Document:

EX-10.54

 Exhibit 10.54 
 EXECUTION VERSION 
 VIRGIN ISLANDS SERVICES AGREEMENT 

THIS VIRGIN ISLANDS SERVICES AGREEMENT (this “Agreement”) is made and entered into as of this 15th day of
September, 2010 (the “Effective Date”), by and between BANCO POPULAR DE PUERTO RICO, a bank organized under the laws of the Commonwealth of Puerto Rico (“BPPR”), and EVERTEC, INC., a corporation organized under the
laws of the Commonwealth of Puerto Rico (“EVERTEC”). 
 WITNESSETH: 

WHEREAS, pursuant to the Merchant and Ticketpop Business Transfer and Reorganization Agreement dated June 30, 2010 between the parties (the
“BTA”), BPPR sold and transferred to EVERTEC its rights and obligations with respect to certain BPPR operations and related assets and liabilities; 
 WHEREAS, the employees set forth in Part II of Schedule 6.2(a) of the BTA and also set forth in Exhibit A hereto (the “VI Employees”) were to be transferred to EVERTEC;

 WHEREAS, the parties have determined that it is in their respective best interest that (i) the VI Employees remain employees of
BPPR and (ii) BPPR provide the Services (as that term is defined below) to EVERTEC in accordance with the terms and conditions of this Agreement; and 
 WHEREAS, contemporaneously with the execution of this Agreement, the parties have entered into an Amendment to the BTA (the “BTA Amendment”) that provides, among other things, that
the VI Employees will continue to be employed by BPPR and will not be transferred to EVERTEC. 
 NOW, THEREFORE, in consideration of the
premises and the mutual agreements and covenants hereinafter set forth, and for other good and valuable consideration, BPPR and EVERTEC hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS 

Section 1.1 Definitions; Interpretation and Rules of Construction. All capitalized terms used but not specifically defined in
this Agreement shall have the meanings assigned to them in the BTA. As used in this Agreement, the following terms shall have the meanings set forth below: 
 “Affiliate” means, with respect to any Person, any other Person, directly or indirectly, through one or more intermediaries, Controlling, Controlled by, or under common Control
with, such Person. Notwithstanding the foregoing, (i) with respect to Apollo, the term “Affiliate” shall (x) include any investment fund with respect to which Apollo Global Management LLC or its Controlled Affiliates (including
its and their respective successors) are the sole or, if not sole, primary investment managers and, subject to clause (y) below, each 

 
of their Subsidiaries and (y) not include portfolio companies of Apollo Global Management LLC or its Controlled Affiliates and, (ii) with respect to Popular (to the extent that at the
time of determination it is engaged in a private equity or similar business), the term “Affiliate” shall not include portfolio companies of Popular or its Controlled Affiliates. 

“Agreement” has the meaning specified in the Preamble. 

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

 “Asset Acquirer” has the meaning set forth in Section 8.3. 

“Assignee Sub” has the meaning set forth in Section 8.2. 

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

“BTA Amendment” has the meaning specified in the Recitals. 

“Business Day” means each day from Monday through Friday, except for Legal Holidays. 

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

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

  
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 “Control,” and its correlative meanings,
“Controlling,” and “Controlled,” means the possession, direct or indirect, or the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of
voting securities, by contract or otherwise. 
 “Control Acquirer” has the meaning set forth in
Section 9.1. 
 “Costs” has the meaning specified in Section 3.1(a). 

“Dispute” has the meaning specified in Section 10.10. 

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

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

 “Effective Date” has the meaning specified in the Preamble. 

“Encumbrances” means any direct or indirect encumbrances, lien, pledge, security interest, claim, charges, option,
right of first refusal or offer, mortgage, deed of trust, easement, or any other restriction or third party right, including restrictions on the right to vote equity interests. 
 “EVERTEC Change of Control” means, with respect to EVERTEC, any: 
 (a) merger, consolidation or other business combination of EVERTEC (or any Subsidiary or Subsidiaries that alone or together represent all or substantially all of EVERTEC’s consolidated business at
that time) or any successor or other entity holding all or substantially all the assets of EVERTEC and its Subsidiaries that results in the stockholders of EVERTEC (or such Subsidiary or Subsidiaries) or any successor or other entity holding all or
substantially all the assets of EVERTEC and its Subsidiaries or the surviving entity thereof, as applicable, immediately before the consummation of such transaction or a series of related transactions, holding, directly or indirectly, less than 50%
of the voting power of EVERTEC (or such Subsidiary or Subsidiaries) or any such successor, other entity or surviving entity, as applicable, immediately following the consummation of such transaction or series of related transactions; provided
that this clause (i) shall not be deemed applicable to any merger, consolidation or other business combination, if, as a result of any such merger, consolidation or other business combination, no Person or Group of Persons that had not had
“control” of EVERTEC immediately prior to such transaction, as such term is defined under the Bank Holding Company Act of 1956, shall have obtained such “control”; 

(b) Transfer (other than in the form of a pledge, hypothecation or similar grant of a security interest only and which shall not involve
the grant of a proxy or other right with respect to the voting of such equity), in one or a series of related transactions, of equity representing 50% or more of the voting power of EVERTEC (or any Subsidiary or Subsidiaries that alone or together
represent all or substantially all of EVERTEC’s consolidated business at that time) or any successor or other entity holding all or substantially all the assets of EVERTEC and its Subsidiaries to a Person or Group of Persons (other than an
Transfer of such equity to Apollo Global Management LLC, Popular, any Permitted Ultimate Parent, or their respective Controlled Affiliates); 

  
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 (c) transaction in which a majority of the board of directors or equivalent governing body
of EVERTEC (or any successor or other entity holding all or substantially all the assets of EVERTEC and its Subsidiaries) immediately following or as a proximate cause of such transaction is comprised of persons who were not members of the board of
directors or equivalent governing body of EVERTEC (or such successor or other entity) immediately prior to such transaction (or are not nominated by Apollo Global Management LLC, Popular, any Permitted Ultimate Parent or their respective Controlled
Affiliates) except, (X) resulting from the compliance, at the time of an initial public offering of either Holdco or EVERTEC (or any successor or other entity holding all or substantially all the assets of EVERTEC and its Subsidiaries), with
the listing requirements, listed company manual or similar rules or regulations of the securities exchange on which Holdco’s or EVERTEC’s (or such successor’s or other entity’s), as the case may be, equity securities will be
listed pursuant to such initial public offering, (Y) if a majority of such board of directors is not “independent” under the rules of the applicable securities exchange on the date following such initial public offering upon which
Holdco or EVERTEC (or any successor or other entity holding all or substantially all the assets of EVERTEC and its Subsidiaries), as the case may be, first ceases to be a “controlled company” (or similar status) under the rules and
regulations of such exchange, resulting from compliance with the rules and regulations of such exchange that first apply upon Holdco or EVERTEC (or such successor’s or other entity’s), as the case may be, ceasing to be a “controlled
company” (or similar status), or (Z) the loss of directors of EVERTEC pursuant to Section 2 of the Stockholder Agreement (as in effect on the date hereof or as may be amended with the approval of Popular and BPPR) that does not result
in another Person or Group of Persons having the right or ability to appoint a majority of the board of directors or equivalent governing body of Holdco or EVERTEC (or any successor or other entity holding all or substantially all the assets of
EVERTEC and its Subsidiaries) as a result of such transaction; provided that, for the avoidance of doubt, this clause (Z) shall only apply to the resignation and initial replacement of such directors and not to any subsequent replacement
of such directors (whether in connection with another transaction or otherwise); or 
 (d) sale or other disposition in one or a
series of related transactions of all or substantially all of the assets of EVERTEC and its Subsidiaries (or any successor or other entity holding all or substantially all the assets of EVERTEC and its Subsidiaries) to a Person who is not an
Affiliate of EVERTEC at such time. 
 “Exchange Act” means the Securities Exchange Act of 1934.

 “Force Majeure” has the meaning specified in Section 6.3(a). 

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

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

“Group of Persons” means a group of Persons that would constitute a “group” as determined pursuant to
Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. 
 “Group
Securities” means any securities beneficially owned by a Person solely as a result of the Stockholder Agreement or any other Group Agreement and, for the avoidance of doubt, which securities have not been Transferred to such Person or
any of its Controlled Affiliates. 
 “Holdco” means Carib Holdings, Inc., a corporation organized under
the laws of the Commonwealth of Puerto Rico. 
 “Holdco Common Shares” means the common stock of Holdco,
par value $0.01 per share. 
 “Holders” means the holders of Holdco Common Shares who are parties to the
Stockholder Agreement as set forth in Schedule I thereto, as the same may be amended or supplemented from time to time. 

“Indebtedness” means, with respect to any Person, (a) all indebtedness of such Person, whether or not
contingent, for borrowed money, and (b) all obligations of such Person evidenced by notes, bonds, debentures or other similar debt instruments. 
 “Indemnified Party” has the meaning specified in Section 5.3(a). 
 “Indemnifying Party” has the meaning specified in Section 5.3(a). 
 “Initial Person” has the meaning set forth in the definition of “beneficially owned.” 
 “Initial Term” has the meaning specified in Section 6.1(a). 
 “Intellectual Property” means any and all trademarks, service marks, copyrights, patents, trade secrets, commercial and/or internet domain names, software, source codes, contract
forms, client lists, marketing surveys or other information, the names, features, designs, functionalities and other specifications related to the names of products or services developed or used or that may hereafter be developed offered or sold by
any of the parties, and programs, methods of processing, specific design and structure of individual programs and their interaction and unique programming techniques employed therein. 

“ISO Agreement” means the Independent Sales Organization Sponsorship and Services Agreement, dated June 30,
2010, between EVERTEC and BPPR, as it may be amended, restated or supplemented from time to time. 

  
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 “IT Systems” has the meaning specified in Section 4.1(b).

 “Jurisdiction” has the meaning set forth in Section 8.2. 

“Law” means any law, statute, ordinance, rule, regulation, code, Order, judgment, injunction or decree enacted,
issued, promulgated, enforced or entered by a Government Entity or Self-Regulatory Organization (including, for the sake of clarity, any policy statement or interpretation that has the force of law with respect to any of the foregoing, and including
common law). 
 “Legal Holiday” means Saturday, Sunday or any legal holiday in the Commonwealth of Puerto
Rico that is observed by EVERTEC. 
 “Losses” means losses, liabilities, claims, damages, fines,
expenses, penalties, interest expense, costs and fees and disbursements, (including reasonable legal counsel and experts’ fees and disbursements), net of any amounts recovered with respect thereto under insurance policies covering any liability
thereof if and to the extent applicable in each case, individually or collectively. 
 “Non-Controlled Public
Entity” means a Person which has equity securities listed on national stock exchange and which Person’s Affiliates do not beneficially own securities representing the majority of the voting power to elect the members of the board
of directors or other governing body of such Person. 
 “Notice of Dispute” has the meaning specified in
Section 10.10. 
 “Notice of Election” has the meaning specified in Section 5.3(b). 

“Order” means any order, injunction, judgment, decree, writ or other enforcement action of a Government Entity.

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

 “Payment Due Date” has the meaning specified in Section 3.1(b). 

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

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

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

  
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 “Permitted Subsidiary Assignment” means an assignment by EVERTEC of
any of its rights, duties or obligations under this Agreement to an Assignee Sub in compliance with the provisions of Article VIII. 
 “Permitted Third-Party Assignment” means an assignment by EVERTEC of all its rights, duties and obligations under this Agreement to an Asset Acquirer in compliance with the
provisions of Article VIII. 
 “Person” means any individual, corporation, partnership, trust,
incorporated or unincorporated association, joint venture, joint stock company, limited liability company, governmental authority or other entity of any kind, and will include any assignee and/or successor (by merger or otherwise) of such entity in
connection therewith. 
 “Popular” means Popular, Inc., a corporation organized under the laws of the
Commonwealth of Puerto Rico. 
 “Reasonable Best Efforts” means, with respect to a party hereto, prompt
and persistent efforts as a prudent Person desirous of achieving a result would use in similar circumstances; provided that the parties hereto will be required to expend only such resources as are commercially reasonable in the applicable
circumstances. 
 “Renewal Period” has the meaning specified in Section 6.1(a). 

“Resolution Forum” has the meaning specified in Section 10.10. 

“Services” has the meaning specified in Section 2.1(a). 

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

  
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 “SPV Affiliate” means with respect to any Person, any Affiliate of
such Person, whose direct or indirect interest in the Common Shares constitutes more than 30% (by value) of the equity securities portfolio of such Affiliate. 
 “Stockholder Agreement” means the Stockholder Agreement to be entered among Carib Holdings, Inc. and the holders party thereto dated simultaneously with the consummation of the
transactions contemplated by the Agreement and Plan of Merger, dated as of June 30, 2010 by and among Popular, Inc., AP Carib Holdings, Ltd., Carib Acquisition, Inc. and EVERTEC, as amended. 

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

 “Technology Systems Operations Division” means the division at EVERTEC that is in charge of hardware,
telecommunications and network infrastructure, including services related thereto. 
 “Term” has the
meaning specified in Section 6.1(a). 
 “Terminated Service” has the meaning specified in
Section 2.4. 
 “Transfer” means any direct or indirect sale, assignment, transfer, conveyance,
gift, bequest by will or under intestacy laws, pledge, hypothecation or other Encumbrance, or any other disposition, of the stated security (or any interest therein or right thereto, including the issuance of any total return swap or other
derivative whose economic value is primarily based upon the value of the stated security) or of all or part of the voting power (other than the granting of a revocable proxy) associated with the stated security (or any interest therein) whatsoever,
or any other transfer of beneficial ownership of the stated security, with or without consideration and whether voluntarily or involuntarily (including by operation of law). Notwithstanding anything to the contrary set forth in this Agreement,
(i) each of (x) a Transfer of equity interests of Popular and (y) a Change of Control of Popular shall be deemed not to constitute a Transfer of any equity interest beneficially owned by Popular; (ii) each of (x) a Transfer
of equity interests of Apollo Global Management LLC or any of its Controlled Affiliates that is not an SPV Affiliate, and (y) a Change of Control of Apollo Global Management LLC or any of its Controlled Affiliates that is not an SPV Affiliate
shall be deemed not to constitute a Transfer of any equity interest beneficially owned by Apollo or such Affiliate, as applicable, and (iii) each of (x) a Transfer of equity interests of any Permitted Ultimate Parent or any of its
Controlled Affiliates that is not an SPV Affiliate, and (y) a Change of Control of any Permitted Ultimate Parent or any of its Controlled Affiliates that is not an SPV Affiliate shall be deemed not to constitute a Transfer of any security
beneficially owned by such Permitted Ultimate Parent Entity or such Controlled Affiliate, as applicable; provided that, for the avoidance of doubt, subject to clause (i) above, any Change of Control of an SPV Affiliate shall be deemed to
constitute a Transfer of the Common Shares beneficially owned by such SPV Affiliate. 

  
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 “Transfer Taxes” has the meaning specified in Section 10.1.

 “Transition Date” has the meaning specified in Section 2.5. 

“Ultimate Parent Entity” means (i) with respect to Apollo, Apollo Global Management LLC and its successors,
(ii) with respect to Popular, Popular and its successors and (iii) with respect to a Permitted Controlling Holder, (x) the Person which (A) (i) Controls such Permitted Controlling Holder or (ii) if no Person Controls
such Permitted Controlling Holder, the beneficial owner of a majority of the voting power of such Permitted Controlling Holder and (B) is not itself Controlled by any other Person that is an Ultimate Parent Entity of such Permitted Controlling
Holder or, (y) if no such Person exists, the Permitted Controlling Holder, provided that, with respect to determining an Ultimate Parent Entity (i) the Control of any entity by a natural person shall be disregarded and (ii) the
Control of any Non-Controlled Public Entity by any Person shall be disregarded. 
 “VI Employees” has the
meaning set forth in the Recitals. 
 Section 1.2 Interpretation and Rules of Construction. In this Agreement, except
to the extent otherwise provided or that the context otherwise requires: 
 (a) when a reference is made herein to an Article,
Section or Exhibit, such reference is to an Article or Section of, or an Exhibit to, this Agreement, unless otherwise indicated; 
 (b) the headings herein are for reference purposes only and do not affect in any way the meaning or interpretation of this Agreement; 

(c) whenever the words “include,” “includes” or “including” are used herein, they are deemed to be followed
by the words “without limitation”; 
 (d) the words “hereof,” “herein” and “hereunder”
and words of similar import, when used herein, refer to this Agreement as a whole and not to any particular provision of this Agreement; 
 (e) all terms defined herein have the defined meanings when used in any certificate or other document made or delivered pursuant hereto, unless otherwise defined therein; 

(f) the definitions contained herein are applicable to the singular as well as the plural forms of such terms; 

(g) any Law defined or referred to herein or in any agreement or instrument that is referred to herein means such Law as from time to time
amended, modified or supplemented, including by succession of comparable successor Laws; 

  
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 (h) references to a Person are also to its successors and permitted assigns; 

(i) it is the intention of the parties that this Agreement not be construed more strictly with regard to one party than with regard to any
other party; and 
 (j) in the event of a conflict between the terms and conditions of this Agreement and the terms of the BTA
Agreement the terms of this Agreement will prevail and control the interpretation of the subject matter hereof. 
 ARTICLE II

 SERVICES AND SCOPE OF SERVICES 
 Section 2.1 Services; Standard of Performance. 
 (a) On the terms and
subject to the conditions contained herein and in Exhibit B hereto, BPPR shall provide to EVERTEC the services set forth in Exhibit B hereto (the “Services”) for the Term. 

(b) BPPR shall provide each Service at the same level of care with which the Service was provided to the Merchant Acquiring Business and
the Technology System Operations Division prior to the date of the BTA. In performing each Service, BPPR shall employ methods, procedures and utilities of a quality at least equal to those employed by BPPR with respect to its own business and
affairs. 
 (c) The scope of each Service shall be substantially the same as the scope of such Service provided by BPPR to the
Merchant Acquiring Business and the Technology System Operations Division in the ordinary course prior to the date of the BTA; provided, however, the scope of the Services will be amended as necessary in accordance with BPPR policies
and procedures as revised from time to time; provided, further, that any amendment to the scope of Services shall be made in consultation with EVERTEC. BPPR and EVERTEC shall use their Reasonable Best Efforts to cooperate with each
other in all matters relating to the provision of the Services. 
 Section 2.2 Supervision. 

(a) Each party hereto agrees and acknowledges that (i) BPPR shall act as an independent contractor and not as the agent of EVERTEC or
any of its Subsidiaries in performing the Services, and BPPR shall maintain control over its employees, representatives and agents (including its subcontractors and their employees), (ii) none of BPPR’s employees, representatives or agents
(including its subcontractors and their employees) shall be considered employees of EVERTEC or any of its Subsidiaries until such time, if ever, as they accept an offer of employment from EVERTEC and (iii) nothing in this Agreement will
constitute or be construed to be or create a partnership, joint venture, or principal/agent between BPPR, on the one hand, and EVERTEC, on the other. 

