Document:

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                                                                   EXHIBIT 10.4

                              EMPLOYMENT CONTRACT

In the city of San Juan, Puerto Rico, today the ___ of ____________ of 2002.

                                     APPEAR

FOR THE FIRST PART: TRIPLE-S MANAGEMENT CORP., a corporation organized and
engaged in business in conformance with Commonwealth of Puerto Rico laws,
represented here by its Board of Directors' President, DR. FERNANDO J. YSERN
BORRAS, of legal age, married, a physician by trade, and residing in Caguas,
Puerto Rico, and by ATTY. JUAN JOSE LEON SOTO, of legal age, married, a
licensed attorney, residing in Caguas, Puerto Rico, and the Director of this
Board of Directors whose authorities and duties they are prepared to justify as
soon as it is required of them.

FOR THE SECOND PART: RAMON M. RUIZ COMAS, of legal age, married, an executive
and a resident of Guaynabo, Puerto Rico.

The undersigned have the legal capacity to execute this document, and to that
effect, freely and voluntarily.

                                     EXPOSE

FIRST: For purposes of abbreviation and ease in understanding and analyzing
this agreement of intentions, the following terms shall have the meaning stated
in these definitions:

         a.       "TRIPLE-S": Triple-S Management Corp.;

         b.       The "CEO": The Chief Executive Officer, Mr. Ramon M. Ruiz
                  Comas;

         c.       The "BOARD": The Board of Directors of Triple-S Management
                  Corp.

         d.       The "CONTRACT": This Employment Contract;

         e.       The "BUSINESS PLAN": The Business Plan or Annual Budget of
                  Triple-S, just as it is prepared in November each year, for
                  the following natural year and;

         f.       The "AAB": The Additional Annual Bonus, one of the CEO's
                  concepts for economic remuneration, as specified in the
                  seventh and eighth clauses in this CONTRACT

         g.       The "PBD"; President of the BOARD OF Triple-S management
                  Corporation

SECOND: That Triple-S is a shareholding company engaged in the business of
insurance, in businesses related to insurance, and in other types of business

<PAGE>

enterprises and in other activities, and whose main offices are located in the
Commonwealth of Puerto Rico.

THIRD: That the CEO is a vastly experienced professional in the business field,
having obtained a Bachelors Degree in Business Administration, and a Juris
Doctor Degree, both from the University of Puerto Rico, as well as the
Certified Public Accountant certification. The CEO also is knowledgeable about
the business of insurance having served in various capacities in Triple-S and
one of its subsidiaries since June 11, 1990.

FOURTH: For purposes of establishing the internal relationship between both
contracting parts as herein stated, they agree to the present CONTRACT subject
to the following Clauses and Conditions.

                               GENERAL PROVISIONS

         1.       EXCELLENCE IN PERFORMANCE. Through this CONTRACT, the CEO is
                  under the obligation of dedicating and directing all of his
                  working time, intellect, attention, energy, experience and
                  knowledge towards the protection of Triple-S' best interests,
                  within the framework of excellence his capacity and ability
                  permit, according to industry norms.

         2.       OFFICER AND TITLE. The CEO will carry the Title of Chief
                  Executive Officer and Corporate President of Triple-S
                  Management Corporation.

         3.       HIERARCHY. The CEO will respond directly to the Board.

         4.       FIDUCIARY NORMS AND OBLIGATIONS. The CEO will be under the
                  obligation to conform loyally and fully with all
                  administrative guidelines, rules, regulations and norms
                  established by Triple-S, developing and establishing the
                  operational controls necessary to administer, direct and
                  protect Triple-S' best interests. The CEO will be loyal to
                  Triple-S and its subsidiaries at all times, and will solemnly
                  recognize the obligation represented in his acceptance of the
                  current title.

                              SPECIFIC PROVISIONS

         5.       PRINCIPAL FUNCTIONS. The functions the CEO will undertake
                  through this contract will be all those necessary and proper
                  for the Chief Executive Officer of a corporation size,
                  complexity and nature of Triple-S. The CEO's functions will
                  invariably be performed in Triple-S' best interests and for
                  its protection.

