arising from: (a) any breach of this Agreement by BPPR; (b) any claim brought by any Third Party against an EVERTEC Indemnitee based on BPPR’s use of
the Services; (c)

  
 -13-

	 	
EVERTEC’s compliance with BPPR’s Specifications or instructions; (d) acts or omissions of BPPR and its Representatives in connection with the installation, maintenance, presence,
use or removal of equipment or software not provided by EVERTEC; (e) claims for infringement of any Third Party Intellectual Property right, arising from the use of any services or systems not provided by EVERTEC; (f) EVERTEC’s use of
Intellectual Property or data supplied by BPPR; (g) the use of the Internet or the placement or transmission of any materials on the Internet by BPPR; (h) breach of contract and/or the warranties of merchantability and/or fitness for
particular purpose, and related in any way to any service or product sold or offered by BPPR and/or any of its Affiliates at and/or through the BPPR’s electronic payment system; and (i) the contents of BPPR’s online web site and/or
any other web site of BPPR’s Affiliates violates any copyright, proprietary right of any Third Party, state and federal regulations, or contains any matter that is libelous, scandalous or relates to products or services the offering or sale of
which would in any manner be against the law. 

  

	10.3	EVERTEC’S Indemnity. Unless otherwise provided for in this Agreement, EVERTEC hereby agrees to indemnify, defend, protect and hold harmless BPPR, its
Affiliates and their respective Representatives, suppliers, Third Party information providers, sub-contractors and permitted assigns and successors in interest (collectively the “BPPR Indemnitee”) from and against all claims against BPPR
Indemnitee for damage to, or loss of use of property of Third Parties and/or injury or death of any person to the extent that such damage, injury or death is caused by the negligent act or omission of EVERTEC in connection with EVERTEC’s
performance of the Services under this Agreement. 

  

	10.4	Indemnification Procedures. With respect to claims covered by Sections 10.2 or 10.3 above, the following procedures will apply: 

 

	 	a)	Notice. Promptly after receipt by a party entitled to indemnification (the “indemnitee”) of notice of the commencement or threatened commencement of
any civil, criminal, administrative or investigative action or proceeding involving a claim in respect of which the indemnitee will seek indemnification pursuant to this Article Ten, the indemnitee will notify the party obligated hereunder to
indemnify the indemnitee (“indemnitor”) of such claim in writing. The failure of indemnitee to so notify an indemnitor will relieve indemnitor of its obligations under this Section to the extent that indemnitor can demonstrate damages
attributable to such failure. Within fifteen (15) days following receipt of written notice from the indemnitee relating to any claim, but no later than fifteen (15) days before the date on which any response to a complaint or summons is
due, the indemnitor will notify the indemnitee in writing if the indemnitor elects to assume control of the defense and settlement of that claim (a “Notice of Election”). 

 

	 	b)	Procedure Following Notice of Election. If the indemnitor delivers a Notice of Election relating to any claim within the required notice period, the indemnitor
will be entitled to have sole control over the defense and settlement of such claim; provided that (i) the indemnitee will be entitled to participate in the defense of such claim and to employ counsel at its own expense to assist in the
handling of such claim; and (ii) the indemnitor will notify the indemnitee before ceasing to defend against such claim, and will not compromise or settle such claim without the indemnitee’s prior written consent if such compromise or
settlement would impose a penalty or limitation upon the indemnitee, including, without limitation, an injunction or other equitable relief, or such compromise or settlement does not include the release of the indemnitee from all liability arising
from or relating to such claim. After the indemnitor has delivered a Notice of Election relating to any claim, the indemnitor will not be liable to the indemnitee for any legal expenses incurred by the indemnitee in connection with the defense of
that claim. In addition, the indemnitor will not be required to indemnify the indemnitee for any amount paid or payable by the indemnitee in the settlement of any claim for which the indemnitor has delivered a timely Notice of Election if such
amount was agreed to without the written consent of the indemnitor. 

  

	 	c)	Procedure Where No Notice of Election Is Delivered. If the party which is the indemnitor does not deliver a Notice of Election relating to any claim within the
required notice period, the indemnitee will have the right to defend the claim in such manner as it may deem appropriate, and the failure of the indemnitor to deliver such Notice of Election will not affect the indemnification obligations of such
party under this Agreement. 

  

	 	d)	Cooperation. When seeking indemnification, the indemnitee will at all times reasonably cooperate with the indemnitor in the defense or settlement of any claim
which is subject to this Article Ten. 

  

	 	e)	Entitlement to Payment. In the event an indemnitor elects not to assume control of the defense and settlement of that claim, the indemnitee will be entitled to
payment by the indemnitor upon the indemnitee’s settlement of the claim or the adjudication of liability, whichever first occurs. 

  

	10.5	Subrogation. In the event that a party will be obligated to indemnify the other party pursuant to this Article Ten, the indemnitor will, upon payment of such
indemnity in full, be subrogated to all rights of the indemnitee with respect to the claims to which such indemnification relates. The indemnitee will reasonably cooperate with indemnitor, including the execution of appropriate documents, to enable
the indemnitor to receive the benefit of the right of subrogation outlined in this Section 10.5. 

 ARTICLE
ELEVEN – MISCELLANEOUS 
  

	11.1.	Survival. The parties’ respective confidentiality and indemnification obligations, as well as the provisions governing limits of liability, will survive any
termination of this Agreement. 

  
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	11.2.	Relationship between the Parties. EVERTEC and BPPR shall at all times be deemed to be independent contractors, and nothing contained in this Agreement shall be
construed in any way as establishing a partnership, joint venture, express or implied agency relationship between EVERTEC and BPPR. EVERTEC and BPPR will have no authority to enter into contracts on each other’s behalf, to hire or fire
employees of one another or in any way to obligate each other to any third party. EVERTEC has the sole right to supervise, manage, contract, direct, perform or cause to be performed, all of the services to be performed by EVERTEC under this
Agreement. 

  

	11.3.	Non-Exclusive. Except as otherwise set forth herein or agreed to by the parties in writing, the parties hereto acknowledge that this Agreement is not exclusive
and nothing contained herein will be construed to create an exclusive relationship between EVERTEC and BPPR. As such, EVERTEC will not be limited in entering into similar agreements with other Persons to provide the same or similar services.

  

	11.4.	Other Agreements. EVERTEC shall have the right to subcontract and/or to enter into separate agreements with any other person, firm or corporation to provide any
or all of the services contemplated in this Agreement. Furthermore, EVERTEC shall have the right to enter into separate agreements to provide to any non-Participant any or all of the services contemplated in this Agreement. 

 

	11.5.	Assignment. 

  

	 	a)	Each party hereto may sell, transfer, lease, assign or otherwise dispose of any of its ATM terminals; provided, however that: (i) such party shall
give written notice to the other party not less than two (2) Business Days prior to such transfer, and (ii) such transfer shall not, by itself, cause the acquirer of such ATM terminals to become a Participant or to acquire any right to
participate or have access to the ATH Network. The party transferring such ATM terminals shall take, at its expense, all reasonable steps to disconnect said ATM terminals from the ATH Network and to ensure compliance by the acquirer with the
provisions of this paragraph. 

  

	 	b)	Assignment. Other than a Permitted Assignment pursuant to Section 11.5(c) or (d), this Agreement may not be assigned by either party without the prior
written consent of the other party; provided, that either party may assign its rights, duties and obligations under this Agreement to its financing sources solely in connection with the granting of a security interest and the enforcement of
all rights and remedies that the assigning party has against the other party under this Agreement, subject to the claims, defenses and rights, including rights of set off, that such other party may have against the assigning party.

  

	 	c)	Assignment to Subsidiaries. EVERTEC may assign any of its rights, duties or obligations to a direct or indirect wholly-owned Subsidiary of EVERTEC (an
“Assignee Sub”) if (i) such Assignee Sub is identified by EVERTEC to BPPR at least 20 Business Days prior to the consummation of the proposed assignment; (ii) (A) such proposed assignment is legally required in order for
EVERTEC to provide to BPPR or its Subsidiaries, in the country, state, territory or other jurisdiction (“Jurisdiction”) in which the Assignee Sub is organized, the specific obligations required to be performed pursuant to the assignment of
this Agreement, and only (x) to the extent of such legal requirement and (y) if EVERTEC provides a written opinion of qualified counsel that opines that such legal requirement is applicable and is based upon reasonable assumptions with
respect to such legal requirement or (B) BPPR has provided its prior written consent, such consent not to be unreasonably delayed, withheld or conditioned; (iii) such Assignee Sub will be Solvent immediately after and giving effect to such
proposed assignment and BPPR is reasonably satisfied with the terms and conditions of the proposed assignment; (iv) BPPR is a third-party beneficiary to the assignment agreement, which is in form and substance that is reasonably satisfactory to
BPPR, and which provides that the Assignee Sub’s rights under the assignment agreement will be terminated if the Assignee Sub ceases to be a wholly-owned Subsidiary, directly or indirectly, of EVERTEC; and (v) EVERTEC remains fully liable
with respect to the performance of all its obligations under this Agreement and EVERTEC guarantees the performance of all of the obligations of EVERTEC to BPPR assumed by Assignee Sub under this Agreement, which guarantee provides that, for the
avoidance of doubt, after any termination of the proposed assignment, EVERTEC shall continue to be obligated with respect to any obligation undertaken by Assignee Sub prior to such termination. 

 

	 	d)	Assignment to Third Parties. EVERTEC may assign all of its rights, duties and obligations (or those rights, duties and obligations arising after the
effectiveness of the assignment) in a transaction with a third-party assignee (an “Asset Acquirer”) if (i) such Asset Acquirer is identified by EVERTEC to BPPR at least 30 Business Days prior to the consummation of the proposed
assignment; (ii) such Asset Acquirer (A) acquires at least 90% of the consolidated gross assets (excluding cash) of EVERTEC and its Subsidiaries and (B) assumes at least 90% of the consolidated gross liabilities (excluding
Indebtedness) of EVERTEC and its Subsidiaries (including the assignment and assumption of all commercial agreements between EVERTEC or any of its Subsidiaries, on the one hand, and Popular, BPPR or any of their respective Subsidiaries, on the other
hand) through one legal entity; (iii) neither the Asset Acquirer nor any of its Affiliates is engaged, directly or indirectly, in the banking, securities, insurance or lending business, from which they derive aggregate annual revenues from the
Commonwealth of Puerto Rico in excess of $50 million unless none of them has a physical presence in the Commonwealth of Puerto Rico that is used to conduct any such business; (iv) the Asset Acquirer will be Solvent immediately after and giving
effect to such proposed assignment; and (v) EVERTEC reasonably believes that the Asset Acquirer, after completion of the proposed purchase and assumption transaction, will be capable of performing the obligations and duties of EVERTEC under
this Agreement. 

  

	 	e)	 Cooperation. EVERTEC shall use its reasonable best efforts to cooperate with BPPR in evaluating whether any proposed assignment pursuant to this
Section 11.5 would be in compliance with the requirements of the provisions contained in this Section 11.5, including the ability of Assignee Sub or Asset Acquirer, as applicable, to comply with the terms of this

  
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Agreement, including, in each case, by providing any non-confidential information regarding the purposes and plans in connection with such proposed assignment other than information that would
create any potential liability under applicable Legal Requirements, violate any confidentiality obligation, or that reasonably would be expected to result in the waiver of any attorney-client privilege. 

 

	 	f)	Notice of Objection. BPPR shall notify EVERTEC in writing within 15 Business Days following receipt of EVERTEC’s notice of the proposed assignment of any
objection to any proposed assignment to an Asset Acquirer under Section 11.5(d) unless EVERTEC has failed to satisfy its obligations pursuant to Section 11.5(e) and BPPR asserts such failure prior to the expiration of the 15 Business Day
objection period, in which case such 15 Business Day period shall be tolled until EVERTEC satisfies its obligations pursuant to Section 11.5(e). If BPPR fails to timely object to such proposed assignment (taking into account any tolling of the
15 Business Day objection period), it shall be deemed to have consented to such proposed assignment. 

  

	 	g)	Implied Consent. Notwithstanding anything contained herein, if Popular, BPPR or any of their respective Controlled Affiliates votes in favor of a transaction
resulting in a proposed assignment and was not compelled to do so as part of a Dragged Asset Sale or other requirement of the Stockholder Agreement or any other Group Agreement with respect to securities issued by Holdco or EVERTEC or any successor
or other entity that acquired all or substantially all the assets of Holdco or EVERTEC or any of their respective successors, then it shall be deemed to have consented to the assignment. 

 

	 	h)	Invalidity of Impermissible Assignments. Any attempted or purported assignment in violation of this Section 11.5 hereof shall be null and void and the
assignee’s rights assigned pursuant to any assignment made in compliance with this Section 11.5 will terminate in the event and to the extent of the termination of this Agreement. 

 

	 	i)	BPPR Asset Transfer. If BPPR or any of its Subsidiaries transfers, in a single transaction or series of related transactions (including in a merger, business
combination, reorganization, or similar transaction (including by operation of law)), 50% or more of BPPR’s consolidated assets in the Region as of the time of transfer, or assets that generate 50% or more of BPPR’s consolidated revenues
in the Region for the full twelve-month period ending at the time of transfer, to any Person, then BPPR shall assign to such Person its rights, duties and obligations under this Agreement in respect of the Services provided to BPPR and shall cause
such Person to assume its liabilities under this Agreement in respect of the Services provided to BPPR. For the avoidance of doubt, no such assignment shall relieve BPPR of its obligations under this Agreement to the extent BPPR survives any such
sale of assets, merger, business combination, reorganization, or similar transaction. 

