Summary of DORAL FINANCIAL CORP

Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Amendments to Employment Agreements with Certain Executive Officers

On December 26, 2012, Doral Financial Corporation and the following executive officers of Doral Financial Corporation entered into an amendment to their respective employment agreement (the "Executive Officer Employment Agreements") with Doral Financial Corporation (the "Amendments"): Christopher Poulton, Doral Financial Corporation's Executive Vice President-Chief Business Development Strategy Officer; Enrique Ubarri, Doral Financial Corporation's Executive Vice President-General Legal Counsel; Robert E. Wahlman, Doral Financial Corporation's Executive Vice President-Chief Financial and Investment Officer; and Glen Wakeman, Doral Financial Corporation's President and Chief Executive Officer.

The purpose of entering into the Amendments was to modify the Executive Officer Employment Agreements to ensure that, in the event that severance payments were triggered in the future, the timing of severance payments thereunder comply with
Section 409A of the Internal Revenue Code of 1986, as amended, in order to avoid excise taxes payable by such individuals. The Amendments did not increase any amounts to which any of Mr. Poulton, Mr. Ubarri, Mr.Wahlman or Mr. Wakeman is entitled under the respective Executive Officer Employment Agreement but did adjust the timing of certain severance payments that may be made to such individuals under the Executive Officer Employment Agreements.

The foregoing description of the Amendments does not purport to be a complete description and is qualified in its entirety by reference to the full texts of the Amendments, which are filed herewith as Exhibits 10.1-10.4, and are incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit
  No.                                     Description

10.1         Amendment No. 1 to Employment Agreement, dated as of December 26,
             2012, between Doral Financial Corporation and Christopher Poulton.

10.2         Amendment No. 1 to Employment Agreement, dated as of December 26,
             2012, between Doral Financial Corporation and Enrique R. Ubarri.

10.3         Amendment No. 3 to Employment Agreement, dated as of December 26,
             2012, between Doral Financial Corporation and Robert E. Wahlman.

10.4         Amendment No. 1 to Employment Agreement, dated as of December 26,
             2012, between Doral Financial Corporation and Glen Wakeman.