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exh10-2_empl.htm

     

    
      

      

    

     

     

     

     

     

     

     

     

    EXHIBIT
      10.2

     

    EMPLOYMENT
      AGREEMENT

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EMPLOYMENT
      AGREEMENT

     

    THIS
      EMPLOYMENT AGREEMENT (this “Agreement”), is made on October 3,
      2007, by and between PetroHunter Operating Company, a
      Maryland corporation (the “Employer”), and Lori Rappucci, an individual
      residing in Parker, Colorado (the “Employee”).

     

    The
      parties, intending to be legally bound, agree as follows:

     

    1.  
DEFINITIONS

     

    For
      the
      purposes of this Agreement, the following terms have the meanings specified
      or
      referred to in this Section 1.

     

    “Agreement”
      means this Employment Agreement, as amended, restated or otherwise modified
      from
      time to time.

     

    “Benefits”
      is defined in Section 3.3.

     

    “Board”
      means the Board of Directors of the Employer.

     

     “Confidential
      Information” means any and all:

     

    (a)  trade
      secrets concerning the business and affairs of the Employer, whether a
      technical, business or other nature that is disclosed to the Employee or that
      is
      otherwise learned by Employee in the course of employment with the Company,
      including but not limited to know-how, processes, designs, samples, inventions
      and ideas, past, current, and planned property or mineral acquisition, and
      all
      information related thereto, exploration or development activities or methods,
      customer and vendor lists, business plans as well as any other information,
      however documented, that is a trade secret within the meaning of the Colorado
      Trade Secrets Act, as in effect as of the date hereof and as amended from time
      to time; and

     

    (b)  information
      concerning the business and affairs of the Employer (which includes historical
      financial statements, financial projections and budgets, historical and
      projected sales, capital spending budgets and plans, however
      documented).

     

    (c)  "Confidential
      Information" shall not include information, data, knowledge and know-how that
      (a) is in the Employee’s possession prior to disclosure to the recipient
      party, (b) is in the public domain prior to disclosure to the Employee,
      (c) lawfully enters the public domain through no violation of this
      Agreement after disclosure to the Employee, (d) becomes available to the
      Employee on a non-confidential basis from a source other than the Employer,
      provided that such source is not known by the Employee to be bound by a
      confidentiality agreement with the Employer or another party,

     

     “Effective
      Date” means the date first written above.

     

    
      
        
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    “Employee
      Invention” means any idea, invention, or improvement (whether patentable or
      not), any industrial design (whether registrable or not), and any work of
      authorship (whether or not copyright protection may be obtained for it) created,
      conceived, or developed by the Employee, either solely or in conjunction with
      others, during the Employment Period, or a period that includes a portion of
      the
      Employment Period, that relates to the business then being conducted or proposed
      to be conducted by the Employer.

     

    “Employment
      Period” means the period of the Employee’s employment under this
      Agreement.

     

    “Person”
      means any individual, corporation (including any non-profit corporation),
      general or limited partnership, limited liability company, joint venture,
      estate, trust, association, organization, or governmental body.

     

    “For
      Cause” means: (a) the Employee’s material breach of this Agreement; (b) the
      Employee’s material failure to adhere to any written Employer policy; (c) the
      appropriation (or attempted appropriation) of a material business opportunity
      of
      the Employer, including attempting to secure or securing any personal profit
      in
      connection with any transaction entered into on behalf of the Employer; (d)
      the
      misappropriation (or attempted misappropriation) of any of the Employer’s funds
      or property; or (e) the conviction of, or the entering of a guilty plea or
      plea
      of no contest with respect to, a felony.

     

    “Salary”
      is defined in Section 3.1.

     

    2.  
EMPLOYMENT
      TERMS AND DUTIES

     

    2.1  Employment.
      The Employer hereby employs the Employee, and the Employee hereby accepts
      employment by the Employer, upon the terms and conditions set forth in this
      Agreement.

     

    2.2  Term.
      The Employer hereby employs the Employee effective as of the Effective Date,
      however for purposes of computing severance pursuant to Section 2.3, below,
      the
      Employee’s date of hire shall be October 15, 2007.  The employment
      with the Employer is not for any specified period of time.  As a
      result, either the Employer or the Employee is free to terminate the employment
      relationship at any time, subject to the other provisions of this
      Agreement.  Unless earlier terminated, this Agreement will terminate
      on December 31, 2012.

     

    2.3  Termination.
      If the Employee is terminated by the Employer for any reason, other than For
      Cause, he will receive Salary and Benefits as severance in an amount equal
      to
      six months of Salary.  No severance payments will be made until
      Employee executes a valid release of any and all claims that he may have
      relating to his employment against the Employer and its agents in a form
      provided by the Employer.  If the Employee is terminated For Cause, or
      resigns, his Salary and Benefits will terminate immediately upon leaving the
      Employer.  The Employer may terminate Employee For Cause only after
      (a) Employee has had the opportunity to discuss such termination with the Board
      of Directors or the Chairman of the Board of the Employer, (b) the Board of
      Directors of the Employer has adopted a resolution terminating Employee’s
      employment

     

    
      
        
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    and
      specifying, in reasonable detail, the “For Cause” termination, and (c) the
      Employee shall have received written notice of such action, which notice shall
      include a copy of the resolution specifying the “For Cause”
termination.  If a matter purported giving rise to a “For Cause”
termination could be cured by Employee, the Board of Directors shall not take
      any action to terminate the Employee hereunder unless and until the Employee
      has
      received written notice from the Chairman or by or on behalf of the Board of
      Directors of the Employer specifying such cause and Employee shall have failed
      to cure or correct such cause within 30 days after receiving such
      notice.

     

    2.4  Duties.
      The Employee will have such duties as are assigned or delegated to the Employee
      by the Board. The Employee will devote substantially all of his business time,
      attention, skill, and energy to the business of the Employer, will use his
      best
      efforts to promote the success of the Employer’s business, and will cooperate
      fully with the Board in the advancement of the best interests of the
      Employer.  Employee will not compete with the Employer during the
      Employment Period.  Nothing in this Section 2.4, however, will
      prevent the Employee from engaging in additional activities in connection with
      personal investments and community affairs that are not inconsistent with the
      Employee’s duties under this Agreement.  At the Employer’s request,
      Employee may also perform services for companies that have a business
      relationship with the Employer.  Unless agreed to by the Employer,
      Employee will receive no additional Salary or Benefits or other compensation
      for
      these services.

