Document:

EX-10.1

Exhibit 99.1

SEPARATION AGREEMENT AND GENERAL RELEASE

This SEPARATION AGREEMENT AND GENERAL RELEASE (this “Agreement”) is entered into by and
between Endeavour International Corporation (the “Company”), and J. Michael Kirksey (“Employee”).
The Company and Employee are referred to herein individually as a “Party” and collectively as the
“Parties.”

WHEREAS, Employee’s employment with the Company has ended as of the Separation Date (as
defined below); and

WHEREAS, the Parties wish for Employee to receive certain separation benefits from the
Company, which benefits are conditioned upon Employee’s entry into this Agreement; and

WHEREAS, the Parties wish to resolve any and all claims that Employee may have against the
Company and the other Company Parties (as defined below), including without limitation any claims
that Employee may have arising out of his employment or the end of such employment.

NOW, THEREFORE, in consideration of the promises and benefits set forth herein, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by
the Parties, the Parties agree as follows:

1. Separation from Employment. The Parties acknowledge and agree that the last day of
Employee’s employment with the Company was October 26, 2012 (the “Separation Date”).

2. Separation Payment and Benefits. Provided that Employee executes this Agreement and
returns it to the Company so that it is received no later than the close of business on Friday,
November 16, 2012, and does not exercise his revocation rights pursuant to Section 7 below, then
the Company shall:

(a) Provide Employee with a lump sum payment equal to $118,750, less applicable taxes
and withholdings (the “Separation Payment”), which such Separation Payment shall be paid on
the date that is thirty (30) days after the Separation Date (or the first business day
thereafter if the thirtieth (30th) day is not a business day);

(b) Cause a total of 34,564 restricted shares of the common stock of the Company,
$0.001 par value per share (“Common Stock”) (such restricted shares, the “Accelerated
Restricted Shares”) currently held by Employee and granted pursuant to the Endeavour
International Corporation 2010 Stock Incentive Plan (the “Plan”) (which shall include 15,238
restricted shares granted on January 4, 2010, 9,667 restricted shares granted on January 3,
2011 and 9,659 restricted shares granted on January 3, 2012) to become fully vested (such
vesting of the Accelerated Restricted Shares, the “Vesting Benefit” and, together with the
Separation Payment, the “Separation Benefits”); and

(c) For the portion, if any, of the 90-day period that follows the Separation Date that
Employee is eligible to elect, and timely elects, to continue coverage for himself and his
eligible dependents, if any, under the Company’s group health and dental plans under the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended and/or Sections 601
through 608 of the Employee Retirement Income Security Act of 1974, as amended (“COBRA”),
the Company shall reimburse Employee for the COBRA premium that Employee pays in order to
effect such continuation coverage, which such reimbursement shall be paid within fifteen
(15) days after Employee submits documentation to the Company evidencing his monthly premium
payment to effect applicable continuation coverage; provided, however, that Employee must
submit such documentation within ten (10) days of his applicable premium payment; and
provided further that the Company’s obligations under this Section 2(c) shall cease if
Employee becomes eligible to participate in the group health or dental plan of another
employer, including a spouse’s employer (and any such eligibility shall be promptly reported
to the Company by Employee). Employee acknowledges and agrees that it is his sole
responsibility to elect and maintain COBRA coverage to be eligible for the benefit
referenced in this Section 2(c).

3. Satisfaction of All Leaves and Payment Amounts; Prior Rights and Obligations. In entering
into this Agreement, Employee expressly acknowledges and agrees that Employee has received all
leaves (paid and unpaid) to which Employee was entitled during Employee’s employment and Employee
has received all wages and been paid all sums that Employee is owed or ever could be owed by the
Company and the other Company Parties (other than the Separation Payment and the amount earned by
Employee as base salary in the pay period that immediately preceded the Separation Date). Employee
further acknowledges and agrees that, with the exception of any amounts owed to him pursuant to
this Agreement, he has no entitlement to any further sums from the Company or any other Company
Party, including, but not limited to, any bonuses or other payments. Employee further acknowledges
and agrees that, aside from the Accelerated Restricted Shares and those certain stock options with
respect to Common Stock that are vested as of the Separation Date (the “Vested Stock Options”), he
has no further rights or interests with respect to any shares or other ownership interests in any
Company Party, as it is acknowledged and agreed that effective as of the Separation Date, Employee
has forfeited all awards or other interests in respect of the Company’s stock other than the
Accelerated Restricted Shares and the Vested Stock Options. Without limiting the generality of the
foregoing, Employee expressly acknowledges that he has forfeited all shares of restricted stock
(other than the Accelerated Restricted Shares), all cash performance awards and performance unit
awards, all stock options (other than the Vested Stock Options) and all other awards or other
interests granted pursuant to the Plan or any predecessor thereto. Subject to the terms of the
Plan, Employee shall be entitled to exercise the Vested Stock Options for the period set forth in
the respective award agreement underlying such Vested Stock Option.

