Document:

Exhibiti 10.4

 Exhibit 10.4 
 ADDITIONAL PURCHASE RIGHTS INVESTMENT AGREEMENT 
 THIS ADDITIONAL PURCHASE RIGHTS INVESTMENT
AGREEMENT (this “Agreement”) is made and entered as of March 27, 2006 into by R&G ACQUISITION HOLDINGS CORPORATION (“RAC”) in favor of the various Investors identified on Schedule A attached hereto, each of
whom has executed this Agreement (individually, an “Investor” and collectively the “Investors”). It is joined into by R&G Financial Corporation (“RGF”) with respect to certain obligations and
undertakings as specified herein. 
 The Investors have entered into a Securities Purchase Agreement on even date herewith (the
“Securities Purchase Agreement”) with RGF and RAC and the Operative Documents (as defined in the Securities Purchase Agreement), pursuant to which they have agreed to purchase certain shares of preferred stock of RAC, the proceeds
of which are to be used to strengthen the capital position of RAC, RGF and certain of their subsidiaries, all of which is of value to RAC and RGF. For and in consideration of such purchases, RAC hereby grants the Investors the Purchase Rights (as
defined below) on the terms and conditions provided herein, and RGF agrees to abide by and comply with the obligations and covenants applicable to it hereunder. 
 SECTION 1. GRANT OF PURCHASE RIGHTS 
 1.1 RAC grants to the Investors, together with any permitted transferee or
assignee of the rights granted herein (individually, a “Holder” and collectively, the “Holders”), eight million Purchase Rights permitting them to acquire, subject to the exercise of each such Purchase Right and the
payment of the Purchase Rights Exercise Price (as defined below), as the same shall be determined and adjusted as provided herein and compliance with the other provisions of this Agreement, the Purchase Rights Value (as defined below), as the same
may be adjusted from time to time. 
 1.2 Each Investor shall be entitled to that number of Purchase Rights indicated on Schedule A attached
hereto. The Purchase Rights granted herein are several to the Holders, and not joint, and each Holder shall have the right and power to exercise its Purchase Rights at any time and from time to time as provided herein, regardless of the actions of
other Holders with respect to their Purchase Rights. 
 SECTION 2. CERTAIN DEFINITIONS 
 2.1 “Exercised Purchase Rights Value” means the product of the number of Purchase Rights exercised multiplied by the Value of a Purchase
Right. 

 2.2 “Purchase Rights” shall mean the rights granted pursuant to this Agreement to the
Holders permitting them to receive an interest in the Total Purchase Rights Value upon payment of the Purchase Rights Exercise Price. There are eight million Purchase Rights granted to the Investors pursuant to this Agreement. 
 2.3 “Purchase Rights Exercise Price” shall mean $10 per Purchase Right, provided, however: 
 (a) In the event that not all scheduled dividends have been declared and paid in full on the RAC Series A Preferred Stock issued pursuant to the
Securities Purchase Agreement during a given calendar quarter, the Purchase Rights Exercise Price then in effect shall be reduced on and as of the first day of the following quarter by $0.4894375. This adjustment shall occur each calendar quarter
that the dividends on the RAC Series A Preferred Stock are not paid as required thereby, provided the Purchase Rights Exercise Price cannot be reduced to less than $0.01, subject to the limitation provided in Section 3.7 below.

 (b) In the event of any Material Covenant Violation (as defined below), the Purchase Rights Exercise Price shall be reduced to $0.01,
subject to the limitation provided in Section 3.7 below. 
 2.4 “Total Purchase Rights Value” shall mean twenty percent
(20%) of the Appraised Value (as defined and determined below). 
 2.5 “Value of a Purchase Right” shall mean twenty
percent (20%) of the Appraised Value divided by eight million. 
 SECTION 3. EXERCISE OF PURCHASE RIGHTS 
 3.1 Timing of Exercise. The Purchase Rights may be exercised by a Holder at any time following an Appraisal, but only as provided in
Section 3.2 below. The Purchase Rights shall expire at 5:00 p.m. (Eastern Time) on the seventh anniversary of issuance of the Purchase Rights (the “Expiration Time”), unless the same shall be extended as provided herein.

 3.2 When an Appraisal may be Demanded. Commencing five years after the Closing (as defined in the Securities Purchase Agreement)
hereof, or at any time following the occurrence of a Change in Control (as defined below) or the entering into or announcement of any agreement that, upon consummation would result in a Change in Control, or following the occurrence of a Material
Covenant Violation (as defined below), and prior to the Expiration Time, Financial Stocks Capital Partners IV L.P. or a majority of Holders of the then outstanding Purchase Rights hereunder (such Holder or Holders, the “Demanding
Holders”) may demand an appraisal to determine the Total Purchase Rights Value under this Agreement (the “Appraisal”) at RAC’s sole expense. Only one Appraisal may be required within any twelve month period. To the
extent that the Demanding Holders request an additional Appraisal (other than an Appraisal required pursuant to the provisions of Section 6.1 hereof), the Appraisal shall be at the sole cost and expense of the Demanding Holders. Notice of the
demand for Appraisal shall be delivered to RAC to the address provided in Schedule A hereto below, and a copy shall be delivered to RGF. 
  

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 3.3 Notice and Elections of Other Holders. When a demand for an Appraisal is made, the Demanding
Holders shall notify all other Holders at the addresses provided in Schedule A hereto, advising them that a demand for Appraisal has been made, indicating the number of Purchase Rights they intend to exercise and providing them with fifteen
(15) business days in which to advise the Demanding Holders whether or not such Holder wishes to participate in the Appraisal process and exercise all or part of their Purchase Rights and if so, the number of Purchase Rights such Holder intends
to exercise. 
 3.4. Appraisal and Appraised Value. 
 (a) In conducting the Appraisal, the Demanding Holders shall, within five business days of delivering the notice of the demand for the Appraisal, select an independent investment banking firm or other independent,
nationally recognized appraisal firm (an “Appraiser”) to determine the Appraised Value. RAC shall, within five business days thereafter also select an Appraiser, and the two Appraisers so selected shall, within five business days,
select a third Appraiser. The Appraisers selected by the Demanding Holders and RAC shall complete their appraisal within twenty business days. The third Appraiser so selected shall, within five days thereafter, review the appraised valuations of the
first two Appraisers and shall select such appraised value determined by one of the first two Appraisers that, in its judgment most closely reflects the correct valuation of R-G Crown Bank, F.S.B. and any successor thereto by merger, consolidation,
conversion or operation of law (“Crown Bank”) in accordance with this Section 3.4 (the value, as selected by the third Appraiser, the “Appraised Value”). 
 (b) Each Appraiser and Appraisal shall value the Purchase Rights based first upon their appraised value of Crown Bank on a control premium basis,
assuming the sale of Crown Bank in its entirety as a going concern, and without any discounts for a lack of a controlling interest or size of the securities position, marketability, liquidity or otherwise, and without giving any effect to any tax
consequences, plus any cash or marketable securities held by RAC as a result of dividends or distributions from Crown Bank and without any reduction for outstanding preferred stock or trust preferred securities of RAC (the “Control
Premium Value”), and second upon their appraised value of Crown Bank on a going concern basis, considering Crown Bank as being a publicly traded bank or savings institution located in the State of Florida having its respective asset size,
balance sheet composition, equity and earnings without any discount for a lack of a controlling interest, liquidity, marketability, size of securities position or otherwise, and without giving effect to any tax consequences, plus any cash or
marketable securities held by RAC as a result of dividends or distributions from Crown Bank and without any reduction for outstanding preferred stock or trust preferred securities of RAC (the “Public Market Value”). The average of
the Control Premium Value and the Public Market Value determined by each Appraiser shall be the appraised valuation of such Appraiser. Notwithstanding the valuations that might be determined by the Appraisers, in no event shall the Appraised Value
be less than four hundred million dollars ($400,000,000). 
  

