Document:

EX-10.1

EXCHANGE AGREEMENT

by and between

FIRST BANCORP

and

THE UNITED STATES DEPARTMENT OF THE TREASURY

Dated as of July 7, 2010

TABLE OF CONTENTS

Page

ARTICLE I

THE CLOSING; THE EXCHANGE OF CAPITAL SECURITIES FOR SERIES F PREFERRED STOCK

	 	 	 
	Section 1.1

Section 1.2

Section 1.3

	 	The Capital Securities

The Closing

Interpretation

ARTICLE II

EXCHANGE

	 	 	 
	Section 2.1

Section 2.2

	 	Exchange; Dividend Exchange

Exchange Documentation

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

	 	 	 
	Section 3.1

Section 3.2

Section 3.3

Section 3.4

Section 3.5

Section 3.6

Section 3.7

Section 3.8

Section 3.9

Section 3.10

	 	Existence and Power

Authorization and Enforceability

Capital Securities and Underlying Common Shares

Amended Warrant and Warrant Shares

Non-Contravention

Anti-Takeover Provisions and Rights Plan

No Company Material Adverse Effect

Offering of Securities

Brokers and Finders

Disclosure on Form 10-K and Form 10-Q

ARTICLE IV

COVENANTS

	 	 	 
	Section 4.1

Section 4.2

Section 4.3

Section 4.4

Section 4.5

Section 4.6

Section 4.7

Section 4.8

Section 4.9

Section 4.10

	 	Commercially Reasonable Efforts

Expenses

Exchange Listing

Access, Information and Confidentiality

Executive Compensation

Certain Notifications Until Closing

Sufficiency of Authorized Common Stock

Monthly Lending Reports

Status Reports

Observer to the Board

ARTICLE V

ADDITIONAL AGREEMENTS

	 	 	 
	Section 5.1

Section 5.2

Section 5.3

Section 5.4

Section 5.5

Section 5.6

Section 5.7

Section 5.8

Section 5.9

Section 5.10

Section 5.11
	 	Unregistered Capital Securities

Legend

Certain Transactions

Transfer of Capital Securities; Underlying Common Shares and

Warrant Shares

Registration Rights

Voting Matters

Restriction on Dividends and Repurchases

Repurchase of Investor Securities

[Reserved.]

Bank or Thrift Holding Company Status

Compliance with Employ American Workers Act

ARTICLE VI

MISCELLANEOUS

	 	 	 
	Section 6.1

Section 6.2

Section 6.3

Section 6.4

Section 6.5

Section 6.6

Section 6.7

Section 6.8

Section 6.9

Section 6.10

Section 6.11

Section 6.12

Section 6.13

	 	Termination

Survival of Representations and Warranties

Amendment

Waiver of Conditions

Governing Law; Submission to Jurisdiction, etc

Notices

Definitions

Assignment

Severability

No Third-Party Beneficiaries

Entire Agreement, etc

Counterparts and Facsimile

Specific Performance

LIST OF ANNEXES

	 	 	ANNEX A: FORM OF AMENDED WARRANT	 

	 	 	ANNEX B: FORM OF NEW CERTIFICATE OF DESIGNATIONS	 

	 	 	ANNEX C: FORM OF OPINION	 

	 	 	ANNEX D: FORM OF WAIVER	 

LIST OF SCHEDULES

	 	 	SCHEDULE A: CAPITALIZATION	 

	 	 	SCHEDULE B: COMPANY MATERIAL ADVERSE EFFECT	 

	 	 	 
	Defined Terms

	 	

	Affiliate

	 	Section 6.7(b)
	Agreement

	 	Preamble
	Amended Warrant

	 	Recitals
	Benefit Plans

	 	Section 1.2(d)(viii)
	Board

	 	Section 4.10(a)
	Business Combination

	 	Section 6.7(c)
	Capital Securities

	 	Recitals
	Capitalization Date

	 	Section 3.1(b)
	Charter

	 	Section 1.2(d)(iv)
	Closing

	 	Section 1.2(a)
	Closing Date

	 	Section 1.2(a)
	Common Stock

	 	Recitals
	Company

	 	Preamble
	Company Material Adverse Effect

	 	Section 6.7(d)
	Company Subsidiaries

	 	Section 4.4(a)
	Compensation Regulations

	 	Section 1.2(d)(viii)
	Designated Matters

	 	Section 6.7(e)
	Dividend Exchange

	 	Recitals
	EAWA

	 	Section 6.7(f)
	EESA

	 	Section 1.2(d)(viii)
	Exchange

	 	Recitals
	Exchange Act

	 	Section 5.3(b)
	GAAP

	 	Section 5.7(a)(ii)
	Governmental Entities

	 	Section 1.2(c)
	Information

	 	Section 4.4(c)
	Investor

	 	Preamble
	Junior Stock

	 	Section 6.7(g)
	New Certificate of Designations

	 	Section 1.2(d)(iv)
	Observer

	 	Section 4.10(a)
	Old Warrant

	 	Recitals
	Other Transactions

	 	Section 4.9
	Parity Stock

	 	Section 6.7(h)
	Permitted Repurchases

	 	Section 5.7(a)(ii)
	Preferred Stock

	 	Section 6.7(i)
	Previously Disclosed

	 	Section 6.7(j)
	Relevant Period

	 	Section 1.2(d)(viii)
	SEC

	 	Section 3.5(b)
	Section 4.5 Employee

	 	Section 4.5(b)
	Securities Purchase Agreement

	 	Recitals
	Senior Executive Officers

	 	Section 1.2(d)(viii)
	Series F Preferred Stock

	 	Recitals
	Series F Shares

	 	Recitals
	Share Dilution Amount

	 	Section 5.7(a)(ii)
	Status Report

	 	Section 4.9
	subsidiary

	 	Section 6.7(a)
	Targeted Completion Date

	 	Section 4.9
	Transfer

	 	Section 5.4
	Underlying Common Shares

	 	Section 1.2(d)(i)
	Warrant Shares

	 	Section 3.2(a)

EXCHANGE AGREEMENT, dated as of July 7, 2010 (this “Agreement”) by and between
First BanCorp, a Puerto Rico corporation (the “Company”), and the United States Department
of the Treasury (the “Investor”). All capitalized terms used herein and not otherwise
defined shall have the respective meanings ascribed to them in the Securities Purchase Agreement.

BACKGROUND

WHEREAS, the Investor is, as of the date hereof, the beneficial owner of 400,000 shares of the
Company’s preferred stock designated as “Fixed Rate Cumulative Perpetual Preferred Stock,
Series F”, having a liquidation amount of $1,000 per share (the “Series F Preferred
Stock”);

WHEREAS, the Company issued the Series F Preferred Stock pursuant to that certain Securities
Purchase Agreement – Standard Terms incorporated into a Letter Agreement, dated as of January 16,
2009, as amended from time to time, between the Company and the Investor (the “Securities
Purchase Agreement”);

WHEREAS, effective August 2009, the Company elected to defer regularly scheduled quarterly
dividend payments on the Series F Preferred Stock;

WHEREAS, the Company and the Investor desire (i) to exchange (the “Preferred
Exchange”) all 400,000 shares of the Series F Preferred Stock beneficially owned and held by
the Investor (the “Series F Shares”) for 400,000 newly issued shares of Fixed Rate
Cumulative Mandatorily Convertible Preferred Stock, Series G, of the Company (the “Capital
Securities”), with a liquidation amount of $1,000 per share, (ii) to exchange additional fully
paid and nonassessable shares of the Capital Securities for all accrued and unpaid dividends under
the Series F Shares outstanding immediately prior to the Closing Date (such dividends accruing
daily) (the “Dividend Exchange”) and (iii) to amend the terms of that certain warrant,
dated January 16, 2009, to purchase 5,842,259 shares of common stock, par value $1.00 per share
(“Common Stock”), granted by the Company for the benefit of the Investor (the “Old
Warrant”) pursuant to an amended and restated warrant to purchase 5,842,259 shares of Common
Stock, in substantially the form attached hereto as Annex A (the “Amended
Warrant”), on the terms and subject to the conditions set forth herein (the “Warrant
Exchange” and together with the Preferred Exchange and the Dividend Exchange, the
“Exchange”);

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this
Agreement, the receipt and sufficiency of which are hereby acknowledged, and intending to be
legally bound, the parties hereby agree as follows:

ARTICLE I

THE CLOSING; THE EXCHANGE OF CAPITAL SECURITIES FOR SERIES F PREFERRED STOCK

Section 1.1 The Capital Securities. The Capital Securities are being issued to the
Investor in the Exchange pursuant to Article II hereof. The shares of Series F Preferred Stock
exchanged for the Capital Securities pursuant to Article II hereof are being reacquired by the
Company and shall have the status of authorized but unissued shares of Preferred Stock of the
Company undesignated as to series and may be designated or redesignated and issued or reissued, as
the case may be, as part of any series of preferred stock of the Company; provided that such shares
shall not be reissued as shares of Series F Preferred Stock.

Section 1.2 The Closing.

(a) The closing of the Exchange (the “Closing”) will take place at the offices of
Cadwalader, Wickersham & Taft LLP, One World Financial Center, New York, New York 10281, at
9:00 a.m., EST on the first business day immediately following the day on which all of the
conditions set forth in Sections 1.2(c) and (d) are satisfied or waived (other than those
conditions that by their terms must be satisfied on the Closing Date, but subject to the
satisfaction or waiver of those conditions), or at such other place, time and date as shall be
agreed between the Company and the Investor. The time and date on which the Closing occurs is
referred to in this Agreement as the “Closing Date”.

(b) Subject to the fulfillment or waiver of the conditions to the Closing in this Section 1.2,
at the Closing (i) the Company will deliver the Capital Securities to the Investor, as evidenced by
one or more certificates dated the Closing Date and registered in the name of the Investor or its
designee(s) and (ii) the Investor will deliver the certificate representing the Series F Shares to
the Company.

(c) The respective obligations of each of the Investor and the Company to consummate the
Exchange are subject to the fulfillment (or waiver by the Company and the Investor, as applicable)
prior to the Closing of the conditions that (i) any approvals or authorizations of all United
States and other governmental, regulatory or judicial authorities (collectively, “Governmental
Entities”) required for the consummation of the Exchange shall have been obtained or made in
form and substance reasonably satisfactory to each party and shall be in full force and effect and
all waiting periods required by United States and other applicable law, if any, shall have expired
and (ii) no provision of any applicable United States or other law and no judgment, injunction,
order or decree of any Governmental Entity shall prohibit consummation of the Exchange as
contemplated by this Agreement.

(d) The obligation of the Investor to consummate the Exchange is also subject to the
fulfillment (or waiver by the Investor) at or prior to the Closing of each of the following
conditions:

(i) the Company shall have obtained an exception in writing pursuant to Section 312.05
(Financial Viability Exception) of the New York Stock Exchange Listed Company Manual from
the shareholder approval policy set forth in Section 312.03 of the New York Stock Exchange
Listed Company Manual in respect of the issuances by the Company of the Capital Securities,
the shares of Common Stock issuable upon conversion of the Capital Securities (the
“Underlying Common Shares”), the Amended Warrant and the Warrant Shares as
contemplated by this Agreement, and at least ten days shall have passed since the Company
sent its shareholders the letter required by Section 312.05 of the Listed Company Manual;

(ii) (A) the representations and warranties of the Company set forth in Article III of
this Agreement shall be true and correct in all respects as though made on and as of the
Closing Date (other than representations and warranties that by their terms speak as of
another date, which representations and warranties shall be true and correct in all respects
as of such other date) and (B) the Company shall have performed in all material respects all
obligations required to be performed by it under this Agreement at or prior to the Closing;

(iii) the Investor shall have received a certificate signed on behalf of the Company by
a senior executive officer certifying to the effect that the conditions set forth in
Section 1.2(d)(ii) have been satisfied;

(iv) the Company shall have duly adopted and filed with the Commonwealth of Puerto Rico
a Certificate of Designations, having the effect of an amendment to its articles of
incorporation (“Charter”), in substantially the form attached hereto as
Annex B (the “New Certificate of Designations”) and such filing shall have
been accepted;

(v) the Company shall have executed the Amended Warrant and delivered such executed
Amended Warrant to the Investor or its designee(s);

(vi) the Company shall have delivered certificates in proper form or, with the prior
consent of the Investor, evidence in book-entry form, evidencing the Capital Securities to
the Investor or its designee(s);

(vii) the Company shall have delivered to the Investor written opinions from outside
counsel to the Company, addressed to the Investor and dated as of the Closing Date, in
substantially the form attached hereto as Annex C; and

(viii) (A) the Company shall have effected such changes to its compensation, bonus,
incentive and other benefit plans, arrangements and agreements (including golden parachute,
severance and employment agreements) (collectively, “Benefit Plans”) with respect to
its Senior Executive Officers and any other employee of the Company or its Affiliates
subject to Section 111 of the Emergency Economic Stabilization Act of 2008, as amended by
the American Recovery and Reinvestment Act of 2009, or otherwise from time to time
(“EESA”), as implemented by any guidance, rule or regulation thereunder, as the same
shall be in effect from time to time (collectively, the “Compensation Regulations”)
(and to the extent necessary for such changes to be legally enforceable, each of its Senior
Executive Officers and other employees shall have duly consented in writing to such
changes), as may be necessary, during the period in which any obligation of the Company
arising from financial assistance under the Troubled Asset Relief Program remains
outstanding (such period, as it may be further described in the Compensation Regulations,
the “Relevant Period”), in order to comply with Section 111 of EESA or the
Compensation Regulations and (B) the Investor shall have received a certificate signed on
behalf of the Company by a Senior Executive Officer certifying to the effect that the
condition set forth in Section 1.2(d)(viii)(A) has been satisfied; “Senior Executive
Officers” means the Company’s “senior executive officers” as defined in Section 111 of
the EESA and the Compensation Regulations.

