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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Santander Bancorp (Holding CO) | NYSE:SBP | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.68 | 0.00 | 01:00:00 |
Commonwealth of Puerto Rico | 001-15849 | 66-0573723 | ||
(State or other jurisdiction of
Incorporation or organization) |
(Commission File No.) |
(I.R.S. Employer
Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(d) | On October 27, 2008, the Company entered into an employment agreement with Juan Moreno, effective as of October 22, 2008, in connection with Mr. Morenos previously announced appointment as President and Chief Executive Officer of the Company, and Chief Executive Officer of Banco Santander Puerto Rico. |
Pursuant to the terms of the employment agreement, Mr. Moreno will be entitled to receive an annual base salary of $775,000 for his first year of employment, and incentive compensation in accordance with the Companys compensation program for expatriated officers, which is administered by the Compensation Committee of the Board of Directors (the Compensation Committee). Mr. Morenos base salary may be increased in subsequent contract years at the discretion of the Compensation Committee. Under the Companys compensation program, Mr. Moreno will also be eligible to participate in the Companys performance bonus incentive plan, and may receive certain perquisites such as housing, school payments, utilities, vacations, tax gross-ups and other related expenses, as determined by the Compensation Committee. The employment agreement has a term of three years and expires on October 21, 2011. |
The Company may terminate Mr. Morenos employment for cause or other than for cause. If the Company terminates Mr. Morenos employment other than for cause, Mr. Moreno will be entitled to receive a severance payment in the amount required under Puerto Rico law. In addition, Mr. Moreno may be entitled to receive additional severance and pension benefits from Banco Santander, S.A., the parent of the Company, or its affiliates (collectively, Santander Group), for prior years of service with Santander Group, following the termination of his employment. Any such additional benefits would be payable by Santander Group and not by the Company. |
Mr. Moreno has expressly agreed to maintain in strictest confidence and not to use in any way, publish, disclose or authorize anyone else to use in any way, publish or disclose any confidential information relating to any manner to the business or affairs of the Company or any of its affiliates. |
2
SANTANDER BANCORP
|
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By: | /s/ Rafael S. Bonilla | |||
Rafael S. Bonilla | ||||
Date: October 27, 2008 | Senior Vice President and General Counsel | |||
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