Document:

Exhibit 10.2

 Exhibit 10.2 
 R&G ACQUISITION HOLDINGS CORPORATION 
 ARTICLES OF AMENDMENT 
 DESIGNATING 
 9.5% SERIES A
NONCUMULATIVE PERPETUAL PREFERRED STOCK 
 I. 
 The name of the corporation is “R&G Acquisition Holdings Corporation” (the “Company”). 
 II. 
 These Articles of Amendment (the “Amendment”) add the following as a new
Section 4.7 to the Company’s Amended and Restated Articles of Incorporation (as amended, the “Articles”), to designate and set forth the terms of a series of Preferred Stock. Any terms used but not defined in this
Amendment shall have the meanings set forth in the Articles: 
 1. Designation. The distinctive designation of the series of Preferred
Stock established hereby shall be the “9.5% Series A Noncumulative Perpetual Preferred Stock” (the “Series A Preferred Stock”). 
 2. Number of Shares. The total number of shares of Series A Preferred Stock shall be 150,000 shares, $.01 par value per share. The number of shares of Series A Preferred Stock may from time to time be
decreased (but not below the number then outstanding) by the Board of Directors, but may not be increased. 
 3. Dividends.

 (a) The holders of shares of Series A Preferred Stock shall be entitled to receive, when, as and if declared by the Company’s
Board of Directors, out of funds of the Company legally available therefor, cash dividends at the rate of 9.5% per annum of the $1,000 stated value per share (the “Stated Value”) of the Series A Preferred Stock per year, or
$95.00 per Share of Series A Preferred Stock annually. Such dividends shall be payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year, commencing on June 30, 2006 (each, a
“Dividend Payment Date”). If a Dividend Payment Date is not a Business Day (as defined below), then the dividend that otherwise would have been payable on such Dividend Payment Date may be paid on the next succeeding Business
Day with the same force and effect as if paid on the Dividend Payment Date, and no interest or additional dividends or other sums shall accrue or be payable on the amount so payable from the Dividend Payment Date to such next succeeding Business
Day. A “Business Day” means any day, other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking institutions in New York, New York or Orlando, Florida are authorized or required by law, regulation
or executive order to close. The amount of any dividend payable on the Series A Preferred Stock for any full Dividend Period (as defined below) or any partial Dividend Period shall be prorated and computed and paid on the basis of a 360-day
year and the actual number of days elapsed in the relevant Dividend Period (it being understood that the initial dividend payable on June 30, 2006 may be for less than a full Dividend Period and will reflect dividends accumulated from and
including the original issue date through and including June 30, 2006). A “Dividend Period” shall mean the period from and including the Original Issue Date to and including the first Dividend Payment Date, and each subsequent
period from and excluding a Dividend Payment Date to and including the next succeeding Dividend Payment Date. Dividends will be payable to holders of 

 record as they appear in the shareholder records of the Company at the close of business on the applicable record date,
which shall be the 15th day of the calendar month in which the Dividend Payment Date falls (each, a
“Dividend Record Date”). 
 (b) Dividends payable on the Series A Preferred Stock shall not accumulate. 
 (c) No dividends on the Series A Preferred Stock shall be declared by the Company’s Board of Directors or paid or set apart for payment by the
Company at such time as the terms and provisions of any agreement of the Company, including any agreement relating to its indebtedness and any related waiver or amendment thereto, prohibits such declaration, payment or setting apart for payment or
provides that such declaration, payment or setting apart for payment would constitute a breach thereof or a default thereunder, or if such declaration or payment is restricted or prohibited by law. 
 (d) Except as provided in Section 3(e) below, unless dividends on the Series A Preferred Stock for the then current Dividend Period shall have
been or are declared and paid in cash, and the Company has declared and paid dividends on each Dividend Payment Date for the preceding six (6) Dividend Periods, no dividends shall be declared by the Company’s Board of Directors or paid or
set apart for payment by the Company, and no other distribution of cash or other property may be declared or made, directly or indirectly, on or with respect to any shares of the Company’s common stock, $.01 par value per share (the
“Common Stock”), or shares of any other class or series of the Company’s capital stock ranking, as to dividends, junior to the Series A Preferred Stock (other than a dividend paid in shares of Common Stock or in shares of
any other class or series of the Company’s capital stock ranking junior to the Series A Preferred Stock as to (i) dividends and (ii) upon liquidation) on the related Dividend Payment Date or during the immediately succeeding
Dividend Period), nor shall any Shares of Common Stock, or any other Shares of the Company ranking, as to dividends or upon liquidation, on a parity with (“Parity Shares”), or junior to, the Series A Preferred Stock, be
redeemed, purchased or otherwise acquired for any consideration (nor shall any funds be paid to or made available for a sinking fund for the redemption or retirement, purchase or reduction of any such shares) by the Company (except by conversion
into or exchange for other shares of Company capital stock ranking junior to the Series A Preferred Stock as to dividends and upon liquidation) on such Dividend Payment Date or during the immediately succeeding Dividend Period. 
 (e) When dividends are not paid in full (or a sum sufficient for such full payment is not set apart by the Company) upon the Series A Preferred
Stock and any other series of preferred stock issued by the Company ranking on a parity as to dividends with the Series A Preferred Stock, if any, all dividends declared upon the Series A Preferred Stock and any such other series of Parity
Shares shall be declared pro rata so that the amount of dividends declared per share of Series A Preferred Stock and such other series of Parity Shares shall in all cases bear to each other the same ratio that the dividends per share on
the Series A Preferred Stock and such other series of Parity Shares bear to each other. 
 (f) All dividends paid with respect to shares
of the Series A Preferred Stock shall be paid pro rata to the holders of such Shares entitled thereto. Holders of shares of Series A Preferred Stock shall not be entitled to any dividend, whether payable in cash, property or Shares
of any class or series (including the Series A Preferred Stock), in excess of the dividends on the Series A Preferred Stock as provided herein. 
 4. Liquidation Preference. 
 (a) Upon any voluntary or involuntary liquidation, dissolution or
winding-up of the affairs of the Company (each, a “Liquidation”), the holders of shares of Series A Preferred Stock shall be entitled to be paid out of the assets of the Company legally available for distribution to its
shareholders a liquidation 
  