  

	11.6.	EVERTEC Change of Control. 

  

	 	a)	EVERTEC Change of Control. BPPR shall have the right, subject to Section 11.6(c), to terminate this Agreement up to 30 days following the later of
(i) the occurrence of an EVERTEC Change of Control or (ii) the date on which EVERTEC provides BPPR written notice that an EVERTEC Change of Control has occurred or is likely to occur (provided that if EVERTEC has not satisfied its
obligations pursuant to Section 11.6(b) and that BPPR asserts such failure prior to the expiration of the 30-day period then such 30-day period shall be tolled until EVERTEC satisfies its obligations under Section 11.6(b), and provided
further that if an EVERTEC Change of Control occurs, and EVERTEC fails to provide BPPR written notice thereof within 30 days thereof, then BPPR shall have an unqualified right to terminate this Agreement), unless (w) the Person or Group of
Persons proposing to engage in such proposed EVERTEC Change of Control transaction (the “Control Acquirer”) is identified to BPPR by EVERTEC at least 30 Business Days prior to such proposed EVERTEC Change of Control; (x) neither the
Control Acquirer nor any of its Affiliates is engaged, directly or indirectly, in the banking, securities, insurance or lending business, from which they derive aggregate annual revenues from the Commonwealth of Puerto Rico in excess of $50 million
unless none of them has a physical presence in the Commonwealth of Puerto Rico that is used to conduct any such business; (y) EVERTEC (or its successor, as applicable) will be Solvent immediately after and giving effect to such proposed EVERTEC
Change of Control; and (z) EVERTEC (or its successor, as applicable), after the proposed EVERTEC Change of Control, will be capable of performing the obligations and duties of EVERTEC under this Agreement; provided further that if
Popular, BPPR or any of their respective Controlled Affiliates votes in favor of the transaction resulting in the EVERTEC Change of Control or Transfers (other than a Transfer in the context of a merger, business combination, reorganization,
recapitalization or similar transaction) any equity securities in connection with the transaction resulting in the EVERTEC Change of Control and, in either case, was not compelled to do so as part of a Drag-Along Transaction, a Dragged Asset Sale or
other requirement of the Stockholder Agreement or any other Group Agreement with respect to Holdco, EVERTEC or any successor or other entity holding all or substantially all the assets of EVERTEC and its Subsidiaries, then such termination right
shall not apply. 

  

	 	b)	Cooperation. EVERTEC shall use its reasonable best efforts to cooperate with BPPR in evaluating whether any proposed EVERTEC Change of Control would be in
compliance with the requirements of this Section 11.6 including the ability of Assignee Sub or Asset Acquirer, as applicable, to comply with the terms of this Agreement, including, in each case, by providing any non-confidential information
regarding the purposes and plans in connection with such proposed EVERTEC Change of Control other than information that would create any potential liability under Legal Requirements, violate any confidentiality obligation, or that reasonably would
be expected to result in the waiver of any attorney-client privilege. 

  

	 	c)	 Notice of Objection. If EVERTEC provides at least 30 days written notice to BPPR prior to an EVERTEC Change of Control, BPPR shall notify
EVERTEC in writing within 15 Business Days following receipt of EVERTEC’s notice of the proposed 

  
 -16-

 
EVERTEC Change of Control of any objection to any proposed EVERTEC Change of Control on the basis that it does not satisfy the criteria set forth in clauses (w) through (z) of
Section 11.6(a) (unless EVERTEC has failed to satisfy its obligations pursuant to Section 11.6(b) and BPPR asserts such failure prior to the expiration of the 15 Business Day objection period, in which case such 15 Business Day objection
period shall be tolled until EVERTEC satisfies its obligations pursuant to Section 11.6(b)). If BPPR fails to timely object to such proposed assignment (taking into account any tolling of the 15 Business Day objection period), it shall be
deemed to have consented to such proposed EVERTEC Change of Control and waived its right of termination under Section 11.6(a). 
  

	11.7. 	Binding Effect. This Agreement and all the provisions hereof will be binding upon and inure to the benefit of the parties hereto and their respective successors
and permitted assigns. The parties hereto intend that this Agreement will not benefit or create any right or cause of action in, or on behalf of, any Person other than the parties hereto. 

 

	11.8.	No Third-Party Beneficiaries. Each party intends that this Agreement will not benefit, or create any right or cause of action in or on behalf of, any Person
other than BPPR and EVERTEC. 

  

	11.9.	Entire Agreement. This Agreement contains the entire understanding of all agreements between the parties hereto with respect to the subject matter hereof and
supersedes any prior agreement or understanding, oral or written, pertaining to any such matters which agreements or understandings will be of no force or effect for any purpose. This Agreement may not be amended or supplemented in any manner except
by mutual agreement of the parties and as set forth in a writing signed by the parties hereto or their respective permitted successors-in-interest. 

  

	11.10.	Incorporation. The Operating Rules, ATH Network Branding Standards, Exhibits, Schedules, Exhibits, Schedules, Addenda, Riders certificates, agreements and other
documents attached hereto and to which reference is made herein are incorporated by reference as if fully set forth herein. 

  

	11.11.	Severability. The parties hereto intend all provisions of this Agreement to be enforced to the fullest extent permitted by law. Accordingly, should a court of
competent jurisdiction determine that the scope of any provision is too broad to be enforced as written, the parties intend that the court should reform the provision to such narrower scope as it determines to be enforceable. If, however, any
provision of this Agreement is held to be illegal, invalid, or unenforceable under present or future law, such provision will be fully severable, and this Agreement will be construed and enforced as if such illegal, invalid, or unenforceable
provision were never a part hereof, and the remaining provisions of this Agreement will remain in full force and effect and will not be affected by the illegal, invalid or unenforceable provision or by its severance. 

 

	11.12.	Waiver. The tardiness or failure by any of the parties hereto in exercising any right or privilege pursuant to this Agreement will not operate as a waiver
thereof, nor will the exercise of any right by any party serve as an obstacle to the exercise of any other rights, powers or privileges, or any portion thereof. The waiver of any breach of any provision under this Agreement by any party will not be
deemed to be a waiver of any preceding or subsequent breach under this Agreement. No such waiver will be effective unless in writing. 

  

	11.13.	Governing Law. This Agreement will be governed by and interpreted in accordance with the laws of the Commonwealth of Puerto Rico applicable to contracts made and
entirely to be performed therein. BPPR agrees to submit to the jurisdiction and venue of the Court of First Instance of Puerto Rico for claims arising under this Agreement. 

 

	11.14.	Trial by Jury. The parties hereby mutually agree that no party, nor any permitted assignee, successor, heir or Representative of thereof will seek a jury trial
in any lawsuit, proceeding, counterclaim, or any other litigation procedure based upon or arising out of this Agreement, or any related agreement or instrument between the parties. None of the parties will seek to consolidate any such action, in
which a jury trial has been waived, with any other action in which a jury trial has not been waived. The provisions of this section have been fully negotiated by the parties. The waiver contained herein is irrevocable, constitutes a knowing and
voluntary waiver, and will be subject to no exceptions. 

  

	11.15.	 Consultation; Arbitration. Any dispute, controversy or claim between the parties or against any Representative of the other related to this
Agreement and any dispute or claim related to the relationship or duties contemplated hereunder, including the validity of this clause (a “Dispute”) will be resolved as set forth in this section. Each party will give written notice
(“Notice of Dispute”) to the other party of any Dispute claimed by it. Following delivery of a Notice of Dispute, a Representative of each party will meet and will attempt in good faith to resolve the Dispute. Any Dispute that remains
unresolved for more than twenty (20) days after the receipt of a Notice of Dispute shall be referred to designated representatives of the parties hereto who shall negotiate in good faith to resolve such dispute (the “Resolution
Forum”). If a Dispute is not resolved in the Resolution Forum, the Dispute shall be submitted to the consideration of the Chief Operating Officer and the Chief Financial Officer of EVERTEC and the Chief Operating Officer, the Chief Financial
Officer and/or the Chief Information Officer of BPPR. Any Disputes that may remain unresolved for more than ninety (90) days following the receipt of a Notice of Dispute may be referred to binding arbitration at the request of any party upon
written notice to the other. Such arbitration proceeding will be administered by the American Arbitration Association in accordance with the then current Commercial Arbitration Rules and will be aired in the Commonwealth of Puerto Rico. The
arbitration will be governed by the United States Arbitration Act, 9 U.S.C. §§ 1-16 to the exclusion of any provision of state law inconsistent therewith or which would produce a different result. A single, neutral arbitrator will
determine the Dispute of the parties and render a final award in accordance with the applicable substantive law. Strict confidentiality will govern the arbitration proceedings, including all information submitted to the arbitrator and the decision
or award entered by the arbitrator. 

  
 -17-

	 	
Any court having jurisdiction may enter judgment upon the award rendered by the arbitrator. The terms hereof will not limit any obligation of a party to defend, indemnify or hold harmless another
party against court proceedings or other Losses. The procedures specified in this section will be the sole and exclusive procedures for the resolution of Disputes between the parties arising out of or relating to this Agreement; provided, however,
that a party may request temporary remedies in a court of law to maintain the status quo or to protect goods or property until the arbitration has initiated and the selected arbitrator has had the opportunity to resolve the request for temporary
relief. Each party is required to continue to perform its obligations under this Agreement pending final resolution of any Dispute arising out of or relating to this Agreement, unless to do so would be impossible or impracticable under the
circumstances. All Disputes between BPPR and Participants will be resolved in accordance with the Operating Rules. 

  

	11.16.	Cumulative Remedies. Except as otherwise expressly provided, all rights and remedies provided for in this Agreement will be cumulative and in addition to and not
in lieu of any other rights and remedies available to either party at law, in equity or otherwise and will not serve to exclude the exercise of any right or remedy provided by law. 

 

	11.17.	Non-Solicitation. BPPR agrees that, during the period commencing on the execution of this Agreement and ending upon the one (1) year anniversary of the
expiration or termination of this Agreement, without the prior written consent of EVERTEC, BPPR shall not, and it shall cause its Subsidiaries not to, directly or indirectly, (i) induce or encourage any employee of EVERTEC to terminate his or
her employment with EVERTEC, (ii) solicit for employment or any similar arrangement any employee of EVERTEC or (iii) hire or assist any other Person in hiring any employee of EVERTEC; provided that BPPR and its Subsidiaries shall not be
restricted from (i) accepting referrals for employment made by a placement agency or employment service so long as such placement agency or employment service has not targeted employees of EVERTEC, (ii) making any general advertisement not
targeted at employees of EVERTEC appearing in a newspaper, magazine, Internet sites or trade publication, or (iii) soliciting or hiring any person who has not been an employee of EVERTEC for at least 180 days prior to being solicited or hired
by BPPR or its Subsidiaries and whom neither BPPR nor any of its Subsidiaries, subject to clauses (i) and (ii) of the proviso, have solicited over such 180-day period. 

 

	11.18.	Prohibition on Publicity. Except for general marketing presentations promoting the ATH Network, listings of actual Participants in the ATH Network and related
disclosures and activities, neither party may advertise or promote using the name or description of the other party including, but not limited to, disclosing the existence or contents of this Agreement, without in each instance the express written
consent of the other party. 

  

	11.19.	Business Days and Legal Holidays. In the event that any action, payment, or time period, under this Agreement, becomes due on a day that is a Legal Holiday, such
action, payment or time period will be performed and/or expire, as applicable, on the next Business Day immediately following the Legal Holiday. 

  

	11.20.	Notices. All notices, requests, demands, consents and other communications given or required to be given under this Agreement and under the related documents
will be in writing and delivered to the applicable party at its main office or any other place as designated by the parties in writing. 

  

	11.21.	Counterparts. This Agreement may be executed in any number of counterparts, each of which will be deemed an original, but all of which together will constitute
one and the same instrument. 

  

	11.22.	Representations and Warranties. EVERTEC and BPPR each represent and warrant that (i) it has the power and authority to grant the rights and perform the
obligations to which it commits herein; (ii) the execution of this Agreement by the person representing it will be sufficient to render the Agreement binding upon it; (iii) neither its performance hereunder nor the exercise by the other
party of rights granted by the warranting party hereunder will violate any applicable laws or regulations, or the legal rights of any Third Parties, or the terms of any other agreement to which the warranting party is or becomes a party; and
(iv) it has and will maintain an adequate system of internal controls and procedures for financial reporting. Each party is separately responsible for ensuring that its performance and grant of rights do not constitute any such violation during
the term of this Agreement. Each of the foregoing representations and warranties and any other representations and warranties made throughout this Agreement will be deemed provided by the parties on the Effective Date hereof and will be continuous
in nature throughout the life of this Agreement. 

  

	11.23.	Specific Performance. BPPR and EVERTEC agree that if an act or omission of BPPR or any of its Subsidiaries, on the one hand, or EVERTEC, on the other hand,
results in a breach of Section 2.2(c), Section 2.10, Section 11.5(i), Section 11.17, Article 5 or Article 6, EVERTEC or BPPR, as applicable, will be irreparably damaged, no adequate remedy at law would exist and damages would be
difficult to determine, and that EVERTEC or BPPR, as applicable, shall be entitled to an injunction or injunctions to prevent such breach, and to specific performance of the terms of Section 2.2(c), Section 2.10, Section 11.5(i),
Section 11.17, Article 5 or Article 6, as the case may be, in addition to any other remedy at law or equity, without having to post bond or any financial undertaking. 

 

	11.24.	Limitation of Actions. No action, regardless of form, arising out of any claimed breach of this Agreement or the Services provided hereunder, may be brought by
either party more than two (2) years after the cause of action has accrued or after the statute of limitations prescribed by Puerto Rico law, whichever is less. 

