Document:

Employment Agreement - Felix M. Villamil Pagani

 Exhibit 10.11 
 Execution Version 
 This EMPLOYMENT AGREEMENT by and between
EVERTEC, INC., a corporation organized under the laws of the Commonwealth of Puerto Rico (the “Company”), and Felix M. Villamil Pagani (“Executive”) (collectively the “Parties”) is made as of
October 1, 2010 (the “Effective Date”). 
 WHEREAS, the Parties desire to enter into this
employment agreement (the “Agreement”) pursuant to the terms, provisions and conditions set forth herein; and 

NOW, THEREFORE, in consideration of the premises and of the mutual covenants, understandings, representations, warranties,
undertakings and promises hereinafter set forth, intending to be legally bound thereby, the Parties agree as follows: 
 1. Employment
Period. 
 Subject to earlier termination in accordance with Section 3 of this Agreement, Executive shall be employed by
the Company for a period commencing on the Effective Date and ending on the fifth anniversary of the Effective Date (the “Employment Period”) unless the parties mutually agree to extend the term at least 90 days prior to the end of
the Employment Period. Upon Executive’s termination of employment with the Company for any reason, Executive shall immediately resign all positions with the Company or any of its subsidiaries or affiliates, including any position as a member of
the Company’s Board of Directors. 
 2. Terms of Employment. 

(a) Position. During the Employment Period, Executive shall serve as President and Chief Executive Officer of the Company and will
perform such duties and exercise such supervision with regard to the business of the Company as are associated with such positions, including such duties as may be prescribed from time to time by the Board of Directors of the Company (the
“Board”). Executive shall report directly to the Board and if reasonably requested by the Board, Executive hereby agrees to serve (without additional compensation) as an officer and director of the Company or any affiliate or
subsidiary thereof. 
 (b) Duties. During the Employment Period, Executive shall have such responsibilities, duties, and
authority that are customary for his position, subject at all times to the control of the Board, and shall perform such services as customarily are provided by an executive of a corporation with his position and such other services consistent with
his position, as shall be assigned to him from time to time by the Board. During the Employment Period, and excluding any periods of vacation and sick leave to which the Executive is entitled, the Executive agrees to devote all of his business time
to the business and affairs of the Company and to use Executive’s commercially reasonable efforts to perform faithfully, effectively and efficiently his responsibilities and obligations hereunder. The Executive shall be entitled to engage in
charitable and educational activities and to manage his personal and family investments, to the extent such activities are not competitive with the business of the Company, 

 
do not interfere with the performance of his duties for the Company and are otherwise consistent with the Company’s governance policies. 

(c) Compensation. 
 (i) Base Salary. During the Employment Period, Executive shall receive an initial annual base salary in an amount equal to Five Hundred Thousand Dollars ($500,000), less all applicable
withholdings, which shall be paid in accordance with the customary payroll practices of the Company (as in effect from time to time, the “Annual Base Salary”). The Annual Base Salary shall be subject to annual review by the Board,
in its sole discretion; for possible increase and any such increased Annual Base Salary shall constitute “Annual Base Salary” for purposes of this Agreement. 
 (ii) Annual Bonus. During the Employment Period, the Company shall establish the budget and performance parameters for the bonus plan for each fiscal year of the Company (each, the
“Plan”) pursuant to which Executive will be eligible to receive an annual bonus (the “Bonus”). Executive shall be eligible to receive a Bonus of up to 100% of Annual Base Salary consisting of (A) a bonus equal
to 50% of Annual Base Salary (“Target Bonus”) that shall be contingent upon attainment of the Company’s budget as established by the Board and (B) a bonus equal to 50% of Annual Base Salary contingent upon the achievement
of qualitative and quantitative performance goals established by the Board. The Bonus shall be paid in the year following the fiscal year to which the Bonus relates provided that the Compensation Committee certifies that the Company has achieved the
applicable performance objectives and determines the amount of the bonus that shall be paid to each executive entitled to receive a bonus for the applicable fiscal year. The Compensation Committee’s certification will be as soon as practicable
following receipt of the audited financial statements, but no later than ninety (90) after the receipt of such statements. 

(iii) Retention Bonuses. Subject to Executive’s continuing employment and the terms of Section 4, Executive will be paid
quarterly retention bonuses of $75,000 (the “Retention Bonuses”) on the payroll date for the first full payroll cycle following the end of each of the first twelve full calendar quarters following the Effective Date. 

(iv) Equity. 
 (1) Carib Holdings, Inc. Stock. As soon as practicable following the Effective Date, Executive will be granted restricted shares of non-voting common stock of Carib Holdings, Inc. with a
value of $800,000 (the “Restricted Stock”), based on the value of such non-voting common stock as of the date of grant. The Restricted Stock will be granted outside of the Carib Holdings, Inc. 2010 Equity Incentive Plan (the
“Plan”), but will be subject to the terms of the Plan, the applicable award agreement and the related stockholder’s agreement. Subject to Executive’s continuing employment and the terms of Section 4, the Restricted Stock
will vest over a period of 4 years in substantially equal bi-weekly installments on the Company’s normal payroll date. 