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 preference of $1,000 per share of Series A Preferred Stock plus all accrued dividends since the last Dividend
Payment Date (the “Liquidation Preference”), before any distribution or payment shall be made to holders of Shares of Common Stock or any other class or series of capital stock of the Company ranking junior to the Series A
Preferred Stock as to liquidation rights. In the event that, upon such Liquidation, the available assets of the Company are insufficient to pay the amount of the liquidating distributions on all outstanding shares of Series A Preferred Stock
and the corresponding amounts payable on all Parity Shares, if any, having the same Liquidation Preference, then the holders of the Series A Preferred Stock and all other such classes or series of Parity Shares shall share ratably in any such
distribution of assets in proportion to the full liquidating distributions to which they would otherwise be respectively entitled, and the holders of the shares of Series A Preferred Stock will not be entitled to any further participation in
any distribution of assets by the Company. 
 (b) Written notice of any Liquidation, stating the payment date or dates and the place or
places on and at which the amounts distributable as a result thereof shall be payable, shall be given by first class mail, postage paid, not less than 30 nor more than 60 days prior to the first payment date stated therein, to each record holder of
shares of Series A Preferred Stock at the respective addresses of such holders as they appear on the Company’s stock transfer records. 
 (c) After payment to the holders of the Series A Preferred Stock of the full liquidation amounts provided in this Section 4, the holders of the Series A Preferred Stock, as such, will have no right or claim to any of the
remaining assets of the Company. 
 5. Redemption. 
 (a) Optional Redemption by the Company. Except as provided in Sections 5(c) and (d) below, shares of Series A Preferred Stock shall not be redeemable, in whole or in part, by the Company prior
to seven (7) years from the date of issuance (the “Redemption Availability Date”). On and after such Redemption Availability Date, the Company may, at its option and subject to prior approval of the Board of Governors of the
Federal Reserve System or its delegee (the “Federal Reserve”), redeem the shares of Series A Preferred Stock at any time and from time to time, in whole or in part, at a price per share (the “Redemption
Price”), payable in cash, of $1,000 per preferred share, together with all accrued but unpaid dividends since the last scheduled Dividend Payment Date on the date fixed for redemption (the “Redemption Date”), to the fullest
extent the Company has funds legally available therefor. The Series A Preferred Stock has no stated maturity and will not be subject to any sinking fund or mandatory redemption provisions (except as set forth in Section 5(c) below). The
Company shall not purchase, before or after the applicable Redemption Availability Date for the shares of Series A Preferred Stock, either at a public or private sale or by tender offer, all or part of such shares, except pursuant to an offer
made on the same terms and conditions to all holders of such shares, subject to the provisions of applicable law.  
 (b)
Procedures for Redemption. 
 (i) A notice of redemption shall be mailed by the Company, postage paid, not more than 60 days prior to
the Redemption Date, to each record holder of shares of Series A Preferred Stock at the respective addresses of such holders as they appear on the Company’s stock transfer records. In addition to any information required by law, such
notice shall state: (i) the Redemption Date; (ii) the number of shares of Series A Preferred Stock to be redeemed; (iii) the Redemption Price; and (iv) the place or places where certificates for such shares are to be
surrendered for payment of the Redemption Price. If fewer than all the shares of Series A Preferred Stock held by any holder are to be redeemed, the notice mailed to such holder shall also specify the number of shares of Series A Preferred
Stock to be redeemed from such holder. No failure to provide such notice or any defect therein or in the mailing 
  

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 thereof shall affect the validity of the proceedings for the redemption of any shares of Series A Preferred Stock,
except as to the holder to whom the Company has failed to give notice or except as to the holder to whom notice was defective. In order to facilitate the redemption of shares of Series A Preferred Stock, the Company’s Board of Directors
may fix a record date for the determination of the shares of Series A Preferred Stock to be redeemed, such record date not to be less than 30 or more than 60 days prior to the date fixed for such redemption. 
 (ii) If notice has been given as provided above, and provided further that on or before the Redemption Date specified in such notice, all funds necessary
for such redemption shall, subject to Section 5(b)(iii) below, have been irrevocably set aside by the Company, separate and apart from its other funds, in trust with an independent bank that is a member of the FDIC having capital and surplus of
not less than $500,000,000 (an “Eligible Trustee”) for the pro rata benefit of the holders of the shares of the Series A Preferred Stock so called for redemption, so as to be, and to continue to be available therefore,
then, from and after the Redemption Date (unless the Company defaults in the payment of the Redemption Price), said shares shall no longer be deemed to be outstanding and all rights of the holders thereof, as such, (except the right to receive the
Redemption Price) shall cease. Upon surrender, in accordance with such notice, of the certificates for any shares of Series A Preferred Stock so redeemed (properly endorsed or assigned for transfer, as the Company may require and the notice
shall so state), such shares of Series A Preferred Stock shall be redeemed by the Company at the Redemption Price. In case fewer than all of the shares of Series A Preferred Stock represented by any such certificate are redeemed, a new
certificate or certificates shall be issued representing the unredeemed shares of Series A Preferred Stock without cost to the holder(s) thereof; provided the Company shall have no obligation to issue any fractional shares of
Series A Preferred Stock, but instead shall pay the holder the proportionate amount of the Redemption Price of such fractional shares. 
 (iii) Any funds deposited with an Eligible Trustee as contemplated by Section 5(b)(ii) shall be irrevocably set aside by the Company except that: (A) the Company shall be entitled to receive from the Eligible Trustee where
such funds have been deposited, the interest or other earnings, if any, earned on any funds so deposited in trust, and the holders of any shares of Series A Preferred Stock redeemed shall have no claim to such interest or other earnings; and
(B) subject to applicable laws, any balance of funds so deposited by the Company and unclaimed by the holders of the shares of Series A Preferred Stock entitled thereto at the expiration of two years from the applicable Redemption Date
shall be repaid to the Company, together with any interest or other earnings earned thereon, and after such repayment, the holders of the shares of Series A Preferred Stock entitled to the funds so repaid shall look only to the Company for
payment, which shall be without interest or other earnings. 
 (iv) Unless full dividends on all shares of Series A Preferred
Stock have been declared and paid in cash for each of the last six (6) consecutive prior Dividend Periods, or declared and a sum sufficient for the payment thereof in cash set apart for payment for the current Dividend Period, the Company shall
not purchase or otherwise acquire, directly or indirectly, any shares of the Company’s capital stock ranking junior to the shares of Series A Preferred Stock. If fewer than all of the shares of Series A Preferred Stock outstanding are
to be redeemed pursuant to this Section 5, the Company shall call for redemption shares of Series A Preferred Stock pro rata among the holders, the number of shares of Series A Preferred Stock held of record by each holder
(with any necessary adjustments to avoid any outstanding fractional shares). If fewer than all the shares of Series A Preferred Stock represented by any share certificate are to be so redeemed, the Company shall issue a new certificate for the
shares not redeemed, provided the Company shall have no obligation to issue any fractional shares of Series A Preferred Stock, but instead shall pay the holder the proportionate amount of the Redemption Price of such fractional Shares.

  