Section 1.3 Interpretation. When a reference is made in this Agreement to “Recitals,”
“Articles,” “Sections,” “Annexes” or “Schedules” such reference shall be to a Recital, Article or
Section of, or Annex or Schedule to, this Agreement, unless otherwise indicated. The terms defined
in the singular have a comparable meaning when used in the plural, and vice versa. References to
“herein”, “hereof”, “hereunder” and the like refer to this Agreement as a whole and not to any
particular section or provision, unless the context requires otherwise. The table of contents and
headings contained in this Agreement are for reference purposes only and are not part of this
Agreement. Whenever the words “include,” “includes” or “including” are used in this Agreement,
they shall be deemed followed by the words “without limitation.” No rule of construction against
the draftsperson shall be applied in connection with the interpretation or enforcement of this
Agreement, as this Agreement is the product of negotiation between sophisticated parties advised by
counsel. All references to “$” or “dollars” mean the lawful currency of the United States of
America. Except as expressly stated in this Agreement, all references to any statute, rule or
regulation are to the statute, rule or regulation as amended, modified, supplemented or replaced
from time to time (and, in the case of statutes, include any rules and regulations promulgated
under the statute) and to any section of any statute, rule or regulation include any successor to
the section. References to a “business day” shall mean any day except Saturday, Sunday and any day
on which banking institutions in the State of New York generally are authorized or required by law
or other governmental actions to close.

ARTICLE II

EXCHANGE

Section 2.1 Exchange; Dividend Exchange.

(a) On the terms and subject to the conditions set forth in this Agreement, (i) the Company
agrees to issue the Capital Securities to the Investor in exchange for 400,000 shares of the Series
F Shares, and the Investor agrees to deliver to the Company the Series F Shares in exchange for the
Capital Securities, and (ii) the Company and the Investor mutually agree to amend and restate the
Old Warrant to reflect the terms and conditions of the Amended Warrant.

(b) Simultaneously with the Exchange, the Company shall deliver to the Investor pursuant to
the Dividend Exchange the number of shares of Capital Securities (rounded to the nearest whole
number) determined by dividing the total amount of the cash payment of accrued and unpaid dividends
that would otherwise be payable to the Investor (rounded to the nearest whole cent) by $1,000,
representing the liquidation amount per share of the Capital Securities. For the avoidance of
doubt, if the Closing Date were June 15, 2010, the total amount of the cash payment of accrued and
unpaid dividends that would otherwise be payable to the Investor (rounded to the nearest whole
cent) would equal $22,129,710, and the number of shares of Capital Securities issuable to Treasury
in exchange for such amount would equal 22,130 shares. The issuance of any such shares of Capital
Securities in such amount shall constitute full payment of the cash dividends that would otherwise
have been payable under the Series F Shares outstanding immediately prior to the Closing Date.

Section 2.2 Exchange Documentation. Settlement of the Exchange will take place on the
Closing Date, at which time the Investor will cause delivery of the Series F Shares to the Company
or its designated agent and the Company will cause delivery of the Capital Securities to the
Investor or its designated agent.

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

Except as Previously Disclosed, the Company represents and warrants to the Investor as of the
date hereof and as of the Closing Date that: 

Section 3.1 Existence and Power.

(a) Organization, Authority and Significant Subsidiaries. The Company is duly
organized, validly existing and in good standing under the laws of the Commonwealth of Puerto Rico
and has all necessary power and authority to own, operate and lease its properties and to carry on
its business in all material respects as it is being currently conducted, and except as has not,
individually or in the aggregate, had and would not reasonably be expected to have a Company
Material Adverse Effect, has been duly qualified as a foreign corporation for the transaction of
business and is in good standing under the laws of each other jurisdiction in which it owns or
leases properties or conducts any business so as to require such qualification; each subsidiary of
the Company that is a “significant subsidiary” within the meaning of Rule 1-02(w) of Regulation S-X
under the Securities Act, including, without limitation, FirstBank Puerto Rico, has been duly
organized and is validly existing in good standing under the laws of its jurisdiction of
organization. The Charter and bylaws of the Company, copies of which have been provided to the
Investor prior to the date hereof, are true, complete and correct copies of such documents as in
full force and effect as of the date hereof.

(b) Capitalization. The authorized capital stock of the Company, and the outstanding
capital stock of the Company (including securities convertible into, or exercisable or exchangeable
for, capital stock of the Company) as of the most recent fiscal month-end preceding the date hereof
(the “Capitalization Date”) is set forth on Schedule A. The outstanding shares of
capital stock of the Company have been duly authorized and are validly issued and outstanding,
fully paid and nonassessable, and subject to no preemptive rights (and were not issued in violation
of any preemptive rights). Except as provided in the Old Warrant, as of the date hereof, the
Company does not have outstanding any securities or other obligations providing the holder the
right to acquire Common Stock that is not reserved for issuance as specified on Schedule A,
and the Company has not made any other commitment to authorize, issue or sell any Common Stock.
Since the Capitalization Date, the Company has not issued any shares of Common Stock other than
(i) shares issued upon the exercise of stock options or delivered under other equity-based awards
or other convertible securities or warrants which were issued and outstanding on the Capitalization
Date and disclosed on Schedule A and (ii) shares disclosed on Schedule A.

Section 3.2 Authorization and Enforceability.

(a) The Company has the corporate power and authority to execute and deliver this Agreement
and the Amended Warrant and to carry out its obligations hereunder and thereunder (which includes
the issuance of the Capital Securities, the Underlying Common Shares, the Amended Warrant and the
shares of Common Stock issuable upon exercise of the Amended Warrant (the “Warrant
Shares”)).

(b) The execution, delivery and performance by the Company of this Agreement and the Amended
Warrant and the consummation of the transactions contemplated hereby and thereby have been duly
authorized by all necessary corporate action on the part of the Company and its stockholders, and
no further approval or authorization is required on the part of the Company or its stockholders.
This Agreement is a valid and binding obligation of the Company enforceable against the Company in
accordance with its terms, subject to the Bankruptcy Exceptions.

Section 3.3 Capital Securities and Underlying Common Shares. The Capital Securities
have been duly and validly authorized by all necessary action, and, when issued and delivered
pursuant to this Agreement, such Capital Securities will be duly and validly issued and fully paid
and nonassessable, will not be issued in violation of any preemptive rights, will represent
nonassessable undivided beneficial interests in the assets of the Company, will not subject the
holder thereof to personal liability and will rank parri passu with all other series or classes of
Preferred Stock, whether or not issued or outstanding. The shares of Underlying Common Stock have
been duly authorized and reserved for issuance upon conversion of the Capital Securities and when
so issued in accordance with the terms of the New Certificate of Designations will be validly
issued, fully paid and nonassessable.

Section 3.4 Amended Warrant and Warrant Shares. The Amended Warrant has been duly and
validly authorized and, when executed and delivered as contemplated hereby, will constitute a valid
and legally binding obligation of the Company enforceable against the Company in accordance with
its terms, except as the same may be limited by applicable Bankruptcy Exceptions. The Warrant
Shares have been duly authorized and reserved for issuance by the Company and when so issued and
delivered in accordance with the terms of the Amended Warrant will be validly issued, fully paid
and non-assessable, without the necessity of any approval of its stockholders.

Section 3.5 Non-Contravention.

(a) The execution, delivery and performance by the Company of this Agreement, the Amended
Warrant, and the consummation of the transactions contemplated hereby and thereby, and compliance
by the Company with the provisions hereof and thereof, will not (A) violate, conflict with, or
result in a breach of any provision of, or constitute a default (or an event which, with notice or
lapse of time or both, would constitute a default) under, or result in the termination of, or
accelerate the performance required by, or result in a right of termination or acceleration of, or
result in the creation of, any lien, security interest, charge or encumbrance upon any of the
properties or assets of the Company or any Company Subsidiary under any of the terms, conditions or
provisions of (i) its organizational documents or (ii) any note, bond, mortgage, indenture, deed of
trust, license, lease, agreement or other instrument or obligation to which the Company or any
Company Subsidiary is a party or by which it or any Company Subsidiary may be bound, or to which
the Company or any Company Subsidiary or any of the properties or assets of the Company or any
Company Subsidiary may be subject, or (B) subject to compliance with the statutes and regulations
referred to in the next paragraph, violate any statute, rule or regulation or any judgment, ruling,
order, writ, injunction or decree applicable to the Company or any Company Subsidiary or any of
their respective properties or assets except, in the case of clauses (A)(ii) and (B), for those
occurrences that, individually or in the aggregate, have not had and would not reasonably be
expected to have a Company Material Adverse Effect.

(b) Other than the filing of the New Certificate of Designations with the Commonwealth of
Puerto Rico, any current report on Form 8-K required to be filed with the Securities and Exchange
Commission (“SEC”), such filings and approvals as are required to be made or obtained under
any state “blue sky” laws and such consents and approvals that have been made or obtained, no
notice to, filing with or review by, or authorization, consent or approval of, any Governmental
Entity is required to be made or obtained by the Company in connection with the consummation by the
Company of the Exchange except for any such notices, filings, reviews, authorizations, consents and
approvals the failure of which to make or obtain would not, individually or in the aggregate,
reasonably be expected to have a Company Material Adverse Effect.

(c) Except as would not, individually or in the aggregate, reasonably be expected to have a
Company Material Adverse Effect, (A) the execution, delivery and performance by the Company of this
Agreement and the consummation of the transactions contemplated hereby (including for this purpose
the consummation of the Exchange) and compliance by the Company with the provisions hereof will not
(1) result in any payment (including any severance payment, payment of unemployment compensation,
“excess parachute payment” (within the meaning of the Code), “golden parachute payment” (as defined
in the EESA, as implemented by the Compensation Regulations) or forgiveness of indebtedness or
otherwise) becoming due to any current or former employee, officer or director of the Company or
any Company Subsidiary from the Company or any Company Subsidiary under any benefit plan or
otherwise, (2) increase any benefits otherwise payable under any benefit plan, (3) result in any
acceleration of the time of payment or vesting of any such benefits, (4) require the funding or
increase in the funding of any such benefits or (5) result in any limitation on the right of the
Company or any Company Subsidiary to amend, merge, terminate or receive a reversion of assets from
any benefit plan or related trust and (B) neither the Company nor any Company Subsidiary has taken,
or permitted to be taken, any action that required, and no circumstances exist that will require
the funding, or increase in the funding, of any benefits or resulted, or will result, in any
limitation on the right of the Company or any Company Subsidiary to amend, merge, terminate or
receive a reversion of assets from any benefit plan or related trust.

Section 3.6 Anti-Takeover Provisions and Rights Plan. The Board of Directors has
taken all necessary action to ensure that the transactions contemplated by this Agreement and the
Amended Warrant and the consummation of the transactions contemplated hereby and thereby, including
the conversion of the Capital Securities in accordance with the terms of the New Certificate of
Designations and the exercise of the Amended Warrant in accordance with its terms, will be exempt
from any anti-takeover or similar provisions of the Company’s Charter and bylaws, and any other
provisions of any applicable “moratorium”, “control share”, “fair price”, “interested stockholder”
or other anti-takeover laws and regulations of any jurisdiction. The Company has taken all actions
necessary to render any stockholders’ rights plan of the Company inapplicable to this Agreement,
the Capital Securities and the Amended Warrant and the consummation of the transactions
contemplated hereby and thereby, including the conversion of the Capital Securities in accordance
with the terms of the New Certificate of Designations and the exercise of the Amended Warrant by
the Investor in accordance with its terms.

Section 3.7 No Company Material Adverse Effect. Since December 31, 2009, no fact,
circumstance, event, change, occurrence, condition or development has occurred that, individually
or in the aggregate, has had or would reasonably be likely to have a Company Material Adverse
Effect, except as disclosed on Schedule B.

Section 3.8 Offering of Securities. Neither the Company nor any person acting on its
behalf has taken any action (including any offering of any securities of the Company under
circumstances which would require the integration of such offering with the offering of the Capital
Securities under the Securities Act and the rules and regulations of the SEC promulgated
thereunder), which might subject the offering, issuance or sale of the Capital Securities to the
Investor pursuant to this Agreement to the registration requirements of the Securities Act.

Section 3.9 Brokers and Finders. No broker, finder or investment banker is entitled
to any financial advisory, brokerage, finder’s or other fee or commission in connection with this
Agreement or the transactions contemplated hereby based upon arrangements made by or on behalf of
the Company or any Company Subsidiary for which the Investor could have any liability.

Section 3.10 Disclosure on Form 10-K and Form 10-Q. The Company has disclosed in the
Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2009 and Quarterly
Report on Form 10-Q for the fiscal quarter ended March 31, 2010 all agreements, contracts and
arrangements required to be disclosed therein.

ARTICLE IV

COVENANTS

Section 4.1 Commercially Reasonable Efforts. Subject to the terms and conditions of
this Agreement, each of the parties will use its commercially reasonable efforts in good faith to
take, or cause to be taken, all actions, and to do, or cause to be done, all things necessary,
proper or desirable, or advisable under applicable laws, so as to permit consummation of the
Exchange as promptly as practicable and otherwise to enable consummation of the transactions
contemplated hereby and shall use commercially reasonable efforts to cooperate with the other party
to that end.

Section 4.2 Expenses. If requested by the Investor, the Company shall pay all
reasonable out of pocket and documented costs and expenses associated with the Exchange, including,
but not limited to, the reasonable fees, disbursements and other charges of the Investor’s legal
counsel and financial advisors.

Section 4.3 Exchange Listing. If requested by the Investor, the Company shall, at the
Company’s expense, cause the Capital Securities and the Amended Warrant, to the extent the Capital
Securities and the Amended Warrant comply with applicable listing requirements, to be listed on the
New York Stock Exchange or other national stock exchange, subject to official notice of issuance,
and shall maintain such listing for so long as any Common Stock is listed on such exchange. At the
Investor’s request, the Company agrees to take such action as may be necessary to change the
minimum denominations of the Capital Securities to $25 or such other amount as the Investor shall
reasonably request. As soon as reasonably practicable following the Closing, the Company shall, at
its expense, cause the Underlying Common Shares and the Warrant Shares to be listed on the same
national securities exchange on which the Common Stock is listed, subject to official notice of
issuance, and shall maintain such listing for so long as any Common Stock is listed on such
exchange.

Section 4.4 Access, Information and Confidentiality.

(a) From the date hereof until the date when the Investor no longer holds any debt or equity
securities of the Company or an Affiliate of the Company acquired pursuant to this Agreement or the
Amended Warrant, the Company will permit the Investor and its agents, consultants, contractors and
advisors (i) acting through the Company’s Appropriate Federal Banking Agency, to examine the
corporate books and make copies thereof and to discuss the affairs, finances and accounts of the
Company and the subsidiaries of the Company (the “Company Subsidiaries”) with the principal
officers of the Company, all upon reasonable notice and at such reasonable times and as often as
the Investor may reasonably request and (ii) to review any information material to the Investor’s
investment in the Company provided by the Company to its Appropriate Federal Banking Agency.