     

    3.  
COMPENSATION

     

    3.1  Salary.
      The Employee will be paid an annual salary of $170,000, (the “Salary”),
      which will be payable in equal periodic installments according to the Employer’s
      customary payroll practices, but no less frequently than
      monthly.   During the term of this Agreement, the salary may be
      increased by the Board.

     

    3.2  Bonus.
      The Board of Directors of Employer shall adopt a bonus plan for executive
      officers of the Company within 120 days of the date of this Agreement and
      the Employee shall be eligible to participate in such plan.  The
      Employee shall, subject to meeting the criteria for bonus compensation set
      forth
      in the plan, be eligible to receive a bonus of up to [100%] of Employees’ annual
      salary.  The Employee acknowledges that all determinations of the
      Board shall be final.

     

    3.3  Benefits.
      The Employee will, during the Employment Period, be permitted to participate
      in
      such pension, profit sharing, bonus, life insurance, hospitalization, major
      medical, and other employee benefit plans of the Employer that may be in effect
      from time to time, to the extent the Employee is eligible under the terms of
      those plans (collectively, the “Benefits”).

     

    3.4  Stock
      Options.  The Employee will receive stock option grants totaling
      600,000 stock options as follows:  500,000 stock options to be priced
      at the closing price of market as quoted on the OTC:BB on the date of hire,
      plus
      an additional 100,000 stock options to be recommended for approval by the Board
      of Directors of Employer at the next regularly scheduled meeting to be priced
      at
      the closing price of market as quoted on the OTC:BB on the date of
      grant.  The next regular Board of Directors meeting is scheduled for
      December 7, 2007.

     

    
      
        
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    3.4.1    Change
      of Control .  All grants made under the stock option or other equity
      incentive plans of Employer (the “Equity Plans”)  (including those
      made prior to the effective date of this Agreement) shall vest in full
      immediately prior to the occurrence of a Change of Control.   For purposes
      of this Agreement, a Change of Control shall mean the first to occur
      of: 

     

    (A)           an
      event resulting in any “person” (as defined in Section 13(d) and 14(d) of
      the Securities Exchange Act of 1934, as amended (the “ Exchange Act ”)) other
      than (1) the Employer or any Affiliate of the Employer as of the date of this
      Agreement, (2) any employee benefit plan of the Employer or any Affiliate of
      the
      Employer, or (3) any person or entity organized, appointed or established by
      the
      Employer for or pursuant to the terms of any such plan, acquiring beneficial
      ownership of voting securities of the Employer, is or becomes the beneficial
      owner, directly or indirectly, of securities of the Employer representing 50%
      or
      more of the combined voting power of the Employer’s then outstanding
      securities.

     

     (B)          
      consummation of a reorganization, merger or consolidation of the Employer (a
“
Business Combination ”), in each case, unless, following such Business
      Combination, the individuals and entities who were the beneficial owners of
      outstanding voting securities of the Employer immediately prior to such Business
      Combination beneficially own, by reason of such ownership of the Employer’s
      voting securities immediately before the Business Combination, directly or
      indirectly, more than 50 % of the combined voting power of the then outstanding
      voting securities entitled to vote generally in the election of directors of
      the
      Employer resulting from such Business Combination (including, without
      limitation, a company which as a result of such transaction owns the Employer
      or
      all or substantially all of the Employer’s assets either directly or through one
      or more subsidiaries) in substantially the same proportions as their ownership
      of the outstanding voting securities of the Employer immediately prior to such
      Business Combination; or

     

    (C)         
      approval by the stockholders of the Employer of a complete liquidation or
      dissolution of the Employer.

     

    Notwithstanding
      the foregoing subparagraphs (A) through (C), in no
      event shall any transaction or series of transactions entered into between
      the
      Employer,  or their respective Affiliates as of the date of this Agreement
      or entities wholly owned by the forgoing, or changes associated therewith,
      be
      considered a Change in Control.

     

    To
      the
      extent that the terms of this Agreement conflict with the terms of the Equity
      Plans of the Employer, the terms of this Agreement shall control and the
      Employer agrees that the provisions set forth herein regarding Change in Control
      shall be included in any stock option agreement or similar granting instrument
      entered into with or provided to Employee in connection with Employee’s
      employment with Employer.

    
      
        
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    4.     
      VACATIONS, HOLIDAYS AND SICK LEAVE

     

    The
      Employee will accrue 6.67 hours of vacation time for each pay period for a
      total
      of 160 hours of annual vacation time, will be entitled to 5 sick days/personal
      days annually and will be entitled to paid holidays in accordance with the
      policies of the Employer.

     

    5.  NON-DISCLOSURE
      COVENANT; EMPLOYEE INVENTIONS

     

    5.1  Acknowledgments
      by the Employee.  The Employee acknowledges that (a) during the
      Employment Period and as a part of his employment, the Employee will be afforded
      access to Confidential Information; (b) public disclosure of such Confidential
      Information could have an adverse effect on the Employer and its business;
      (c)
      because the Employee possesses substantial technical expertise and skill with
      respect to the Employer’s business, the Employer desires to obtain exclusive
      ownership of each Employee Invention, and the Employer will be at a substantial
      competitive disadvantage if it fails to acquire exclusive ownership of each
      Employee Invention; and (d) the provisions of this Section 5 are
      reasonable and necessary to prevent the improper use or disclosure of
      Confidential Information and to provide the Employer with exclusive ownership
      of
      all Employee Inventions.

     

    5.2  Agreements
      of the Employee. In consideration of the compensation and benefits to be
      paid or provided to the Employee by the Employer under this Agreement, the
      Employee covenants as follows:

     

    (a)  Confidentiality.