4. Release of Liability for Claims.

(a) For good and valuable consideration, including the Company’s agreement to provide the
consideration to Employee set forth in Section 2 of this Agreement, Employee hereby releases,
discharges and forever acquits the Company, its affiliates and subsidiaries, and their respective
past, present and future subsidiaries, affiliates, stockholders, members, partners, directors,
officers, managers, employees, agents, attorneys, heirs, successors and representatives, in their
personal and representative capacities, as well as all employee benefit plans maintained by the
Company or any of its affiliates or subsidiaries and all fiduciaries and administrators of any such
plans, in their personal and representative capacities (collectively, the “Company Parties”), from
liability for, and hereby waives, any and all claims, damages, or causes of action of any kind
related to Employee’s employment with any Company Party, the termination of such employment, and
any other acts or omissions related to any matter on or prior to the date that Employee executes
this Agreement, including without limitation any alleged violation through such date of: (i) the
Age Discrimination in Employment Act, as amended (including as amended by the Older Workers Benefit
Protection Act); (ii) Title VII of the Civil Rights Act of 1964, as amended; (iii) the Civil Rights
Act of 1991; (iv) Sections 1981 through 1988 of Title 42 of the United States Code, as amended;
(v) the Employee Retirement Income Security Act of 1974, as amended (“ERISA”); (vi) the Immigration
Reform Control Act, as amended; (vii) the Americans with Disabilities Act of 1990, as amended;
(viii) the National Labor Relations Act, as amended; (ix) the Occupational Safety and Health Act,
as amended; (x) the Family and Medical Leave Act of 1993; (xi) any federal, state or local
anti-discrimination or anti-retaliation law; (xii) any federal, state or local wage and hour law;
(xiv) any other local, state or federal law, regulation or ordinance; (xv) any public policy,
contract, tort, or common law claim or claim for fiduciary duty or breach thereof or claim for
fraud or misrepresentation or fraud of any kind; (xvi) any allegation for costs, fees, or other
expenses including attorneys’ fees incurred in these matters; (xvii) any and all rights, benefits
or claims Employee may have under any employment contract, incentive compensation plan or
equity-based plan with any Company Party or to any ownership interest in any Company Party (other
than with respect to the interests that may vest pursuant to Section 2(b) above); and (xviii) any
claim for compensation or benefits of any kind not expressly set forth in this Agreement
(collectively, the “Released Claims”).

(b) In no event shall the Released Claims include any claim which arises after the date that
Employee signs this Agreement or any claim to already vested benefits under an employee benefit
plan of the Company that is subject to ERISA.

(c) Further notwithstanding this release of liability, nothing in this Agreement prevents
Employee from filing any non-legally waivable claim (including a challenge to the validity of this
Agreement) with the Equal Employment Opportunity Commission (“EEOC”) or comparable state or local
agency or participating in any investigation or proceeding conducted by the EEOC or comparable
state or local agency; however, Employee understands and agrees that Employee is waiving any and
all rights to recover any monetary or personal relief or recover as a result of such EEOC or
comparable state or local agency or proceeding or subsequent legal actions. THIS RELEASE INCLUDES
MATTERS ATTRIBUTABLE TO THE SOLE OR PARTIAL NEGLIGENCE (WHETHER GROSS OR SIMPLE) OR OTHER FAULT,
INCLUDING STRICT LIABILITY, OF ANY OF THE COMPANY PARTIES.

5. Representation About Claims. Employee represents and warrants that as of the date on which
Employee signed this Agreement, he has not filed any claims, complaints, charges, or lawsuits
against any of the Company Parties with any governmental agency or with any state or federal court
or arbitrator for or with respect to a matter, claim, or incident, which occurred or arose out of
one or more occurrences that took place on or prior to the date on which Employee signed this
Agreement. Employee further represents and warrants that he has made no assignment, sale,
delivery, transfer or conveyance of any rights Employee has asserted or may have against any of the
Company Parties with respect to any Released Claim.