(2) Options. As soon as practicable following the Effective Date, Executive shall be granted options to purchase 1.5% of the
shares of non-voting common stock 

  
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of Carib Holdings, Inc. outstanding as of the closing of the Transaction, subject to the terms of the applicable award agreement and the Carib Holdings, Inc. 2010 Equity Incentive Plan.

 (v) Benefits. During the Employment Period, Executive shall be eligible to participate in all retirement, compensation
and employee benefit plans, practices, policies and programs provided by the Company to the extent applicable generally to other executives of the Company (except severance plans, policies, practices, or programs) subject to the eligibility criteria
set forth therein, as such may be amended or terminated from time to time. The benefits and perquisites provided to Executive will be substantially comparable in the aggregate to the benefits and perquisites that Executive enjoyed as of the closing
of the Transaction. In addition, the Company shall provide Executive with directors and officers insurance coverage at least equal to that provided to other Company directors and officers. 

(vi) Expenses. During the Employment Period, Executive shall be entitled to receive reimbursement for all reasonable business
expenses incurred by Executive in performance of his duties hereunder provided that Executive provides all necessary documentation in accordance with the Company’s policies. 
 3. Termination of Employment. 
 (a) Death or Disability.
Executive’s employment shall terminate automatically upon Executive’s death. If Executive becomes subject to a “Disability” (as defined below) during the Employment Period, the Company may give Executive written notice in
accordance with Sections 3(g) and 9(g) of its intention to terminate Executive’s employment. For purposes of this Agreement, “Disability” means Executive’s inability to perform his duties hereunder by reason of any
medically determinable physical or mental impairment for a period of six (6) months or more in any twelve (12) month period. 
 (b) Cause. Executive’s employment may be terminated at any time by the Company for “Cause” (as defined below). For purposes of this Agreement, “Cause” shall mean
Executive’s (i) commission of a felony or a crime of moral turpitude, (ii) engaging in conduct that constitutes fraud or embezzlement, (iii) engaging in conduct that constitutes gross negligence or willful gross misconduct that
results or could reasonably be expected to result in harm to the Company’s business or reputation, (iv) breach of any material terms of Executive’s employment, including this Agreement, which results or could reasonably be expected to
result in harm to the Company’s business or reputation or (v) continued willful failure to substantially perform duties as President and Chief Executive Office. Executive’s employment shall not be terminated for “Cause”
within the meaning of clauses (vi) and (v) above unless Executive has been given written notice by the Board stating the basis for such termination and Executive is given fifteen (15) days to cure, to the extent curable, the neglect
or conduct that is the basis of any such claim. 
 (c) Termination Without Cause. The Company may terminate
Executive’s employment hereunder without Cause at any time. 
 (d) Good Reason. Executive’s employment may be
terminated at any time by Executive for Good Reason upon 60 days’ prior written notice following the occurrence of the event giving rise to the termination for Good Reason. For purposes of this Agreement, “Good

  
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Reason” means voluntary resignation after any of the following actions taken by the Company without Executive’s written consent: (i) any material failure of the Company to
fulfill its obligations under Executive’s employment agreement, (ii) a material and adverse change to, or a material reduction of, Executive’s duties and responsibilities to the Company, including, without limitation, removing
Executive from the position of President and Chief Executive Officer, (iii) a material reduction in Executive’s then current Base Salary and Target Annual Bonus (not including any diminution related to a broader compensation reduction that
is not limited to Executive specifically and that is not more than 10% in the aggregate), (iv) the relocation of Executive’s primary office to a location more than 25 miles from the prior location that materially increases Executive’s
commute to work or (v) the failure of any successor to all or substantially all of the Company’s assets to assume this Agreement, whether in writing or by operation of law; provided, that any such event shall not constitute Good Reason
unless and until Executive shall have provided the Company with notice thereof no later than 30 days following Executive’s knowledge of the occurrence of such event and the Company shall have failed to remedy such event within 30 days of
receipt of such notice. 
 (e) Voluntary Termination. Executive’s employment may be terminated at any time by
Executive without Good Reason upon 30 days’ prior written notice. 
 (f) Termination as a Result of Expiration of the
Employment Period. Unless otherwise agreed between the parties, Executive’s employment shall automatically terminate upon the expiration of the Employment Period. 
 (g) Notice of Termination. Any termination by the Company for Cause or without Cause, or by Executive for Good Reason or without Good Reason, shall be communicated by Notice of Termination to the
other party hereto given in accordance with Section 9(g). For purposes of this Agreement, a “Notice of Termination” means a written notice that (i) indicates the specific termination provision in this Agreement relied
upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated and (iii) if the “Date of
Termination” (as defined below) is other than the date of receipt of such notice, specifies the termination date. The failure by Executive or the Company to set forth in the Notice of Termination any fact or circumstance that contributes to a
showing of Good Reason or Cause shall not waive any right of Executive or the Company hereunder or preclude Executive or the Company from asserting such fact or circumstance in enforcing Executive’s or the Company’s rights hereunder.

 (h) Date of Termination. “Date of Termination” means (i) if Executive’s employment is
terminated by the Company for Cause, without Cause or by reason of Disability, or by Executive for Good Reason or without Good Reason, the date of receipt of the Notice of Termination (in the case of a termination with or without Good Reason,
provided such Date of Termination is in accordance with Section 3(d) or Section 3(e)) or any later date specified therein pursuant to Section 3(g), as the case may be, (ii) if Executive’s employment is terminated by
reason of death, the date of death, and (iii) the expiration of the Employment Period, and the termination of Executive’s employment upon the date of such expiration. 
 4. Obligations of the Company upon Termination. 