(b) From the date hereof until the date when the Investor no longer holds any debt or equity
securities of the Company or an Affiliate of the Company acquired pursuant to this Agreement or the
Amended Warrant, the Company shall permit, and shall cause each of the Company’s Subsidiaries to
permit (A) the Investor and its agents, consultants, contractors, (B) the Special Inspector General
of the Troubled Asset Relief Program, and (C) the Comptroller General of the United States access
to personnel and any books, papers, records or other data, in each case, to the extent relevant to
ascertaining compliance with the financing terms and conditions; provided that prior to disclosing
any information pursuant to clause (B) or (C), the Special Inspector General of the Troubled Asset
Relief Program and the Comptroller General of the United States shall have agreed, with respect to
documents obtained under this Agreement in furtherance of its function, to follow applicable law
and regulation (and the applicable customary policies and procedures) regarding the dissemination
of confidential materials, including redacting confidential information from the public version of
its reports and soliciting the input from the Company as to information that should be afforded
confidentiality, as appropriate.

(c) The Investor will use reasonable best efforts to hold, and will use reasonable best
efforts to cause its agents, consultants, contractors, advisors, and United States executive branch
officials and employees, to hold, in confidence all non-public records, books, contracts,
instruments, computer data and other data and information (collectively, “Information”)
concerning the Company furnished or made available to it by the Company or its representatives
pursuant to this Agreement (except to the extent that such information can be shown to have been
(i) previously known by such party on a non-confidential basis, (ii) in the public domain through
no fault of such party or (iii) later lawfully acquired from other sources by the party to which it
was furnished (and without violation of any other confidentiality obligation)); provided that
nothing herein shall prevent the Investor from disclosing any Information to the extent required by
applicable laws or regulations or by any subpoena or similar legal process). The Investor
understands that the Information may contain commercially sensitive confidential information
entitled to an exception from a Freedom of Information Act request.

(d) Nothing in this Section shall be construed to limit the authority that the Special
Inspector General of the Troubled Asset Relief Program, the Comptroller General of the United
States or any other applicable regulatory authority has under law.

Section 4.5 Executive Compensation.

(a) Benefit Plans. During the Relevant Period, the Company shall take all necessary
action to ensure that the Benefit Plans of the Company and its Affiliates comply in all respects
with, and shall take all other actions necessary to comply with, Section 111 of the EESA, as
implemented by the Compensation Regulations, and neither the Company nor any Affiliate shall adopt
any new Benefit Plan (i) that does not comply therewith or (ii) that does not expressly state and
require that such Benefit Plan and any compensation thereunder shall be subject to any relevant
Compensation Regulations adopted, issued or released on or after the date any such Benefit Plan is
adopted. To the extent that EESA and/or the Compensation Regulations are amended or otherwise
change during the Relevant Period in a manner that requires changes to then-existing Benefit Plans,
or that requires other actions, the Company and its Affiliates shall effect such changes to its or
their Benefit Plans, and take such other actions, as promptly as practicable after it has actual
knowledge of such amendments or changes in order to be in compliance with this Section 4.5(a) (and
shall be deemed to be in compliance for a reasonable period to effect such changes). In addition,
the Company and its Affiliates shall take all necessary action, other than to the extent prohibited
by applicable law or regulation applicable outside of the United States, to ensure that the
consummation of the transactions contemplated by this Agreement will not accelerate the vesting,
payment or distribution of any equity-based awards, deferred cash awards or any nonqualified
deferred compensation payable by the Company or any of its Affiliates.

(b) Additional Waivers. After the Closing Date, in connection with the hiring or
promotion of a Section 4.5 Employee and/or the promulgation of applicable Compensation Regulations
or otherwise, to the extent any Section 4.5 Employee shall not have executed a waiver with respect
to the application to such Section 4.5 Employee of the Compensation Regulations, the Company shall
use its best efforts to (i) obtain from such Section 4.5 Employee a waiver in substantially the
form attached hereto as Annex D and (ii) deliver such waiver to the Investor as promptly as
possible, in each case, within sixty days of the Closing Date or, if later, within sixty days of
such Section 4.5 Employee becoming subject to the requirements of this Section. “Section 4.5
Employee” means (A) each Senior Executive Officer and (B) any other employee of the Company or
its Affiliates determined at any time to be subject to Section 111 of EESA and the Compensation
Regulations.

(c) Clawback. In the event that any Section 4.5 Employee receives a payment in
contravention of the provisions of this Section 4.5, the Company shall promptly provide such
individual with written notice that the amount of such payment must be repaid to the Company in
full within fifteen business days following receipt of such notice or such earlier time as may be
required by the Compensation Regulations and shall promptly inform the Investor (i) upon
discovering that a payment in contravention of this Section 4.5 has been made and (ii) following
the repayment to the Company of such amount and shall take such other actions as may be necessary
to comply with the Compensation Regulations.

(d) Limitation on Deductions. During the Relevant Period, the Company agrees that it
shall not claim a deduction for remuneration for federal income tax purposes in excess of $500,000
for each Senior Executive Officer that would not be deductible if Section 162(m)(5) of the Code
applied to the Company.

(e) Amendment to Prior Agreement. The parties agree that, effective as of the date
hereof, Section 4.10 of the Securities Purchase Agreement shall be amended in its entirety by
replacing such Section 4.10 with the provisions set forth in this Section 4.5 and any terms
included in this Section 4.5 that are not otherwise defined in the Securities Purchase Agreement
shall have the meanings ascribed to such terms in this Agreement.

Section 4.6 Certain Notifications Until Closing. From the date hereof until the
Closing, the Company shall promptly notify the Investor of (i) any fact, event or circumstance of
which it is aware and which would reasonably be likely to cause any representation or warranty of
the Company contained in this Agreement to be untrue or inaccurate in any material respect or to
cause any covenant or agreement of the Company contained in this Agreement not to be complied with
or satisfied in any material respect and (ii) except as Previously Disclosed, any fact,
circumstance, event, change, occurrence, condition or development of which the Company is aware and
which, individually or in the aggregate, has had or would reasonably be likely to have a Company
Material Adverse Effect; provided, however, that delivery of any notice pursuant to this
Section 4.6 shall not limit or affect any rights of or remedies available to the Investor;
provided, further, that a failure to comply with this Section 4.6 shall not constitute a breach of
this Agreement or the failure of any condition set forth in Section 1.2 to be satisfied unless the
underlying Company Material Adverse Effect or material breach would independently result in the
failure of a condition set forth in Section 1.2 to be satisfied.

Section 4.7 Sufficiency of Authorized Common Stock. During the period from the
Closing Date until the date on which all the Capital Securities have been converted and the Amended
Warrant has been fully exercised, the Company shall at all times have reserved for issuance, free
of preemptive or similar rights, a sufficient number of authorized and unissued shares of Common
Stock to effectuate such conversion and exercise. Nothing in this Section 4.7 shall preclude the
Company from satisfying its obligations in respect of the conversion of Capital Securities or the
exercise of the Amended Warrant by delivery of shares of Common Stock which are held in the
treasury of the Company.

Section 4.8 Monthly Lending Reports. During the Relevant Period, the Company will
detail in monthly reports submitted to the Investor the information required by the CPP Monthly
Lending Reports, as published on www.financialstability.gov from time to time.

Section 4.9 Status Reports. The Company has informed the Investor that the Company
intends to pursue certain other transactions described below (the “Other Transactions”)
each with a target date for consummation as indicated (a “Targeted Completion Date”):

(a) Obtain stockholder approval of an amendment to the Company’s Charter increasing the number
of shares the Company is authorized to issue to at least 1,200,000,000 shares and changing the par
value of the Common Stock to $0.10 per share by October 5, 2010;

(b) Exchange at least $385 million in aggregate liquidation value of the Company’s 7.125%
Noncumulative Perpetual Monthly Income Preferred Stock, Series A, 8.35% Noncumulative Perpetual
Monthly Income Preferred Stock, Series B, 7.40% Noncumulative Perpetual Monthly Income Preferred
Stock, Series C, 7.25% Noncumulative Perpetual Monthly Income Preferred Stock, Series D, and 7.00%
Noncumulative Perpetual Monthly Income Preferred Stock, Series E, for shares of Common Stock by
October 5, 2010;

(c) Close one or more transactions in which investors other than the Investor have provided a
minimum aggregate amount of $500 million in gross cash proceeds to the Company in exchange for
Common Stock by October 5, 2010.

The Company will use its commercially reasonable efforts to consummate each of the Other
Transactions by its applicable Targeted Completion Date. Until all of the Other Transactions have
been consummated (or the Company and the Investor agree that one or more of the Other Transactions
is no longer susceptible to consummation on terms and conditions that are in the Company’s best
interest), the Company shall provide the Investor with a reasonably detailed written report
regarding the status of each of the Other Transactions at least once every two weeks and more
frequently if reasonably requested by the Investor; provided, however, that if any one or more of
the Other Transactions is not consummated by the time of its Targeted Completion Date, the Company
shall, with respect to any such non-consummated Other Transaction, (x) within five business days
after the Targeted Completion Date for such Other Transaction provide to the Investor a reasonably
detailed written description of the status of such Other Transaction including the Company’s best
estimate of the steps and timeline to complete such Other Transaction (the “Status Report”)
and (y) thereafter, no less frequently than monthly and more frequently if reasonably requested by
the Investor until such Other Transactions have been consummated, provide to the Investor an
updated version of the Status Report.

Section 4.10 Observer to the Board.

(a) So long as the Investor and its Affiliates beneficially own any of the Capital Securities
or least 5% of the issued and outstanding Common Stock (treating all securities beneficially owned
by the Investor and its Affiliates that are convertible into or exchangeable or exercisable for
Common Stock as converted, exchanged or exercised), the Investor shall be entitled to designate one
individual to serve as an observer (the “Observer”) to the Board of Directors of the
Company (the “Board”), which designation may be changed from time to time in the sole
discretion of the Investor. The Observer shall be entitled to (i) attend all meetings of the Board
and the board of directors of each subsidiary of the Company, including any committee meetings of
such boards of directors, (ii) receive notices of such meetings concurrently with the members of
the Board or such boards of directors or committees thereof and (iii) receive all information
provided to members of the Board or such boards of directors or committees thereof at such
meetings.

(b) The Observer shall have no voting rights and his or her presence shall not be required for
determining a quorum at any meeting he or she is entitled to attend pursuant to Section 4.10(a).

ARTICLE V

ADDITIONAL AGREEMENTS

Section 5.1 Unregistered Capital Securities. The Investor acknowledges that the
Capital Securities, the Underlying Common Shares and the Warrant Shares have not been registered
under the Securities Act or under any state securities laws. The Investor (a) is acquiring the
Capital Securities pursuant to an exemption from registration under the Securities Act solely for
investment with no present intention to distribute them to any person in violation of the
Securities Act or any applicable U.S. state securities laws, (b) will not sell or otherwise dispose
of any of the Capital Securities, the Underlying Common Shares or the Warrant Shares, except in
compliance with the registration requirements or exemption provisions of the Securities Act and any
applicable U.S. state securities laws, and (c) has such knowledge and experience in financial and
business matters and in investments of this type that it is capable of evaluating the merits and
risks of the Exchange and of making an informed investment decision.

Section 5.2 Legend.

(a) The Investor agrees that all certificates or other instruments representing the Amended
Warrant, the Underlying Common Shares and the Warrant Shares will bear a legend substantially to
the following effect:

“THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR
OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER
SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER
SUCH ACT OR SUCH LAWS.”

(b) The Investor agrees that all certificates or other instruments representing the Capital
Securities will bear a legend substantially to the following effect:

“THE SECURITIES REPRESENTED BY THIS INSTRUMENT ARE NOT SAVINGS ACCOUNTS, DEPOSITS OR OTHER
OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY.

THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING
THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. EACH PURCHASER OF THE SECURITIES
REPRESENTED BY THIS INSTRUMENT IS NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM
SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. ANY TRANSFEREE OF THE SECURITIES
REPRESENTED BY THIS INSTRUMENT BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT IT IS A “QUALIFIED
INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (2) AGREES THAT IT WILL
NOT OFFER, SELL OR OTHERWISE TRANSFER THE SECURITIES REPRESENTED BY THIS INSTRUMENT EXCEPT
(A) PURSUANT TO A REGISTRATION STATEMENT WHICH IS THEN EFFECTIVE UNDER THE SECURITIES ACT, (B) FOR
SO LONG AS THE SECURITIES REPRESENTED BY THIS INSTRUMENT ARE ELIGIBLE FOR RESALE PURSUANT TO RULE
144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, (C) TO THE ISSUER OR (D) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THE
SECURITIES REPRESENTED BY THIS INSTRUMENT ARE TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF
THIS LEGEND.”

(c) In the event that any Capital Securities, Underlying Common Shares or Warrant Shares
(i) become registered under the Securities Act or (ii) are eligible to be transferred without
restriction in accordance with Rule 144 or another exemption from registration under the Securities
Act (other than Rule 144A), at the request of the Investor, the Company shall issue new
certificates or other instruments representing such Capital Securities, Underlying Common Shares or
Warrant Shares, which shall not contain the applicable legend in Section 5.2(a) above; provided
that the Investor surrenders to the Company the previously issued certificates or other
instruments.

Section 5.3 Certain Transactions.

(a) The Company will not merge or consolidate with, or sell, transfer or lease all or
substantially all of its property or assets to, any other party unless the successor, transferee or
lessee party (or its ultimate parent entity), as the case may be (if not the Company), expressly
assumes the due and punctual performance and observance of each and every covenant, agreement and
condition of this Agreement and the Amended Warrant to be performed and observed by the Company.

