Document:

EX-10.36

 Exhibit 10.36 
 STOCK PURCHASE AGREEMENT 
 This STOCK PURCHASE AGREEMENT (this
“Agreement”) is dated as of February 17, 2012. The parties to this Agreement are First BanCorp, a Puerto Rico corporation (the “Corporation”), and Roberto R. Herencia, the Chairman of the Corporation’s Board of
Directors (the “Buyer”). 
 BACKGROUND 
 WHEREAS, the Corporation desires to sell to the Buyer and the Buyer desires to purchase from the Corporation shares of the common stock, $0.10 par value per share, of the Corporation (“Common
Stock”). 
 NOW, THEREFORE, in consideration of the respective covenants, representations and warranties herein contained,
and intending to be legally bound hereby, the parties hereto agree as follows: 
 SECTION 1. Sale and Purchase of Shares.
The Corporation hereby agrees to sell to the Buyer and the Buyer hereby agrees to purchase from the Corporation 165,000 shares of Common Stock (the “Shares”) for a purchase price of $3.79 per share, the closing price of a share of Common
Stock on February 16, 2012, payable at the Closing, as defined below, subject to the approval of the Board of Directors of the Corporation. 
 SECTION 2. Closing. 
 2.1. The Closing. Subject to the conditions
contained in Section 1 of this Agreement, the Closing (the “Closing”) of the sale and purchase of the Shares shall take place at the offices of the Corporation at 10:00am local time, on the date following the date the Board of
Directors of the Corporation has approved the sale, or at such other time or place or on such other date as the Buyer and the Corporation may agree to in writing. 
 2.2. Deliveries. At the Closing, the Corporation shall deliver to the Buyer the certificates for the Shares in exchange for the delivery by the Buyer to the Corporation the amount of $625,350 by
wire transfer in immediately available funds to such accounts as the Corporation shall designate in writing to the Buyer not less than one day prior to the Closing. 
 SECTION 3. Representations and Warranties of the Corporation. The Corporation hereby represents and warrants to the Buyer that: 

3.1. Legal and Binding Effect. This Agreement constitutes the legal, valid and binding obligation of the Corporation, enforceable
against the Corporation in accordance with its terms. 
 3.2. Transfer of the Shares. The transfer of the Shares by the
Corporation to the Buyer pursuant to the terms of this Agreement will not contravene or violate the Restated Articles of Incorporation or By-Laws of the Corporation. 

 SECTION 4. Representations and Warranties of the Buyer. The Buyer hereby represents
and warrants to the Corporation as follows: 
 4.1. Legal and Binding Effect. This Agreement constitutes the legal, valid
and binding obligation of the Buyer, enforceable against the Buyer in accordance with its terms. 
 4.2. Purchase for
Investment. The Buyer is acquiring the Shares solely for the Buyer’s own account for investment and not with a view to or for the distribution thereof. 
 4.3. Accredited Investor. The Buyer has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of purchasing the Shares, and the Buyer
is able to bear the economic risk of his investment. 
 4.4. Restricted Securities. The Shares have not been registered
under the Securities Act of 1933, as amended (the “Securities Act”), and are being issued to the Buyer in reliance upon the exemption from such registration provided by Section 4(2) of the Securities Act. The Buyer understands that
the Shares will contain a legend that states that the Shares are restricted securities under the Securities Act and may not be resold or transferred unless the Shares are first registered under the Securities Act or an exemption from such
registration is available. 
 SECTION 5. Miscellaneous. 

5.1. Expenses. Each of the parties hereto shall pay all legal, accounting and other fees and expenses incurred by such party in
connection with this Agreement. 
 5.2. Binding Effect. The terms and provisions of this Agreement shall be binding upon
and inure to the benefit of and be enforceable only by the parties hereto. 
 5.3. Governing Law. This Agreement shall be
governed by and interpreted and enforced in accordance with the laws of Puerto Rico. 
 5.4. Contents of Agreement. This
Agreement sets forth the entire agreement of the parties hereto with respect to the transactions contemplated hereby. This Agreement may not be amended except by an instrument in writing signed by the parties hereto, and no claimed amendment,
modification, termination or waiver shall be binding unless in writing and signed by the party against whom or which such claimed amendment, modification, termination or waiver is sought to be enforced. 