  
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 (a) With Good Reason; Without Cause. If during the Employment Period, the Company
shall terminate Executive’s employment without Cause or Executive shall terminate his employment for Good Reason, then the Company will provide Executive with the following payments and/or benefits: 

(i) The Company shall pay to Executive as soon as reasonably practicable but no later than the 15th day of the third month following the
end of the calendar year that contains the Date of Termination in a lump sum to the extent not previously paid, (A) the Annual Base Salary through the Date of Termination, (B) the Bonus earned for any fiscal year ended prior to the year in
which the Date of Termination occurs, provided that Executive was employed on the last day of such fiscal year, (C) the amount of any unpaid expense reimbursements to which Executive may be entitled pursuant to Section 2(c)(v) hereof,
(D) any other vested payments or benefits to which Executive or Executive’s estate may be entitled to receive under any of the Company’s benefit plans or applicable law, in accordance with the terms of such plans or law (clauses
(A)-(D), the “Accrued Obligations”), and (E) in the event that the termination occurs after September 30 of a given year, a prorated amount of the Annual Bonus for such year based on the number of days elapsed, determined
and payable in such manner and at such time as annual bonuses in respect of such year are generally paid (the “Prorated Bonus”); and 
 (ii) Subject to Section 4(e) below, after the Date of Termination, the Company will pay Executive severance in accordance with Puerto Rico’s Law 80 severance formula in effect as of the closing
of the Transaction, but excluding for such purposes the Retention Bonuses and Restricted Stock (the “Severance Payment”). The Severance Payment shall be made in a lump sum no later than ten (10) days after Executive executes
the release described in Section 4(e); and 
 (iii) The Company shall pay to Executive as soon as reasonably practicable
following the Date of Termination, but no later than 30 days thereafter, a lump amount equal to the sum of any unpaid Retention Bonuses. 
 (iv) The Restricted Stock shall become fully vested and non-forfeitable subject to the terms of the related stockholder’s agreement. 

(b) Death or Disability. If Executive’s employment shall be terminated by reason of the Executive’s death or Disability,
then the Company will provide Executive with the Accrued Obligations and the payment and vesting provided for under Section 4(a)(iii) and Section 4(a)(iv). Thereafter, the Company shall have no further obligation to Executive or his legal
representatives. 
 (c) Cause; Other than for Good Reason. If Executive’s employment shall be terminated by
the Company for Cause or by Executive without Good Reason, then the Company shall have no further obligations to Executive other than for payment of the Accrued Obligations. 
 (d) Expiration of the Employment Period. If Executive’s employment shall be terminated by reason of the expiration of the Employment Period as result of the Company’s non-extension, then
the Company will provide Executive with the Accrued Obligations , the Prorated Bonus and continued payment of Base Salary for a period of six months in accordance 

  
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with the Company’s payroll practices (the “Salary Continuation”). If Executive’s employment shall be terminated by reason of the expiration of the Employment Period as result
of the Executive’s non-extension, then the Company will provide Executive with the Accrued Obligations. Thereafter, in either event, the Company shall have no further obligation to Executive or his legal representatives. 

(e) Separation Agreement and General Release. The Company’s obligation to make the Severance Payment or to pay the Salary
Continuation is conditioned on Executive’s or his legal representative’s executing a separation agreement and general release of claims related to or arising from Executive’s employment with the Company or the termination of
employment, against the Company and its affiliates (and their respective officers and directors) in a form reasonably determined by the Company, which shall be provided by the Company to Executive within five (5) days following the Date of
Termination; provided, that, if Executive should fail to execute (or revokes) such release within 60 days following the Date of Termination, the Company shall not have any obligation to provide the Severance Payment or the Salary
Continuation. If Executive executes the release within such 60 day period and does not revoke the release within seven (7) days following the execution of the release, the Severance Payment will be made in accordance with Section 4(a)(ii)
or the Salary Continuation shall commence at such time, as applicable. 
 5. Restrictive Covenants. 

(a) In consideration of Executive’s employment and receipt of payments hereunder, including, without limitation, the grant of options
under Section 2(c), during the period commencing on the Effective Date and ending twelve (12) months after the Date of Termination, Executive shall not directly, or indirectly through another person, (x) induce or attempt to induce
any employee, representative, agent or consultant of the Company or any of its Affiliates or subsidiaries to leave the employ or services of the Company or any of its affiliates or subsidiaries, or in any way interfere with the relationship between
the Company or any of its affiliates or subsidiaries and any employee, representative, agent or consultant thereof, (y) hire any person who was an employee, representative, agent or consultant of the Company or any of its affiliates or
subsidiaries at any time during the twelve-month period immediately prior to the date on which such hiring would take place or (z) directly or indirectly call on, solicit or service any customer, supplier, licensee, licensor, representative,
agent or other business relation of the Company or any of its affiliates or subsidiaries in order to induce or attempt to induce such person to cease doing business with, or reduce the amount of business conducted with, the Company or any of its
affiliates or subsidiaries, or in any way interfere with the relationship between any such customer, supplier, licensee, licensor, representative, agent or business relation of the Company or any of its affiliates or subsidiaries. No action by
another person or entity shall be deemed to be a breach of this provision unless the Executive directly or indirectly assisted, encouraged or otherwise counseled such person or entity to engage in such activity. 