(b) Without the prior written consent of the Investor, until such time as the Investor shall
cease to own any debt or equity securities of the Company acquired pursuant to this Agreement or
the Amended Warrant (including, for the avoidance of doubt, the Capital Securities, the Underlying
Common Shares and the Warrant Shares), the Company shall not permit any of its “significant
subsidiaries” (as such term is defined in Rule 12b-2 promulgated under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”)) to (i) engage in any merger, consolidation,
statutory share exchange or similar transaction following the consummation of which such
significant subsidiary is not wholly-owned by the Company, (ii) dissolve or sell all or
substantially all of its assets or property other than in connection with an internal
reorganization or consolidation involving wholly-owned subsidiaries of the Company or (iii) issue
or sell any shares of its capital stock or any securities convertible or exercisable for any such
shares, other than issuances or sales in connection with an internal reorganization or
consolidation involving wholly-owned subsidiaries of the Company.

Section 5.4 Transfer of Capital Securities; Underlying Common Shares and Warrant
Shares. Subject to compliance with applicable securities laws, the Investor shall be permitted
to transfer, sell, assign or otherwise dispose of (“Transfer”) all or a portion of the
Capital Securities, Amended Warrant, Underlying Common Shares or Warrant Shares at any time, and
the Company shall take all steps as may be reasonably requested by the Investor to facilitate the
Transfer of the Capital Securities, the Underlying Common Shares and the Warrant Shares.

Section 5.5 Registration Rights. The Capital Securities, Amended Warrant, Underlying
Common Shares and Warrant Shares shall be Registrable Securities under the Securities Purchase
Agreement and the Capital Securities shall be Preferred Shares under the Securities Purchase
Agreement and, upon their issuance, the provisions of Section 4.5 of the Securities Purchase
Agreement shall be applicable to them, including with the benefit, to the extent available, of the
tacking of any holding period from the date of issuance of the Series F Preferred Stock. The
Investor acknowledges that, on the date hereof, the Company is not eligible to file a registration
statement on Form S-3 covering all of the Capital Securities, Amended Warrant, Underlying Common
Shares and Warrant Shares, and the Company shall not be obligated to file a Shelf Registration
Statement (as defined in Section 4.5 of the Securities Purchase Agreement) unless and until
requested to do so in writing by the Investor.

Section 5.6 Voting Matters.

(a) The Investor agrees that it will vote, or cause to be voted, or exercise its right to
consent (or cause its right to consent to be exercised) with respect to, all Underlying Common
Shares and Warrant Shares beneficially owned by it and its controlled Affiliates (and which are
entitled to vote on such matter) with respect to each matter on which holders of Common Stock are
entitled to vote or consent, other than a Designated Matter, in the same proportion (for, against
or abstain) as all other shares of the Company’s Common Stock are voted or consents are given with
respect to each such matter. The Investor agrees to attend all meetings of the Company’s
stockholders in person or by proxy for purposes of obtaining a quorum. In order to effectuate the
foregoing agreements, to the maximum extent permitted by applicable law, the Investor hereby grants
a proxy appointing each of the Chief Executive Officer and Chairman of the Company attorney-in-fact
and proxy for it and its controlled Affiliates with full power of substitution, for and in the name
of it and its controlled Affiliates, to vote, express consent or dissent, or otherwise to utilize
such voting power in the manner and solely on the terms provided by this Section 5.6 with respect
to the Underlying Common Shares and the Warrant Shares and the Investor hereby revokes any and all
previous proxies granted with respect to the Underlying Common Shares and the Warrant Shares for
purposes of the matters contemplated in this Section 5.6; provided that such proxy may only be
exercised if the Investor fails to comply with the terms of this Section 5.6. The proxy granted
hereby is irrevocable prior to the termination of this Agreement, is coupled with an interest and
is granted in consideration of the Company entering into this Agreement and issuing the Capital
Securities and Amended Warrant to the Investor.

(b) The Investor shall retain the right to vote in its sole discretion all Underlying Common
Shares and Warrant Shares beneficially owned by it and its controlled Affiliates (and which are
entitled to vote on such matter) on any Designated Matter.

Section 5.7 Restriction on Dividends and Repurchases.

(a) Until the earlier of (i) January 16, 2012 or (ii) such time as the Investor ceases to own
any debt or equity securities of the Company or an Affiliate of the Company acquired pursuant to
this Agreement or the Amended Warrant, neither the Company nor any Company Subsidiary shall,
without the consent of the Investor:

(i) declare or pay any dividend or make any distribution on the Common Stock (other
than (A) regular quarterly cash dividends of not more than the amount of the last quarterly
cash dividend per share declared or, if lower, publicly announced an intention to declare,
on the Common Stock prior to October 14, 2008, as adjusted for any stock split, stock
dividend, reverse stock split, reclassification or similar transaction, (B) dividends
payable solely in shares of Common Stock and (C) dividends or distributions of rights or
Junior Stock in connection with a stockholders’ rights plan); or

(ii) redeem, purchase or acquire any shares of Common Stock or other capital stock or
other equity securities of any kind of the Company, or any trust preferred securities issued
by the Company or any Affiliate of the Company, other than (A) redemptions, purchases or
other acquisitions of the Capital Securities (which purchases shall be made on a pro rata
basis, as provided in Section 5.7(b)), (B) redemptions, purchases or other acquisitions of
            shares of Common Stock or other Junior Stock, in each case in this clause (B) in connection
with the administration of any employee benefit plan in the ordinary course of business
(including purchases to offset the Share Dilution Amount (as defined below) pursuant to a
publicly announced repurchase plan) and consistent with past practice; provided that any
purchases to offset the Share Dilution Amount shall in no event exceed the Share Dilution
Amount, (C) purchases or other acquisitions by a broker-dealer subsidiary of the Company
solely for the purpose of market-making, stabilization or customer facilitation transactions
in trust preferred securities of the Company or an Affiliate of the Company, Junior Stock or
Parity Stock in the ordinary course of its business, (D) purchases by a broker-dealer
subsidiary of the Company of trust preferred securities or capital stock of the Company or
an Affiliate of the Company for resale pursuant to an offering by the Company of such trust
preferred securities or capital stock underwritten by such broker-dealer subsidiary, (E) any
redemption or repurchase of rights pursuant to any stockholders’ rights plan, (F) the
acquisition by the Company or any of the Company Subsidiaries of record ownership in Junior
Stock, Parity Stock or trust preferred securities of the Company or an Affiliate of the
Company for the beneficial ownership of any other persons (other than the Company or any
other Company Subsidiary), including as trustees or custodians, (G) the Other Transactions,
and (H) the exchange or conversion of Junior Stock for or into other Junior Stock or of
Parity Stock or trust preferred securities of the Company or an Affiliate of the Company for
or into other Parity Stock (with the same or lesser aggregate liquidation amount) or Junior
Stock, in each case set forth in this clause (H), solely to the extent required pursuant to
binding contractual agreements entered into prior to the date hereof or any subsequent
agreement for the accelerated exercise, settlement or exchange thereof for Common Stock
(clauses (C) and (F), collectively, the “Permitted Repurchases”). “Share
Dilution Amount” means the increase in the number of diluted shares outstanding
(determined in accordance with United States generally accepted accounting principles
(“GAAP”), and as measured from the date of the Company’s most recently filed
consolidated financial statements prior to the Closing Date) resulting from the grant,
vesting or exercise of equity-based compensation to employees and equitably adjusted for any
stock split, stock dividend, reverse stock split, reclassification or similar transaction.

(b) Until such time as the Investor ceases to own any Capital Securities, the Company shall
not repurchase any Capital Securities from any holder thereof, whether by means of open market
purchase, negotiated transaction, or otherwise, other than Permitted Repurchases, unless it offers
to repurchase a ratable portion of the Capital Securities then held by the Investor on the same
terms and conditions.

(c) The parties agree that, effective as of the date hereof, Section 4.8 of the Securities
Purchase Agreement shall be amended in its entirety by replacing such Section 4.8 with the
provisions set forth in this Section 5.7 and any terms included in this Section 5.7 that are not
otherwise defined in the Securities Purchase Agreement shall have the meanings ascribed to such
terms in this Agreement.

Section 5.8 Repurchase of Investor Securities. From and after the date of this
Agreement, the agreements set forth in Section 4.9 of the Securities Purchase Agreement shall be
applicable (including to the Amended Warrant) following the redemption in whole of the Capital
Securities held by the Investor or the Transfer by the Investor of all of the Capital Securities
held by the Investor to one or more third parties not affiliated with the Investor.

	 	 	 
	Section 5.9

Section 5.10

	 	[Reserved.]

Bank or Thrift Holding Company Status.
	
 
	 	 

(a) The Company shall maintain its status as a Bank Holding Company (or, if permitted to
become a Savings and Loan Holding Company in accordance with Subsection (b) below, such status) for
as long as the Investor owns any debt or equity securities of the Company or an Affiliate of the
Company acquired pursuant to this Agreement.

(b) The Company may become a Savings and Loan Holding Company in accordance with the
requirements of the Home Owners’ Loan Act and applicable regulations, provided that it has duly
fulfilled any commitments to or other requirements or obligations imposed by the Board of Governors
of the Federal Reserve System.

Section 5.11 Compliance with Employ American Workers Act. Until the Company is no
longer deemed a recipient of funding under Title I of EESA or Section 13 of the Federal Reserve Act
for purposes of the EAWA, as the same may be determined pursuant to any regulations or other
legally binding guidance promulgated under EAWA, the Company shall comply, and the Company shall
take all necessary action to ensure that its subsidiaries comply, in all respects with the
provisions of the EAWA and any regulations or other legally binding guidance promulgated under the
EAWA.

ARTICLE VI

MISCELLANEOUS

Section 6.1 Termination. This Agreement may be terminated at any time prior to the
Closing:

(a) by either the Investor or the Company if the Closing shall not have occurred by the 90th
calendar day following the date hereof; provided, however, that in the event the Closing has not
occurred by such 90th calendar day, the parties will consult in good faith to determine whether to
extend the term of this Agreement, it being understood that the parties shall be required to
consult only until the fifth day after such 90th calendar day and not be under any obligation to
extend the term of this Agreement thereafter; provided, further, that the right to terminate this
Agreement under this Section 6.1(a) shall not be available to any party whose breach of any
representation or warranty or failure to perform any obligation under this Agreement shall have
caused or resulted in the failure of the Closing to occur on or prior to such date;

(b) by either the Investor or the Company in the event that any Governmental Entity shall have
issued an order, decree or ruling or taken any other action restraining, enjoining or otherwise
prohibiting the transactions contemplated by this Agreement and such order, decree, ruling or other
action shall have become final and nonappealable; or

(c) by the mutual written consent of the Investor and the Company.

In the event of termination of this Agreement as provided in this Section 6.1, this Agreement
shall forthwith become void and there shall be no liability on the part of either party hereto
except that nothing herein shall relieve either party from liability for any breach of this
Agreement.

Section 6.2 Survival of Representations and Warranties. The representations and
warranties of the Company made herein or in any certificates delivered in connection with the
Closing shall survive the Closing without limitation.

Section 6.3 Amendment. No amendment of any provision of this Agreement will be
effective unless made in writing and signed by an officer or a duly authorized representative of
each of the Company and the Investor; provided that the Investor may unilaterally amend any
provision of this Agreement to the extent required to comply with any changes after the date hereof
in applicable federal statutes. No failure or delay by any party in exercising any right, power or
privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise
thereof preclude any other or further exercise of any other right, power or privilege. The rights
and remedies herein provided shall be cumulative of any rights or remedies provided by law.

Section 6.4 Waiver of Conditions. The conditions to each party’s obligation to
consummate the Exchange are for the sole benefit of such party and may be waived by such party in
whole or in part to the extent permitted by applicable law. No waiver will be effective unless it
is in a writing signed by a duly authorized officer of the waiving party that makes express
reference to the provision or provisions subject to such waiver.

Section 6.5 Governing Law; Submission to Jurisdiction, etc. This Agreement and any
claim, controversy or dispute arising under or related to this Agreement, the relationship of the
parties, and/or the interpretation and enforcement of the rights and duties of the parties shall be
enforced, governed, and construed in all respects (whether in contract or in tort) in accordance
with the federal law of the United States if and to the extent such law is applicable, and
otherwise in accordance with the laws of the State of New York applicable to contracts made and to
be performed entirely within such State. Each of the parties hereto agrees (a) to submit to the
exclusive jurisdiction and venue of the United States District Court for the District of Columbia
and the United States Court of Federal Claims for any and all civil actions, suits or proceedings
arising out of or relating to this Agreement or the Amended Warrant or the Exchange contemplated
hereby and (b) that notice may be served upon (i) the Company at the address and in the manner set
forth for notices to the Company in Section 6.6 and (ii) the Investor at the address and in the
manner set forth for notices to the Company in Section 6.6, but otherwise in accordance with
federal law. To the extent permitted by applicable law, each of the parties hereto hereby
unconditionally waives trial by jury in any civil legal action or proceeding relating to this
Agreement or the Amended Warrant or the Exchange contemplated hereby.

Section 6.6 Notices. Any notice, request, instruction or other document to be given
hereunder by any party to the other will be in writing and will be deemed to have been duly given
(a) on the date of delivery if delivered personally, or by facsimile, upon confirmation of receipt,
or (b) on the second business day following the date of dispatch if delivered by a recognized next
day courier service. All notices hereunder shall be delivered as set forth below or pursuant to
such other instructions as may be designated in writing by the party to receive such notice.

If to the Company:

First Bancorp

1519 Ponce de Leon

San Juan, Puerto Rico 00908-0146

Attention: General Counsel

Facsimile: (787) 753-8402

Email: lawrence.odell@firstbankpr.com

Telephone: (787) 729-8088

With a copy to:

K&L Gates LLP

599 Lexington Avenue

New York, NY 10022

Attention:  David W. Bernstein

Facsimile: (212) 536-3901

Email:  david.bernstein@klgates.com

Telephone:  (212) 536-4029

If to the Investor:

United States Department of the Treasury

1500 Pennsylvania Avenue, NW

Washington, DC 20220

Attention: Chief Counsel Office of Financial Stability

Facsimile: (202) 927-9225

Email: OFSChiefCounselNotices@do.treas.gov

With a copy to:

	 	 	 
	Cadwalader, Wickersham & Taft LLP

	One World Financial Center

	New York, New York 10281

	Attention: Patrick T. Quinn

	Facsimile: (212) 504-6666

	Email: pat.quinn@cwt.com

	Telephone: (212) 504-6067

	Attention: William P. Mills

	Facsimile: (212) 504-6666

	Email: william.mills@cwt.com

	Telephone: (212) 504-6436

	Section 6.7

	 	Definitions.
	