     

    (i)  During
      and following the Employment Period, the Employee will hold in confidence the
      Confidential Information and will not disclose it to any Person except with
      the
      specific prior written consent of the Employer or except as otherwise expressly
      permitted by the terms of this Agreement.

     

    (ii)  Any
      trade
      secrets of the Employer will be entitled to all of the protections and benefits
      under the Colorado Trade Secrets Act, as in effect on the date hereof, and
      as
      amended from time to time, and any other applicable law.

     

    (iii)  None
      of
      the foregoing obligations and restrictions applies to any part of the
      Confidential Information that the Employee demonstrates was or became generally
      available to the public other than as a result of a disclosure by the
      Employee.

     

    (b)  Employee
      Inventions. During the Employment Period, each Employee Invention will
      belong exclusively to the Employer. The Employee acknowledges that the
      Employee’s writing, works of authorship, and other Employee Inventions are works
      made for hire and the property of the Employer, including any copyrights,
      patents, or other intellectual property rights pertaining thereto. The Employee
      covenants that he will promptly:

     

    (i)  disclose
      to the Employer in writing any Employee Invention;

     

    
      
        
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    (ii)  assign
      to
      the Employer or to a party designated by the Employer, at the Employer’s request
      and without additional compensation, all of the Employee’s right to the Employee
      Invention for the United States and all foreign jurisdictions;

     

    (iii)  execute
      and deliver to the Employer such applications, assignments, and other documents
      as the Employer may request in order to apply for and obtain patents or other
      registrations with respect to any Employee Invention in the United States and
      any foreign jurisdictions;

     

    (iv)  sign
      all
      other papers necessary to carry out the above obligations; and

     

    (v)  give
      testimony and render any other assistance, without expense to the Employee,
      in
      support of the Employer’s rights to any Employee Invention.

     

    6.  EXCLUSIVE
      EMPLOYMENT

     

    Subject
      to the provisions of Section 2.4, above, during the Employment Period, (a)
      Employee will not do anything to compete with the Employer’s present or
      contemplated business (as that may change from time to time during the
      Employment Period), nor will he plan or organize any competitive business
      activity; and (b) Employee will not enter into any agreement which conflicts
      with his duties or obligations to the Employer.  Employee will not
      during the Employment Period or within six months after it ends, without the
      Employer’s express written consent, solicit or encourage any employee, agent,
      independent contractor, supplier, consultant, investor or alliance partner
      to
      terminate or alter a relationship with the Employer.

     

    It
      is the
      desire and intent of the Employer and the Employee that the provisions of this
      Section 6 be enforced to the fullest extent permissible under the laws and
      public policies applied in each jurisdiction in which enforcement is
      sought.  Accordingly, if any particular portion of this Section 6
      shall be adjudicated to be invalid or unenforceable, this Section 6 shall be
      deemed amended to apply in the broadest allowable manner and to delete therefrom
      the portion adjudicated to be invalid or unenforceable, such amendment and
      deletion to apply only with respect to the operation of Section 6 in the
      particular jurisdiction in which that adjudication is made.

     

    7.  GENERAL
      PROVISIONS

     

    7.1  Covenants
      of Sections 5 and 6 Are Essential and Independent Covenants. The
      covenants by the Employee in Sections 5 and 6 are essential elements
      of this Agreement, and without the Employee’s agreement to comply with such
      covenants, the Employer would not have entered into this Agreement or employed
      or continued the employment of the Employee. The Employer and the Employee
      have
      independently consulted their respective counsel and have been advised in all
      respects concerning the reasonableness and propriety of such covenants, with
      specific regard to the nature of the business conducted by the
      Employer.

     

    
      
        
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    The
      Employee’s covenants in Sections 5 and 6 are independent covenants
      and the existence of any claim by the Employee against the Employer under this
      Agreement or otherwise, will not excuse the Employee’s breach of any covenant in
Sections 5 and 6.

     

    If
      the
      Employee’s employment hereunder expires or is terminated, this Agreement will
      continue in full force and effect as is necessary or appropriate to enforce
      the
      covenants and agreements of the Employee in Sections 5 and 6, and the
      Employer will have the right in addition to any other rights it may have, to
      seek injunctive relief to restrain or specifically enforce provisions of this
      Agreement.

     

    7.2  Representations
      and Warranties by the Employee. The Employee represents and warrants to the
      Employer that the execution and delivery by the Employee of this Agreement
      do
      not, and the performance by the Employee of the Employee’s obligations hereunder
      will not, with or without the giving of notice or the passage of time, or both:
      (a) violate any judgment, writ, injunction, or order of any court, arbitrator,
      or governmental agency applicable to the Employee; or (b) conflict with, result
      in the breach of any provisions of or the termination of, or constitute a
      default under, any agreement to which the Employee is a party or by which the
      Employee is or may be bound.

     

    7.3  Waiver.
      The rights and remedies of the parties to this Agreement are cumulative and
      not
      alternative.  Neither the failure nor any delay by either party in
      exercising any right, power, or privilege under this Agreement will operate
      as a
      waiver of such right, power, or privilege, and no single or partial exercise
      of
      any such right, power, or privilege will preclude any other or further exercise
      of such right, power, or privilege or the exercise of any other right, power,
      or
      privilege. To the maximum extent permitted by applicable law, (a) no claim
      or
      right arising out of this Agreement can be discharged by one party, in whole
      or
      in part, by a waiver or renunciation of the claim or right unless in writing
      signed by the other party; (b) no waiver that may be given by a party will
      be
      applicable except in the specific instance for which it is given; and (c) no
      notice to or demand on one party will be deemed to be a waiver of any obligation
      of such party or of the right of the party giving such notice or demand to
      take
      further action without notice or demand as provided in this
      Agreement.

     

    7.4  Binding
      Effect; Delegation of Duties Prohibited. This Agreement shall inure to the
      benefit of, and shall be binding upon, the parties hereto and their respective
      successors, assigns, heirs, and legal representatives, including any entity
      with
      which the Employer may merge or consolidate or to which all or substantially
      all
      of its assets may be transferred.  The duties and covenants of the
      Employee under this Agreement, being personal, may not be
      delegated.