5.5. Severability. Any provision of this Agreement which is invalid or unenforceable in any jurisdiction shall be ineffective to
the extent of such invalidity or unenforceability without invalidating or rendering unenforceable the remaining provisions hereof, and any such invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction. 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Stock Purchase Agreement as
of the date first written above. 
  

			
	FIRST BANCORP
		
	By:	 	/s/ Lawrence Odell
	Name:	 	Lawrence Odell
	Title:	 	Executive Vice President & General Counsel

  

			
	BUYER
		
		 	/s/ Roberto Herencia
	Name:	 	Roberto R. HerenciaEX-10.32

 EXHIBIT 10.32 
 SETTLEMENT AGREEMENT 
 This settlement agreement (“Agreement”) is
entered into as of February 22, 2012 by and between Biolase Technology, Inc. (“Biolase”), and Henry Schein, Inc. (“Schein”). 
 R E C I T A L S 
 A. Biolase and Schein are parties to a distribution and supply
agreement dated as of August 30, 2010 (the “DSA”). 
 B. Schein currently has **** (“MDs”) in inventory
and available for sale to customers, as indicated on Exhibit “A” attached hereto. 
 C. Schein and Biolase are
parties to an amended and restated security agreement (“Security Agreement”) dated as of September 23, 2010, pursuant to which Biolase granted Schein a security interest (“Security Interest”) in certain collateral
(“Collateral”) described in the Security Agreement to secure repayment of certain obligations (“Obligations”) from Biolase to Schein under the DSA. Biolase ****. Schein ****. 

D. Biolase is willing to **** on the terms and subject to the conditions hereinafter set forth. 

E. Schein is willing to **** on the terms and conditions hereinafter set forth. 

NOW, THEREFORE, in consideration of the foregoing recitals and for other good and valuable consideration, the parties agree as follows:

 1. Repurchase of MDs. 
 a. Biolase hereby agrees to repurchase from Schein **** 182 MDs currently in Schein’s possession, free and clear of all liens and encumbrances. Biolase shall **** , less ****,
payable **** as hereinafter provided. 
 b. The parties agree that (i) Schein **** , (ii) the ****
, and (iii) from the date of this Agreement until the Closing, Schein will ****. 
 2. Opening of Escrow.
Within **** after the execution of this Agreement, the parties shall open an escrow (the “Escrow”) with an escrow company mutually agreeable to counsel for the parties (“Escrow Holder”). The Escrow shall be deemed opened
when the parties have given Escrow Holder an executed copy of this Agreement and Buyer has ****. Escrow Holder shall ****. If this transaction closes as provided herein, the ****. This Agreement shall serve as escrow
instructions to Escrow Holder, and the parties shall execute additional instructions if Escrow Holder so requires, provided that such instructions do not change the terms of this Agreement but merely offer protection for Escrow Holder. Any
additional instructions shall provide that this Agreement shall prevail in case of any inconsistency between it and the additional instructions. 
 **** Certain confidential information contained in this document, marked with four aserisks, has been omitted and filed separateely with the Securities and Exchange Commission pursuant to Rule 24b-2 of
the Securities Exchange Act of 1934, as amended. 

