Document:

Exhibit 10.1

        

       

      October 30, 2020

       

      Félix Villamil

      [Intentionally Omitted]

       

      Dear Mr. Villamil:

       

      The Board of Directors (the “Board”) of First BanCorp (the “Corporation”), the bank holding company of FirstBank Puerto Rico (the “Bank”), is pleased
        to offer you the position as a Director of the Board of the Corporation and the Bank. Your service as a Director of the Corporation and the Bank shall be effective as of October 30, 2020 (the “Effective Date”), the date of effectiveness of this
        offer letter (the “Offer Letter”).

       

      The following are the detailed terms of this Offer Letter:

       

        

      	1.	
              Position/Services.

            

       

        

      	

            	 a.	
              You will be expected to devote a reasonable amount of your business time to your services to the Corporation pursuant to this Offer Letter commensurate with your role as a member of the
                Board and as a member or Chair of a Board committee and you agree that you will not, without the prior written consent of the Corporation, directly or indirectly, provide any material services to any other banking entity which competes in
                any material respect with the Corporation and its subsidiaries until the earlier of (i) the termination of your services to the Corporation pursuant to this Offer Letter, and (ii) your resignation as Director (such date, the “Termination
                Date”), provided however that any services provided by you to any other banking entity which you have disclosed to the Corporation prior to the presentation of this Offer Letter and which continues to be provided as of its execution is not
                prohibited pursuant to this section and shall not require the prior written consent of the Corporation. You may resign as a member of the Board at any time upon written notice to its Chairman.

            

       

        

      	

            	 b.	
              You shall render services as a member of the Board, as well as a member of any other committee which you may be appointed to by the Board during your services as a member of the Board,
                which may include the appointment as a committee chair. You shall attend and participate to the maximum extent practicable in such number of meetings of the Board and of the committee(s) of which you are a member as regularly or specially
                called.

            

       

        

      	2.	
              Term. Your term as Director shall continue until your successor is duly elected and qualified or until any resignation by you shall be effective. The position shall be up for re-election
                each year at the annual shareholders’ meeting and upon re-election, the terms and provisions of this Offer Letter (as modified from time to time) shall remain in full force and effect.

            

       

        

      	3.	
              Fees and Compensation.

            

       

        

      	

            	a.	
              Annual Director’s Fees. Commencing on the Effective Date, you will be paid fees for your services as a Director in a total amount equal to $115,000 per year (such amount, the “Annual
                Fee”). The Annual Fee shall be payable $75,000 in cash (the “Annual Retainer”) and $40,000 in the form of an annual grant of restricted stock (the “Restricted Stock”), under the First BanCorp Omnibus Incentive Plan, as amended. The cash
                Annual Retainer shall be paid in equal installments on a monthly basis over a twelve-month period. The Restricted Stock shall be awarded at the beginning of each twelve-month period during which you are a Director and shall be subject to a
                twelve-month vesting period. In addition, you may receive additional compensation in the form of retainers depending upon the Board committees which you may be appointed to by the Board during your services as a member of the Board as
                follows, subject to the right of the Board to change such fee structure at its discretion based on changed circumstances:

            

       

        

      
        
          

      

      

      

      
        	
                Committee

              	 	
                Committee Chair

                Retainer

              	 	 	
                Committee

                Member Retainer

              	 
	 	 	 	 	 	 	 
	
                Audit Committee

              	 	
                $

              	
                25,000

              	 	 	
                $

              	
                5,000

              	 
	 	 	 	 	 	 	 	 	 
	
                Compensation and Benefits Committee

              	 	
                $

              	
                5,000

              	 	 	 	
                -0-

              	 
	 	 	 	 	 	 	 	 	 
	
                Corporate Governance and Nominating Committee

              	 	
                $

              	
                5,000

              	 	 	 	
                -0-

              	 
	 	 	 	 	 	 	 	 	 
	
                Asset/Liability Committee

              	 	
                $

              	
                5,000

              	 	 	 	
                -0-

              	 
	 	 	 	 	 	 	 	 	 
	
                Credit Committee

              	 	
                $

              	
                25,000

              	 	 	
                $

              	
                5,000

              	 
	 	 	 	 	 	 	 	 	 
	
                Risk Management Committee

              	 	
                $

              	
                25,000

              	 	 	
                $

              	
                5,000

              	 

      

       

        

      	

            	b.	
              Taxes. You are responsible for paying all Federal, state, and local income or business taxes, including estimated taxes, self-employment and any other taxes, fees, additions to tax,
                interest, or penalties, which may be assessed, imposed, or incurred as a result of any amounts paid to you pursuant to this Offer Letter. The Corporation may withhold or cause to be withheld from any Annual Fee any Federal, Puerto Rico,
                state or local taxes required by law to be withheld with respect to such Annual Fee. By acceptance of this Agreement, Director agrees to such deductions.