 

	11.25.	Additional Assurances. Both parties covenant and agree that subsequent to the execution and delivery of this Agreement and without any additional consideration,
each will execute and deliver any further legal instruments and perform any acts that are or may become necessary to effectuate the purposes of this Agreement. 

  
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	11.26.	Amendment and Restatement. This Agreement (1) amends and restates the 2000 ATH Network Agreement and the 2000 Service Riders and (2) upon the Effective
Date, the provisions of this Agreement shall supersede the provisions of the 2000 ATH Network Agreement and the 2000 Service Riders, each of which shall no longer be in effect, other than any accrued obligations that are outstanding as of the
Effective Date.  

 [Signature Page Follows] 

  
 -19-

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by
their duly authorized Representatives as of the date first written above. 
  

									
	BANCO POPULAR DE PUERTO RICO	  		  	EVERTEC, INC.
					
	By:	  	 /s/ Ileana González
	  		  	By:	  	 /s/ Félix M. Villamil

	Name:	  	Ileana González	  		  	Name:	  	
	Title:	  	SVP	  		  	Title:	  	

 [Signature Page to Amended and Restated ATH Network Participation Agreement] 

 Exhibit A – Defined Terms 

 

	1.	“ACH Payment Account” means the Automated Clearing House bank account established by BPPR as described in the Operating Rules. 

 

	2.	“Affiliate” means, with respect to any Person, any other Person, directly or indirectly, through one or more intermediaries, Controlling, Controlled by, or
under common Control with, such Person. Notwithstanding the foregoing, (i) with respect to Apollo, the term “Affiliate” shall (x) include any investment fund with respect to which Apollo Global Management LLC or its Controlled
Affiliates (including its and their respective successors) are the sole or, if not sole, primary investment managers and, subject to clause (y) below, each of their Subsidiaries and (y) not include portfolio companies of Apollo Global
Management LLC or its Controlled Affiliates and, (ii) with respect to Popular (to the extent that at the time of determination it is engaged in a private equity or similar business), the term “Affiliate” shall not include portfolio
companies of Popular or its Controlled Affiliates. 

  

	3.	“Apollo” means AP Carib Holdings, Ltd., an exempted company organized under the laws of the Cayman Islands. 

 

	4.	“Asset Acquirer” has the meaning set forth in Section 11.5(d). 

 

	5.	“Assignee Sub” has the meaning set forth in Section 11.5(c). 

 

	6.	“Authorized Locations” means the data centers and other locations owned or leased by EVERTEC, as the same may be amended from time to time, for providing the
Services and/or maintaining, processing, or storing BPPR Data under this Agreement. 

  

	7.	“beneficially owned”, “beneficial ownership” and similar phrases have the same meanings as such terms have under Rule 13d-3 (or any successor rule
then in effect) under the Exchange Act, except that in calculating the beneficial ownership of any Person, such Person shall be deemed to have beneficial ownership of all securities that such Person has the right to acquire, whether such right is
currently exercisable or is exercisable upon the occurrence of a subsequent event. Notwithstanding the foregoing, no Person (the “Initial Person”) shall be deemed to beneficially own any securities beneficially owned by another Person who
is not an Affiliate of such Initial Person (the “Other Person”) (disregarding solely for the purposes of determining securities beneficially owned by such Other Person, (i) application of this sentence to any securities that have been
Transferred (other than in the form of a pledge, hypothecation or similar grant of a security interest only and which shall not involve the grant of a proxy or other right with respect to the voting of such securities) to such Other Person in
compliance with the Stockholder Agreement or other applicable Group Agreement and (ii) any Group Securities with respect to such Other Person), including without limitation, another Holder that is not an Affiliate of such Initial Person.

  

	8.	“Best Efforts” means the efforts that a prudent Person desirous of achieving a result would use in similar circumstances to ensure that such result is
achieved in the time period expressly contemplated or, in the absence of an expressly contemplated time period, in such time period as applicable, in accordance with historical practices and, to the extent there are no historical practices, within a
commercially reasonable time period. 

  

	9.	“BPPR” has the meaning set forth in the Recitals. 

  

	10.	“BPPR Data” means BPPR’s data, records and information maintained and processed by EVERTEC, including all Customer Information. 

 

	11.	“Business Continuity Plan” means the processes, preventive arrangements and measures taken by a party to be able to respond to an Event in order to be able to
continue offering its services without interruption or significant changes. 

  

	12.	“Business Day” means any day other than a Saturday, a Sunday or a day on which banks in New York, New York or San Juan, Puerto Rico are authorized or
obligated by Law or executive order to close. 

  

	13.	“Change of Control” means, with respect to any Person, the acquisition, by a non-Affiliate of such Person, of (a) more than fifty percent (50%) of
the voting power of such Person or (b) the legal power to designate a majority of the board of directors (or other persons performing similar functions) of such Person. 

 

	14.	“Common Shares” means the common stock of EVERTEC, par value $1.00 per share (or the common stock of any successor or other entity holding all or
substantially all the assets of EVERTEC and its Subsidiaries). 

  

	15.	“Confidential Information” means all confidential or proprietary data, information, know-how and documentation not generally known to the public and any and
all tangible embodiments thereof, including, but not limited to, that which relates to business plans, financial information and projections, agreements with Third Parties, drawings, designs, specifications, estimates, blueprints, plans, data,
reports, models, memoranda, notebooks, notes, sketches, artwork, mock-ups, letters, manuals, patents, patent applications, trade secrets, research, products, services, suppliers, customers, markets, software, developments, inventions, processes,
technology, Intellectual Property, engineering, hardware configuration, marketing, operations, pricing, distribution, licenses, budgets or finances, and copies of all or portions thereof which in any way related to the business of EVERTEC or BPPR,
as the case may be, whether or not disclosed, designated or marked as proprietary, confidential or otherwise. Confidential Information will include EVERTEC’s physical security systems, access control systems, and specialized recovery equipment
and techniques. Confidential Information will include BPPR’s Customer Information and BPPR Data. 

  
 A-1

	16.	“Control,” and its correlative meanings, “Controlling,” and “Controlled,” means the possession, direct or indirect, or the power to direct
or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

  

	17.	“Control Acquirer” has the meaning set forth in Section 11.6(a). 

 

	18.	“Customer Information” means any and all non-public personal information made available to EVERTEC or EVERTEC Representatives for the purpose of obtaining any
service or product offered by EVERTEC and/or BPPR for personal, family or household purposes. 

  

	19.	“Drag-Along Transaction” has the meaning set forth in Section 4(d)(i) of the Stockholder Agreement. 

 

	20.	“Dragged Asset Sale” has the meaning set forth in Section 4(d)(vii) of the Stockholder Agreement. 

 

	21.	“Encumbrances” means any direct or indirect encumbrances, lien, pledge, security interest, claim, charges, option, right of first refusal or offer, mortgage,
deed of trust, easement, or any other restriction or third-party right, including restrictions on the right to vote equity interests. 

  

	22.	“Event” means those events that require a party to put into effect its Business Continuity Plan. 

 

	23.	“EVERTEC Change of Control” means, with respect to EVERTEC, any: 

 (i) merger, consolidation or other business combination of EVERTEC (or any Subsidiary or Subsidiaries that alone or together represent all or substantially all of EVERTEC’s consolidated business at
that time) or any successor or other entity holding all or substantially all the assets of EVERTEC and its Subsidiaries that results in the stockholders of EVERTEC (or such Subsidiary or Subsidiaries) or any successor or other entity holding all or
substantially all the assets of EVERTEC and its Subsidiaries or the surviving entity thereof, as applicable, immediately before the consummation of such transaction or a series of related transactions, holding, directly or indirectly, less than 50%
of the voting power of EVERTEC (or such Subsidiary or Subsidiaries) or any such successor, other entity or surviving entity, as applicable, immediately following the consummation of such transaction or series of related transactions; provided that
this clause (i) shall not be deemed applicable to any merger, consolidation or other business combination, if, as a result of any such merger, consolidation or other business combination, no Person or Group of Persons that had not had
“control” of EVERTEC immediately prior to such transaction, as such term is defined under the Bank Holding Company Act of 1956, shall have obtained such “control”; 

(ii) Transfer (other than in the form of a pledge, hypothecation or similar grant of a security interest only and which shall not involve
the grant of a proxy or other right with respect to the voting of such equity), in one or a series of related transactions, of equity representing 50% or more of the voting power of EVERTEC (or any Subsidiary or Subsidiaries that alone or together
represent all or substantially all of EVERTEC’s consolidated business at that time) or any successor or other entity holding all or substantially all the assets of EVERTEC and its Subsidiaries to a Person or Group of Persons (other than a
Transfer of such equity to Apollo Global Management LLC, Popular, any Permitted Ultimate Parent, or their respective Controlled Affiliates); 
 (iii) transaction in which a majority of the board of directors or equivalent governing body of EVERTEC (or any successor or other entity holding all or substantially all the assets of EVERTEC and its
Subsidiaries) immediately following or as a proximate cause of such transaction is comprised of persons who were not members of the board of directors or equivalent governing body of EVERTEC (or such successor or other entity) immediately prior to
such transaction (or are not nominated by Apollo Global Management LLC, Popular, any Permitted Ultimate Parent or their respective Controlled Affiliates), except (X) resulting from the compliance, at the time of an initial public offering of
either Holdco or EVERTEC (or any successor or other entity holding all or substantially all the assets of EVERTEC and its Subsidiaries), with the listing requirements, listed company manual or similar rules or regulations of the securities exchange
on which Holdco’s or EVERTEC’s (or such successor’s or other entity’s), as the case may be, equity securities will be listed pursuant to such initial public offering, (Y) if a majority of such board of directors is not
“independent” under the rules of the applicable securities exchange on the date following such initial public offering upon which Holdco or EVERTEC (or any successor or other entity holding all or substantially all the assets of EVERTEC
and its Subsidiaries), as the case may be, first ceases to be a “controlled company” (or similar status) under the rules and regulations of such exchange, resulting from compliance with the rules and regulations of such exchange that first
apply upon Holdco or EVERTEC (or such successor’s or other entity’s), as the case may be, ceasing to be a “controlled company” (or similar status), or (Z) the loss of directors of EVERTEC pursuant to Section 2 of the
Stockholder Agreement (as in effect on the date hereof or as may be amended with the approval of Popular and BPPR) that does not result in another Person or Group of Persons having the right or ability to appoint a majority of the board of directors
or equivalent governing body of Holdco or EVERTEC (or any successor or other entity holding all or substantially all the assets of EVERTEC and its Subsidiaries) as a result of such transaction; provided that, for the avoidance of doubt, this clause
(Z) shall only apply to the resignation and initial replacement of such directors and not to any subsequent replacement of such directors (whether in connection with another transaction or otherwise); or 

(iv) sale or other disposition in one or a series of related transactions of all or substantially all of the assets of EVERTEC and its
Subsidiaries (or any successor or other entity holding all or substantially all the assets of EVERTEC and its Subsidiaries) to a Person who is not an Affiliate of EVERTEC at such time. 

 

	24.	“Exchange Act” means the Securities Exchange Act of 1934. 

  

	25.	“Force Majeure” means causes beyond a Person’s reasonable control, including, but not limited to, acts of God, acts of civil or military
authority, war, terrorism, civil commotion, governmental action, explosion, strikes, labor disputes, riots, sabotage, epidemics, fires, floods, hurricanes, earthquakes, or other similar events or disasters. 

  
 A-2

	26.	“Governmental Authority” means the government or any agency thereof, of any nation, state, commonwealth (including the Commonwealth of Puerto Rico), city,
municipality or political subdivision thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to the government that have regulatory, supervisory, and/or examination authority with
respect to BPPR and/or of EVERTEC with respect to the matters covered by the Services or their respective operations or financial condition, any quasi-governmental entity or arbitral body, any SRO and any applicable stock exchange.

  

	27.	“Group Agreement” means any agreement governing the acquisition, holding, voting or disposition of securities of a Person; provided, that, so long as Apollo
or a subsequent Permitted Controlling Holder is an Affiliate of such Person, such Person is a party to such agreement. 

  

	28.	“Group of Persons” means a group of Persons that would constitute a “group” as determined pursuant to Section 13(d) of the Exchange Act and the
rules and regulations promulgated thereunder. 

  

	29.	“Group Securities” means any securities beneficially owned by a Person solely as a result of the Stockholder Agreement or any other Group Agreement and, for
the avoidance of doubt, which securities have not been Transferred to such Person or any of its Controlled Affiliates. 

  

	30.	“Holdco Common Shares” means the common stock of Holdco, par value $0.01 per share. 

 

	31.	“Holdco” means Carib Holdings, Inc., a corporation organized under the laws of the Commonwealth of Puerto Rico. 

 

	32.	“Holders” means the holders of Holdco Common Shares who are parties to the Stockholder Agreement as set forth in Schedule I thereto, as the same may be
amended or supplemented from time to time. 

  

	33.	“Indebtedness” means, with respect to any Person, (a) all indebtedness of such Person, whether or not contingent, for borrowed money, and (b) all
obligations of such Person evidenced by notes, bonds, debentures or other similar debt instruments. 

  

	34.	“Initial Person” has the meaning set forth in the definition of “beneficially owned.” 

 

	35.	“Intellectual Property” means the Licensed Marks and any and all trademarks, service marks, copyrights, patents, trade secrets, commercial and/or internet
domain names, software, source codes, systems, programs, instructions, manuals, and written material (including reports, formats, tapes, listings and other programming documentation) contract forms, client lists, marketing surveys or other
information, the names, features, designs and other specifications related to the names of products or services developed or used or that may hereafter be developed offered or sold by EVERTEC, and methods of processing, specific design and structure
of individual programs and their interaction and unique programming techniques employed therein. 