(b) Non-Competition. Executive hereby acknowledges that it is familiar with the Confidential Information (as defined below) of the
Company and its subsidiaries. Executive acknowledges and agrees that the Company would be irreparably damaged if Executive were to provide services to any person competing with the Company or any of its affiliates or subsidiaries or engaged in a
similar business and that such competition by Executive would 

  
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result in a significant loss of goodwill by the Company. Therefore, Executive agrees that during the period commencing on the Effective Date and ending on the first anniversary of the Date of
Termination (the “Non-Compete Period”), Executive shall not (and shall cause each of his or its affiliates not to) directly or indirectly own any interest in, manage, control, participate in (whether as an officer, director,
manager, employee, partner, equity holder, member, agent, representative or otherwise), consult with, render services for, or in any other manner engage in any business engaged directly or indirectly, in the Commonwealth of Puerto Rico, in the
business of the Company and its subsidiaries as currently conducted or proposed to be conducted as of the Date of Termination; provided, that nothing herein shall prohibit Executive from being a passive owner of not more than 5% of the
outstanding stock of any class of a corporation which is publicly traded so long as none of such persons has any active participation in the business of such corporation. 
 (c) Non-Disclosure; Non-Use of Confidential Information. Executive shall not disclose or use at any time, either during his employment with the Company or at any time thereafter, any Confidential
Information of which Executive is or becomes aware, whether or not such information is developed by him, except to the extent that such disclosure or use is directly related to and required by Executive’s performance in good faith of duties
assigned to Executive by the Company. Executive will take all appropriate steps to safeguard Confidential Information in his possession and to protect it against disclosure, misuse, espionage, loss and theft. Executive shall deliver to the Company
at the termination of his employment with the Company, or at any time the Company may request, all memoranda, notes, plans, records, reports, computer tapes and software and other documents and data (and copies thereof) relating to the Confidential
Information or the “Work Product” (as defined in Section 5(e)(ii)) of the business of the Company Group that Executive may then possess or have under his control. 

(d) Proprietary Rights. Executive recognizes that the Company Group possesses a proprietary interest in all Confidential
Information and Work Product and has the exclusive right and privilege to use, protect by copyright, patent or trademark, or otherwise exploit the processes, ideas and concepts described therein to the exclusion of Executive, except as otherwise
agreed between the Company Group and Executive in writing. Executive expressly agrees that any Work Product made or developed by Executive or his agents during the course of Executive’s employment, including any Work Product which is based on
or arises out of Work Product, shall be the property of and inure to the exclusive benefit of the Company Group. Executive further agrees that all Work Product developed by Executive (whether or not able to be protected by copyright, patent or
trademark) during the course of his employment with the Company, or involving the use of the time, materials or other resources of the Company Group, shall be promptly disclosed to the Company Group and shall become the exclusive property of the
Company Group, and Executive shall execute and deliver any and all documents necessary or appropriate to implement the foregoing. 
 (e) Certain Definitions. 
 (i) As used herein, the term
“Confidential Information” means information that is not generally known to the public (but for purposes of clarity, Confidential Information shall never exclude any such information that becomes known to the public because of
Executive’s unauthorized disclosure) and that is used, developed or obtained by the Company 

  
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Group in connection with its business, including, but not limited to, information, observations and data obtained by Executive while employed by the Company Group concerning (A) the business
or affairs of the Company Group, (B) products or services, (C) fees, costs and pricing structures, (D) designs, (E) analyses, (F) drawings, photographs and reports, (G) computer software, including operating systems,
applications and program listings, (H) flow charts, manuals and documentation, (I) databases, (J) accounting and business methods, (K) inventions, devices, new developments, methods and processes, whether patentable or
unpatentable and whether or not reduced to practice, (L) customers and clients and customer or client lists, (M) other copyrightable works, (N) all production methods, processes, technology and trade secrets, and (O) all similar
and related information in whatever form. Confidential Information will not include any information that has been published in a form generally available to the public (except as a result of Executive’s unauthorized disclosure) prior to the
date Executive proposes to disclose or use such information. Confidential Information will not be deemed to have been published or otherwise disclosed merely because individual portions of the information have been separately published, but only if
all material features comprising such information have been published in combination. 
 (ii) As used herein, the term
“Work Product” means all inventions, innovations, improvements, technical information, systems, software developments, methods, designs, analyses, drawings, reports, service marks, trademarks, trade names, logos and all similar or
related information (whether patentable or unpatentable) that relates to the Company Group’s actual or anticipated business, research and development or existing or future products or services and that are conceived, developed or made by
Executive (whether or not during usual business hours and whether or not alone or in conjunction with any other person) while employed by the Company together with all patent applications, letters patent, trademark, trade name and service mark
applications or registrations, copyrights and reissues thereof that may be granted for or upon any of the foregoing. 
 6.
Non-Disparagement. 
 During the Employment Period and at all times thereafter, neither Executive nor his agents, on the
one hand, nor the Company formally, or its executives or board of directors, on the other hand, shall directly or indirectly issue or communicate any public statement, or statement likely to become public, that maligns, denigrates or disparages the
other (including, in the case of communications by Executive or his agents, Company Group, any of Company Group’s officers, directors or employees, Apollo or any affiliate thereof). The foregoing shall not be violated by truthful responses to
(i) legal process or governmental inquiry or (ii) by private statements to Company Group or any of Company Group’s officers, directors or employees; provided, that in the case of Executive, with respect to clause (ii), such
statements are made in the course of carrying out his duties pursuant to this Agreement. 
 7. Confidentiality of Agreement. 