     

    7.5  Notices.
      All notices, consents, waivers, and other communications under this Agreement
      must be in writing and will be deemed to have been duly given when (a) delivered
      by hand (with written confirmation of receipt), (b) sent by facsimile (with
      written confirmation of receipt), provided that a copy is mailed by registered
      mail, return receipt requested, or (c) when received by the addressee, if sent
      by a nationally recognized overnight delivery service (receipt requested),
      in
      each case to the appropriate addresses and facsimile numbers set forth below
      (or
      to such other

     

    
      
        
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    addresses
      and facsimile numbers as a party may designate by notice to the other
      parties):

     

    
      	
              If
                to Employer:

            	
              PetroHunter
                Operating Company

            

    

    
      	
               

            	
              1875
                Lawrence Street, Suite 1400

            

    

    
      	
               

            	
              Denver,
                CO  80202

            

    

    

    
      	
               

            	
              Fax:
                (303) 572-8927

            

    

    

    
      	
              If
                to the Employee:

            	
              As
                set forth on signature page.

            

    

     

    7.6  Entire
      Agreement; Amendments. This Agreement contains the entire agreement between
      the parties with respect to the subject matter hereof and supersedes all prior
      agreements and understandings, oral or written, between the parties hereto
      with
      respect to the subject matter hereof.  This Agreement may not be
      amended orally, but only by an agreement in writing signed by the parties
      hereto.

     

    7.7  Governing
      Law; Forum and Venue.  This Agreement shall be construed according
      to the law of the State of Colorado and any actions to enforce the terms of
      this
      Agreement shall be exclusively brought in either state or federal court in
      the
      City and County of Denver, Colorado, and each of the parties consents to the
      jurisdiction of such courts (and of the appropriate appellate courts) in any
      such action or proceeding and waives any objection to venue laid
      therein.  Process in any action or proceeding referred to in the
      preceding sentence may be served on either party anywhere in the
      world.  The prevailing Party in any such action shall be entitled to
      recover its attorney’s fees and all costs of any such action.

     

    7.8  Severability.
      If any provision of this Agreement is held invalid or unenforceable by any
      court
      of competent jurisdiction, the other provisions of this Agreement will remain
      in
      full force and effect.  Any provision of this Agreement held invalid
      or unenforceable only in part or degree will remain in full force and effect
      to
      the extent not held invalid or unenforceable.

     

    7.9  Counterparts
      and Facsimile. This Agreement may be executed in one or more counterparts,
      each of which will be deemed to be an original copy of this Agreement and all
      of
      which, when taken together, will be deemed to constitute one and the same
      agreement.  Facsimile signatures shall be considered an original
      signature.

     

    7.10  Waiver
      of Jury Trial.  THE PARTIES HERETO HEREBY WAIVE A JURY TRIAL IN
      ANY LITIGATION WITH RESPECT TO THIS AGREEMENT.

     

     

    
      
        
        

      

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

     

    
      	 	EMPLOYER:	 
	 	 	 
	 	PETROHUNTER
              OPERATING
              COMPANY	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ Kyle
              L. WhiteJohnson	 
	 	Name:	Kyle
              L. WhiteJohnson	 
	 	Title:	Vice
              President of
              Administration 	 
	 	 	 	 

    

    
      	 	 	 
	 	 	 
	 	EMPLOYEE:	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ Lori
              Rappucci	 
	 	Name:	Lori
              Rappucci 	 
	 	Address: 	12861
              N. 4th Street 	 
	 	 	Parker,
              CO  80134	 
	 	Facsimile
              Number:	 

    

    

     

     

     

     

     

    
      Employment
        Agreement              

      Lori
        Rapucci 

      9Exhibit
      4.1

     

    6.50%
      NON-CUMULATIVE GUARANTEED

    SERIES
      5
      PREFERRED SECURITIES,

    PAR
      VALUE
      $25.00 PER SECURITY

    

    

    

    NUMBER:
      1                                                                                                           NO.
      OF SHARES: 24,000,000

    CUSIP:  80281RAA0

    AMOUNT:
      $600,000,000 (*)

    

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), THE BANK OF NEW YORK, AS TRANSFER
      AGENT AND REGISTRAR, OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
      PAYMENT, AND ANY CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE OR ANY
      PORTION HEREOF IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
      AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
      MADE
      TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

    

    SANTANDER
      FINANCE PREFERRED, S.A. UNIPERSONAL

     

    INCORPORATED
      UNDER THE LAWS OF THE KINGDOM OF SPAIN

     

    This
      certifies that CEDE & CO., as nominee of The Depository Trust Company is the
      registered holder of the number of shares indicated on the records of the
      Transfer Agent and Registrar of 6.50% Non-Cumulative Guaranteed Series 5
      Preferred Securities, par value $25.00 per security, of Santander Finance
      Preferred, S.A. Unipersonal, with corporate address at Ciudad Grupo Santander,
      Avda. de Cantabria S/N, Edificio Encinar 28660 Boadilla del Monte, Madrid,
      Spain, registered with the Mercantile Registry of Madrid under Volume 19747,
      Folio 171, Section 8, Sheet M-347560  and with tax identification
      number A- 83916395 (hereinafter called the “Company”), subject to the Memorandum
      and Articles of Association of the Company, transferable on the books of the
      Company upon surrender of this Certificate properly endorsed by the holder
      in
      person or by duly authorized attorney.  This Certificate is not valid
      unless countersigned by the Transfer Agent and Registrar.

    

    The
      Series
      5 Preferred Securities have been documented in a public deed granted before
      the
      Notary Public of Madrid, Spain, Mr. Antonio Morenís Giles under 4,007 of the
      official files of the Notary Public of Madrid Mr. Manuel Richi
      Alberti.