 3. Inspection of MDs. 

a. Biolase shall have **** after the execution of this Agreement (the “Inspection Period”) within which to inspect the
MDs, at its sole cost, during normal business hours and upon reasonable notice to Schein, for the sole purpose of determining if any Parts are missing from the MDs. Parts shall mean ****. Schein shall make all of the MDs available for
inspection by Biolase at Schein’s various locations set forth on Exhibit “A”, and Schein agrees that it will not move any MDs or parts thereof to other locations while such inspections are ongoing, except for purposes of
effecting sales of MDs which are still in their original packaging. The Biolase representative inspecting the MDs at any site shall inform the Schein representative at such site, before such Biolase representative leaves the site, if he believes any
Parts are missing to provide an opportunity to locate such missing Part. Biolase shall submit a report (“Inspection Report”) to Schein of its inspection of the MDs within **** after the expiration of the Inspection Period. Such
Inspection Report shall identify any Parts missing from the MDs and shall ****, and provide the following additional information with respect to each missing Part: (i) identity of each MD unit involved (by serial number) and location of
such unit; (ii) identity of each Part missing from each such unit; and (iii) indication of date of inspection for each MD and a certification that the Schein representative was informed at the time of inspection. Schein shall have
**** within which to review the Inspection Report and deliver to Biolase its acceptance or rejection of the Inspection Report. If Schein rejects the Report, the parties shall in good faith seek to resolve the discrepancy as quickly as
possible. Once the Inspection Report is agreed upon, the agreed aggregate cost for missing Parts as calculated above and subject to ****. If the parties have not reached agreement as to the ****, the Closing shall not be postponed, but
****. 
 b. The parties agree that **** and that Biolase **** other than ****. The parties also agree that
time is of the essence, and ****. 
 4. Deposits Into Escrow. No later than **** before the Close of
Escrow, the parties shall deposit the funds and documents described below into Escrow. All funds to be deposited into Escrow shall be by wire transfer of same day funds or cashier’s check in same day funds drawn on and payable through a
California bank. All documents shall be duly executed by authorized signatories and, when customary or necessary for filing or recordation, properly acknowledged. 
 a. Biolase. Biolase shall ****, and less ****. The ****. If the parties have not reached agreement regarding ****, the Closing shall not be postponed, but ****.
Upon release of the funds from Escrow, Schein shall be deemed to ****. Notwithstanding the foregoing, if the parties, in their sole discretion, mutually agree, the ****. 

b. Schein. Schein shall deposit into the Escrow a bill of sale (“Bill of Sale”) for the MDs and releases of the lien of
the Security Interest in form and content reasonably acceptable to Biolase. 
 5. Close of Escrow. 

a. Time. Escrow shall close (the “Closing” or the “Close of Escrow”) as soon as the parties have ****,
provided that ****. 
 b. Procedure. Escrow Holder shall close Escrow as follows: 

i. pay the ****; 
 ii. deliver the Bill of Sale and the lien releases releasing the Security Interest in the Collateral to Biolase as prepared by Biolase’s counsel and as may be reasonably requested by Biolase, which
releases shall be filed by Biolase at its own expense after the Closing; 
 **** Certain confidential information contained in this document,
marked with four aserisks, has been omitted and filed separateely with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
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 iii. forward to Biolase and Schein an accounting of all funds received and
disbursed for each party; and 
 iv. possession, title and risk of loss with respect to the MDs shall pass to
Biolase upon Close of Escrow, and Biolase shall be responsible for transportation of the MDs from Schein’s locations described in Exhibit “A” to Biolase’s premises ****. 

c. Closing Costs. Biolase and Schein ****. At least three (3) days prior to the Closing, Escrow Holder shall submit to
Biolase and to Schein an estimated Closing statement. 
 6. Representations and Warranties of the Parties. 

a. Biolase. Biolase represents and warrants to Schein that its execution and performance of this Agreement has been duly
authorized by all necessary corporate action. 
 b. Schein. Schein represents and warrants to Biolase that it owns the
MDs free and clear of all liens and encumbrances, and that its execution and performance of this Agreement has been duly authorized by all necessary corporate action. Schein also represents and warrants that Exhibit “A” attached
hereto is a true, correct and complete list of the MDs in Schein’s possession as of the date hereof, and that the number of MDs listed on Exhibit “A” that are listed as “demos” or as already having been removed from
their original packaging will not increase, in the aggregate, between the date hereof and the Closing. 
 7. ****.
Biolase ****. 
 8. Termination of the DSA and Continued Supplier Relationship. Except for Section 9.4 of the
DSA (regarding non-disparagement), Section 12.11 of the DSA (regarding governing law and arbitration) and Section 2.2 and the corresponding Exhibit B of the DSA (regarding certain indemnification obligations), all of which are set forth in
their entirety on Exhibit “B” attached hereto and incorporated herein by reference, the parties agree that the DSA shall be terminated effective upon the Closing, along with all other agreements (including international territories)
from inception of the original DSA in 2006, provided that Schein will be allowed to continue to place orders for Biolase products and will be accorded the same rights and privileges available to any standard Biolase distributor in the United States.
In particular, Schein ****. In addition, Biolase ****; and Biolase ****. Schein agrees that ****. 
 9.
Mutual Release. With the exception of the obligations of the parties set forth herein and obligations arising in the ordinary course with respect to inventory purchased by Schein from Biolase, as to which the parties are not released,
effective upon payment of the Purchase Price and the release of the Collateral from the lien of the Security Interest, the parties mutually release each other and their agents, directors, officers, partners, employees, attorneys, successors and
assigns of and from any and all damages, claims, demands, causes of action, obligations and liabilities, at law or in equity, which either party had or now has or hereafter can, shall or may have against the other relating in any way to the matters
related thereto. 
 10. Section 1542 Release. The parties acknowledge that they are familiar with the provisions of
section 1542 of the California Civil Code, which provides as follows: 
 “A general release does not extend
to claims which the 
 creditor does not know or suspect to exist in his favor at 