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 (v) All shares of the Series A Preferred Stock redeemed or repurchased pursuant to this
Section 5 shall be retired and canceled and shall not be available for reissuance. 
 (c) Automatic Redemption. Shares of the
Series A Preferred Stock are automatically redeemable, subject to prior Federal Reserve approval, solely upon the occurrence of a “Change in Control” of the Company, R&G Financial Corporation (“RGF”) or R-G
Crown Bank (“Crown Bank”), in whole but not in part, at a cash redemption price equal to 110% of the Stated Value of such shares (an “Automatic Redemption”) plus all accrued but unpaid dividends since the last
Dividend Payment Date. For purposes hereof, a Change in Control shall be deemed to have occurred if (i) Crown Bank is a party to a merger, consolidation, statutory share exchange, spin off, split off, liquidation or any other transaction as a
result of which the Company no longer owns 100% of Crown Bank’s capital stock of all classes and series (including, for the purposes of this provision, all securities or instruments exercisable, convertible or exchangeable for such capital
stock), or Crown Bank is a party to a sale of all or substantially all of its assets, whether in a single transaction or series of transactions (individually and collectively, a “Reorganization”); (ii) shares of capital stock
of Crown Bank shall become subject to any security interest, mortgage, pledge or negative pledge, hypothecation, lien, encumbrance, or adverse equities or claims; (iii) the Company or RGF is party to a Reorganization as a result of which RGF no
longer owns 100% of the Company’s capital stock of all classes and series (including, for the purposes of this provision, all securities or instruments exercisable, convertible or exchangeable for such capital stock); (iv) any
“person” (as such term is used in Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or persons acting together or in concert (including any “group”), and who are not,
at the date hereof, beneficial owners (as defined in Rule 13(d) under the Exchange Act), individually or collectively, of 25% or more of any class or series of securities of RGF, the Company or Crown Bank shall become the beneficial owner of
securities of RGF, the Company or Crown Bank, or securities or instruments exercisable, convertible or exchangeable for such securities representing 25% or more of the voting power of either any individual class of securities or of any classes which
vote together with RGF’s, the Company’s or Crown Bank’s then outstanding securities; or (v) a change in a majority of the persons serving on the Board of Directors of RGF from those persons serving as RGF directors on the date
hereof (“Existing Directors”), provided, however, new directors nominated or elected by a majority of the Board of Directors shall be deemed Existing Directors for purposes hereof. Without affecting or limiting any rights,
privileges or powers of holders of Series A Preferred Stock, in the event of a Change in Control where (i) any of RGF, the Company or Crown Bank (w) is not well capitalized, (x) is not in compliance with regulatory capital adequacy
requirements, or (y) has not received approval from applicable regulatory authorities for any redemption of the Series A Preferred Stock or for any instrument issued by any depository institution subsidiary of RGF or the Company into which such
Series A Preferred Stock is convertible, or (ii) any depository institution subsidiary of RGF or the Company is not well capitalized for purposes of the prompt corrective action rules of its primary federal regulatory authority, then,
notwithstanding that a Change in Control has occurred, holders of Series A Preferred Stock shall not have rights to Automatic Redemption hereunder, unless and until such Automatic Redemption is approved by the Federal Reserve. 
 (d) Subject to the approval of the Federal Reserve, the Company shall redeem the shares of the Series A Preferred Stock prior to the expiration of seven
(7) years to the full extent of the proceeds received by the Company upon any redemption of RGF’s 9.5% Series E Noncumulative Perpetual Preferred Stock held by the Company. 
  

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 6. Voting Rights. 
 (a) Holders of the Series A Preferred Stock shall not have any voting rights, except as set forth in this Amendment. 
 (b) So long as any shares of Series A Preferred Stock remain outstanding, the Company shall not: (i) without the affirmative vote or consent of the holders of at least 66 2/3% of the total outstanding shares
of Series A Preferred Stock and of any Parity Shares, if any, given in person or by proxy, either in writing or at a meeting (voting together as a single class with all other series of Parity Shares of the Company upon which like voting rights
have been conferred or are exercisable without regard to series), authorize or create, or increase the authorized or issued amount of, any Parity Shares or any class or series of shares of capital stock ranking senior to the Series A Preferred
Stock with respect to payment of dividends or the distribution of assets upon the Liquidation of the Company or reclassify any authorized Shares of the Company into such Shares, or create, authorize or issue any obligation or security convertible
into, exchangeable for, or evidencing the right to purchase any Parity Shares, any Shares ranking senior in priority to the Series A Preferred Stock; or (ii) without the affirmative vote or consent of the holders of at least 66 2/3% of the
outstanding Series A Preferred Stock, voting as a separate class, amend, alter or repeal the provisions of, or add any provision to, the Articles or this Amendment, whether by merger, consolidation, statutory share exchange or sale, transfer or
conveyance of all or substantially all of its assets, or otherwise (each such event specified in clauses (i) and (ii), an “Event”), so as to materially and adversely affect any right, preference, privilege or voting or other
powers of the shares of Series A Preferred Stock or the holders thereof; and provided, further, that any increase in the number of authorized shares of Series A Preferred Stock or the creation or issuance of any other class or
series of shares of the capital stock of the Company, in each case which are Parity Shares or which rank senior to the Series A Preferred Stock with respect to the payment of dividends or distributions of assets upon Liquidation, shall be
deemed to materially and adversely affect such rights, preferences, privileges or voting or other powers of shares of Series A Preferred Stock, and the holders of Series A Preferred Stock shall have the right to vote on any such increase,
creation or issuance as a separate class. 
 (c) The foregoing voting provisions of this Section 6 shall not apply if, at or prior to
the time when the act with respect to which such vote would otherwise be required shall be effected, all outstanding shares of Series A Preferred Stock shall have been redeemed or called for redemption upon proper notice and sufficient funds,
in cash, shall have been deposited in trust with an Eligible Trustee to effect such redemption. 
 (d) On each matter submitted to a vote of
the holders of the Series A Preferred Stock in accordance with Section 6(b), or as otherwise required by law, each share of Series A Preferred Stock shall be entitled to one vote, except that when any other series of Preferred Stock
of the Company shall have the right to vote with the Series A Preferred Stock as a single class on any matter, the Series A Preferred Stock and such other series shall have with respect to such matters, shall have the aggregate number of
votes in the same proportion to all votes of Preferred Stock as the total Liquidation preference of all shares of the Series A Preferred Stock bears to the aggregate liquidation preference of all outstanding shares of Preferred Stock. With
respect to each share of Series A Preferred Stock, the holder thereof may designate a proxy, with each such proxy having the right to vote on behalf of the holder. 
 7. Conversion or Exchange. The shares of Series A Preferred Stock are not convertible into or exchangeable for any other property or securities of the Company; provided, however that, to the extent
that the Series A Preferred Stock becomes no longer fully eligible for Tier 1 capital treatment under applicable regulatory capital rules promulgated by the Federal Reserve, such portion of the shares of Series A Preferred Stock, if any, as the
Company may determine and as shall be acceptable to the Office of Thrift Supervision (“OTS”,) shall be, upon five (5) Business Days written notice to the holders thereof, 
  

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 exchangeable into preferred stock of Crown Bank having identical terms to the terms of Series A Preferred Stock. The
Company shall use its commercially reasonable best efforts to obtain OTS approval of any such exchange. 
 8. Ranking. In respect of
rights to the payment of dividends and the distribution of assets in the event of any Liquidation of the Company, the shares of the Series A Preferred Stock shall rank senior and prior to the Company’s Common Stock and to any other Shares,
subject to any other Parity Shares or senior securities being approved by the affirmative vote of the Series A Preferred Stock required by Section 6 above. The Series A Preferred Stock will rank junior to all of the Company’s
indebtedness. For purposes of this Section 8, debt securities of the Company that are convertible into or exchangeable for Company Shares or any other debt securities of the Company shall not constitute a class or series of shares of the
capital stock of the Company. 
 9. Future Transactions. For so long as any shares of the Series A Preferred Stock shall be
outstanding, upon the occurrence of a “Material Covenant Violation” as defined in Section 2.6(e) of that certain Warrant to Purchase Shares of Common Stock of R&G Financial Corporation issued in connection with the
authorization and issuance of this Series A Preferred Stock (whether or not such Warrants remain outstanding) or in Section 7.2(e) of the Additional Purchase Rights Investment Agreement dated as of March 27, 2006, the Company shall, and
RGF shall cause the Company to, use commercially reasonable best efforts to seek and consummate the sale of Crown Bank or all or substantially all of Crown Bank’s assets. 
 10. Headings, etc. The headings hereof are for convenience of reference only and shall not affect the interpretation of any of the provisions
hereof. The words “include,” “including” and derivatives thereof shall be without limitation by reason of enumeration or otherwise, the singular shall include the plural and vice versa. 
 11. Severability of Provisions. If any preferences or other rights, voting powers, restrictions, limitations as to dividends or other
distributions, qualifications or terms or conditions of redemption of the shares of Series A Preferred Stock set forth in these Articles are invalid, unlawful or incapable of being enforced by reason of any rule of law or public policy, all
other preferences or other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications or terms or conditions of redemption of the shares of Series A Preferred Stock set forth in these Articles that
can be given effect without giving effect to the invalid, unlawful or unenforceable provision shall, nevertheless, remain in full force and effect and no preferences or other rights, voting powers, restrictions, limitations as to dividends or other
distributions, qualifications or terms or conditions of redemption of the shares of Series A Preferred Stock herein set forth shall be deemed dependent upon any other provision hereof unless so expressed herein. 
 12. Preemptive Rights. Holders of Series A Preferred Stock shall be entitled to preemptive rights to subscribe for or acquire any unissued
shares of Company Preferred Stock of any class of series (whether now or hereafter authorized) or securities of the Company convertible into or carrying a right to subscribe to or acquire shares of Company Preferred Stock of any class or series.