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 3.5 RAC Election. Upon determination of the Appraised Value (and accordingly the Purchase Rights
Value), RAC shall consult with RGF and have five business days in which to notify the Demanding Holders and all other Holders electing to exercise Purchase Rights whether it intends to provide the Exercised Purchase Rights Value in the form of RGF
Class B Common Stock (the “Common Stock”) or in cash, and if no affirmative election is so made, RAC shall be deemed to have made an election on and as of the fifth business day following the determination of the Appraised Value to
settle the Purchase Rights in cash. 
 3.6 Determination of Number of Shares to be Delivered. If RAC elects to provide the Exercised
Purchase Rights Value in the form of Common Stock, it shall deliver that number of shares of Common Stock that have a Fair Market Value (as defined below) equal to the Value of a Purchase Right multiplied by the number of Purchase Rights being
exercised. The shares of Common Stock, for the purposes of making this calculation, shall be valued at their Fair Market Value as defined below. The “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 commencing five business days following the
notification by RAC that it intends to provide the Exercised Purchase Rights Value in the form of Common Stock, or in the case of a Change in Control, Reorganization or Material Covenant Violation, as such terms are defined below, averaged over a
period of the 20 consecutive trading days either immediately prior to or immediately following such event (at the election of the Demanding Holders). 
 3.7 Certain Purchase Rights Exercise Price Adjustment. Notwithstanding the provisions of Section 2.2, in the event RAC elects to provide the Exercised Purchase Rights Value in the form of Common Stock, the
Purchase Rights Exercise Price shall not be reduced to an amount below $0.01 for each share of Common Stock to be delivered upon exercise of the Purchase Rights. 
 3.8 Closing. If RAC elects to provide the Exercised Purchase Rights Value in the form of cash, a closing shall be held within ten (10) business days of the date of RAC’s notice with respect thereto,
at which time the Holders exercising Purchase Rights shall deliver the Purchase Rights Exercise Price in the one of the forms or manners specified in Section 4 below for each such Purchase Right being exercised, and in exchange for which RAC
shall deliver cash equal to the Exercised Purchase Rights Value. If RAC elects to provide the Exercised Purchase Rights Value in the form of Common Stock, a closing shall be held within ten (10) business days of the determination of the Fair
Market Value of the Common Stock. At such closing, the Holders exercising Purchase Rights shall deliver the Purchase Rights Exercise Price in the one of 
  

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 the forms or manners specified in Section 4 below for each such Purchase Right being exercised, and in exchange for
which RAC shall deliver shares of Common Stock equal to the Exercised Purchase Rights Value. At the closing, and upon delivery by a Holder of the Purchase Rights Exercise Price in one of the forms or manners specified in Section 4 below, the
Holder shall be deemed to be the holder of record of the shares of Common Stock to be issued pursuant to the exercise of the Purchase Rights, notwithstanding that RGF’s stock transfer books may be closed or that certificates representing such
Shares have not been issued or delivered to the Holder. 
 3.9 Requirements. In order for RAC to exercise the right to provide the
Exercised Purchase Rights Value in the form of Common Stock, such shares must be shares registered under the Securities Act of 1933, as amended (the “Securities Act”), subject to no lien, claim or encumbrance, and must be fully paid
and non-assessable. 
 SECTION 4. METHODS OF EXERCISE OF PURCHASE RIGHTS BY HOLDERS 
 4.1 Preferred Exchange. For so long and to the extent that a Holder continues to hold Series A Preferred Stock of RAC, the Holder hereof shall
exercise the Purchase Rights granted herein, in whole or in part, by delivering (i) a signed Notice of Exercise, as attached hereto as Exhibit A (including the Substitute Form W-9, which forms a part thereof, the “Notice of
Exercise”) and (ii) shares of Series A Preferred Stock of RAC having a Stated Value (as defined in the designation of such Series), plus accrued but unpaid dividends for the latest Dividend Period (as such term is defined in the
Securities Purchase Agreement) (collectively, the “Preferred Value”) equal to the Purchase Rights Exercise Price for the Purchase Rights being exercised to RAC at the address provided in Section 8.7 hereof (the
“Preferred Exchange”). In exchange therefore, RAC shall deliver the Exercised Purchase Rights Value in the form elected by RAC. Any Preferred Exchange shall be subject to prior approval by the Board of Governors of the Federal
Reserve System or its delegatee (the “Federal Reserve”). 
 4.2 Cash Exercise. If a Holder lacks sufficient Series A
Preferred Stock of RAC to exercise Purchase Rights or if such an exercise would require the Holder to seek an approval from a Regulatory Authority (as defined in Section 7.2(d) below), or RAC cannot obtain approval from the Federal Reserve to
engage in a Preferred Exchange, a Holder may exercise the Purchase Rights under this Agreement in whole or in part by delivering to RAC at any time prior to the Expiration Time: (i) a completed and signed Notice of Exercise and (ii) cash
in an amount equal to the Purchase Rights Exercise Price to RAC at the address provided in Section 8.7 hereof. In exchange therefore, RAC shall deliver the Exercised Purchase Rights Value in the form elected by RAC. 
 4.3 Cashless Exercise. If a Holder lacks sufficient Series A Preferred Stock of RAC to exercise Purchase Rights or such an exercise would require
the Holder to seek an approval from a Regulatory Authority (as defined below) regarding possible control of RGF, RAC, Crown Bank or R-G Premier Bank, a Holder hereof may elect to exercise the Purchase Rights pursuant to this Agreement, in whole or
in part, and to receive, without the payment by such Holder of any additional cash or other consideration (the “Cashless Exercise”), the Exercised Purchase Rights 
  

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 Value as provided in this subsection. To make a Cashless Exercise, the Holder must deliver a completed
and signed Notice of Exercise providing such number of Purchase Rights to be surrendered in the Cashless Exercise, to RAC at its address provided in Schedule A. RAC shall then issue to the Holder the Exercised Purchase Rights Value as is
computed using the following formula: 
 X = Y (A-B) 
  

			
	 where X =
	  	the Exercised Purchase Rights Value to be delivered to the Holder pursuant to this Section 4.3.
		
	 Y =
	  	the number of Purchase Rights being exercised by such Holder pursuant to the Cashless Exercise option.
		
	 A =
	  	the Value of a Purchase Right being exercised by such Holder.
		
	 B =
	  	the Purchase Rights Exercise Price at the time payment is due in connection with the cashless exercise for each Purchase Right being exercised by such Holder pursuant to the Cashless Exercise
option.

 SECTION 5. CERTAIN OBLIGATIONS OF RGF AND RAC 
 5.1 Delivery of Shares. In the event RAC elects to provide the Exercised Purchase Rights Value through the use of Common Stock, RGF shall deliver
to RAC that number of registered, fully paid and non-assessable shares of Common Stock sufficient to pay the Exercised Purchase Rights Value. Such shares shall be in such denomination as may be requested by the Holder and shall be registered in the
name of the Holder. RGF shall pay all expenses, stock transfer taxes and other charges payable in connection with the preparation, execution and delivery of such certificates for shares of Common Stock. RGF shall at all times reserve sufficient
shares of Common Stock to comply with its obligations hereunder. In addition, it shall comply with the obligations contained in the Registration Agreement between RGF and the Investors of even date herewith, and it is expressly intended and
understood that both RAC and the Holders are intended beneficiaries of the obligations and duties of RGF set forth therein. RGF further agrees that it will not increase the par value of the shares of Common Stock above $0.01 per share. 

