Document:

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                                                                   EXHIBIT 10.2

                     FORM OF INCENTIVE AWARD AND AGREEMENT

                                   SECTION 1

                                  Introduction

         Section 1.1 Purpose. Popular, Inc. (the "Corporation") has established
and maintains the 2004 Omnibus Incentive Plan (the "Plan") to, among others,
provide flexibility to the Corporation and its affiliates to attract, retain
and motivate their officers, executives and other key employees through the
grant of awards and to adjust its compensation practices to the best
compensation practices and corporate governance trends as they develop from
time to time. The Corporation hereby grants a Short Term Annual Incentive Award
and a Long Term Annual Incentive Award (the "Award") under the Plan to the
persons identified in SECTION 3.

                                   SECTION 2

                                  Definitions

         When used in this Award, unless the context clearly requires a
different meaning, the following words and terms shall have the meanings set
forth below. Terms not otherwise defined herein shall have the meaning ascribed
to them in the Plan. Whenever appropriate, words and terms used in the singular
shall be deemed to include the plural, and vice versa, and the masculine gender
shall be deemed to include the feminine gender.

         Section 2.1.   "Affiliate" shall mean any corporation or other form of
entity of which the Corporation owns, from time to time, directly or
indirectly, 50% or more of the total combined voting power of all classes of
stock or other equity interests.

         Section 2.2.   "Business Line" shall mean the Puerto Rico Business,
United States Business, and Evertec Business.

         Section 2.3.   "Business Line Performance Goal" shall mean for the
[year] Plan Year:

<TABLE>
<CAPTION>

                  Business Line                 Amount of Net Income
                  -------------                 --------------------

<S>               <C>                           <C>
                  Puerto Rico Business             [$________]
                  Evertec Business                 [$________]
                  United States Business           [$________]
</TABLE>

If the budget is adjusted during the year due to the creation of Evertec the
numbers used will be the adjusted budget numbers.

         Section 2.4.   "Corporate Performance Goal" shall mean for the [year]
Plan Year [$        ] of Net Income by the Corporation.

         Section 2.5.   "Eligible Earnings" shall mean the Grantee's base salary
(prior to any deferrals under a cash or deferred compensation plan sponsored by
the Corporation or an Affiliate) paid during the Plan Year. From time to time
the Plan Administrator may, in its sole discretion, establish rules for
determining the amount of Eligible Earnings for employees who become Grantees
other than on the first day of a Plan Year as well as any reduction on Eligible
Earnings as result of paid leave of absences.

         Section 2.6.   "Extraordinary Items" shall mean extraordinary, unusual
and/or non recurring items of income and expenses.

         Section 2.7.   "Net Income" for any Plan Year shall mean the
consolidated net income of the Corporation, or the net income of the Business
Lines, as applicable, as it appears in the Corporation's statement

                                      -1-
<PAGE>

of income or the Business Lines' statement of income prepared in accordance
with generally accepted accounting principles, excluding the effects of
Extraordinary Items, for that Plan Year.

         Section 2.8.   "Plan Administrator" shall mean the Compensation
Committee of the Board of Directors of the Corporation.

         Section 2.9.   "Plan Year" shall be the [year] calendar year.

         Section 2.10.  "Puerto Rico Business" shall mean all Affiliates of the
Corporation incorporated under the laws of Puerto Rico, excluding Evertec, Inc.

         Section 2.11.  "Restricted Stock" shall mean shares of the
Corporation's common stock, par value $6.00 per share, subject to restrictions
on resale until the Grantee's employment with the Corporation or an Affiliate
has terminated due to the Grantee's Approved Retirement.

         Section 2.12.  "Trust" shall mean the Long Term Annual Incentive Award
Trust constituted by the Corporation to hold grants of Restricted Stock under
the Plan.

         Section 2.13.  "United States Business" shall mean Banco Popular North
America and Popular Cash Express, subsidiaries of the Corporation.

                                   SECTION 3

                               Grantees of Awards

         Section 3.1    Grantees of Awards. Awards are granted to [Insert Name
of Grantees] ("Grantees").