 13. Fiduciary Duty. The Company expressly undertakes and shall owe a fiduciary duty to the holders of the Series A Preferred Stock.

 14. Miscellaneous. Except as expressly provided otherwise, nothing herein is intended to or shall limit the voting rights of
holders of the Series A Preferred Stock under the Florida Business Corporation Act. 
  

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 III. 
 This Amendment was adopted on March 27, 2006. 
 IV. 
 This Amendment was duly adopted by the sole shareholder of the Company, in accordance with Section 607.0704 of the Florida Business Corporation Act.

 IN WITNESS WHEREOF, R&G Financial Corporation has authorized and caused this Amendment to be executed by its Chief Executive Officer
and attested to by its Secretary, as of this 27th day of March 2006. 
  

							
	 Attest:
	 	R&G FINANCIAL CORPORATION
				
	 By:
	 	  
	 	By:	 	  

		 	Vicente Gregorio	 		 	Victor J. Galán
		 	Secretary	 		 	Chief Executive Officer

  

 -8-Exhibit 10.3

 Exhibit 10.3 
 THIS WARRANT, AND THE SECURITIES FOR WHICH THIS WARRANT MAY BE EXERCISED, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES, OR “BLUE SKY,” LAWS OF ANY
STATE OR OTHER DOMESTIC OR FOREIGN JURISDICTION. THIS WARRANT HAS BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION AND NEITHER THIS WARRANT NOR ANY INTEREST HEREIN, OR IN THE SECURITIES FOR WHICH THIS WARRANT MAY BE EXERCISED, MAY BE
SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO A REGISTRATION STATEMENT IN EFFECT UNDER THE SECURITIES ACT AND OTHER APPLICABLE LAWS OR A WRITTEN OPINION OF COUNSEL REASONABLY SATISFACTORY TO
R&G FINANCIAL CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED AND THAT AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE FOR SUCH TRANSACTIONS UNDER THE SECURITIES ACT. 
 WARRANT TO PURCHASE 
 SHARES OF COMMON STOCK 
 OF 
 R&G FINANCIAL CORPORATION

 DATE OF INITIAL ISSUANCE:
                    , 2006 
 THIS
CERTIFIES THAT, for value received,                             (the “Holder”) is
entitled to purchase, subject to the exercise and other provisions of this Warrant, from R&G Financial Corporation (the “Company”) at any time prior to the seventh anniversary of the issuance of this Warrant, up to 10,000,000
shares (as such number of shares may be adjusted in accordance with Section 2 hereof, the “Warrant Shares”) of the Company’s Class B common stock, $0.01 par value per share (the “Common Stock” or
“Shares”), at any time and from time to time, in whole or in part, at an exercise price per share of $12.00 (subject to adjustment as provided in Section 2 hereof, the “Exercise Price”) per Warrant Share. The
Holder may also, at any time and from time to time, in whole or in part, exercise this Warrant pursuant to a “Cashless Exercise” or a “Preferred Exchange”, as defined and provided in Sections 1.3(b) and 1.3(c)
below. This Warrant shall expire at 5:00 P.M. Eastern Time on the seventh anniversary of the issuance of this Warrant (the “Expiration Time”). This Warrant is granted in connection with and pursuant to, and is entitled to the
benefits of, the Securities Purchase Agreement, dated as of March 27, 2006, by and among the Company, R&G Acquisition Holdings Corporation (“RAC”) and various investors (the “Securities Purchase
Agreement”). 

	SECTION	1. EXERCISE OF WARRANT. 

 1.1.
Vesting. The Holder’s rights under this Warrant are fully vested as of the date hereof. 
 1.2. Exercisability. This
Warrant is exercisable, in whole or in part, as of the date hereof and until the Expiration Time; provided, however, that the Holder shall not be entitled to exercise such Warrant if (i) it currently holds 9.9% of the voting interest in
the Company or (ii) as a result of the exercise of such Warrant, it would hold more than 9.9% of the voting interest in the Company. 
 1.3. Procedure for Exercise of Warrant. 
 (a) Cash Exercise. The Holder may exercise this Warrant in whole or in part
by delivering to the Company at any time prior to the Expiration Time: (i) a completed and signed Notice of Exercise, as attached hereto as Schedule A (including the Substitute Form W-9, which forms a part thereof, the “Notice of
Exercise”); (ii) cash in an amount equal to the product of (x) the Exercise Price (as this may be adjusted pursuant to Section 2 hereof), and (y) the number of Warrant Shares being purchased pursuant to such Notice of
Exercise (such product, the “Aggregate Exercise Price”); and (iii) this Warrant to the following address: 
 R&G
Financial Corporation 
 290 Jesus T. Pinero Ave 
 San Juan, PR 00918 
 Attention: Corporate Secretary 
 Upon payment in good collected funds of the Aggregate Exercise Price (rounded up to the nearest dollar) for the Warrant Shares being purchased, the
Holder shall be deemed to be the holder of record of such Warrant Shares for all purposes, notwithstanding that the stock transfer books of the Company may then be closed or that certificates representing such Warrant Shares may not then be actually
delivered to the Holder. 
 The Company shall, as promptly as practicable after completion of the actions specified in this
Section 1.3(a), cause to be executed, and shall deliver to the Holder, a certificate representing the aggregate number of Warrant Shares specified in the Notice of Exercise. Each certificate for Shares so delivered shall be in such denomination
as may be requested by the Holder and shall be registered in the name of the Holder. If this Warrant shall have been exercised only in part, then the Company shall, at the time of delivery of said Share certificate or certificates, also deliver to
the Holder a new Warrant evidencing the remaining outstanding unexercised balance of Warrant Shares. The Company shall pay all expenses, stock transfer taxes and other charges payable in connection with the preparation, execution and delivery of
such certificates for Shares and new Warrants. 
 (b) Cashless Exercise. The Holder hereof may elect to exercise this Warrant, in
whole or in part, and to receive, without the payment by such Holder of any additional cash or other consideration (the “Cashless Exercise”), Warrant Shares equal to the value of this Warrant or any portion hereof by surrendering
this Warrant, along with the Notice of Exercise providing 
  

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 such number of Warrant Shares to be surrendered in the Cashless Exercise, to the address provided above
in Section 1.3(a). The Company shall then issue to the Holder such number of validly issued, fully paid and nonassessable shares of Common Stock as is computed using the following formula: 
  

							
		 	 X =
	  	    Y (A-B)    	  	
		 		  	A	  	

  

			
	 where X =
	  	the number of shares of Common Stock to be issued to the Holder pursuant to this Section 1.3(b).
		
	 Y =
	  	the number of Warrant Shares to be surrendered according to the Notice of Exercise delivered to the Company pursuant to this Section 1.3(b).
		
	 A =
	  	the Fair Market Value of one share of Common Stock at the time the Notice of Exercise is made pursuant to this Section 1.3(b).
		