5.2 Status of Holders. Upon the occurrence of any closing as contemplated by Section 3.8 hereof at which shares of Common Stock are to be
delivered to a Holder upon exercise of Purchase Rights, and upon delivery of the Purchase Rights Exercise Price in one of the methods permitted in Section 4, the Holder shall be deemed to be the holder of record of the shares of Common Stock to
be issued, notwithstanding that the RGF’s stock transfer books may be closed or that certificates representing such Shares have not been issued or delivered to the Holder. 
  

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 5.3 Reissuance of Certificates. In the event of an exercise of Purchase Rights by a Holder that
does not require the use by the Holder of all of the Series A Preferred Stock of RAC held by it, RAC shall issue a new certificate or certificates representing the number of shares of Series A Preferred Stock held by the Holder and not exchanged
pursuant to the Preferred Exchange. RAC shall pay all expenses, stock transfer taxes and other charges payable in connection with the preparation, execution and delivery of such certificates for Series A Preferred Stock. 
 5.4 Partial Exercise. Nothing shall require a Holder to exercise all of the Purchase Rights such Holder holds, and the failure to exercise all
such Purchase Rights shall not impair or restrict the right of such Holder to exercise the unexercised Purchase Rights at a later date or dates. The Holder and RAC shall each retain records of the exercised and unexercised Purchase Rights of such
Holder and in the event of a discrepancy, shall work in good faith to resolve the same. 
 5.5 Retirement of Mirror Preferred Stock.
Subject to the approval of the Federal Reserve, upon the exercise of any Purchase Rights for cash, 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 6. CERTAIN RIGHTS 
 6.1 Right of the Holder to Defer Exercise. Notwithstanding any other provision of this Agreement, in the event RAC is unable to deliver registered
shares freely tradable by the holder of Common Stock to a Holder upon exercise of Purchase Rights hereunder or is unable to deliver cash in lieu of shares of Common Stock to a Holder upon exercise of Purchase Rights hereunder, (a) the Holder
may defer exercise of its Purchase Rights for up to an additional twelve months (and, if required, the Expiration Time shall be extended until such twelve months expires plus such additional time as shall be required to conduct an Appraisal (as
provided in Section 3.4 hereof) and determine whether or not RAC can either deliver registered shares of Common Stock or cash in exchange for any Purchase Rights exercised and conduct a closing with respect thereto), (b) at the end of such
twelve months, such holder may, but is not required, to demand a new Appraisal of the Purchase Rights, and (c) the Appraised Value determined as a result of such new Appraisal shall not be lower than the greater of (x) four hundred million
dollars or (y) the Appraised Value as determined pursuant to the Appraisal previously demanded by the Holder. This deferral right shall continue so long as RAC remains unable to deliver either registered shares of Common Stock or cash upon the
exercise of Purchase Rights. 
 6.2 Right to Require RAC and RGF to Prevent Inadvertent Control. The parties to this Agreement
acknowledge and understand that under certain circumstances a Holder may be in a position to exercise Purchase Rights which, when combined with other shares of Common Stock or rights that such Holder owns or controls, may result in such Holder
owning or 
  

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 controlling (or being deemed to own or control) ten percent or more of a class of voting securities of RGF or more than
twenty-five percent of the equity of RGF. In such event, RAC and the Holder agree that they will take such steps as may be reasonably requested or required to avoid the occurrence of such condition and will, if appropriate, consult with the Federal
Reserve with respect to the same. Specifically, and without regard to other steps that might be taken, RAC agrees to deliver cash in lieu of shares of Common Stock for the Purchase Right Value for all or such portion of the Exercise Rights in order
to avoid the condition. To assist RAC, RGF agrees that it will use commercially reasonable best efforts to engage in a sale of common stock or other securities of it or one of its subsidiaries (other than RAC or Crown Bank, or their successors or
assigns) to third parties and will use the proceeds of such sale to provide cash to RAC to allow it to comply with its obligations hereunder. Each of the Holders of Purchase Rights receiving cash proceeds from such offering shall pay 50% of the
underwriting commissions or discounts applicable to such securities in the same proportion that the cash proceeds to them from such sales (after deducting only underwriting discounts or commissions) bears to the total cash proceeds (after deducting
only underwriting discounts and commissions) of the entire offering and such Holders of Purchase Rights shall, severally and not jointly, pay an aggregate of $40,000 to the registrant of such securities for expenses reasonably incurred in connection
with the registration and offering of such securities. 
 6.3 Federal Reserve Requirements. The parties to this Agreement acknowledge
and understand that the exercise of certain rights under this Agreement, including but not limited to the rights to engage in a Preferred Exchange and the rights triggered by a Change in Control, may be limited, restricted or precluded by the
Federal Reserve. RAC, RGF and the Holders agree to work in good faith and to use commercially reasonable best efforts to achieve for the Holders the economic benefits of the agreements and undertakings set forth herein, consistent with the
obligations on the part of the parties to abide by the legal, regulatory and supervisory requirements imposed by the Federal Reserve. 
 6.4.
Ownership. RAC may deem and treat the persons identified and set forth on Schedule A as the Holders of the Purchase Rights provided herein and the sole persons able to exercise such Purchase Rights (notwithstanding any notations of ownership
or writing hereon made by anyone other than RAC) for all purposes and shall not be affected by any notice to the contrary until such time as such Purchase Rights are transferred as permitted herein and the procedures required herein have been
satisfied. 
 6.5 Compliance with NYSE Rules. The maximum number of shares of Common Stock that RGF may issue, in the aggregate, to
Holders of Purchase Rights is limited to 19.99% of the outstanding Shares of Common Stock less all Shares of Common Stock issued and issuable to holders of the RGF Warrants issued pursuant to the Securities Purchase Agreement, unless the Company
obtains shareholder approval as required by NYSE Rules 312.03 and 312.04 (the “NYSE Rules”). To the extent that the aggregate number of Shares of Common Stock issued and issuable pursuant to exercise of all RGF Warrants is less than
20% of the outstanding Shares of Common Stock as calculated under the NYSE Rules, RAC may elect to settle Purchase Rights for Shares of Common Stock or cash, and in all other events, RAC shall elect to issue cash to the Holders of the Purchase
Rights, provided in no event shall RAC or RGF have any right or obligation to issue Shares of Common Stock in settlement of the Purchase Rights that would necessitate approval of the Company’s shareholders under the NYSE Rules. RAC shall
provide the Holders of Purchase Rights with all calculations under this Section 6.5, including the maximum number of Purchase Rights that can be settled for shares of RGF Common Stock, and provide such Holders notice of RAC’s method of
settlement upon receipt of a notice of demand for an Appraisal by a Demanding Holder. 
  