<PAGE>

         6.       INCIDENTAL OR ACCESSORY FUNCTIONS. The CEO should also
                  fulfill all those functions, tasks and commissions,
                  incidental or accessory, which the BOARD assigns him from
                  time to time.

         7.       ECONOMIC REMUNERATION. The CEO will be economically
                  remunerated in the following manner for the services that, in
                  keeping with this CONTRACT, he is under the obligation to
                  fulfill:

         a.       Salary. An monthly salary of $29,166.66, (equivalent to an
                  annual salary of $350,000.00) for the term of this CONTRACT,
                  and as may be modified in keeping with the provisions of this
                  CONTRACT's clause number ten (10).

         b.       Christmas Bonus. A Christmas bonus equivalent to 5% of his
                  annual salary, plus half a month's salary, plus any bonus
                  Triple-S is obligated by law provisions to pay. This
                  Christmas bonus will be paid in conformance to the Triple-S'
                  policies and norms applicable to their management employees
                  and as modified from time to time.

         c.       Additional Annual Bonus. The Additional Annual Bonus (AAB)
                  that will be computed by the Board of Directors each year, as
                  is established in the following clause.

         8.       COMPUTING THE ADDITIONAL ANNUAL BONUS. The Additional Annual
                  Bonus (AAB) will be an amount never to exceed FORTY PERCENT
                  (40%) of the annual salary for the year in question (MAXIMUM
                  BONUS). The AAB is determined annually by the Board of
                  Directors immediately after Triple-S receives its financial
                  statements for the pertinent economic year, certified by
                  their external auditors. The AAB will be credited to the CEO
                  as soon as the Board has determined it, which will never be
                  later than sixty (60) calendar days beginning on the date in
                  which the certified financial statements are received.

                  The AAB will vary depending on whether or not Triple-S
                  achieves ONE HUNDRED PERCENT (100%) or more of the budgeted
                  and audited year's BUSINESS PLAN, in the following manner:

                  A.       In case Triple-S achieves ONE HUNDRED PERCENT (100%)
                           or more of the BUSINESS PLAN for the year in
                           question, the AAB will be EIGHTY PERCENT (80%) of
                           the MAXIMUM BONUS, plus:

                           1.       An additional TEN PERCENT (10%), for NINETY
                                    PERCENT (90%) of the maximum bonus,
                                    considering the total effect of the
                                    following factors:

                                    a)       A reduction (in percentages) of
                                             the recurring administrative
                                             expenses, in regards to the gross
                                             income earned by Triple-S and its
                                             subsidiaries, over the
                                             consolidated budget.

<PAGE>

                                    b)       A net income larger than the
                                             consolidated budget.

                                    c)       The volume of business from
                                             Triple-S and its subsidiaries
                                             exceed what was budgeted.

                                    d)       The achievement, by each of the
                                             subsidiaries, of at least 90% of
                                             the year's Business Plan.

                           2.       An additional TEN PERCENT (10%) in order to
                                    reach the ONE HUNDRED PERCENT (100%) of the
                                    MAXIMUM BONUS, at the Board's discretion.

                  B.       If TRIPLE-S achieves less than ONE HUNDRED PERCENT
                           (100%) of its BUSINESS PLAN, the AAB will vary
                           between ZERO PERCENT (0%) up to SEVENTY NINE PERCENT
                           (79%) of the MAXIMUM BONUS, at the BOARD'S
                           discretion, considering the following factors:

                           1.       The magnitude of an unfavorable deviation,
                                    larger than TEN PERCENT (10%), from the
                                    BUSINESS PLAN.

                           2.       The magnitude of the annual increase of
                                    recurrent administrative expenses, in
                                    regards to the gross income earned by
                                    Triple-S and its subsidiaries, over the
                                    consolidated budget.

                           3.       A net annual income lower than the
                                    consolidated budget.

                           4.       The business volume from Triple-S and its
                                    subsidiaries does not reach the amount
                                    budgeted.

