Document:

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                                                                  EXHIBIT 10.23

                       CONTRACT FOR PROFESSIONAL SERVICES

                  In San Juan, Puerto Rico, this 30th day of June, 2004.

                                     APPEAR

         Banco Popular de Puerto Rico, a banking corporation registered under
the laws of the Commonwealth of Puerto Rico (hereinafter, the "Bank"), and
Mabel Burckhart (hereinafter, the "Consultant"), and by virtue of this
contract, they

                                     STATE

         WHEREAS, the Bank wishes to engage the services of the Consultant to
advise the Bank in the matters described in ADDENDUM I hereto.

         WHEREAS, the Consultant wishes to render professional services to the
Bank.

         WHEREFORE, in consideration on the mutual agreements stated below, the
parties have agreed to sign a contract to engage the professional services of
the Consultant subject to the following

                              TERMS AND CONDITIONS

FIRST: DESCRIPTION OF THE SERVICES

         (a)      The Consultant shall perform the professional services
(hereinafter, the "Professional Services") described in Addendum I to this
Contract.

         (b)      The Professional Services will be rendered only to the Bank
or any other related entity.

         (c)      The Professional Services will be rendered at the facilities
designated by the Bank or in the Bank's offices, if required.

         (d)      The Consultant will report his findings and recommendations
to the Chairman of Popular, Inc. or to whomever the Chairman may designate from
time to time.

         (e)      The Consultant will be able to provide services to third
parties, assuming they are not in conflict with Bank's interest.

SECOND: COMPENSATION AND PAYMENT TERMS:

         (a)      In consideration to the provisions of the Professional
Services, the Bank will pay the Consultant the fees set forth in Addendum II
hereof.

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THIRD: RELATIONSHIP BETWEEN THE PARTIES:

         (a)      No part of this Contract shall be construed in the sense that
it creates a partnership or an employer-employee relationship between the
Consultant and the Bank. The Consultant acknowledges that the Professional
Services shall be rendered as an independent contractor. The Consultant will
not be eligible for Bank benefits such as pension plans, medical, life or
disability insurance, or any other benefit or profit sharing program provided
by the Bank to its regular employees.

FOURTH: TERM:

         (a)      This Contract shall be effective when executed by both
parties and will remain in effect for one (1) year from its effective date. Any
extension of this term shall be agreed upon through a written instrument signed
by both parties.

FIFTH: TERMINATION:

         (a)      The Bank may terminate the Contract at any time, effective
immediately, for any of the following causes:

                  i.       unjustified abandonment of its tasks, functions and
duties as Consultant;

                  ii.      engaging in misconduct against the best operation
and discharge of the Professional Services;

                  iii.     engaging in illegal conduct constitutive of a crime.

         In case of termination under paragraph (a), the Consultant will only
be entitled to compensation for those Professional Services rendered until the
date of termination.

         (b)      The Bank may terminate this Contract at any time, even before
the termination date, absent any of the causes stated under paragraph (a)
above; but, in that case, the Consultant shall be entitled to compensation for
(i) the Professional Services rendered up to the date of such termination.

SIXTH: GENERAL CONDITIONS:

         (a)      The Consultant acknowledges, with regard to the rendering of
Professional Services, that he may have access to proprietary and confidential
information of the Bank or related entities. The Consultant agrees to maintain
the confidentiality of such information and shall protect it with the same
degree of care with which he protects his own private and confidential
information. Without limitation, the Consultant agrees that all the information
furnished to him by the Bank with regard to:

                  i.       financial results of the Bank or any other related
entity;

                  ii.      financial forecasts, strategic or business plans of
the Bank or any other related entity; and

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                  iii.     the contents of studies that are a property of the
Bank or any other related entity (whether prepared by the Bank, by any of the
related entities, or by a third party), shall be the exclusive property of the
Bank or related entity, and may be disclosed or used only with the written
consent of the Bank. The duty of confidentiality in this paragraph shall
survive the termination of this Contract, and shall be permanent with regard to
the information obtained during the term hereof.

         (b)      Any idea, design, organization, or operational scheme or
other recommendation or advice the Consultant offers or gives to the Bank:

                  i.       shall not be binding upon the Bank, but it may be
adopted or implemented by the Bank in its sole discretion;

                  ii.      shall constitute and become the exclusive property
of the Bank, whether or not adopted or implemented, free of copyrights on
behalf of the Consultant who hereby conveys and assigns to the Bank whatever
copyrights he has with regard to ideas, design, schemes, recommendations, or
advice.

         (c)      The Consultant acknowledges and accepts that the Bank will
rely upon the Consultant's strict performance of the terms and conditions of
this Contract, and the failure of the Consultant to comply with the provisions
of this agreement may cause substantial and irreparable damage to the Bank.
Without limiting the foregoing, the Consultant acknowledges that time is of the
essence in this contractual engagement and binds himself to strictly comply
with the work schedule detailed in Addendum I of this Contract.