            

       

        

      	4.	
              Reimbursement of Board Meeting/Committee Expenses: D&O Insurance and Indemnification.

            

       

        

      	

            	a.	
              You shall be entitled to receive reimbursement for all reasonable and substantiated (i) expenses incurred by you in connection with your attending each Board meeting and any director
                education meetings, including reasonable and substantiated business class or equivalent travel expenses and meals and lodging, and (ii) legal expenses incurred by you in connection with the negotiation of this Offer Letter. All expenses
                incurred under this Section 4 will be reimbursed in accordance with the applicable policies and procedures of the Corporation; provided, however, that any amounts reimbursed in one taxable year will not affect the amounts eligible for
                reimbursement by the Corporation in a different taxable year, and all reimbursement requests must be submitted by you no later than December 31 of the calendar year following the calendar year in which the expense was incurred.

            

       

        

      	

            	b.	
              The Corporation shall, at its expense, purchase and maintain director’s and officer’s (“D&O”) insurance in an amount comparable to the amount of D&O insurance provided by
                chartered banks with similar total assets and of a similar size and complexity to the Corporation (but in no event less than $10 million), to protect itself and you, as a Director serving at the request of the Corporation, against any
                expense, liability, or loss, whether or not the Corporation would have the power to indemnify you against such expense, liability, or loss under applicable law. Such insurance shall be written by an insurer or insurers admitted to issue
                such insurance in Puerto Rico and holding a financial strength rating (“FSR”) of not less than B+ as such FSR is assigned by Best’s and shall be on terms and conditions as shall be customary in the current market from time to time. Such
                coverage shall include a “Side A” coverage available to directors in an amount comparable to that obtained by other comparable institutions (but in no event less than $10 million). The Corporation shall purchase such coverage on a basis
                that will provide protection to you not only during the time of your service as a director of the Board but also for six years after such service shall terminate for any reason. The Corporation will provide copies of its D&O insurance
                policies to you upon request and will promptly advise you of any changes that may occur in its existing coverages.

            

       

        

      
        
          

      

      	

            	c.	
              As a Director serving at the request of the Corporation, you shall be indemnified by the Corporation to the fullest extent permitted by applicable law against judgments, penalties
                (including excise and similar taxes and punitive damages), fines, settlements, and reasonable expenses (including reasonable attorneys’ and expert witness fees) actually incurred by you in connection with any actual or threatened proceeding
                (a “Proceeding”) relating to or arising from your service as a member of the Board or any committee thereof with any such expenses being advanced to you within 30 days of your written request therefore; provided that in any matter covered
                by paragraph (2) of Article Ninth of the Articles of Incorporation of the Corporation your conduct is not finally adjudged in a non-appealable decision by a court of competent jurisdiction to have constituted fraud, bad faith, gross
                negligence or willful and knowing violation of any law applicable to the Corporation or your service as a director or member of a committee of the Board, in which case there shall be no indemnification and you shall return any advances to
                the Corporation (a “Non-Indemnifiable Claim”); provided, further, however, that you shall be entitled to indemnification in any circumstance in which you acted or failed to act in reliance upon advice of counsel to the Corporation or the
                Board or any committee thereof or the court in which such action was brought shall determines upon application, that despite the adjudication of liability but in view of all the circumstances of the case, you are fairly and reasonably
                entitled to indemnity for such expenses which the court shall deem proper. Your entitlement to indemnification under this Section 4.c. shall not be limited to your entitlement to protection under any applicable insurance coverage and to any
                other indemnification or payment you may be entitled to under the circumstances under the Corporation’s articles of incorporation or by-laws or under any other agreement. Notwithstanding the foregoing, the Corporation shall not be obligated
                to provide any indemnification or advancement of expenses when (i) a Proceeding is between the Corporation and you (provided that you shall be entitled to such indemnification in respect of any action brought by or in the right of the
                Corporation by any shareholder thereof, i.e., a derivative action, and in respect of any action brought by you to establish your right to indemnification hereunder or otherwise; providing any such actions do not constitute a
                Non-Indemnifiable Claim); or (ii) prohibited by applicable law or regulation, including 12 C.F.R. part 359.

            

       

        

      	

            	d.	
              Each and every provision of this Section 4 is separate and distinct so that if any provision hereof shall be held to be invalid or unenforceable for any reason, such invalidity or
                unenforceability shall not affect the validity or enforceability of any other provision hereof. To the extent required, any provision of this Section 4 may be modified by a court of competent jurisdiction to preserve its validity and to
                provide you with the broadest possible indemnification permitted under Puerto Rican law.