                           5.       Any other factors the BOARD deems, at its
                                    discretion, should be considered.

         9.       DEFERRED COMPENSATION. The CEO will have the power to, from
                  time to time, defer payments for any of the before mentioned
                  economic remuneration concepts in keeping with his wishes, if
                  and when such action is in accordance to the applicable law
                  provisions and to good corporate practices.

         10.      ANNUAL SALARY REVISION. The CEO's SALARY will be reviewed
                  annually, effective January 1st of each year, beginning on
                  January 1, 2003. Said revision would take into account the
                  increase of Triple-S share's book value, the percentile
                  increase in Puerto Rico's general economic inflation rate, as
                  determined by the Planning Board for the previous year, and
                  other factors regarding compensation of other Officers of
                  same or similar position and responsibility within the local
                  industry and commerce, and any other relevant factor. The
                  Compensation Committee shall do the computing of the salary
                  change for the Board's recommendation and approval at the
                  time it reviews compensation.

<PAGE>

         11.      FRINGE BENEFITS. The CEO will have the right to all fringe
                  benefits such as: Retirement Plan, Health Plan, vacations,
                  sick leave, disability insurance and others, in conformance
                  to Triple-S' policies and norms as applicable to its
                  management employees, and as modified from time to time.
                  Triple-S will also reimburse or pay the CEO the following:

                  a.       Representation, travel and miscellaneous expenses
                           which are reasonably and necessarily incurred in
                           carrying out his official duties;

                  b.       The right to use an automobile of a category in
                           keeping with the post he occupies;

                  c.       Annual membership fees to a private club and two
                           business related clubs, i.e., Banker's Club and;

                  d.       Annual membership fees to two professional
                           associations such as the College of Certified Public
                           Accountants, and the American Institute of Certified
                           Public Accountants;

                  e.       Any other related expenses that the BOARD deems
                           necessary in carrying out his duties.

         12.      DEDUCTIONS. Triple-S will make all deductions from the CEO's
                  remuneration that the law requires such as: social security,
                  retained income taxes, and his spouse's and any other
                  optional dependent's life and disability insurance portion.
                  The CEO is authorized to acquire any life insurance coverage
                  in addition to the one currently held by Triple-S at his own
                  responsibility and cost.

         13.      EFFECTIVENESS AND TERM OF CONTRACT. This contract's effective
                  date is established to be January 1, 2002 and its ending date
                  is December 31, 2004. The Board of Directors must notify the
                  CEO no later than one year before the ending date of this
                  original contract term or of its renovation, of their
                  decision to renew or not renew it. In the same manner, the
                  CEO must notify Triple-S no later than one year before the
                  ending date, of his decision to renew or not renew it. If
                  Triple-S decides not to renew the Contract, it is under the
                  obligation to pay the CEO one year's salary. Triple-S must
                  also have fulfilled all obligations to the CEO, which
                  correspond to his contract's terms, including those regarding
                  compensation and fringe benefits. Disbursement of this amount
                  shall occur no later than the last effective date of this
                  contract. In case this contract is renewed and then
                  terminated before the renovation's ending date, Triple-S is

<PAGE>

                  under the obligation of providing the CEO with the same
                  compensation.

         14.      UNILATERAL RESOLUTION. The parties agree that Triple-S has
                  the right to dissolve this contract at any time before the
                  agreed ending date. To exercise this right, the PBD will
                  notify the CEO thirty (30) days before the effective date of
                  said unilateral dissolution. As a condition for Triple-S to
                  exercise this right, it must proceed immediately with the
                  total cash liquidation of the balance of this professional
                  employment contract, in addition to the one year salary
                  specified in paragraph 13, including the fringe benefits, and
                  subtracting the discounts applicable by law. Triple-S will
                  have the option of continuing monthly payments until the
                  contract is completed.