The Parties agree that the consideration furnished under this Agreement, the discussions and correspondence that led to this Agreement,
and the terms and conditions of this Agreement are private and confidential. Except as may be required by applicable law, regulation, or stock 

  
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exchange requirement, neither Party may disclose the above information to any other person or entity without the prior written approval of the other. 

8. Executive’s Representations, Warranties and Covenants. 
 (a) Executive hereby represents and warrants to the Company that: 
 (i) Executive
has all requisite power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby, and this Agreement has been duly executed by Executive; 

(ii) the execution, delivery and performance of this Agreement by Executive does not and will not, with or without notice or the passage
of time, conflict with, breach, violate or cause a default under any agreement, contract or instrument to which Executive is a party or any judgment, order or decree to which Executive is subject; 

(iii) Executive is not a party to or bound by any employment agreement, consulting agreement, non-compete agreement, fee for services
agreement, confidentiality agreement or similar agreement with any other person; 
 (iv) upon the execution and delivery of this
Agreement by the Company and Executive, this Agreement will be a legal, valid and binding obligation of Executive, enforceable in accordance with its terms; 
 (v) Executive understands that the Company will rely upon the accuracy and truth of the representations and warranties of Executive set forth herein and Executive consents to such reliance; and

 (vi) as of the date of execution of this Agreement, Executive is not in breach of any of its terms, including having
committed any acts that would form the basis for a Cause termination if such act had occurred after the Effective Date. 
 (b)
The Company hereby represents and warrants to Executive that: 
 (i) the Company has all requisite power and authority to
execute and deliver this Agreement and to consummate the transactions contemplated hereby, and this Agreement has been duly executed by the Company; 
 (ii) the execution, delivery and performance of this Agreement by the Company does not and will not, with or without notice or the passage of time, conflict with, breach, violate or cause a default under
any agreement, contract or instrument to which the Company is a party or any judgment, order or decree to which the Company is subject; 
 (iii) upon the execution and delivery of this Agreement by the Company and Executive, this Agreement will be a legal, valid and binding obligation of the Company, enforceable in accordance with its terms;
and 

  
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 (iv) the Company understands that Executive will rely upon the accuracy and truth of the
representations and warranties of the Company set forth herein and the Company consents to such reliance. 
 9. General Provisions.

 (a) Severability. It is the desire and intent of the Parties hereto that the provisions of this Agreement be enforced
to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision of this Agreement shall be adjudicated by a court of competent jurisdiction to
be invalid, prohibited or unenforceable under any present or future law, and if the rights and obligations of any party under this Agreement will not be materially and adversely affected thereby, such provision, as to such jurisdiction, shall be
ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction; furthermore, in lieu of such invalid or unenforceable provision there will be added
automatically as a part of this Agreement, a legal, valid and enforceable provision as similar in terms to such invalid or unenforceable provision as may be possible. Notwithstanding the foregoing, if such provision could be more narrowly drawn so
as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such
provision in any other jurisdiction. 
 (b) Entire Agreement and Effectiveness. Effective as of the Effective Date, this
Agreement embodies the complete agreement and understanding among the Parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or among the Parties, written or
oral, which may have related to the subject matter hereof in any way (excluding any stock options or awards granted under any equity compensation plans maintained by the Company). 

(c) Successors and Assigns. 
 (i) This Agreement is personal to Executive and without the prior written consent of the Company shall not be assignable by Executive otherwise than by will or the laws of descent and distribution. This
Agreement shall inure to the benefit of and be enforceable by Executive’s legal representatives. 
 (ii) This Agreement
shall inure to the benefit of and be binding upon the Company and its successors and assigns. The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the
business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this
Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid that assumes and agrees to perform this Agreement by operation of law, or otherwise. 

(d) Governing Law. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF COMMONWEALTH OF PUERTO