  
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 (b) During the Term, BPPR will, subject to Section 2.1(b), in its sole discretion
(i) determine the procedures to be followed with respect to the VI Employees who provide the Services, (ii) adjust the procedures to be followed with respect to the VI Employees who provide the Services, and (iii) be responsible for
the supervision of the VI Employees in the performance of the Services; provided, that any determination made, or action taken, by BPPR in accordance with this Section 2.2(b) shall be done in consultation with EVERTEC. 

(c) Notwithstanding anything to the contrary under this Agreement, BPPR shall not be required to enter into any contracts with any
customers of EVERTEC or otherwise be obligated to any third-party with respect to BPPR’s provision of the Services. 

Section 2.3 Compensation and Benefits. All employees, representatives and agents of BPPR providing Services hereunder will be
deemed for purposes of all terms and conditions of employment including, but not limited to, compensation and employee benefits, to be employees, representatives or agents of BPPR and not employees or representatives or agents of EVERTEC. EVERTEC
shall not be responsible for any salary, employment and other benefits of and liabilities relating to the employees, representatives and agents of BPPR assigned to perform any Service. 

Section 2.4 Amendments to Exhibit B. If EVERTEC requests any additional service, provided BPPR agrees to provide such
additional service, Exhibit B hereto shall be amended to include the terms of any additional service. 
 Section 2.5
Transition Support. From time to time during the Term, EVERTEC may deliver to BPPR a “Notice of Readiness for Transition” specifying a Service to be transitioned for performance by EVERTEC or its designee and a date no less than
thirty (30) days after the date of delivery of such notice to the Servicing Party on which performance of the Service is to be transferred to EVERTEC or its designee (each such date, a “Transition Date”). BPPR and EVERTEC shall
cooperate to transition each affected Service during the period of time beginning upon the applicable Transition Date and ending on the earlier of (i) the date upon which the applicable Service has been fully transitioned for performance by
EVERTEC and (ii) the 6-month anniversary of the Transition Date (each, a “Terminated Service”). BPPR may request clarification from EVERTEC regarding the scope of Terminated Services, and EVERTEC shall promptly respond to all
such inquiries. 
 ARTICLE III 
 FEES; BILLING; PAYMENT 
 Section 3.1 Cost of Services.

 (a) The cost charged to EVERTEC for the Services (the “Cost”) shall be set forth in Exhibit B hereto.

 (b) EVERTEC shall pay BPPR within thirty (30) days of receipt of a written invoice (containing such detail as EVERTEC may
reasonably request) from BPPR (the thirtieth day following receipt of such written invoice herein referred to as the “Payment Due Date”), for the Cost of the Services rendered hereunder, which invoice shall be delivered by BPPR to
EVERTEC by the twentieth (20th) day of each month, or if such day is not a Business Day, the next succeeding Business Day, for the Services provided during the preceding month; provided that EVERTEC shall not pay any invoiced amount that
it contests in good faith by giving BPPR written notice of such dispute on or prior to the Payment Due Date, in which case EVERTEC shall pay all amounts not in dispute by the Payment Due Date. 

  
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 (c) Payments shall be made by wire transfer to an account designated in writing from time to
time by BPPR. Any undisputed amount due under this Agreement that is not paid by the Payment Due Date shall bear interest at an annual rate of interest equal to one and a half percent (1.5%). 

ARTICLE IV 

INTELLECTUAL PROPERTY 
 Section 4.1 Ownership and Licensing of Intellectual Property. 
 (a) If
in connection with its provision or receipt of the Services a party hereto provides, or provides access to, the other party hereto any Intellectual Property owned by such providing party, such providing party hereby grants to the other party, during
the Term, a non-exclusive, revocable, non-transferable (except as provided in Error! Reference source not found.), non-sublicensable, royalty-free, fully paid-up license to such Intellectual Property, solely to the extent necessary to provide or
receive the Services in accordance with this Agreement. To the extent that a party hereto provides, or provides access to, the other party hereto any Intellectual Property not owned by it, such providing party hereby grants to the other party,
during the Term of this Agreement, a non-exclusive, revocable, non-transferable (except at provided in Article VIII), non-sublicensable, royalty-free, fully paid-up sublicense to such Intellectual Property, solely to the extent necessary to provide
or receive the Services in accordance with this Agreement; provided that the other party’s access to, use of and rights for such third-party Intellectual Property shall be subject in all regards to any restrictions, limitations or other
terms or conditions imposed by the licensor of such Intellectual Property. Upon the termination or expiration of this Agreement, the license or sublicense, as applicable, to the relevant Intellectual Property provided will automatically terminate.

 (b) Each party hereto shall permit or provide to the other party reasonable access to their respective software, networks,
hardware and other information technology equipment (“IT Systems”) to the extent necessary to provide or receive the Services as contemplated by and in accordance with this Agreement. The party accessing the other’s
IT Systems shall comply with the security and access policies generally required by that party for access to its IT Systems, which terms and conditions will be provided to EVERTEC by BPPR. 

(c) Except as otherwise expressly provided in this Agreement, no party hereto shall have any rights or licenses with respect to any
Intellectual Property of the other party. All rights and licenses not expressly granted in this Agreement are expressly reserved by the relevant party. 

  
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 ARTICLE V 
 INDEMNIFICATION; LIMITATION OF LIABILITY 
 Section 5.1
Indemnification by BPPR. BPPR shall indemnify, defend and hold harmless EVERTEC and its Affiliates (other than BPPR or any of its Affiliates in the case of EVERTEC on and after the Effective Date) and their respective directors, officers and
employees and their heirs, successors and permitted assigns from, against and in respect of any and all Losses imposed on, sustained by, incurred or suffered by, or asserted against, any of EVERTEC and its Affiliates, whether in respect of
third-party claims, claims between the parties hereto, or otherwise, directly or indirectly arising out of or as a result of BPPR’s material breach of this Agreement; provided, however, that BPPR shall not be liable for
(a) any Losses that are not direct, actual damages or (b) any consequential, punitive, special or speculative damages under this Agreement, in each case, unless such Losses are (i) paid pursuant to a third-party claim or
(ii) caused by a breach of Article VII. BPPR shall not be liable hereunder for any act or omission to act by BPPR if such action is taken at EVERTEC’s direction. Except for its gross negligence or willful misconduct, the aggregate
liability of BPPR under this Agreement shall not exceed an amount equal to the aggregate payments made by EVERTEC to BPPR for the Services provided hereunder. 
 Section 5.2 Indemnification by EVERTEC. EVERTEC hereby agrees that it shall indemnify, defend and hold harmless BPPR and its Affiliates and their respective directors, officers, shareholders,
partners, members and employees and their heirs, successors and permitted assigns from, against and in respect of any and all Losses imposed on, sustained by, incurred or suffered, or asserted against, by any of BPPR and its Affiliates, whether in
respect of third-party claims, claims between the parties hereto, or otherwise, directly or indirectly arising out of or as a result of (a) EVERTEC’s material breach of this Agreement, or (b) any actions taken by BPPR at the direction
of EVERTEC; provided, however, that EVERTEC shall not in any event be liable for (a) any Losses that are not direct, actual damages or (b) any consequential, punitive, special or speculative damages under this Agreement, in each case,
unless such Losses are (i) paid pursuant to a third-party claim or (ii) caused by a breach of Article VII. Except for its gross negligence or willful misconduct, the aggregate liability of EVERTEC under this Agreement shall not exceed an
amount equal to the aggregate payments made by EVERTEC to BPPR for the Services provided hereunder. 
 Section 5.3
Indemnification Procedures. 
 (a) The procedures set forth in this Section 5.3 shall apply when a Person entitled to
indemnification under this Article V (an “Indemnified Party”) seeks to obtain indemnification from a Person required to provide indemnification hereunder (an “Indemnifying Party”). 

(b) Notice. Promptly after receipt by an Indemnified Party of notice of the commencement or threatened commencement of any civil,
criminal, administrative or investigative action or proceeding involving a claim in respect of which the Indemnified Party will seek indemnification pursuant to this Article V, the Indemnified Party will notify the Indemnifying Party of such claim
in writing. The failure of Indemnified Party to so notify an Indemnifying Party will relieve Indemnifying Party of its obligations under this Section 5.3 to 

  
 -13-

 
the extent that Indemnifying Party can demonstrate damages attributable to such failure. Within fifteen (15) days following receipt of written notice from the Indemnified Party relating to
any claim, but no later than fifteen (15) days before the date on which any response to a complaint or summons is due, the Indemnifying Party will notify the Indemnified Party in writing if the Indemnifying Party elects to assume control of the
defense and settlement of that claim (a “Notice of Election”). 
 (c) Procedure Following Notice of
Election. If the Indemnifying Party delivers a Notice of Election relating to any claim within the required notice period, the Indemnifying Party will be entitled to have sole control over the defense and settlement of such claim;
provided that (i) the Indemnified Party will be entitled to participate in the defense of such claim and to employ counsel at its own expense to assist in the handling of such claim; and (ii) the Indemnifying Party will notify the
Indemnified Party before ceasing to defend against such claim, and will not compromise or settle such claim without the Indemnified Party’s prior written consent if such compromise or settlement would impose a penalty or limitation upon the
Indemnified Party, including, without limitation, an injunction or other equitable relief, or such compromise or settlement does not include the release of the Indemnified Party from all liability arising from or relating to such claim. After the
Indemnifying Party has delivered a Notice of Election relating to any claim, the Indemnifying Party will not be liable to the Indemnified Party for any legal expenses incurred by the Indemnified Party in connection with the defense of that claim. In
addition, the Indemnifying Party will not be required to indemnify the Indemnified Party for any amount paid or payable by the Indemnified Party in the settlement of any claim for which the Indemnifying Party has delivered a timely Notice of
Election if such amount was agreed to without the written consent of the Indemnifying Party. 
 (d) Procedure Where No Notice
of Election Is Delivered. If the party which is the Indemnifying Party does not deliver a Notice of Election relating to any claim within the required notice period, the Indemnified Party will have the right to defend the claim in such manner as
it may deem appropriate, and the failure of the Indemnifying Party to deliver such Notice of Election will not affect the indemnification obligations of such party under this Agreement. 

(e) Cooperation. When seeking indemnification, the Indemnified Party will at all times reasonably cooperate with the Indemnifying
Party in the defense or settlement of any claim which is subject to this Article V. 
 (f) Entitlement to Payment. In the
event an Indemnifying Party elects not to assume control of the defense and settlement of that claim, the Indemnified Party will be entitled to payment by the Indemnifying Party upon the Indemnified Party’s settlement of the claim or the
adjudication of liability, whichever first occurs. 
 (g) Subrogation. In the event that a party will be obligated to
indemnify another party pursuant to this Article V, the Indemnifying Party will, upon payment of such indemnity in full, be subrogated to all rights of the Indemnified Party with respect to the claims to which such indemnification relates. The
Indemnified Party will reasonably cooperate with Indemnifying Party, including by the execution of appropriate documents, to enable the Indemnifying Party to receive the benefit of the right of subrogation outlined in this Section 5.3.

  
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 ARTICLE VI 
 TERM; TERMINATION; FORCE MAJEURE 
 Section 6.1 Term of
Services. 
 (a) The provision of the Services shall commence upon the Effective Date and shall continue for a period of
three (3) years (the “Initial Term”), unless sooner terminated in accordance with the terms of this Agreement. Following the Initial Term, this Agreement will renew automatically for additional periods of one (1) year each
(each a “Renewal Period” and together with the Initial Term, the “Term”) unless either party gives notice to the other party of its intention not to renew at least thirty (30) days prior to the then applicable
Renewal Period. 
 Section 6.2 Termination. 
 (a) EVERTEC may terminate any Service hereunder or this Agreement with immediate effect, without obligation or penalty, at any time upon thirty (30) days’ notice to BPPR. 

(b) In the event of the termination of this Agreement or a specific Service, BPPR will include any Costs accrued with respect to any
terminated Service prior to the date of termination of such Service in the next subsequent invoice delivered to EVERTEC, and, subject to Article III, EVERTEC will pay such Costs as are set forth in such invoice. 

(c) BPPR may terminate this Agreement if EVERTEC shall fail to pay any undisputed amount reflected in any invoice in accordance with the
terms hereof, upon thirty (30) days’ prior written notice to EVERTEC of such termination, unless EVERTEC pays such undisputed amounts within such thirty (30) day period. 

(d) Upon termination or expiration of this Agreement in accordance with its terms, BPPR shall have no further obligation to provide the
Services. 
 (e) Article I (Definitions), Article V (Indemnification; Limitation of Liability), this Article VI (Termination;
Force Majeure), Section 7.1 (Confidentiality) and Article VIII (Miscellaneous) shall survive the termination of this Agreement and the obligations of BPPR with respect to compliance with Section 7.3 (Books and Records) shall survive the
period set forth therein. 
 Section 6.3 Force Majeure. 

(a) The obligations of BPPR under this Agreement shall be suspended during any period in which, but only to the extent that, BPPR is
actually prevented or materially hindered from complying therewith by any of the following causes beyond its reasonable control: (i) acts of God, (ii) weather, fire or explosion, (iii) war, invasion, riot, domestic insurrection, acts
of terrorism or other civil unrest, (iv) national or regional 

  
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emergency, or (v) changes in Law that would cause BPPR to violate the changed Law by providing the Services; (all of the foregoing referred to herein as a “Force
Majeure”). Upon the occurrence of a Force Majeure, BPPR shall, as soon as reasonably practicable, give notice to EVERTEC stating the suspension of the Services, the date and expected duration and extent of such suspension and the cause
thereof (which notice may be updated by BPPR should the expected duration and extent of such suspension change). BPPR shall thereafter use its Reasonable Best Efforts to overcome the Force Majeure. 

(b) EVERTEC shall not be required to pay for the suspended Services during the period for which they are not being provided to EVERTEC.

 (c) If BPPR’s performance under this Agreement is suspended or rendered impractical by reason of Force Majeure for a
period in excess of thirty (30) days, EVERTEC shall have the right to terminate this Agreement immediately upon written notice to BPPR. An event of Force Majeure shall not operate to limit amounts payable for Services rendered on or prior to
the actual date of the event of Force Majeure. 
 ARTICLE VII 

CONFIDENTIALITY; DELIVERY OF INFORMATION; BOOKS AND RECORDS 

Section 7.1 Confidential Information. Article V of the ISO Agreement is incorporated herein by this reference. 

Section 7.2 Delivery of Information; Cooperation between the parties. BPPR and EVERTEC shall provide each other with all such
information and materials reasonably necessary to effect BPPR’s and EVERTEC’s prompt and complete performance of their duties and obligations under this Agreement. BPPR and EVERTEC shall notify the other of any contact by any taxing
authority or other person or entity asserting a tax liability that could affect that other party directly or indirectly and shall cooperate in the defense, settlement or other resolution of such tax matter. The parties hereto agree that they shall
cooperate with each other and shall act in such a manner as to promote the prompt and efficient completion of the obligations hereunder. 
 Section 7.3 Books and Records. BPPR shall keep, and make reasonably available to EVERTEC and its representatives, complete and accurate records and accounts, in accordance with BPPR’s
normal practices, of all material transactions pertaining to the Services, and shall preserve them for the longer of (a) a period of two (2) years following the end of the fiscal year to which they pertain, (b) the period consistent
with BPPR’s retention policies or (c) such longer period as may be necessary to enable BPPR to comply with provisions of applicable Law. After the expiration of such period referred to in this Section 7.3, BPPR shall have no further
duty to retain any of such books and records or to notify EVERTEC before the disposition or destruction thereof. EVERTEC may review these books and records upon reasonable advance notice during normal business hours. 

  
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 ARTICLE VIII 
 ASSIGNMENT 
 Section 8.1 Assignment. This Agreement
shall be binding upon and inure to the benefit of the parties and their respective successors, legal representatives and permitted assigns. Other than a Permitted Assignment pursuant to this Article VIII, this Agreement may not be assigned by either
party without the prior written consent of the other party; provided, that either party may assign its rights, duties and obligations under this Agreement to its financing sources solely in connection with the granting of a security interest
and the enforcement of all rights and remedies that the assigning party has against the other party under this Agreement, subject to the claims, defenses and rights, including rights of set off, that such other party may have against the assigning
party. 
 Section 8.2 Assignment to Subsidiaries. EVERTEC may assign any of its rights, duties or obligations
to a direct or indirect wholly-owned Subsidiary of EVERTEC (an “Assignee Sub”) if (i) such Assignee Sub is identified by EVERTEC to BPPR at least 20 Business Days prior to the consummation of the proposed assignment;
(ii) (A) such proposed assignment is legally required in order for EVERTEC to perform for BPPR or its Subsidiaries, in the country, state, territory or other jurisdiction (“Jurisdiction”) in which the Assignee Sub is
organized, the specific obligations required to be performed pursuant to the assignment of this Agreement, and only (x) to the extent of such legal requirement and (y) if EVERTEC provides a written opinion of qualified counsel that opines
that such legal requirement is applicable and is based upon reasonable assumptions with respect to such legal requirement or (B) BPPR has provided its prior written consent, such consent not to be unreasonably delayed, withheld or conditioned;
(iii) such Assignee Sub will be Solvent immediately after and giving effect to such proposed assignment and BPPR is reasonably satisfied with the terms and conditions of the proposed assignment; (iv) BPPR is a third-party beneficiary to
the assignment agreement, which is in form and substance that is reasonably satisfactory to BPPR, and which provides that the Assignee Sub’s rights under the assignment agreement will be terminated if the Assignee Sub ceases to be a
wholly-owned Subsidiary, directly or indirectly, of EVERTEC; and (v) EVERTEC remains fully liable with respect to the performance of all its obligations under this Agreement and EVERTEC guarantees the performance of all of the obligations of
EVERTEC to BPPR assumed by Assignee Sub under this Agreement, which guarantee provides that, for the avoidance of doubt, after any termination of the proposed assignment, EVERTEC shall continue to be obligated with respect to any obligation
undertaken by Assignee Sub prior to such termination. 
 Section 8.3 Assignment to Third Parties. EVERTEC may assign
all of its rights, duties and obligations (or those rights duties and obligations arising after the effectiveness of the assignment) in a transaction with a third-party assignee (an “Asset Acquirer”) if (i) such Asset Acquirer
is identified by EVERTEC to BPPR at least thirty (30) Business Days prior to the consummation of the proposed assignment; (ii) such Asset Acquirer (A) acquires at least 90% of the consolidated gross assets (excluding cash) of EVERTEC
and its Subsidiaries and (B) assumes at least 90% of the consolidated gross liabilities (excluding Indebtedness) of EVERTEC and its Subsidiaries (including the assignment and assumption of all commercial agreements between EVERTEC or any of its
Subsidiaries, on the one hand, and Popular, BPPR or any of their respective Subsidiaries, on 

  
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the other hand) through one legal entity; (iii) neither the Asset Acquirer nor any of its Affiliates is engaged, directly or indirectly, in the banking, securities, insurance or lending
business, from which they derive aggregate annual revenues from the Commonwealth of Puerto Rico in excess of $50 million unless none of them has a physical presence in the Commonwealth of Puerto Rico that is used to conduct any such business;
(iv) the Asset Acquirer will be Solvent immediately after and giving effect to such proposed assignment; and (v) EVERTEC reasonably believes that the Asset Acquirer, after completion of the proposed purchase and assumption transaction,
will be capable of performing all of the obligations and duties of EVERTEC under this Agreement. 
 Section 8.4
Cooperation. EVERTEC shall use its reasonable best efforts to cooperate with BPPR in evaluating whether any proposed assignment pursuant to this Article VIII would be in compliance with the requirements of the provisions contained in this
Article VIII, including the ability of Assignee Sub or Asset Acquirer, as applicable, to comply with the terms of this Agreement, including, in each case, by providing any non-confidential information regarding the purposes and plans in connection
with such proposed assignment other than information that would create any potential liability under applicable laws violate any confidentiality obligation, or that reasonably would be expected to result in the waiver of any attorney-client
privilege. 
 Section 8.5 Notice of Objection. BPPR shall notify EVERTEC in writing within 15 Business Days following
receipt of EVERTEC’s notice of the proposed assignment of any objection to any proposed assignment to an Asset Acquirer under Section 8.3 unless EVERTEC has failed to satisfy its obligations pursuant to Section 8.4 and BPPR asserts
such failure prior to the expiration of the 15 Business Day objection period, in which case such 15 Business Day period shall be tolled until EVERTEC satisfies its obligations pursuant to Section 8.4. If BPPR fails to timely object to such
proposed assignment (taking into account any tolling of the 15 Business Day objection period), it shall be deemed to have consented to such proposed assignment. 
 Section 8.6 Implied Consent. Notwithstanding anything contained herein, if Popular, BPPR or any of their respective Controlled Affiliates votes in favor of a transaction resulting in a
proposed assignment and was not compelled to do so as part of a Dragged Asset Sale or other requirement of the Stockholder Agreement or any other Group Agreement with respect to securities issued by Holdco or EVERTEC or any successor or other entity
that acquired all or substantially all the assets of Holdco or EVERTEC or any of their respective successors then it shall be deemed to have consented to the assignment. 
 Section 8.7 Invalidity of Impermissible Assignments. Any attempted or purported assignment in violation of this Article VIII hereof shall be null and void and the assignee’s rights
assigned pursuant to any assignment made in compliance with this Article VIII will terminate in the event and to the extent of the termination of this Agreement. 