	SECTION	7. ADDITIONAL DEFINITIONS 

 7.1 Change in
Control. For purposes of this Agreement, 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 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)
  

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 shares of capital stock of Crown Bank shall become subject to any security interests, mortgage, pledge or negative
pledge, hypothecation, lien, encumbrances, or adverse equities or claims (“Liens”); (iii) RGF or RAC is party to a Reorganization as a result of which RAC no longer owns 100% of Crown Bank, substantially all of the assets it
owned immediately prior to such transaction, or RGF no longer owns 100% of RAC (including, for the purposes of this provision, all securities or instruments exercisable, convertible or exchangeable for shares of capital stock of Crown Bank or RAC);
(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 (individually or collectively) of 25% or more of any class or series of securities of RGF, RAC or Crown Bank shall become the “beneficial owner” (as defined in Rule
13(d) under the Exchange Act) of securities of RGF, 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 of RGF’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 hereof (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) any RGF, 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 that is subject to Federal Reserve approval, or (ii) any depository institution subsidiary of RGF 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 Purchase Rights 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. 
 7.2 Material Covenant Violation.
For so long as any shares of RAC Series A Preferred Stock shall remain outstanding: 
 (a) RGF 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), RGF 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. 
  

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 Government agency securities, and under federal funds lines, subject to any limitation on transactions with affiliates
herein. RAC shall not 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) RAC 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. RGF 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 7.2(c), such institution and
its parent corporation shall have 15 days from the date of the occurrence of the violation to cure such violation. 
 (d) All transactions
which are entered into after the date hereof by and among RGF, 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 statutes, and the rules and regulations of, agreements with, and commitments to, orders, rulings, directives and decrees of, the Federal Reserve, 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”) (collectively, the “Regulatory Authorities”); provided, however, that for purposes of Section 7.2(e) hereof, a violation of this Section 7.2(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) RGF, RAC, Crown Bank and R-G Premier Bank, in the case of all transactions with any
of them, or (ii) to RGF 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. 
 (e) A “Material Covenant Violation” shall be deemed to have occurred upon any violation of Sections 7.2(a) or (b), or upon any violation
of Sections 7.2(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. All dividends
that are declared or paid inconsistent with Section 7.2(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 7.2(e). 
  

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 SECTION 8. MISCELLANEOUS. 
 8.1 No Rights as Shareholder; Limitation of Liability. Neither this Agreement nor the Purchase Rights granted herein shall entitle a Holder to any of the rights of a stockholder of RAC or RGF prior to exercise
of the Purchase Rights, and then only as to the shares issuable as a result of such exercise of the Purchase Rights. No Holder of Purchase Rights shall have liability or obligation as a shareholder of either RAC or RGF as a result of being a party
to this Agreement (or a transferee or assignee of Purchase Rights hereunder) or by virtue of holding or owning Purchase Rights. 
 8.2
Holders Entitled to Benefits of Other Agreements. This Agreement, and the Purchase Rights provided herein, have been entered into and granted pursuant to the Securities Purchase Agreement. Holders are entitled to the benefits of the
Securities Purchase Agreement and the Operative Documents, including the Registration Agreement related thereto. 
 8.3 No Impairment.
RGF will not, by amendment of its articles of incorporation or through reorganization, consolidation, merger, statutory share exchange, dissolution, liquidation, 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 this Agreement, nor will it permit RAC to do so, 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 Purchase Rights against impairment. Without limiting the generality of the foregoing, RGF (a) will take all such action as may be necessary or appropriate in order
that RGF may validly and legally issue fully paid and non-assessable shares upon the exercise of all Purchase Rights at 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 Purchase Rights or Common Stock (whether or not the Holders hold or own any Common Stock be at the time) the dividend or voting rights of the Common Stock. 
 8.4 Amendment. This Agreement may only be modified or amended and any provision hereof only may be waived by a writing executed by RAC and, to the
extent it modifies or amends rights or obligations of RGF, RGF, and upon the written consent of Holders holding a majority of the outstanding Purchase Rights. 
 8.5 Successors and Assigns. This Agreement 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. 
 8.6 Governing Law, etc. This Agreement and the rights and benefits hereof (including the Purchase Rights)
shall be governed by, and construed and enforced in accordance with, the laws of the State of Florida. RAC, RGF and each Holder agrees that any action or proceeding with respect to this Agreement shall be brought exclusively in any state or federal
court in the City of Orlando, State of Florida, and further agrees to impose no objection to the forum on the grounds of inconvenience or otherwise. The parties waive the right to a jury trial. 
 8.7 Notices. Notices required hereunder shall be in writing, and shall be delivered in person, by overnight delivery by UPS, FedEx or similar
service, by facsimile or email or in any 
  

 - 11 - 

 other form reasonably calculated to provide actual notice; provided, however, that in the event delivery is in a form
other than personal delivery, the person or party providing such notice shall seek to obtain some verifiable confirmation that such notice has been actually delivered. Notice shall be effective (i) upon personal delivery, (ii) the business
day upon which overnight delivery by UPS, FedEx or similar service occurs, or (iii) for all other forms of notice, the date of verifiable confirmation of actual delivery. Notices shall be sent to the addresses provided on Schedule A. A
person or party may change its address for notices as provided in this Section 8.7, and Schedule A shall be deemed to have been updated and modified as a result thereof. A person or party shall be deemed to have satisfied the notice
requirements of this Agreement when such person party delivers notice to the parties identified on Schedule A as in effect at the time notice is provided hereunder. 
 8.8 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute one and the same instrument. Investors may be added by executing a counterpart signature page to this Agreement. A signature sent by facsimile shall have the same force and effect as an executed original. 
 8.9 Entire Agreement. This Agreement, 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. 
 IN WITNESS WHEREOF, the parties hereto have set their hands as of the date first written above. 
  

			
	R&G ACQUISITION HOLDINGS CORPORATION
		
	By:	 	  
	Name:	 	Victor J. Galán
	Title:	 	Chairman and Chief Executive Officer

 Joined by the undersigned to confirm the consideration provided RGF as recited in the Preamble hereto and
the obligations of RGF as provided in Sections 5.1, 5.2, 6.2, 6.3, 7.2(a), 7.2(d), 8.1, 8.2, 8.3, 8.6 and 8.7 hereof. 
  

			
	R&G FINANCIAL CORPORATION
		
	By:	 	  
	Name:	 	Victor J. Galán
	Title:	 	Chairman and Chief Executive Officer

  

 - 12 - 

 Investor Counterpart Signature Page to 
 Additional Purchase Rights Investment Agreement 
  

			
	INVESTOR
		
	By:	 	
		
	By:	 	  
	NAME:	 	
	 Title:
	 	

  

 - 13 - 

 SCHEDULE A 
  

			
	 Investors (including Address for
Notices)
	 	 Purchase Rights Granted

 [to be completed] 
 Addresses for Notices to: 
 R&G Acquisition Holdings Corporation 
 R&G Tower Building 
 290 Jesus
T. Pinero Ave. 
 San Juan, PR 00918 
 R&G Financial Corporation 
 R&G Tower Building 
 290 Jesus T. Pinero Ave. 
 San Juan,
PR 00918 
  

 A-1 

 SCHEDULE A 
 NOTICE OF EXERCISE 
 OF PURCHASE RIGHT 
 To: R&G Acquisition Holdings Corporation 
 (1) The undersigned,
the holder of the Purchase Rights granted under the Additional Purchase Rights Investment Agreement dated as of March 27, 2006, hereby: 
 (i) irrevocably elects to exercise              Purchase Rights provided therein through a Preferred Exchange as provided in represented thereby for, and to purchase as set
forth in Section 4.1 thereof; or 
 (ii) irrevocably elects to exercise
             Purchase Rights through a cash payment as provided in Section 4.2 thereof; or 
 (iii) irrevocably elects to exercise              Purchase Rights through a Cashless Exercise as provided in Section 3.1(c) thereof. 