         (d)      The Consultant shall release, indemnify and hold the Bank
harmless for any cost, loss, claim, complaint, suit, or damage of any kind
(including attorney's fees) to which the Bank, its shareholders, directors,
employees, agents, or representatives may be subject, arising out of any
nonperformance by the Consultant of the provisions of this Contract or the
provision of the Professional Services.

         (e)      The Bank shall release, indemnify, and hold the Consultant
harmless for any cost, loss, claim, complaint, suit, or damage of any kind
(including attorney's fees) to which the Consultant may be subject, through no
fault of the Consultant, related to proper performance by the Consultant of the
provisions of this Contract or of the Professional Services.

         (f)      The Consultant agrees that, in his performance of his duties
under this Contract, he will observe any applicable local, municipal, state, or
federal laws or regulations.

         (g)      The Consultant represents that she maintains all the
licenses, authorizations and/or permits required by law or regulation for the
practice of her profession, or for the operation of her business or entity, and
binds herself to maintain those licenses, authorizations or permits in effect
throughout the term of this Contract and any extension thereof.

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         (h)      The Consultant shall maintain, during the term of this
Contract, an insurance policy with the State Insurance Fund with such limits
required by laws of the Commonwealth of Puerto Rico. The Consultant also agrees
to maintain a general liability insurance policy with a minimum coverage of
$1,000,000 per occurrence for bodily injury or damage to the property of third
parties caused by the Consultant, his officers, employees, agents and
representatives, in the discharge of their duties under this Contract. This
insurance policy will be provided through an endorsement of the Burckhart &
Associates policy.

         (i)      The Consultant shall be exclusively liable for the payment of
any applicable taxes, charges, or income taxes, and for the payment to his
employees, agents or representatives of any type of salary, compensation and
benefit applicable or required by law or contract.

         (j)      Any notice allowed or required hereunder shall be forwarded
in writing to the following addresses:

                  To the Consultant:            Mabel Burckhart
                                                650 Hernandez Street
                                                San Juan, PR 00907

                  To the Bank:                  Banco Popular de Puerto Rico
                                                Legal Division
                                                GPO Box 362708
                                                San Juan, PR  00936-2708
                                                Attn: Eduardo Negron, Esq.

         (k)      Any press release, notice or public communication made by the
Consultant with regard of this Contract or the rendering of the Professional
Services, including, without limitation, promotional or advertisement material,
shall be coordinated with and approved by the Bank before publication or
disclosure.

         (l)      The Bank's failure to raise any nonperformance by the
Consultant or its failure to enforce any of the Consultant's duties as per the
provisions of this Contract, shall not be construed as a waiver by the Bank of
its rights under this Contract, or as implied amendment of the same. Any
amendment or modification of the Contract must be stated in a written
instrument signed by both parties.

         (m)      If any of the provisions of this Contract were declared null,
void or illegal by any Court or competent authority, the rest of the provisions
shall remain in full force and effect.

         (n)      The Bank may assign the Contract to any affiliates or
subsidiaries.

         (o)      This Contract contains the entire agreements between the
parties with respect to the subject matter herein, and supersedes any agreement
or verbal or written arrangement between the parties prior to the execution
hereof.

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         (p)      This Contract shall be governed and construed according to
the laws of the Commonwealth of Puerto Rico.

         IN WITNESS WHEREOF, the parties sign the same at the place and time
stated at the beginning of this Contract.

BANCO POPULAR DE PUERTO RICO

/s/ Richard L. Carrion                             /s/ Mabel Burckhart
---------------------------------                  ----------------------------
By:  Richard L. Carrion                            By:  Mabel Burckhart
Title:  President & CEO                            Title:  Consultant

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                                   ADDENDUM I

1.       Work schedule: Consultant shall work up to 750 hours a year, as may be
         decided among the parties according to work schedules and projects in
         progress.

2.       Contact person: Consultant's primary contact person will be Richard L.
         Carrion. Other persons may be delegated from time-to-time and others
         may be contacted by Consultant as necessary to carry out the functions
         and projects.

3.       Specific work for Popular Inc., BPPR or any of its subsidiaries or
         affiliates: Consultant will discuss with Mr. Carrion the specific work
         to be performed at any of the companies of Popular. The work will be
         primarily: specific projects related with the BPPR Foundation,
         representation in some not for profit organizations specifically
         assigned and other community work agreed upon by both parties.

4.       Facilities and equipment: the Bank will provide office space,
         furniture and equipment to complete the work assigned.