  
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 ARTICLE IX 
 EVERTEC CHANGE OF CONTROL 
 Section 9.1 EVERTEC Change of
Control. BPPR shall have the right, subject to Section 9.1, to terminate this Agreement up to thirty (30) days following the later of (i) the occurrence of an EVERTEC Change of Control or (ii) the date on which EVERTEC
provides BPPR written notice that an EVERTEC Change of Control has occurred or is likely to occur (provided that if EVERTEC has not satisfied its obligations pursuant to Section 9.2 and that BPPR asserts such failure prior to the expiration of
the thirty (30) day period then such thirty (30) day period shall be tolled until EVERTEC satisfies its obligations under Section 9.2) and provided further that if an EVERTEC Change of Control occurs, and EVERTEC fails to provide BPPR
written notice thereof within thirty (30) days thereof, then BPPR shall have an unqualified right to terminate this Agreement), unless (w) the Person or Group of Persons proposing to engage in such proposed EVERTEC Change of Control
transaction (the “Control Acquirer”) is identified to BPPR by EVERTEC at least thirty (30) Business Days prior to such proposed EVERTEC Change of Control; (x) neither the Control Acquirer nor any of its Affiliates is
engaged, directly or indirectly, in the banking, securities, insurance or lending business, from which they derive aggregate annual revenues from the Commonwealth of Puerto Rico in excess of $50 million unless none of them has a physical presence in
the Commonwealth of Puerto Rico that is used to conduct any such business; (y) EVERTEC (or its successor, as applicable) will be Solvent immediately after and giving effect to such proposed EVERTEC Change of Control; and (z) EVERTEC (or
its successor, as applicable), after the proposed EVERTEC Change of Control, will be capable of performing all of the obligations and duties of EVERTEC required under this Agreement; provided further that if Popular, BPPR or any of their
respective Controlled Affiliates votes in favor of the transaction resulting in the EVERTEC Change of Control or Transfers (other than a Transfer in the context of a merger, business combination, reorganization, recapitalization or similar
transaction) any equity securities in connection with the transaction resulting in the EVERTEC Change of Control and, in either case, was not compelled to do so as part of a Drag-Along Transaction, a Dragged Asset Sale or other requirement of the
Stockholder Agreement or any other Group Agreement with respect to Holdco, EVERTEC or any successor or other entity holding all or substantially all the assets of EVERTEC, and its Subsidiaries then such termination right shall not apply. 

Section 9.2 Cooperation. EVERTEC shall use its reasonable best efforts to cooperate with BPPR in evaluating whether any
proposed EVERTEC Change of Control would be in compliance with the requirements of this Article IX, including the ability of Assignee Sub or Asset Acquirer, as applicable, to comply with the terms of this Agreement, including, in each case, by
providing any non-confidential information regarding the purposes and plans in connection with such proposed EVERTEC Change of Control other than information that would create any potential liability under applicable laws, violate any
confidentiality obligation, or that reasonably would be expected to result in the waiver of any attorney-client privilege. 

Section 9.3 Notice of Objection. If EVERTEC provides at least thirty (30) days written notice to BPPR prior to an EVERTEC
Change of Control, BPPR shall notify EVERTEC in writing within 15 Business Days following receipt of EVERTEC’s notice of the 

  
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proposed EVERTEC Change of Control of any objection to any proposed EVERTEC Change of Control on the basis that it does not satisfy the criteria set forth in clauses (w) through (z) of
Section 9.1 (unless EVERTEC has failed to satisfy its obligations pursuant to Section 9.2 and BPPR asserts such failure prior to the expiration of the 15 Business Day objection period, in which case such 15 Business Day objection period
shall be tolled until EVERTEC satisfies its obligations pursuant to Section 9.2). If BPPR fails to timely object to such proposed assignment (taking into account any tolling of the 15 Business Day objection period), it shall be deemed to
have consented to such proposed EVERTEC Change of Control and waived its right of termination under Section 9.1. 

ARTICLE X 

MISCELLANEOUS 
 Section 10.1 Costs and Expenses. Except as otherwise specified in this Agreement, all costs and expenses, including fees and disbursements of counsel, financial advisors and accountants
incurred in connection with this Agreement and the support contemplated thereby, shall be paid by the party hereto incurring such costs and expenses. Each party hereto shall assume the cost of any sales, use, privilege and other transfer or similar
taxes (“Transfer Taxes”) imposed upon that party under applicable Law as a result of the transactions contemplated hereby. To the extent any exemptions from such Transfer Taxes are available, BPPR and EVERTEC shall reasonably
cooperate to prepare any certificates or other documents necessary to claim such exemptions. 
 Section 10.2 Notices.
All notices, requests, demands, consents and other communications given or required to be given under this Agreement and under the related documents will be in writing and delivered to the applicable party at its main office or any other place as
designated by each party in writing. 
 Section 10.3 Severability. The provisions of this Agreement shall be deemed
severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person or any circumstance, is
invalid or unenforceable, (i) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (ii) the
remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of
such provision, or the application thereof, in any other jurisdiction. 
 Section 10.4 Entire Agreement. This
Agreement (including all the Exhibits hereto) constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and thereof and supersedes all other prior agreements and understandings, oral or written, between
the parties hereto with respect to the subject matter hereof and thereof. 

  
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 Section 10.5 Amendment; Waiver. Any provision of this Agreement may be amended
or waived if, and only if, such amendment or waiver is in writing and signed, in the case of an amendment, by EVERTEC and BPPR, or in the case of a waiver, by the party against whom the waiver is to be effective. No failure or delay by any party
hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.
The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law, except as otherwise specifically provided in Article V. 
 Section 10.6 No Third-party Beneficiaries. Except for the provisions of Article V relating to indemnified parties, this Agreement shall be binding upon and inure solely to the benefit of the
parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person, including any union or any employee or former employee of either party hereto, any
legal or equitable right, benefit or remedy of any nature whatsoever, including any rights of employment for any specified period, under or by reason of this Agreement. 
 Section 10.7 Governing Law. This Agreement shall be governed and construed in accordance with the laws of Commonwealth of Puerto Rico without regard to any conflict of law rules thereof that
would apply to the laws of a different jurisdiction. 
 Section 10.8 Currency. Unless otherwise specified in this
Agreement, all references to currency, monetary values and dollars set forth herein shall mean United States dollars and all payments hereunder shall be made in United States dollars. 

Section 10.9 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an
original, and all of which shall constitute one and the same Agreement. 
 Section 10.10 Dispute Resolution;
Arbitration. Except as otherwise provided in writing with respect to EVERTEC’s failure to achieve or maintain a Service Level (as such term is defined below), or except as may otherwise be agreed to in writing among the parties, any
dispute, controversy or claim between EVERTEC and BPPR related to this Agreement, and any dispute or claim related to the relationship or duties contemplated hereunder, including the validity of this clause (a “Dispute”) will be
resolved in accordance with this Section 10.10 10.10. Each party will give written notice (a “Notice of Dispute”) to the others of any Dispute claimed by it within thirty (30) days of learning of the cause of such a
Dispute. The Notice of Dispute will include a reasonable description of the basis of the Dispute, including, without limitation, (i) the specific charge or charges being disputed, (ii) if available and/or applicable, the supporting
documentation that is reasonably required for verification of the charge or charges, and (iii) any amounts being withheld. Following delivery of a Notice of Dispute, a Representative of each party will meet and will attempt in good faith to
resolve the Dispute. Any Dispute that remains unresolved for more than twenty (20) days after the receipt of a Notice of Dispute shall be referred to designated representatives of the parties hereto who shall negotiate in good faith to resolve
such dispute (the “Resolution Forum”). If a Dispute is not resolved in the Resolution Forum, the Dispute shall be submitted to the consideration of a representative from the senior management of EVERTEC who shall be identified in a
written notice delivered to BPPR from time to time, and the Chief Operating Officer, the Chief Financial Officer or the Chief Information Officer of BPPR. Any Disputes that may remain 

  
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unresolved for more than ninety (90) days following the receipt of a Notice of Dispute may be referred to binding arbitration at the request of any party upon written notice to the other.
Such arbitration proceeding will be administered by the American Arbitration Association in accordance with the then current Commercial Arbitration Rules and will be aired in the Commonwealth of Puerto Rico. The arbitration will be governed by the
United States Arbitration Act, 9 U.S.C. §§ 1-16 to the exclusion of any provision of state law inconsistent therewith or which would produce a different result. A panel of three neutral arbitrators will determine the Dispute of the
parties and render a final award in accordance with the applicable substantive law. Each of EVERTEC and BPPR shall select one neutral arbitrator and, unless those parties agree on a third neutral arbitrator, such two arbitrators shall select the
third arbitrator (subject to such limitations, if any, mutually agreed by those parties). Strict confidentiality will govern the arbitration proceedings, including all information submitted to the arbitrator and the decision or award entered by the
arbitrator. Any court having jurisdiction may enter judgment upon the award rendered by the arbitrator. The terms hereof will not limit any obligation of a party to defend, indemnify or hold harmless another party against court proceedings or other
Losses. The procedures specified in this Section 10.10 10.10 will be the sole and exclusive procedures for the resolution of Disputes among the parties arising out of or relating to this Agreement; provided, however, that a party may request
temporary remedies in a court of law to maintain the status quo or to protect goods or property until the arbitration has initiated and the selected arbitrator has had the opportunity to resolve the request for temporary relief. Each party is
required to continue to perform its obligations under this Agreement pending final resolution of any Dispute arising out of or relating to this Agreement, unless to do so would be impossible or impracticable under the circumstances. 

Section 10.11 No Additional Rights. Except as expressly provided otherwise in this Agreement, the parties hereto agree that no
provisions of this Agreement shall grant to either party hereto any additional rights to the other party’s proprietary information, technology or know-how. 
 [Signature Page Follows] 

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

							
		 		 	BANCO POPULAR DE PUERTO RICO
				
		 		 	 By:
	 	/s/ Ileana González
		 		 		 	Name: Ileana Gonzalez
		 		 		 	Title: Senior Vice President
			
		 		 	EVERTEC, INC.
				
		 		 	 By:
	 	/s/ Félix M. Villamil
		 		 		 	Name:
		 		 		 	Title:

  
 -23-

 Exhibit A 

VI Employees 

Merchant Acquiring Business U.S. Virgin Islands 
  

							
	1	  	Paul L. Smith Jr.	  	Supervisor	  	
				
	2	  	Shermel A. Brown	  	Merchant Representative	  	
				
	3	  	Nikole Jules	  	Electronic Service Representative	  	
				
	4	  	Agnes Jackson	  	Electronic Service Representative	  	
				
	5	  	Jean-Louis Jerslen Thomas	  	Electronic Service Representative	  	

 Merchant Acquiring Business British Virgin Islands 

 

							
	1	  	Elliott Hodge	  	Electronic Service Representative	  	

 Virgin Island Services 
  

							
	1	  	Dennis Alan Dussault	  	Supervisor	  	
				
	2	  	Juan C. de Jesús Cuevas	  	Network Analyst	  	

 Exhibit B 

Description of Services 
  

	 	1.	BPPR employees, representatives and agents providing Services hereunder to the Merchant Acquiring Business will be responsible for: 

(a) Marketing the Merchant Program consistent with the practices of the Merchant Acquiring Business, including, by: 

(1) Marketing the Merchant Program to potential Merchants and encourage them to become Merchants; 

(2) Assisting potential Merchants in completing all documents required by BPPR to apply to the Merchant Program in accordance with the
Merchant Application Approval Policy and forwarding to EVERTEC and BPPR, in electronic format, the Merchant Applications it receives as promptly as reasonably practicable; and 
 (3) Managing the materials used by EVERTEC in marketing the Merchant Program. 
 (b)
Selling or making arrangements for the sale to, or the financing, leasing or rental by Merchants of all point-of-sale and other terminals and equipment (“POS Equipment”) necessary for each Merchant to participate in the Merchant
Program, including installing and maintaining the POS Equipment if requested by the Merchant; provided however, that such services may be provided through one or more subcontractors or third parties; 

(c) Providing Merchants with training materials and employing reasonable efforts to train Merchants to operate the POS Equipment to enable
Merchants to fulfill their obligations under the Merchant Program; 
 (d) Distributing and delivering all supplies reasonably
necessary for the Merchants to perform their duties under the Merchant Program, including Sales Records, Transmittals, deposit envelopes, printer paper and ribbons; 
 (e) Inputting such data for each approved Merchant in databases as is necessary for such Merchant to participate in the Merchant Program; 

(f) Inputting all necessary new account information into EVERTEC’s information system in a manner reasonably designed to render all
exception reports turned on and available; 
 (g) Monitoring all Merchant DDAs daily in accordance with the Rules to attempt to
minimize Merchant Losses and providing EVERTEC and BPPR with summary reports thereof; 

 (h) responding to inquiries from Merchants concerning the Merchant Program in a manner
consistent with the practices of the Merchant Acquiring Business and providing “front line” customer claim receipt services; and 
 (i) With respect to any supervising employees, monitoring and supervising the performance of all other employees involved in the Merchant Program to ensure compliance with Merchant Program Procedures, the
Merchant Application Approval Policy and all applicable Rules. 
  

	 	2.	BPPR employees, representatives and agents providing Services hereunder to the Technology System Operations Division will be responsible for: 

(a) Troubleshooting software and hardware problems with user computers, servers, printers, scanners, embossers, modems, LAN, WAN, and
telecommunication equipment; 
 (b) Managing all processes related to telecommunications infrastructure, including: 

(1) Managing tower contracts; 
 (2) Identifying methods and vendors to minimize telecommunications expenditures; and 
 (3) Designing and implementing multi-level power support for Regional Offices communication equipment. 
 (c) Providing maintenance and technical support services for servers, the microwave communications system, the LAN / WAN backbone; off-premise ATH installations, and POS processing system and equipment;

 (d) Providing technical support services for EVERTEC customers as required and coordinating with vendors and EVERTEC technical
personnel to resolve private line failures and configuration problems; 
 (e) Installing and configuring new hardware and
software and when unavailable procuring new hardware in a timely manner through normal procurement processes, including coordinating and tracking correction of hardware and software issues that are beyond the scope of the access or abilities of
Region technical support personnel; 
 (f) Performing project management and supervision; 

(g) Designing and modifying auto-attendant tree recordings; 
 (h) Managing local based database programs — Phone Billing (Network Support), Employee Phone Listing (Network Support), POS Equipment Repairs (Merchant Services), ATRIL document scanning
(Internal Services), Collateral Tracking (Accounting), Voice Response (Cash Processing Center), NAMSYS (Cash Processing Center) and Work Order Tracking (Interior Services); 

 (i) Programming and maintaining voice mail systems, PBX and PBX network; 

(j) Monitoring and maintaining Norton anti-virus system, Insight Manager, satellite phone system for emergency contingencies; and

 (k) With respect to any supervising employee, monitoring and supervising the performance of all other employees involved
providing the above Services. 
 Cost 
 The Cost for the Services set forth above shall equal $40,000 per month, subject to an annual increase by a rate equal to the lesser of (i) 5% or (ii) the All Items Consumer Price Index
All Urban Consumers, U.S. City Average (1982-84 – 100) as published by the U.S. Department of Labor, Bureau of Labor Statistics.EX-10.55

 Exhibit 10.55 
 EXECUTION VERSION 
 Name of Tenant: EVERTEC, Inc. 

MASTER LEASE 
 MEMORANDUM OF LEASE 
  

	1.	MEMORANDUM OF LEASE. 

This Memorandum as well as any RIDER that may be incorporated from time to time by the parties is an integral part of the Master Lease
Agreement and all of the terms thereof are incorporated into the agreement in all respects. Whenever used in the Master Lease Agreement the defined terms shall have the meanings set forth in this Memorandum and any RIDER thereto. 