6. Employee’s Acknowledgments. By executing and delivering this Agreement, Employee expressly
acknowledges that:

(a) He has carefully read this Agreement;

	 	(b)	 	He has had at least twenty-one (21) days to
consider this Agreement before the execution and delivery hereof to the
Company;

	 	(c)	 	He has been and hereby is advised in writing to
discuss this Agreement with an attorney of his choice and that he has
had adequate opportunity to do so prior to executing this Agreement;

	 	(d)	 	He fully understands the final and binding effect
of this Agreement; the only promises made to him to sign this Agreement
are those stated herein; and he is signing this Agreement knowingly,
voluntarily and of his own free will, and that he understands and agrees
to each of the terms of this Agreement;

	 	(e)	 	The only matters relied upon by him and causing
him to sign this Agreement are the provisions set forth in writing
within the four corners of this Agreement; and

	 	(f)	 	The Company has not provided any tax advice
regarding this Agreement and he has had the opportunity to receive
sufficient tax advice from advisors of his own choosing such that he
enters into this Agreement with full understanding of the tax
implications thereof.

7. Revocation Rights. Notwithstanding the initial effectiveness of this Agreement, Employee
may revoke the delivery (and therefore the effectiveness) of this Agreement within the seven-day
period beginning on the date Employee executes this Agreement (such seven day period being referred
to herein as the “Release Revocation Period”).  To be effective, such revocation must be in writing
signed by Employee and must be received by the Company, care of Julie Ferro, Vice President, Human
Resources and/or e-mail: julie.ferro@endeavourcorp.com before 11:59 p.m., Houston, Texas
time, on the last day of the Release Revocation Period.  If an effective revocation is delivered
in the foregoing manner and timeframe, this Agreement shall be of no force or effect and shall be
null and void ab initio.  No consideration shall be provided pursuant to Section 2 of this
Agreement if this Agreement is revoked by Employee in the foregoing manner.

8. Applicable Law. This Agreement is entered into under, and shall be governed for all
purposes by, the laws of the State of Texas without reference to the principles of conflicts of law
thereof.

9. Counterparts. This Agreement may be executed in one or more counterparts, each of which
shall be deemed to be an original, but all of which together will constitute one and the same
Agreement.

10. Amendment; Entire Agreement. This Agreement may not be changed orally but only by an
agreement in writing agreed to and signed by the Party to be charged. This Agreement constitutes
the entire agreement of the Parties with regard to the subject matter hereof; provided, however,
the Parties acknowledge and agree that this Agreement does not supersede, but instead complements,
all agreements between the Parties with regard to the protection of confidential information and
non-solicitation of employees (including, without limitation, all such agreements contained within
the Company’s Code of Business Conduct and the documents referenced therein).

11. Non-Disparagement. Employee agrees to refrain from making any public statements (or
authorizing any statements to be reported as being attributed to him) that are critical,
disparaging or derogatory about, or which injure the reputation of, any Company Party.

12. Third-Party Beneficiaries. Employee expressly acknowledges and agrees that each Company
Party shall be a third-party beneficiary of Section 4 and Section 11 of this Agreement.

13. Severability. Any term or provision of this Agreement that renders such term or provision
or any other term or provision hereof invalid or unenforceable in any respect shall be modified to
the extent necessary to avoid rendering such term or provision invalid or unenforceable, and such
modification shall be accomplished in the manner that most nearly preserves the benefit of the
Parties’ bargain hereunder.

14. Withholding of Taxes and Other Deductions. The Company may withhold from any benefits and
payments made pursuant to this Agreement all federal, state, local, and other taxes and
withholdings as may be required pursuant to any law or governmental regulation or ruling.

15. Employee’s Cooperation. Employee covenants that, between the Separation Date through at
least January 15, 2013, as may be reasonably requested by the Company from time to time, he shall
cooperate with the Company in: (a) answering questions and providing assistance with regard to the
transition of the Chief Financial Officer duties; and (b) providing support and assistance with
regard to any pending or ongoing litigation that relates to any events occurring on or prior to the
Separation Date.