            

       

        

      	

            	e.	
              If any provision of this Section 4 is invalidated on any ground by any court of competent jurisdiction, the Corporation shall nevertheless indemnify you as to any expenses, judgments,
                fines, penalties or excise taxes incurred with respect to any Proceeding to the full extent permitted by any provision hereof that has not been invalidated or by any other applicable provision of Puerto Rico law.

            

       

        

      	5.	
              General Provisions.

            

       

        

      	

            	a.	
              This Offer Letter supersedes any other agreements or promises made to you by anyone at the Corporation, whether oral or written, and, subject to approval by the Board, comprises the
                final, complete, and exclusive agreement between you and the Corporation.

            

      

      

      	

            	b.	
              This Offer Letter shall be governed by the laws of the Commonwealth of Puerto Rico, without regard to its principles of conflicts or choices of laws.

            

      

      

      	

            	c.	
              This Offer Letter may be modified only by a written instrument duly executed by you and an authorized representative of the Corporation.

            

      

      

      	

            	d.	
              This Offer Letter may be executed by the parties in separate counterparts, each of which, when so executed and delivered, shall be an original, but all of which, when taken as a whole,
                shall constitute one and the same instrument.

            

      

      

      	

            	e.	
              Any notices that are required to be given pursuant to this Offer Letter must be in writing and may be given by personal delivery, registered or certified mail (postage prepaid, return
                receipt requested), facsimile, courier, or overnight mail delivery to the following addresses:

            

       

        

      	
              To the Company:

            	
              First BanCorp

              PO Box 9146

              San Juan, PR 00908-0146

            
	 	 
	
              To You:

            	
              Félix Villamil

            
	 	
              [Intentionally Omitted]

            

       

        

      	

            	f.	
              The Corporation and you hereby consent to the jurisdiction of the Federal and State courts of the Commonwealth of Puerto for the purpose of hearing any Proceeding between you and the
                Corporation arising hereunder or in respect to your service as a member of the Board or any committee thereof.

            

      

      

      	

            	g.	
              This Offer Letter shall be binding upon, and shall inure to the benefit of you and your heirs, executors and administrators, whether or not you have ceased to be a director, and the
                Corporation and its successors and assigns.

            

       

      (SIGNATURE PAGE FOLLOWS)

       

        

      
        
          

      

      Please sign and date this Offer Letter below and return it to the Corporation as soon as possible but in no event later than November 4, 2020, to
        indicate your agreement to the terms and conditions described herein.

       

      We look forward to your favorable reply and to a productive and enjoyable work relationship.

       

      Sincerely,

       

      	
              First BanCorp

            
	 	 
	
              By:

            	
               /s/ Roberto Herencia

            	 	 
	 	
              Roberto Herencia

            
	 	Chairman of the Board

       

      	
              Agreed and Accepted:

            
	 	 
	
              By:

            	
               /s/ Felix Villamil

            	 	 
	 	
               Félix VillamilExhibit 10.3

 

SOCIAL CAPITAL HEDOSOPHIA HOLDINGS CORP.
II

PROMISSORY NOTE

 

	
        Principal Amount: Not to Exceed U.S.$4,000,000.00

        (See Schedule A)
	Dated as of September 30, 2020

 

 

FOR VALUE RECEIVED
and subject to the terms and conditions set forth herein, Social Capital Hedosophia Holdings Corp. II, a Cayman Islands exempted
company (the “Maker”), promises to pay to SCH Sponsor II LLC (the
 “Payee”), or order, the principal balance as set forth on Schedule A hereto in lawful money of the United
States of America; which schedule shall be updated from time to time by the parties hereto to reflect all advances and readvances
outstanding under this promissory note (this “Note”); provided that at no time shall the aggregate of
all advances and readvances outstanding under this Note exceed four million U.S. Dollars (U.S.$4,000,000.00).  Any advance
hereunder shall be made by the Payee upon a request of the Maker and shall be set forth on Schedule A; which Schedule
A reflects outstanding advances made by the Payee on behalf of the Maker as of the date hereof. All payments on this Note shall
be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the
Payee may from time to time designate by written notice in accordance with the provisions of this Note.

 

1.       Principal. All
unpaid principal under this Note shall be due and payable in full on the earlier of (i) April 30, 2022 and (ii) the effective
date of a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination, involving
the Maker and one or more businesses (such earlier date, the “Maturity Date”), unless accelerated upon the occurrence
of an Event of Default (as defined below). Any outstanding principal amount to date under this Note may be prepaid at any time
by the Maker, at its election and without penalty.

 

2.       Interest. No
interest shall accrue on the unpaid principal balance of this Note.

 

3.       Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum
due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges
and finally to the reduction of the unpaid principal balance of this Note.