	 B =
	  	the Exercise Price in effect under this Warrant at the time the Notice of Exercise is made pursuant to this Section 1.3(b).

 The term “Fair Market Value” of a share of Common Stock shall mean the fair
market value of a share which shall be, at any time such security is listed or traded on any securities exchange or quoted in an over-the-counter market, (i) the average of the closing prices of sales of Common Stock on all securities
exchanges, automated quotation systems or markets on which the Common Stock may at the time be listed or traded, or, if there have been no sales reported on any day, the average of the highest bid and lowest asked prices on all such exchanges,
systems or markets at the end of such day, or (ii) if on any day such security is not so listed and is instead quoted in the over-the-counter market, the average of the highest bid and lowest asked prices on such day in the domestic
over-the-counter market as reported by the National Quotation Bureau, Incorporated, or any similar successor organization, in each of (i) and (ii) of this paragraph, averaged over a period of the 20 consecutive trading days prior to the
day as of which the Fair Market Value is being determined, or in the case of a Reorganization, as defined in Section 2.5 below, averaged over a period of the 20 consecutive trading days prior to the date such Reorganization closes. 

Upon receipt of the executed Notice of Exercise by the Company, the Holder shall be deemed to be the holder of record of Shares to be issued pursuant
to the Cashless Exercise, notwithstanding that the Company’s stock transfer books may be closed or that certificates representing such Shares have not been issued or delivered to the Holder. 
 The Company shall, as promptly as practicable after completion of the exercise of the Warrant as specified in this Section 1.3(b), cause to be
executed, and delivered to the Holder exercising such Warrants, a certificate representing the aggregate number of Shares calculated pursuant to the Cashless Exercise. Each Share certificate so delivered shall be in such denomination as may be
requested by the Holder and shall be registered in the name of the 
  

 - 3 - 

 Holder. If this Warrant shall have been exercised only in part, then the Company shall, at the time of delivery of said
Share certificate or certificates, also deliver to the Holder a new Warrant evidencing the remaining outstanding unexercised balance of Warrant Shares. The Company shall pay all expenses, stock transfer taxes and other charges payable in connection
with the preparation, execution and delivery of such certificates for Shares and new Warrants. 
 (c) Exercise by Exchange of RAC Series A
Preferred Shares. For so long and to the extent that a Holder of a Warrant continues to hold RAC Series A Preferred Stock, the Holder hereof shall exercise this Warrant, in whole or in part, subject to the prior approval of the Board of
Governors of the Federal Reserve System or its delegee (the “Federal Reserve”), by exchanging shares of RAC Series A Preferred Stock having a stated value of $1,000 per share, plus accrued but unpaid dividends for the latest Dividend
Period, as defined in the designation of the RAC Series A Preferred Stock (collectively, the “Preferred Value”), with the Company at the above address (the “Preferred Exchange”). The Company shall issue that number
of validly issued, fully paid and non-assessable Warrant Shares as equals the aggregate Preferred Value of the shares of RAC Series A Preferred Stock submitted in exchange for exercise of the Warrants divided by the Exercise Price of such Warrants.
The Company shall deliver the RAC Series A Preferred Stock tendered in the Preferred Exchange to RAC for cancellation in exchange for RAC’s delivery of an equal number of shares of Mirror Preferred Stock (as defined in the Securities Purchase
Agreement) to the Company for cancellation. 
 Upon receipt of the Holder’s executed Notice of Exercise and certificates representing
shares of the RAC Series A Preferred Stock to be exchanged in exercise of Warrants, the Holder shall be deemed to be the holder of record of Shares to be issued pursuant to the Preferred Exchange, notwithstanding that the Company’s stock
transfer books may be closed or that certificates representing such Shares have not been issued or delivered to the Holder. 
 The Company
shall, as promptly as practicable after completion of the actions specified in this Section 1.3(c), cause to be executed and delivered to the Holder, a certificate representing the aggregate number of Shares calculated pursuant to the Preferred
Exchange. Each Share certificate so delivered shall be in such denomination as may be requested by the Holder and shall be registered in the name of the Holder. If this Warrant shall have been exercised only in part, then the Company shall, at the
time of delivery of said Warrant Share certificate or certificates, also deliver to the Holder a new Warrant evidencing the remaining outstanding unexercised balance of Warrant Shares and cause RAC to deliver to the Holder a new certificate or
certificates representing the number of shares of RAC Series A Preferred Stock held by the Holder and not exchanged pursuant to the Preferred Exchange. The Company shall pay all expenses, stock transfer taxes and other charges payable in connection
with the preparation, execution and delivery of such certificates for Warrant Shares, new Warrant certificates and certificates for RAC Series A Preferred Stock. 
 1.4. Restrictive Legend. Each certificate for Warrant Shares shall contain the following legend, unless and until such Warrant Shares have been registered for resale under the Securities Act of 1933, as amended
(the “Securities Act”) or are freely tradable under Securities and Exchange Commission (“SEC”) Rule 144. 
  

 - 4 - 

 “THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES, OR “BLUE SKY,” LAWS OF ANY STATE OR OTHER DOMESTIC OR FOREIGN JURISDICTION. THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION AND NEITHER THESE SECURITIES
NOR ANY INTEREST THEREIN MAY BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO A REGISTRATION STATEMENT IN EFFECT UNDER THE SECURITIES ACT AND OTHER APPLICABLE LAWS OR A WRITTEN OPINION OF
COUNSEL REASONABLY SATISFACTORY TO R&G FINANCIAL CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED AND THAT AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE FOR SUCH TRANSACTIONS UNDER THE SECURITIES ACT AND OTHER APPLICABLE LAWS.”

 1.5. Character of Warrant Shares and Common Stock Issued. The Company represents, warrants and covenants that all Warrant
Shares, including any Warrant Shares issued pursuant to any Cashless Exercise or Preferred Exchange, shall be duly authorized, validly issued, and, upon exercise thereof, fully paid and nonassessable. 
  

	SECTION	2. ADJUSTMENTS 

 2.1. Stock Dividends, Subdivisions and
Combinations. 
 (a) If at any time the Company shall: 
 (i) establish a record date for the determination of holders of record of its Common Stock for the purpose of entitling them to receive a
dividend payable in, or other distribution of, additional shares of Common Stock, 
 (ii) subdivide, split or reclassify its
outstanding shares of Common Stock into a larger number of shares of Common Stock, or 
 (iii) combine or reclassify its
outstanding shares of Common Stock into a smaller number of shares of Common Stock, 
 then (I) the Warrant Shares for which this Warrant is exercisable
immediately after the occurrence of any such event shall be adjusted to equal the number of Shares that a record holder of the same number of Shares for which this Warrant is exercisable immediately prior to the occurrence of such event would be
entitled to receive after such event, and (II) the Exercise Price shall be adjusted to equal (x) the Exercise Price multiplied by the Warrant Shares for which this Warrant is exercisable immediately prior to the adjustment, divided by
(y) the Warrant Shares for which this Warrant is exercisable immediately after such adjustment. 
  