5.       The Bank may request periodic progress and status report meetings, as
         it deems necessary.

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                                  ADDENDUM II

1.       Fees: The Consultant will be paid $135 per hour. Travel and lodging
         expenses related to work assigned will be invoiced to the Bank at the
         actual costs, with vouchers provided. This will also apply with meals
         while traveling. The car previously provided to the Consultant by the
         Bank will be transferred to the Consultant at no cost to the
         Consultant. Car maintenance expenses will be the responsibility of the
         Consultant.

2.       It is expected that the Consultant will work and invoice 750 hours per
         year. If the Bank requests additional hours and Consultant is able to
         work them, they will also be invoiced at $135 per hour plus any
         approved expenses.

3.       Payment schedule: The Consultant will submit a work report and invoice
         at the end of each month, and shall be paid within 15 days by deposit
         to her bank account.

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[POPULAR INC. LOGO]

                                                                   EXHIBIT 10.24

                                  POPULAR, INC.
                       2005 INCENTIVE AWARD AND AGREEMENT

                                    SECTION 1

                                  Introduction

      Section 1.1. Purpose. Popular, Inc. (the "Corporation") has established
and maintains the 2004 Omnibus Incentive Plan (the "Plan") to, among others,
provide flexibility to the Corporation and its affiliates to attract, retain and
motivate their officers, executives and other key employees through the grant of
awards and to adjust its compensation practices to the best compensation
practices and corporate governance trends as they develop from time to time. The
Corporation hereby grants a Short-Term Annual Incentive Award and a Long-Term
Annual Incentive Award (the "Award") under the Plan to the person identified in
Section 3.

                                    SECTION 2

                                   Definitions

      When used in this Award, unless the context clearly requires a different
meaning, the following words and terms shall have the meanings set forth below.
Terms not otherwise defined herein shall have the meaning ascribed to them in
the Plan. Whenever appropriate, words and terms used in the singular shall be
deemed to include the plural, and vice versa, and the masculine gender shall be
deemed to include the feminine gender.

      Section 2.1. "Affiliate" shall mean any corporation or other form of
entity of which the Corporation owns, from time to time, directly or indirectly,
50% or more of the total combined voting power of all classes of stock or other
equity interests.

      Section 2.2. "Eligible Earnings" shall mean the Grantee's base salary
(prior to any deferrals under a cash or deferred compensation plan sponsored by
the Corporation or an Affiliate) paid during the Plan Year. From time to time
the Plan Administrator may, in its sole discretion, establish rules for
determining the amounts of Eligible Earnings for employees who become Grantees
other than on the first day of a Plan Year as well as any reduction of Eligible
Earnings as a result of paid leave of absences.

      Section 2.3. "Extraordinary Items" shall mean extraordinary, unusual
and/or non-recurring items of income and expenses.

      Section 2.4. "Net Income" for any Plan Year shall mean the consolidated
net income of the Corporation excluding the effects of Extraordinary Items for
that Plan Year.

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[POPULAR INC. LOGO]

      Section 2.5. "Performance Goal" shall mean after-tax Net Income (prior to
change in accounting principle) for the 2005 Plan Year:

      (a)   "Corporate Performance Goal" = ____________* for Popular, Inc.

      Section 2.6. "Plan Administrator" shall mean the Compensation Committee of
the Board of Directors of the Corporation.

      Section 2.7. "Plan Year" shall be the 2005 calendar year.

      Section 2.8. "Restricted Period" shall mean the period of time during
which the shares of Restricted Stock are subject to forfeiture or restrictions
on transfer pursuant to Article VIII of the Plan.

      Section 2.9. "Restricted Stock" shall mean shares of the Corporation's
common stock, par value $6.00 per share, subject to forfeiture and restrictions
on transferability in accordance with Article VIII of the Plan.

                                    SECTION 3

                                Grantee of Award

      Section 3.1. Grantee of Award. An award is granted to Richard L. Carrion
(the "Grantee").

                                    SECTION 4

                                      Award

      Section 4.1. Short-Term Annual Incentive Award -- General

(a)   The Short-Term Annual Incentive Award of the Grantee shall be an amount
equal to the sum of the Grantee's:

      (i)   Corporate Performance Component, as described in Section 4.2.(a);
            plus

      (ii)  Individual Performance Component, as described in Section 4.2.(b).

(b)   The Plan Administrator may establish a method for adjusting the Short-Term
Annual Incentive Award of the Grantee if he was on an approved leave of absence
during the Plan Year and may establish different methods for different forms of
leave of absence.

* INFORMATION INTENTIONALLY OMITTED BECAUSE CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. THE OMITTED INFORMATION HAS BEEN FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION.