  

	36.	“Jurisdiction” has the meaning set forth in Section 11.5(e). 

 

	37.	“Legal Holiday” means Saturday, Sunday or any legal holiday in the Commonwealth of Puerto Rico that is observed by EVERTEC. 

 

	38.	“Legal Requirements” mean any applicable federal, state, Puerto Rico, local, municipal, foreign, international, multinational, or other administrative order,
constitution, law, ordinance, principle of law, regulation, statute, guidance or treaty issued by a Governmental Authority. 

  

	39.	 “Licensed Marks” means collectively, the ATH® logo and the ATH® word mark
and any other trademarks or service marks used by EVERTEC in connection with the ATH® Network.

  

	40.	“Loss(es)” means losses, lost profits, liabilities, claims, damages, fines, expenses, penalties, interest expense, costs and fees and disbursements,
(including legal counsel and experts’ fees and disbursements), net of any amounts recovered with respect thereto under insurance policies covering any liability thereof if and to the extent applicable in each case, individually or collectively.

  

	41.	“Material Adverse Effect” means, with respect to any Person, any fact, event, change, effect, development, condition or occurrence that has a materially
adverse effect on or with respect to any business, assets, liabilities, financial condition, or results of operations of such Person. 

  

	42.	“Merger Agreement” means the Agreement and Plan of Merger, dated June 30, 2010, among Popular, AP Carib Holdings Ltd., Carib Acquisition, Inc. and
EVERTEC, as it may be amended, restated or supplemented from time to time. 

  

	43.	“Non-Controlled Public Entity” means a Person which has equity securities listed on national stock exchange and which Person’s Affiliates do not
beneficially own securities representing the majority of the voting power to elect the members of the board of directors or other governing body of such Person. 

 

	44.	“Operating Rules” means the ATH Network Operating Rules as such rules may be amended by EVERTEC from time to time. 

 

	45.	“Other Person” has the meaning set forth in the definition of “beneficially owned.” 

 

	46.	“Permitted Assignment” means a Permitted Subsidiary Assignment or a Permitted Third-Party Assignment. 

 

	47.	“Permitted Controlling Holder” means a Person that (i) beneficially owns equity securities representing a majority of the voting power to elect the
directors of EVERTEC or (ii) any successor or any other entity holding all or substantially all of the assets of EVERTEC and its Subsidiaries in a transaction or series of transactions, in each case, without contravening Section 11.5 or
without BPPR validly exercising its termination right pursuant to Section 11.6 provided that such Person shall be a “Permitted Controlling Holder” only with respect to the applicable entity that issues such securities.

  

	48.	“Permitted Subsidiary Assignment” means an assignment by EVERTEC of any of its rights, duties or obligations under this Agreement to an Assignee Sub in
compliance with the provisions of Section 11.5. 

  
 A-3

	49.	“Permitted Third-Party Assignment” means an assignment by EVERTEC of all its rights, duties and obligations under this Agreement to an Asset Acquirer in
compliance with the provisions of Section 11.5. 

  

	50.	“Permitted Ultimate Parent” means with respect to a Permitted Controlling Holder, its Ultimate Parent Entity. 

 

	51.	“Person” shall be construed broadly and shall include, without limitation, an individual, a partnership, a limited liability company, a corporation, an
association, a joint stock company, a trust, a joint venture, an unincorporated organization and a Governmental Entity or any department, agency or political subdivision thereof. 

 

	52.	“Popular” means Popular, Inc., a corporation organized and existing under the laws of the Commonwealth of Puerto Rico. 

 

	53.	“Region” means Puerto Rico, the U.S. Virgin Islands and the British Virgin Islands. 

 

	54.	“Representative” means with respect to a particular Person, any director, officer, partner, member, employee, agent, consultant, advisor, or other
representative of such Person, including legal counsel, accountants, and financial advisors. 

  

	55.	“Services” has the meaning set forth in Section 2.1. 

  

	56.	“Solvent” with regard to any Person, means that (i) the sum of the assets of such Person, both at a fair valuation and at a present fair salable value,
exceeds its liabilities, including contingent, subordinated, unmatured, unliquidated, and disputed liabilities; (ii) such Person has sufficient capital with which to conduct its business; and (iii) such Person has not incurred debts beyond
its ability to pay such debts as they mature. For purposes of this definition, “debt” means any liability on a claim, and “claim” means (x) a right to payment, whether or not such right is reduced to judgment, liquidated,
unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured or (y) a right to an equitable remedy for breach of performance to the extent such breach gives rise to a payment, whether or not
such right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured or unsecured. With respect to any such contingent liabilities, such liabilities shall be computed at the amount which, in
light of all the facts and circumstances existing at the time, represents the amount which can reasonably be expected to become an actual or matured liability. 

 

	57.	“SPV Affiliate” means with respect to any Person, any Affiliate of such Person, whose direct or indirect interest in the Common Shares constitutes more than
30% (by value) of the equity securities portfolio of such Affiliate. 

  

	58.	“SRO” means any domestic or foreign securities, broker-dealer, investment adviser or insurance industry self-regulatory organization.

  

	59.	“Stockholder Agreement” means the Stockholder Agreement among Carib Holdings, Inc. and the holders party thereto dated September 30, 2010.

  

	60.	“Subsidiary” means, with respect to any Person, any corporation, association, partnership, limited liability company or other business entity of which 50% or
more of the total voting power or equity interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, representatives or trustees thereof is at the time
owned or Controlled, directly or indirectly, by (a) such Person, (b) such Person and one or more Subsidiaries of such Person, or (c) one or more Subsidiaries of such Person. 

 

	61.	“Third Party” means any Person that is not a party to this Agreement and is not an Affiliate of any party to this Agreement. 

 

	62.	“Transfer” means any direct or indirect sale, assignment, transfer, conveyance, gift, bequest by will or under intestacy laws, pledge, hypothecation or other
Encumbrance, or any other disposition, of the stated security (or any interest therein or right thereto, including the issuance of any total return swap or other derivative whose economic value is primarily based upon the value of the stated
security) or of all or part of the voting power (other than the granting of a revocable proxy) associated with the stated security (or any interest therein) whatsoever, or any other transfer of beneficial ownership of the stated security, with or
without consideration and whether voluntarily or involuntarily (including by operation of law). Notwithstanding anything to the contrary set forth in this Agreement, (i) each of (x) a Transfer of equity interests of Popular and (y) a
Change of Control of Popular shall be deemed not to constitute a Transfer of any equity interest beneficially owned by Popular; (ii) each of (x) a Transfer of equity interests of Apollo Global Management LLC or any of its Controlled
Affiliates that is not an SPV Affiliate, and (y) a Change of Control of Apollo Global Management LLC or any of its Controlled Affiliates that is not an SPV Affiliate shall be deemed not to constitute a Transfer of any equity interest
beneficially owned by Apollo or such Affiliate, as applicable, and (iii) each of (x) a Transfer of equity interests of any Permitted Ultimate Parent or any of its Controlled Affiliates that is not an SPV Affiliate, and (y) a Change of
Control of any Permitted Ultimate Parent or any of its Controlled Affiliates that is not an SPV Affiliate shall be deemed not to constitute a Transfer of any security beneficially owned by such Permitted Ultimate Parent Entity or such Controlled
Affiliate, as applicable; provided that, for the avoidance of doubt, subject to clause (i) above, any Change of Control of an SPV Affiliate shall be deemed to constitute a Transfer of the Common Shares beneficially owned by such SPV
Affiliate. 

  

	63.	“Ultimate Parent Entity” means (i) with respect to Apollo, Apollo Global Management LLC and its successors, (ii) with respect to Popular, Popular
and its successors and (iii) with respect to a Permitted Controlling Holder, (x) the Person which (A)(i) Controls such Permitted Controlling Holder or (ii) if no Person Controls such Permitted Controlling Holder, the beneficial owner
of a majority of the voting power of such Permitted Controlling Holder and (B) is not itself Controlled by any other Person that is an Ultimate Parent Entity of such Permitted Controlling Holder or, (y) if no such Person exists, the
Permitted Controlling Holder; provided that, with respect to determining an Ultimate Parent Entity (i) the Control of any entity by a natural person shall be disregarded and (ii) the Control of any Non-Controlled Public Entity by
any Person shall be disregarded. 

  
 A-4

 Schedule F 
 Schedule of Fees 
 See Attached 

 SCHEDULE F 
 PRICE STRUCTURE FOR ATH NETWORK SERVICES 
 Banco Popular de Puerto Rico 

Revised: January 2011 

NETWORK STANDARD SERVICES 
  

									
	AFFILIATION
			
	Participation Fee	 	$[***] per year per Participant	  	Fee payable by the Participant for participation in the ATH Network.
	
	SWITCH FEE (Any transaction passing through the switch)
			
	ATM Transactions	 	 Minimum of $[***] per day*
 $[***] each per transaction
	  	 Fee payable by the Issuer Participant when transactions pass through the switch.

 
 * Minimum per day is payable only if the settlement is performed by
EVERTEC.

			
	POS Transactions	 	 $[***] per transaction
 $[***] per transaction
	  	 Fee payable by the Issuer Participant.
 Fee payable by the Terminal Participant.

			
	ATM INTERCHANGE FEE	 		  	
				
	ATM Transactions	 	Per transaction fee:	 		  	
					
	 	 	 Transaction Type
	 	 On Premises
	 	 Off Premises
	  	 
		 	Monetary	 	 $[***]
	 	$[***]	  	Fee payable by the Issuer Participant to the Terminal Participant
		 	Non Monetary	 	 $[***]
	 	$[***]	  	
		 	ATM incomplete or denied	 	 $[***]
	 	$[***]	  	
			
	POS INTERCHANGE FEE	 		  	
			
	POS Transactions	 		  	
					
	 	 	 Industry Categories (SIC)
	 	 Basis Points
	 	 	  	 
	 	Restaurants	 	[***]%	 		  	 Fee payable by the Terminal Participant to the Issuer Participant.

 
 The fee will be calculated applying the basis points to the dollar amount of the
sales ticket. There is a minimum of $[***] per transaction on all categories. Financial Services will be assessed a maximum of $[***].

	 	General Services	 	 [***]%
	 		  
	 	Gas Stations	 	 [***]%
	 		  
	 	Financial Services	 	 [***]%
	 		  
	 	Public Administration	 	 [***]%
	 		  
	 	Education	 	[***]%	 		  
	 	Health Services	 	[***]%	 		  
	 	Retailers	 	[***]%	 		  
	 	Supermarkets	 	[***]%	 		  
		 		 		 		  
	  
 ACCOUNTING MANAGEMENT
	 		  	
			
	POS Transactions	 	$[***] per transaction	  	Fee payable by the Terminal Participant for reports and Electronic Draft Capture (EDC) process.
			
	BALANCED PORTFOLIO	 		  	
			
	ATM Transactions	 	 $[***] per excess on ATM transaction
	  	Fee payable by the Issuer Participant for the excess of ATM Transactions over POS Transactions (unbalanced portfolio).
			
	CERTIFICATION	 		  	
			
	 Testing time for
 ATM and POS
	 	$[***] per hour or fraction, per occurrence, during business day 8:00 am to 5:00 pm	  	Fees payable by the Participant. All certifications are subject to applicable charges, will the exception of new affiliation which will be entitled to [***] hours free of
charge.
	 	$[***] per hour or fraction, at other times	  	

  

	***	Confidential Information has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that confidential treatment has been
requested with respect to this omitted information. 

  
 6 

 NETWORK STANDARD SERVICES 

 

									
	1. GATEWAY FEES
			
	Processor	 	 Applicable network fees and communications costs
	  	Fees payable by the Participant. Communication cost will be allocated on the basis of the proportional number of transactions processed through the Gateway processor. Minimum:
$[***]. Other processor costs will be allocated to the Participant.
			
	 FTP ACCESS
  
	 		  	
	Transmission Fee	 	 $[***] per month per institution
	  	Fee payable by the Participant.
	Re-creation of Transmission	 	 $[***] per each day re-created
	  	Fee payable by the Participant for re-creation of transmissions of previous settlements dates.
	Re-creation of Hard Copy Reports	 	 $[***] per each day re-created
	  	Fee payable by the Participant for re-creation of hard copy reports of previous settlement dates.
	Transaction Files	 	$[***] per month per file	  	Fee payable by the Participant for Issuer and Terminal Participant activity and transaction log.
		
	2. EDUCATIONAL TRAININGS	  	
			
	Settlement	 	No Charge	  	Applies to new affiliations.
	Additional	 	 $[***] one person

$[***] per additional participant
	  	
	On site	 	 $[***] one person

$[***] per additional participant
	  	Fees payable by the Participant.
		
	 ATH BRAND DEVELOPMENT FUND

 
	  	
	 Quarterly Gross
 Dollar Volume
	 	 From
	 	 To
	  	 Basis Points
	  	Fee payable by the Participant. The fee is applied using the basis points tier structure
for the total monetary volume of ATM and POS transactions per quarter.
Applies to
“not on us” transactions.
	 	 $[***]
	 	$[***]	  	[***]%	  
	 	 $[***]
	 	$[***]	  	[***]%	  
	 	 $[***]
	 	$[***]	  	 [***]%
	  
	 	 $[***]
	 	$[***]	  	 [***]%
	  

  

	***	Confidential Information has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that confidential treatment has been
requested with respect to this omitted information. 