 
	 	 

(a) When a reference is made in this Agreement to a subsidiary of a person, the term
“subsidiary” means any corporation, partnership, joint venture, limited liability company
or other entity (x) of which such person or a subsidiary of such person is a general partner or
(y) of which a majority of the voting securities or other voting interests, or a majority of the
securities or other interests of which having by their terms ordinary voting power to elect a
majority of the board of directors or persons performing similar functions with respect to such
entity, is directly or indirectly owned by such person and/or one or more subsidiaries thereof.

(b) The term “Affiliate” means, with respect to any person, any person directly or
indirectly controlling, controlled by or under common control with, such other person. For
purposes of this definition, “control” (including, with correlative meanings, the terms “controlled
by” and “under common control with”) when used with respect to any person, means the possession,
directly or indirectly, of the power to cause the direction of management and/or policies of such
person, whether through the ownership of voting securities by contract or otherwise.

(c) The term “Business Combination” means a merger, consolidation, statutory share
exchange or similar transaction that requires the approval of the Company’s stockholders.

(d) The term “Company Material Adverse Effect” means a material adverse effect on the
business, results of operation or financial condition of the Company and its consolidated
subsidiaries taken as a whole; provided, however, that Company Material Adverse Effect shall not be
deemed to include: (i) the effects of (A) changes after the date hereof in general business,
economic or market conditions (including changes generally in prevailing interest rates, credit
availability and liquidity, currency exchange rates and price levels or trading volumes in the
United States or foreign securities or credit markets), or any outbreak or escalation of
hostilities, declared or undeclared acts of war or terrorism, in each case generally affecting the
industries in which the Company and its subsidiaries operate, (B) changes or proposed changes after
the date hereof in GAAP or regulatory accounting requirements, or authoritative interpretations
thereof, (C) changes or proposed changes after date hereof in securities, banking and other laws of
general applicability or related policies or interpretations of Governmental Entities (in the case
of each of these clauses (A), (B) and (C), other than changes or occurrences to the extent that
such changes or occurrences have or would reasonably be expected to have a materially
disproportionate adverse effect on the Company and its consolidated subsidiaries taken as a whole
relative to comparable U.S. banking or financial services organizations), or (D) changes in the
market price or trading volume of the Common Stock or any other equity, equity-related or debt
securities of the Company or its consolidated subsidiaries (it being understood and agreed that the
exception set forth in this clause (D) does not apply to the underlying reason giving rise to or
contributing to any such change); or (ii) the ability of the Company to consummate the Exchange and
the other transactions contemplated by this Agreement and perform its obligations hereunder on a
timely basis.

(e) “Designated Matters” means (i) the election and removal of directors, (ii) the
approval of any Business Combination, (iii) the approval of a sale of all or substantially all of
the assets or property of the Company, (iv) the approval of a dissolution of the Company, (v) the
approval of any issuance of any securities of the Company on which holders of Common Stock are
entitled to vote, (vi) the approval of any amendment to the Charter or bylaws of the Company on
which holders of Common Stock are entitled to vote and (vii) the approval of any other matters
reasonably incidental to the foregoing subclauses (i) through (vi) as determined by the Investor.

(f) The term “EAWA” means the Employ American Workers Act (Section 1611 of Division A,
Title XVI of the American Recovery and Reinvestment Act of 2009), Public Law No. 111-5, effective
as of February 17, 2009, as may be amended and in effect from time to time.

(g) The term “Junior Stock” means the Common Stock and any other class or series of
stock of the Company the terms of which expressly provide that it ranks junior to the Capital
Securities as to dividend rights and/or as to rights on liquidation, dissolution or winding up of
the Company.

(h) The term “Parity Stock” means any class or series of stock of the Company the
terms of which do not expressly provide that such class or series will rank senior or junior to the
Capital Securities as to dividend rights and/or as to rights on liquidation, dissolution or winding
up of the Company (in each case without regard to whether dividends accrue cumulatively or
non-cumulatively).

(i) The term “Preferred Stock” means any and all series of preferred stock of the
Company, including the Capital Securities.

(j) The term “Previously Disclosed” means information set forth or incorporated in the
Company’s Annual Report on Form 10-K for the most recently completed fiscal year of the Company
filed with the SEC prior to the date hereof or in its other reports and forms filed with or
furnished to the SEC under Section 13(a), 14(a) or 15(d) of the Exchange Act on or after the last
day of the most recently completed fiscal year of the Company and prior to the date hereof.

(k) To the extent any securities issued pursuant to this Agreement or the transactions
contemplated hereby are registered in the name of a designee of the Investor pursuant to
Section 1.2 or 6.8(c) or transferred to an Affiliate of the Investor, all references herein to the
Investor holding or owning any debt or equity securities of the Company, Capital Securities or
Registrable Securities (and any like variations thereof) shall be deemed to refer to the Investor,
together with such designees and/or Affiliates, holding or owning any debt or equity securities,
Capital Securities or Registrable Securities (and any like variations thereof), as applicable.

Section 6.8 Assignment. Neither this Agreement nor any right, remedy, obligation nor
liability arising hereunder or by reason hereof shall be assignable by any party hereto without the
prior written consent of each other party, and any attempt to assign any right, remedy, obligation
or liability hereunder without such consent shall be void, except (a) an assignment, in the case of
a Business Combination where such party is not the surviving entity, or a sale of substantially all
of its assets, to the entity which is the survivor of such Business Combination or the purchaser in
such sale, (b) as provided in Sections 5.4 and 5.5 and (c) an assignment by the Investor of this
Agreement to an Affiliate of the Investor; provided that if the Investor assigns this Agreement to
an Affiliate, the Investor shall be relieved of its obligations under this Agreement but (i) all
rights, remedies and obligations of the Investor hereunder shall continue and be enforceable and
exercisable by and against such Affiliate, and (ii) the Company’s obligations and liabilities
hereunder shall continue to be outstanding.

Section 6.9 Severability. If any provision of this Agreement, or the application
thereof to any person or circumstance, is determined by a court of competent jurisdiction to be
invalid, void or unenforceable, the remaining provisions hereof, or the application of such
provision to persons or circumstances other than those as to which it has been held invalid or
unenforceable, will remain in full force and effect and shall in no way be affected, impaired or
invalidated thereby, so long as the economic or legal substance of the transactions contemplated
hereby is not affected in any manner materially adverse to any party. Upon such determination, the
parties shall negotiate in good faith in an effort to agree upon a suitable and equitable
substitute provision to effect the original intent of the parties.

Section 6.10 No Third-Party Beneficiaries. Nothing contained in this Agreement,
expressed or implied, is intended to confer upon any person or entity other than the Company and
the Investor any benefit, right or remedies, except that (i) the provisions of Section 4.4 shall
inure to the benefit of the persons referred to in that Section and (ii) the provisions of
Section 5.5 shall inure to the benefit of the persons holding Capital Securities during any tacked
holding period, as contemplated by that Section.

Section 6.11 Entire Agreement, etc. This Agreement (including the Annexes and
Schedules hereto) constitutes the entire agreement, and supersedes all other prior agreements,
understandings, representations and warranties, both written and oral, between the parties, with
respect to the subject matter hereof. For the avoidance of doubt, the Securities Purchase
Agreement shall remain in full force and effect, except as expressly amended by this Agreement.

Section 6.12 Counterparts and Facsimile. For the convenience of the parties hereto,
this Agreement may be executed in any number of separate counterparts, each such counterpart being
deemed to be an original instrument, and all such counterparts will together constitute the same
agreement. Executed signature pages to this Agreement may be delivered by facsimile and such
facsimiles will be deemed as sufficient as if actual signature pages had been delivered.

Section 6.13 Specific Performance. The parties agree that irreparable damage would
occur in the event that any of the provisions of this Agreement were not performed in accordance
with their specific terms. It is accordingly agreed that the parties shall be entitled (without
the necessity of posting a bond) to specific performance of the terms hereof, this being in
addition to any other remedies to which they are entitled at law or equity.

[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed
by their respective authorized officers as of the day and year first above written.

	 	 	 
	FIRST BANCORP
	By:

	 	/s/ Aurelio Alemán
	
 
	 	 

	 	 	Name: Aurelio Alemán

Title: Chief Executive Officer &

President

	 	 	 	UNITED STATES DEPARTMENT OF THE TREASURY

	 	 	 	By:
/s/ Herbert M. Allison

	 	 	Name: Herbert M. Allison, Jr. 

Title: Assistant Secretary for Financial
Stability

ANNEX A

FORM OF AMENDED WARRANT

ANNEX B

FORM OF NEW CERTIFICATE OF DESIGNATIONS

ANNEX C

FORM OF OPINION

	a)	 	The Company is duly organized, validly existing and in good standing under the laws of the
Commonwealth of Puerto Rico and has all necessary power and authority to own, operate and
lease its properties and to carry on its business as it is being currently conducted.

	b)	 	FirstBank Puerto Rico has been duly organized and is validly existing and in good standing
under the laws of the Commonwealth of Puerto Rico and has all necessary power and authority to
own, operate and lease its properties and to carry on its business as it is being currently
conducted.

	c)	 	The outstanding shares of capital stock of the Company have been duly authorized and are
validly issued and outstanding, fully paid and nonassessable, and subject to no preemptive
rights (and were not issued in violation of any preemptive rights).

	d)	 	The Company has the corporate power and authority to execute and deliver the Agreement and
the Amended Warrant and to carry out its obligations thereunder (which includes the issuance
of the Capital Securities, the Underlying Common Shares, the Amended Warrant and the Warrant
Shares).

	e)	 	The execution, delivery and performance by the Company of the Agreement and the Amended
Warrant and the consummation of the transactions contemplated thereby, have been duly
authorized by all necessary corporate action on the part of the Company and its shareholders,
no further approval or authorization is required on the part of the Company and no further
approval or authorization is required on the part of the Company’s shareholders, including,
without limitation, by any rule or requirement of any national stock exchange.

	f)	 	The Capital Securities have been duly and validly authorized by all necessary action, and,
when issued and delivered pursuant to the Agreement, such Capital Securities will be duly and
validly issued and fully paid and nonassessable, will not be issued in violation of any
preemptive rights, will not subject the holder thereof to personal liability and, when issued
        , will rank senior to or parri passu with all other series or classes of Preferred Stock then
outstanding.

	g)	 	The Underlying Common Shares have been duly and validly authorized by all necessary action
and reserved for issuance upon conversion of the Capital Securities and when so issued in
accordance with the terms of the New Certificate of Designations will be validly issued, fully
paid and nonassessable.

	h)	 	The Amended Warrant has been duly and validly authorized by all necessary action and, when
executed and delivered as contemplated in the Agreement, will constitute a valid and legally
binding obligation of the Company enforceable against the Company in accordance with its
terms, except as the same may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the enforcement of creditors’ rights generally and
general equitable principles, regardless of whether such enforceability is considered in a
proceeding at law or in equity.

	i)	 	The Warrant Shares have been duly and validly authorized by all necessary action and reserved
for issuance by the Company and when so issued and delivered in accordance with the terms of
the Amended Warrant for an exercise price per share in excess of the par value of the Warrant
Shares will be validly issued, fully paid and non-assessable.

	j)	 	Assuming the due execution and delivery by the other party thereto, the Agreement and the
Amended Warrant are valid and binding obligations of the Company, enforceable against the
Company in accordance with their terms, except as the same may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement
of creditors’ rights generally and general equitable principles, regardless of whether such
enforceability is considered in a proceeding at law or in equity.

	k)	 	The execution, delivery and performance by the Company of the Agreement, the Amended Warrant,
and the consummation of the transactions contemplated thereby, and compliance by the Company
with the provisions thereof, will not (A) violate, conflict with, or result in a breach of any
provision of, or constitute a default (or an event which, with notice or lapse of time or
both, would constitute a default) under, or result in the termination of, or accelerate the
performance required by, or result in a right of termination or acceleration of, or result in
the creation of, any lien, security interest, charge or encumbrance upon any of the properties
or assets of the Company or any Company Subsidiary under any of the terms, conditions or
provisions of its organizational documents or under any material agreement, contract,
indenture, lease, mortgage, power of attorney, evidence of indebtedness, letter of credit,
license, instrument, obligation, purchase or sales order, or other commitment, whether oral or
written, identified on Schedule A attached hereto, which the Company has represented
lists all material agreements and instruments to which it is a party or by which it or any of
its properties is bound or (B) subject to compliance with the statute and regulations referred
to in Section 3.5(b) of the Agreement violate any statute, rule or regulation or any judgment,
ruling, order, writ, injunction or decree known to us after reasonable inquiry that is
applicable to the Company or any Company Subsidiary or any of their respective properties or
assets except, in the case of clause (B), for those occurrences that, individually or in the
aggregate, have not had and would not reasonably be expected to have a Company Material
Adverse Effect.

	l)	 	Other than the filing of any current report on Form 8-K required to be filed with the SEC,
such filings and approvals as are required to be made or obtained under any state “blue sky”
laws and such consents and approvals that have been made or obtained no notice to, filing
with, exemption or review by, or authorization, consent or approval of, any Governmental
Entity is required to be made or obtained by the Company in connection with the consummation
by the Company of the Exchange.

	m)	 	The Company is not nor, after giving effect to the issuance of the Capital Securities
pursuant to the Agreement, would be on the date hereof an “investment company” or an entity
“controlled” by an “investment company,” as such terms are defined in the Investment Company
Act of 1940, as amended.

In giving the opinions set forth above (other than those opinions set forth in Sections (j)
and (m)), counsel may rely as to matters governed by the laws of the Commonwealth of Puerto Rico on
opinions of counsel licensed to practice in that Commonwealth.

ANNEX D

FORM OF WAIVER

In consideration for the benefits I will receive as a result of the participation of FIRST BANCORP
(together with its subsidiaries and affiliates, the “Company”), which is either my employer
or the sole shareholder of my employer, in the United States Department of the Treasury’s (the
“Treasury”) Capital Purchase Program and/or any other economic stabilization program
implemented by the Treasury under the Emergency Economic Stabilization Act of 2008 (as amended,
supplemented, or otherwise modified, the “EESA”) (any such program, including the Capital
Purchase Program, a “Program”), I hereby voluntarily waive any claim against the United
States (and each of its departments and agencies) or the Company or my employer, or any of their
respective directors, officers, employees and agents for any changes to my compensation or benefits
that are required to comply with the executive compensation and corporate governance requirements
of Section 111 of the EESA, as implemented by any guidance or regulations issued and/or to be
issued thereunder, including without limitation the provisions for the Capital Purchase Program, as
implemented by any guidance or regulation thereunder, including the rules set forth in 31 C.F.R.
Part 30, or any other guidance or regulations under the EESA and the applicable requirements of the
Exchange Agreement by and among the Company and the Treasury dated as of July 7, 2010 (such
requirements, the “Limitations”).

