SEC Contract Filing

Filing Date: 2015-03-02

Document Content:
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<TYPE>EX-10.37
<SEQUENCE>3
<FILENAME>d827106dex1037.htm
<DESCRIPTION>EX-10.37
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<TITLE>EX-10.37</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 10.37 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EMPLOYMENT AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
<B>AMENDED AND RESTATED EMPLOYMENT AGREEMENT</B> (this &#147;<U>Agreement</U>&#148;) is made by and between EVERTEC GROUP, LLC, a Puerto Rico limited liability company (the &#147;<U>Company</U>&#148;), and MORGAN M. SCHUESSLER, JR.
(&#147;<U>Executive</U>&#148; and, collectively with the Company, the &#147;<U>Parties</U>&#148;), as of this 17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of December, 2014 (the &#147;<U>Effective Date</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS, </B>the Parties previously entered into that certain Employment Agreement dated November&nbsp;13, 2014 (the &#147;<U>Prior
Agreement</U>&#148;); and<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Parties desire to amend and restate the Prior Agreement to reflect certain changes
with respect to the terms and conditions of Executive&#146;s employment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE</B>, in consideration of the premises and of
the mutual covenants, understandings, representations, warranties, undertakings and promises hereinafter set forth, intending to be legally bound thereby, the Parties agree as follows: </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"><U>Employment Period</U>. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to earlier termination in accordance with Section&nbsp;3 of
this Agreement, Executive shall be employed by the Company for a period commencing on April&nbsp;1, 2015 (the &#147;<U>Start Date</U>&#148;) and ending on December&nbsp;31, 2018 (the &#147;<U>Employment Period</U>&#148;); <U>provided</U>,
<U>however</U>, that the Employment Period shall thereafter automatically renew for additional successive one-year periods, starting on January&nbsp;1, 2019, unless either party gives the other party at least 180 calendar days prior advance written
notice of its intent not to renew the Employment Period. Upon Executive&#146;s termination of employment with the Company for any reason, Executive shall immediately resign all positions with Evertec, Inc. (&#147;<U>Evertec</U>&#148;), the Company
or any of its subsidiaries or affiliates. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"><U>Terms of Employment</U>. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Position</U>. During the Employment Period, Executive shall
serve as President and Chief Executive Officer of the Company and will perform such duties and exercise such supervision with regard to the business of the Company as are associated with such positions, including such duties as may be prescribed
from time to time by the Board of Directors of Evertec (the &#147;<U>Board</U>&#148;). Executive shall report directly and exclusively to the Board and, if requested by the Board, Executive hereby agrees to serve (without additional compensation) as
an officer and/or agrees to be nominated to serve as a director of the Company or any affiliate or subsidiary thereof. All officers and employees of the Company and each affiliate or subsidiary shall report directly or indirectly to Executive. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Duties</U>. During the Employment Period, Executive shall have such responsibilities, duties, and authority that are customary for his
position, subject at all times to the control of the Board, and shall perform such services as customarily are provided by an executive of a corporation with his position and such other services consistent with his position, as shall be assigned to
him from time to time by the Board. During the Employment Period, and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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excluding any periods of vacation and sick leave to which the Executive is entitled in accordance with Company policies, the Executive agrees to devote all of his business time to the business
and affairs of the Company and to use Executive&#146;s commercially reasonable efforts to perform faithfully, effectively and efficiently his responsibilities and obligations hereunder. </P>
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