 

			
	 a. Date:
	  	April 1, 2004
		
	 b. Landlord:
	  	Banco Popular de Puerto Rico (including its successors or assigns).
		
	 c. Landlord Representative:
	  	Jaime Nazario
		
	 d. Landlord’s Mailing Address:
	  	 Corporate Real Estate Administration
 Banco Popular de Puerto Rico
 P. O. Box 362708

San Juan, Puerto Rico 00936-2708

		
	 e. Tenant:
	  	EVERTEC, Inc.
		
	 f. Tenant’s Representative:
	  	Luis Abreu Rigual
		
	 g. Tenant’s Billing Address:
	  	 Cupey Center Building
 Banco
Popular de Puerto Rico
 P. O. Box 362708

San Juan, Puerto Rico 00936-2708

		
	 h. Tenant’s Trade Name:
	  	EVERTEC
		
	 i. Leased Premises:
	  	As provided in the RIDERS attached hereto
		
	 j. Permitted Use:
	  	Information technology services.
		
	 k. Leaseable Area of Premises:
	  	As provided in the RIDERS attached hereto
		
	 l. Leaseable Area of Building:
	  	As provided in the RIDERS attached hereto
		
	 m. Tenant’s Proportionate Share:
	  	As provided in the RIDERS attached hereto
		
	 n. Initial Lease Term:
	  	As provided in the RIDERS attached hereto

			
	 o. Commencement Date:
	  	As provided in the RIDERS attached hereto
		
	 p. Basic Rent:
	  	As provided in the RIDERS attached hereto
		
	 q. Additional Rent:
	  	As provided in the RIDERS attached hereto
		
	 r. Original Termination Date:
	  	As provided in the RIDERS attached hereto
		
	 s. Renewal Term:
	  	As provided in the RIDERS attached hereto
		
	 t. Late Payment Charge:
	  	10% of any unpaid amount

  

	2.	PARKING SPACE: As provided in the RIDERS attached hereto. 

  

	3.	COMMENTS. As provided in the RIDERS attached hereto. 

  

									
	Tenant	 		 	Landlord
			
	EVERTEC, Inc.	 		 	BANCO POPULAR DE PUERTO RICO
					
	By:	 	/s/ Luis Abreu Rigual	 		 	By:	 	/s/ Jaime
Nazario                                        
6/28/04

  
 2 

 EVERTEC, Inc. 
 RIDER CUPEY BUILDING 
  

	1.	MEMORANDUM OF LEASE. 

This Memorandum RIDER is an integral part of the Master Lease Agreement and all of the terms hereof are incorporated into the agreement in
all respects. Whenever used in the Master Lease Agreement the defined terms shall have the meanings set forth in this RIDER: 
  

							
	 a. Date:
	  	April 1, 2004	  
		
	 b. Landlord:
	  	Banco Popular de Puerto Rico (including its successors or assigns).	  
		
	 c. Landlord Representative:
	  	Jaime Nazario	  
		
	 d. Landlord’s Mailing Address:
	  	 Corporate Real Estate Administration
 Banco Popular de Puerto Rico
 P. O. Box 362708

San Juan, Puerto Rico 00936-2708
	   

  
   

  

		
	 e. Tenant:
	  	EVERTEC, Inc.	  
		
	 f. Tenant’s Representative:
	  	Luis Abreu Rigual	  
		
	 g. Tenant’s Billing Address:
	  	 Cupey Center Building
 Banco Popular de Puerto Rico
 P. O. Box 362708

San Juan, Puerto Rico 00936-2708
	   

  
   

  

		
	 h. Tenant’s Trade Name:
	  	EVERTEC	  
		
	 i. Leased Premises:
	  	Cupey Center	  
		
	 j. Permitted Use:
	  	Information technology services.	  
			
	 k. Leaseable Area of Premises (sq. ft.):
	  	Building A1	  	 	28,896.77	  
		  	Building A2	  	 	48,395.09	  
		  	Building A3	  	 	43,457.44	  
		  	Building B1	  	 	15,545.24	  
		  	Building B2	  	 	4,630.01	  
		  	Building C3	  	 	2,795.01	  
		  	Building D1	  	 	7,081.87	  
		  	Building D2	  	 	6,526.42	  
		  		  	  
	  
	 
		  	Total	  	 	157,327.85	  
		
	 l. Leaseable Area of Building:
	  	265,551.23 sq. ft.	  

  
 1 

					
	 m. Tenant’s Proportionate Share of Operating Expenses:
	  	.59246
		
	 n. Initial Lease Term:
	  	One year
		
	 o. Commencement Date:
	  	April 1, 2004
		
	 p. Basic Rent:
	  	$14.00 per sq. foot for the first year Per Year $2,202,589.90 Per month $183,549.16
		
	 q. Additional Rent:
	  	$7.50 per sq. foot (estimated operating expenses for the first year period ending on December 31, 2004 including the Parking Garage)
		
		  	Per Year $1,179,958.88
		
		  	Per Month $98,329.91
		
	 r. Original Termination Date:
	  	March 31, 2005
		
	 s. Renewal Term:
	  	On a year to year basis up to five renewal options
		
	 t. Renewal Term Basic Rent:
	  	Increase of 3% each year over the prior year’s Basic Rent effective on the anniversary date
		
	 u. Late Payment Charge:
	  	10% of any unpaid amount

  

	2.	COMMENTS. 

  

	 	a)	The electricity will be charged separately based on actual consumption. 

 

	 	b)	The leaseable area of premises will be adjusted in accordance with the staging process that has been programmed to be undertaken by Tenant due to the relocation of
Evertec’s units to and from Cupey Center. 

  

	3.	ATTACHMENTS. The following documents are attached to and made a part of the Rider. Tenant shall comply with all the terms and conditions contained in each of
these documents. 

 Attachment A – Space Plan 

Attachment B – Landlord Furnished Service 

  
 2 

									
	Tenant	 		 	Landlord
			
	EVERTEC, Inc.	 		 	BANCO POPULAR DE PUERTO RICO
					
	By:	 	/s/ Luis Abreu Rigual	 		 	By:	 	/s/ Jaime
Nazario                                        
        6/28/04
		 	Luis Abreu Rigual	 		 		 	Jaime Nazario

  
 3 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 1. Master Lease Agreement.
	  	 	1	  
		
	 2. Definitions.
	  	 	1	  
		
	 3. Leased Premises.
	  	 	3	  
		
	 4. Permitted Use.
	  	 	4	  
		
	 5. Common Areas.
	  	 	4	  
		
	 6. Commencement and Termination Dates.
	  	 	5	  
		
	 7. Renewal Options.
	  	 	5	  
		
	 8. Payment of Basic Rent, Additional Rent; Late Charges.
	  	 	6	  
		
	 9. Security Deposit.
	  	 	6	  
		
	 10. Landlord Furnished Services.
	  	 	7	  
		
	 11. Tenant’s Share of Operating and Maintenance Expenses.
	  	 	7	  
		
	 12. Tenant’s Property Taxes.
	  	 	9	  
		
	 13. Tenant’s Share of Real Estate Taxes.
	  	 	9	  
		
	 14. Electricity and Water Charge; Excessive Consumption.
	  	 	9	  
		
	 15. Maintenance and Repairs by Landlord.
	  	 	10	  
		
	 16. Maintenance and Repairs by Tenant.
	  	 	11	  
		
	 17. Alterations; Liens; Tenant’s Property.
	  	 	12	  
		
	 18. No Liability or Allowance for Repairs.
	  	 	15	  
		
	 19. Legal Requirements.
	  	 	15	  
		
	 20. Indemnity.
	  	 	16	  
		
	 21. Covenant to Insure.
	  	 	18	  
		
	 22. Right of Landlord to Enter Premises.
	  	 	19	  
		
	 23. Building Name.
	  	 	19	  

  
 i 

					
		
	 24. Inability to Perform.
	  	 	20	  
		
	 25. Assignment and Subletting.
	  	 	20	  
		
	 26. Subordination and Attornment.
	  	 	22	  
		
	 27. Bankruptcy.
	  	 	22	  
		
	 28. Events of Default, Remedies, Damages.
	  	 	23	  
		
	 29. Surrender Upon Termination.
	  	 	26	  
		
	 30. Casualty not Attributable to Tenant.
	  	 	27	  
		
	 31. Condemnation.
	  	 	28	  
		
	 32. No Representation By Landlord.
	  	 	28	  
		
	 33. Relocation.
	  	 	29	  
		
	 34. Successors in Interest.
	  	 	29	  
		
	 35. Release of Landlord.
	  	 	29	  
		
	 36. Notices and Payments.
	  	 	29	  
		
	 37. Rules and Regulations.
	  	 	29	  
		
	 38. No representations or Modifications.
	  	 	30	  
		
	 39. Totality of Agreement.
	  	 	30	  
		
	 40. Estoppel Certificate.
	  	 	31	  
		
	 41. Broker.
	  	 	31	  

  
 ii 

 MASTER LEASE AGREEMENT 

This MASTER LEASE AGREEMENT, between Landlord and Tenant, entered into on the date indicated in the Memorandum of Lease. 

1. Master Lease Agreement. 
 The Memorandum of Lease and any RIDERS signed by Landlord and Tenant are attached to and made a part of this Master Lease Agreement. The Memorandum of Lease and the applicable RIDER shall be construed in
light of this Master Lease Agreement but in case of conflict, the Memorandum or the RIDER corresponding to particular Lease Premises will take precedence. 
 2. Definitions. 
 The terms defined in the Memorandum of Lease and
any RIDER hereto are incorporated into this Master Lease Agreement. The following additional terms shall have the meaning stated in this section and in other parts of this agreement, as applicable. 

a. Alterations – shall include all installations, changes, modifications, restorations, renovations, decorations,
replacements, additions, improvements and betterments (such as removal or installation of partitions, doors, electrical installations, plumbing installations, water coolers, heating, ventilating and air conditioning or cooling systems, units or
parts thereof or other apparatus of like or other nature) made in or to the Leased Premises or the Building whether structural or non-structural, The term “Structural Alterations” shall include any Alterations involving or affecting:
(i) the exterior, roof or foundation of the Building, (ii) any supporting members or structural elements of the Building, (iii) any Building Systems outside (or serving parts of the Building outside) of the Leased Premises, or
(iv) any Common Areas of the Building. 
 b. Additional Rent – shall include the Tenant’s Proportionate
Share of the expenses incurred by Landlord in the operation and management of the Building, taxes and insurance and which Tenant shall pay to Landlord in addition to the Basic Rent. It shall also include all other charges that Tenant is bound to pay
to Landlord pursuant to this Master Lease Agreement. 
 c. Basic Rent – shall mean the amount of Annual Basic Rent
expressed in monthly terms agreed to between Landlord and Tenant, and stated in the Memorandum of Lease, for the use of the Leased Premises herein described. 
 d. Building – shall mean and include the structure and other improvements constructed or as may in the future be constructed in the Common Areas, on the Land, and related plazas (if any)
curbs, sidewalks and appurtenances known by the address or Building Name stated in the Memorandum of Lease. 
 e. Building
Rules – shall mean all those rules and regulations for the operation of the Building as may be adopted, changed or modified from time to time by Landlord. 

  
 1 

 f. Building Systems – shall mean and include ventilating and air conditioning
systems, elevators, water, sewerage, toilet, plumbing, sprinkler, electric, wiring and mechanical systems, now or hereafter installed in the Building, and the fixtures, equipment and appurtenances thereof, and all other mechanical devices, fixtures,
equipment, appurtenances and systems installed by Landlord in the Building. 
 g. Business Days – shall mean all days
other than Saturdays, Sundays and Holidays. The term “Holidays” shall be deemed to mean all federal, state, municipal and bank holidays. 
 h. Common Areas – shall mean all areas and facilities in and about the Building which are provided and designated from time to time by Landlord for the general non-exclusive use and
convenience of tenants, their employees, invitees, licensees, and visitors in general, including such portions of the halls, stairs, lobbies, elevators, street entrances and other public portions of the Building as may be necessary for access to the
Leased Premises. 
 i. Electricity Charge – shall mean the determination made by Landlord of the value of the
electrical energy consumed by Tenant computed at the rate charged by the public utility company for the Building or, at Landlord’s option, at a rate equivalent to Landlord’s average costs for such electric energy, plus any administrative
costs of Landlord. 
 j. Full Rent or Rent – shall mean the Basic Rent, Additional Rent, Late Charges and any and all
other sums payable by Tenant to Landlord as provided in this Agreement. 
 k. Insurance Premiums – shall mean any and
all premiums and costs paid or payable by Landlord or Tenant for fire, earthquake, windstorm and extended coverage, property casualty insurance covering the Building, elevators, machinery, equipment, air conditioning system, and any other machinery
and equipment, public liability, rent insurance, and any other insurance coverage which Landlord in its reasonable judgment considers necessary or convenient to maintain the Building or the Leased Premises adequately insured. 

l. Landlord Furnished Services – shall mean those services listed in Attachment B of the corresponding Rider. 

m. Legal Requirements – shall mean and include all laws, orders, ordinances, directions, notices, rules and regulations of the
federal government and of the Commonwealth of Puerto Rico or its municipalities, and of any division, agency, subdivision, bureau, office, commission, board, authority and department thereof, and of any public officer or official and of any
quasi-governmental officials and authorities having or asserting jurisdiction over the Land, Building and/or the Premises. 
 n.
Operating and Maintenance Expenses – shall mean any and all expenses incurred by Landlord in connection with the operation and administration of the Building, including all costs and expenses paid or incurred by Landlord or on
Landlord’s behalf whether supplied by Landlord or by another person or entity in connection with the ownership, management, repair, maintenance, replacement, restoration or operation of the Building, the Land and any plazas, sidewalks, curbs
and appurtenances thereto and all expenses incurred as a result of Landlord’s compliance with any of its obligations hereunder. Operating and Maintenance Expenses shall include, but not limited to, (i) salaries, wages, medical, surgical,
and general welfare benefits 

  
 2 

 
(including group life insurance) and pension payments of employees of Landlord engaged in the direct operation and maintenance of the Building; (ii) payroll taxes, workmen’s
compensation, uniforms, and dry cleaning for the employees referred to in subdivision (i) above; (iii) the cost of all charges for steam, heat, ventilation, air conditioning, and water and sewage services furnished to the Building
(including common areas thereof), together with any taxes on any such utilities; (iv) the cost of all charges for rent, casualty, war risk (if obtainable from the United States Government), and liability insurance; (v) the cost of all
Building and cleaning supplies and charges for telephone for the Building; (vi) the cost of all charges for management, window cleaning, and service contracts with independent contractors for all the areas of the Building; (vii) the cost
of all charges for electricity (including any taxes thereon) furnished to common areas of the Building; (viii) the cost of all guard and security services for the Building; (ix) the cost of all charges for pest, vermin and termite control,
garbage and trash removal and such like services for and from the Building; (x) the cost of compliance with all applicable laws and regulations including without limitation, hazardous wastes and environmental laws, fire protection and safety
regulations, security, and the like; and (xi) the cost of installation and implementation of any energy saving equipment, device or technique or of any equipment, device or technique which is intended to lower the cost of Operating Expenses for
the Building. 
 o. Permitted Use – shall be the purpose for which the Tenant is authorized to use the leased
property as stated in the Memorandum of Lease, but subject to the provisions of this agreement, including the compliance with all Legal Requirements. 
 p. Ready for Occupancy – the Premises shall be considered ready for occupancy when all construction, installation and other initial work required to be done by Landlord, if any, shall have
been substantially complete, as determined by Landlord. 
 q. Taxes – shall mean (whether represented by one or more
bills) the total amount of all real estate taxes, assessments, special assessments, or any other governmental charge, general or special, ordinary or extraordinary, foreseen as well as unforeseen, of any and every kind or nature whatsoever, which
are or may be levied, assessed or imposed upon the Land, the Building and/or any machinery, equipment or improvement affixed therein. 
 r. Tenant’s Proportionate Share – shall mean Tenants Proportionate Share of Operating and Maintenance Expenses as provided in this agreement. 

s. Water Charge – shall mean the determination made by Landlord of the value of the water and sewage used by Tenant computed
at the rate charged by the public utility company for the Building or, at Landlord’s option, at a rate equivalent to Landlord’s average costs for such water and sewage, plus any administrative costs of Landlord. 

3. Leased Premises. 
 a. Landlord hereby leases to Tenant, and Tenant hereby hires form Landlord, the Leased Premises, together with the right to use, the Common Areas, for the Term and for the Basic Rent and Additional Rent
herein reserved, and subject to all of the covenants, agreements, terms, conditions, limitations, reservations and provisions hereinafter set forth. Landlord represents the Leased Premises are currently free and clear of tenants and occupants.
Landlord shall deliver the Leased Premises to Tenant in an “as is” condition”, but broom clean. 

  
 3 

 By occupying the Leased Premises, Tenant acknowledges that it has had full opportunity to examine the
Building, including the Leased Premises, and is fully informed, independently of Landlord, as to the character, construction and structure of the Building and of the Premises. It is agreed that by occupying the Premises, Tenant formally accepts the
same and acknowledges that Landlord has complied with all requirements imposed upon it under the terms of this Lease. This Lease does not grant any right to light or air over or about the Premises or Building. Tenant shall, within the date set forth
in the Memorandum of Lease as the Commencement Date, take possession of the Lease Premises. The Leased Premises are those described in the See Space Plan incorporated as Attachment A of the corresponding RIDER. 

4. Permitted Use. 

a. Tenant shall use and occupy the Leased Premises only for the Permitted use stated in the Memorandum of Lease or corresponding RIDER as
the case may be. 
 b. Unless otherwise provided in a RIDER, Tenant specifically agrees not to use or permit any other person to
use the Leased Premises as a kitchen, restaurant or cafeteria (other than by, pantry area or kitchen for the personal use of Tenant’s employees and guests); or for manufacturing, storage, shipping or receiving (except for supplies and stock
for, and other activities ancillary to, Tenant’s own business); for any retail sales or as a store; or for any purpose other than the Permitted use. 
 c. Tenant shall not place a load upon any floor of the Leased Premises exceeding the lesser of the floor load per square foot area which it was designed to carry or that which is allowed by law. Pursuant
to the above, Landlord agrees to provide Tenant with a list of the possible alternatives for the safe location of all safes, business machines and mechanical equipment to be located at the Leased Premises, and Tenant agrees not to place any of the
aforementioned equipment in a location other than any of the alternatives suggested by Landlord. Such installations shall be placed and maintained at Tenant’s expense, in settings sufficient, in Landlord’s reasonable judgment, to absorb
and prevent vibration, noise, and annoyance. 
 d. Tenant acknowledges that Landlord will suffer irreparable injury in the event
of a breach of any of the covenants it makes in this section and agrees that, in the event of such breach, Landlord shall be entitled, in addition to any other remedies, to an injunction to restrain the violation thereof. Breach of Tenant’s
covenants under this section (after notice and the expiration of the applicable cure period) shall also constitute an Event of Default. 
 5.
Common Areas. 
 a. Tenant shall have non exclusive use of the Common Areas, in common with others, subject to the
terms and conditions of this Master Lease Agreement, the applicable RIDER and to the Rules and Regulations. 