16. Non-Solicitation. Employee acknowledges and agrees that, in awarding the restricted
stock, and in causing providing the Vesting Benefit in Section 2(b) above, the Company has linked
Employee’s interests to its long-term business interests and goodwill and, in the course of his
employment, the Company provided Employee with its confidential information. In order to protect
the Company’s confidential information and goodwill, and as an incentive for the Company to enter
into this Agreement, Employee expressly promises that between the Separation Date and the date that
is one year after the Separation Date, he will not, directly or indirectly, engage or employ, or
solicit or contact with a view to the engagement or employment of, any person who is an officer,
director or employee of the Company. Employee acknowledges and agrees that the restrictions set
forth in this Section 16 are reasonable in all respects and no greater than necessary to protect
the Company’s legitimate business interests. Nevertheless, if any of the restrictions set forth in
this Section 16 are found by a court or arbitrator of competent jurisdiction to be unreasonable, or
overly broad, or otherwise unenforceable, the Parties intend for the restrictions set forth in this
Section 16 to be modified by the court or arbitrator making such determination so as to be
reasonable and enforceable and, as so modified, to be fully enforced. By agreeing to this
contractual modification prospectively at this time, the parties intend to make this Section 16
enforceable under all applicable laws so that this section as prospectively modified shall remain
in full force and effect and shall not be rendered void or illegal. The Parties further agree and
acknowledge that, in the event of a breach or threatened breach of any of the provisions of this
Section 16 or Section 17 below, the Company shall be entitled to immediate injunctive relief, as
any such breach would cause the Company irreparable injury for which it would have no adequate
remedy at law. Nothing herein shall be construed so as to prohibit the Company from pursuing or
obtaining any other remedies available to it hereunder, at law or in equity for any such breach or
threatened breach.

17. Confidential Information; Return of Property. In addition to all other obligations that
Employee owes with regard to the protection of the Company’s confidential information (including,
without limitation, such obligations as are set forth in the Company’s Code of Business Conduct and
the documents referenced therein), Employee agrees to the provisions of this Section 17. Employee
expressly acknowledges, that, while performing his duties on behalf of the Company and as a result
of the nature of the Company’s business, he has had access to and come into contact with
Confidential Information (as defined below). Employee promises that, at all times after the
Separation Date, he shall protect, keep and treat as confidential all of the Confidential
Information, he shall not use or disclose any Confidential Information to anyone (other than in the
for the benefit of the Company or with the written consent of the Chief Executive Officer for the
benefit of the Company), and he shall not make any use of any Confidential Information for his own
personal purposes or for the benefit of anyone other than the Company and its affiliates. The term
“Confidential Information” means any and all information relating to the business and affairs of
the Company and its affiliates, including for example but not limited to, the following: (a)
technical information such as geological, geophysical, reserve, seismic, log, engineering, leasing,
well data or analyses, and environmental information and any other explorations and production
data; (b) business information such as corporate strategies, actual or proposed business
development plans, actual or proposed acquisitions or divestitures, terms of actual or proposed
financial arrangements with third parties, management discussions, financial modeling, land
schedules, leasing plans, lease analyses, asset purchase or sale agreements, joint operating
agreements, actual or proposed contracts, operations, joint venture dealings and analysis, and
negotiating strategies; (d) financial information such as costs, profits, revenues, budgets, cash
flow analysis, debt or equity analyses, proposed debt or equity offerings, business forecasts,
operating data, financing activities and terms and financial spreadsheets; (e) employee information
such as salaries, bonus compensation, skills, weaknesses and abilities; (f) joint venture
information relating to any oil and gas properties being operated jointly with third parties, which
may or may not have their own confidentiality requirements pursuant to joint operating agreements;
(g) trade secrets or information not generally known in the industry; (g) information given to the
Company in confidence by third parties pursuant to agreements or obligations of confidentiality;
(h) trade secrets or information not generally known in the industry; (i) information relating to
the business of oil and gas exploration and production; (j) information not previously disclosed as
a matter of public record by filings made by the Company and/or its affiliates with the Securities
and Exchange Commission; (k) information created by Employee or by others; and (l) all documents,
notes, memos, analyses, computer files, emails or other records containing or derived from such
Confidential Information. Notwithstanding the foregoing, Confidential Information shall not
include any information that is known to the general public or made available to the general public
other than through an action of Employee or anyone acting at his direction. Further
notwithstanding the foregoing, nothing in this Agreement shall prevent Employee from making any
disclosure that he is legally compelled to make by deposition, interrogatory, request for
documents, subpoena, civil investigative demand, order of a court of competent jurisdiction, or
similar process, or otherwise by law; provided, however, that, prior to any such disclosure,
Employee shall provide the Company with prompt notice of such requirements so that the Company may
seek a protective order or other appropriate remedy in order to prevent or limit such disclosure.
Employee represents and warrants that he has returned to the Company all Confidential Information
in his possession, custody or control and that he has not retained any copies thereof. Employee
further represents and warrants that he has returned to the Company all property belonging to the
Company, including without limitation all computer files, electronically stored information and
other materials provided to him by the Company in the course of his employment.