         15.      UNILATERAL RESOLUTION- JUST CAUSE. It is understood that
                  Triple-S is assisted by just cause for unilaterally
                  dissolving this CONTRACT when the CEO incurs in any of the
                  following behaviors:

                  a.       negligence in carrying out his duties, or their
                           late, inadequate or inept performance;

                  b.       conviction of a felony or misdemeanor involving
                           moral depravation;

                  c.       insubordination;

                  d.       material non-conformance to corporate norms, rules
                           and agreements, or those of this CONTRACT;

                  e.       improper or disorderly conduct;

                  f.       existence of a conflict of interests;

                  g.       substantial reduction of Triple-S` operations;

         16.      PRIVILEGED MATERIAL- CONFIDENTIALITY. Except as formerly
                  stated, all the information Triple-S and its subsidiaries
                  shares with the CEO, or that he is privy to as a consequence
                  of his employee relationship with Triple-S, in the guise of
                  any chores, relationships, contacts, businesses, clients and
                  duties, will constitute privileged and confidential material.
                  Consequently, the CEO will not divulge said information to
                  third parties, including Triple-S employees, functionaries or
                  officers who do not have a legitimate reason to know this
                  information. The confidentiality and privilege obligation
                  discussed here shall survive the conclusion, unilateral
                  resolution or termination of this CONTRACT.

         17.      DOCUMENTS. At the end of this contract, the CEO will keep or
                  return all documents, objects, materials and the rest of the
                  information he has obtained through Triple-S business, in the
                  Triple-S offices, recognizing at the same time that said
                  documents,

<PAGE>

                  objects, materials and related information are the exclusive
                  property of Triple-S.

         18.      TRIPLE-S PERSONNEL. The CEO will not solicit or encourage the
                  Triple-S and subsidiary personnel to quit their jobs and join
                  him or a third party in other activities that are not to
                  Triple-S's benefit during the duration of his contract with
                  Triple-S and for one year after the contract with Triple-S
                  ends.

THIS CONTRACT IS AGREED UPON BY THE UNDERSIGNED IN CONSIDERATION OF THE
FOLLOWING:

                            MISCELLANEOUS PROVISIONS

         19.      CONTRACT CONSTRUCTION. Triple-S wrote this contract,
                  therefore its intellectual property and author's rights are
                  theirs. At the same time, the contract is a product of
                  negotiations between both parties, so no assumption or
                  inference should be made in favor of any of them.

         20.      CEDING. The CEO may not totally or partially cede the
                  obligations and responsibilities assumed through this
                  CONTRACT to a third party.

         21.      PACT TOTALITY. This document constitutes the total and
                  complete pact agreed to by the contracting parts. No other
                  former agreement, contract or pact should be considered valid
                  or effective.

         22.      AMENDMENTS. In case the undersigned wish to amend the content
                  of any clause in this CONTRACT, this should be done in
                  writing, clearly stating which clause is being amended and
                  what the amendment consists of.

         23.      HEADINGS. The headings included in this CONTRACT have been
                  added to aid in reading and analyzing it. At no time should
                  these headings be interpreted as the pact agreed upon by the
                  undersigned, or that they amend the content of the clauses
                  each one heads.

         28.      LIMITED INVALIDITY. In case any clause in this CONTRACT is
                  declared null or illegal, the rest of the clauses will
                  continue with full effectiveness and force.

         29.      INTERPRETATION. This CONTRACT will be interpreted according
                  to the prevailing judicial order in the Commonwealth of
                  Puerto Rico.

<PAGE>

         30.      JURISDICTION AND COMPETENCE. If it were necessary to
                  judicially annul any controversy related to this CONTRACT,
                  the parties will submit voluntarily to the jurisdiction of
                  the Puerto Rico Court of First Instance and would choose the
                  San Juan Halls of the Superior or District Court, as were the
                  case, to void it.

SUCH IS THE PACT agreed upon by contracting parties, which they recognize and
sign in San Juan, Puerto Rico on the date stated above.