I acknowledge that the Limitations may require modification or termination of the employment,
compensation, bonus, incentive, severance, retention and other benefit plans, arrangements,
policies and agreements (including so-called “golden parachute” agreements), whether or not in
writing, that I may have with the Company or my employer or in which I may participate as they
relate to the period the United States holds any equity or debt securities of the Company acquired
through a Program or for any other period applicable under such Program or Limitations, as the case
may be, and I hereby consent to all such modifications.

This waiver includes all claims I may have under the laws of the United States or any other
jurisdiction (whether or not in existence as of the date hereof) related to the requirements
imposed by the Limitations, including without limitation a claim for any compensation or other
payments or benefits I would otherwise receive, any challenge to the process by which the
Limitations are or were adopted and any tort or constitutional claim about the effect of these
Limitations on my employment relationship and I hereby agree that I will not at any time initiate,
or cause or permit to be initiated on my behalf, any such claim against the United States, the
Company, my employer or their respective directors, officers, employees or agents in or before any
local, state, federal or other agency, court or body.

I agree that, in the event and to the extent that the Compensation Committee of the Board of
Directors of the Company or similar governing body (the “Committee”) reasonably determines
that any compensatory payment and benefit provided to me, including any bonus or incentive
compensation based on materially inaccurate financial statements or performance criteria, would
cause the Company to fail to be in compliance with the Limitations (such payment or benefit, an
"Excess Payment”), upon notification from the Company, I shall repay such Excess Payment to
the Company within 15 business days. In addition, I agree that the Company shall have the right to
postpone any such payment or benefit for a reasonable period of time to enable the Committee to
determine whether such payment or benefit would constitute an Excess Payment.

I understand that any determination by the Committee as to whether or not, including the manner in
which, a payment or benefit needs to be modified, terminated or repaid in order for the Company to
be in compliance with Section 111 of the EESA and/or the Limitations shall be a final and
conclusive determination of the Committee which shall be binding upon me. I further understand that
the Company is relying on this letter from me in connection with its participation in a Program.

1

IN WITNESS WHEREOF, I execute this waiver on my own behalf, thereby communicating my acceptance and
acknowledgement to the provisions herein.

Respectfully,

     

Name:

Title:

Date:SCHEDULE A

CAPITALIZATION

Response to Section 3.1(b):

Capitalization Date: June 30, 2010

Common Stock

Par value: $1.00 per share

Total Authorized: 750,000,000 shares authorized

Outstanding: 92,542,722 (102,444,549 shares issued less 9,897,800 shares in treasury)

Subject to warrants, options, convertible securities, etc.:

	 	 	 	 	 
	Options:
	 	 	2,455,310	 
	Warrants:
	 	5,842,259 (issued to Investor on January 16, 2009)
	Convertible Securities:
	 	 	0	 
	 
	 	 	 	 
	Total:
	 	 	8,297,569	 

Reserved for benefit plans and other issuances: 3,767,784

Remaining authorized but unissued: 645,391,925

Shares issued after Capitalization Date (other than pursuant to warrants, options, convertible
securities, etc. as set forth above): None

Shares proposed to be issued:

Common Stock to be sold to institutional investors for at least $500 million

Common stock to be issued on conversion of Fixed Rate Cumulative Mandatorily Convertible
Preferred Stock, Series G.

Common Stock to be issued in exchange for Series A through E Preferred Stock

Common Stock to be issued on exercise of Rights to be issued to holders of Common Stock.

	 	 	 	 	 
	Preferred Stock
	 	 	 	 
	 
	 	 	 	 
	Par value: $1.00
	 	 	 	 
	Total Authorized: 50,000,000 shares authorized

	Outstanding (by series):
	 	3,600,000 shares of 7.125% Noncumulative Perpetual
	   Monthly Income Preferred Stock, Series A

3,000,000 shares of 8.35% Noncumulative Perpetual Monthly Income
Preferred Stock, Series B

4,140,000 shares of 7.40% Noncumulative Perpetual Monthly Income
Preferred Stock, Series C

3,680,000 shares of 7.25% Noncumulative Perpetual Monthly Income
Preferred Stock, Series D

7,584,000 shares of 7.00% Noncumulative Perpetual Monthly Income
Preferred Stock, Series E

400,000 shares of Fixed Rate Cumulative Perpetual Preferred Stock,
Series F

Reserved for issuance: None

Remaining authorized but unissued: 27,596,000

Proposed to be issued:

Fixed Rate Cumulative Mandatorily Convertible Preferred Stock, Series
G, in exchange for Series F Preferred Stock

SCHEDULE B

COMPANY MATERIAL ADVERSE EFFECT

Response to Section 3.7:

Regulatory Action

On June 4, 2010, the Company announced that its wholly-owned subsidiary bank, FirstBank Puerto Rico
(the “Bank”), has agreed to a Consent Order dated June 2, 2010 (the “Order”) with the Federal
Deposit Insurance Corporation and the Office of the Commissioner of Financial Institutions of
Puerto Rico. Pursuant to the Order, the Bank has agreed to take certain actions designed to improve
the financial condition of the Bank. The Company also announced that it entered into a written
agreement dated June 3, 2010 with the Federal Reserve Bank of New York. Copies of these agreements
are included in a Current Report on Form 8-K filed on June 4, 2010 with the U.S. Securities and
Exchange Commission (SEC). The 8-K can be accessed through the Corporation’s website at
www.firstbankpr.com, Investor Relations section, or at the SEC website at www.sec.gov.

2010 Results of Operations

For the first quarter of 2010 the Company reported a net loss of $107.0 million, or $(1.22) per
diluted share. The Company expects a net loss from operations for the second quarter of 2010.

2EX-10.2

THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR
OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER
SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER
SUCH ACT OR SUCH LAWS.

AMENDED AND RESTATED

WARRANT

to purchase

5,842,259

Shares of Common Stock

of First BanCorp

Issue Date: [?], 2010

1. Definitions. Unless the context otherwise requires, when used herein the following
terms shall have the meanings indicated.

“Affiliate” has the meaning ascribed to it in the Exchange Agreement.

“Appraisal Procedure” means a procedure whereby two independent appraisers, one chosen by the
Company and one by the Original Warrantholder, shall mutually agree upon the determinations then
the subject of appraisal. Each party shall deliver a notice to the other appointing its appraiser
within 15 days after the Appraisal Procedure is invoked. If within 30 days after appointment of
the two appraisers they are unable to agree upon the amount in question, a third independent
appraiser shall be chosen within 10 days thereafter by the mutual consent of such first two
appraisers. The decision of the third appraiser so appointed and chosen shall be given within 30
days after the selection of such third appraiser. If three appraisers shall be appointed and the
determination of one appraiser is disparate from the middle determination by more than twice the
amount by which the other determination is disparate from the middle determination, then the
determination of such appraiser shall be excluded, the remaining two determinations shall be
averaged and such average shall be binding and conclusive upon the Company and the Original
Warrantholder; otherwise, the average of all three determinations shall be binding upon the Company
and the Original Warrantholder. The costs of conducting any Appraisal Procedure shall be borne by
the Company.

“Board of Directors” means the board of directors of the Company, including any duly
authorized committee thereof.

“Business Combination” means a merger, consolidation, statutory share exchange or similar
transaction that requires the approval of the Company’s stockholders.

“business day” means any day except Saturday, Sunday and any day on which banking institutions
in the State of New York generally are authorized or required by law or other governmental actions
to close.

“Capital Stock” means (A) with respect to any Person that is a corporation or company, any and
all shares, interests, participations or other equivalents (however designated) of capital or
capital stock of such Person and (B) with respect to any Person that is not a corporation or
company, any and all partnership or other equity interests of such Person.

“Certificate of Designations” means the Certificate of Designations of Fixed Rate Cumulative
Mandatorily Convertible Preferred Stock, Series G, of the Company.

“Charter” means, with respect to any Person, its certificate or articles of incorporation,
articles of association, or similar organizational document.

“Common Stock” means the common stock of the Company, which currently has a par value of $1.00
per share.

“Common Stock Issuance” has the meaning set forth in Section 13(B).

“Company” means the Person whose name, corporate or other organizational form and jurisdiction
of organization is set forth in Item 1 of Schedule A hereto.

“convertible securities” has the meaning set forth in Section 13(B).

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor
statute, and the rules and regulations promulgated thereunder.

“Exchange Agreement” means the Exchange Agreement, dated as of July 7, 2010, as amended from
time to time, between the Company and the United States Department of the Treasury, including all
annexes and schedules thereto.

“Exercise Price” means the amount set forth in Item 2 of Schedule A hereto.

“Expiration Time” has the meaning set forth in Section 3.

“Fair Market Value” means, with respect to any security or other property, the fair market
value of such security or other property as determined by the Board of Directors, acting in good
faith or, with respect to Section 14, as determined by the Original Warrantholder acting in good
faith. For so long as the Original Warrantholder holds this Warrant or any portion thereof, it may
object in writing to the Board of Directors’ calculation of fair market value within 10 days of
receipt of written notice thereof. If the Original Warrantholder and the Company are unable to
agree on fair market value during the 10-day period following the delivery of the Original
Warrantholder’s objection, the Appraisal Procedure may be invoked by either party to determine Fair
Market Value by delivering written notification thereof not later than the 30th day after delivery
of the Original Warrantholder’s objection.

“Initial Conversion Price” has the meaning set forth in Part 3 of the Certificate of
Designations.

“Initial Number” has the meaning set forth in Section 13(B)(2).

“Issue Date” means the date set forth in Item 3 of Schedule A hereto.

“Market Price” means, with respect to the Common Stock, on any given date, the average VWAP
for the 5 consecutive trading day-period ending on the Trading Day immediately preceding such given
date. “Market Price” shall be determined without reference to after hours or extended hours
trading. If the Common Stock is not listed and traded in a manner that the quotations referred to
above are available for the period required hereunder, the Market Price per share of Common Stock
shall be deemed to be (i) in the event that any portion of the Warrant is held by the Original
Warrantholder, the fair market value per share of the Common Stock as determined in good faith by
the Original Warrantholder or (ii) in all other circumstances, the fair market value per share of
the Common Stock as determined in good faith by the Board of Directors in reliance on an opinion of
a nationally recognized independent investment banking corporation retained by the Company for this
purpose and certified in a resolution to the Warrantholder. For the purposes of determining the
Market Price of the Common Stock on the “trading day” preceding, on or following the occurrence of
an event, (i) that trading day shall be deemed to commence immediately after the regular scheduled
closing time of trading on the New York Stock Exchange or, if trading is closed at an earlier time,
such earlier time and (ii) that trading day shall end at the next regular scheduled closing time,
or if trading is closed at an earlier time, such earlier time (for the avoidance of doubt, and as
an example, if the Market Price is to be determined as of the last trading day preceding a
specified event and the closing time of trading on a particular day is 4:00 p.m. and the specified
event occurs at 5:00 p.m. on that day, the Market Price would be determined by reference to such
4:00 p.m. closing time).

“Ordinary Cash Dividends” means a regular quarterly cash dividend on shares of Common Stock
out of surplus or net profits legally available therefor (determined in accordance with generally
accepted accounting principles in effect from time to time), provided that Ordinary Cash Dividends
shall not include any cash dividends paid subsequent to the Issue Date to the extent the aggregate
per share dividends paid on the outstanding Common Stock in any quarter exceed the amount set forth
in Item 4 of Schedule A hereto, as adjusted for any stock split, stock dividend, reverse
stock split, reclassification or similar transaction.

“Original Warrant” has the meaning set forth in Section 15.

“Original Warrantholder” means the United States Department of the Treasury and any successor
or assign that is an Affiliate of the United States Department of the Treasury. Any actions
specified to be taken by the Original Warrantholder hereunder may only be taken by such Person and
not by any other Warrantholder.

“Permitted Transactions” has the meaning set forth in Section 13(B).

“Person” has the meaning given to it in Section 3(a)(9) of the Exchange Act and as used in
Sections 13(d)(3) and 14(d)(2) of the Exchange Act.

“Per Share Fair Market Value” has the meaning set forth in Section 13(C).

“Preferred Stock” means the Fixed Rate Cumulative Mandatorily Convertible Preferred Stock,
Series G, described in the Certificate of Designations.

“Preferred Stock Conversion Price” means the Conversion Price, as defined in the Certificate
of Designations, as adjusted from time to time, irrespective of whether or not any Preferred Stock
is outstanding.

“Pro Rata Repurchases” means any purchase of shares of Common Stock by the Company or any
Affiliate thereof pursuant to (A) any tender offer or exchange offer subject to Section 13(e) or
14(e) of the Exchange Act or Regulation 14E promulgated thereunder or (B) any other offer available
to substantially all holders of Common Stock, in the case of both (A) or (B), whether for cash,
shares of Capital Stock of the Company, other securities of the Company, evidences of indebtedness
of the Company or any other Person or any other property (including, without limitation, shares of
Capital Stock, other securities or evidences of indebtedness of a subsidiary), or any combination
thereof, effected while this Warrant is outstanding. The “Effective Date” of a Pro Rata Repurchase
shall mean the date of acceptance of shares of Common Stock for purchase or exchange by the Company
under any tender or exchange offer which is a Pro Rata Repurchase or the date of purchase with
respect to any Pro Rata Repurchase that is not a tender or exchange offer.

“Regulatory Approvals” with respect to the Warrantholder, means, to the extent applicable and
required to permit the Warrantholder to exercise this Warrant for shares of Common Stock and to own
such Common Stock without the Warrantholder being in violation of any applicable law, rule or
regulation, including, without limitation, the Bank Holding Company Act of 1956, as amended, and
the Change in Bank Control Act of 1978, as amended, and the receipt of any necessary approvals and
authorizations of, filings and registrations with, notifications to, or expiration or termination
of any applicable waiting period under, the Hart-Scott-Rodino Antitrust Improvements Act of 1976,
as amended, and any other applicable laws and the rules and regulations thereunder.