                                   SECTION 4

                                     Awards

         Section 4.1    Short Term Annual Incentive Award.

         (a)      The Short Term Annual Incentive Award of any Grantee shall be
                  an amount equal to the sum of that Grantee's:

                  (i)   Corporate Performance Component, as described in SECTION
                        4.2; plus

                  (ii)  Business Line Performance Component, as described in
                        SECTION 4.3; plus

                  (iii) Individual Performance Component, as described in
                        SECTION 4.4.

         (b)      The Plan Administrator may establish a method for adjusting
                  the Short Term Annual Incentive Award of any Grantee who was
                  on an approved leave of absence during the Plan Year and may
                  establish different methods for different forms of leave of
                  absence.

         Section 4.2       Corporate Performance Component.

         (a)      For the [year] Plan Year, a Grantee's Corporate Performance
         Component shall be an amount equal to a percentage of the Grantee's
         Eligible Earnings determined as follows:

<TABLE>
<CAPTION>

              % of Corporate Performance Goal           % of Eligible Earnings
              -------------------------------           ----------------------
<S>           <C>                                       <C>
                  XXXXX                                          XXXXXX
                  XXXXX                                          XXXXXX
                  XXXXX                                          XXXXXX
                  XXXXX                                          XXXXXX
                  XXXXX                                          XXXXXX

</TABLE>

                                      -2-
<PAGE>

         Section 4.3       Business Line Performance Component.

         (a)    For the [year] Plan Year, a Grantee's Business Line Performance
         Component shall be an amount equal to a percentage of the Grantee's
         Eligible Earnings determined as follows:

<TABLE>
<CAPTION>

              % of Business Line Performance Goal         % of Eligible Earnings
              -----------------------------------         ----------------------
<S>           <C>                                         <C>
                  XXXXX                                              XXXXXX
                  XXXXX                                              XXXXXX
                  XXXXX                                              XXXXXX
                  XXXXX                                              XXXXXX
                  XXXXX                                              XXXXXX
</TABLE>

         (b)    The Business Performance Component of the Grantees shall be
         determined as follows by reference to the Business Line Performance
         Goal and Net Income of the Business Lines or the Corporate Performance
         Goal and Net Income of the Corporation, as applicable:

<TABLE>
<CAPTION>

                     Grantee                                      Entity
                     -------                                      ------

<S>               <C>                                             <C>
                  XXXXX                                            XXXXXX
                  XXXXX                                            XXXXXX
                  XXXXX                                            XXXXXX
                  XXXXX                                            XXXXXX
                  XXXXX                                            XXXXXX
                  XXXX                                             XXXXX
                  XXXX                                             XXXXX
</TABLE>

         Section 4.4       Individual Performance Component.

         (a)    Based on the individual performance of each Grantee during the
         Plan Year and upon recommendation of the Chief Executive Officer of
         the Corporation, the Plan Administrator may grant between [ %] and [
         %] of a Grantee's Eligible Earnings.

         Section 4.5.      Long Term Annual Incentive Award.

         (a) The Long Term Annual Incentive Award of each Grantee shall be an
         amount equal to a percentage of the Grantee's Eligible Earnings
         determined as follows:

<TABLE>
<CAPTION>

              % of Corporate Performance Goal             % of Eligible Earnings
              -------------------------------             ----------------------
<S>           <C>                                         <C>

                  XXXXX                                              XXXXXX
                  XXXXX                                              XXXXXX
                  XXXXX                                              XXXXXX
                  XXXXX                                              XXXXXX
                  XXXXX                                              XXXXXX
</TABLE>

         (b)    The Plan Administrator may establish a method for adjusting the
         Long Term Annual Incentive Award of any Grantee who was on an approved
         leave of absence during the Plan Year and may establish different
         methods for different forms of leave of absence.

                                      -3-
<PAGE>

                                   SECTION 5

                               Payment of Awards

         Section 5.1.   Short Term Annual Incentive Award. The Short Term Annual
Incentive Award shall be payable in cash as soon as practicable after the Plan
Administrator has determined the amount of those Awards.

         Section 5.2.   Long Term Annual Incentive Award.