 - 5 - 

 (b) In case the Company fixes a record date for the issuance to holders of its Common Stock of rights,
options, warrants or convertible or exchangeable securities generally entitling such holders to subscribe for or purchase shares of Common Stock at a price per share less than the Fair Market Value per share of Common Stock on such record date, or
otherwise sells or issues shares of Common Stock at a price less than the Fair Market Value per share of Common Stock at the closing of such sale or issuance, the Exercise Price shall be adjusted immediately thereafter so that it shall equal the
price determined by multiplying the Exercise Price in effect immediately prior thereto by a fraction, of which the numerator shall be the number of shares of Common Stock outstanding on such record date plus the number of shares of Common
Stock which the aggregate offering price of the total number of shares of Common Stock so offered would purchase at the Fair Market Value per share, and of which the denominator shall be the number of shares of Common Stock outstanding on such
record date plus the number of additional shares of Common Stock offered for subscription or purchase. Such adjustment shall be made successively on each date whenever such a record date is fixed and on each closing date of any other issue or sale
of shares of Common Stock that is subject to this Section 2.1. To the extent that any such rights, options, warrants or convertible or exchangeable securities are not so issued or expire unexercised, the Exercise Price then in effect shall be
readjusted to the Exercise Price which would then be in effect if such unissued or unexercised rights, options, warrants or convertible or exchangeable securities had not been issuable. 
 2.2. Other Adjustments. The number of Warrant Shares and the Exercise Price shall be adjusted appropriately as follows: 
 (a) For each Dividend Period (as defined below) where dividends are fully and timely declared and paid on the Series A Preferred Stock,
the number of Warrant Shares hereunder shall be reduced by 250,000 (but in no event below 8 million shares), and the exercise price per Warrant shall be increased by $0.25 per Warrant Share (but in no event above $14.00 per Warrant Share). To
the extent that RAC fails to timely declare and pay all dividends scheduled to be paid on any Dividend Payment Date on its Series A Preferred Stock, the number of Warrant Shares shall be increased by 250,000 and the Exercise Price shall be decreased
by $0.25 per Warrant Share, respectively, provided the maximum number of Warrant Shares shall not exceed 10.0 million Warrant Shares and the Exercise Price shall not be less than $12.00 per Warrant Share, subject, in each case, to the
other adjustments provided herein. A “Dividend Period” shall mean the period from and including the original issue date of the Series A Preferred Stock to and including the first Dividend Payment Date thereon, and each subsequent
period from and excluding a Dividend Payment Date to and including the next succeeding Dividend Payment Date. A Dividend Payment Date shall mean March 31, June 30, September 30 and December 31 of each year, commencing
on June 30, 2006 (each, a “Dividend Payment Date”). 
 (b) Upon the occurrence of a Material Covenant
Violation as defined in Section 2.6(e) hereof, the Exercise Price for each outstanding Warrant shall be reduced to $1.00 per Warrant Share. 
  

 - 6 - 

 (c) In the event the Company makes an offering of capital stock of any class or series or
issues any rights, options, warranties or convertible or exchangeable securities or instruments generally entitling the holder to acquire or purchase shares of Company capital stock of any class or series, the Holder shall be granted and shall have
the right, but not the obligation, to purchase shares in such offering in the same proportion as the Holder’s then current holdings of Warrant Shares bears to the total Shares issued and outstanding immediately prior to any such offering.

 2.3. Adjustment Procedures. The following provisions shall be applicable to adjustments to be made pursuant to Section 2.1
hereof: 
 (a) When Adjustments to be Made. The adjustments required by this Section 2 shall be made whenever and
as often as any event requiring an adjustment shall occur. For the purpose of any such adjustment, any event shall be deemed to have occurred at the close of business on the date of its occurrence. 
 (b) Fractional Interests. In computing adjustments under this Section 2, fractional interests in the Common Stock shall be
taken into account to the nearest 1/10th of a Share. In no event, however, shall fractional interests or scrip representing fractional interests be issued upon the exercise of this Warrant. In lieu thereof, a cash payment shall be made to the Holder
in an amount equal to such fraction multiplied by the Fair Market Value per Share. 
 (c) When Adjustment Not Required.
If the Company shall establish a record date for the determination of the holders of record of the Common Stock for the purpose of entitling such holders to receive a dividend payable in Common Stock and shall, thereafter and before the distribution
to stockholders thereof, legally abandon its plan to pay or deliver such dividend, then no adjustment shall be required by reason of the establishment of such record date and any such adjustment previously made in respect thereof shall be rescinded
and annulled. 
 2.4. Reorganization, Reclassification, Merger, Consolidation or Share Exchange. If the Company at any time
reorganizes or reclassifies its outstanding Shares (other than a change in par value, or from no par value to par value, or from par value to no par value, or as a result of a subdivision or combination) or consolidates with, merges into, or effects
a share exchange with, another corporation or entity (where the Company is not the continuing corporation after such merger, consolidation or other transaction) or a Change in Control (as defined in Section 2.5) occurs, then the Holder shall
thereafter be entitled to receive upon exercise of this Warrant in whole or in part, the same kind and number of shares of capital stock and other securities, cash or other property (and upon the same terms and with the same rights) as would have
been distributed to the Holder upon such reorganization, reclassification, consolidation, merger or share exchange had the Holder exercised this Warrant immediately prior to such reorganization, reclassification, consolidation, merger or share
exchange (subject to subsequent adjustments under this Section 2), and the Exercise Price shall be adjusted appropriately to reflect such action and adjustment. 
  

 - 7 - 

 If any reorganization, reclassification, consolidation, merger or share exchange or similar form of
transaction or Change in Control (as defined in Section 2.5) results in a cash distribution in excess of the Exercise Price provided by this Warrant, then the Holder may, at the Holder’s option, exercise this Warrant without making payment
of the Exercise Price, and in such case, the Company or its successors and assigns shall, upon distribution to such Holder, deduct the aggregate Exercise Price from the cash payable to such Holder in full payment of the Exercise Price, and pay the
balance of the distribution to such Holder. Notwithstanding anything herein to the contrary, the Company will not effect any such reorganization, reclassification, merger, consolidation or share exchange unless prior to the consummation thereof, the
corporation or other entity that may be required to deliver any stock, securities or other assets upon the exercise of this Warrant shall agree by an instrument in writing to be bound by this Warrant and to deliver such stock, cash, securities or
other assets to the Holder. A sale, transfer or lease of all or substantially all of the assets of the Company to another person or persons, whether in one transaction or a series of transactions shall be deemed a reorganization, reclassification,
consolidation, merger or share exchange for the foregoing purposes. 
 2.5. Change in Control. For purposes of this Agreement, a
“Change in Control” shall be deemed to have occurred if (i) R-G Crown Bank, F.S.B. (“Crown Bank”) is a party to a merger, consolidation, statutory share exchange, spin off, split off or any other transaction as a
result of which RAC no longer owns 100% of Crown Bank’s capital stock of all classes and series (including, for the purposes of this provision, all securities or instruments exercisable, convertible or exchangeable for such capital stock), or
Crown Bank is a party to a sale of all or substantially all of its assets in a single transaction or series of transactions (individually and collectively, a “Reorganization”); (ii) shares of capital stock of Crown Bank shall
become subject to any security interest, mortgage, pledge or negative pledge, hypothecation, lien, encumbrance, or adverse equities or claims (“Liens”); (iii) the Company or RAC is party to a Reorganization as a result of which
the Company no longer owns 100% of RAC’s capital stock of all classes and series (including, for the purposes of this provision, all securities or instruments exercisable, convertible or exchangeable for such capital stock); (iv) any
“person” (as such term is used in Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or persons acting together or in concert (including any “group”), and who are not,
at the date hereof, beneficial owners (as defined in Rule 13(d) under the Exchange Act), individually or collectively, of 25% or more of any class or series of securities of the Company, RAC or Crown Bank shall become the beneficial owner of
securities of the Company, RAC or Crown Bank or securities or instruments exercisable, convertible or exchangeable for such securities representing 25% or more of the voting power of either any individual class of securities or of any classes which
vote together with the Company’s, RAC’s or Crown Bank’s then outstanding securities; or (v) a change in a majority of the persons serving as RGF directors on the date of issuance of this Warrant (the “Existing
Directors”), provided, however, new directors nominated or elected by a majority of the RGF Board of Directors shall be considered Existing Directors for purposes hereof. Without affecting or limiting any rights, privileges or powers
of holders of RAC Series A Preferred Stock, in the event of a Change in Control where (i) 
  