  
 7 

							
	 Initial
 Each Box
 Below
	  	NETWORK OPTIONAL SERVICES
	
	AUTHORIZATIONS
	
	STAND-IN AUTHORIZATION FEES
				
		  	ATM Transactions	  	$[***] per transaction (completed)	  	Fees payable by Participants that elect to have the ATH Network authorize ATM and/or POS transactions on their behalf.
				
		  	POS Transactions	  	$[***] per transaction (completed)	  	
	
	CARD ACCEPTANCE AT PUENTE TEODORO MOSCOSO
				
		  	Processing	  	 Any transaction passing to the switch
	  	Fee payable by the Issuer Participant. See Network Standard Services Switch Fee Table.
				
		  	Interchange	  	 Any transaction passing to the switch
	  	Fee payable by the Terminal Participant to the Issuer Participant. See Network Standard Services Switch Fee Table.
	
	CARD ACCEPTANCE AT NYCE POR TERMINALS
				
		  	Processing	  	$[***] per transaction	  	Fee payable by the Issuer Participant.
				
		  	Interchange	  	 Variable
	  	Fee payable by NYCE to the Issuer Participant in accordance with NYCE operating rules.
	
	ATM
	
	SURCHARGE
				
		  	Per transaction fee	  	 $[***] per surcharged transaction
	  	Fee payable by the Terminal Participant for ATM transactions that are settled by the ATH Network. Fee does not apply to foreign transactions.
	
	ATM INTERBANKING TRANSFER
				
		  	ATM Transaction	  	 Switch Fee (Any transaction

passing to the switch)
	  	Fee payable by the Issuer Participant and the Receiver Participant. See Network Standard Services Switch Fee Table.
				
		  	Interchange	  	 $[***] per transaction
	  	Fee payable by the Issuer Participant to the Terminal Participant.
				
		  	Implementation	  	 Shall be determined in a one-to-one basis and quoted accordingly
	  	Fee payable by the Terminal Participant for ATM loads and screen modifications.
	
	MOBILE PHONE ATM AIRTIME SALES
				
		  	ATM Transaction	  	 $[***] per transaction
	  	Fee payable by the Terminal Participant for completed sales transactions for Claro airtime activations.

  

	***	Confidential Information has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that confidential treatment has been
requested with respect to this omitted information. 

  
 8 

											
	 Initial
 Each Box
 Below
	  	PROCESSING OPTIONAL SERVICES
	ATM SERVICES
	ATM PRODUCTS
				
	 	  	ATM Driving	  	 Per month, per machine

 
	  	 
	 	  	  	 From
	  	 To
	  	 Fee
	  	 
	 	  	  	[***]	  	[***]	  	$[***]	  	Fees payable by the Terminal Participant for ATMs
connected to the ATH Network for driving.
	 	  	  	[***]	  	[***]	  	$[***]	  
	 	  	  	[***]	  	[***]	  	$[***]	  
	 	  	  	[***]	  	[***]	  	$[***]	  
				
		  	ATM Monitoring Web Access	  	$[***] per user id, per month	  	Fees payable by the Terminal Participant for accessing the Web Monitoring Services.
	
	OTHER SERVICES
	
	MOBILE BANKING SERVICES
				
		  	Balance Inquiry	  	$[***] per transaction	  	Fee payable by the Issuer Participant.
				
		  	Interchange	  	$[***] per transaction	  	Fee payable by ATH Network to the Issuer Participant.

  

					
			
	 /s/ Roberto Delgado
	  		  	 /s/ Luis Cestero

	Roberto Delgado	  		  	Luis Cestero
	Vice President	  		  	SVP Retail
			
	 13 JAN 2011
	  		  	 1/13/11

	Date	  		  	Date

  

	***	Confidential Information has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that confidential treatment has been
requested with respect to this omitted information. 

  
 9 

 SERVICE RIDER 
 ATM DRIVING 
 This Service Rider to the Amended and Restated ATH Network Participation
Agreement (the “Agreement”) is made on this 30th day of September, 2010 (the “Effective Date”), by and between BANCO POPULAR DE PUERTO RICO (“BPPR”) and EVERTEC, INC. (“EVERTEC”) and forms a part of, and is
subject to, the terms and conditions of the Agreement. Unless indicated otherwise, any capitalized terms not specifically defined herein shall have the meaning set forth in the Agreement or the Operating Rules. 

RECITALS 

WHEREAS, EVERTEC provides automated teller machine (ATM) terminal driving, monitoring and related network services (the “Services”); and

 WHEREAS, BPPR wishes to subscribe to this Service Rider with EVERTEC in order to obtain the Services from EVERTEC, subject to the
terms and conditions set forth herein. 
 NOW THEREFORE, the parties hereby agree as follows: 

 

	1.	Front End Authorizations – EVERTEC will perform the front end communications for debit, credit and combined cards (hereinafter referred to as the
“Cards”) authorizations for BPPR cardholders’ transactions from BPPR participating networks, such as, but not limited to: (i) Total Systems, (ii) ATH Network participants; and (iii) international networks.
EVERTEC’s Services support a communication process, in which all authorizations are channeled to EVERTEC’s, and then routed to one of the following: (i) BPPR designated data center for BPPR on-us transactions; (ii) ATH Network
for ATH Network participant transactions; or (iii) Visa, MasterCard or other payment gateways (such as Plus, Cirrus, American Express, Discover and Diner’s Club, etc.) for domestic and international transactions. 

 

	2.	ATM Management Services – EVERTEC will provide BPPR with ATM management services under which EVERTEC will download modifications of the BPPR ATM software to BPPR
ATMs. BPPR may request that EVERTEC provide modifications to the BPPR ATM software. Such modifications will be quoted separately and are not included in the pricing for the Services. 

 

	3.	Settlement – the ATM balance function will be available on a daily basis (Monday through Sunday) and will support (i) settlement Cards; (ii) forced
balance; and (iii) automatic balance (upon request). ATH Network settlement will be Monday through Friday and will include: (i) daily transaction reports; (ii) single point settlement; and (iii) interchange and fees reports.

  

	4.	Multi-Currency Support – EVERTEC will provide the required support for multi-currency dispensing at BPPR-specified ATM locations. Any modifications to the ATM
software, hardware and/or Services that may be required for EVERTEC to comply with this section will be performed by EVERTEC at BPPR’s request and expense. 

 

	5.	Monitoring – EVERTEC will provide BPPR ATMs, network and host monitoring 365 days, 24 hours daily. Any particular specifications for monitoring will be provided by
BPPR and establish (i) the conditions to be monitored; (ii) the scheduled time period for escalation; and (iii) the mode of notification. EVERTEC will monitor BPPR ATMs, the ATH Network and the host for operational, network and
security conditions. At BPPR’s request and expense (to be invoiced separately according to Schedule F of the Agreement), EVERTEC will also provide BPPR the required access to monitor BPPR ATMs, the network and the host for operational, network
and security conditions. EVERTEC will provide BPPR with pre-defined performance reports that track and measure ATM availability, operation, hardware conditions, supplies and maintenance uptimes/downtimes. As part of the monitoring services, EVERTEC
will also provide BPPR with a transaction monitoring tool and will monitor all communications circuits. 

  

	6.	The parties agree that the fees for the Services contemplated under this Service Rider will be set forth in Schedule F of the Agreement. 

 

	7.	This Service Rider will be coterminous with the Agreement and shall expire and become ineffective if at any time the Agreement is terminated for any reason.

 [signature page follows] 

  
 10 

 IN WITNESS WHEREOF, the parties hereto have caused this Service Rider to be executed by their duly
authorized representatives to be effective as of the Effective Date regardless of the actual date of signature below. 
  

									
	EVERTEC, INC.	 		 	BANCO POPULAR DE PUERTO RICO
					
	By:	 	 /s/ Félix M. Villamil
	 		 	By:	 	 /s/ Ileana González

	Name:	 		 	Name:
	Title:	 		 	Title:

 [Signature Page to ATM Driving Service Rider] 

 SERVICE RIDER 
 MOBILE PHONE ATM AIRTIME SALES 
 This Service Rider to the Amended and Restated ATH Network
Participation Agreement (the “Agreement”) is made on this 30th day of September, 2010 (the “Effective Date”), by and between BANCO POPULAR DE PUERTO RICO (“BPPR”) and EVERTEC, Inc. (“EVERTEC”) and forms a part
of, and is subject to, the terms and conditions of the Agreement. Unless indicated otherwise, any capitalized terms not specifically defined herein shall have the meaning set forth in the Agreement or the Operating Rules. 

RECITALS 
 WHEREAS,
BPPR has entered into an agreement with a mobile phone carrier to provide Participants’ cardholders the functionality of buying prepaid cellular air time (the “Airtime Purchases”) at certain designated BPPR ATM terminals (the
“Designated ATMs”); and 
 WHEREAS, EVERTEC’s proprietary software for Participants’ ATM terminals can be configured
to accept Airtime Purchases; and 
 WHEREAS, the parties agree that it is in their respective best interest that Participants’
cardholders have access to Airtime Purchases at the Designated ATMs. 
 NOW THEREFORE, the parties hereby agree as follows: 

 

	1.	It is agreed that, as of the Effective Date of this Service Rider, Participants’ cardholders may use the Designated ATMs to make Airtime Purchases.

  

	2.	In connection with the ability of the Designated ATMs to accept Airtime Purchases, EVERTEC shall provide BPPR the following Services: 

 

	 	a)	Certify or cause the Designated ATMs to be certified in order to be able to accept the Airtime Purchase transactions. 

 

	 	b)	Perform ATM loads to configure the Designated ATMs in such a manner as to include the functionality of accepting Airtime Purchases. 

 

	 	c)	Process authorization requests relating to the Airtime Purchase transactions, including: 

 

	 	i.	receiving and accepting requests for authorization/verification for cardholder transactions initiated at the Designated ATMs; 

 

	 	ii.	seeking authorization or denial of such transactions from the Issuer Participant of the cardholder; 

 

	 	iii.	sending to the mobile phone carrier the mobile phone number to be activated with the Airtime Purchase; and 

 

	 	iv.	relaying to the Designated ATM the corresponding authorization or denial message received from the Issuer Participant of the cardholder and the mobile phone carrier.

  

	3.	BPPR is responsible for: 

  

	 	a)	Obtaining the appropriate certification of the Designated ATMs to enable same for processing the Airtime Purchase transactions and coordinating the activation of such
Designated ATMs with EVERTEC. 

  

	 	b)	Complying with any additional procedures required to accept Airtime Purchases as same may be published and modified from time to time. 

 

	 	c)	Any claims related to Airtime Purchases or the mobile phone carrier. 

  

	4.	The parties agree that the fees for the Services contemplated under this Service Rider, as well as any fees or charges relating to the Airtime Purchases, will be set
forth in Schedule F of the Agreement. 

  

	5.	This Service Rider will be coterminous with the Agreement and shall expire and become ineffective if at any time the Agreement is terminated for any reason.

 [signature page follows] 

 IN WITNESS WHEREOF, the parties hereto have caused this Service Rider to be executed by their duly
authorized representatives to be effective as of the Effective Date regardless of the actual date of signature below. 
  

									
	EVERTEC, INC.	 		 	BANCO POPULAR DE PUERTO RICO
					
	By:	 	 /s/ Félix M. Villamil
	 		 	By:	 	 /s/ Ileana González

	Name: FELIX M. VILLAMIL	 		 	Name:
	Title:   PRESIDENT	 		 	Title:

 [Signature Page to Mobile Phone ATM Airline Sales Service Rider] 

 SERVICE RIDER 
 NYCE POS TERMINAL ACCESS 
 This Service Rider to the Amended and Restated ATH Network
Participation Agreement (the “Agreement”) is made on this 30th day of September, 2010 (the “Effective Date”), by and between BANCO POPULAR DE PUERTO RICO (“BPPR”) and EVERTEC, INC. (“EVERTEC”) and forms a part
of, and is subject to, the terms and conditions of the Agreement. Unless indicated otherwise, any capitalized terms not specifically defined herein shall have the meaning set forth in the Agreement or the Operating Rules. 

RECITALS 

WHEREAS, EVERTEC has entered into a separate agreement (“Universal Access Agreement”) with NYCE Network Payments, LLC (“NYCE”)
to provide access to ATH PIN debit card issuers to conduct PIN POS Terminal transactions at participating NYCE US merchants; and 

WHEREAS, the ATH cardholders will be entitled to use the ATH card at participating NYCE merchants for the purchase of goods and services and to
obtain cash advances, and 
 WHEREAS, the parties agree that it is in their best interest that BPPR have access to NYCE affiliated POS
Terminals in accordance with the Universal Access Agreement; and 
 WHEREAS, BPPR wishes to subscribe to this Service Rider with EVERTEC
in order to obtain the switching and settlement services for POS terminal transactions initiated by ATH cardholders, subject to the terms and conditions set forth herein. 
 NOW THEREFORE, the parties hereby agree as follows: 
  

	1.	BPPR’s ATH cardholders may have access to NYCE affiliated POS Terminals in the United States for the purpose of seeking transaction authorization.

  

	2.	EVERTEC’s sole responsibility to BPPR shall be limited to switching the acquired transaction at a NYCE POS Terminal to EVERTEC for authorization and settlement
(the “Services”). 

  

	3.	EVERTEC will route such transactions to the card issuer or card issuer’s designated processor to secure the appropriate transaction response in a methodology
determined by EVERTEC. 

  

	4.	The parties agree that the fees for the Services contemplated under this Service Rider will be set forth in Schedule F of the Agreement. 

 

	5.	In addition, BPPR agrees to pay to EVERTEC the corresponding ancillary fees assessed by NYCE in accordance with NYCE Ancillary Services Price Schedule. Any such fees
will be billed to BPPR in accordance with the Agreement. 