         (a)    The Long Term Annual Incentive Award shall be paid in Restricted
Stock to be purchased in the open market. Such Restricted Stock shall be held
in the Trust for the benefit of the Grantee. Dividends paid on the Restricted
Stock while held in the Trust shall be reinvested in shares of common stock of
the Corporation, par value $6.00 per share, under the Corporation's Dividend
Reinvestment Plan. Each Grantee shall have the right to vote the Restricted
Stock.

         (b)    A Grantee may request the Plan Administrator that the restricted
period with respect to any portion of the Restricted Stock held in the Trust
lapse and that such shares of stock be distributed if the Grantee has (i) an
immediate and heavy financial need and (ii) the distribution is necessary to
satisfy such financial need.

         A request for a distribution will be deemed to comply with the above
requirements if it meets the requirements for a hardship distribution under the
Banco Popular de Puerto Rico Profit Sharing Plan.

         (c)    Before the lapse of the Restriction Period, a Grantee may defer
receipt of all or any portion of the corresponding shares of common stock of
the Corporation, par value $6.00 per share, to a future date. Once a Grantee
defers receipt of such shares, except in the case of an immediate and heavy
financial need, Grantee does not have the right to request a distribution of
such shares.

                                   SECTION 6

                                 Miscellaneous

         Section 6.1.   The Plan. This Award is subject to the terms of the
Plan, a copy of which is attached hereto.

         Section 6.2.   Controlling Law. The laws of the Commonwealth of Puerto
Rico shall be controlling in all matters relating to this Award.

         Section 6.3.   Titles and Captions. Titles and captions in this Plan
are used only for convenience and are not to be used in the interpretation of
this Award.

         IN WITNESS WHEREOF, Popular, Inc. and the Grantee has executed this
Incentive Award and Agreement as of the _____ day of _____________ of ____.

         POPULAR, INC.                                      GRANTEE

---------------------------------              ---------------------------------
By:                                            By:
Title:                                         Date:
Date:

                                      -4-<PAGE>

                                                                   EXHIBIT 10.3

                      LONG TERM INCENTIVE BONUS AGREEMENT

AGREEMENT, dated as of May 1, 2002, (covering the three year period from
December 1, 2001 through November 30, 2004) among Equity One, Inc. a Delaware
corporation (the "Company") and Cameron E. Williams, John N. Martella, Gregory
S. Fisher, Tony A. Flor (each an "Employee").

WITNESSETH: That in consideration of the mutual covenants herein contained, the
parties hereto hereby agree as follows:

1)   The Company hereby agrees, upon the terms and conditions set forth herein,
     to pay (or cause to be paid) to each Employee within approximately 90 days
     after the fiscal year ending November 30, 2004 (the "LTI Bonus Payment
     Date") a Long-Term Incentive Bonus payment (the "LTI Bonus").

2)   The obligation of the Company to pay to each Employee an LTI Bonus is
     subject to the satisfaction of the following conditions:

     a)   The external auditors of the Company and/or the internal auditors and
          employees of Popular, Inc. ("Popular") or any of its subsidiaries
          (collectively, the "Examiners") shall have examined the books and
          records of the Company for each of the Company's fiscal years 2002,
          2003, and 2004 and shall have provided their reports to the Chairman
          of the Company at least 15 days prior to any anticipated payment
          under the LTI Bonus Agreement. Both the external auditors and the
          internal auditors (the Examiners) will, as part of their various
          annual examinations during the LTI Bonus Period, include reviews of,
          and indicate in their reports the degree of compliance with the
          Operating Standards and Accounting Standards described in the
          schedules attached to and made part of this Agreement.

     b)   The Adjusted After-Tax Income of the Company for the Special
          Incentive Bonus Period shall be equal to or greater than the
          Threshold Requirement. For the purposes of this Agreement, the
          "Adjusted After-Tax Income" of the Company shall be the actual net
          income of the Company for the LTI Bonus Period after taxes, as such
          amount shall have been adjusted in accordance with the provisions
          specified in Schedule 3 hereto; the "Projected After-Tax Income Goal"
          of the Company for the LTI Bonus Period shall be the sum of the
          annual Company operating plans, as approved by the Board of
          Directors, for the fiscal years 2002, 2003, and 2004, after accrual
          of the LTI Bonus and all other bonuses of all types; and the
          "Threshold Requirement" for each Employee which equals the sum of 85%
          of after-tax income in the 2002 operating plan, and 85% of the
          after-tax income in the 2003 operating plan, and 85% of the after-tax
          income in the 2004 operating plan.

     c)   The Employee continues to be employed by the Company throughout the
          LTI Bonus Period.