(2) The undersigned requests that to the extent shares of Common Stock are delivered by RAC for the Purchase Right Value, 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:	 	  

  

 A-1 

 (3) The undersigned confirms that any Shares of Common Stock that might be 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 RAC UNLESS THE HOLDER OF
THE 
 PURCHASE RIGHT 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-2Exhibit 10.5

 Exhibit 10.5 
 REGISTRATION AGREEMENT 
 THIS REGISTRATION AGREEMENT (this “Agreement”) is
made as of March 27, 2006 by and among R&G Financial Corporation, a Puerto Rico corporation (“RGF”), R&G Acquisition Holdings Corporation, a Florida corporation (“RAC”, together with RGF, the
“Companies”), and the investors listed on Schedule A hereto (the “Schedule of Investors”), who are each referred to herein as an “Investor” and collectively, as the
“Investors”. Unless otherwise provided in this Agreement, capitalized terms used herein shall have the meanings set forth in Section 7 hereof and any capitalized terms not otherwise defined herein shall have the meanings set
forth in that certain Securities Purchase Agreement dated as of the date hereof among RGF, RAC and the Investors. 
 The parties hereto agree
as follows: 
 1. Registration of Securities. 
 (a) Eligibility for Registration. RGF shall use its commercially reasonable best efforts to become current in its financial reporting obligations under the Securities Exchange Act of 1934, as amended (the
“1934 Act”), and to remain current in such financial reporting obligations so that RGF is eligible to register for resale on a registration statement on Securities and Exchange Commission (“SEC”) Form S-3
(“Form S-3”) under the Securities Act of 1933 (the “Securities Act”), the RGF Warrants, the Warrant Shares, the Purchase Rights and the shares (the “Additional Shares”) issued pursuant to the
Additional Purchase Rights Investment Agreement. 
 (b) Form S-3 Registration. RGF shall use its commercially reasonable best efforts
to have the Form S-3 used to register for resale the RGF Warrants and the Warrant Shares to become effective within ninety (90) days after the date on which RGF is eligible to use the Form S-3 for such resales and RGF shall use its commercially
reasonable best efforts to maintain the effectiveness of such registration statement available for resale of any such RGF Common Stock held by the Investors, as provided herein. 
 (c) Purchase Rights Registration. RGF shall use its commercially reasonable best efforts to have a Form S-3 registering the Purchase Rights and
the Additional Shares effective on the fifth anniversary of the Closing. 
 (d) Ineligibility of RGF to Register. In the event that
RGF is unable to fulfill its obligations pursuant to any Request for Registration (as defined below), upon demand by the Investors: (i) RAC shall, and RGF shall cause RAC to, register for the Investors, on the available and eligible SEC
registration form, the RAC Series A Preferred Stock within 90 days after the fifth (5th) anniversary of the
Closing, and any other Securities or equity interests obtained through the exchange or conversion of such Securities in accordance with this Agreement; and (ii) to the extent shares of RAC Series A Preferred Stock have been exchanged for shares
of R-G Crown Bank, F.S.B. (“Crown Bank”) preferred stock (“Crown Preferred Shares”) having similar terms as contemplated by the Securities Purchase Agreement, RAC will cause Crown Bank to register for the Investors,
on the available and eligible registration form of the Office of Thrift Supervision (“OTS”), the Crown Preferred Shares within 90 days after the fifth (5th) anniversary of the Closing, and any other Securities or equity interests obtained through the exchange or conversion of such Crown Preferred Shares.

 2. Request for Registrations. 
 (a) Requests for Registrations. If RGF or RAC, as the case may be, shall receive from an Investor (an “Initiating Investor”) at
any time on or after the fifth (5th) anniversary of the Closing and prior to the tenth (10th) anniversary of the Closing a written request that RGF or RAC, as the case may be, effect any registration with respect
to all or at least one-sixth of the outstanding securities of any type of the Registrable Securities (a “Request for Registration”), RGF or RAC, as the case may be, will (i) promptly give written notice of the proposed
registration, qualification or compliance to all other Investors; and (ii) use its commercially reasonable best efforts as soon as practicable to effect such registration (including, without limitation, the execution of an undertaking to file
post-effective amendments, supplements and free-writing prospectuses appropriate qualification under applicable blue sky or other state securities laws and appropriate compliance with applicable regulations issued under the Securities Act) as may be
so requested and as would permit or facilitate the sale and distribution of all or such portion of such Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any Investor or
Investors joining in such request as are specified in a written request received by RGF or RAC, as the case may be, within ten (10) business days after written notice from RGF or RAC, as the case may be, is given under Section 2(a)(i)
above. RGF shall not be obligated to file more than three registration statements at its own expense with the SEC or one registration statement or similar filing with the OTS at its own expense pursuant to this Agreement. RGF shall not be obligated
to file more than one registration statement with the SEC in any twelve month period, provided however, this limitation shall not apply to registration statements filed as a result of a deferral under Section 6.1 of the Additional
Purchase Rights Investment Agreement. 
 (b) Underwriting. If the Initiating Investors intend to distribute the Registrable Securities
covered by their request by means of an underwriting, they shall so advise RGF or RAC, as the case may be, as a part of their request made pursuant to Section 2(a). If other Investors request inclusion in any such registration, the Initiating
Investors shall offer to include the Securities of such other Investors in the underwriting and may condition such offer on their acceptance of the further applicable provisions of this Section 2. The Initiating Investors whose shares are to be
included in such registration and RGF or RAC, as the case may be, shall (together with all other Investors proposing to distribute their Securities through such underwriting) enter into underwriting and related agreements in customary form with the
representative of the underwriter or underwriters selected for such underwriting by the Investors and reasonably acceptable to RGF or RAC, as the case may be. Such underwriting agreement will contain such customary representations and warranties by
RGF and such other terms and provisions as are customarily contained in underwriting agreements with respect to secondary distributions, including, without limitation, indemnities and contribution, opinions of counsel and accountants’ consents
and comfort letters, and the representations and warranties by, and the other agreements on the part of RGF or RAC, as the case may be, to and for the benefit of such underwriters shall also be made to and for the benefit of the Investors. RGF or
RAC, as the case may be, shall cooperate fully with the Investors and the underwriters in connection with any underwritten offering. Notwithstanding any other provision of this Section 2(c), if the 
  