  
 4 

 b. The Common Areas shall be subject to the exclusive control and management of Landlord,
and Landlord may at any time redesign, redesignate, change, use or temporarily close any Common Areas to make repairs or changes, and may do such other acts in and to the Common Areas as in its judgment may be desirable. Tenant, its licensees,
employees, agents, clients and invitees shall not interfere with the rights of Landlord or other tenants or invitees to use any part of the Common Areas. 
 6. Commencement and Termination Dates. 
 a. The Term of this Lease
shall commerce on the date (the “Commencement Date”) that Premises are Ready for Occupancy, or as stated in the Memorandum of Lease or any RIDER hereof and shall be in effect for the number of years stated in the corresponding RIDER as
Initial Term. 
 b. This Lease shall end at noon of the calendar day immediately preceding the end of the Initial Term or shall
end on such earlier date upon which such Term may be canceled or terminated pursuant to the provisions of the Lease or by law (the “Termination Date”). 
 c. If Landlord is unable to give possession of the Leased Premises on the Commencement Date, Landlord shall not be subject to any liability for the failure to give possession. Furthermore such failure to
give possession shall not affect the validity of this Lease or the obligations of Tenant hereunder or be deemed to extend the Term. However, the rent reserved and covenanted to be paid hereunder shall not commence until possession of the Leased
Premises shall be given or shall be made available for Tenant’s occupancy. 
 7. Renewal Options. 

a. If Tenant has an option to extend the Initial Term of this Lease under the provisions of the corresponding RIDER (the “Renewal
Option”) the Renewal Term will commence at noon on the original Termination Date and will expire at noon on the Renewal Term anniversary of the original Termination Date or such earlier date upon which this Lease may be terminated as herein
provided (and as such, will constitute the Termination Date). 
 b. The Renewal Option may be exercised only by Tenant giving
Landlord written notice (the “Renewal Notice”) of its intention to renew this Lease pursuant to this Section not later than 60 days prior to the original Termination Date. Such Renewal Notice shall be deemed properly given only if, on the
exercise date and at all times thereafter: (i) this Lease shall not have been previously terminated or canceled, (ii) Tenant shall occupy at least seventy-five (75%) percent of the Leased Premises, and (iii) Tenant is not in
breach or default of any of its obligations under this lease (beyond notice and the expiration of any applicable cure period provided in this Lease). 
 c. If Tenant exercises the Renewal Option pursuant to the provisions herein, then this Lease shall be extended for the Renewal Term upon the terms, covenants and conditions contained in this Lease, except
that during the Renewal Term, the Rent shall be as provided in the corresponding RIDER or as agreed to by the parties. 
 The right of renewal
granted pursuant to this Article shall be deemed a personal right limited to Tenant or a Related Corporation. 

  
 5 

 8. Payment of Rent; Late Charges. 

a. Beginning on the Commencement Date and during the entire Term (which includes any applicable Renewal Term) Tenant shall pay to Landlord
the Annual Basic Rent and the Annual Additional Rent in equal monthly installments, in advance, on the first day of each calendar month during the Term of the Lease, at the office of Landlord or such other place as Landlord may designate, without
any abatement, reduction, setoff, counterclaim, defense or deduction whatsoever, except as otherwise expressly provided elsewhere in this Lease. 
 b. Additional Rent, Tenant’s Proportionate Share of Operating and Maintenance Expenses and all charges, payments and expenses shall be deemed part of the Rent. In the event that Tenant fails to
timely pay such Rent, Landlord shall have all of the rights and remedies with respect thereto as are provided for herein or by applicable law in the case of non-payment of Basic Rent. 

c. Tenant covenants to pay the Rent as provided herein when due and without notice or demand, in lawful money of the United States.

 d. If any installment of Rent is not be paid within fourteen (14) calendar days after such installment of Rent shall have
first become due, Tenant shall also pay to Landlord a Late Charge at the rate stated in the Memorandum of Lease thereon from the due date until such installment of is fully paid. Such Late Charge shall be due and payable as part of the Rent with the
next monthly installment of Basic Rent. Upon default in payment by Tenant of the aforementioned Late Charge (after notice and the expiration of the applicable cure period), Landlord shall have all the rights and remedies provided for upon default of
the Basic Rent. Any Late Charge payable by Tenant pursuant to this Lease shall be calculated from the day such expenditure is made or obligation is incurred until the date when such payment is finally and completely paid by Tenant to Landlord.

 e. No payment by Tenant or receipt by Landlord of a lesser amount than the Rent stipulated in this agreement shall be deemed
to be other than on account of the earliest stipulated Basic Rent or Additional Rent and then to other items of Rent due, nor shall endorsement or statement on any check or in any letter accompanying any check or payment prejudice Landlord’s
right to recover the balance of such Rent or pursue any other remedy provided in this Lease, at law or in equity. Payment will first be applied towards the unpaid rent and then to interest until paid in full. 

9. Security Deposit. 
 a. If so stated in the Corresponding RIDER, Tenant shall deposit with Landlord at the time of the execution of this Master Lease Agreement or the RIDER, as the case may be, the Security Deposit to insure
the faithful performance and observance by Tenant of the terms and conditions of this Master Lease Agreement. Landlord may, but shall not be required to, use, apply or retain the whole or any part of the Security Deposit to the extent required for
the payment of the whole or any part of the Full Rent, or for any sum which Landlord may expend or may be required to expend by reason of Tenant’s default of any of the terms and conditions of this Master Lease Agreement, including the repair
of damages caused by Tenant to the property. 

  
 6 

 b. In the event that Landlord should apply any part of the Security Deposit to cure any
default of Tenant, Tenant shall upon demand deposit with Landlord the amount so applied so that Landlord shall have the full Security Deposit on hand at all times during the Lease Term. 

c. In the event that Tenant shall fully and faithfully comply with all of the terms and conditions of this Master Lease Agreement, the
balance of the Security Deposit shall be returned to Tenant, without interest, after the Termination Date and after delivery to and acceptance of the Premises by Landlord. 
 d. In the event of a sale of the land or the Building, or leasing of the Building, Landlord shall have the right to transfer the Security Deposit to the vendee or lessee and Landlord shall thereupon be
released from all liability for the return of the Security Deposit. In such event, Tenant shall look solely to the new landlord for the return of the Security Deposit. Tenant shall not assign or encumber the Security Deposit, and neither Landlord
nor its successors or assigns shall be bound by any such assignment or encumbrance. 
 10. Landlord Furnished Services.

 a. If Tenant is not in default (after notice and the expiration of the applicable cure period) with respect to any of
Tenant’s covenants and obligations of this Lease, Landlord shall provide the services stated in the Attachment B of the corresponding RIDER. 
 b. Landlord reserves the right to stop the furnishing of the Building Services and to stop service of the Building Systems, when necessary, by reason of accident, or emergency, or for Repairs and
Alterations in the good faith business judgment of Landlord desirable or necessary to be made, until said Repairs and Alterations shall have been completed; and Landlord shall have no responsibility or liability for failure to supply water,
elevator, plumbing, electric or other services during said period or when prevented from so doing by strikes, lockouts, difficulty of obtaining materials, accidents or by any cause beyond Landlord’s reasonable control, or by Legal Requirements
or failure of electricity, water, or inability by exercise of reasonable diligence to obtain such services. No diminution or abatement of rent or other compensation shall or will be claimed by Tenant, nor shall this lease or any of the obligations
of Tenant be affected or reduced, by reason of such interruption, curtailment or suspension, nor shall the same constitute an actual or constructive eviction. 
 c. Tenant shall, at Tenant’s own cost and expense, abide by all requirements which Landlord may reasonably prescribe for the proper protection and functioning of the Building Systems and the
furnishing of the Building Services; provided that Landlord agrees not to enforce such requirements against Tenant in a discriminatory manner. Tenant also shall cooperate with Landlord in any energy or water conservation effort. 

11. Tenant’s Share of Operating and Maintenance Expenses. 
 a. Tenant shall pay to Landlord as Rent, in the manner hereinafter set forth, Tenant’s Proportionate Share of the Operating Expenses of the Building. 

  
 7 

 b. Notwithstanding anything to the contrary hereinabove or anywhere else in this section,
(i) Operating Expense items charged herein may be prorated with but shall not be duplicated in another Operating Expense classification, nor again charged to Tenant as another type of expense or cost, it being the intent that Operating Expenses
be accounted for only once; and (ii) no cost reimbursed to the Landlord by a tenant other than as an Operating Expense or incurred by Landlord for the benefit of a specific tenant shall be deemed an Operating Expense nor included in the
computation thereof. 
 c. “Tenant’s Proportionate Share” shall mean a fraction of which the numerator is the
rentable square foot area of the leased Premises and the denominator is the total rentable square foot area of the Building. 

d. Landlord shall, at the moment of execution of this Master Lease Agreement or the corresponding RIDER, and thereafter by the thirty
first (31st) day of March of each subsequent Lease Year during the term of the corresponding Lease, deliver to Tenant a written Statement of the Operating Expenses projected for the coming Lease Year and Tenant’s Proportionate Share
thereof adjusted in accordance with any changes on the formula provided in the aforementioned paragraph. Tenant’s projected Proportionate Share of the Operating Expenses so notified by Landlord shall be paid by Tenant to Landlord in equal
monthly installments, in advance, on the first day of each month during the term of the Lease. Thereafter at the end of each Lease Year during the Term of the corresponding Lease, Landlord shall furnish to Tenant a written detailed Statement of the
Operating Expenses actually incurred for such Lease Year and will at such time note and effect in such Statement the corresponding adjustment on the Additional Rent paid by Tenant to Landlord in the preceding Lease Year as follows: (1) If the
Statement of Operating Expenses indicates that Tenant’s projected Proportionate Share was less than the actual Tenant’s Proportionate Share for the said preceding Lease Year, then Tenant shall pay Landlord such shortfall within fifteen
(15) days from the date of receipt of the said Statement. (2) If the Statement of Operating Expenses indicates that Tenant’s projected Proportionate Share exceeded Tenant’s Proportionate Share, Landlord shall forthwith, at its
option, either (i) pay the amount of the excess directly to Tenant concurrently with such notice or (ii) credit to Tenant the amount of such excess against the subsequent payment of rent due hereunder. 

e. Every statement given by Landlord pursuant to this Article shall be prepared by Landlord’s independent public accountant and shall
be conclusive and binding upon Tenant unless (1) within ten (10) days after the receipt of such statement Tenant shall notify Landlord that it disputes the correctness thereof, specifying the particular respects in which the statement is
claimed to be incorrect, and (2) if such dispute shall not have been settled by agreement, Tenant shall submit the dispute to arbitration by a recognized national accounting firm within sixty (60) days after receipt of the statement.
Notwithstanding that such dispute is pending determination by agreement or arbitration, Tenant shall as aforesaid within fifteen (15) days after receipt of such statement, pay additional rent in accordance with Landlord’s statement, such
payment to be without prejudice to Tenant’s position. If the dispute shall be determined in Tenant’s favor, Landlord shall forthwith pay Tenant the amount of Tenant’s overpayment of rents resulting from compliance with Landlord’s
statement. Landlord, for the purpose of allowing Tenant to verify the Operational Expenses incurred by Landlord, and upon a five (5) days prior written request by Tenant, agrees to grant Tenant reasonable access to those books and records kept
by Landlord containing said information. All costs associated with the dispute shall be paid by the non-prevailing party provided that in the case of Landlord and for these specific purposes, the Statement of Operating Expenses shall be deemed in
error only if the error in computation of Operating Expenses for the then Lease Year in dispute shall be in excess of five percent (5%). 

  
 8 

 f. Payments by Tenant of its Proportionate Share of the Operating Expenses shall be made
pursuant to this section notwithstanding that a statement is furnished to Tenant after the expiration of the term of this Lease. 

g. If a portion(s) of the corresponding Building (but not the entire Building) is sold, transferred or conveyed, Tenant’s Share will
be changed to that percentage which shall be equal to a fraction, the numerator of which shall be the square feet of Rentable Area of Premises, and the denominator of which shall be the aggregate rentable square feet of office space of Premises in
that portion of the Building owned by Landlord at such time (and form time to time), as reasonably determined by Landlord’s architect. 

12. Tenant’s Property Taxes. 
 If leasehold improvements made by or at the request of Tenant, or other personal property of Tenant is or becomes assessable or taxable and a tax liability is imposed on Tenant or Landlord with respect
thereof, Tenant shall be solely responsible for the payment of such taxes and in no event shall such taxes be the liability of or be transferable to Landlord. In the event that by operation of law, such taxes become a liability of Landlord, Landlord
may pay such taxes as they become due and payable and Tenant shall upon demand reimburse Landlord for all payments or expenses incurred or disbursed by Landlord by reason of any such assessment. 

13. Tenant’s Share of Real Estate Taxes. 
 a. Tenant shall reimburse Landlord, as Rent upon demand, an amount equal to the product obtained by multiplying the Real Estate Taxes on the Building by Tenant’s Occupancy Percentage determined as of
the date such Real Estate Taxes are billed by Landlord to Tenant. 
 b. Tenant shall pay, before delinquency all property taxes
and assessments payable by Tenant on the furniture, fixtures, equipment and other property of Tenant at any time situated on or installed in the Leased Premises, and on additions and improvements in the Leased Premises made or installed by Tenant
subsequent to the Commencement Date, if any. If at any time during the Term any of the foregoing are assessed as a part of the real property of which the Leased Premises are a part, Tenant shall pay to Landlord upon demand the amount of such
additional taxes as may be levied against said real property by reason thereof. 
 14. Electricity and Water Charge; Excessive
consumption. 
 a. Concurrent with the payment of Basic Rent, Tenant shall reimburse to Landlord the Electricity and
Water Charges to cover the expense of electric power and water used by Tenant as provided in the Corresponding Rider. The Electricity and Water Charges may be revised by Landlord at any time if changes occur in public utility company rates or
charges of any kind or in Tenant’s consumption or demand. Any increase or decrease in the rate shall be effective as to Tenant on the same date it is effective as to Landlord. 

  
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 b. If Landlord installs an electricity or water meter or meters or other means to measure
Tenant’s consumption, Tenant agrees to pay for the cost of the meter or meters and the installation thereof, and to pay for the maintenance of said meter equipment and/or to pay Landlord’s cost of other means of measuring such consumption
by Tenant. Tenant shall reimburse Landlord for the cost of all water or electricity consumed as measured by said meter or meters or as otherwise measured, including sewer rents, as additional rent, within ten (10) business days after bills
therefore are rendered or Tenant pays directly and Landlord not responsible. 
 c. Landlord shall not be liable to Tenant for any
loss or damage or expense which Tenant may sustain or incur if either the quantity or character of electrical service shall be changed or shall no longer be available or suitable for Tenant’s requirements, unless and to the extent that they
have been caused by the gross negligence or willful misconduct of Landlord (but in no event shall Landlord be liable to Tenant for any consequential damages). At Landlord’s election, Landlord shall furnish and install all replacement lighting
tubes, lamps, bulbs and ballasts required in the Leased Premises, and Tenant shall pay to Landlord or Landlord’s designated contractor upon demand the then established reasonable charges of Landlord or said contractor, as the case may be.

 15. Maintenance and Repairs by Landlord. 
 a. Landlord shall maintain and repair the Building, its fixtures, equipment and appurtenances, and make all structural repairs it deems reasonably necessary or convenient. 

b. Landlord reserves the right to make such repairs, Alterations, additions or improvements in or to any portion of the Building and the
fixtures and equipment thereof as it may deem necessary or convenient and, for such purpose, to use the Premises, the Common Areas, street entrances, halls, stairs, elevators and other areas and equipment of the Building, provided that there be no
unnecessary obstruction of Tenant’s right to enjoyment of the Premises, and Tenant shall make no claim for compensation or damages against Landlord by reason of inconvenience or annoyance arising therefrom. 

c. Landlord shall have no obligation to employ contractors or labor at overtime or premium rates or to incur any other overtime costs or
expenses in connection with the performance of such Repairs and Alterations, except that in the event of an emergency which is an imminent threat to life or property, Landlord shall cause such Repairs and Alterations to be performed as quickly as
shall be practicable. 
 d. Landlord reserves the right at any time and from time to time (without thereby creating an actual or
constructive eviction or incurring any liability to Tenant therefore) to place such structures and to make such relocations, Alterations, repairs, maintenance and replacements on the Land and in or to the Building (including the Leased Premises) and
the Building Systems, and the operation of the Building Systems, as well as in or to the Common Areas and other parts thereof, and to erect, maintain and use pipes, ducts and conduits in and through the Leased Premises, all as Landlord may
reasonably in its good faith business judgment deem necessary or desirable. However, Landlord shall use commercially reasonable efforts to minimize interference with Tenant’s use and occupancy of the Leased Premises or access thereto arising
from the making of such repairs maintenance and Alterations. 

  
 10 

 16. Maintenance and Repairs by Tenant. 

a. Tenant shall take good care of the Leased Premises and the fixtures, glass, appurtenances and equipment therein (including, if and to
the extent installed by Tenant or by any Persons Within Tenant’s Control, all horizontal portions of the Building Systems that are located within the Leased Premises, and expressly including any sprinkler loop and distribution pipes and heads
and any private bathrooms in or appurtenant to the Leased Premises), and at Tenant’s sole cost and expense shall make all repairs as and when needed to preserve them in good working order and condition, whether or not such repairs are ordinary
or extraordinary, or foreseen or unforeseen at this time, and whether or not such repairs pertain to improvements in the Leased Premises furnished or installed by Landlord, but excluding repairs to the rough floor, the rough ceiling, exterior walls
or load-bearing columns, unless otherwise required, 
 b. All damage or injury to the Leased Premises, or to the Building or the
Building Systems outside of the Leased Premises, caused by or arising from acts or omissions of Tenant, or of Persons Within Tenant’s Control, including those which are structural, extraordinary and unforeseen, shall be promptly repaired,
restored or replaced by Tenant, at Tenant’s own cost and expense. 
 c. All Repairs shall be in quality and class equal to
or better than the original work or installations, and shall be performed in good and workmanlike manner, using Building standard or higher quality materials. Tenant shall, at Tenant’s sole cost and expense, make all Repairs to the A/C Unit and
any and all horizontal pipes utilized in connection therewith. 
 d. Tenant shall maintain the Leased Premises and the areas
appurtenant thereto (including any permitted signs or cameras located in the Leased Premises or in any appurtenant areas) in a clean and orderly condition that is consistent with the use and appearance of the Building. If Tenant fails to so maintain
the Leased Premises or appurtenant areas to the reasonable satisfaction of Landlord, then Landlord shall have the right, ten (10) days after notice from Landlord to Tenant and at Tenant’s sole cost and expense, to enter into the Leased
Premises and such appurtenant areas for the express purpose of rectifying the condition thereof and restoring the Leased Premises and such appurtenant areas to the condition and appearance required hereunder. Tenant shall not clean, or permit,
suffer or allow to be cleaned, any windows in the Leased Premises from the outside. 
 e. In any case where Tenant shall be
required to make repairs or perform any work pursuant to this Section and such repairs or work shall affect the Building Systems or areas outside of the Leased Premises, Landlord may, in Landlord’s reasonable discretion, elect to make such
repairs or to perform such work for and on behalf of Tenant, but at Tenant’s reasonable and actual cost of such repairs and/or work within ten (10) days after Landlord shall furnish a statement to Tenant of the amount thereof. 