3)   The Company will pay (or cause to be paid) to each Employee the LTI Bonus
     determined as follows:

<PAGE>

     a)   The "Actual Financial Percentage Against Goal" will be calculated by
          dividing the Adjusted After-Tax Income by the Projected After-Tax
          Income Goal. For example, if the Adjusted After-Tax Income is equal
          to the Projected After-Tax Income Goal, the Actual Financial
          Percentage Against Goal shall be 100%.

     b)   The payout under the LTI Bonus will be based on the Actual Financial
          Percentage (the "AFP") against Goal in accordance with Exhibit A,
          which is a table listing the AFP from the Threshold of 85% up to the
          maximum possible Bonus amount. The bonus for reaching exactly the sum
          of the three-year adjusted net profit figure will be calculated as
          3.0% of that amount; the percentages for reaching from 85% to 126% of
          said net profit figure vary, and are shown in the third column of
          Schedule A, which is headed "Bonus Percent."

     c)   Twenty-five percent (25%) of the LTI Bonus will be discretionary,
          based on Popular, Inc.'s evaluation of the Company's degree of
          compliance with the standards established in Schedule 1 and Schedule
          2 hereto (which evaluation shall be based on the reports of the
          internal and external audits, and the Chairman's review of those
          audit reports and other Company reports). Said evaluation could
          result in a score of from zero percent to the full 25%. This
          determination will primarily consider such matters as: infrastructure
          condition and development (systems, processes, and leaders at all
          levels); the results of state, Federal, internal and external audits
          and examinations; general compliance with the policy items contained
          in the schedules to this Agreement as well as the Company's policy
          manuals, and any related reputation/image impact (which could be
          positive, neutral or negative). If the determined percentage under
          this discretionary portion of the LTI is less than 25%, that amount
          will be reduced from the total percentage arrived at under paragraphs
          (a) and (b) above. The purpose of this 25% portion of the LTI based
          on operating and financial standards, is to stress the need for the
          Company to have reached its financial goals while maintaining a sound
          operating condition (in compliance with the operating and accounting
          standards established under this Agreement and in the Company's
          policy and procedures manuals, to assure the Company's continued
          value, good potential for sound operation and profitability after
          2004, and satisfactory compliance ratings from its various
          regulators).

4)   Vesting under the LTI will occur as follows: On each of November 30, 2002
     and November 30, 2003, each Employee will vest 20% of his portion of the
     amount accrued by the Company for each year for the LTI, provided that the
     Company's Adjusted After-Tax Income goals for the 2002 and 2003 fiscal
     years are equal to or greater than the projected After-Tax Income goals
     for these years, and further provided that the Employee is employed by the
     Company through November 30, 2004. If the After-Tax Income goal is not
     reached for 2002, the 20% vesting will not occur for 2002. However, if 85%
     or more of the After Tax Income goal is reached for 2002, then from 62.5%
     to 100% of the 20% of the respective portion for that year will be vested.
     If the Threshold level of financial performance is

                                                                              2
<PAGE>

     achieved on a cumulative basis for fiscal years 2002 and 2003, then from
     62.5% to 100% of the 20% of the respective portion for that year will be
     vested. The exact percentage that will become vested in such a situation
     will be based on Exhibit A hereto. For any bonus to be paid to
     participants after the close of year 2004, the sum of the three annual
     after-tax budgets must have been reached, or at the minimum, at least the
     Threshold amount of 85% of the three-year planned income.