18. Recoupment of Separation Benefits. The promises made by Employee pursuant to Sections 11,
15, 16 and 17 are a material inducement for the Company to enter this Agreement. In the event that
Employee breaches any of the covenants therein, the Company shall have the right to recover, and
Employee shall be obligated to repay, all Separation Benefits (or, in the case of the Accelerated
Restricted Shares, the cash value thereof if such shares are no longer held by Employee). The
Company’s right to recover the Separation Benefits as set forth in the previous sentence shall not
be its exclusive remedy in the event of a breach by Employee, as the Company shall also be entitled
to pursue and obtain all other remedies available to it, at law and equity.

[Signature page follows]

IN WITNESS WHEREOF, the Parties have executed this Agreement, effective for all
purposes as provided above.

ENDEAVOUR INTERNATIONAL, INC.

By: /s/ William L. Transier

Name: William L. Transier

Title: Chairman & CEO

J. MICHAEL KIRKSEY:

/s/ J. Michael Kirksey

J. Michael Kirksey

Date: Oct. 29, 2012EX-10.1

October 30, 2012

Mr. Robert Gormley

ADDRESS OMITTED

Dear Mr. Gormley:

The Board of Directors (the “Board”) of First BanCorp (the “Corporation”) is pleased to offer
you the position as a Director of the Board of the Corporation. Your service as a Director shall
be effective as of October 30, 2012 (the “Effective Date”), the date of the execution of this offer
letter (the “Offer Letter”).

The following are the detailed terms of this Offer Letter:

	1.	 	Position/Services.

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

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

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

	3.	 	Fees and Compensation.

	 	a.	 	Annual Director’s Fees. Commencing on the Effective Date, you will be paid
fees for your services as a Director in a total amount equal to $100,000 per year (such
amount, the “Annual Fee”). The Annual Fee shall be payable seventy five percent (75%)
in cash (the “Annual Retainer”) and twenty five percent (25%) in the form of an annual
grant of restricted stock (the “Restricted Stock”), under the Corporation’s 2008
Omnibus Incentive Plan, as amended on December 9, 2011. The cash Annual Retainer shall
be paid in equal installments on a monthly basis over a twelve-month period. The
Restricted Stock shall be awarded at the beginning of each twelve-month period during
which you are a Director and shall be subject to a twelve-month vesting period. In
addition, you may receive additional compensation in the form of retainers depending
upon the Board committees which you may be appointed to by the Board during your
services as a member of the Board as follows, subject to the right of the Board to
change such fee structure at its discretion based on changed circumstances:

	 	 	 	 	 	 	 	 	 
	 
	 	Committee Chair	 	Committee Member
	Committee
	 	Retainer	 	Retainer
	 
	 	 	 	 	 	 	 	 
	Audit Committee
	 	$	25,000	 	 	$	5,000	 
	 
	 	 	 	 	 	 	 	 
	Compensation and Benefits Committee
	 	$	5,000	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Corporate Governance and
Nominating Committee
	 	$	5,000	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Asset/Liability Committee
	 	$	5,000	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Credit Committee
	 	$	20,000	 	 	$	5,000	 
	 
	 	 	 	 	 	 	 	 
	Compliance Committee
	 	$	5,000	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Risk Management Committee
	 	$	25,000	 	 	$	5,000	 
	 
	 	 	 	 	 	 	 	 

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

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

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

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

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

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

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

	5.	 	General Provisions.

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

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

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

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

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

	 	 	 	 	 	 	 	 	 	 	 
	To the Company:	 	First BanCorp
PO Box 9146
San Juan, PR 00907-0146
Attention: Lawrence Odell
	 	 	 	 	 	 
	To You:	 	Robert T. Gormley
ADDRESS OMITTED

	 	With a Copy to:	 	John M. Harpootian, Esq.
Paster & Harpootian, Ltd.
1000 Chapel View Boulevard, Ste. 220
Cranston, RI 02920

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

(SIGNATURE PAGE FOLLOWS)

1

Please sign and date this Offer Letter below and return it to the Corporation as soon as
possible but in no event later than October 30, 2012, to indicate your agreement to the terms and
conditions described herein.

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

Sincerely,

First BanCorp

By: /s/ Roberto Herencia

Roberto Herencia

Chairman of the Board

Agreed and Accepted:

By: /s/ Robert T. Gormley

Robert T. Gormley

2

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