Triple-S Management Corporation              Mr. Ramon M. Ruiz Comas

Signed                                       Signed
--------------------------------             ----------------------------
By: Dr. Fernando J. Ysern Borras             By: Mr. Ramon M. Ruiz Comas

Signed

-------------------------------
By:  Atty. Juan Jose Leon Soto<PAGE>
                                                                   EXHIBIT 10.5

                              EMPLOYMENT CONTRACT

In the city of San Juan, Puerto Rico, today the ___ of ____________ of 2002.

                                     APPEAR

FOR THE FIRST PART: Triple-S, INC., a corporation organized and engaged in
business in conformance with Commonwealth of Puerto Rico laws, represented here
by its Board of Directors' President, DR. FERNANDO J. YSERN BORRAS, of legal
age, married, a physician by trade, and residing in Caguas, Puerto Rico, and by
ATTY. JUAN JOSE LEON SOTO, of legal age, married, a licensed attorney, residing
in Caguas, Puerto Rico, and the Director of this Board of Directors whose
authorities and duties they are prepared to justify as soon as it is required
of them.

FOR THE SECOND PART: SOCORRO RIVAS RODRIGUEZ, of legal age, married, an
executive and a resident of San Juan, Puerto Rico.

The undersigned have the legal capacity to execute this document, and to that
effect, freely and voluntarily.

                                     EXPOSE

FIRST: For purposes of abbreviation and ease in understanding and analyzing
this agreement of intentions, the following terms shall have the meaning stated
in these definitions:

         a.       "TRIPLE-S": Triple-S, Inc.;

         b.       The "CEO": The Chief Executive Officer, Socorro Rivas
                  Rodriguez;

         c.       The "BOARD": The Board of Directors of Triple-S, Inc.;

         d.       The "CONTRACT": This Employment Contract;

         e.       The "BUSINESS PLAN": The Business Plan or Annual Budget of
                  Triple-S, just as it is prepared in November each year, for
                  the following natural year and;

         f.       The "AAB": The Additional Annual Bonus, one of the CEO's
                  concepts for economic remuneration, as specified in the
                  seventh and eighth clauses in this CONTRACT

         g.       The "PBD"; President of the BOARD OF Triple-S, Inc.

SECOND: That Triple-S, Inc. is a company dedicated, among other activities, to
providing insurance coverage for the receipt of medical-hospital services
throughout the Commonwealth of Puerto Rico.

<PAGE>

THIRD: That the CEO is a vastly experienced professional in the business field,
having obtained a Bachelors Degree in Business Administration from the
University of Puerto Rico, as well as the Certified Public Accountant
certification. The CEO also is knowledgeable about the business of insurance
having served in various capacities in Triple-S since January 2, 1982.

FOURTH: For purposes of establishing the internal relationship between both
contracting parts as herein stated, they agree to the present CONTRACT subject
to the following Clauses and Conditions.

                               GENERAL PROVISIONS

         1.       EXCELLENCE IN PERFORMANCE. Through this CONTRACT, the CEO is
                  under the obligation of dedicating and directing all of her
                  working time, intellect, attention, energy, experience and
                  knowledge towards the protection of Triple-S' best interests,
                  within the framework of excellence her capacity and ability
                  permit, according to industry norms.

         2.       OFFICER AND TITLE. The CEO will carry the Title of Chief
                  Executive Officer and Corporate President of Triple-S.

         3.       HIERARCHY. The CEO will respond to the President of Triple-S
                  Management as well as to the Board.

         4.       FIDUCIARY NORMS AND OBLIGATIONS. The CEO will be under the
                  obligation to conform loyally and fully with all
                  administrative guidelines, rules, regulations and norms
                  established by Triple-S, developing and establishing the
                  operational controls necessary to administer, direct and
                  protect Triple-S' best interests. The CEO will be loyal to
                  Triple-S and the rest of the companies within the Tripe-S
                  Corporate Group at all times, and will solemnly recognize the
                  obligation represented in her acceptance of the current
                  title.

                              SPECIFIC PROVISIONS

         5.       PRINCIPAL FUNCTIONS. The functions the CEO will undertake
                  through this contract will be all those necessary and proper
                  for the Chief Executive Officer of a corporation size,
                  complexity and nature of Triple-S. The CEO's functions will
                  invariably be performed in Triple-S' best interests and for
                  its protection.