  
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RICO, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING PROVISION OR RULE (WHETHER OF THE COMMONWEALTH OF PUERTO RICO OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS OF ANY
JURISDICTION OTHER THAN THE COMMONWEALTH OF PUERTO RICO TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF THE COMMONWEALTH OF PUERTO RICO WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS AGREEMENT, EVEN IF UNDER SUCH
JURISDICTION’S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY. 
 (e) Enforcement. 
 (i) Arbitration. Except for disputes arising under
Sections 5 and 6 of this Agreement (including, without limitation, any claim for injunctive relief), any controversy, dispute or claim arising out of or relating to this Agreement, or its interpretation, application, implementation, breach or
enforcement which the Parties are unable to resolve by mutual agreement, shall be settled by submission by either Executive or the Company of the controversy, claim or dispute to binding arbitration in New York (unless the Parties agree in writing
to a different location), before a single arbitrator in accordance with the Employment Dispute Resolution Rules of the American Arbitration Association then in effect. In any such arbitration proceeding the Parties agree to provide all discovery
deemed necessary by the arbitrator. The decision and award made by the arbitrator shall be accompanied by a reasoned opinion, and shall be final, binding and conclusive on all Parties hereto for all purposes, and judgment may be entered thereon in
any court having jurisdiction thereof. The Company will bear the totality of the arbitrator’s and administrative fees and costs. Each party shall bear its or his litigation costs and expenses; provided, however, that the
arbitrator shall have the discretion to award the prevailing party reimbursement of its or his reasonable attorney’s fees and costs. Upon the request of any of the parties, at any time prior to the beginning of the arbitration hearing the
parties may attempt in good faith to settle the dispute by mediation administered by the American Arbitration Association. The Company will bear the totality of the mediator’s and administrative fees and costs. 

(ii) Remedies. All remedies hereunder are cumulative, are in addition to any other remedies provided for by law and may, to the
extent permitted by law, be exercised concurrently or separately, and the exercise of any one remedy shall not be deemed to be an election of such remedy or to preclude the exercise of any other remedy. 

(iii) Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 (f) Amendment and Waiver. The provisions of
this Agreement may be amended and waived only with the prior written consent of the Company and Executive and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall be construed as a waiver of such provisions or
affect the validity, binding effect or enforceability of this Agreement or any provision hereof. 

  
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 (g) Notices. Any notice provided for in this Agreement must be in writing and must be
either personally delivered, transmitted via telecopier, mailed by first class mail (postage prepaid and return receipt requested) or sent by reputable overnight courier service (charges prepaid) to the recipient at the address below indicated or at
such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. Notices will be deemed to have been given hereunder and received when delivered personally, when received
if transmitted via telecopier, five days after deposit in the U.S. mail and one day after deposit for overnight delivery with a reputable overnight courier service. 
 If to the Company, to: 
 EVERTEC, Inc. 

Carr #176, Km 1.3 

Cupey Bajo, Rio Piedras Puerto Rico 00926 
 P.O. Box 364527 
 San Juan, Puerto Rico 00936-4527 

Telephone: (787) 759-9999 

with a copy (which shall not constitute notice) to: 
 Apollo Management VII, L.P. 
 9 West 57th Street 

New York, NY 10019 
 Attention: Marc Becker 
 Telephone: 212-515-3200 

Facsimile: 212-515-3263 
 with a
copy (which shall not constitute notice) to: 
 Akin Gump Strauss Hauer & Feld LLP 

One Bryant Park 

New York, NY 10036 
 Facsimile: (212) 872-1002 
 Attention: Adam Weinstein, Esq. 

If to Executive, to: 

Executive’s home address most recently on file with the Company. 

(h) Withholdings Taxes. The Company may withhold from any amounts payable under this Agreement such federal, state and local taxes
as may be required to be withheld pursuant to any applicable law or regulation. 
 (i) Survival of Representations,
Warranties and Agreements. All representations, warranties and agreements contained herein shall survive the consummation of the transactions contemplated hereby indefinitely. 

  
 12 

 (j) Descriptive Headings. The descriptive headings of this Agreement are inserted for
convenience only and do not constitute a part of this Agreement. All references to a “Section” in this Agreement are to a section of this Agreement unless otherwise noted. 

(k) Construction. Where specific language is used to clarify by example a general statement contained herein, such specific
language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates. The language used in this Agreement shall be deemed to be the language chosen by the Parties to express their
mutual intent, and no rule of strict construction shall be applied against any Party. 
 (l) Counterparts. This Agreement
may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement. 
 [SIGNATURE PAGE FOLLOWS] 

  
 13 

 Execution Version 

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

 

			
	EVERTEC, INC.
		
	By:	 	 /s/ Luis O. Abreu

		 	Name: Luis O. Abreu
		 	Title: Chief Financial Officer

			
	  
 FELIX M. VILLAMIL PAGANI

		
	Signature:	 	 /s/ Felix M. Villamil PaganiPromissory Note and Forgivable Loan, Stock Pledge Agreement