    

    

    Witness
      the signatures of the duly authorized officers of the Company

    

    Date:

    

    

                                                                                                  
      
        	 	 	 
	Name:
                José
                Antonio Soler Ramos 	 	Name:
                Pablo Roig Garcia Bernalt
	Title:   Chairman 	 	Title:   Director

      

    

                                                                                        

                                                                           

    
      
        
        

      

      
        -
          1
          -

        
          

        

      

      
        
        

      

    

    

    COUNTERSIGNED
      AND REGISTERED

    THE
      BANK
      OF NEW YORK

    TRANSFER
      AGENT AND REGISTRAR

    

    

    By:
      _________________________

             Authorized
      Officer

    

    

    (*)  Equal
      to Euros [*] based on the [*] spot exchange rate of the USS [*] = Euros 1 on
      [
      ]

     

    
      
        
        

      

      
        -
          2
          -

        
          

        

      

      
        
        

      

       

    

    [GLOBAL
      RULE 144A CERTIFICATE - REVERSE]

    

    GUARANTEE

    

    THE
      HOLDER
      OF THIS SECURITY IS ENTITLED TO THE BENEFITS, AND IS SUBJECT TO THE LIMITATIONS,
      OF THE PAYMENT AND GUARANTEE AGREEMENT, DATED AS OF JANUARY 31, 2007 (THE
      "GUARANTEE"), EXECUTED AND DELIVERED BY BANCO SANTANDER, S.A. (THE “BANK”) FOR
      THE HOLDERS FROM TIME TO TIME OF THIS SECURITY. COPIES OF THE GUARANTEE ARE
      AVAILABLE UPON WRITTEN REQUEST TO THE SECRETARY OF SANTANDER FINANCE PREFERRED,
      S.A. UNIPERSONAL (THE “COMPANY”).

    

    DESCRIPTION
      OF THE SERIES 5 PREFERRED SECURITIES

     

    DISTRIBUTIONS

     

    Non-cumulative
      cash distributions on the exchange Series 5 preferred securities (the
“Distributions”) accrue from the date of original issuance and are payable
      quarterly in arrears on January 31, April 30, July 31 and October 31 in each
      year, commencing on April 30, 2007.

     

    Payment
      of
      cash distributions in any year on the exchange Series 5 preferred securities
      and
      on all other series of Preferred Securities, as defined below (both issued
      and
      which may, in the future, be issued or guaranteed by the Bank) is limited by
      the
      amount of the Distributable Profits (as defined below) of the Bank for the
      previous year, and to any limitations that may be imposed by Spanish banking
      regulations on capital adequacy for credit institutions, as determined in
      accordance with guidelines and requirements of the Bank of Spain and other
      Spanish law as in effect from time to time.  Distributions shall not
      be payable to the extent that:

     

    
      	
               

            	
              •

            	
              the
                aggregate of such Distributions, together with (a) any other distributions
                previously paid during the then-current fiscal year (defined as the
                accounting year of the Bank) and (b) any distributions proposed to
                be paid
                during the then-current Distribution Period (as defined below), in
                each
                case on or in respect of Preferred Securities (including the Series
                5
                preferred securities) would exceed the Distributable Profits of the
                immediately preceding fiscal year;
                or

            

    

     

    
      	
               

            	
              •

            	
              even
                if Distributable Profits are sufficient, if under applicable Spanish
                banking regulations relating to capital adequacy requirements affecting
                financial institutions which fail to meet their required capital
                ratios on
                a parent company only basis or on a consolidated basis, the Bank
                would be
                prevented at such time from making payments on its ordinary shares
                or on
                Preferred Securities issued by the
                Bank.

            

    

     

    ‘‘Preferred
      Securities’’ means (as the case may be) any preferred securities
      (participaciones preferentes) issued under Spanish Law 13/1985, or other
      securities or instruments equivalent to preferred securities issued by the
      Company, or by any other subsidiary of the Bank which are entitled to the
      benefit of a guarantee ranking pari passu with the Bank’s obligations
      under the Guarantee, or any such securities or instruments issued by the Bank
      and ranking pari passu with the Bank’s obligations under the
      Guarantee.

     

    The
      term
“distribution” refers to any distributions paid or to be paid on the Preferred
      Securities.

     

    
      
        
        

      

      
        -
          3
          -

        
          

        

      

      
        
        

      

       

    

    “Distributable
      Profits” means, for any fiscal year, the reported net profit (calculated in
      compliance with the regulations of the Bank of Spain) of the Bank, determined
      after tax and extraordinary items for such year, as derived from the
      non-consolidated audited profit and loss account of the Bank, irrespective
      of
      whether shareholders’ meeting approval is still pending, prepared in accordance
      with generally applicable accounting standards in Spain and Bank of Spain
      requirements and guidelines, each as in effect at the time of such preparation.
      In the event that on any Distribution payment date, the audit of the
      non-consolidated profit and loss account has not been completed, the reference
      to be used to calculate the Distributable Profits will be the balance of the
      unaudited non-consolidated profit and loss account of the Bank as reported
      in
      the financial statements delivered to the Bank of Spain in respect of December
      31st of the preceding fiscal year.

     

    If
      Distributions are not paid in full on the exchange Series 5 preferred
      securities, all distributions paid upon the exchange Series 5 preferred
      securities and all other Preferred Securities will be paid pro rata among the
      exchange Series 5 preferred securities and all such other Preferred Securities,
      so that the amount of the distribution payment per security will have the same
      relationship to each other that the nominal or par value per security of the
      exchange Series 5 preferred securities and all other Preferred Securities bear
      to each other.

     

    If
      Distributions are not paid on the exchange Series 5 preferred securities on
      the
      Distribution Payment Date in respect of the relevant Distribution Period as
      a
      consequence of the above limitations on Distributions or are paid partially,
      then the right of the holders of the exchange Series 5 preferred securities
      to
      receive a Distribution or an unpaid part thereof in respect of the relevant
      Distribution Period will be lost and neither the Company nor the Bank will
      have
      any obligation to pay the Distribution accrued or part thereof for such
      Distribution Period or to pay any interest thereon, whether or not Distributions
      on the exchange Series 5 preferred securities are paid for any future
      Distribution Period.

     

    The
      Distributions payable on the exchange Series 5 preferred securities are fixed
      at
      6.50% per annum of their par value.  The Distribution payable in
      respect of any Distribution Period (defined as the period from and including
      one
      Distribution payment date (or, in the case of the first Distribution Period,
      the
      issuance date) to but excluding the next Distribution payment date) will be
      computed on the basis of twelve 30-day months and a 360-day year.

