September 14, 2018 Scott Powell Boston, MA 02109 Dear Scott:Santander Consumer USA Holdings Inc. • September 20th, 2018 • Personal credit institutions
This letter describes the understanding between you and Santander Holdings USA, Inc. (“SHUSA”) with respect to your service as CEO of SHUSA and Banco Santander’s U.S. Country Head during the period January 1, 2018 – December 31, 2019. To the extent specifically described below, certain aspects of this arrangement will be subject to performance objectives and requirements established by SHUSA and Banco Santander, S.A. (“Banco Santander” or the “Group”). Final annual compensation decisions will remain with the Group’s Remuneration Committee and its Board of Directors. The specific terms of your responsibilities to Santander Consumer USA Holdings Inc., including its subsidiaries, (collectively, “SCUSA”) as its CEO, as well as the terms related to your SHUSA and overall U.S. responsibilities are set forth below. SHUSA, SCUSA and the Group also may be individually or collectively referred to herein as “Santander.”