  
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 f. Tenant shall immediately give Landlord written notice of any damage or injury to the
Premises, or any defective condition in any plumbing, air conditioning system or electrical lines located in, servicing or passing through the Leased Premises. 
 17. Alterations; Liens; Tenant’s Property. 
 a. Except as
expressly set forth in this Section, Tenant shall make no Alterations in or to the Leased Premises without Landlord’s prior written consent and then only by contractors or mechanics approved in writing by Landlord (which approval Landlord
agrees not to unreasonably withhold or unduly delay). 
 b. Landlord shall not arbitrarily withhold or unduly delay consent to
Structural Alterations proposed by Tenant, provided that Tenant shall comply with the requirements of this section. 
 c. All
Alterations: (i) shall be made at Tenant’s own cost and expense and at such times and in such manner as Landlord may from time to time designate (including rules governing Alterations as Landlord may from time to time make, (ii) shall
comply with all Legal Requirements (iii) shall be made promptly and in a good and workmanlike manner using Building standard or higher quality materials, and (iv) shall not affect the appearance of the Building or be visible from the
exterior of the Building, it being Landlord’s intention to keep the exterior appearance of the Building reasonably uniform (and, in pursuance thereof, Landlord shall have the right to approve the appearance of all such Alterations, including
ceiling heights, blinds, lighting, signs and other decorations). 
 d. In order to ensure, maintain and control the quality and
standards of materials and workmanship in the effective security of the Building, including the Leased Premises, Tenant acknowledges that it is reasonable to require Tenant, and Tenant hereby covenants and agrees, to use only contractors approved in
writing by Landlord (which approval Landlords agrees not to unreasonably withhold or unduly delay with respect to contractors or mechanics performing non-structural Alterations). Landlord will provide Tenant a list of approved contractors and
mechanics (“Approved Contractors”). Landlord expressly reserves the right to exclude form the Building any person, firm or corporation attempting to perform any work or act as construction contractor or manager without Landlord’s
prior written consent. 
 e. In cases of Structural Alterations, if Landlord so requires, Tenant agrees to pay to Landlord as a
supervisory fee an amount equal to five (5%) percent of the cost of such Structural Alterations to be performed by Tenant or by Persons Within Tenant’s Control. Such supervisory fee shall be paid by Tenant to Landlord within twenty
(20) days following completion of such Alterations. 
 f. Prior to commencing the performance of any Alterations, Tenant
shall furnish to Landlord: (i) Plans and specifications (to be prepared by a licensed architect or engineer engaged by Tenant, at its sole cost and expense), in sufficient detail to be accepted for filing with appropriate governmental agencies.
Tenant shall not commence the performance thereof unless and until Landlord has give written consent to said plans and specifications: (ii) A certificate evidencing that Tenant (or Tenant’s contractors) has (have) procured and paid for
worker’s 

  
 12 

 
compensation insurance as required by law covering all persons employed in connection with the work who might assert claims for death or bodily injury against Landlord, Tenant, the Land and/or
the Building; (iii) Such additional personal injury and property damage insurance (over and above the insurance required to be carried by Tenant pursuant to the provisions below), and builder’s risk, fire and other casualty insurance as
Landlord may reasonably require in connection with the work to be done for Tenant, provided that the same is commercially reasonable and consistent with that required by landlords of comparable buildings; 

g. If Landlord so requests, a surety company performance bond in form and substance satisfactory to Landlord (procured at Tenant’s
own cost and expense), issued by a surety company acceptable to Landlord, or other security satisfactory to Landlord, in an amount equal to at least one hundred twenty (120%) percent of the estimated cost of such Alterations, guaranteeing to
Landlord, and any Mortgagee the completion thereof and payment therefore within a reasonable time, free and clear of all liens, encumbrances, chattel mortgages, security interests, conditional bills of sale and other charges, and in accordance with
the plans and specifications approved by Landlord. 
 h. Tenant shall not file any plans, specifications or applications with any
governmental authority without first obtaining Landlord’s written consent thereto (which consent shall not be unreasonably withheld or unduly delayed). 
 i. Before making any Alterations, Tenant will obtain at its expense, all permits, approvals and certificates required by any governmental body and, upon completion, Tenant shall obtain the corresponding
use permit and promptly deliver duplicates of all such permits, approvals and certificates to Landlord. Landlord shall have, at its option, the right to enter the Premises to inspect and to insure that the work is being or has been performed in
compliance with the plans and specifications required by Landlord. 
 j. In the event that Landlord submits the plans and
specifications referred to above to Landlord’s architects and/or engineers for review, Tenant shall reimburse Landlord as additional rent for Landlord’s reasonable, actual out-of-pocket expenses incurred with respect to review by bona fide
third parties in connection with such review within ten (10) days after written notice to Tenant of the amount of such expense. 
 k. Tenant shall keep accurate and complete cost records of all Alterations and shall furnish to Landlord true copies of all contracts entered into and work orders issued within thirty (30) days
following Landlord’s request therefore. 
 l. Landlord’s review of, consent, and/or any failure by Landlord to object
to, any such plans or specifications, contract or work order shall not: (i) be construed as an approval by Landlord of such contract or work order or the contests thereof, (ii) impose any liability on Landlord in connection therewith,
(iii) relieve Tenant of any of its obligations with respect to such Alterations or the Leased Premises as otherwise set forth in this Lease (iv) be deemed a representation of any kind that the same conform to the applicable Legal
Requirements. 
 m. Tenant shall not create or permit to be created any lien, encumbrance or charge upon the Land or Building or
any part thereof or the income there from. Tenant shall take all steps necessary under local laws to prevent the imposition of such a lien, encumbrance or charge on the Land or Building. 

  
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 n. Nothing contained in this Lease shall be deemed or construed in any way as constituting
the consent or request of Landlord, express or implied by inference or otherwise, to any contractor, subcontractor, laborer or materialman for the performance of any labor or the furnishing of labor or materials for the specific Alteration to or
repair of the Leased Premises or any part thereof, nor as giving Tenant any right, power or authority to contract for or permit the rendering of any services of the furnishing of any materials that would give rise to the filing of any lien against
the Land, Building, Leased Premises or any part thereof. Landlord shall not be liable for any work performed or to be performed at the Leased Premises for Tenant or any subtenant, or for any materials furnished or to be furnished at the Leased
Premises for Tenant or any subtenant, upon credit, and that no lien for such work or materials shall attach to or affect the interest of Landlord in and to the Land, Building or Leased Premises. 

o. Tenant shall be liable to Landlord or to any other person for any failure or diminution of any Building Systems or Services, caused by
Alterations or repairs made by Tenant or by Persons Within Tenant’s Control, notwithstanding Landlord’s consent thereto or to the plans and specifications therefore. Tenant shall promptly correct any faulty or improper Alteration or
repairs made by Tenant or by Persons within Tenant’s Control, and shall repair any and all damage caused thereby. If Tenant fails to make such corrections and repairs within thirty (30) days notice from Landlord to Tenant (except in an
emergency, in which case no notice shall be required), Landlord may make such corrections and repairs and charge Tenant for the reasonable and actual cost thereof. Such charge shall be deemed Additional Rent, and shall be paid by Tenant to Landlord
within ten (10) days after written bill to Tenant for the amount thereof. 
 p. All movable property, furniture, furnishing
and trade fixtures furnished by or at the expense of Tenant, other than those affixed to the Leased Premises so that they cannot be removed without damage, and other than those replacing an item theretofore furnished and paid for the Landlord or for
which Tenant has received a credit or allowance, shall remain the property of Tenant, and may be removed by Tenant from time to time prior to the expiration of the Term specifying any such items of property which Tenant does not wish to remove.

 q. All Alterations made by either party which are affixed to the Leased Premises and the A/C Units and all associated
equipment (collectively, the “A/C Work”) shall become the property of Landlord and shall be surrendered with the Leased Premises at the end of the Term. Notwithstanding the foregoing, Landlord may elect to require Tenant to remove
“Specialty Alterations” (as such term is defined below), and restore the relevant portions of the Leased Premises, at Tenant’s expense. 
 r. In any case where Tenant removes any property or Alterations in, Tenant shall immediately repair all material damage caused by said removal and shall restore the affected portion of the Leased Premises
to good order and condition at Tenant’s expense. If Tenant fails to do so, Landlord may do so at Tenant’s cost and Tenant shall reimburse Landlord for such reasonable and actual costs within ten (10) business days following delivery
of a bill therefore to Tenant. 

  
 14 

 s. Landlord reserves the right to require Tenant to remove any such Alterations, by notice
to Tenant at any time but not later than thirty (30) calendar days after the Termination Date or earlier termination of this Master Lease Agreement. In such event, Tenant, at Tenant’s sole cost and expense, shall remove the items so
specified on or before the date specified by Landlord, and shall restore the Premises to their original condition, reasonable wear excepted. 
 t. Any items of property or Alterations not removed by Tenant may, at the election of Landlord, be deemed to have been abandoned by Tenant, and Landlord may retain and dispose of said items without
Landlord incurring any liability to Tenant and without accounting of tenant for the proceeds thereof. However, Tenant will be liable for the cost of such disposal. 
 u. Within 15 days after completion of construction work, Tenant shall provide Landlord with (1) a copy of all permits, including use permits, if applicable, (2) additional insurance, if required
by Landlord; (3) guarantees and warranties of all equipment attached to the Leased Premises; (4) certifications of completion from architects and/or engineers and licensed electricians and plumbers. 

v. The provisions of this Section shall survive the expiration or sooner termination of the Term, whereupon any and all monetary
obligations of Tenant pursuant thereto shall be deemed damages recoverable by Landlord, 
 18. No Liability or Allowance for Repairs.

 Except as may otherwise specifically provided for in this Master Lease Agreement, Landlord shall be not make any allowance
to Tenant or diminution of Full Rent and Landlord shall not be liable by reason of inconvenience, annoyance or injury to business arising from Landlord, Tenant or others making or failing to make any repairs or Alterations, in or to the Building or
the Leased Premises or in and to the fixtures, appurtenances or equipment thereof. 
 19. Legal Requirements. 

a. Tenant, at its sole cost and expense, shall at all times timely comply with all present and future Legal Requirements with respect to
the Leased Premises, whether or not arising out of Tenant’s use or manner of use thereof, or with respect to the Building if arising out of Tenant’s use or manner of use of the Leased Premises or the Building including the use permitted
under this Master Lease Agreement. 
 b. Tenant shall not do, and shall not permit Persons Within Tenant’s Control to do,
any act or thing in or upon the Leased Premises or the Building which will violate any Legal Requirements. Tenant shall, at Tenant’s cost and expense, comply with all Legal Requirements whether now in effect or hereafter enacted or issued, and
whether or not any work required shall be ordinary or extraordinary or foreseen or unforeseen at the date hereof. 
 c. Tenant
shall be responsible for the cost of all present and future compliance with The Americans with Disabilities Act of 1990, Public Law 101-336, 42 U.S.C. § 12101 et seq, (herein called the “Disabilities Act”) in respect of the Leased
Premises, except to the extent that it would require Tenant to make any Structural Alterations within the Leased Premises (i.e., alterations to the slab, support columns and facade) or to make any modifications to Building Systems located within the
Leased Premises. 

  
 15 

 d. Tenant shall only be obligated to comply with the performance of any Legal Requirements
requiring any Structural Alteration of the Leased Premises or any modification to the Building Systems located within the Leased Premises if such Alteration or modification to the Building Systems shall be required by reason of a condition which has
been created by, or at the instance of, Tenant or Persons Within Tenants Control or a breach of any of Tenant’s covenants and agreements hereunder. 
 e. Tenant may, after securing Landlord to Landlord’s satisfaction against all damages, interest, penalties and expenses, including, but not limited to, reasonable attorneys’ fees, contest and
appeal any such laws, ordinances, orders, rules, regulations or requirements provided that Tenant files such contest or appeal with reasonable promptness and, should the outcome of the appeal be unfavorable to Tenant, it may be remedied monetarily
and shall not subject Landlord to prosecution for a criminal offense, constitute a default under any agreement or mortgage under which Landlord may be obligated, or cause the Premises or any part thereof to be condemned or vacated. 

20. Indemnity. 

a. Tenant shall indemnify and save Landlord, Landlord’s agents, servants, invitees and employees harmless from and against any and
all liability, fines, suits, claims, demands, expenses and actions of any kind or nature arising by reason of injury to person or property occurring in the Leased Premises or the Building occasioned in whole or in part by any negligent act or
omission on the part of Tenant or Person within Tenant’s Control (whether or not acting within the scope of employment), servants, agents, licensee, visitor, assignor, or undertenant of Tenant, or by any neglectful use or occupancy of the
Premises or any breach, violation or non-performance of any covenant in this Master Lease Agreement on the part of Tenant to be observed or performed. 
 b. Neither Landlord nor Landlord’s agents shall be liable for: (i) any damage to property of Tenant or others by theft, vandalism or terrorism or other acts by Persons not Within Landlord’s
Control (ii) any injury or damage to persons or property resulting from fire, explosion, electricity, water, rain, leaks, dampness or by any other cause of whatsoever nature, except if and to the extent caused by the negligence or willful
misconduct of Landlord; (iii) any damage caused by other tenants or persons in the Building or caused by operations in construction work; or (iv) any latent defect in the Leased Premises or in the Building 

c. If at any time any windows of the Leased Premises shall be temporarily or permanently closed, darkened or covered for any reason
whatsoever, including Landlord’s own acts, Landlord shall not be liable for any damage sustained, compensation nor abatement of rent, nor shall the same release Tenant from Tenant’s obligations hereunder or constitute an eviction.

 d. Tenant agrees, to the extent not caused by the negligence or willful misconduct of Landlord or Persons Within
Landlord’s Control, to indemnify, protect, defend and save harmless, Landlord and Person’s within Landlord’s Control, from and against any and all liability, claims, 

  
 16 

 
suits, demands, damages, judgments, costs, fines, penalties, interest and expenses (including reasonable counsel and other professional fees and disbursements incurred in any action or
proceeding), to which Landlord or Persons Within Landlord’s Control may be subject or suffer arising from, or in connection with: (i) any liability or claim for any injury to, or death of, any person or persons, or damage to property
(including any loss of use thereof), occurring in or about the Leased Premises, or (ii) the use and occupancy of the Leased Premises, or from any work done or omitted by Tenant of Persons within Tenant’s Control in or about the Leased
Premises during the Term and during the period of time, if any, prior to the Commencement Date that Tenant may have been given access to the Leased Premises, or (iii) any default by Tenant in the performance of Tenant’s obligations under
this Lease, or (iv) any act, omission, carelessness, negligence or misconduct of Tenant or of Persons Within Tenant’s Control, or non-performance or non-compliance with or breach or failure by Tenant to observe any term, covenant,
agreement, provision or condition of this Lease, or breach of any warranty or representation by Tenant made in this Lease. Notwithstanding the foregoing, Tenant shall be relieved of Tenant’s obligation of indemnity herein in proportion to the
amount actually recovered by Landlord from one or more of Landlord’s insurers in connection with any such claim. 
 e.
Tenant shall reimburse and compensate Landlord, as additional rent within thirty (30) days after rendition of a statement, for all actual expenditures, costs, fees, expenses, judgments, penalties, damages and fines sustained or incurred by
Landlord (including reasonable counsel and other professional fees and disbursements incurred in connection with any action or proceeding) in connection with any matter set forth in this section. If in any action or proceeding naming both Landlord
and Tenant, liability arising out of the sole negligence of Tenant is established, Tenant shall (i) indemnify Landlord in accordance with the provisions of this section and (ii) waive any right of contribution against Landlord. 

f. Tenant agrees that its sole remedies in any instances where Tenant disputes Landlord’s reasonableness in exercising judgment or
withholding its consent or approval pursuant to a specific provision of this Lease, shall be those in the nature of an injunction, declaratory judgment or specific performance, the rights to monetary damages or other remedies being hereby
specifically and irrevocably waived by Tenant. Without limiting the generality of the foregoing and unless expressly provided to the contrary in this Lease, Tenant agrees that, in any situation in which Landlord’s consent or approval is
required pursuant to this Lease, the same may be granted or withheld in Landlord’s sole and absolute discretion, and/or be made subject to such conditions as Landlord, in Landlord’s sole and absolute discretion, may deem appropriate.

 g. In any instance where this Lease expressly provides that, in connection with a proposed Alteration, assignment or
subletting, Landlord’s consent or approval is required and may not unreasonably be withheld, if Tenant shall dispute the reasonableness of Landlord’s refusal to grant such consent or approval, Tenant shall have the right to submit said
dispute to binding arbitration under the Expedited Procedures provisions of the Commercial Arbitration Rules of the American Arbitration Association (“AAA”). In cases where such arbitration takes place the losing party in such arbitration
shall pay the arbitration costs and any reasonable legal fees and disbursements and other reasonable professional fees incurred by the successful party in connection with such arbitration. 

  
 17 

 h. Landlord shall indemnify, protect, defend and save harmless Tenant from and against any
and all liability (statutory or otherwise) claims, suits, demands, damages (excluding consequential damages), judgments, costs, fines, penalties, interest and expense (including reasonable counsel and other professional fees and disbursements
incurred in any action or proceeding), if and to the extent caused by the gross negligence or willful misconduct of Landlord or Persons Within Landlord’s Control. Notwithstanding the foregoing, Landlord shall be relieved of Landlord’s
obligation of indemnity herein in the portion of the amount actually recovered by Tenant from one or more Tenant’s insurers in connection with any such claim. 
 21. Covenant to Insure. 
 a. Tenant shall carry and maintain in full
force, at all times during the Lease Term, with a responsible insurance company approved by Landlord and authorized to do and doing business in Puerto Rico, at Tenant’s sole cost and expense, such insurance coverage with the minimum coverage as
may be indicated in the Memorandum of Lease, including: 
 1) Fire and extended coverage insurance covering the Leased Premises
against loss or damage by fire, flood, earthquake, hurricane and against loss or damage by other risks now or hereafter deemed to be extended coverage, in amounts sufficient to prevent Landlord or Tenant from becoming a co-insurer under the terms of
the applicable policies. 
 2) Comprehensive public liability insurance, including property damage, insuring Landlord and Tenant
against liability for injury to persons or property occurring in or about the Leased Premises or arising out of the ownership, maintenance, use or occupancy thereof. 
 3) All risks included in limits not less than $1,000,000.00. 
 b. All policies
shall name Landlord and Landlord’s mortgagees and other interested parties designated by Landlord as additional insured. The policies shall also provide by endorsement that any loss shall be payable to Tenant, Landlord or other parties
additionally insured, as their interest may appear. Tenant shall furnish to Landlord a certificate of insurance satisfactory to Landlord as evidence of the required insurance coverage, with a written commitment on the part of each insurance company
to notify Landlord by certified mail to the Address of Landlord or any other address notified by Landlord at least sixty (60) calendar days prior to cancellation or a decrease in coverage of such insurance. 

c. Tenant shall give immediate written notice to Landlord in case of any kind of injury to any person, accident or damage to or in the
Leased Premises or in the Building. 
 d. If, because of anything done, caused to be done, permitted or omitted by Tenant, the
Insurance Premiums for the Building are increased, Tenant shall pay to Landlord upon demand the additional amount which Landlord shall be thereby required to pay for such Insurance Premiums and, at the request of Landlord, Tenant shall remedy the
condition which caused the increase in the Insurance Premiums within thirty (30) calendar days after such request. 