“SEC” means the U.S. Securities and Exchange Commission.

“Securities Act” means the Securities Act of 1933, as amended, or any successor statute, and
the rules and regulations promulgated thereunder.

“Shares” has the meaning set forth in Section 2.

“trading day” means (A) if the shares of Common Stock are not traded on any national or
regional securities exchange or association or over-the-counter market, a business day or (B) if
the shares of Common Stock are traded on any national or regional securities exchange or
association or over-the-counter market, a business day on which such relevant exchange or quotation
system is scheduled to be open for business and on which the shares of Common Stock (i) are not
suspended from trading on any national or regional securities exchange or association or
over-the-counter market for any period or periods aggregating one half hour or longer; and
(ii) have traded at least once on the national or regional securities exchange or association or
over-the-counter market that is the primary market for the trading of the shares of Common Stock.

“U.S. GAAP” means United States generally accepted accounting principles.

“VWAP” means the volume-weighted average trading price of a share of Common Stock as reported
by Bloomberg LP.

“Warrant” means this Amended and Restated Warrant, issued pursuant to the Exchange Agreement.

“Warrantholder” has the meaning set forth in Section 2.

2. Number of Shares; Exercise Price. This certifies that, for value received, the
United States Department of the Treasury and its successors and assigns (the “Warrantholder”) is
entitled, upon the terms and subject to the conditions hereinafter set forth, to acquire from the
Company, in whole or in part, after the receipt of all applicable Regulatory Approvals, if any, up
to an aggregate of the number of fully paid and nonassessable shares of Common Stock set forth in
Item 5 of Schedule A hereto, at a purchase price per share of Common Stock equal to the
Exercise Price. The number of shares of Common Stock (the “Shares”) and the Exercise Price are
subject to adjustment as provided herein, and all references to “Common Stock,” “Shares” and
“Exercise Price” herein shall be deemed to include any such adjustment or series of adjustments.

3. Exercise of Warrant; Term. Subject to Section 2, to the extent permitted by
applicable laws and regulations, the right to purchase the Shares represented by this Warrant is
exercisable, in whole or in part by the Warrantholder, at any time or from time to time after the
execution and delivery of this Warrant by the Company on the date hereof, but in no event later
than 5:00 p.m., New York City time on [?], 20201 (the “Expiration Time”), by (A) the
surrender of this Warrant and Notice of Exercise, in substantially the form set forth in Annex A
attached hereto, duly completed and executed on behalf of the Warrantholder, at the principal
executive office of the Company located at the address set forth in Item 6 of Schedule A
hereto (or such other office or agency of the Company in the United States as it may designate by
notice in writing to the Warrantholder at the address of the Warrantholder appearing on the books
of the Company), and (B) payment of the Exercise Price for the Shares thereby purchased:

(i) by having the Company withhold, from the shares of Common Stock that would
otherwise be delivered to the Warrantholder upon such exercise, shares of Common Stock
issuable upon exercise of the Warrant equal in value to the aggregate Exercise Price as to
which this Warrant is so exercised based on the Market Price of the Common Stock on the
trading day on which this Warrant is exercised and the Notice of Exercise is delivered to
the Company pursuant to this Section 3, or

(ii) with the consent of both the Company and the Warrantholder, by tendering in cash,
by certified or cashier’s check payable to the order of the Company, or by wire transfer of
immediately available funds to an account designated by the Company.

If the Warrantholder does not exercise this Warrant in its entirety, the Warrantholder will be
entitled to receive from the Company within a reasonable time, and in any event not exceeding three
business days, a new warrant in substantially identical form for the purchase of that number of
Shares equal to the difference between the number of Shares subject to this Warrant and the number
of Shares as to which this Warrant is so exercised. Notwithstanding anything in this Warrant to
the contrary, the Warrantholder hereby acknowledges and agrees that its exercise of this Warrant
for Shares is subject to the condition that the Warrantholder will have first received any
applicable Regulatory Approvals.

4. Issuance of Shares; Authorization; Listing. Certificates for Shares issued upon
exercise of this Warrant will be issued in such name or names as the Warrantholder may designate
and will be delivered to such named Person or Persons within a reasonable time, not to exceed three
business days after the date on which this Warrant has been duly exercised in accordance with the
terms of this Warrant. The Company hereby represents and warrants that any Shares issued upon the
exercise of this Warrant in accordance with the provisions of Section 3 will be duly and validly
authorized and issued, fully paid and nonassessable and free from all taxes, liens and charges
(other than liens or charges created by the Warrantholder, income and franchise taxes incurred in
connection with the exercise of the Warrant or taxes in respect of any transfer occurring
contemporaneously therewith). The Company agrees that the Shares so issued will be deemed to have
been issued to the Warrantholder as of the close of business on the date on which this Warrant and
payment of the Exercise Price are delivered to the Company in accordance with the terms of this
Warrant, notwithstanding that the stock transfer books of the Company may then be closed or
certificates representing such Shares may not be actually delivered on such date. The Company will
at all times reserve and keep available, out of its authorized but unissued Common Stock, solely
for the purpose of providing for the exercise of this Warrant, the aggregate number of shares of
Common Stock then issuable upon exercise of this Warrant at any time. The Company will
(A) procure, at its sole expense, the listing of the Shares issuable upon exercise of this Warrant
at any time, subject to issuance or notice of issuance, on all principal stock exchanges on which
the Common Stock is then listed or traded and (B) maintain such listings of such Shares at all
times after issuance. The Company will use reasonable best efforts to ensure that the Shares may
be issued without violation of any applicable law or regulation or of any requirement of any
securities exchange on which the Shares are listed or traded.

5. No Fractional Shares or Scrip. No fractional Shares or scrip representing
fractional Shares shall be issued upon any exercise of this Warrant. In lieu of any fractional
Share to which the Warrantholder would otherwise be entitled, the Warrantholder shall be entitled
to receive a cash payment equal to the Market Price of the Common Stock on the last trading day
preceding the date of exercise less the pro-rated Exercise Price for such fractional share.

6. No Rights as Stockholders; Transfer Books. This Warrant does not entitle the
Warrantholder to any voting rights or other rights as a stockholder of the Company prior to the
date of exercise hereof. The Company will at no time close its transfer books against transfer of
this Warrant in any manner which interferes with the timely exercise of this Warrant.

7. Charges, Taxes and Expenses. Issuance of certificates for Shares to the
Warrantholder upon the exercise of this Warrant shall be made without charge to the Warrantholder
for any issue or transfer tax or other incidental expense in respect of the issuance of such
certificates, all of which taxes and expenses shall be paid by the Company.

8. Transfer/Assignment.

(A) Subject to compliance with clause (B) of this Section 8, this Warrant and all rights
hereunder are transferable and assignable, in whole or in part, upon the books of the Company by
the registered holder hereof in person or by duly authorized agent, and a new warrant shall be made
and delivered by the Company, of the same tenor and date as this Warrant but registered in the name
of one or more transferees, upon surrender of this Warrant, duly endorsed, to the office or agency
of the Company described in Section 3. All expenses (other than stock transfer taxes) and other
charges payable in connection with the preparation, execution and delivery of the new warrants
pursuant to this Section 8 shall be paid by the Company.

(B) If and for so long as required by the Exchange Agreement, this Warrant shall contain the
legend as set forth in Section 5.2(a) of the Exchange Agreement.

9. Exchange and Registry of Warrant. This Warrant is exchangeable, upon the surrender
hereof by the Warrantholder to the Company, for a new warrant or warrants of like tenor and
representing the right to purchase the same aggregate number of Shares. The Company shall maintain
a registry showing the name and address of the Warrantholder as the registered holder of this
Warrant. This Warrant may be surrendered for exchange or exercise in accordance with its terms, at
the office of the Company, and the Company shall be entitled to rely in all respects, prior to
written notice to the contrary, upon such registry.

10. Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by the Company of
evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this
Warrant, and in the case of any such loss, theft or destruction, upon receipt of a bond, indemnity
or security reasonably satisfactory to the Company, or, in the case of any such mutilation, upon
surrender and cancellation of this Warrant, the Company shall make and deliver, in lieu of such
lost, stolen, destroyed or mutilated Warrant, a new Warrant of like tenor and representing the
right to purchase the same aggregate number of Shares as provided for in such lost, stolen,
destroyed or mutilated Warrant.

11. Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of
any action or the expiration of any right required or granted herein shall not be a business day,
then such action may be taken or such right may be exercised on the next succeeding day that is a
business day.

12. Rule 144 Information. The Company covenants that it will use its reasonable best
efforts to timely file all reports and other documents required to be filed by it under the
Securities Act and the Exchange Act and the rules and regulations promulgated by the SEC thereunder
(or, if the Company is not required to file such reports, it will, upon the request of any
Warrantholder, make publicly available such information as necessary to permit sales pursuant to
Rule 144 under the Securities Act), and it will use reasonable best efforts to take such further
action as any Warrantholder may reasonably request, in each case to the extent required from time
to time to enable such holder to, if permitted by the terms of this Warrant and the Exchange
Agreement, sell this Warrant without registration under the Securities Act within the limitation of
the exemptions provided by (A) Rule 144 under the Securities Act, as such rule may be amended from
time to time, or (B) any successor rule or regulation hereafter adopted by the SEC. Upon the
written request of any Warrantholder, the Company will deliver to such Warrantholder a written
statement that it has complied with such requirements.

13. Adjustments and Other Rights. The Exercise Price and the number of Shares
issuable upon exercise of this Warrant shall be subject to adjustment from time to time as follows;
provided, that if more than one subsection of this Section 13 is applicable to a single event, the
subsection shall be applied that produces the largest adjustment and no single event shall cause an
adjustment under more than one subsection of this Section 13 so as to result in duplication:

(A) Stock Splits, Subdivisions, Reclassifications or Combinations. If the Company
shall (i) declare and pay a dividend or make a distribution on its Common Stock in shares of Common
Stock, (ii) subdivide or reclassify the outstanding shares of Common Stock into a greater number of
shares, or (iii) combine or reclassify the outstanding shares of Common Stock into a smaller number
of shares, the number of Shares issuable upon exercise of this Warrant at the time of the record
date for such dividend or distribution or the effective date of such subdivision, combination or
reclassification shall be proportionately adjusted so that the Warrantholder after such date shall
be entitled to purchase the number of shares of Common Stock which such holder would have owned or
been entitled to receive in respect of the shares of Common Stock subject to this Warrant after
such date had this Warrant been exercised immediately prior to such date. In such event, the
Exercise Price in effect at the time of the record date for such dividend or distribution or the
effective date of such subdivision, combination or reclassification shall be adjusted to the number
obtained by dividing (x) the product of (1) the number of Shares issuable upon the exercise of this
Warrant before such adjustment and (2) the Exercise Price in effect immediately prior to the record
or effective date, as the case may be, for the dividend, distribution, subdivision, combination or
reclassification giving rise to this adjustment by (y) the new number of Shares issuable upon
exercise of the Warrant determined pursuant to the immediately preceding sentence.

(B) Certain Issuances of Common Shares or Convertible Securities. Until the earlier
of (i) the date on which the Original Warrantholder no longer holds this Warrant or any portion
thereof and (ii) the third anniversary of the Issue Date, if the Company shall issue shares of
Common Stock (or rights or warrants or other securities exercisable or convertible into or
exchangeable for shares of Common Stock) (collectively, “convertible securities”, and, such
transaction, a “Common Stock Issuance”), other than in Permitted Transactions (as defined below) or
a transaction to which subsection (A) of this Section 13 is applicable, without consideration or at
a consideration per share of Common Stock (or having a conversion price per share of Common Stock)
that is less than the Initial Conversion Price, then:

(1) the Exercise Price shall be adjusted to equal the consideration per share of Common
Stock received by the Company in connection with the Common Stock Issuance; and

(2) the number of Shares issuable upon the exercise of this Warrant immediately prior
to the Common Stock Issuance (the “Initial Number”) shall be increased to the number
obtained by multiplying the Initial Number by a fraction (A) the numerator of which shall be
the Exercise Price in effect immediately prior to the Common Stock Issuance and (B) the
denominator of which shall be the consideration per share of Common Stock received by the
Company in connection with the Common Stock Issuance.

For purposes of the foregoing, the aggregate consideration receivable by the Company in
connection with a Common Stock Issuance shall be deemed to be equal to the sum of the net offering
price (including the Fair Market Value of any non-cash consideration and after deduction of any
related expenses payable to third parties) of all such securities plus the minimum aggregate
amount, if any, payable upon exercise or conversion of any such convertible securities into shares
of Common Stock; and “Permitted Transactions” shall mean issuances (i) as consideration for or to
fund the acquisition of businesses and/or related assets at Fair Market Value, (ii) in connection
with employee benefit plans and compensation related arrangements in the ordinary course and
consistent with past practice approved by the Board of Directors, (iii) in connection with a public
or broadly marketed offering and sale of Common Stock or convertible securities for cash conducted
by the Company or its affiliates pursuant to registration under the Securities Act or Rule 144A
thereunder on a basis consistent with capital raising transactions by comparable financial
institutions and (iv) in connection with the exercise of preemptive rights on terms existing as of
the Issue Date. For the avoidance of doubt, each Equity Raise (as defined in the Certificate of
Designations) shall be subject to adjustment as set forth in this Section 13(B) and shall not be
considered a Permitted Transaction hereunder. Any adjustment made pursuant to this Section 13(B)
shall become effective immediately upon the date of such issuance.