the time of executing the release, which if known by him 

must have materially affected his settlement with the 

debtor.” 

**** Certain confidential information contained in this document, marked with four aserisks, has been omitted and filed separateely with the Securities
and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
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 The parties hereby expressly waive any and all rights and benefits conferred upon them by section 1542
of the California Civil Code with respect to those claims, whether known or unknown, which are the subject of this Agreement. 

11. No Reliance On Representations. The parties represent that in signing this Agreement, they do so with full knowledge that any
and all rights which they may have, and they do not rely and have not relied upon any representations of each other, or their officers, agents, attorneys or representatives, with regard to their rights or asserted rights, and they hereby assume the
risk of any mistake of fact in connection with the true facts involved or with regard to any facts which are now unknown to them. The parties further represent that they have consulted and secured independent legal advice and consultation in
connection with this Agreement and any rights which they may be relinquishing. 
 12. Further Assurance. The parties
agree to execute all instruments and documents and to take all actions that reasonably may be required in order to effectuate the purpose and intent of this Agreement, provided all out of pocket expense is paid by the requesting party. 

13. Counterparts. This Agreement may be executed in counterparts. 

14. Governing Law. The Agreement shall be construed in accordance with, and shall be governed by, the laws of the state of New
York subject to Exhibit B-2. 
 15. Successors and Assigns. Neither party shall have any right to assign any of its
rights or obligations under this Agreement without the prior written consent of the other party, which consent may be withheld in such party’s sole and absolute discretion. Subject to the foregoing, this Agreement shall be binding upon and
enforceable by, and shall inure to the benefit of, the parties hereto and their respective permitted successors and assigns. 

16. Severability. In the event that any portion of this Agreement shall be declared by any court of competent jurisdiction to be
invalid, illegal or unenforceable, such portion shall be deemed severed from this Agreement, and the remaining parts hereof shall remain in full force and effect, as fully as though such invalid, illegal or unenforceable portion had never been a
part of this Agreement. 
 17. Attorneys’ Fees. In the event of the bringing of any action by any party hereto
against any other party arising out of this Agreement, the party who is determined to be the prevailing party shall be entitled to recover from the other party all costs and expenses of suit, including reasonable attorneys’ fees. 

18. Entire Agreement; Modification. This Agreement, together with the Exhibits hereto, constitutes the entire agreement between
the parties hereto pertaining to the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings of the parties in connection herewith. No supplement, modification or amendment of this Agreement shall be
effective unless executed in writing by all of the parties hereto. 
 19. Confidentiality. The parties covenant and agree
that the terms of this Agreement shall remain confidential and neither party shall disclose the terms of this Agreement to any third party without the prior written consent of the other party. Notwithstanding the foregoing, the parties shall be
permitted to issue a press release announcing this Agreement or otherwise referring to this Agreement or any of its terms, provided that the other party approves the issuance and text of such press release. ****. 

**** Certain confidential information contained in this document, marked with four aserisks, has been omitted and filed separateely with the Securities
and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
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 IN WITNESS WHEREOF, this Agreement has been executed as of the date first set forth above.

  

			
	 BIOLASE TECHNOLOGY, INC.
 (“Biolase”)

		
	By:	 	/s/ Federico Pignatelli
	Its: Chairman and Chief Executive Officer
		 	
	 HENRY SCHEIN, INC.

(“Schein”)

		 	
	By:	 	/s/ Michael Ettinger
	Its: Senior Vice President and General Counsel

  
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