 - 8 - 

 any of the Company, RAC or Crown Bank (w) is not well capitalized, (x) is not in compliance with regulatory
capital adequacy requirements, or (y) has not received approval from applicable regulatory authorities for any transaction hereunder that is subject to approval of the Federal Reserve, or (ii) any depository institution subsidiary of the
Company or RAC is not well capitalized for purposes of the prompt corrective action rules of its primary federal regulatory authority, then, notwithstanding that a Change in Control has occurred, holders of Warrants shall not shall not have rights
to exercise a Preferred Exchange or cause any retirement of RGF’s Mirror Preferred Stock or RAC Series A Preferred Stock, without prior Federal Reserve approval. 
 2.6. Covenants. For so long as any shares of the RAC Series A Preferred Stock shall remain outstanding: 
 (a) the Company shall not, and shall cause RAC not to, grant or permit to exist any Liens on any capital stock or securities of Crown Bank, all of which shall be held solely by RAC; 
 (b) without the prior permission of the holders of a majority of the outstanding RAC Series A Preferred Stock, except for indebtedness
(including obligations in connection with RAC’s outstanding trust preferred securities) and any guarantee, direct or indirect, of any indebtedness or obligations outstanding on the date hereof (and any refinancing of any such indebtedness on
more favorable terms), the Company shall not permit RAC or its subsidiaries to issue or guarantee, directly or indirectly, additional indebtedness or other obligations, except for such indebtedness or obligations which the Federal Reserve so
directs, and except such subsidiaries may issue additional indebtedness to RAC, and Crown Bank may continue to take deposits and borrow under Federal Home Loan Bank advances, repurchase agreements with creditworthy counterparties that are fully
secured by Liens on U.S. Government and U.S. Government agency securities, and under federal funds lines, subject to any limitation on transactions with affiliates herein. The Company shall not permit RAC to issue additional shares of RAC capital
stock of any class or series or any rights, options, warrants or convertible or exchangeable securities or instruments entitling the holder thereof to acquire or purchase shares of RAC capital stock containing terms, rights or preferences superior
in any respect to those of the RAC Series A Preferred Stock; 
 (c) the Company shall cause Crown Bank not to declare or pay
dividends in the event that Crown Bank is less than “well capitalized” for all regulatory purposes or would be less than “well capitalized” for all regulatory purposes immediately after payment of the dividend, except for such
dividend payments which are directed by the Federal Reserve. The Company shall cause R-G Premier Bank not to declare or pay dividends in the event that R-G Premier Bank is less than “well capitalized” for all regulatory purposes or would
be less than “well capitalized” for all regulatory purposes immediately after payment of the dividend, except for such dividend payments which are directed by the Federal Reserve. This is a limitation solely upon the declaration and
payment of dividends and not a minimum capital requirement. In the event that Crown Bank or R-G Premier Bank shall inadvertently declare or pay a dividend in violation of this Section 2.6(c), such bank and its parent corporation shall have 15
days from the date of the occurrence of the violation to cure such violation; 
  

 - 9 - 

 (d) all transactions which are entered into after the date hereof by and among the
Company, RAC, and their subsidiaries and their respective directors, officers and affiliates will comply with Sections 23A and 23B of the Federal Reserve Act and Federal Reserve Regulation W and similar laws and statues, and the rules and
regulations of, agreements with, and commitments to, orders, rulings, directives and decrees of, the Office of Thrift Supervision (“OTS”), the Federal Deposit Insurance Corporation, (“FDIC”), the Office of the
Commissioner of Financial Institutions of the Commonwealth of Puerto Rico (the “Commissioner”) and the Florida Department of Financial Institutions (the “Florida Department”); provided, however, that for purposes of
Section 2.6(e) hereof, a violation of this Section 2.6(d) shall be limited to purchases of assets by RAC or Crown Bank from their affiliates. All such transaction must be in writing on an arms’-length basis and on commercially reasonable terms
no less favorable to (i) the Company, RAC, Crown Bank and R-G Premier Bank, in the case of all transactions with any of them, or (ii) to the Company and RAC in the case of transactions with directors, officers and affiliates (other than
Crown Bank and R-G Premier Bank), than with unaffiliated third parties; and 
 (e) a “Material Covenant
Violation” shall be deemed to have occurred upon any violation of Sections 2.6(a) or (b), or upon any violation of Sections 2.6(c) or (d), individually or in the aggregate, that results in (i) the decrease in the total value of RAC
exceeding $100 million, or (ii) a $20 million or greater decrease in the Total Purchase Rights Value (as defined in the Additional Purchase Rights Investment Agreement, dated as of March 27, 2006, by and among R&G Financial Corporation
and various Investors). All dividends that are declared or paid inconsistent with Section 2.6(c) above (i) in the amount by which the applicable bank’s capital is reduced below well capitalized as a result of such dividend, and
(ii) the amount of all dividends paid or declared by Crown Bank or R-G Premier Bank when Crown Bank or R-G Premier Bank, respectively, is less than well capitalized for regulatory purposes, shall be added and included in any calculation of the
decrease in the total value of RAC or the decrease in Total Purchase Rights Value under this Section 2.6(e). 
 SECTION 3. OWNERSHIP AND
TRANSFER. 
 3.1. Ownership. The Company may deem and treat the person in whose name this Warrant is registered as the sole
Holder and the sole owner hereof (notwithstanding any notations of ownership or writing hereon made by anyone other than the Company) for all purposes and shall not be affected by any notice to the contrary until presentation of this Warrant to the
Company for registration of transfer in accordance with its terms. 
 3.2. Replacement. Upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft or destruction of this Warrant, and of indemnity and/or security reasonably satisfactory to it, or upon surrender of this Warrant if mutilated, the Company will make and deliver a new Warrant of like
tenor, in lieu of this Warrant. This Warrant shall be promptly canceled by the Company upon the surrender hereof in connection with any transfer or 
  