     

    Distributions
      on the exchange Series 5 preferred securities will be payable to the record
      holders thereof as they appear on the register for the exchange Series 5
      preferred securities on record dates, which will be on the 15th calendar day
      preceding the relevant payment dates.  We have been informed by DTC
      that distributions on Global Preferred Securities (as defined below) will be
      paid over to DTC participants in respect of their record holdings on the record
      date. In the event that any date on which Distributions are payable on the
      exchange Series 5 preferred securities is not a day on which banks in the city
      of Madrid (Spain) and The City of New York are open for business and on which
      foreign exchange dealings may be conducted in the city of Madrid (Spain) and
      The
      City of New York (a “business day”), then payment of the Distribution payable on
      such date will be made on the next day which is a business day (and without
      any
      interest or other payment in respect of any such delay).

     

    Except
      as
      hereinabove provided, holders of the Company’s exchange Series 5 preferred
      securities will have no right to participate in the profits of the
      Company.

     

    Optional
      Redemption

     

    The
      exchange Series 5 preferred securities are redeemable, at the option of the
      Company, subject to the prior consent of the Bank of Spain, in whole but not
      in
      part, on or after January 31, 2017, upon not less 

     

    
      
        
        

      

      
        -
          4
          -

        
          

        

      

      
        
        

      

    

     

    than
      30
      nor more than 60 days’ notice prior to the relevant redemption date by mail to
      each record holder, at the redemption price of $25.00 per exchange Series 5
      preferred security, plus the accrued and unpaid Distribution for the
      then-current Distribution Period to the date fixed for redemption.

     

    If
      the
      Company gives notice of redemption of the exchange Series 5 preferred
      securities, then by 12:00 Noon, New York City time on the relevant redemption
      date, the Company will:

     

    
      	
               

            	
              •

            	
              irrevocably
                deposit with the paying agent funds sufficient to pay the foregoing
                redemption price, including the amount of accrued and unpaid Distribution
                for the then-current Distribution Period to the date fixed for redemption;
                and

            

    

     

    
      	
               

            	
              •

            	
              give
                the paying agent irrevocable instructions and authority to pay the
                redemption price to the holders of the exchange Series 5 preferred
                securities.

            

    

     

    If
      the
      notice of redemption has been given, and the funds deposited as required, then
      on the date of such deposit:

     

    •      distributions
      on the exchange Series 5 preferred securities called for redemption shall
      cease;

     

    •      such
      exchange Series 5 preferred securities will no longer be considered outstanding;
      and 
       

      •      the
        holders will no longer have any rights as holders except the right to receive
        the redemption price. 

    

     

    If
      either
      the notice of redemption has been given and the funds are not deposited as
      required on the date of such deposit or if the Company or the Bank improperly
      withholds or refuses to pay the redemption price of the exchange Series 5
      preferred securities, Distributions will continue to accrue at the rate
      specified from the redemption date to the date of actual payment of the
      redemption price.

     

    In
      order
      to comply with certain Spanish capital adequacy regulations, neither the Company
      nor the Bank nor any of their respective subsidiaries shall at any time purchase
      exchange Series 5 preferred securities, without the prior consent of the Bank
      of
      Spain, and in any event not earlier than January 31, 2017. Notwithstanding
      the
      foregoing, if Spanish law were to change and such purchases are permitted before
      January 31, 2017, then, subject to applicable law, the Company, the Bank and
      any
      of their respective subsidiaries may at any time and from time to time purchase
      outstanding exchange Series 5 preferred securities by tender, in the open market
      or by private agreement.

     

    Any
      exchange Series 5 preferred securities so purchased by the Company shall be
      immediately cancelled.

     

    Rights
      upon Liquidation

     

    If
      the
      Company is voluntarily or involuntarily liquidated, dissolved or wound-up,
      the
      holders of outstanding exchange Series 5 preferred securities will be entitled
      to receive out of the assets that are available to be distributed to holders,
      and before any assets are distributed to holders of ordinary shares or any
      other
      class of shares of the Company ranking junior to the exchange Series 5 preferred
      securities as to participation in assets, but together with holders of any
      other
      Preferred Securities of the Company ranking equally with the exchange Series
      5
      preferred securities as to participation in assets, the following liquidation
      distribution:

     

    •      $25.00
      per exchange Series 5 preferred security, plus 
       

      •      an
        amount
        equal to the accrued and unpaid Distributions for the then-current Distribution
        Period up to the date of payment.

       

    

    
      
        
        

      

      
        -
          5
          -

        
          

        

      

      
        
        

      

       

    

    If
      at the
      time that any liquidation distribution is to be paid, proceedings are also
      pending or have been commenced for the voluntary or involuntary liquidation,
      dissolution or winding-up of the Bank or for a reduction in the Bank’s
      shareholders’ equity pursuant to Article 169 of the Spanish Corporations Act
      (Ley de Sociedades Anónimas), then the liquidation distribution to be
      paid to the holders:

     

    •      of
      all Preferred Securities of the Company;

     

    •      of
      all Preferred Securities of other subsidiaries of the Bank; and

     

    •      of
      Preferred Securities issued by the Bank,

     

    will
      be
      limited to and not exceed the amount that would have been paid as the
      liquidation distribution from the assets of the Bank (after payment in full
      in
      accordance with Spanish law of all creditors of the Bank, including holders
      of
      subordinated debt but excluding holders of any guarantee or any other
      contractual right expressed to rank equally with or junior to the Guarantee),
      had all such Preferred Securities been issued by the Bank, and

     

    •      ranked
      junior to all liabilities of the Bank;

    
       

      •      ranked
        pari passu with the most senior Preferred Securities which could have
        been issued by the Bank (if any); and

       

      •      ranked
        senior to the Bank’s ordinary shares.

    

     

    The
      above
      limitation will apply even if the Company has at the time sufficient assets
      to
      pay the liquidation distribution to the holders of all Preferred Securities
      issued by it, including the exchange Series 5 preferred securities.