(C) Other Distributions. In case the Company shall fix a record date for the making
of a distribution to all holders of shares of its Common Stock of securities, evidences of
indebtedness, assets, cash, rights or warrants (excluding Ordinary Cash Dividends, dividends of its
Common Stock and other dividends or distributions referred to in Section 13(A)), in each such case,
the Exercise Price in effect prior to such record date shall be reduced immediately thereafter to
the price determined by multiplying the Exercise Price in effect immediately prior to the reduction
by the quotient of (x) the Market Price of the Common Stock on the last trading day preceding the
first date on which the Common Stock trades regular way on the principal national securities
exchange on which the Common Stock is listed or admitted to trading without the right to receive
such distribution, minus the amount of cash and/or the Fair Market Value of the securities,
evidences of indebtedness, assets, rights or warrants to be so distributed in respect of one share
of Common Stock (such amount and/or Fair Market Value, the “Per Share Fair Market Value”) divided
by (y) such Market Price on such date specified in clause (x); such adjustment shall be made
successively whenever such a record date is fixed. In such event, the number of Shares issuable
upon the exercise of this Warrant shall be increased to the number obtained by dividing (x) the
product of (1) the number of Shares issuable upon the exercise of this Warrant before such
adjustment, and (2) the Exercise Price in effect immediately prior to the distribution giving rise
to this adjustment by (y) the new Exercise Price determined in accordance with the immediately
preceding sentence. In the case of adjustment for a cash dividend that is, or is coincident with,
a regular quarterly cash dividend, the Per Share Fair Market Value would be reduced by the per
share amount of the portion of the cash dividend that would constitute an Ordinary Cash Dividend.
In the event that such distribution is not so made, the Exercise Price and the number of Shares
issuable upon exercise of this Warrant then in effect shall be readjusted, effective as of the date
when the Board of Directors determines not to distribute such shares, evidences of indebtedness,
assets, rights, cash or warrants, as the case may be, to the Exercise Price that would then be in
effect and the number of Shares that would then be issuable upon exercise of this Warrant if such
record date had not been fixed.

(D) Certain Repurchases of Common Stock. In case the Company effects a Pro Rata
Repurchase of Common Stock, then the Exercise Price shall be reduced to the price determined by
multiplying the Exercise Price in effect immediately prior to the Effective Date of such Pro Rata
Repurchase by a fraction of which the numerator shall be (i) the product of (x) the number of
shares of Common Stock outstanding immediately before such Pro Rata Repurchase and (y) the Market
Price of a share of Common Stock on the trading day immediately preceding the first public
announcement by the Company or any of its Affiliates of the intent to effect such Pro Rata
Repurchase, minus (ii) the aggregate purchase price of the Pro Rata Repurchase, and of which the
denominator shall be the product of (a) the number of shares of Common Stock outstanding
immediately prior to such Pro Rata Repurchase minus the number of shares of Common Stock so
repurchased and (b) the Market Price per share of Common Stock on the trading day immediately
preceding the first public announcement by the Company or any of its Affiliates of the intent to
effect such Pro Rata Repurchase. In such event, the number of shares of Common Stock issuable upon
the exercise of this Warrant shall be increased to the number obtained by dividing (x) the product
of (1) the number of Shares issuable upon the exercise of this Warrant before such adjustment, and
(2) the Exercise Price in effect immediately prior to the Pro Rata Repurchase giving rise to this
adjustment by (y) the new Exercise Price determined in accordance with the immediately preceding
sentence. For the avoidance of doubt, no increase to the Exercise Price or decrease in the number
of Shares issuable upon exercise of this Warrant shall be made pursuant to this Section 13(D).

(E) Business Combinations. In case of any Business Combination or reclassification of
Common Stock (other than a reclassification of Common Stock referred to in Section 13(A)), the
Warrantholder’s right to receive Shares upon exercise of this Warrant shall be converted into the
right to exercise this Warrant to acquire the number of shares of stock or other securities or
property (including cash) which the Common Stock issuable (at the time of such Business Combination
or reclassification) upon exercise of this Warrant immediately prior to such Business Combination
or reclassification would have been entitled to receive upon consummation of such Business
Combination or reclassification; and in any such case, if necessary, the provisions set forth
herein with respect to the rights and interests thereafter of the Warrantholder shall be
appropriately adjusted so as to be applicable, as nearly as may reasonably be, to the
Warrantholder’s right to exercise this Warrant in exchange for any shares of stock or other
securities or property pursuant to this paragraph. In determining the kind and amount of stock,
securities or the property receivable upon exercise of this Warrant following the consummation of
such Business Combination, if the holders of Common Stock have the right to elect the kind or
amount of consideration receivable upon consummation of such Business Combination, then the
consideration that the Warrantholder shall be entitled to receive upon exercise shall be deemed to
be the types and amounts of consideration received by the majority of all holders of the shares of
common stock that affirmatively make an election (or of all such holders if none make an election).

(F) Rounding of Calculations; Minimum Adjustments. All calculations under this
Section 13 shall be made to the nearest one-tenth (1/10th) of a cent or to the nearest
one-hundredth (1/100th) of a share, as the case may be. Any provision of this Section 13 to the
contrary notwithstanding, no adjustment in the Exercise Price or the number of Shares into which
this Warrant is exercisable shall be made if the amount of such adjustment would be less than $0.01
or one-tenth (1/10th) of a share of Common Stock, but any such amount shall be carried forward and
an adjustment with respect thereto shall be made at the time of and together with any subsequent
adjustment which, together with such amount and any other amount or amounts so carried forward,
shall aggregate $0.01 or 1/10th of a share of Common Stock, or more.

(G) Timing of Issuance of Additional Common Stock upon Certain Adjustments. In any
case in which the provisions of this Section 13 shall require that an adjustment shall become
effective immediately after a record date for an event, the Company may defer until the occurrence
of such event (i) issuing to the Warrantholder of this Warrant exercised after such record date and
before the occurrence of such event the additional shares of Common Stock issuable upon such
exercise by reason of the adjustment required by such event over and above the shares of Common
Stock issuable upon such exercise before giving effect to such adjustment and (ii) paying to such
Warrantholder any amount of cash in lieu of a fractional share of Common Stock; provided, however,
that the Company upon request shall deliver to such Warrantholder a due bill or other appropriate
instrument evidencing such Warrantholder’s right to receive such additional shares, and such cash,
upon the occurrence of the event requiring such adjustment.

(H) Other Events. For so long as the Original Warrantholder holds this Warrant or any
portion thereof, if any event occurs as to which the provisions of this Section 13 are not strictly
applicable or, if strictly applicable, would not, in the good faith judgment of the Board of
Directors of the Company, fairly and adequately protect the purchase rights of the Warrants in
accordance with the essential intent and principles of such provisions, then the Board of Directors
shall make such adjustments in the application of such provisions, in accordance with such
essential intent and principles, as shall be reasonably necessary, in the good faith opinion of the
Board of Directors, to protect such purchase rights as aforesaid. The Exercise Price or the number
of Shares into which this Warrant is exercisable shall not be adjusted in the event of a change in
the par value of the Common Stock or a change in the jurisdiction of incorporation of the Company.

(I) Statement Regarding Adjustments. Whenever the Exercise Price or the number of
Shares into which this Warrant is exercisable shall be adjusted as provided in Section 13, the
Company shall forthwith file at the principal office of the Company a statement showing in
reasonable detail the facts requiring such adjustment and the Exercise Price that shall be in
effect and the number of Shares into which this Warrant shall be exercisable after such adjustment,
and the Company shall also cause a copy of such statement to be sent by mail, first class postage
prepaid, to each Warrantholder at the address appearing in the Company’s records.

(J) Notice of Adjustment Event. In the event that the Company shall propose to take
any action of the type described in this Section 13 (but only if the action of the type described
in this Section 13 would result in an adjustment in the Exercise Price or the number of Shares into
which this Warrant is exercisable or a change in the type of securities or property to be delivered
upon exercise of this Warrant), the Company shall give notice to the Warrantholder, in the manner
set forth in Section 13(I), which notice shall specify the record date, if any, with respect to any
such action and the approximate date on which such action is to take place. Such notice shall also
set forth the facts with respect thereto as shall be reasonably necessary to indicate the effect on
the Exercise Price and the number, kind or class of shares or other securities or property which
shall be deliverable upon exercise of this Warrant. In the case of any action which would require
the fixing of a record date, such notice shall be given at least 10 days prior to the date so
fixed, and in case of all other action, such notice shall be given at least 15 days prior to the
taking of such proposed action. Failure to give such notice, or any defect therein, shall not
affect the legality or validity of any such action.

(K) Proceedings Prior to Any Action Requiring Adjustment. As a condition precedent to
the taking of any action which would require an adjustment pursuant to this Section 13, the Company
shall take any action which may be necessary, including obtaining regulatory, New York Stock
Exchange, NASDAQ Stock Market or other applicable national securities exchange or stockholder
approvals or exemptions, in order that the Company may thereafter validly and legally issue as
fully paid and nonassessable all shares of Common Stock that the Warrantholder is entitled to
receive upon exercise of this Warrant pursuant to this Section 13.

(L) Adjustment Rules. Any adjustments pursuant to this Section 13 shall be made
successively whenever an event referred to herein shall occur.

14. Exchange. At any time following the date on which the shares of Common Stock of
the Company are no longer listed or admitted to trading on a national securities exchange (other
than in connection with any Business Combination), the Original Warrantholder may cause the Company
to exchange all or a portion of this Warrant for an economic interest or security (to be determined
by the Original Warrantholder after consultation with the Company) of the Company classified as
permanent equity under U.S. GAAP having a value equal to the Fair Market Value of the portion of
the Warrant so exchanged. The Original Warrantholder shall calculate any Fair Market Value
required to be calculated pursuant to this Section 14, which shall not be subject to the Appraisal
Procedure.

15. Effect of Execution. This Warrant and the terms and conditions set forth herein
hereby amend and restate the terms and conditions of that certain warrant arising under that
certain Securities Purchase Agreement – Standard Terms incorporated into the Letter Agreement,
dated as of January 16, 2009, as amended from time to time, between the Company and the Original
Warrantholder (the “Original Warrant”), and the Original Warrant shall have no further force or
effect as of and following the Issue Date.

16. No Impairment. The Company will not, by amendment of its Charter or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms to be observed or performed hereunder by the Company, but will at all times in good faith
assist in the carrying out of all the provisions of this Warrant and in taking of all such action
as may be necessary or appropriate in order to protect the rights of the Warrantholder.

17. Governing Law, etc. This Warrant and any claim, controversy or dispute arising
under or related to this Agreement, the relationship of the parties, and/or the interpretation and
enforcement of the rights and duties of the parties shall be enforced, governed and construed in
all respects (whether in contract or in tort) in accordance with the federal law of the United
States if and to the extent such law is applicable, and otherwise in accordance with the laws of
the State of New York applicable to contracts made and to be performed entirely within such State.
Each of the Company and the Warrantholder agrees (a) to submit to the exclusive jurisdiction and
venue of the United States District Court for the District of Columbia for any civil action, suit
or proceeding arising out of or relating to this Warrant or the transactions contemplated hereby,
and (b) that notice may be served upon the Company at the address in Section 21 below and upon the
Warrantholder at the address for the Warrantholder set forth in the registry maintained by the
Company pursuant to Section 9 hereof. To the extent permitted by applicable law, each of the
Company and the Warrantholder hereby unconditionally waives trial by jury in any civil legal action
or proceeding relating to the Warrant or the transactions contemplated hereby or thereby.

18. Binding Effect. This Warrant shall be binding upon any successors or assigns of
the Company.

19. Amendments. This Warrant may be amended and the observance of any term of this
Warrant may be waived only with the written consent of the Company and the Warrantholder.

20. Prohibited Actions. The Company agrees that it will not take any action which
would entitle the Warrantholder to an adjustment of the Exercise Price if the total number of
shares of Common Stock issuable after such action upon exercise of this Warrant, together with all
shares of Common Stock then outstanding and all shares of Common Stock then issuable upon the
exercise of all outstanding options, warrants, conversion and other rights, would exceed the total
number of shares of Common Stock then authorized by its Charter.

21. Notices. Any notice, request, instruction or other document to be given hereunder
by any party to the other will be in writing and will be deemed to have been duly given (a) on the
date of delivery if delivered personally, or by facsimile, upon confirmation of receipt, or (b) on
the second business day following the date of dispatch if delivered by a recognized next day
courier service. All notices hereunder shall be delivered as set forth in Item 7 of
Schedule A hereto, or pursuant to such other instructions as may be designated in writing
by the party to receive such notice.

22. Entire Agreement. This Warrant, the forms attached hereto and Schedule A
hereto (the terms of which are incorporated by reference herein), and the Exchange Agreement
(including all documents incorporated therein), contain the entire agreement between the parties
with respect to the subject matter hereof and supersede all prior and contemporaneous arrangements
or undertakings with respect thereto.

[Remainder of page intentionally left blank]

IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by a duly
authorized officer.

Dated: [?], 2010

	 	 	 	COMPANY: First BanCorp

	 	 	 	By:

Name:

Title:

	 	 	 	Attest:

	 	 	 	By:

Name:

Title:

ANNEX A

Form of Notice of Exercise

Date: [_________]

	 	 	 
	TO:

RE:

	 	First BanCorp

Election to Purchase Common Stock

The undersigned, pursuant to the provisions set forth in the attached Warrant, hereby agrees
to subscribe for and purchase the number of shares of the Common Stock set forth below covered by
such Warrant. The undersigned, in accordance with Section 3 of the Warrant, hereby agrees to pay
the aggregate Exercise Price for such shares of Common Stock in the manner set forth below. A new
warrant evidencing the remaining shares of Common Stock covered by such Warrant, but not yet
subscribed for and purchased, if any, should be issued in the name set forth below.

Number of Shares of Common Stock

Method of Payment of Exercise Price (note if cashless exercise pursuant to Section 3(i) of the
Warrant or cash exercise pursuant to Section 3(ii) of the Warrant, with consent of the Company and
the Warrantholder):       

	 	 	 
	Aggregate Exercise Price:
	 	     

Holder:

	 	 	 

	 	 	By:

	 	 	 

	 	 	Name:

	 	 	 

	 	 	Title:

	 	 	 

SCHEDULE A

Item 1

Name: First BanCorp

Corporate or other organizational form: Corporation

Jurisdiction of organization: Commonwealth of Puerto Rico

Item 2

Exercise Price: Preferred Stock Conversion Price

Item 3

Issue Date: [?], 2010

Item 4

Amount of last dividend declared prior to the Issue Date: $0.07

Item 5

Number of shares of Common Stock: 5,842,259

	 	 	Item 6

	 	 	Company’s address: First BanCorp

1591 Ponce de Leon

San Juan, Puerto Rico 00908-0146

Item 7

	 	 	Notice information: First BanCorp

1591 Ponce de Leon

San Juan, Puerto Rice 00908-0146

Attn: General Counsel

Phone: (787) 729-8088

Fax: (787) 753-8402

	 	1	 	Ten years from Issue Date.

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