 - 10 - 

 replacement. Except as otherwise provided above in the case of the loss, theft or destruction of a Warrant, the Company
shall pay all expenses, taxes and other charges payable in connection with any transfer or replacement of this Warrant. 
 SECTION 4. RETIREMENT OF
MIRROR PREFERRED STOCK. 
 4.1. Retirement of Mirror Preferred Stock. Subject to the approval of the Federal Reserve, upon the
exercise of any Warrants, the Company shall use the proceeds of such exercise to redeem, at the stated value, an amount of the Company’s Mirror Preferred Stock (as defined in the Securities Purchase Agreement) equal to the proceeds to the
Company from such exercise and to cause RAC to, in turn, use the proceeds from the redemption of the Mirror Preferred Stock to redeem shares of the RAC Series A Preferred Stock in an amount equal to the amount of such proceeds. 
 SECTION 5. MISCELLANEOUS. 
 5.1 Reservation
of Shares. The Company represents, warrants and covenants that during the entire period this Warrant is outstanding and any part thereof remains unexercised, it has reserved and will at all times maintain and reserve a sufficient number of its
authorized and unissued Shares to provide for the issuance of Common Stock upon the exercise of this Warrant in full. 
 5.2 No Rights as
Shareholder; Limitation of Liability. This Warrant shall not entitle the Holder to any of the rights of a stockholder of the Company prior to exercise of this Warrant, and then only as to the Warrant Shares issuable as a result of such exercise
of the Warrant. No Holder of a Warrant shall have liability or obligation as a shareholder as a result of holding this Warrant. 
 5.3
Holders Entitled to Benefits of Other Agreements. This Warrant has been issued pursuant to the Securities Purchase Agreement, dated as of March 27, 2006, by and among the Company, RGF and the initial Holder of this Warrant as an Investor
along with certain other investors (the “Securities Purchase Agreement”) and the related Operative Documents (as defined therein), including the Registration Agreement (the “Registration Agreement”), that are
included as Exhibits thereto. Holders of this Warrant are entitled to the benefits of the Securities Purchase Agreement and the Registration Agreement. 
 5.4 No Dilution of Impairment. The Company will not, by amendment of its articles of incorporation or through reorganization, consolidation, merger, dissolution, issue or sale of securities, sale of assets or
any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of the Warrants, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be
necessary or appropriate in order to protect the rights of the holders of the Warrants against dilution or other impairment. Without limiting the generality of the foregoing, the Company (a) will take all such action as may be necessary or
appropriate in order that the Company may validly and legally issue fully paid and non-assessable shares of Common Stock upon the exercise of all Warrants at 
  

 - 11 - 

 the time outstanding, and (b) will take no action to amend its articles of incorporation or by-laws which would
change to the detriment of the holders of Common Stock (whether or not any Common Stock be at the time outstanding) the dividend or voting rights of the Company Common Stock. 
 5.5 Amendment. This Warrant may only be modified or amended and any provision hereof only may be waived by a writing executed by the Company and
upon the written consent of Holders holding a majority of the Warrants based on the number of Warrant Shares to which Holders are then entitled. 
 5.6 Successors and Assigns. This Warrant shall be binding upon, and inure to the benefit of, the parties hereto and their respective success and assigns permitted hereunder, and no other parties shall have any rights hereunder.

 5.7 Governing Law, etc. This Warrant shall be governed by, and construed and enforced in accordance with, the laws of the State of
Florida. Any action or proceeding with respect to this Warrant shall be brought exclusively in any state or federal court in the Borough of Manhattan, New York, New York. The parties waive any right to a jury trial. 
 5.8 Entire Agreement. This Warrant including the Securities Purchase Agreement and any other documents and instruments referred to herein or
therein constitutes the entire agreement between the parties hereto with respect to the transactions contemplated hereunder and supersedes all prior arrangements or understandings with respect thereto, written or oral. 
 5.9 Other Provisions. The maximum number of Warrant Shares that the Company may issue, in the aggregate, to Holders of Warrants is limited to
19.99% of the outstanding Shares of Common Stock, unless the Company obtains shareholder approval as required by NYSE Rules 312.03 and 312.04 (the “NYSE Rules”). To the extent that the maximum number of Warrant Shares issuable
pursuant to exercise of all Warrants issued in connection with the Securities Purchase Agreement exceeds 19.99% of the outstanding Shares of Common Stock and would require shareholder approval under the NYSE Rules, the Company shall issue cash to
the holders of the Warrants at the time of exercise equal to the difference between the Exercise Price and the Fair Market Value at the time the Notice of Exercise is given, multiplied by the number of Warrant Shares that cannot be exercised for
Warrant Shares because of the limitation under the NYSE Rules. The Company shall provide the Holders of Warrants with all calculations under this Section, and provide such Holders notice of the Company’s method of settlement upon receipt of a
Notice of Exercise. 
  

 - 12 - 

 IN WITNESS WHEREOF, the parties hereto have set their hands as of the date first written above.

  

			
	 R&G FINANCIAL CORPORATION

		
	 By:
	 	  
	 Name:
	 	 Victor J. Galán

	 Title:
	 	 Chairman and Chief Executive Officer

	
	 THE HOLDER

	
	  
	 Name:
	 	  
	 Title:
	 	  

 SCHEDULE A 
 NOTICE OF EXERCISE 
 OF WARRANT TO PURCHASE COMMON STOCK OF 
 R&G FINANCIAL CORPORATION 
 To: R&G
Financial Corporation 
 (1) The undersigned, the registered owner of this Warrant, hereby: 
  

	 	(i)	irrevocably elects to exercise the purchase rights represented thereby for, and to purchase as set forth in Section 1.3(a) thereunder,
             Shares of R&G Financial Corporation and herewith makes payment of $             therefor; or

  

	 	(ii)	irrevocably elects to exercise without payment therefor the rights represented thereby to receive             
Shares of Common Stock, calculated and made pursuant to the Cashless Exercise formula set forth in Section 1.3(b) thereunder; or 

  

	 	(iii)	irrevocably elects to exercise without cash payment the rights represented thereby to receive              Shares
of Common Stock pursuant to a Preferred Exchange as provided in Section 1.3(c) thereunder. 

 (2) The undersigned requests that the
certificates evidencing such shares of Common Stock be issued in the name of and be delivered to: 
  

			
	 Name:
	 	  
		
	 Address:
	 	  
		
		 	  
		
		 	  
		
	 Social Security or
     Tax I.D. Number:
	 	  

 and if such Shares shall not be all of the Warrant Shares purchasable hereunder, that a new Warrant of like tenor
for the balance of the Warrant Shares purchasable hereunder be delivered to the undersigned. 
  

 A-1 

 (3) The undersigned confirms that the Shares of Common Stock received pursuant to this Notice of Exercise are being
acquired for the account of the undersigned for investment only and not with a view to, or in connection with, the distribution thereof and that the undersigned has no present intention of distributing the Shares of Common Stock received.

 Dated:
                                 
  

			
	 NAME OF HOLDER
                                       
 

		
	 By:
	 	  
	 Name:
	 	  
	 Title:
	 	  

 SUBSTITUTE FORM W-9 
 Under the penalties of perjury, I certify that: 
 (1) the Social Security Number or Taxpayer Identification Number given below is correct; and 
 (2) I am not subject to backup
withholding either because I have not been notified that I am subject to backup withholding as a result of a failure to report all interest or dividends, or because the Internal Revenue Service has notified me that I am no longer subject to backup
withholding. 
 Important Instructions: You must cross out #2 above if you have been notified by the Internal Revenue Service that you
are subject to backup withholding because of under reporting interest or dividends on your tax return and if you have not received a notice from the Internal Revenue Service advising you that backup withholding due to notified payee under reporting
has terminated. For additional instructions, please refer to the attached “Guidelines for Certification of Taxpayer Identification Number on Substitute Form W-9.” 
 Signature*                                     
                            
 Date:                                

 THIS NOTICE OF EXERCISE SHALL NOT BE GIVEN EFFECT 
 BY THE COMPANY UNLESS THE HOLDER OF THE UNDERLYING 
 WARRANT HAS PROPERLY COMPLETED AND SIGNED BOTH

 THE NOTICE OF EXERCISE FORM AND THE SUBSTITUE FORM W-9. 
  

	*	If a corporation, please sign in full corporate name by president or other authorized officer. When signing as officer, attorney, custodian, trustee, administrator,
guardian, etc., please give your full title as such. In case of joint tenants, each person must sign. 

  

 A-2

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