     

    If
      the
      foregoing liquidation distribution relating to the exchange Series 5 preferred
      securities and other Preferred Securities cannot be made in full due to the
      limitation described above, then all payments will be made pro rata in the
      proportion that the amount available for payment bears to the full amount that
      would have been payable, had there been no such limitation.

     

    Upon
      receipt of payment of the liquidation distribution, holders of exchange Series
      5
      preferred securities will have no right or claim on any of the remaining assets
      of either the Company or the Bank.

     

    Except
      as
      provided in the second paragraph above with respect to any liquidation or
      winding up of the Bank or a reduction in its shareholders equity, the Bank
      will
      not permit, and will not take any action to cause, the liquidation, dissolution
      or winding-up of the Company.

     

     Voting
      Rights

     

    The
      holders of exchange Series 5 preferred securities will not have any voting
      rights unless either the Company or the Bank, under the Guarantee, fails to
      pay
      Distributions in full on the exchange Series 5 preferred securities for four
      consecutive Distribution Periods.  In such event, the holders of
      outstanding exchange Series 5 preferred securities, together with the holders
      of
      any other series of Preferred Securities of the Company then also having the
      right to vote for the election of directors, acting as a single class without
      regard to series, will be entitled to:

     

    •      appoint
      two additional members of the board of directors of the Company;

     

    •      remove
      any such board member from office; and

     

    
      
        
        

      

      
        -
          6
          -

        
          

        

      

      
        
        

      

       

    

    •      appoint
      another person(s) in place of such member(s).

     

    This
      can
      be accomplished by either:

     

    •      written
      notice given to the Company by the holders of a majority in liquidation
      preference; or

    
       

      •      an
        ordinary resolution passed by the holders of a majority in liquidation
        preference of the securities present in person or by proxy at a special general
        meeting of the holders convened for that purpose.

    

     

    If
      the
      written notice of the holders is not given as provided in the preceding
      paragraph, the board of directors of the Company, or a duly authorized committee
      of the board of directors, is required to convene a special general meeting
      for
      the above purpose, not later than 30 days after this entitlement
      arises.

     

    If
      the
      board of directors of the Company, or its duly authorized committee, fails
      to
      convene this meeting within the required 30-day period, the holders of 10%
      in
      liquidation preference of the outstanding exchange Series 5 preferred securities
      and other Preferred Securities of the Company are entitled to convene the
      meeting. The Company will determine the place where the separate general meeting
      will be held.

     

    Immediately
      following a resolution for the appointment or the removal of additional members
      to the board of directors, the special general meeting of holders shall give
      notice of such to:

     

    
      	
               

            	
              (1)

            	
              the
                board of directors of the Company so that it may, where necessary,
                call a
                general meeting of the shareholders of the Company;
                and

            

    

     

    
      	
               

            	
              (2)

            	
              the
                shareholder of the Company, so that they may hold a general meeting
                of
                shareholders.

            

    

     

    The
      shareholder of the Company has undertaken to vote in favor of the appointment
      or
      removal of the directors so named by the special general meeting of the holders
      and to take all necessary measures in such regard.

     

    Once
      distributions have been paid in full in respect of the exchange Series 5
      preferred securities for four consecutive Distribution Periods and any other
      Preferred Securities of the Company in respect of such distribution periods
      as
      set out in their own terms and conditions, any member of the board of directors
      of the Company that has been appointed in the manner described in the preceding
      paragraphs is required to vacate office.

     

    Under
      the
      Articles of the Company, its board of directors must have a minimum of three
      members and a maximum of eleven members. At the date of the public deed of
      issuance of the exchange Series 5 preferred securities, the board of directors
      of the Company has four directors.

     

    Any
      amendments or abrogation of the rights, preferences and privileges of the
      exchange Series 5 preferred securities will not be effective, unless otherwise
      required by applicable law and except:

     

    
      	
               

            	
              •

            	
              with
                the consent in writing of the holders of at least two-thirds of the
                outstanding exchange Series 5 preferred securities;
                or

            

    

     

    
      	
               

            	
              •

            	
              with
                the sanction of a special resolution passed at a separate general
                meeting
                by the holders of at least two-thirds of the outstanding exchange
                Series 5
                preferred securities.

            

    

     

    
      
        
        

      

      
        -
          7
          -

        
          

        

      

      
        
        

      

       

    

    If
      the
      Company, or the Bank under any guarantee, has paid in full the most recent
      distribution payable on each series of the Company’s Preferred Securities, the
      Company, the holders of its ordinary shares, or its board of directors may,
      without the consent or sanction of the holders of its Preferred
      Securities:

     

    
      	
               

            	
              •

            	
              take
                any action required to issue additional Preferred Securities or authorize,
                create and issue one or more other series of Preferred Securities
                of the
                Company ranking equally with the exchange Series 5 preferred securities,
                as to the participation in the profits and assets of the Company,
                without
                limit as to the amount; or

            

    

     

    
      	
               

            	
              •

            	
              take
                any action required to authorize, create and issue one or more other
                classes or series of shares of the Company ranking junior to the
                Preferred
                Securities, as to the participation in the profits or assets of the
                Company.

            

    

     

    However,
      if the Company, or the Bank under any guarantee, has not paid in full the most
      recent distribution payable on each series of Preferred Securities, then the
      prior consent of the holders of at least two thirds in liquidation preference
      of
      the outstanding Preferred Securities of the Company will be required to carry
      out such actions.  Such consent may be granted in writing by the
      holders, or with the sanction of a special resolution passed at a separate
      general meeting of holders.

     

    The
      vote
      of the holders of exchange Series 5 preferred securities is not required to
      redeem and cancel the exchange Series 5 preferred securities. Spanish law does
      not impose any restrictions on the ability of holders of Preferred Securities
      who are not residents or citizens of Spain to hold or vote such Preferred
      Securities.