  

	6.	This Service Rider will be coterminous with the Agreement and shall expire and become ineffective if at any time the Agreement is terminated for any reason.

 [signature page follows] 

 IN WITNESS WHEREOF, the parties hereto have caused this Service Rider to be executed by their duly
authorized representatives to be effective as of the Effective Date regardless of the actual date of signature below. 
  

									
	EVERTEC, INC.	 		 	BANCO POPULAR DE PUERTO RICO
					
	By:	 	 /s/ Félix M. Villamil
	 		 	By:	 	 /s/ Ileana González

	Name:	 		 	Name:
	Title:	 		 	Title:

 [Signature Page to NYCE POS Terminal Access Service Rider]EX-10.49

 Exhibit 10.49 
 EXECUTION VERSION 
 ATH SUPPORT AGREEMENT 

ATH SUPPORT AGREEMENT, dated as of September 30, 2010 (this “Agreement”), by and between Banco Popular de
Puerto Rico (“BPPR”), a bank organized and existing under the laws of the Commonwealth of Puerto Rico, and EVERTEC, Inc., a Puerto Rico corporation organized and existing under the laws of the Commonwealth of Puerto Rico (the
“EVERTEC”). 
 WHEREAS, BPPR transferred to EVERTEC the Transferred Assets (including among other
things, in exchange for (1) New Shares and (2) the assumption by EVERTEC of the Assumed Liabilities, pursuant to the terms and conditions of the Merchant and Ticketpop Business Transfer and Reorganization Agreement, dated as of
June 30, 2010, as amended (the “Business Transfer Agreement”); 
 WHEREAS, prior to the Effective
Time, BPPR and its Affiliates (1) promoted, supported and marketed the ATH Network and the ATH Debit Cards and (2) issued ATH Debit Cards; 
 WHEREAS, EVERTEC has provided to BPPR and its Affiliates, certain data processing, applications, processing, check imaging, transmission, telecommunications, credit and debt card transaction
processing, and related operational, technical, and consulting services, and shall continue to provide such services pursuant to the terms of the Amended and Restated Master Services Agreement (the “Master Agreement”), dated as of
the date hereof, among Popular, Inc. (“Popular”), BPPR and EVERTEC, as it may be amended, extended, supplemented or renewed from time to time; and 
 WHEREAS, in the connection with the foregoing, the parties hereto wish to clarify that BPPR and its Affiliates will continue to support the ATH Network and to promote and support Cards that bear
the symbol of the ATH Network as set forth below. 
 NOW, THEREFORE, in consideration of the foregoing, the parties
hereto agree as follows: 
 1. Definitions. All capitalized terms used but not defined herein shall have the meaning
ascribed to such terms in the Business Transfer Agreement. As used in this Agreement, the following terms shall have the meanings set forth below: 
 “AAA” means the American Arbitration Association. 

“Affiliate” means, with respect to any Person, any other Person, directly or indirectly, through one or more
intermediaries, Controlling, Controlled by, or under common Control with, such Person. Notwithstanding the foregoing, (i) with respect to Apollo, the term “Affiliate” shall (x) include any investment fund with respect to which
Apollo Global Management LLC or its Controlled Affiliates (including its and their respective successors) are the sole or, if not sole, primary investment managers and, subject to clause (y) below, each of their Subsidiaries and (y) not
include portfolio companies of Apollo Global Management LLC or its Controlled Affiliates and (ii) with respect to Popular (to the extent that at the time of determination it is engaged in a private equity or similar business), the term
“Affiliate” shall not include portfolio companies of Popular or its Controlled Affiliates. 

 “Apollo” means AP Carib Holdings, Ltd., an exempted company organized under
the laws of the Cayman Islands. 
 “Arbitration Panel” has the meaning set forth in Section 10(a).

 “Arbitration Procedures” has the meaning set forth in Section 10(a). 

“Asset Acquirer” has the meaning set forth in Section 7(d). 

“Assignee Sub” has the meaning set forth in Section 7(c). 

“ATH Debit Cards” has the meaning set forth in Section 3(a). 

“ATH Issuer Participants” means the group of financial institutions that issue Cards that bear the symbol of the ATH
Network and grants cardholders access to the ATH Network. 
 “beneficially owned,” “beneficial
ownership” and similar phrases have the same meanings as such terms have under Rule 13d-3 (or any successor rule then in effect) under the Exchange Act, except that in calculating the beneficial ownership of any Person, such Person shall be
deemed to have beneficial ownership of all securities that such Person has the right to acquire, whether such right is currently exercisable or is exercisable upon the occurrence of a subsequent event. Notwithstanding the foregoing, no Person (the
“Initial Person”) shall be deemed to beneficially own any securities beneficially owned by another Person who is not an Affiliate of such Initial Person (the “Other Person”) (disregarding solely for the purposes of
determining securities beneficially owned by such Other Person, (i) application of this sentence to any securities that have been Transferred (other than in the form of a pledge, hypothecation or similar grant of a security interest only and
which shall not involve the grant of a proxy or other right with respect to the voting of such securities) to such Other Person in compliance with the Stockholder Agreement or other applicable Group Agreement and (ii) any Group Securities with
respect to such Other Person), including without limitation, another Holder that is not an Affiliate of such Initial Person. 

“BPPR” has the meaning set forth in the Recitals. 

“Business Day” means any day other than a Saturday, a Sunday or a day on which banks in New York, New York or San Juan,
Puerto Rico are authorized or obligated by Law or executive order to close. 
 “Card Association” means
(i) the Bank Card Associations and (ii) any other credit card company or debit card network. 
 “Change of
Control” means, with respect to a Person, the acquisition, by a non-Affiliate of such Person, of (i) more than fifty percent (50%) of the voting power of such Person or (ii) the legal power to designate a majority of the
board of directors (or other persons performing similar functions) of such Person. 

  
 -2-

 “Common Shares” means the common stock of EVERTEC, par value $1.00 per
share (or the common stock of any successor or other entity holding all or substantially all the assets of EVERTEC and its Subsidiaries). 
 “Commonwealth” means the Commonwealth of Puerto Rico. 

“Control Acquirer” has the meaning set forth in Section 8(a). 

“Control,” and its correlative meanings, “Controlling,” and “Controlled,” means the
possession, direct or indirect, or the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

“Credit Card” means any card, plate or single credit device that may be used from time to time to obtain credit from BPPR
(or licensee of BPPR) as member of a Card Association. 
 “Debit Card” means a card with a magnetic strip
bearing the symbol(s) of one or more Card Associations and/or the ATH Network, as applicable, which enables the holder to pay for good and services by authorizing an electronic debit to the cardholder’s designated account with the corresponding
Issuing Member. 
 “Debit Proportion” equals, for each Issuance Period, the (i) number of ATH Debit Cards
issued by BPPR during such Issuance Period divided by (ii) number of ATH Debit Cards and Dual Branded Debit Cards issued by BPPR during such Issuance Period. 
 “Drag-Along Transaction” has the meaning set forth in Section 4(d)(i) of the Stockholder Agreement. 
 “Dragged Asset Sale” has the meaning set forth in Section 4(d)(vii) of the Stockholder Agreement. 
 “Dual Branded Debit Cards” has the meaning set forth in Section 3(a). 
 “Encumbrances” means any direct or indirect encumbrances, lien, pledge, security interest, claim, charges, option, right of first refusal or offer, mortgage, deed of trust, easement, or
any other restriction or third-party right, including restrictions on the right to vote equity interests. 
 “EVERTEC
Change of Control” means, with respect to EVERTEC, any: (i) merger, consolidation or other business combination of EVERTEC (or any Subsidiary or Subsidiaries that alone or together represent all or substantially all of EVERTEC’s
consolidated business at that time) or any successor or other entity holding all or substantially all the assets of EVERTEC and its Subsidiaries that results in the stockholders of EVERTEC (or such Subsidiary or Subsidiaries) or any successor or
other entity holding all or substantially all the assets of EVERTEC and its Subsidiaries or the surviving entity thereof, as applicable, immediately before 

  
 -3-

 
the consummation of such transaction or a series of related transactions, holding, directly or indirectly, less than 50% of the voting power of EVERTEC (or such Subsidiary or Subsidiaries) or any
such successor, other entity or surviving entity, as applicable, immediately following the consummation of such transaction or series of related transactions; provided that this clause (i) shall not be deemed applicable to any merger,
consolidation or other business combination, if, as a result of any such merger, consolidation or other business combination, no Person or Group of Persons that had not had “control” of EVERTEC immediately prior to such transaction, as
such term is defined under the Bank Holding Company Act of 1956, shall have obtained such “control”; (ii) Transfer (other than in the form of a pledge, hypothecation or similar grant of a security interest only and which shall not
involve the grant of a proxy or other right with respect to the voting of such equity), in one or a series of related transactions, of equity representing 50% or more of the voting power of EVERTEC (or any Subsidiary or Subsidiaries that alone or
together represent all or substantially all of EVERTEC’s consolidated business at that time) or any successor or other entity holding all or substantially all the assets of EVERTEC and its Subsidiaries to a Person or Group of Persons (other
than a Transfer of such equity to Apollo Global Management LLC, Popular, any Permitted Ultimate Parent, or their respective Controlled Affiliates); (iii) transaction in which a majority of the board of directors or equivalent governing body of
EVERTEC (or any successor or other entity holding all or substantially all the assets of EVERTEC and its Subsidiaries) immediately following or as a proximate cause of such transaction is comprised of persons who were not members of the board of
directors or equivalent governing body of EVERTEC (or such successor or other entity) immediately prior to such transaction (or are not nominated by Apollo Global Management LLC, Popular, any Permitted Ultimate Parent or their respective Controlled
Affiliates) except, (X) resulting from the compliance, at the time of an initial public offering of either Holdco or EVERTEC (or any successor or other entity holding all or substantially all the assets of EVERTEC and its Subsidiaries), with
the listing requirements, listed company manual or similar rules or regulations of the securities exchange on which Holdco’s or EVERTEC’s (or such successor’s or other entity’s), as the case may be, equity securities will be
listed pursuant to such initial public offering, (Y) if a majority of such board of directors is not “independent” under the rules of the applicable securities exchange on the date following such initial public offering upon which
Holdco or EVERTEC (or any successor or other entity holding all or substantially all the assets of EVERTEC and its Subsidiaries), as the case may be, first ceases to be a “controlled company” (or similar status) under the rules and
regulations of such exchange, resulting from compliance with the rules and regulations of such exchange that first apply upon Holdco or EVERTEC (or such successor’s or other entity’s), as the case may be, ceasing to be a “controlled
company” (or similar status), or (Z) the loss of directors of EVERTEC pursuant to Section 2 of the Stockholder Agreement (as in effect on the date hereof or as may be amended with the approval of Popular and BPPR) that does not result
in another Person or Group of Persons having the right or ability to appoint a majority of the board of directors or equivalent governing body of Holdco or EVERTEC (or any successor or other entity holding all or substantially all the assets of
EVERTEC and its Subsidiaries) as a result of such transaction; provided that, for the avoidance of doubt, this clause (Z) shall only apply to the resignation and initial replacement of such directors and not to any subsequent replacement of
such directors (whether in connection with another transaction or otherwise); or (iv) sale or other disposition in one or a series of related transactions of all or substantially all of the assets of EVERTEC and its Subsidiaries (or any
successor or other entity holding all or substantially all the assets of EVERTEC and its Subsidiaries) to a Person who is not an Affiliate of EVERTEC at such time. 

  
 -4-

 “Exchange Act” means the Securities Exchange Act of 1934. 

“Government Entity” means any federal, national, supranational, state, provincial, Commonwealth, local or foreign or
similar government, governmental subdivision, regulatory or administrative body or other governmental or quasi-governmental agency, tribunal, commission, court, judicial or arbitral body or other entity with competent jurisdiction. 

“Group Agreement” means any agreement governing the acquisition, holding, voting or disposition of securities of a
Person; provided that, so long as Apollo or a subsequent Permitted Controlling Holder is an Affiliate of such Person, such Person is a party to such agreement. 
 “Group of Persons” means a group of Persons that would constitute a “group” as determined pursuant to Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. 
 “Group Securities” means any securities beneficially owned by a Person solely as a
result of the Stockholder Agreement or any other Group Agreement and, for the avoidance of doubt, which securities have not been Transferred to such Person or any of its Controlled Affiliates. 

“Holdco Common Shares” means the common stock of Holdco, par value $0.01 per share. 

“Holdco” means Carib Holdings, Inc., a corporation organized under the laws of the Commonwealth of Puerto Rico.

 “Holders” means the holders of Holdco Common Shares who are parties to the Stockholder Agreement as set forth
in Schedule I thereto, as the same may be amended or supplemented from time to time. 
 “Indebtedness” means,
with respect to any Person, (a) all indebtedness of such Person, whether or not contingent, for borrowed money, and (b) all obligations of such Person evidenced by notes, bonds, debentures or other similar debt instruments. 

“Initial Person” has the meaning set forth in the definition of “beneficially owned.” 

“Issuance Period” has the meaning set forth in Section 3(b). 

“Jurisdiction” has the meaning set forth in Section 7(c). 

“Law” means any federal, national, supranational, state, provincial, Commonwealth, local or foreign or similar law,
statute, ordinance, rule, regulation, code, order, writ, judgment, injunction, directive, guideline or decree enacted, issued, promulgated, enforced or entered by a Government Entity or Self-Regulatory Organization (including, for the sake of
clarity, any policy statement or interpretation that has the force of law with respect to any of the foregoing, and including common law). 