  
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 e. Tenant shall not do or cause to be done, or permit on the Premises anything deemed
hazardous on account of fire or other casualty, or anything that may risk or cause the cancellation of Landlord’s insurance policies. 
 f. Tenant shall not do or permit any act or thing to be done in or to the Leased Premises which is contrary to law, or which will invalidate or be in conflict with public liability, fire or other policies
of insurance at anytime carried by or for the benefit of Landlord with respect to the Leased Premises or the Building or which shall or might subject Landlord to any liability or responsibility to any person or for property damage. 

22. Right of Landlord to Enter Premises. 
 a. Landlord shall have the right to enter and to grant licenses to others to enter the Leased Premises at any reasonable time: (i) to examine the Leased Premises, (ii) to make repairs,
replacements and improvements to the Leased Premises or to the Building, machinery, equipment and facilities, including the right during the progress of any such work to keep within the Leased Premises all necessary materials, tools and equipment,
(iii) for the operation and maintenance of the Building; or (iv) to show the Leased Premises to prospective purchasers or mortgagees (and during the last twelve months of the Lease Term, to prospective tenants). 

b. If Tenant is not present to open and permit entry into the Leased Premises, Landlord or Landlord’s agents may enter the same
whenever such entry may be necessary or permissible by master key or other means. Reasonable care will be exercised to safeguard Tenant’s property. Such entry shall not render Landlord or its agents liable therefor, nor in any event shall the
obligations of Tenant hereunder be affected. 
 c. During the last year of the Term, if Tenant shall have removed all or
substantially all of Tenants property from the Leased Premises, Landlord may terminate this Lease and immediately or at any time thereafter enter, alter, renovate or redecorate the Leased Premises without limitation or abatement of rent, or
incurring liability to Tenant for any compensation, and such act shall have no effect on this Lease or Tenant’s obligations hereunder. 

23. Building Name. 

a. Tenant shall not, except to designate Tenant’s business address (and then only without emphasis or display) use the name of the
Building or any simulation or abbreviation of such name for any purpose whatsoever. Landlord reserves the right to change the name of the Building at any time. Tenant will discontinue using the name of the Building within one hundred eighty
(180) calendar days after Landlord shall notify Tenant that the Building is no longer known by such name. Landlord shall not be responsible for any expenses incurred by Tenant in connection with a change in the name of the Building. 

b. Landlord shall have the absolute right at any time, and from time to time upon ninety (90) days notice to Tenant, to name and
change the name of the Building and to change the designated address of the Building. The Building may be named after any person, or otherwise, whether or not such name shall be, or shall resemble, the name of a tenant of space in the Building.

  
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 24. Inability to Perform. 

This Master Lease Agreement and the obligation of Tenant to pay Full Rent and to perform all of the other covenants and agreements
hereunder on the part of Tenant to be performed shall in no way be affected, impaired or excused because Landlord is unable to perform or is delayed in the performance of any of its obligations under this Master Lease Agreement, is unable to supply
or is delayed in supplying Landlord Furnished Services or any other service expressly or impliedly to be supplied, or is unable to make or is delayed in making any repair, additions, alterations or decorations, or is unable to supply or is delayed
in supplying any equipment or fixtures, if Landlord is prevented or delayed from so doing by reason of strike or labor troubles or any cause whatsoever beyond the reasonable control of Landlord including, but not limited to, government preemption in
connection with a national emergency or by reason of any rule order or regulation of any government agency or by reason of the conditions of supply and demand which have been or are affected by war or other emergency, or when, in the judgment of
Landlord, temporary interruption of such services is necessary by reason of accident, mechanical breakdown, or to make repairs, alterations or improvements, it being understood and agreed that such failure to perform or delay in performance by
Landlord shall not give rise to any claim against the Landlord for damages or constitute a partial or total eviction, constructive or otherwise. 
 25. Assignment and Subletting. 
 a. Tenant shall not assign,
transfer, mortgage register in the Property Registry or in any way encumber this Master Lease Agreement or any interest therein, or let or sublet the Leased Premises or any part thereof, or permit the Leased Premises or any part thereof to be used
by others without the prior written consent of Landlord. In the event such consent be given, it shall be deemed to relate solely to the particular assignment, transfer, mortgage, subletting or permission referred to in such consent. 

b. In the event that Tenant desires to assign this Master Lease Agreement or to sublet all or any part of the Leased Premises, Tenant
shall submit to Landlord a written request for the consent of Landlord to such assignment or subletting, accompanied by the following information: (i) the name and address of the proposed assignee or subtenant; (ii) a description
identifying the space to be sublet; (iii) a copy of the proposed contract; (iv) the nature and character of the business of the proposed assignee or subtenant; (v) the proposed use of the premises; (vi) current financial
information on the proposed assignee or subtenant; and (vii) such other information as Landlord may request. 
 c. In the
event that Landlord shall not exercise its option to recapture, then Landlord shall not unreasonably withhold or delay its consent to the proposed subletting, provided: 
 1) The proposed subletting or assignment is for purposes not inconsistent with the Permitted Use and is in keeping with the then Standards of the Building (see Attachment D) and does not violate any
negative covenants as used in any other agreement between Landlord and other tenants in the Building; 

  
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 2) The proposed subtenant or assignee is a reputable party of reasonable financial worth,
and Tenant shall provide Landlord with proof thereof satisfactory to Landlord; 
 3) The proposed subtenant or assignee is not
then an occupant of any part of the Building; 
 4) The proposed sublease or assignment shall contain a provision making such
sublease or assignment subject to the terms and conditions of this Master Lease Agreement; 
 5) The proposed subletting or
assignment shall not release Tenant from the due, prompt and punctual performance of all the terms, covenants and conditions contained in this Master Lease Agreement on its part to be performed or observed. 

i. The consent of Landlord to the proposed assignment or subletting shall not constitute a waiver of any provision of this Master Lease
Agreement, and the assignee or subtenant shall not further assign or sublet the Premises or any part thereof without Landlord’s prior written consent, and then only upon compliance with all the provisions contained in this section. 

j. In no event shall there be more than two tenants (including Tenant) in the Premises; 

k. Tenant shall not advertise or publicize in any way the availability of all or part of the Leased Premises, whether through a broker,
agent, representative or otherwise, without prior notice to and approval of Landlord. 
 l. The sale of all or a controlling
interest of stock of Tenant, the sale or all or substantially all of the assets of Tenant, or a merger of Tenant into its parent or sister company shall be deemed to be an assignment. 

m. Tenant covenants and agrees that in any case where Tenant claims Landlord is unreasonably withholding its consent to an assignment or
subletting, Tenant shall not make any claim against Landlord for damages and Tenant’s sole remedy shall be that of declaratory judgement. 
 n. Landlord shall have the option, by notice to Tenant within sixty (60) calendar days of receipt of the notice and complete information, to recapture the Leased Premises or that portion of the
Leased Premises proposed to be assigned or sublet by Tenant. In such event, Landlord shall specify a date for recapture in its notice to Tenant, which date shall be not more than thirty (30) calendar days from the date of Landlord’s
notice. Tenant agrees to vacate the Leased Premises or that portion of the Leased Premises being recaptured and to surrender and deliver the same to Landlord as if the date specified by Landlord was the Termination Date of this Master Lease
Agreement. 
 o. If less than the entire Premises is recaptured, the Full Rent payable by Tenant shall be reduced in the
proportion that the remaining space occupied by Tenant bears to the Premises. 

  
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 26. Subordination and Attornment. 

a. This Master Lease Agreement is and shall be subject and subordinate to all mortgages and other liens which may now or hereafter affect
the Building and to all renewals, modifications, consolidations, replacements and extensions thereof, and this subordination shall be deemed for all purposes to be automatic and effective without any further instrument on the part of Tenant. Tenant
shall execute any instrument requested by Landlord to confirm such subordination. 
 b. In the event of foreclosure of any
mortgages or other liens affecting the Building, or in the event of the sale of the Building and/or Premises by Landlord, Tenant will attorn to and accept the purchaser at such foreclosure and/or sale, as Tenant’s landlord for the balance then
remaining of the Lease Term and subject to all terms and conditions hereof. 
 c. Tenant shall execute and deliver, upon the
request of Landlord or the purchaser in any such case, any instrument which may be reasonably necessary or appropriate to evidence such attornment. 
 d. Tenant waives any statutory provision or rule of law now or hereafter in effect which may give or purport to give Tenant any right of election to terminate this Master Lease Agreement or to surrender
possession of the Leased Premises in the event of such foreclosure and/or sale. Tenant further expressly acknowledges and agrees that, upon foreclosure and/or sale of the Building and/or Leased Premises, the purchaser shall not be obligated to honor
this Master Lease Agreement. 
 e. Tenant hereby waives any right, claim, action, demand, or interest which may exist or arise
against Landlord or any new owner of the Building as a result of the foreclosure and/or sale of Building and/or Leased Premises, whether or not the purchaser honors the terms of this Master Lease Agreement. 

f. Tenant shall, upon demand of the holder of any mortgage or of any receiver duly appointed by the corresponding court having or claiming
jurisdiction over the property in proceedings to foreclose any such mortgage, pay to the holder of any such mortgage or to such receiver all rent becoming due under this Master Lease Agreement, provided such holder of any such mortgage or any such
receiver complies with the obligations of Landlord under this Master Lease Agreement. 
 27. Bankruptcy. 

a. If during the Lease Term Tenant shall (i) apply for or consent to the appointment of a receiver, trustee or liquidator of Tenant,
or of all or substantially all of its assets, or (ii) file a voluntary petition in bankruptcy, or (iii) make a general assignment for the benefit of creditors, or (iv) file a petition or an answer seeking reorganization (other than a
reorganization not involving the liabilities of Tenant) or arrangement with creditors, or take advantage of any insolvency law, or (v) file an answer admitting the material allegations of a petition filed against it in any bankruptcy,
reorganization or insolvency proceeding, or (vi) if an order, judgment or decree shall be entered by any court of competent jurisdiction on the application of a creditor adjudicating Tenant a bankrupt or insolvent, or approving a petition
seeking reorganization of 

  
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Tenant (other than a reorganization not involving the liabilities of Tenant) or appointment of a receiver, trustee or liquidator of Tenant, or of all or substantially all its assets, and such
order, judgment or decree shall continue unstayed and in effect for sixty (60) calendar days, the terms of this Master Lease Agreement and all rights, title and interest of Tenant hereunder shall expire as fully and completely as if that day
were the date herein specifically fixed for the Termination Date, and Tenant will then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided. 

b. Notwithstanding any provisions in any applicable law or in this Master Lease Agreement to the contrary, in no event shall this Master
Lease Agreement be considered an asset of Tenant’s estate in bankruptcy or insolvency under any applicable law, or of any Receiver or Trustee with respect thereto. 
 28. Events of Default, Remedies, Damages. 
 a. The occurrence of the
following events shall constitute Events of Default under this Master Lease Agreement: 
 1) If Tenant defaults in the payment
when and as due of all or any portion of any installment of Rent or any Additional Rent on the date upon which they shall first become due, and such default shall continue for fourteen (14) calendar days after the due date or if Tenant fails to
pay when and as due any Rent or Additional Rent three times during any twelve month period, even if Tenant pays such rent within the fourteen calendar days after the due date or 

2) Tenant fails to fulfill and perform any of the covenants, terms or conditions of this Master Lease Agreement other than the covenants
for the payment of any amounts due under this Master Lease Agreement; 
 3) Tenant fails to abide by the Rules and Regulations of
the Building as they may be adopted from time to time or 
 4) The Premises are left vacant, unoccupied or deserted for a period
of fifteen (15) consecutive days or Tenant abandons, vacates, or removes from the Premises the major portion of the goods, wares, equipment, or furnishings usually kept in the Premises; 

5) Tenant ceases conducting its business in the Premises, or 
 6) The Master Lease Agreement is assigned or transferred in any manner or shall, by operation of law, pass to or devolve upon any party without the prior written consent of Landlord. 

7) An event or contingency arises whereby this Lease or the rights hereby granted or the unexpired balance of the Term of this Lease
would, by operation of law or otherwise, devolve upon or pass to any person, firm, association or corporation other than Tenant, except as may be expressly authorized herein; 

  
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 b. Upon the occurrence of any of the said Events of Default, Landlord may, at any time
thereafter, give Tenant a notice of termination of this Lease setting forth a termination date thirty (30) days from the date of giving such notice. Upon the expiration of said thirty (30) days and such breach continues or is not be fully
remedied to the satisfaction of Landlord, this Lease and the terms and rights hereby granted will expire and terminate with the same effect as if that day were the Expiration Date. Notwithstanding, in connection with a breach which cannot be
remedied or cured within said thirty (30) day period, Landlord may extend the time of Tenant within which to cure such breach as necessary but only if Tenant, within such thirty (30) day period, promptly commences and thereafter proceeds
diligently and continuously to cure such breach, provided that such period of time shall not be so extended as to jeopardize the interest of Landlord in the Land and/or the Building or so as to subject Landlord to any liability, civil or criminal;
or 
 c. If an Event of Default occurs, Landlord, whether or not this Lease has been terminated, may, without notice to Tenant,
immediately or at any time thereafter re-enter into or upon the Leased Premises or any part thereto, either by summary proceedings or by any suitable action or proceeding at law, or by force or otherwise, to the extent legally permitted, without
being liable to indictment, prosecution or damages therefore, and may repossess the premises and remove any persons or property therefrom, to the extent that Landlord may have, hold and enjoy the Leased Premises as in the beginning of the Term. The
words “reenter” “re entry” and “re-entered” as used in this Lease are not restricted to their technical legal meanings. 
 d. Landlord will be entitled to retain all monies, if any, paid by Tenant to Landlord, whether as advance rent, security deposit or otherwise, but Landlord will credit such monies against any Basic Rent,
Additional Rent or any other charge due from Tenant at the time of such termination or re-entry or, at Landlord’s option, against any damages payable by Tenant under this contract or pursuant to law. 

e. In the event Landlord re-enters the Leased Premises and if this Lease is not terminated, Landlord may (but shall have absolutely no
obligation to do so), as agent for Tenant, relet the whole or any part of the Leased Premises for any period equal to or greater or less than the remainder of the original term of this Lease, for any sum which Landlord may deem suitable, including
rent concessions, and for any use and purpose which Landlord may deem appropriate. Such reletting may include any improvements, personal and trade fixtures remaining in the Leased Premises. 

f. The specified remedies to which Landlord may resort under this Lease are cumulative and concurrent, and are not intended to be
exclusive of each other or of any other remedies or means of redress to which Landlord may lawfully be entitled at any time. 

g. In the event of any termination of this Lease pursuant to the provisions of this section, or if Landlord shall re-enter the Leased
Premises Tenant shall thereupon pay to Landlord: 

  
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 1) the Annual Basic Rent, Additional Rent and any other charges payable hereunder by Tenant
to Landlord up to the time of such termination of this Lease, or of such recovery of possession of the Leased Premises by Landlord, as the case may be, plus the actual expenses incurred or paid by Landlord in terminating this Lease or of re-entering
the Leased Premises and securing possession thereof, including reasonable attorney’s fees and costs of removal and storage of Tenant’s property, and Tenant shall also pay to Landlord damages as provided in this contract. 

2) a sum which at the time of termination or re-entry by Landlord, as the case may be, represents the aggregate of the installments of
Basic Rent and the Additional Rent (if any) which would have been payable hereunder by Tenant, had this Lease not so terminated, for the period commencing with early termination or the date of any such re-entry, as the case may be, and ending with
the Termination Date, discounted to present value at an annual rate equal to the then prevailing discount rate announced by the Federal Reserve Bank, plus two (2) percentage points). Provided, however, that if Landlord shall relet the Leased
Premises during said period, Landlord shall credit Tenant with the net rents received by Landlord from such resetting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such reletting the
reasonable expenses incurred or paid by Landlord in terminating this Lease and of re-entering the Leased Premises and of securing, possession thereof, it being understood that such reletting may be for a period equal to or shorter or longer than the
remaining term of this Lease. In no event shall Tenant be entitled to receive any excess of such net rents over the sums payable by Tenant to Landlord hereunder, and in no event shall Tenant be entitled to a credit in respect of any net rents from a
reletting except to the extent that such net rents are actually received by Landlord. If the Leased Premises or any part thereof should be relet in combination with other space, then proper apportionment on a square foot area basis shall be made of
the rent received from such reletting and of the expenses of reletting, or if relet for a period longer than the remaining term of this lease, the expenses of reletting shall be apportioned based on the respective periods. 

3) In computing the Additional Rent that would have accrued for the balance of the Lease Term, the Additional Rent shall be deemed to be
an amount equal to the amounts paid by Tenant for the Lease Year in which such termination occurs, or for such lesser period of time as this Master Lease Agreement may have been in effect prior to such termination. 

4) If Landlord makes any expenditures or incurs any obligations for payment of money, including court costs and reasonable attorneys’
fees, in instituting prosecuting or defending any action or proceeding, then such fees, costs and expenses so paid or obligations incurred will be Additional Rent to be paid by Tenant to Landlord, upon demand, with interest thereon equal to the Late
Payment Charge. 
 h. Nothing contained herein shall be construed as limiting or precluding the recovery by Landlord against
Tenant of any payments or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. The failure or refusal of Landlord to relet the Leased
Premises or any part or parts thereof, or the failure of Landlord to collect the rent thereof under such reletting, shall not release or affect Tenant’s liability for damages. 

i. In the event any proceeding is brought against Tenant for non-payment of any amounts due and whether or not such proceeding shall be
discontinued as a result of Tenant paying such amounts due, Tenant shall pay to Landlord reasonable attorney’s fees payable by Landlord in connection with such proceedings. 

  
 25 

 j. Upon occurrence of any event of default under this Master Lease Agreement, Landlord shall
not be obligated to continue providing Tenant with Landlord Furnished Services until such time as Tenant cures such default. 

The provisions of this section shall survive the expiration or sooner termination of this Lease. 