 2 

 representative of the underwriters advises the Investors in writing that marketing factors require a limitation on the
number of shares to be underwritten, the Securities of RGF, RAC or Crown Bank, as the case may be, held by Investors other than the Initiating Investors, shall be excluded from such registration to the extent so required by such limitation. If,
after the exclusion of such shares, further reductions are still required, the number of shares included in the registration by each Investor shall be reduced on a pro rata basis (based on the number of shares held by such Investor), by such minimum
number of shares as is necessary to comply with such request; provided, that there shall be no reduction in the number of shares included in the registration by any Initiating Investors until all shares of the Investors, other than the Initiating
Investors have been excluded from such registration. No Registrable Securities or any other Securities excluded from the underwriting by reason of the underwriter’s marketing limitation shall be included in such registration. If any Investor,
other than the Initiating Investor, who has requested inclusion in such registration as provided above, disapproves of the terms of the underwriting, such person may elect to withdraw therefrom by written notice to RGF or RAC, as the case may be,
the underwriter and the Initiating Investor. The Securities so withdrawn shall also be withdrawn from registration. If the underwriter has not limited the number of Registrable Securities or other Securities to be underwritten, RGF’s or
RAC’s, as the case may be, officers and directors may include its or their Securities for its or their own account in such registration if the representative of the underwriters so agrees and if the number of Registrable Securities and other
Securities which would otherwise have been included in such registration and underwriting will not thereby be limited. 
 (c) Application
to other Equity. The registration statement(s) filed pursuant to the request of the Investors shall include all other Securities of RGF, RAC or Crown Bank, as the case may be, held by the Investors, provided such securities may be
registered under this Agreement. 
 (d) Notwithstanding the foregoing, if RGF or RAC, as the case may be, shall furnish to the Initiating
Investor or other Investors requesting a registration statement pursuant to Section 2(a), a certificate signed by an independent majority of the Board of Directors of RGF or RAC, as the case may be, stating that in the good faith judgment of
its Board of Directors it would be materially adverse to it and its securityholders for such registration statement to be filed and it is therefore essential to defer the filing of such registration statement, RGF or RAC, as the case may be, shall
have the right to defer taking action with respect to such filing for a period of not more than 90 days after the receipt of the request of the Initiating Investor. 
 3. Registration Procedures. Whenever the holders of Registrable Securities have requested that any Registrable Securities be registered pursuant to this Agreement, RGF or RAC, as the case may be, shall use its
commercially reasonable best efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant thereto, RGF or RAC, as the case may be, shall as soon as
reasonably practicable: 
 (a) notify in writing the Investors of the effectiveness of each registration statement filed hereunder and prepare
and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be 
  

 3 

 necessary to keep such registration statement effective until all Registrable Securities registered thereunder have been
sold and to keep available for delivery upon the resale of Registrable Securities, a prospectus that meets the requirements of Section 10 of the Securities Act and such “free writing prospectuses” as may be required by the rules of
the SEC or underwriters at all times thereafter as may be required by the Securities Act, and to comply with the provisions of the Securities Act with respect to the disposition of all Securities covered by such registration statement during such
period in accordance with the intended methods of disposition by the sellers thereof set forth in such registration statement; 
 (b) furnish
to each Investor selling Registrable Securities such number of copies of such registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus), and such
other documents as such seller may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller; 
 (c) use commercially reasonable best efforts to register, qualify, or exempt such Registrable Securities under such other Securities or blue sky laws of such jurisdictions as any seller reasonably requests and do any and all other acts and
things which may be reasonably necessary or advisable to enable such Investor of Registrable Securities to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller of Registrable Securities (provided that
neither RGF nor RAC shall not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(c), (ii) subject itself to taxation in any such
jurisdiction, or (iii) consent to general service of process in any such jurisdiction); and provided, further, that the Investors shall be responsible for the blue sky registration fees and expenses associated with any registrations conducted
by RAC or Crown Bank; 
 (d) promptly notify in writing each Investor selling such Registrable Securities, at any time when a prospectus
relating thereto is required to be delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in such registration statement contains an untrue statement of a material fact or omits any fact
necessary to make the statements therein not misleading in light of the circumstances under which they were made, whereupon no Investor shall use such prospectus, and, at the request of the selling Investors, RGF shall promptly prepare and furnish
to each such Investor a reasonable number of copies of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not contain an untrue statement of a
material fact or omit to state any fact necessary to make the statements therein not misleading in light of the circumstances under which they were made; 
 (e) cause all shares of RGF Class B Common Stock that are Registrable Securities to be listed on the NYSE or such securities exchange or market on which shares of RGF Class B Common Stock are then listed or traded
and, if RGF Securities are not so listed or traded, to use its commercially reasonable efforts to secure designation of all such Registrable Securities covered by such registration statement as an NYSE (or such other securities exchange’s or
NASDAQ) security or, failing that, to secure NYSE or such other securities exchange’s or NASDAQ’s authorization for listing or trading such Registrable Securities; and 
  

 4 

 (f) provide a transfer agent and registrar for all such Registrable Securities not later than the
effective date of such registration statement. 
 4. Registration Expenses. 
 (a) Subject to Section 4(b) below, all expenses incident to RGF’s or RAC’s, as the case may be, performance of or compliance with this
Agreement, including all registration and filing fees, fees and expenses of compliance with Securities or blue sky laws, printing expenses, reasonable travel expenses, filing expenses, messenger and delivery expenses, fees and disbursements of
custodians, and fees and disbursements of counsel for RGF or RAC, as the case may be, and fees and disbursements of all independent certified public accountants, underwriters including, if necessary, a “qualified independent underwriter”
within the meaning of the rules of the National Association of Securities Dealers, Inc. (in each case, excluding discounts and commissions which shall be paid by the Investors), and other persons retained by RGF or RAC (all such expenses being
herein called “Registration Expenses”), as applicable, shall be borne by RGF or RAC, as the case may be, subject to the limitations set forth in the second to last sentence in Section 2(a) hereof. In all cases, RGF and RAC
shall pay their internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit or quarterly review, the expense of any liability insurance, and the
expenses and fees for listing the Securities to be registered on each Securities exchange or NASDAQ, as provided by Section 3(e) above. 
 (b) In connection with each Request for Registration, RGF and RAC shall reimburse the holders of Registrable Securities included in such registration for the reasonable fees and disbursements of one counsel chosen by the holders of a
majority of the Registrable Securities included in such registration. 
 (c) To the extent Registration Expenses are not required to be paid
by RGF or RAC, as the case may be, each holder of Registrable Securities hereunder shall pay those Registration Expenses allocable to the registration of such holder’s Registrable Securities so included, and any Registration Expenses not so
allocable, including such holder’s pro rata share of any underwriting discounts or commissions, shall be borne by all sellers of Registrable Securities in proportion to the aggregate selling price of the Securities to be so registered.

 5. Indemnification. 
 (a) RGF and RAC each agree to indemnify and hold harmless, to the fullest extent permitted by law, each Investor holding Registrable Securities, its officers, directors, agents, and employees, and each person who controls such Investor
causing the registration of the Registrable Securities pursuant to this Agreement (within the meaning of Section 15 of the Securities Act or Section 20(a) of the 1934 Act) against all losses, claims, demands, damages, liabilities, and
expenses (or actions, investigations or proceedings, whether commenced or threatened, in respect thereof), whether joint and several or several, together with reasonable costs and expenses (including reasonable attorneys’ fees) to which any
such indemnified party may become subject under the Securities Act or otherwise (collectively, “Losses”) caused by, resulting from, arising out of, based upon, or relating to any untrue or alleged untrue statement of material fact
contained in (i) (A) any registration statement, prospectus or preliminary 
  