         6.       INCIDENTAL OR ACCESSORY FUNCTIONS. The CEO should also
                  fulfill all those functions, tasks and commissions,
                  incidental or accessory, which the BOARD assigns her from
                  time to time.

<PAGE>

         7.       ECONOMIC REMUNERATION. The CEO will be economically
                  remunerated in the following manner for the services that, in
                  keeping with this CONTRACT, she is under the obligation to
                  fulfill:

                  a.       Salary. An monthly salary of $25,000.66, (equivalent
                           to an annual salary of $300,000.00) for the term of
                           this CONTRACT, and as may be modified in keeping
                           with the provisions of this CONTRACT's clause number
                           ten (10).

                  b.       Christmas Bonus. A Christmas bonus equivalent to 5%
                           of her annual salary, plus half a month's salary,
                           plus any bonus Triple-S is obligated by law
                           provisions to pay. This Christmas bonus will be paid
                           in conformance to the Triple-S' policies and norms
                           applicable to their management employees and as
                           modified from time to time.

                  c.       Additional Annual Bonus. The Additional Annual Bonus
                           (AAB) that will be computed each year as is
                           established in the following clause of this
                           CONTRACT.

         8.       COMPUTING THE ADDITIONAL ANNUAL BONUS. The Additional Annual
                  Bonus (AAB) will be an amount never to exceed FORTY PERCENT
                  (40%) of the annual salary for the year in question (MAXIMUM
                  BONUS). The AAB is determined annually by the Board of
                  Directors immediately after Triple-S receives its financial
                  statements for the pertinent economic year, certified by
                  their external auditors. The AAB will be credited to the CEO
                  as soon as the Board has determined it, which will never be
                  later than sixty (60) calendar days beginning on the date in
                  which the certified financial statements are received.

                  The AAB will vary depending on whether or not Triple-S
                  achieves ONE HUNDRED PERCENT (100%) or more of the budgeted
                  and audited year's BUSINESS PLAN, in the following manner:

                  A.       In case Triple-S achieves ONE HUNDRED PERCENT (100%)
                           or more of the BUSINESS PLAN for the year in
                           question, the AAB will be EIGHTY PERCENT (80%) of
                           the MAXIMUM BONUS, plus:

                           1.       An additional TEN PERCENT (10%), for NINETY
                                    PERCENT (90%) of the maximum bonus,
                                    considering the total effect of the
                                    following factors:

                                    a)       A reduction (in percentages) of
                                             the recurring administrative
                                             expenses, in regards to the gross
                                             income earned by Triple-S over the
                                             consolidated budget.

                                    b)       A net income larger than the one
                                             budgeted.

                                    c)       The volume of business from
                                             Triple-S exceeds what was
                                             budgeted.

                                     -11-
<PAGE>

                           2.       An additional TEN PERCENT (10%) in order to
                                    reach the ONE HUNDRED PERCENT (100%) of the
                                    MAXIMUM BONUS, at the Board's discretion.

                  B.       If TRIPLE-S achieves less than ONE HUNDRED PERCENT
                           (100%) of its BUSINESS PLAN, the AAB will vary
                           between ZERO PERCENT (0%) up to SEVENTY NINE PERCENT
                           (79%) of the MAXIMUM BONUS, at the BOARD'S
                           discretion, considering the following factors:

                           1.       The magnitude of an unfavorable deviation,
                                    larger than TEN PERCENT (10%), from the
                                    BUSINESS PLAN.

                           2.       The magnitude of the annual increase of
                                    recurrent administrative expenses, in
                                    regards to the gross income earned by
                                    Triple-S over the budget.