 

4.       Events
of Default. The occurrence of any of the following shall constitute an event of default (“Event of Default”):

 

(a)       Failure
to Make Required Payments. Failure by the Maker to pay the principal amount due pursuant to this Note within five (5) business
days of the date specified in Section 1 above.

 

(b)       Voluntary
Bankruptcy, Etc. The commencement by the Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of the Maker or for any substantial part of its property,
or the making by it of any assignment for the benefit of creditors, or the failure of the Maker generally to pay its debts as such
debts become due, or the taking of corporate action by the Maker in furtherance of any of the foregoing.

 

(c)       Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of the
Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of the Maker or for any substantial part of its property, or ordering
the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period
of sixty (60) consecutive days.

 

5.       Remedies.

 

(a)       Upon
the occurrence of an Event of Default specified in Section 4(a) hereof, the Payee may, by written notice to the Maker, declare
this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable
thereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which
are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

     

     

    

 

(b)       Upon
the occurrence of an Event of Default specified in Sections 4(b) or 4(c), the unpaid principal balance of this Note, and all other
sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action
on the part of the Payee.

 

6.       Waivers. The
Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor,
protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by
the Payee under the terms of this Note, and all benefits that might accrue to the Maker by virtue of any present or future laws
exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment,
levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment;
and the Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ
of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by the Payee.

 

7.       Unconditional
Liability. The Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other
party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or
consented to by the Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted
by the Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors,
or sureties may become parties hereto without notice to the Maker or affecting the Maker’s liability hereunder.

 

8.       Notices. All
notices, statements or other documents which are required or contemplated by this Note shall be: (i) in writing and delivered personally
or sent by first class registered or certified mail, overnight courier service or electronic transmission, or (ii) by electronic
mail, in each case, to the address or electronic mail address (as applicable) most recently provided to such party or such other
address or electronic mail address (as applicable) as may be specified in writing by such party.  Any notice or other
communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business
day following receipt of written confirmation, if sent by electronic transmission, one (1) business day after delivery to an overnight
courier service or five (5) days after mailing if sent by mail.

 

9.       Construction. THIS
NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED
WITHIN THE STATE OF NEW YORK.

 

10.       Severability. Any
provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

11.       Trust
Waiver.  Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest
or claim of any kind (“Claim”) in or to any distribution of or from the trust account established in which proceeds
of the Maker’s initial public offering of its securities (the “IPO”) (including the deferred underwriters
discounts and commissions) and proceeds of the sale of the warrants issued by the Maker in a private placement that occurred in
connection with the IPO were deposited, as described in greater detail in the registration statement and prospectus filed with
the Securities and Exchange Commission in connection with the IPO on September 15, 2017, and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any Claim against the trust account for any reason whatsoever.

 

12.       Amendment;
Waiver.  Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent
of the Maker and the Payee.

 

13.       Successors
and Assigns.  Subject to Section 14 below, the rights and obligations of the Maker and the Payee hereunder shall
be binding upon and benefit the successors, assigns, heirs, administrators and transferees of any party hereto (by operation of
law or otherwise) with the prior written consent of the other party hereto and any attempted assignment without the required consent
shall be void.

 

    	 	2	 

     

    

 

14.       Transfer
of this Note.  No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party
hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment
without the required consent shall be void.

 

15.       Acknowledgment.
The Maker acknowledges that $1,138,497.00 is outstanding under this Note as of the date hereof, reflecting advances that have
been made by the Payee on behalf of the Maker.

 

[Signature page follows]

 

    	 	3	 

     

    

 

IN WITNESS WHEREOF, the Maker, intending
to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.

  

	 	SOCIAL CAPITAL HEDOSOPHIA HOLDINGS CORP. II
	 	 
	 	By:	 /s/ Steven Trieu
	 	 	Name: 	 Steven Trieu
	 	 	Title: 	Chief Financial Officer

 

Acknowledged and agreed as of the day and
year first above written.

 

	SCH SPONSOR II LLC	 
	 	 	 
	By:	/s/ Chamath Palihapitiya  	 
	 	Name:	Chamath Palihapitiya	 
	 	Title:	Chief Executive Officer	 

 

 

[Signature Page to Promissory Note –
Social Capital Hedosophia Holdings Corp. II]

 

     

     

    

 

SCHEDULE A

 

Subject to the terms and conditions set
forth in the Note to which this schedule is attached to, the principal balance due under the Note shall be set forth in the table
below and shall be updated from time to time to reflect all advances and readvances outstanding under the Note.

 

	Date	Drawing	Interest Earned	Principal Balance
	September 30, 2020	$1,138,497.00	N/A	$1,138,497.00

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