0001282695-05-000029 Sample Contracts

EMPLOYMENT AGREEMENT
Employment Agreement • March 15th, 2005 • Doral Financial Corp • Mortgage bankers & loan correspondents • Puerto Rico

THIS EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into as of this 1st day of April, 2004, by and between DORAL FINANCIAL CORPORATION, a Puerto Rico corporation (which, together with any successor thereto, is hereinafter referred to as the “Company”) and FREDERICK C. TEED (the “Employee”).

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July 11, 2003 Mr. Israel Bravo San Juan, PR 00926 Dear Mr. Bravo:
Employment Agreement • March 15th, 2005 • Doral Financial Corp • Mortgage bankers & loan correspondents • Puerto Rico

We are pleased to detail herein below the provisions of your employment agreement with Doral Financial Corporation, (hereinafter referred to as “DFC”).

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