  
 -5-

 “Legal Holiday” means Saturday, Sunday or any legal holiday in the
Commonwealth of Puerto Rico that is observed by EVERTEC. 
 “Master Agreement” has the meaning set forth in the
Recitals. 
 “MCI” means MasterCard International, Inc. 

“Measurement Period” has the meaning set forth in Section 2. 

“Minimum Debit Proportion” shall be equal to [***]%. 

“New Minimum Debit Proportion” has the meaning set forth in Section 3(b). 

“Non-Controlled Public Entity” means a Person which has equity securities listed on national stock exchange and which
Person’s Affiliates do not beneficially own securities representing the majority of the voting power to elect the members of the board of directors or other governing body of such Person. 

“Other Person” has the meaning set forth in the definition of “beneficially owned.” 

“Out of Proportion Issuance” has the meaning set forth in Section 3(b). 

“Permitted Assignment” means a Permitted Subsidiary Assignment or a Permitted Third-Party Assignment. 

“Permitted Controlling Holder” means a Person that (i) beneficially owns equity securities representing a majority
of the voting power to elect the directors of EVERTEC or (ii) any successor or any other entity holding all or substantially all of the assets of EVERTEC and its Subsidiaries in a transaction or series of transactions, in each case, without
contravening Section 7 or without BPPR validly exercising its termination right pursuant to Section 8 provided that such Person shall be a “Permitted Controlling Holder” only with respect to the applicable entity that
issues such securities. 
 “Permitted Subsidiary Assignment” means an assignment by EVERTEC of any of its
rights, duties or obligations under this Agreement to an Assignee Sub in compliance with the provisions of Section 7. 

“Permitted Third-Party Assignment” means an assignment by EVERTEC of all its rights, duties and obligations under this
Agreement to an Asset Acquirer in compliance with the provisions of Section 7. 
 “Permitted Ultimate
Parent” means with respect to a Permitted Controlling Holder, its Ultimate Parent Entity. 
  

	***	Confidential Information has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that confidential treatment has been
requested with respect to this omitted information. 

  
 -6-

 “Person” shall be construed broadly and shall include, without limitation,
an individual, a partnership, a limited liability company, a corporation, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a Governmental Entity or any department, agency or political subdivision
thereof. 
 “Popular” means Popular, Inc., a corporation organized and existing under the laws of the
Commonwealth of Puerto Rico. 
 “Records” has the meaning set forth in Section 9. 

“Region” means Puerto Rico, the U.S. Virgin Islands and the British Virgin Islands. 

“Representatives” means, with respect to any Person, such Person’s directors, officers, employees, attorneys,
accountants and other advisors or representatives. 
 “Self-Regulatory Organization” means the FINRA, the
American Stock Exchange, the National Futures Association, the Chicago Board of Trade, the NYSE, any national securities exchange (as defined in the Exchange Act), any other securities exchange, futures exchange, contract market, any other exchange
or corporation or similar self-regulatory body or organization. 
 “Shortfall” has the meaning set forth in
Section 3(b). 
 “Solvent” with regard to any Person, means that (i) the sum of the assets of such
Person, both at a fair valuation and at a present fair salable value, exceeds its liabilities, including contingent, subordinated, unmatured, unliquidated, and disputed liabilities; (ii) such Person has sufficient capital with which to conduct
its business; and (iii) such Person has not incurred debts beyond its ability to pay such debts as they mature. For purposes of this definition, “debt” means any liability on a claim, and “claim” means (x) a right to
payment, whether or not such right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured or (y) a right to an equitable remedy for breach of
performance to the extent such breach gives rise to a payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured or unsecured. With respect to any such
contingent liabilities, such liabilities shall be computed at the amount which, in light of all the facts and circumstances existing at the time, represents the amount which can reasonably be expected to become an actual or matured liability.

 “SPV Affiliate” means with respect to any Person, any Affiliate of such Person, whose direct or indirect
interest in the Common Shares constitutes more than 30% (by value) of the equity securities portfolio of such Affiliate. 

“Stockholder Agreement” means the Stockholder Agreement among Carib Holdings, Inc. and the holders party thereto dated
September 30, 2010. 

  
 -7-

 “Subsidiary” means, with respect to any Person, any corporation,
association, partnership, limited liability company or other business entity of which 50% or more of the total voting power or equity interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote
in the election of directors, managers, representatives or trustees thereof is at the time owned or Controlled, directly or indirectly, by (a) such Person, (b) such Person and one or more Subsidiaries of such Person, or (c) one or
more Subsidiaries of such Person. 
 “Transfer” means any direct or indirect sale, assignment, transfer,
conveyance, gift, bequest by will or under intestacy laws, pledge, hypothecation or other Encumbrance, or any other disposition, of the stated security (or any interest therein or right thereto, including the issuance of any total return swap or
other derivative whose economic value is primarily based upon the value of the stated security) or of all or part of the voting power (other than the granting of a revocable proxy) associated with the stated security (or any interest therein)
whatsoever, or any other transfer of beneficial ownership of the stated security, with or without consideration and whether voluntarily or involuntarily (including by operation of law). Notwithstanding anything to the contrary set forth in this
Agreement, (i) each of (x) a Transfer of equity interests of Popular and (y) a Change of Control of Popular shall be deemed not to constitute a Transfer of any equity interest beneficially owned by Popular; (ii) each of
(x) a Transfer of equity interests of Apollo Global Management LLC or any of its Controlled Affiliates that is not an SPV Affiliate, and (y) a Change of Control of Apollo Global Management LLC or any of its Controlled Affiliates that is
not an SPV Affiliate shall be deemed not to constitute a Transfer of any equity interest beneficially owned by Apollo or such Affiliate, as applicable; and (iii) each of (x) a Transfer of equity interests of any Permitted Ultimate Parent
or any of its Controlled Affiliates that is not an SPV Affiliate, and (y) a Change of Control of any Permitted Ultimate Parent or any of its Controlled Affiliates that is not an SPV Affiliate shall be deemed not to constitute a Transfer of any
security beneficially owned by such Permitted Ultimate Parent or such Controlled Affiliate, as applicable; provided that, for the avoidance of doubt, subject to clause (i) above, any Change of Control of an SPV Affiliate shall be deemed
to constitute a Transfer of the Common Shares beneficially owned by such SPV Affiliate. 
 “Ultimate Parent
Entity” means (i) with respect to Apollo, Apollo Global Management LLC and its successors, (ii) with respect to Popular, Popular and its successors and (iii) with respect to a Permitted Controlling Holder, (x) the Person
which (A)(i) Controls such Permitted Controlling Holder or (ii) if no Person Controls such Permitted Controlling Holder, the beneficial owner of a majority of the voting power of such Permitted Controlling Holder and (B) is not itself
Controlled by any other Person that is an Ultimate Parent Entity of such Permitted Controlling Holder or, (y) if no such Person exists, the Permitted Controlling Holder; provided that, with respect to determining an Ultimate Parent
Entity (i) the Control of any entity by a natural person shall be disregarded and (ii) the Control of any Non-Controlled Public Entity by any Person shall be disregarded. 

“VISA” means VISA U.S.A., Inc. and VISA International, Inc. 

2. BPPR Representations and Warranties. BPPR represents and warrants to EVERTEC that: 

  
 -8-

 (a) as of the date hereof, the only Dual Branded Debit Card (as defined below) issued by
BPPR or any of its Affiliates is a Debit Card that bears the symbols of the ATH Network and VISA; and 
 (b) prior to the date
hereof, BPPR provided to EVERTEC a true, complete and correct report that sets forth the number of ATH Debit Cards and Dual Branded Debit Cards issued by BPPR during the most recent twelve calendar month period ended prior to the date of Closing
(the “Measurement Period”). 
 3. ATH Support by BPPR. During the term of this Agreement BPPR shall, and
shall cause each of its Affiliates to: 
 (a) promote, support and market (including, but not limited to, the use of advertising,
promotions, direct mailing, e-marketing, public relations, brochures, signage and creation of appropriate links on BPPR’s website) the (i) ATH Network and the ATH brand, (ii) Debit Cards that only bear the symbol of the ATH Network
(the “ATH Debit Cards”) and (iii) Debit Cards that bear the symbol of the ATH Network and another Card Association (the “Dual Branded Debit Cards”), in a manner no less favorable to EVERTEC than the manner in
which BPPR and its Affiliates promoted, supported and marketed the ATH Network, ATH Debit Cards and Dual Branded Debit Cards prior to the Effective Time; 
 (b) in each successive twelve month period starting on October 1, 2010 (each such period, an “Issuance Period”), issue an amount of ATH Debit Cards that is above the Minimum Debit
Proportion; provided that: 
 (i) notwithstanding the foregoing, if, during any applicable Issuance Period, BPPR issues an
amount of ATH Debit Cards that causes the Debit Proportion to fall below the Minimum Debit Proportion (the “Out of Proportion Issuance”), BPPR shall promptly notify EVERTEC of the facts and circumstances giving rise to or that may
result in the Out of Proportion Issuance; and following such notification (1) EVERTEC shall excuse such Out of Proportion Issuance if the parties mutually agree, subject to Section 10 herein, that the Out of Proportion Issuance is not
materially detrimental to EVERTEC (when compared to the amount and type of Debit Card issuances during the Measurement Period) or (2) the parties shall, subject to Section 10 herein, negotiate in good faith a mutually acceptable plan for
BPPR to issue an amount of ATH Debit Cards in subsequent Issuance Periods that is above the Minimum Debit Proportion; 
 (ii)
notwithstanding the foregoing, BPPR shall not be deemed to be in breach of this Section 3(b) during an applicable Issuance Period, if, during such Issuance Period, as a result of factors that are outside the control of BPPR: 

(x) there is a change in demand for Debit Cards, including a reduction in demand for ATH Debit Cards, and/or an increase
in demand for Dual Branded Debit Cards; or 

  
 -9-

 (y) new payment technologies are developed in the market and result in a
reduction in demand for Debit Cards, including a reduction in demand for ATH Debit Cards; and 
 (iii) in the event of an Out of
Proportion Issuance that occurs or arises as a result of factors in Section 3(b)(ii), the parties shall, subject to Section 10 herein, negotiate in good faith a new mutually agreeable Minimum Debit Proportion (the “New Minimum
Debit Proportion”) that is appropriate for the then-prevailing market factors and conditions; and 
 (c) not
(i) promote, support or market Debit Cards that are not ATH Debit Cards or Dual Branded Debit Cards or (ii) promote, support or market Credit Cards, in each case, in a manner that is targeted to negatively impact the issuance or use of ATH
Debit Cards or Dual Branded Debit Cards, or (iii) create incentives (economic or otherwise) for BPPR’s or its Affiliates’ personnel to take any of the actions in (i) or (ii). 

4. Dual Branded Debit Cards. During the term of this Agreement, without the prior written consent of EVERTEC, BPPR shall not,
directly or indirectly, enter into any agreement with MCI or any other Card Association to issue Dual Branded Debit Cards. Without limiting the foregoing, in the event that BPPR desires to enter into such an agreement, it shall consult with EVERTEC
and BPPR shall provide true, complete and correct documentation and other support requested by EVERTEC to demonstrate that entry by BPPR into an agreement with MCI or any other Card Association to issue Dual Branded Debit Cards will have a direct
economic benefit to EVERTEC, in which case EVERTEC will make a good faith determination (based on such documentation and support) whether to consent to BPPR’s entry into any agreement with MCI or any other Card Association to issue Dual Branded
Debit Cards. 
 5. ATH Support by EVERTEC. During the term of this Agreement, EVERTEC shall: 

(a) promote, support and market the ATH Network and ATH brand in a manner that is in the best interest of each of the ATH Network, the ATH
Issuer Participants and EVERTEC; 
 (b) use commercially reasonable efforts to maintain competitive economics for ATH Issuer
Participants; and 
 (c) use commercially reasonable efforts to (i) enhance the functionality and technology of the ATH
Debit Card, and its related servicing and reporting capabilities, (ii) develop new products and technologies that improve the features of the ATH Debit Card and (iii) maintain the competitiveness of the ATH product. 