 5 

 prospectus, or any amendment thereof or supplement thereto or (B) any application or other document or written
communication (in this Section 5, collectively called an “application”) executed by or on behalf of RGF or RAC or any other document prepared by or with the assistance of RGF or RAC or based upon written information furnished
by or on behalf of RGF or RAC that is filed in any jurisdiction in order to qualify any Securities covered by such registration under the “blue sky” or Securities laws thereof or (ii) any omission or alleged omission of a material
fact required to be stated therein or necessary to make the statements therein in light of the circumstances under which they were made not misleading, and RGF and RAC will reimburse such holder and each such director, officer, and controlling
person for any reasonable legal or any other reasonable expenses incurred by them in connection with investigating, defending or settling any such Losses; provided that RGF and RAC shall not be liable in any such case to the extent that any such
Losses result from, arise out of, are based upon, or relate to (1) any untrue statement or alleged untrue statement, or omission or alleged omission, made in such registration statement, any such prospectus, or preliminary prospectus or any
amendment or supplement thereto, or in any application, or any other document prepared by or with the assistance of RGF or RAC in reliance upon, and in conformity with, written information prepared and furnished in writing to RGF or RAC or the
underwriters by such Investor expressly for use therein or (2) by such holder’s failure to deliver a copy of the registration statement, preliminary prospectus, or prospectus or any amendments or supplements thereto, as required by
applicable law to be delivered after RGF or RAC has furnished such Investor with a sufficient number of copies of the same. In connection with an underwritten offering, RGF or RAC shall indemnify such underwriters, their officers, employees and
directors, and each person who controls such underwriters (within the meaning of the Securities Act or the 1934 Act) to the same extent as provided above with respect to the indemnification of the holders of Registrable Securities. 
 (b) In connection with any registration statement in which an Investor holding Registrable Securities is participating, each such participating Investor,
severally and not jointly, will furnish to RGF or RAC in writing such information as RGF reasonably requests for use in connection with any such registration statement or prospectus and, to the fullest extent permitted by law, shall indemnify and
hold harmless RGF and its respective officers, directors, agents, and employees, and each other person who controls RGF (within the meaning of the Section 15 of the Securities Act or Section 20(a) of the 1934 Act) against any Losses caused
by, resulting from, arising out of, based upon, or relating to (i) any untrue or alleged untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus, or any amendment thereof or supplement
thereto or in any application, or (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein in light of the circumstances under which they were made not misleading, but
only to the extent that such untrue statement or omission is made in such registration statement, any such prospectus or preliminary prospectus or any amendment or supplement thereto, or in any application in reliance upon and in conformity with
written information prepared and furnished to RGF by such Investor expressly for use therein, and such holder will reimburse RGF and each such other indemnified party for any reasonable legal or any other reasonable expenses incurred by them in
connection with investigating, defending or settling any such Losses; provided that the obligation to indemnify will be individual, not joint and several, for each holder and shall be limited to the net amount of proceeds received by such holder
from the sale of Registrable Securities pursuant to such registration statement. 
  

 6 

 (c) Any person entitled to indemnification hereunder will (i) give prompt written notice to the
indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right to indemnification hereunder to the extent such failure has not prejudiced the
indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the
defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, then the indemnifying party will not be subject to any liability for any settlement made by the indemnified party without its consent
(but such consent will not be unreasonably withheld); provided, such settlement irrevocably and unconditionally releases the indemnifying party from all claims and Losses related to, resulting from or giving rise to such claims or Losses covered by
such settlement. An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with
respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. 
 (d) The indemnification provided for under this Agreement shall be in addition to any other rights to indemnification or contribution which any
indemnified party may have pursuant to law or contract, and will remain in full force and effect regardless of any investigation made or omitted by or on behalf of the indemnified party or any officer, director, or controlling person of such
indemnified party and shall survive the transfer of Securities. 
 (e) If the indemnification provided for in this Section is unavailable to
or is insufficient to hold harmless an indemnified party under the provisions above in respect to any Losses referred to therein (other than by reasons of the exception above), or is insufficient to indemnify a party indemnified hereunder, then each
indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such Losses (i) in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the
indemnified party on the other hand or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, then in such proportion as is appropriate to reflect not only the relative fault referred to in clause
(i) above but also the relative benefit of the indemnifying party on the one hand and of the indemnified party on the other in connection with the registration statement on the other in connection with the statement or omissions which resulted
in such Losses, as well as any other relevant equitable considerations. The relative benefits received by RGF or RAC, as applicable, on the one hand and the Investors selling Registrable Securities in the registration statement on the other shall be
deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) to RGF or RAC, as applicable, bear to the total net proceeds from the offering (before deducting expenses) to the sellers of Registrable
Securities and any other sellers participating in the registration statement. The relative fault of RGF or RAC, as applicable, on the one hand and of the Investors selling Registrable Securities in the registration statement on the other shall be
determined by reference to, among other things, whether the untrue or alleged omission to state a material fact relates to information supplied by RGF or RAC, as applicable, or by the Investors selling Registrable Securities in the registration
statement and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. 
  

 7 

 (f) RGF, RAC and the Investors selling Registrable Securities agree that it would not be just and
equitable if contribution pursuant to this Section were determined by pro rata allocation (even if such indemnified parties were treated as one entity for such purpose) or by any other method of allocation which does not take account of the
equitable considerations referred to in Section 5(e). The amount paid or payable by an indemnified party as a result of the Losses referred to in this Section 5 shall be deemed to include, subject to the limitations set forth above, any
legal or other expenses reasonably incurred by such indemnified party in connection with investigating, defending or settling any such action or claim. Notwithstanding the provisions of Section 5(e), no Investor selling Registrable Securities
shall be required to contribute pursuant to Section 5(e) any amount in excess of the net proceeds received by such Investor from the sale of Registrable Securities covered by the registration statement filed pursuant hereto. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
 6. Participation in Underwritten Registrations. 
 (a) No Investor may participate in any underwritten registration hereunder unless such Investor (i) agrees to sell such Investor’s Securities on the basis provided in any underwriting arrangements containing
customary terms and condition and reasonably acceptable to RGF or RAC, as the case may be (including pursuant to the terms of any over-allotment or “green shoe” option requested by the managing underwriter(s)) and to the Investors (with
respect to their duties and obligations), provided that no Investor will be required to sell more than the number of Registrable Securities that such Investor has requested RGF or RAC, as the case may be, to include in any registration, and
(ii) completes and executes all questionnaires, powers of attorney, custody agreements, indemnities, underwriting and lock-up agreements, and makes any required representations and warranties under the underwriting agreement and other documents
customarily required under the terms of such underwriting arrangements; provided that no Investor included in any underwritten registration shall be required to make any representations or warranties to RGF or RAC, as applicable, or the
underwriters (other than representations and warranties regarding such Investor and such Investor’s intended method of distribution) or to undertake any indemnification obligations to RGF or RAC, as applicable, or the underwriters with respect
thereto, except as otherwise provided herein. 
 (b) Each Investor that is participating in any registration hereunder agrees that, upon
receipt of any notice from RGF of the happening of any event of the kind described in Section 3(d), such Investor will immediately discontinue the disposition of its Registrable Securities pursuant to the registration statement until such
person’s receipt of the copies of a supplemented or amended prospectus as contemplated by Section 3(d). 
 (c) It shall be a
condition precedent to the obligations of RGF or RAC to take any action pursuant to this Agreement with respect to the Registrable Securities held by any Investor that such Investor shall promptly furnish to RGF or RAC, as applicable, such

  