 Exhibit 10.12 
 Promissory Note and 
 Forgivable Loan, 

Stock Pledge Agreement 
  

					
	$300,000	 		 	Date: September 29, 2010

 This Forgivable
Loan, Promissory Note and Stock Pledge Agreement (the “Note”) sets forth the terms and conditions of the forgivable loan to be made to Felix M. Villamil (the “Executive”) by EVERTEC, Inc. (“EVERTEC”) and, subject to the
terms set forth in this Note, payable by the Executive to EVERTEC. 
 PAYMENT TO EXECUTIVE. As soon as administratively practicable
following the Closing Date (within the meaning of the Agreement and Plan of Merger, dated June 30, 2010, as amended, among (i) Popular, Inc., (ii) AP Carib Holdings, Ltd., (iii) Carib Acquisition, Inc., and (iv) EVERTEC),
EVERTEC shall make a loan to the Executive in the principal sum of $300,000 (the “Principal Amount”), provided that the Executive is still a full-time employee of EVERTEC as of such payment date. The Principal Amount and interest on the
Principal Amount due under the Note shall be forgiven or shall be subject to repayment, in each case as set forth in this Note. 
 Interest
Rate. Interest shall accrue at the “Prime Rate” (defined as the rate of interest announced from time to time by Citibank, N.A. in New York, as its base rate or “prime rate” of interest on loans to responsible and substantial
commercial borrowers) as in effect as of the Closing Date, compounded semi-annually during the term of this Note. Notwithstanding the foregoing, if the Executive defaults in the timely payment of any portion of the Principal Amount or any interest
thereon or any other amount which is due and payable to EVERTEC pursuant to the terms of this Note, whether by acceleration or otherwise, the Executive shall pay interest thereon, to the extent permitted by law, from the date in which the
acceleration becomes effective, at an interest rate equal to the Prime Rate plus two percent (2%) compounded monthly. 
 Forgiveness of
Outstanding Amount. Subject to the provisions of this Note, EVERTEC shall forgive all amounts (including the Principal Amount and interest thereon) under the Note in twelve (12) substantially equal bi-weekly installments (on
Executive’s regular payroll dates) commencing on the payroll date for the first full payroll cycle commencing immediately following the Closing Date, provided, that on each such payroll date, the Executive has, at all times since the date of
this Note, remained in the full-time employ of EVERTEC. 
 Notwithstanding the foregoing provisions of this Note, EVERTEC shall also forgive any
outstanding Principal Amount and any interest thereon upon the date of termination of employment if the Executive’s employment is terminated by EVERTEC other than for “Cause” or is terminated by the Executive for “Good
Reason” or is terminated due to the Executive’s death or “Disability” (each, as defined under the Executive’s employment agreement with EVERTEC, dated September 29, 2010 (“Employment Agreement”)). If Executive
shall terminate his employment other than for Good Reason, or if EVERTEC terminates the Executive’s employment for Cause, no remaining part of the Principal Amount or interest thereon that is due under this Note shall be forgiven and the
payment of the amounts due under this Note shall be accelerated as described below. 

 In addition, in the event that, in the sole determination of EVERTEC, (i) the existence of this Note
would at any time be in violation of applicable law, rule or regulation or (ii) EVERTEC takes or intends to take any action that would cause or would likely cause this Note to be in violation of applicable law, rule or regulation, EVERTEC shall
forgive any remaining outstanding Principal Amount and any interest thereon in a lump sum immediately prior to the date of any such violation by giving notice to the Executive in the manner contemplated by Section 9(g) of the Employment
Agreement, provided that, at the time of such forgiveness, the Executive is still a full-time employee of EVERTEC and is in good standing. 

Acceleration. This Note shall immediately become due and payable without presentment, demand, protest, notice of default or other notice of any
kind, which the Executive hereby expressly waives, in the event that the Executive’s employment with EVERTEC is terminated, (i) by the Executive other than for Good Reason, or (ii) by EVERTEC for Cause. 

Stock Pledge. The Executive hereby assigns and pledges as security for the payment of this Note, the number of non-voting restricted stock of
Carib Holdings, Inc. (the “Restricted Stock”) granted by Carib Holding, Inc. to the Executive as of the Closing Date to the extent that such Restricted Stock shall vest during the term of this Note. The Executive’s payment obligations
hereunder shall be secured by a pledge of such vested Restricted Stock. The Executive hereby grants a first priority security interest in, and pledges, the vested Restricted Stock and all proceeds thereon (the pledged vested Restricted Stock,
together with the property described in the next paragraph of this Note, and all proceeds of the foregoing, being referred to as the “Pledged Collateral”) to the Executive to secure the satisfaction by the Executive of all of his
obligations to EVERTEC under this Note. This pledge shall be governed by all applicable provisions of, and EVERTEC shall have all rights and remedies with respect to the Pledged Collateral of a secured party under, the Commercial Transactions Act of
the Commonwealth of Puerto Rico. The Executive agrees to deliver to EVERTEC the share certificate or instruments or other documents representing or evidencing the Restricted Stock accompanied by stock powers, as applicable, duly executed in blank or
other instruments of transfer as reasonably satisfactory to EVERTEC and by such other instruments and documents as EVERTEC may from time to time reasonably request. The Executive agrees that he will not (i) sell or otherwise dispose of, or
grant any option with respect to, any of the Pledged Collateral without the prior written consent of EVERTEC or (ii) create or permit the existence of any lien upon or with respect to any of the Pledged Collateral, except for the security
interest granted hereby. Notwithstanding the foregoing, the Executive shall be entitled to arrange with EVERTEC for a sale by the Executive of the Pledged Collateral, free of the security interest granted hereby, provided that (A) such sale is
permitted pursuant to the restricted stock agreement between the Executive and EVERTEC that covers the Pledged Collateral and (B) the Executive directs that the proceeds of such sale first be used to satisfy his obligations pursuant to the
second paragraph of this Note and makes such additional agreements to satisfy such obligations in full as may be required by EVERTEC. 
 In the
event that, during the term of this Note, any stock dividend, reclassification, readjustment or other change is declared or made in the capital structure of EVERTEC, then EVERTEC shall have a security interest in all securities (whether shares of
stock or other securities) issued to or acquired by the Executive by reason of such event, and such securities shall become part of the Pledged Collateral. 