                           3.       A net annual income lower than the budget.

                           4.       The business volume from Triple-S does not
                                    reach the amount budgeted.

                           5.       Any other factors the BOARD deems, at its
                                    discretion, should be considered.

         9.       DEFERRED COMPENSATION. The CEO will have the power to, from
                  time to time, defer payments for any of the before mentioned
                  economic remuneration concepts in keeping with her wishes, if
                  and when such action is in accordance to the applicable law
                  provisions and to good corporate practices.

         10.      ANNUAL SALARY REVISION. The CEO's SALARY will be reviewed
                  annually, effective January 1st of each year, beginning on
                  January 1, 2003. Said revision would take into account the
                  percentile increase in Puerto Rico's general economic
                  inflation rate, as determined by the Planning Board for the
                  previous year, and other factors regarding compensation of
                  other Officers of same or similar position and responsibility
                  within the local industry and commerce, and any other
                  relevant factor. The Compensation Committee shall do the
                  computing of the salary change for the Board's recommendation
                  and approval at the time it reviews compensation.

         11.      FRINGE BENEFITS. The CEO will have the right to all fringe
                  benefits such as: Retirement Plan, Health Plan, vacations,
                  sick leave, disability insurance and others, in conformance
                  to Triple-S' policies and norms as applicable to its
                  management employees, and as modified from time to time.
                  Triple-S will also reimburse or pay the CEO the following:

                                     -12-
<PAGE>

                  a.       Representation, travel and miscellaneous expenses
                           which are reasonably and necessarily incurred in
                           carrying out her official duties;

                  b.       The right to use an automobile of a category in
                           keeping with the post she occupies;

                  c.       Annual membership fees to a private club and two
                           business related clubs, i.e., Banker's Club and;

                  d.       Annual membership fees to two professional
                           associations such as the College of Certified Public
                           Accountants, and the American Institute of Certified
                           Public Accountants;

                  e.       Any other related expenses that the BOARD deems
                           necessary in carrying out her duties.

         12.      DEDUCTIONS. Triple-S will make all deductions from the CEO's
                  remuneration that the law requires such as: social security,
                  retained income taxes, and her spouse's and any other
                  optional dependent's life and disability insurance portion.
                  The CEO is authorized to acquire any life insurance coverage
                  in addition to the one currently held by Triple-S at her own
                  responsibility and cost.

         13.      EFFECTIVENESS AND TERM OF CONTRACT. This contract's effective
                  date is established to be May 1, 2002 and its ending date is
                  December 31, 2004. The Board of Directors must notify the CEO
                  no later than one year before the ending date of this
                  original contract term or of its renovation, of their
                  decision to renew or not renew it. In the same manner, the
                  CEO must notify Triple-S no later than one year before the
                  ending date, of her decision to renew or not renew it. If
                  Triple-S decides not to renew the Contract, it is under the
                  obligation to pay the CEO one year's salary. Triple-S must
                  also have fulfilled all obligations to the CEO, which
                  correspond to her contract's terms, including those regarding
                  compensation and fringe benefits. Disbursement of this amount
                  shall occur no later than the last effective date of this
                  contract. In case this contract is renewed and then
                  terminated before the renovation's ending date, Triple-S is
                  under the obligation of providing the CEO with the same
                  compensation.

         14.      UNILATERAL RESOLUTION. The parties agree that Triple-S has
                  the right to dissolve this contract at any time before the
                  agreed ending date. To exercise this right, the PBD will
                  notify the CEO thirty (30) days before the effective date of
                  said unilateral dissolution. As a condition for Triple-S to
                  exercise this right, it must proceed immediately with the
                  total cash liquidation of the balance of this professional
                  employment contract, in addition to the one year salary

                                     -13-
<PAGE>

                  specified in paragraph 13, including the fringe benefits, and
                  subtracting the discounts applicable by law. Triple-S will
                  have the option of continuing monthly payments until the
                  contract is completed.