 8 

 information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such
securities as shall be required to effect the registration of such Holder’s Registrable Securities. Notwithstanding anything set forth in this Agreement, RGF or RAC, as applicable, shall have no obligation to include Registrable Securities for
any Investor that does not provide the information in the preceding sentence. 
 7. Definitions. 
 (a) “Registrable Securities” means (i) any Common Stock of RGF, RAC Series A Preferred Stock or Crown Preferred Shares issued or
issuable to the Investors in respect of their holdings of RAC Series A Preferred Stock, RGF Warrants, Warrant Shares, the Purchase Rights and the Additional Shares and (ii) common equity securities of RGF, RAC Series A Preferred Stock and Crown
Preferred Shares issued or issuable with respect to the Securities referred to in clause (i) above by way of dividend, distribution, split or combination of Securities, or any recapitalization, reclassification, merger, consolidation or other
reorganization. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when they (i) have been sold, transferred, and/or distributed to a third party pursuant to an offering registered under the
Securities Act or sold to the public through a broker, dealer, or market maker in compliance with Rule 144 under the Securities Act (or any similar rule or exemption then in force), (ii) have been effectively registered under a registration
statement including, without limitation, a registration statement on Form S-3 or Form S-4 (or any successor or similar form), or (iii) have been purchased or redeemed by RGF, RAC or Crown Bank. For purposes of this Agreement, an Investor shall
be deemed to be a holder of Registrable Securities whenever such Investor has the right to acquire such Registrable Securities (upon conversion, exchange or exercise in connection with a transfer of securities or otherwise, but disregarding any
restrictions or limitations upon the exercise of such right), whether or not such acquisition has actually been effected. 
 (b)
“Security”or “Securities” shall have the meaning set forth in Section 2(1) of the Securities Act. 
 8.
Miscellaneous. 
 (a) No Inconsistent Agreements. None of the Companies is a party to and will not hereafter enter into, any
agreement with respect to its securities which is inconsistent with or violates or limits the rights granted to the holders of Registrable Securities in this Agreement. 
 (b) Adjustments Affecting Registrable Securities. The Companies shall not take any action, or permit any change to occur, with respect to its securities which would adversely affect the ability of the holders
of Registrable Securities to include such Registrable Securities in a registration undertaken pursuant to this Agreement or which would adversely affect the marketability of such Registrable Securities in any such registration (including effecting a
stock split or a combination of stock). 
 (c) Registration Period. Except as provided otherwise herein, no holder of Registrable
Securities shall be entitled to exercise any rights provided herein until on or after 
  

 9 

 the fifth (5th) anniversary of the Closing and this Agreement will terminate on the first to occur of (i) the tenth (10th) anniversary of the Closing or (ii) such time as all Registrable Securities have been registered or are otherwise tradable without restriction or limitation (including, without limitation, notice or volume
limitations) pursuant to Rule 144 under the Securities Act. 
 (d) Remedies. Any party to this Agreement having rights under any
provision of this Agreement shall be entitled to exercise all rights and remedies available under this Agreement or at law or in equity, including, without limitation, the right to recover damages caused by reason of any breach of any provision of
this Agreement. The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach or threatened breach of this Agreement and that without posting any bond or other security the parties have the right to
specific performance and to obtain injunctive relief in order to enforce or prevent violation of the provisions of this Agreement. Nothing contained in this Agreement shall be construed to confer upon any person not a signatory hereto any rights or
benefits. 
 (e) Amendments and Waivers. Except as otherwise provided herein, no modification, amendment, or waiver of any provision
of this Agreement shall be effective against the Companies or the holders of Registrable Securities unless such modification, amendment, or waiver is approved in writing by the Companies and holders of a majority of the Registrable Securities then
in existence. No failure by any party to insist upon the strict performance of any covenant, duty, agreement, or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such
breach or any other covenant, duty, agreement, or condition. 
 (f) Successors and Assigns. All covenants and agreements in this
Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors and assigns of the parties hereto whether so expressed or not. In addition, whether or not any express assignment has been made,
the provisions of this Agreement which are for the benefit of purchasers or holders of Registrable Securities are also for the benefit of, and enforceable by, any subsequent holder of Registrable Securities. Notwithstanding the foregoing, in order
to obtain the benefit of this Agreement, any subsequent holder of Registrable Securities must execute a counterpart to this Agreement, thereby agreeing to be bound the terms hereof. Nothing contained in this Section 8, however, shall be deemed
to extend this Agreement beyond the period specified in Section 8(c). 
 (g) Severability. Whenever possible, each provision of
this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the
extent of such prohibition or invalidity, without invalidating the remainder of this Agreement. 
 (h) Counterparts. This Agreement
may be executed simultaneously in two or more counterparts (including by means of telecopied signature pages), any one of which need not contain the signatures of more than one party, but all such counterparts taken together shall constitute one and
the same Agreement. Additional Investors may be added by executing a counterpart hereof (including by means of telecopied signature pages) and they shall be deemed Investors as of the date hereof. A signature sent by facsimile shall have the same
force and effect as an executed original. 
  

 10 

 (i) Descriptive Headings. The descriptive headings of this Agreement are inserted for convenience
only and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine, or neuter forms, and the singular form of nouns, pronouns, and
verbs shall include the plural and visa versa. The use of the word “including” in this Agreement shall be, in each case, by way of example and without limitation. The use of the words “or,” “either,” and “any”
shall not be exclusive. Reference to any agreement, document, or instrument means such agreement, document, or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and if applicable hereof. 

(j) Stock Legend. In addition to any other legend that may appear on the stock certificates evidencing the Registrable Securities, for so long
as any Registrable Securities remain, each stock certificate evidencing such Registrable Shares shall contain a legend to the following effect: “THE SHARES EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO AND ENTITLED TO THE OBLIGATIONS AND
BENEFITS OF A CERTAIN REGISTRATION AGREEMENT, DATED AS OF MARCH 27, 2006.” 
 (k) Entire Agreement. This Agreement, together with
the Securities Purchase Agreement and the other Operative Documents, are intended by the parties hereto as a final expression of their agreement, and is intended to be a complete and exclusive statement of the agreement and understanding of the
parties hereto in respect of the subject matter contained herein and therein. This Agreement is the Registration Agreement referred to in the Securities Purchase Agreement. 
 (l) Governing Law. The laws of the State of Florida shall govern all issues and questions concerning the relative rights of the Companies and the
Investors. All other issues and questions concerning the construction, validity, interpretation, and enforcement of this Agreement and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the State of
Florida, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Florida or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Florida.
Any action or proceeding with respect to this Agreement shall be brought exclusively in any state or federal court in the City of Orlando, Florida. Each party hereto hereby irrevocably waives, to the fullest extent permitted by Law, (a) any
objection that it may now or hereafter have to laying venue of any suit, action or proceeding brought in a state or federal court in the City of Orlando, in the State of Florida, (b) any claim that any suit, action or proceeding brought in such
court has been brought in an inconvenient forum, and (c) any defense that it may now or hereafter have based on lack of personal jurisdiction in such forum. The parties waive any right to a jury trial. 
 (m) Notices. All notices, demands, or other communications to be given or delivered under or by reason of the provisions of this Agreement shall
be in writing and shall be deemed to have been given when delivered personally to the recipient, sent to the recipient by reputable overnight courier service (charges prepaid), sent to the recipient by facsimile, or 
  

 11 

 mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid. Such notices,
demands, and other communications shall be sent to each Investor and to RGF and to RAC at the respective addresses indicated on Schedule A hereto or to such other address or to the attention of such other person as the recipient party has specified
by prior written notice to the other parties. 
 (n) No Drafting Presumptions. The parties hereto have participated jointly in the
negotiation and drafting to this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise
favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. 
 *    *    *    *    * 
  

 12 

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

			
	 R&G Financial Corporation

		
	 By:
	 	  

	 Name:
	 	 Victor J. Galán

	 Its:
	 	 Chairman & Chief Executive Officer

	
	 R&G Acquisition Holding Corporation

		
	 By:
	 	  

	 Name:
	 	 Victor J. Galán

	 Its:
	 	 Chairman & Chief Executive Officer

 Investor Counterpart Signature Page to 
 Registration Agreement 
  

			
	 [INVESTOR]

		
	 By:
	 	  

	 Name:
	 	
	 Title:

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