     

    If
      the
      shareholders of the Company propose a resolution providing for the liquidation,
      dissolution or winding-up of the Company, the holders of all the outstanding
      Preferred Securities of the Company:

     

    
      	
               

            	
              •

            	
              will
                be entitled to receive notice of and to attend the general meeting
                of
                shareholders called to adopt this resolution;
                and

            

    

     

    
      	
               

            	
              •

            	
              will
                be entitled to hold a separate and previous general meeting of holders
                and
                vote together as a single class without regard to series on such
                resolution, but not on any other
                resolution.

            

    

     

    The
      above
      resolution will not be effective unless approved by the holders of a majority
      in
      liquidation preference of all outstanding Preferred Securities of the
      Company.

     

    The
      result
      of the above mentioned vote shall be disclosed at the general shareholders
      meeting as well as the fact that the shareholder of the Company has undertaken
      to vote in the correspondent general shareholders meeting in conformity with
      the
      vote of the separate general meeting of holders.

     

    Notice,
      attendance, or approval is not required if the liquidation, dissolution and
      winding-up of the Company is initiated due to:

     

    •      the
      liquidation, dissolution or, winding up of the Bank; or 
       

      •      a
        reduction in shareholders equity of the Bank under Article 169 of the
        Corporations Law of Spain. 

    

     

    The
      Company shall cause a notice of any meeting at which the holders of exchange
      Series 5 preferred securities are entitled to vote, to be mailed to each record
      holder of exchange Series 5 preferred securities. This notice will include
      a
      statement regarding:

     

    •      the
      date, time and place of the meeting;

     

    
      
        
        

      

      
        -
          8
          -

        
          

        

      

      
        
        

      

    

     

    •      a
      description of any resolution to be proposed for adoption at the meeting at
      which the holders are entitled to vote; and 

     

    •      instructions
      for the delivery of proxies.

     

    Special
      General Meetings

     

    A
      Special
      General Meeting (the “Special General Meeting”), which will be constituted by
      all holders of preferred securities of the Company, will be called by the board
      of directors of the Company.

     

    The
      quorum
      shall be the holders of preferred securities holding one-quarter of the
      liquidation preference of all preferred securities of the Company issued and
      outstanding.  If the attendance of one-quarter of the holders of
      preferred securities issued and outstanding cannot be obtained, such Special
      General Meeting may be re-convened one day after the first meeting and such
      meeting shall be validly convened irrespective of the number of preferred
      securities present or represented.

     

    In
      a
      Special General Meeting all resolutions shall be made by the majority set out
      in
“Voting Rights” above, and will be binding on all of the holders of such
      preferred securities, including those not in attendance and
      dissenters.

     

    All
      holders of preferred securities who are able to show that they held their
      securities five days prior to the date of the Special General Meeting shall
      be
      entitled to attend with the right to speak and vote.  Holders of
      preferred securities shall prove that they held preferred securities in the
      manner and subject to the requirements set out in the announcement published
      when convening such Special General Meeting. Holders of the preferred securities
      may delegate their representation to another person, by an individual signed
      letter for each meeting.

     

    The
      convening of a Special General Meeting will be carried out in accordance with
      the rules governing the calling and holding of meetings of holders of each
      series of preferred securities.

     

    A
      Special
      General Meeting of holders of the preferred securities will be convened (i)
      so
      long as any restricted Series 5 preferred security is listed on the London
      Stock
      Exchange and the London Stock Exchange so requires by publication in an English
      language newspaper in London (which is expected to be the Financial Times)
      or,
      if such publication is not practicable but is required by the rules of the
      London Stock Exchange, in a leading daily newspaper in English and having
      general circulation in Europe, (ii) in accordance with the requirements of
      any
      security exchange on which the exchange Series 5 preferred securities are listed
      and (iii) by mail to DTC (in each case not less that 30 nor more than 60 days
      prior to the date of the act or event to which such notice, request or
      communication relates).

     

    Registrar,
      Transfer Agent and Paying Agent

     

    The
      Bank
      of New York, located at 101 Barclay Street, New York, New York 10286 at the
      time
      of the issuance of the public deed, will act as registrar, transfer agent and
      paying agent for the exchange Series 5 preferred securities, which together
      with
      its successors and assigns, we will refer to as “ the Paying
      Agent.”

     

    Ranking
      of the Series 5 Preferred Securities

     

    The
      exchange Series 5 preferred securities will rank (a) junior to all liabilities
      of the Company including subordinated liabilities, (b) pari passu with
      each other and with any other series of Preferred Securities of the Company
      and
      (c) senior to the Company’s ordinary shares.

     

    
      
        
        

      

      
        -
          9
          -

        
          

        

      

      
        
        

      

    

     

    The
      holders of exchange Series 5 preferred securities by their subscription or
      acquisition waive any different priority that Spanish law or regulations could
      grant at any time, and particularly those arising from articles 92 and 158
      of
      Law 22/2003 (Ley Concursal), if any.

     

    Transfer

     

    The
      transfer of a Series 5 Preferred Security, and the benefit of the Guarantee,
      may
      be registered by surrendering the certificate evidencing the Series 5 Preferred
      Security to be transferred together with the form of transfer endorsed on it
      duly completed and executed, at the office of the registrar.

     

    The
      Company will register transfers of Series 5 Preferred Securities without charge
      but with payment (or the giving of such indemnity for the benefit of the Company
      as the registrar may require) for any tax or other governmental charges, which
      may be imposed in relation to the transfer.

     

    The
      Company will not register the transfer of any Series 5 Preferred Securities
      after such securities have been called for redemption.

     

    Replacement
      of Lost Certificates

     

    If
      any
      certificate for exchange Series 5 preferred securities is mutilated or alleged
      to have been lost, stolen or destroyed, a new certificate representing the
      same
      security may be issued to the record holder upon request but subject to either
      delivery of the old certificate or (if alleged to have been lost, stolen or
      destroyed) compliance with such preconditions of indemnity and payment of the
      Company’s and Paying Agent’s out-of-pocket expenses related to such request as
      the board of directors of the Company may then determine.

     

    Miscellaneous

     

    Exchange
      Series 5 preferred securities are not subject to any mandatory redemption or
      sinking fund provisions.  Holders of exchange Series 5 preferred
      securities have no preemptive rights.

     

    - 10
      -

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