         15.      UNILATERAL RESOLUTION- JUST CAUSE. It is understood that
                  Triple-S is assisted by just cause for unilaterally
                  dissolving this CONTRACT when the CEO incurs in any of the
                  following behaviors:

         a.       negligence in carrying out her duties, or their late,
                  inadequate or inept performance;

         b.       conviction of a felony or misdemeanor involving moral
                  depravation;

         c.       insubordination;

         d.       material non-conformance to corporate norms, rules and
                  agreements, or those of this CONTRACT;

         e.       improper or disorderly conduct;

         f.       existence of a conflict of interests;

         g.       substantial reduction of Triple-S` operations;

         16.      PRIVILEGED MATERIAL- CONFIDENTIALITY. Except as formerly
                  stated, all the information Triple-S and all the companies
                  under the Triple-S Corporate Group share with the CEO, or
                  that she is privy to as a consequence of her employee
                  relationship with Triple-S, in the guise of any chores,
                  relationships, contacts, businesses, clients and duties, will
                  constitute privileged and confidential material.
                  Consequently, the CEO will not divulge said information to
                  third parties, including Triple-S employees, functionaries or
                  officers who do not have a legitimate reason to know this
                  information. The confidentiality and privilege obligation
                  discussed here shall survive the conclusion, unilateral
                  resolution or termination of this CONTRACT.

         17.      DOCUMENTS. At the end of this contract, the CEO will keep or
                  return all documents, objects, materials and the rest of the
                  information she has obtained through Triple-S business, in
                  the Triple-S offices, recognizing at the same time that said
                  documents, objects, materials and related information are the
                  exclusive property of Triple-S.

         18.      TRIPLE-S PERSONNEL. The CEO will not solicit or encourage the
                  Triple-S and subsidiary personnel to quit their jobs and join
                  her or a third party in other activities that are not to
                  Triple-S's benefit during the duration of her contract with
                  Triple-S and for one year after the contract with Triple-S
                  ends.

                                     -14-
<PAGE>

THIS CONTRACT IS AGREED UPON BY THE UNDERSIGNED IN CONSIDERATION OF THE
FOLLOWING:

                            MISCELLANEOUS PROVISIONS

         19.      CONTRACT CONSTRUCTION. Triple-S wrote this contract,
                  therefore its intellectual property and author's rights are
                  theirs. At the same time, the contract is a product of
                  negotiations between both parties, so no assumption or
                  inference should be made in favor of any of them.

         20.      CEDING. The CEO may not totally or partially cede the
                  obligations and responsibilities assumed through this
                  CONTRACT to a third party.

         21.      PACT TOTALITY. This document constitutes the total and
                  complete pact agreed to by the contracting parts. No other
                  former agreement, contract or pact should be considered valid
                  or effective.

         22.      AMENDMENTS. In case the undersigned wish to amend the content
                  of any clause in this CONTRACT, this should be done in
                  writing, clearly stating which clause is being amended and
                  what the amendment consists of.

         23.      HEADINGS. The headings included in this CONTRACT have been
                  added to aid in reading and analyzing it. At no time should
                  these headings be interpreted as the pact agreed upon by the
                  undersigned, or that they amend the content of the clauses
                  each one heads.

         28.      LIMITED INVALIDITY. In case any clause in this CONTRACT is
                  declared null or illegal, the rest of the clauses will
                  continue with full effectiveness and force.

         29.      INTERPRETATION. This CONTRACT will be interpreted according
                  to the prevailing judicial order in the Commonwealth of
                  Puerto Rico.

         30.      JURISDICTION AND COMPETENCE. If it were necessary to
                  judicially annul any controversy related to this CONTRACT,
                  the parties will submit voluntarily to the jurisdiction of
                  the Puerto Rico Court of First Instance and would choose the
                  San Juan Halls of the Superior or District Court, as were the
                  case, to void it.

SUCH IS THE PACT agreed upon by contracting parties, which they recognize and
sign in San Juan, Puerto Rico on the date stated above.

Triple-S, Inc.                               Mrs. Socorro Rivas Rodriguez

Signed                                       Signed
--------------------------------             ----------------------------
By: Dr. Fernando J. Ysern Borras             By: Mrs. Socorro Rivas Rodriguez

Signed

------------------------------
By:  Atty. Juan Jose Leon Soto

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