29. Surrender Upon Termination. 
 a. Tenant shall, at the expiration or sooner termination of the Term (either, as applicable, being referred to herein as the “Surrender Date”), quit and surrender to Landlord the Leased
Premises, broom clean and in the condition required under this Lease, reasonable wear and tear and damage caused by fire or other casualty which are not due to Tenants fault excepted, and shall surrender all keys for the Leased Premises to landlord
at the place then fixed for the payment of rent, and shall inform Landlord of all combinations of locks, safes and vaults, if any, located (and permitted by Landlord to remain) in the Leased Premises. 

b. Except as otherwise expressly provided elsewhere in this Lease, Tenant shall, on the Surrender Date, remove all of Tenant’s
property from the Leased Premises and shall immediately repair any material damage to the Leased Premises caused by the installation and/or removal of such property. Any or all of such property not so removed shall, at Landlord’s option, become
the exclusive property of Landlord or be disposed by Landlord, at Tenant’s cost and expense, without further notice to or demand upon Tenant, and without any liability to Tenant, in connection therewith. 

c. If the Leased Premises (or a portion thereof) shall not be surrendered as and when aforesaid, Tenant shall pay to Landlord as use and
occupancy for each month or fraction thereof during which Tenant continues to occupy all or any portion of the Leased Premises from and after the Surrender Date (the “Continued Occupancy Period”) an amount of money (the “Occupancy
Payment”) equal to one hundred fifty (150%) percent of one twelfth (1/12) of the Fixed Rent and additional rent payable by Tenant during the immediately preceding twelve (12) months. Tenant shall make the Occupancy Payment,
without notice or previous demand therefore, on the first day of each and every month during the Continued Occupancy Period. 

d. In addition to making all required Occupancy Payments, Tenant shall, in the event of Tenant’s failure to surrender the Leased
Premises on the Surrender Date as and in the manner aforesaid, also indemnify and hold Landlord harmless from and against any and all cost, expense, damage, claim, loss or liability directly resulting from any delay or failure by Tenant in so
surrendering the Leased Premises, including any consequential damages suffered by Landlord and any claims made by any succeeding occupant founded on such delay or failure, and any and all reasonable attorneys’ fees, disbursements and court
costs incurred by Landlord in connection with any of the foregoing. 

  
 26 

 e. The receipt and acceptance by Landlord of all or any portion of the Occupancy Payment
shall not be deemed a waiver or acceptance by Landlord of Tenant’s breach of Tenant’s covenants and agreements or a waiver by Landlord of Landlord’s right to institute any summary holdover proceedings against Tenant, or a waiver by
Landlord of Landlord’s rights to enforce any of Landlord’s rights, or pursue any of Landlord’s remedies against Tenant in such event as provided for in this Lease or under law. 

f. It is expressly understood and agreed that there can be no extension of the Term unless said extension is reduced to writing and agreed
to by Landlord. No verbal statement or unsigned writing shall be deemed to extend the Term, and Tenant hereby agrees that any improvements Tenant shall make to the Leased Premises in reliance upon any extension of the term given orally or by an
unsigned writing shall be at Tenant’s peril. 
 g. If the last day of the Term shall fall on a Saturday, Sunday or legal
holiday, the term of this Lease shall expire on the business day immediately preceding such date. 
 Each and everyone of
Tenant’s obligations set forth in this Section 25 (including the indemnity) shall survive the expiration or other termination of the Term. 
 30. Casualty not Attributable to Tenant. 
 a. If the Premises shall
be partially or totally damaged by fire or other casualty not attributable in any manner to Tenant, this Master Lease Agreement shall continue in full force and effect, except as hereinafter set forth. 

b. If the Premises are partially damaged or rendered partially unusable, the damages thereto shall be repaired by and at the expense of
Landlord and the Full Rent, until such repair shall be substantially completed, shall be apportioned from the day following the casualty according to the portion of the Premises which is usable. 

c. If the Premises are totally damaged or rendered wholly unusable, then the Full Rent shall be proportionately paid up to the time of the
casualty and henceforth shall cease until the date when the Premises shall be made Ready for Occupancy by Landlord, subject to Landlord’s right to elect not to restore the same as hereinafter provided. Landlord may elect to relocate Tenant
temporarily to other available space until said restoration or repair is finished and, in such event, Tenant shall pay the Full Rent. 
 d. If the Premises are rendered wholly unusable (whether or not the Leased Premises are damaged in whole or in part), or if the Building shall be so damaged that Landlord shall decide to demolish it or to
rebuild it, then, in any of such events, Landlord may elect to terminate this Master Lease Agreement by written notice to Tenant. Landlord’s notice shall specify a date for expiration of this Master Lease Agreement which be not less than thirty
(30) nor more than ninety (90) calendar days from the date the Leased Premises are rendered unusable or are damaged. In such event, Tenant agrees to vacate the Leased Premises and to surrender and deliver the same to Landlord as if the
date specified by Landlord was the Termination Date, provided however, that any Full Rent owing shall be paid up to such date of expiration. 
 e. Unless Landlord shall serve a termination notice as provided for herein, Landlord shall promptly make the repairs and restorations, subject to delays due to adjustment of insurance claims, labor
troubles and causes beyond Landlord’s control. 

  
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 f. After any such casualty, Tenant shall cooperate with Landlord’s restoration by
promptly removing from the Premises all of Tenant’s property. 
 g. Tenant’s full liability for Full Rent shall resume
five (5) calendar days after written notice from Landlord that the Premises are Ready for Occupancy. 
 h. Nothing contained
hereinabove shall relieve Tenant from liability that may exist as a result of damage from fire or other casualty. 
 i. Tenant
acknowledges and agrees that Landlord will not carry insurance on Tenant’s furniture and/or furnishings or any fixtures or equipment, improvements, or appurtenances of Tenant, and agrees that Landlord will not be obligated to repair any damage
thereto or replace the same. 
 j. In the event the Building should be damaged or rendered unusable by fire, explosion or any
other casualty or occurrence and, such casualty or occurrence shall not be covered by Landlord’s insurance or, in the event that the Premises or the Building should be damaged or rendered unusable to the extent of more than twenty-five
(25%) percent of the cost of the replacement (whether such damage may be covered be Landlord’s insurance and further, notwithstanding that the Premises may have been damaged to twenty-five (25%) percent or less of the replacement
cost), Landlord may elect either to repair or rebuild the Building or to terminate this Master Lease Agreement by written notice to Tenant. Landlord’s notice shall specify a date for expiration of this Master Lease Agreement which be not less
than thirty (30) nor more than ninety (90) calendar days from the date the Building is rendered unusable or is damaged. In such event, Tenant agrees to vacate the Premises and to surrender and deliver the same to Landlord as if the date
specified by Landlord was the Termination Date, provided however, that any Full Rent owing shall be paid up to such date of expiration. 
 k. If Landlord is required or elects to repair and/or rebuild the Premises, Landlord shall not be obligated to expend for such repair and/or rebuilding an amount in excess of the insurance proceeds
recovered as a result of such damage. Landlord’s obligation to repair and/or rebuild shall in any event be limited to restoring Landlord’s work in the Premises to substantially the condition in which the same existed prior to the casualty.

 31. Condemnation. 
 If the Premises or the Building, or any part thereof, or any interest therein, be taken by virtue of eminent domain or for any public or quasi-public use or purpose, the portion of the compensation award
attributable to this Master Lease Agreement shall be for the benefit of Landlord. In such event the term of this Master Lease Agreement shall cease and terminate from the date of title vesting in such proceeding and Tenant shall have no claim
against Landlord for the value of any unexpired term of said Master Lease Agreement. 
 32. No Representation By Landlord.

 Landlord or Landlord’s agents have made no representations or promises with respect to the said Building, the land
upon which it is erected or the Leased Premises except as herein expressly set forth and no rights, easements or licenses are acquired by Tenant by implication or 

  
 28 

 otherwise, except as expressly set forth in this Master Lease Agreement. The taking possession of the Leased
Premises by Tenant shall be conclusive evidence, as against Tenant, that Tenant accepts same “as is” and that said Premises and the Building of which same form a part were in good and satisfactory condition at the time such possession was
so taken. 
 33. Relocation. 
 Landlord shall have the right at any time during the term of the Master Lease Agreement to relocate Tenant from the Leased Premises to another space within the Building, reasonably convenient, adapted to
the same purpose and of an equal value to the present Leased Premises. In the event Landlord exercises its right to relocate, Tenant shall surrender its actual Leased Premises at the request of Landlord, provided that the substitute space is ready
for Tenant’s occupancy. 
 34. Successors in Interest. 

This Master Lease Agreement shall bind and inure to the benefit of the permitted successors and assigns of the parties. 

35. Release of Landlord. 
 The term “Landlord” as used in this Master Lease Agreement shall mean and include only the owner or lessor of the Building at the time in question so that in the event that Landlord or any of
its successors in interest shall lease or sell, or in any other manner assign or transfer its interest in the Building, whether any such transfer be voluntary, by operation of law or otherwise, the person, corporation or entity by whom any such
Master Lease Agreement, sale, assignment or transfer is made shall be and hereby is entirely freed and relieved of all obligations and liability with respect to the performance of the covenants and obligations under this Master Lease Agreement from
and after the date of such lease, sale, assignment or transfer. 
 36. Notices and Payments. 

A bill, statement, notice or communication which Landlord may desire or be required to give to Tenant, shall be deemed sufficiently given
or rendered if, in writing, delivered to Tenant personally or sent by certified mail addressed to Tenant at the Premises or at Tenant’s Mailing Address, and the time of the rendition of such bill or statement and of the giving of such notice or
communication shall be deemed to be the time when the same is delivered to Tenant, deposited in the mail, or left at the Premises as herein provided. Any notice by Tenant to Landlord must be served by registered or certified mail addressed to
Landlord at Landlord’s Mailing Address or at such other address as Landlord shall designate by written notice. 
 37. Rules and
Regulations. 
 a. Tenant, and all Persons Within Tenant’s Control, shall faithfully observe and comply with:
(i) all of the rules and regulations set forth in Attachment B annexed hereto and made a part hereof, and (ii) such additional rules and regulations as Landlord hereafter at any time or from time to time may reasonably make and may
communicate in writing to Tenant, which, in the reasonable judgment of Landlord, shall be necessary or desirable for the, 

  
 29 

 
reputation, safety, care or appearance of the Building and the Building Systems, or the preservation of good order therein, or the operation or maintenance of the Building and Building Systems,
or the comfort of tenants or others in the Building. Notwithstanding, in the case of any conflict between the provisions of this Lease and any such rules or regulations, the provisions of this Lease shall control. Nothing contained in this Lease
shall be construed to impose upon Landlord any duty or obligation to enforce the rules and regulations or the terms, covenants or conditions in any other lease as against any other tenant, and provided further that Landlord shall not be liable to
Tenant for violation of the same by any other tenant, its servants, employees, agents, visitors, invitees, subtenants or licensees. 
 b. In the event that Tenant shall dispute the reasonableness of any additional rule or regulation hereafter made or adopted by Landlord or Landlord’s agents, the parties hereto agree to submit the
question of the reasonableness of such rule or regulation to arbitration whose determination shall be final and conclusive upon the parties hereto. The right to dispute the reasonableness of any additional rule or regulation upon Tenant’s part
shall be deemed waived unless the same shall be asserted by service of a notice in writing upon Landlord within thirty (30) days after the giving of notice of the making of the rule or regulation to Tenant. Notwithstanding the foregoing,
Landlord agrees not to enforce the rules and regulations against Tenant in a discriminatory manner and to use commercially reasonable efforts to enforce compliance by other tenants in the Building with the rules and regulations contained in their
respective leases to the extent that the failure of Landlord to enforce such compliance shall have a material adverse impact on Tenant with respect to Tenant’s use of the Leased Premises. 

c. Tenant acknowledges that it has read the Rules and Regulations and shall abide by and conform to the same as may from time to time be
adopted, amended, modified or changed by Landlord. Landlord shall not be responsible to Tenant for the failure of any other Tenant to observe any of said Rules and Regulations. 
 d. Any amendment or new regulations shall become effective thirty (30) calendar days after notice to Tenant. 
 38. No representations or modifications. 
 a. Tenant has leased the
Premises after examination thereof or of the Space Plans for the same and without representation on the part of Landlord. No representative or agent of Landlord is authorized to make representations in reference thereto or to vary or alter the terms
of this Master Lease Agreement unless given in writing duly signed by Landlord. 
 b. The receipt by Landlord of Full Rent or any
other sum payable by Tenant with knowledge of the breach of any covenant of this Master Lease Agreement shall not be deemed a waiver of such breach and no act or omission of Landlord or its agent during the Lease Term shall be deemed an acceptance
of a surrender of the Premises and no agreement to accept a surrender of the Premises shall be valid unless it be made in writing and subscribed by Landlord. 
 39. Totality of Agreement. 
 This Master Lease Agreement, together
with any RIDER, contains all the agreements and conditions made between Landlord and Tenant with respect to the Premises. This Master Lease Agreement may only be changed or modified by means of a written instrument signed by Landlord. 

  
 30 

 40. Estoppel Certificate. 

Tenant shall, at any time and from time to time on at least ten (10) days prior notice by Landlord, execute, acknowledge and deliver
to Landlord, and/or to any other person, firm or corporation specified by Landlord, a statement certifying among other things that this Master Lease Agreement is in full force (or, if there have been modifications, that the same is in full force and
effect as modified), stating the dates which the Basic Rent and Additional Rent have been paid, and indicating any uncured defaults by Landlord, if any, under this Master Lease Agreement. 
 41. Broker. 
 Landlord will not pay any broker fees. Tenant shall
indemnify, defend and hold Landlord and its agent harmless from and against any claim, actions, or liabilities including attorneys’ fees, for brokerage commissions or fees arising out of this Master Lease Agreement. 

IN WITNESS WHEREOF, Landlord and Tenant have respectively signed this Master Lease Agreement, on the date stated in the memorandum of
Lease. 
  

									
	 Tenant
	  		  	 Landlord

			
	EVERTEC, Inc.	  		  	BANCO POPULAR DE PUERTO RICO
					
	By:	 	s/ Luis Abreu Rigual	  		  	By:	 	/s/ Jaime Nazario 6/28/04

  
 31 

 EXHIBIT B 
 CUPEY CENTER 
 LANDLORD FURNISHED SERVICES 

1. Air Conditioning: LANDLORD shall furnish air conditioning throughout the year from Monday thru Friday from 6:00 a.m. to 6:00
p.m., and shall not furnish air conditioning service on legal holidays as defined in page 3. The divisions or departments that need to operate 24 hours, 7 days a week shall be furnish air conditioning services at no additional charge. Those units as
of March 31, 2004 were identified as: Sorting & Microfilming (Bulk Filling), Computers Operations, Printing & Application Control, Data Processing Centers, and Network Alert & Control. 

2. Elevators: Passenger & load elevators will be provided by LANDLORD, two in Building A, and one in Building B.

 LANDLORD reserves the right to make reasonable adjustment in the capacity and use of its elevator equipment as may be
required. 
 3. Electricity: As provided in the Rider. 

The TENANT agrees that the LANDLORD, its agent or consultant, may make surveys from time to time in the premises to verify the quality,
quantity and consumption of the electric load consumed by TENANT. LANDLORD shall furnish and install all replacement lighting tubes, lamps, bulbs and ballasts required in the Premises, and will charge TENANT for labor and materials. 

4. Water: LANDLORD shall provide water for normal cleaning and lavatory purposes and for water coolers for drinking. 

5. Security: LANDLORD may, in its sole discretion, provide general building security and include the cost of such services as an
integral part of the operating expense; provided, however, that any such services shall not include security within the demised Premises. 
 6. Cleaning and Janitorial: (a) LANDLORD shall supply janitorial and cleaning services for all public areas and common facilities; and rubbish removal from the office floors on which the
Premises are located. Cleaning and janitorial services for the Premises will be supplied by TENANT, and TENANT shall at all times keep the Premises clean. (b) LANDLORD agrees to provide TENANT with cleaning services for the public areas of the
Building as well as the Premises of TENANT five (5) nights per week according to the cleaning specifications established by and between LANDLORD and cleaning contractor. 
 (1) Waste Containers: Waste baskets shall be emptied daily and cleaned monthly and waste therefrom removed to a designated location for disposal by LANDLORD. 

(2) Rug Shampooing: Upon request from TENANT rug shampooing service shall be available. Said service shall be charged. 

 7. Exterminating: LANDLORD shall provide exterminating service for all public areas
of Building. TENANT shall at TENANT’S expense provide exterminating service for the Premises from time to time to the reasonable satisfaction of LANDLORD and shall employ such licensed exterminating company or companies as shall be approved by
LANDLORD. 
 8. Interruption of Services: LANDLORD reserves the right to stop service of the air conditioning, elevator,
plumbing and electric systems, when necessary, by reason of accident, or emergency, or for repairs, alterations, replacements or improvement, in the judgment of LANDLORD desirable or necessary to be made, until said repairs, alterations,
replacements or improvements shall have been completed. And LANDLORD shall have no responsibility or liability for failure to supply air conditioning, elevator, plumbing and electric service, during said period or when prevented from so doing by
strikes, accident (acts of God) or by any cause beyond LANDLORD’S control, or by laws, orders or regulations of any Federal, State or Municipality Authority, or failure of a suitable power supply or inability by exercise of reasonable diligence
to obtain other suitable power. Such interruption shall not in any way affect the obligations of TENANT under this lease hereunder, provided that the same shall be done with the minimum amount of inconvenience to TENANT, and LANDLORD pursues with
due diligence the completion of the alterations. 
 9. Additional Air Conditioning Service: In the divisions or
departments that not operate 24 hour, 7 days a week, the TENANT may occasionally have need for use of the leased Premises during hours or days other than those specified above (normal office space operations). Upon the request of TENANT, LANDLORD
shall fulfill such need, provided (a) LANDLORD shall have received written notice of such request not later than 3:00 p.m. on the weekday and the day before the services are required for Saturdays and the day before legal holidays when services
are needed; (b) the LANDLORD shall be promptly reimbursed by TENANT for the LANDLORD’S cost of complying with such request such cost is based on utility rates and salaries paid to building engineers, but such cost shall be subject to
adjustment upward in relation to changes from existing utility rates and to changes in existing salary rates paid to Building engineers after rendition of a bill or statement therefor; (c) compliance with such request shall not involve the
LANDLORD in substantial labor, union, licensing or permit problems. 
 10. Other Services: Other services to the Premises
supplied where desirable or possible at the request of TENANT, not hereinbefore enumerated, shall be at the expense of TENANT. 

11. Legal Holidays: For the purposes of this Lease Agreement shall be as follows: 

 

							
		 	(1)	  	January 1	  	New Year’s Day
		 	(2)	  	January 6	  	Three King’s Day
		 	(3)	  	January	  	De Hostos Birthday
		 	(4)	  	January	  	Martin Luther King’s Birthday
		 	(5)	  	January	  	Presidents Day
		 	(6)	  	March	  	Emancipation Day
		 	(7)	  	March or April	  	Good Friday
		 	(8)	  	April	  	Jóse De Diego’s Birthday

							
		 	(9)	  	May	  	Memorial Day
		 	(10)	  	July 4	  	Independence Day
		 	(11)	  	July	  	Luis Muñoz Rivera’s Birthday
		 	(12)	  	July 25	  	Constitution Day
		 	(13)	  	July 27	  	Jóse C. Barbosa’s Birthday
		 	(14)	  	September	  	Labor Day
		 	(15)	  	October	  	Discovery of America
		 	(16)	  	November	  	Election’s Day
		 	(17)	  	November	  	Veteran’s Day
		 	(18)	  	November	  	Discovery of Puerto Rico
		 	(19)	  	November	  	Thanksgiving Day
		 	(20)	  	December 25	  	Christmas Day

 LANDLORD may, in its sole discretion, include in the above list any additional holidays which may be
hereinafter declared as legal holidays by either or both of any competent authority or agency of the Government of the Commonwealth of Puerto Rico and the Government of the United States of America.

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