For the avoidance of doubt, BPPR shall not be required to satisfy its obligations under Sections 3 and 4 in this Agreement if EVERTEC commits a material
breach of its obligations under this Section 5, which breach is not cured within sixty (60) days following receipt of written notice from BPPR specifying the nature and extent of such breach; provided, however, that if such
breach is not reasonably susceptible of cure within such sixty (60) day period, such period will be extended and EVERTEC will not be in breach hereunder so long as it commences such cure 

  
 -10-

 
within such sixty (60) day period and diligently pursues such cure and such failure is cured within one hundred eighty (180) days following the receipt of such notice; provided,
further, that BPPR must satisfy its obligations under Section 4 until such time as a court of competent jurisdiction renders a non-appealable decision that EVERTEC has committed a material breach of its obligations under Section 5
and has failed to cure such breach in accordance with this sentence. 
 6. Term. This Agreement shall terminate on the
earlier of (a) the fifteenth anniversary of the date hereof; or (b) the termination of the Master Agreement. 
 7.
Assignment. 
 (a) Assignment. Other than a Permitted Assignment pursuant to Section 7(b) or (c), this
Agreement may not be assigned by either party without the prior written consent of the other party; provided, that either party may assign its rights, duties and obligations under this Agreement to its financing sources solely in connection with the
granting of a security interest and the enforcement of all rights and remedies that the assigning party has against the other party under this Agreement, subject to the claims, defenses and rights, including rights of set off, that such other party
may have against the assigning party. 
 (b) Assignment to Subsidiaries. EVERTEC may assign any of its rights,
duties or obligations to a direct or indirect wholly-owned Subsidiary of EVERTEC (an “Assignee Sub”) if (i) such Assignee Sub is identified by EVERTEC to BPPR at least 20 Business Days prior to the consummation of the proposed
assignment; (ii) (A) such proposed assignment is legally required in order for EVERTEC to perform for BPPR or its Subsidiaries, in the country, state, territory or other jurisdiction (“Jurisdiction”) in which the Assignee
Sub is organized, the specific obligations required to be performed pursuant to the assignment of this Agreement, and only (x) to the extent of such legal requirement and (y) if EVERTEC provides a written opinion of qualified counsel that
opines that such legal requirement is applicable and is based upon reasonable assumptions with respect to such legal requirement or (B) BPPR has provided its prior written consent, such consent not to be unreasonably delayed, withheld or
conditioned; (iii) such Assignee Sub will be Solvent immediately after and giving effect to such proposed assignment and BPPR is reasonably satisfied with the terms and conditions of the proposed assignment; (iv) BPPR is a third-party
beneficiary to the assignment agreement, which is in form and substance that is reasonably satisfactory to BPPR, and which provides that the Assignee Sub’s rights under the assignment agreement will be terminated if the Assignee Sub ceases to
be a wholly-owned Subsidiary, directly or indirectly, of EVERTEC; and (v) EVERTEC remains fully liable with respect to the performance of all its obligations under this Agreement and EVERTEC guarantees the performance of all of the obligations
of EVERTEC to BPPR assumed by Assignee Sub under this Agreement, which guarantee provides that, for the avoidance of doubt, after any termination of the proposed assignment, EVERTEC shall continue to be obligated with respect to any obligation
undertaken by Assignee Sub prior to such termination. 
 (c) Assignment to Third Parties. EVERTEC may assign all of its
rights, duties and obligations (or those rights, duties and obligations arising after the effectiveness of the assignment) in a transaction with a third-party assignee (an “Asset Acquirer”) if (i) such Asset

  
 -11-

 
Acquirer is identified by EVERTEC to BPPR at least 30 Business Days prior to the consummation of the proposed assignment; (ii) such Asset Acquirer (A) acquires at least 90% of the
consolidated gross assets (excluding cash) of EVERTEC and its Subsidiaries and (B) assumes at least 90% of the consolidated gross liabilities (excluding Indebtedness) of EVERTEC and its Subsidiaries (including the assignment and assumption of
all commercial agreements between EVERTEC or any of its Subsidiaries, on the one hand, and Popular, BPPR or any of their respective Subsidiaries, on the other hand) through one legal entity; (iii) neither the Asset Acquirer nor any of its
Affiliates is engaged, directly or indirectly, in the banking, securities, insurance or lending business, from which they derive aggregate annual revenues from the Commonwealth of Puerto Rico in excess of $50 million unless none of them has a
physical presence in the Commonwealth of Puerto Rico that is used to conduct any such business; (iv) the Asset Acquirer will be Solvent immediately after and giving effect to such proposed assignment; and (v) EVERTEC reasonably believes
that the Asset Acquirer, after completion of the proposed purchase and assumption transaction, will be capable of performing the obligations and duties of EVERTEC under this Agreement. 

(d) Cooperation. EVERTEC shall use its reasonable best efforts to cooperate with BPPR in evaluating whether any proposed
assignment pursuant to this Section 7 would be in compliance with the requirements of the provisions contained in this Section 7, including the ability of Assignee Sub or Asset Acquirer, as applicable, to comply with the terms of this
Agreement, including, in each case, by providing any non-confidential information regarding the purposes and plans in connection with such proposed assignment other than information that would create any potential liability under applicable Legal
Requirements, violate any confidentiality obligation, or that reasonably would be expected to result in the waiver of any attorney-client privilege. 
 (e) Notice of Objection. BPPR shall notify EVERTEC in writing within 15 Business Days following receipt of EVERTEC’s notice of the proposed assignment of any objection to any proposed
assignment to an Asset Acquirer under Section 7(c) unless EVERTEC has failed to satisfy its obligations pursuant to Section 7(d) and BPPR asserts such failure prior to the expiration of the 15 Business Day objection period, in which case
such 15 Business Day period shall be tolled until EVERTEC satisfies its obligations pursuant to Section 7(d). If BPPR fails to timely object to such proposed assignment (taking into account any tolling of the 15 Business Day objection period),
it shall be deemed to have consented to such proposed assignment. 
 (f) Implied Consent. Notwithstanding anything
contained herein, if Popular, BPPR or any of their respective Controlled Affiliates votes in favor of a transaction resulting in a proposed assignment and was not compelled to do so as part of a Dragged Asset Sale or other requirement of the
Stockholder Agreement or any other Group Agreement with respect to securities issued by Holdco or EVERTEC or any successor or other entity that acquired all or substantially all the assets of Holdco or EVERTEC or any of their respective successors
then it shall be deemed to have consented to the assignment. 
 (g) Invalidity of Impermissible Assignments. Any attempted
or purported assignment in violation of this Section 7 hereof shall be null and void and the assignee’s rights assigned pursuant to any assignment made in compliance with this Section 7 will terminate in the event and to the extent of
the termination of this Agreement. 

  
 -12-

 (h) BPPR Asset Transfer. If BPPR or any of its Subsidiaries transfers, in a single
transaction or series of related transactions (including in a merger, business combination, reorganization, or similar transaction (including by operation of law)) 50% or more of BPPR’s consolidated assets in the Region as of the time of
transfer, or assets that generate 50% or more of BPPR’s consolidated revenues in the Region for the full twelve month period ending at the time of transfer, to any Person, then BPPR shall assign to such Person its rights, duties and obligations
under this Agreement and shall cause such Person to assume BPPR’s liabilities under this Agreement. For the avoidance of doubt, no such assignment shall relieve BPPR of its obligations under this Agreement to the extent BPPR survives any such
sale of assets, merger, business combination, reorganization, or similar transaction. 
 8. EVERTEC Change of Control.

 (a) EVERTEC Change of Control. BPPR shall have the right, subject to Section 8(c), to terminate this Agreement up
to 30 days following the later of (i) the occurrence of an EVERTEC Change of Control or (ii) the date on which EVERTEC provides BPPR written notice that an EVERTEC Change of Control has occurred or is likely to occur (provided that
if EVERTEC has not satisfied its obligations pursuant to Section 8(b) and that BPPR asserts such failure prior to the expiration of the 30 day period then such 30 day period shall be tolled until EVERTEC satisfies its obligations under
Section 8(b) and provided further that if an EVERTEC Change of Control occurs, and EVERTEC fails to provide BPPR written notice thereof within 30 days thereof, then BPPR shall have an unqualified right to terminate this Agreement), unless
(w) the Person or Group of Persons proposing to engage in such proposed EVERTEC Change of Control transaction (the “Control Acquirer”) is identified to BPPR by EVERTEC at least 30 Business Days prior to such proposed EVERTEC
Change of Control; (x) neither the Control Acquirer nor any of its Affiliates is engaged, directly or indirectly, in the banking, securities, insurance or lending business, from which they derive aggregate annual revenues from the Commonwealth
of Puerto Rico in excess of $50 million unless none of them has a physical presence in the Commonwealth of Puerto Rico that is used to conduct any such business; (y) EVERTEC (or its successor, as applicable) will be Solvent immediately after
and giving effect to such proposed EVERTEC Change of Control; and (z) EVERTEC (or its successor, as applicable), after the proposed EVERTEC Change of Control, will be capable of performing the obligations and duties of EVERTEC under this
Agreement; provided further that if Popular, BPPR or any of their respective Controlled Affiliates votes in favor of the transaction resulting in the EVERTEC Change of Control or Transfers (other than a Transfer in the context of a merger,
business combination, reorganization, recapitalization or similar transaction) any equity securities in connection with the transaction resulting in the EVERTEC Change of Control and, in either case, was not compelled to do so as part of a
Drag-Along Transaction, a Dragged Asset Sale or other requirement of the Stockholder Agreement or any other Group Agreement with respect to Holdco, EVERTEC or any successor or other entity holding all or substantially all the assets of EVERTEC and
its Subsidiaries, then such termination right shall not apply. 

  
 -13-

 (b) Cooperation. EVERTEC shall use its reasonable best efforts to cooperate with BPPR
in evaluating whether any proposed EVERTEC Change of Control would be in compliance with the requirements of this Section 8 including the ability of Assignee Sub or Asset Acquirer, as applicable, to comply with the terms of this Agreement,
including, in each case, by providing any non-confidential information regarding the purposes and plans in connection with such proposed EVERTEC Change of Control other than information that would create any potential liability under Legal
Requirements, violate any confidentiality obligation, or that reasonably would be expected to result in the waiver of any attorney-client privilege. 
 (c) Notice of Objection. If EVERTEC provides at least 30 days’ written notice to BPPR prior to an EVERTEC Change of Control, BPPR shall notify EVERTEC in writing within 15 Business Days
following receipt of EVERTEC’s notice of the proposed EVERTEC Change of Control of any objection to any proposed EVERTEC Change of Control on the basis that it does not satisfy the criteria set forth in clauses (w) through (z) of
Section 8(a) (unless EVERTEC has failed to satisfy its obligations pursuant to Section 8(b) and BPPR asserts such failure prior to the expiration of the 15 Business Day objection period, in which case such 15 Business Day objection period
shall be tolled until EVERTEC satisfies its obligations pursuant to Section 8(b)). If BPPR fails to timely object to such proposed assignment (taking into account any tolling of the 15 Business Day objection period), it shall be deemed to have
consented to such proposed EVERTEC Change of Control and waived its right of termination under Section 8(a). 
 9.
Access. During the term of this Agreement, BPPR agrees to maintain, in a manner that is consistent with BPPR’s practices prior to the date hereof, accurate books, ledgers, files reports, manuals, plans and other material pertaining to
its activities described in Section 3 (collectively, “Records”). Upon reasonable advance written notice from EVERTEC, BPPR shall make the Records available for audit and inspection by EVERTEC and its Representatives (at
EVERTEC’s sole expense), during regular business hours. 
 10. Arbitration Procedures. 

(a) If the parties are unable to reach mutual agreement with respect to a controversy between the parties that arises out of or relates to
an Out of Proportion Issuance within 30 days after BPPR’s notice to EVERTEC of an Out of Proportion Issuance, the controversy shall be settled by binding arbitration in accordance with the following arbitration procedures (the
“Arbitration Procedures”). A matter submitted for resolution by arbitration shall be arbitrated in accordance with the then existing commercial arbitration rules of the AAA by a panel of three (3) independent arbitrators (the
“Arbitration Panel”), with one appointed by each party hereto, and the two appointees selecting the third arbitrator in accordance with such rules. If either party hereto fails to select an arbitrator within ten (10) days after
notice of such failure from the other party or the AAA, then the AAA shall appoint such arbitrator. If the two appointees are unable to agree on the third arbitrator, then the AAA shall select the same using the foregoing qualification. 

(b) The arbitration hearing shall be held in San Juan, Puerto Rico, at such date, time and place as established by the arbitrators and the
proceedings shall be conducted in English. Witnesses whose native language is not English may give oral or written testimony in their native language, with appropriate translation into English. Documentary evidence in Spanish may be submitted, with
appropriate translation into English. 

  
 -14-

 (c) The arbitrators must render their arbitral decision and award and give a written opinion
setting forth the basis of their decision, all not later than sixty (60) days after the conclusion of the arbitration. The factual determinations of the Arbitration Panel shall be final, and an arbitration decision may only be appealed on
procedural grounds. 
 (d) Each party hereto shall take or cause to be taken all reasonable action to facilitate the conduct of
the arbitration and the rendering of the arbitral award at the earliest possible date. 
 (e) The costs of the arbitration shall
be borne and paid equally by the parties hereto. 
 11. Notices. All notices requests, demands, consents and other
communications given or required to be given under this Agreement and under the related documents will be in writing and served by personal delivery upon the applicable party for whom it is intended, or delivered to such party by registered or
certified mail, return receipt requested, at such party’s main office or any other place as designated by the parties in writing. 
 12. Amendments; Waivers. Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and signed, in the case of an amendment, by the parties
hereto, or in the case of a waiver, by the party against whom the waiver is to be effective. No failure or delay by any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

 13. Entire Agreement. This Agreement contains the entire understanding between the parties hereto with respect to the
subject matter hereof and supersedes all prior agreements and understandings, oral or written, with respect to such matters. 

14. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all
of which shall constitute one and the same Agreement. 
 15. Governing Law; Waiver of Trial by Jury. This Agreement shall
be governed and construed in accordance with the laws of the Commonwealth of Puerto Rico without regard to any conflict of law rules thereof that would apply the laws of a different jurisdiction. Each party hereto irrevocably waives any and all
right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated by this Agreement. 
 16. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other
provisions hereof. If any provision of this Agreement, or the application thereof to any Person or any circumstance, is invalid or unenforceable, (i) a suitable and equitable provision shall be substituted therefor in order to carry out, so far
as may be valid 

  
 -15-

 
and enforceable, the intent and purpose of such invalid or unenforceable provision and (ii) the remainder of this Agreement and the application of such provision to other Persons or
circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction;
provided, however, if any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it shall be reformed by limiting and
reducing it to the minimum extent necessary, so as to be enforceable to the extent compatible with the applicable Law. 

[Signature page follows] 

  
 -16-

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
above written. 
  

			
	BANCO POPULAR DE PUERTO RICO
		
	By:	 	 /s/ Ileana González

		 	Name:
		 	Title:
	
	EVERTEC, INC.
		
	By:	 	 /s/ Félix M. Villamil

		 	Name:
		 	Title:

 [Signature Page to ATH Support Agreement]

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