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[POPULAR INC. LOGO]

      Section 4.2. Short-Term Annual Incentive Award -- Components

(a)   Corporate Performance Component: For the 2005 Plan Year, the Grantee's
Corporate Performance Component shall be an amount equal to a percentage of the
Grantee's Eligible Earnings, determined as follows:

<TABLE>
<CAPTION>
     % of Corporate        % of Eligible
    Performance Goal          Earnings
-----------------------  -------------------
<S>                      <C>
      90% or less                  0%
Over 90% but under 100%           45%
          100%                    70%
          105%                    80%
                         8% for every % over
       Over 105%          105% performance,
                             not to exceed
                                 120%
</TABLE>

(b)   Individual Performance Component: Based on the individual performance of
the Grantee during the Plan Year, the Plan Administrator may grant between 0%
and 30% of the Grantee's Eligible Earnings.

      Section 4.3. Long-Term Annual Incentive Award

(a)   The Long-Term Annual Incentive Award of the Grantee shall be an amount
equal to a percentage of the Grantee's Eligible Earnings determined as follows:

<TABLE>
<CAPTION>
     % of Corporate            % of Eligible
    Performance Goal             Earnings
-----------------------  ------------------------
<S>                      <C>
      90% or less                  0%
Over 90% but under 100%          100%
          100%                   200%
          105%                   210%
                         8% for every % over
       Over 105%          105% performance,
                            not to exceed
                                 250%
</TABLE>

(b)   The Plan Administrator may establish a method for adjusting the Long-Term
Annual Incentive Award of the Grantee if he was on an approved leave of absence
during the Plan Year and may establish different methods for different forms of
leave of absence.

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[POPULAR INC. LOGO]

                                    SECTION 5

                                Payment of Award

      Section 5.1 Short-Term Annual Incentive Award. The Short Term Annual
Incentive Award shall be payable in cash as soon as practicable after the Plan
Administrator has determined the amount of those Awards.

      Section 5.2. Long Term Annual Incentive Award.

(a)   The Long-Term Annual Incentive Award shall be paid in Restricted Stock to
      be purchased on the open market. The number of shares of Restricted Stock
      payable shall be based on the average price per share for all shares
      purchased by the Corporation to pay Awards approved concurrently by the
      Plan Administrator.

(b)   The restrictions on 100% of the Restricted Stock awarded to the Grantee
      will lapse upon the termination of Grantee's employment by reason of
      Approved Retirement or as may otherwise be provided under the Plan.

(c)   The shares of Restricted Stock awarded to the Grantee herein may not be
      sold, assigned, transferred, pledged, hypothecated or otherwise encumbered
      by the Grantee during the Restricted Period, except as may be provided
      under the Plan.

(d)   For the consequences of the termination of employment with respect to the
      shares of Restricted Stock awarded to the Grantee, which may result in the
      forfeiture of such shares of Restricted Stock, please refer to Article
      VIII of the Plan and to the Prospectus of the Plan.

(e)   Dividends paid on the Restricted Stock may be reinvested in shares of
      common stock of the Corporation, par value $6.00 per share, under the
      Corporation's Dividend Reinvestment and Stock Purchase Plan by completing
      and signing the DRIP Election contained at the end of this Award.

(f)   The Restricted Stock shall be held in custody by the Trust Division of
      Banco Popular de Puerto Rico. The Grantee shall have the right to vote the
      Restricted Stock.

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[POPULAR INC. LOGO]

                                    SECTION 6

                               Tax Considerations

      Section 6.1. Certain Income Tax Considerations. The granting of the Award
may have certain income tax considerations to the Grantee, which are generally
described in the Prospectus of the Plan, a copy of which is attached hereto.

                                    SECTION 7

                                  Miscellaneous

      Section 7.1. The Plan. This Award is subject to the terms of the Plan, a
copy of which is attached hereto.

      Section 7.2. Controlling Law. The laws of the Commonwealth of Puerto Rico
shall be controlling in all matters relating to this Award.

      Section 7.3. Titles and Captions. Titles and captions in this document are
used only for convenience and are not to be used in the interpretation of this
Award.

IN WITNESS WHEREOF, Popular, Inc. and the Grantee have executed this Long-Term
Annual Incentive Award and Agreement as of the 22nd day of February of 2005.

      POPULAR, INC.                                        GRANTEE

    /s/ Tere Loubriel                              /s/ Richard L. Carrion
-------------------------------                   ------------------------------
By: Tere Loubriel                                 By: Richard L. Carrion
Title: Executive Vice President                   Date: 2/22/05
       People, Communications & Planning
Date:  2/22/05

                                  DRIP ELECTION

I hereby authorize and direct that all cash dividends on all the shares of
Restricted Stock granted to me under this Award, and on all the Common Stock
that may be subsequently acquired with such cash dividends, be invested in the
purchase of additional shares of Common Stock of the Corporation in accordance
with the provisions of the Popular, Inc. Dividend Reinvestment and Stock
Purchase Plan.

  /s/ Richard L. Carrion                                  2/22/05
-------------------------------                   ------------------------------
Grantee's Signature                               Date

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