RELEASE

Release Agreement

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This Release Agreement involves

W HOLDING CO INC | Jos� M. Biaggi Landr�n | Westernbank Puerto Rico

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Title: RELEASE
Date: 4/11/2007
Industry: Regional Banks Sector: Financial

Exhibit 10.1

RELEASE

This agreement is being entered into by Westernbank Puerto Rico (hereinafter the “Bank”) and José M. Biaggi Landrón (hereinafter “Biaggi”) (jointly hereafter referred to as the “Parties”) agree as follows:

	1.		Conclusion of Employment . Biaggi performed his duties for Bank through March 29, 2007 (“Separation Date”), on which date the Parties agreed to the voluntary resignation of Biaggi’s positions as President and Chief Executive Officer of Bank.

	2.		Salaries and Employment Benefits . The Bank shall pay Biaggi (1) the current base salary rate and pay the premiums for medical and dental insurance through March 29, 2007; and (ii) any unused vacation days accrued as of the Separation Date and reimbursable expenses. Payments shall be subject to withholding of standard deductions as determined by law.

	3.		Bonus . The Bank agrees pay Biaggi a bonus for his tenur

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