5)   If (a) all of the conditions specified in paragraphs 2(a) and 2(b) hereof
     are met so that the Company shall be obligated to pay the LTI Bonus to
     each Employee, and (b) after November 30, 2002 and prior to December 1,
     2004, either (i) employment of any employee shall be terminated other than
     by the Company for "material breach or just cause" as such term is defined
     in Exhibit "B" hereto, or (ii) employment of any Employee is terminated
     due to death or total disability, then such terminated Employee (or his
     estate) shall be entitled to receive on the LTI Bonus Date, the remaining
     LTI Bonus (as specified in paragraph 3 hereof) that was accrued, but not
     to exceed the vested amount through his date of termination based on
     earnings of the Company to that date.

6)   In the event of a merger of the Company with or into another corporation
     that is not part of Popular, or the sale of substantially all of the
     assets of the Company (a change of control), this LTI Bonus program will
     be either continued in its current form or replaced with a program
     providing equivalent economic value over the same time period. In the
     event that the successor corporation refuses to commit in writing to the
     Employees to continue or substitute this program, then a Bonus payment
     shall be made within 90 days of the merger or sale of the Company, based
     on the Actual Financial Percentage against goal for the period from
     December 1, 2001 through the sale or merger date, multiplied by the
     Employee portion of the Bonus Award.

7)   Each Employee agrees not to disclose, either while in the Company's employ
     or at any time thereafter, to any person not employed on a full-time basis
     by the Company, or not engaged to render services to the Company, any
     confidential information obtained by him while in the employ of the
     Company, including, without limitation, information relating to the
     methods of distribution, suppliers, customers, client relationships or
     marketing strategies of the Company and its parent entity, Popular.
     However, this provision shall not preclude the Employee from the use or
     disclosure of information known generally to the public or of information
     not considered confidential by persons engaged in the business conducted
     by the Company or from disclosure required by law or court order. The
     Employee also agrees that upon leaving the Company's employ, he will not
     take with him, without the prior written consent of an officer authorized
     to act in the matter by the Board, and he will surrender to the Company
     any record, list, or other document, data or property of the Company,
     together with any existing copy and reproduction thereof, which is of a
     confidential nature relating to the Company which was obtained by him or
     entrusted to him during the course of his employment with the Company.

                                                                              3
<PAGE>

8)   Each Employee agrees that following termination of employment for any
     reason, he shall not for 18 months following his termination date, either
     (a) solicit any employee of the Company to leave such employment and
     become employed by the Employee or any person or entity with which the
     Employee is associated as an employee, director, consultant or
     stockholder, or (b) solicit or handle on his own behalf or on behalf of
     any person or entity, any client of the Company.

9)   No party hereto may assign any of his or its rights or obligations under
     this Agreement to any other person or entity.

10)  No amendment or waiver of any provision of this Agreement shall be
     effective unless in writing signed by all the parties hereto.

11)  This Agreement shall be governed by, and interpreted in accordance with,
     the laws of the State of New Jersey.

12)  Any notice given pursuant to this Agreement shall be in writing and shall
     be delivered in person or deposited in the US mail, postage prepaid, for
     delivery as registered or certified mail, return receipt requested,
     addressed to each Employee at the home office mailing address of the
     Company.

13)  This Agreement may be executed in one or more counterparts, each of which
     shall be deemed to be an original but all of which together will
     constitute one and the same instrument.

14)  All amounts payable to Employee under this Agreement shall be subject to
     applicable withholding of income, wage and other taxes at the rates
     applicable at the time said amounts are paid.

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

                                        EQUITY ONE, INC.

                                        By:        /s/ C. E. Williams
                                            ------------------------------------
                                                 C.E. Williams, President

                                        By:        /s/ Larry B. Kesler
                                            ------------------------------------
                                                  Larry B. Kesler, Chairman

     /s/ C. E. Williams                            /s/ Gregory S. Fisher
-------------------------------         ----------------------------------------
         C. E. Williams                               Gregory S. Fisher

    /s/ John M. Martella                             /s/ Tony A. Flor
-------------------------------         ----------------------------------------
        John M. Martella                              Tony A. Flor

                                                                              4

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