  
 2 

 The Executive hereby acknowledges that EVERTEC’s right to recover amounts payable hereunder shall not
be limited to the Pledged Collateral and that EVERTEC shall have full recourse against any other assets of the Executive. If for any reason the Executive fails to pay the full amount due hereunder, the Executive’s maximum personal liability
shall be an amount equal to 100% of the unpaid Principal Amount, together with accrued interest thereon. 
 Payments and Withholding
Taxes. To provide for the payment of the Federal employment and Puerto Rico income and employment taxes required to be withheld from the Executive at the time any installment due under this Note may be forgiven (“Withholding Taxes”),
the Executive agrees to pay to EVERTEC and the Executive authorizes EVERTEC to deduct and withhold from the compensation otherwise due to the Executive on the payroll date that each installment due under the Note is forgiven, the Withholding Taxes
due upon the forgiveness of such installment. EVERTEC shall notify the Executive of the amount of Withholding Taxes and the amount of each payment to be so deducted. If on the date any installment of Principal Amount and interest thereon due under
the Note is to be forgiven the amount theretofore forgiven by (or deducted from) Executive to EVERTEC is less than the amount of Withholding Taxes due with respect to the amount forgiven, Executive shall promptly pay any deficiency to EVERTEC, and
if the amount paid is in excess of the amount of Withholding Taxes due, EVERTEC shall promptly pay such excess to Executive. 
 The payment to
EVERTEC by Executive of any Withholding Taxes on account shall not obligate EVERTEC to forgive all or any part of the Principal Amount or interest thereon on any installment date unless and until all of the conditions to the forgiveness of any
Principal Amount and interest due under the Note are satisfied in full. 
 In order to reflect the forgiven amounts in the Executive’s
Puerto Rico W-2 statement for a calendar year, EVERTEC will affect the year to date balances. Since there are Withholding Taxes related to the compensation, the Executive agrees to reimburse, at year-end, EVERTEC for any additional amounts required
for withholding taxes and any additional withholding amounts required to be deducted by the Payroll Department, such as Medicare. 

Arbitration Clause. EVERTEC and the Executive agree that, further to this Note and any employment agreement between EVERTEC and the Executive, any
controversy, dispute or claim arising out of, or relating to this Note, or as a result of any section interpretation thereof, shall be submitted to binding arbitration in accordance with the provisions of Section 9 of the Employment Agreement.

 Not an Employment Contract. The Executive expressly acknowledges that this Note is not an employment contract or an agreement to
employ the Executive for a specified period of time or a promise of continued employment with EVERTEC for any period whatsoever. 

Waivers. No failure by EVERTEC to exercise any right, no partial exercise and no delay in exercising any such right (including without limitation
acceptance by EVERTEC of any late payment or other default), or any other course of dealing between the Executive and EVERTEC, shall constitute a waiver by EVERTEC of its right to exercise any of its options or any of its rights hereunder at any
time. 

  
 3 

 Assignment. This Note may be assigned by EVERTEC, and the benefits and obligations thereof shall
inure to EVERTEC’s successors and assigns. To the extent this Note is assigned, all references to EVERTEC herein shall be deemed to be a reference to such assignee. 
 Terms and Modifications. This Note contains all the terms of the agreement between the parties hereto relating to the subject matter hereof and may not be modified except by a writing signed by the
party to be bound thereby. 
 Invalid Provisions. If any provision of this Note is held to be illegal, invalid or unenforceable under
present or future laws effective during the term hereof, such provision shall be fully severable and this Note shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part hereof and the remaining
provisions hereof shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision by its severance herefrom. Any provision of this Note that is inapplicable to an employee as a result of the fact
that said employee’s position with EVERTEC is in a non-production capacity shall not affect the balance of the Note. 
 Governing
Law. This Note shall be governed by, and construed in accordance with, the laws of the Commonwealth of Puerto Rico but without regard to the choice of law principles thereof. 
 Headings. The headings contained in this Note are inserted for convenience only and shall not affect the meaning or interpretation of this Note. 

[Signature Page Follows] 

  
 4 

 IN WITNESS WHEREOF, the undersigned has signed this Note as of the date and year first above
written. 
  

							
	Date:	 	  	 	 	 	/s/ Félix M. Villamil
		 	  
 September 29,
2010
	 		 	  
 Félix
M. Villamil

			
	 /s/ Luis O. Abreu
	 		 	PO Box 364527
		 	Luis O. Abreu	 		 	San Juan, PR 00936-4527
		 	EVERTEC, Inc.	 		 	

 AFFIDAVIT NO. 1,109 
 Subscribed to before me by Félix M. Villamil, of legal age, married and resident of San Juan, Puerto Rico, as President of EVERTEC, Inc. and Luis O. Abreu, of legal age, married and resident
of San Juan, Puerto Rico, as Chief Financial Officer of EVERTEC, Inc., whom are personally known to me. 
 In San Juan, Puerto
Rico, on this 29th day of September, 2010. 
  

	
	 /s/ Luisa Wert Serrano

	NOTARY PUBLIC

  
 5

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