Document:

EX-10.7 SERVICES AGREEMENT-MARTINEZ ODELL & CALABR

 

Exhibit 10.7

SERVICES AGREEMENT

     This SERVICES AGREEMENT (this “Agreement”) is entered into and is effective as of February 15,
2006, by and between, on the one hand, MARTÍNEZ ODELL & CALABRIA (the “Contractor”), a Puerto Rico
law firm, and, on the other hand, FIRST BANCORP (“FirstBank”), a corporation organized under the
laws of the Commonwealth of Puerto Rico (the “Commonwealth”).

Recitals

     WHEREAS, the Contractor is engaged in the practice of providing general legal counseling,
primarily in corporate, business, transactional, regulatory and banking matters; and

     WHEREAS, in furtherance of and in addition to that certain Employment Agreement dated as of
the date hereof by and between Lawrence Odell (“LO”), Partner of the Contractor, and FirstBank,
FirstBank desires to enter into this Agreement in order to receive from the Contractor the services
listed above, together with the LO’s duties and responsibilities as General Counsel and Executive
Vice President of FirstBank (collectively, the “Services”).

     NOW THEREFORE, the parties hereto, each intending to be legally bound hereby, agree as
follows:

     Section 1. Engagement; Recitals. FirstBank hereby hires the Contractor to provide the
Services, and the Contractor hereby accepts such hiring, subject to the terms and conditions set
forth in this Agreement. All recitals, schedules and exhibits to this Agreement form an integral
part hereof for all purposes.

     Section 2. Compensation. As consideration for the performance of the Services,
FirstBank agrees to pay to the Contractor, $60,000 per month payable on or before the
15th day of each month, except for the month of February 2006, wherein compensation
shall be limited to $30,000.

     Section 3. Term. This Agreement shall have a duration of four years, commencing on
the fifteenth (15th) day of February 2006 and ending on the fourteenth (14th)
day of February 2010, unless earlier terminated as provided in Section 4 hereof. FirstBank may
grant extensions or renewals of this Agreement at its sole discretion.

     Section 4. Termination. This Agreement may be cancelled by either party, with or
without cause, by giving 60 days notice in writing to the other party. As of the effective date of
cancellation, the parties hereto shall be released from any further obligations hereunder except
for those obligations incurred prior to the cancellation date that survive the termination hereof.

     Section 5. Acknowledgements. The parties acknowledge and agree that: (a) the
Contractor does not have and will not allow to exist any conflict of interest with the Company at
any time; (b) any compensation received by LO under the Employment Agreement, this Agreement, or
otherwise is the personal compensation of LO, and no part thereof shall be

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allocated, imputed or payed to the Contractor at any time; and (c) the Contractor may continue
to represent certain identified business competitors of FirstBank so long as no direct conflict
arises by reason thereof.

     Section 6. Indemnification. FirstBank shall and does hereby indemnify and agrees to
defend and hold harmless the Contractor, its partners, employees, agents and representatives, from
and against any and all claims, suits, actions, demands, judgments, liabilities, settlement
payments, fines, costs (including reasonable outside attorney’s and other professional fees) and
expenses in connection with losses and/or damages suffered or alleged to have been suffered by the
Contractor or third parties arising as a result of or in connection with the Services or any
activity or undertaking permitted by or performed on behalf of the Contractor. FirstBank’s
obligations shall survive the expiration or earlier termination of this Agreement with respect to
any act, omission or occurrence of the Contractor which took place prior to such expiration or
earlier termination.

     Section 7. Modifications to Agreement. Any modification of this Agreement or
additional obligation assumed by either party in connection with this Agreement shall be binding
only if evidenced in writing and signed by an authorized representative of each party.

     Section 8. Notices. All notices required to be given under this Agreement shall be
made to the address set forth in the signature page hereof.

     Section 9. Amendments, Etc. No amendment, modification, termination, or waiver of any
provision of this Agreement nor any consent to departure by the Contractor therefrom, shall in any
event be effective unless the same shall be in writing and signed by FirstBank and the Contractor,
and then such waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given.

     Section 10. No Waiver; Remedies. No failure on the part of the parties in exercising
any right, power, or remedy hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any such right, power, or remedy preclude any other or further exercise thereof
or the exercise of any other right, power, or remedy hereunder. The rights and remedies of the
parties herein provided are cumulative and are not exclusive of any other rights, powers, or
remedies now or hereafter existing at law or in equity.

     Section 11. Severability. Any provision of this Agreement which is prohibited,
unenforceable, or not authorized in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition, unenforceability, or non-authorization, without invalidating the
remaining provisions hereof or affecting the validity, enforceability, or legality of such
provision in any other jurisdiction.

     Section 12. Governing Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the Commonwealth.

     Section 13. Execution in Counterparts. This Agreement may be executed in any number
of counterparts and by different parties hereto on separate counterparts, each of which

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counterparts, when so executed and delivered, shall be deemed to be an original, and all of
which counterparts, when taken together, shall constitute but one and the same document.

     Section 14. Binding Effect. This Agreement shall become effective when it shall have
been duly executed by the parties, and thereafter shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns.

[SIGNATURE PAGE FOLLOWS]

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     IN WITNESS WHEREOF, FirstBank and the Contractor have executed this Agreement as of this
15th day of February 2006.

	 	 	 	 	 	 	 	 	 	 	 
	MARTÍNEZ ODELL & CALABRIA	 	 	 	FIRST BANCORP	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 /s/ Lawrence Odell	 	 	 	By:	 	 /s/ Luis M. Beauchamp	 	 
	 

	 	 

     Lawrence Odell
	 	 	 	Name:
	 	 

	 	 
	 

	 	     Partner
	 	 	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Notices:	 	 	 	Notices:	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Contact Person: 	 	 	 	 	 	Contact Person:	 	 	 	 
	 

	 	 	 	 

	 	 	 	 	 	 	 	 

	 	 
	Address:	 	 	 	 	 	Address:	 	 	 	 
	 

	 	 

	 	 	 	 	 	 

	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 
	Telephone:	 	 	 	 	 	Telephone:	 	 	 	 
	 

	 	 

	 	 	 	 	 	 

	 	 
	Fax:

	 	 	 	 	 	 	 	Fax:	 	 	 	 	 	 
	 

	 

	 	 	 	 	 

	 	 
	E-Mail:	 	 	 	 	 	E-Mail:	 	 	 	 
	 

	 	 

	 	 	 	 	 	 

	 	 

4EX-10.8 AMENDMENT TO SERVICES AGREEMENT-MARTINEZ

 

Exhibit 10.8

AMENDMENT NO. 1 TO SERVICES AGREEMENT

     This AMENDMENT NO. 1 TO SERVICES AGREEMENT (this “Amendment”), is entered into and is
effective as of February 24, 2006, by and between, on the one hand, FIRST BANCORP (“FirstBank”), a
corporation organized under the laws of the Commonwealth of Puerto Rico (the “Commonwealth”), and,
on the other hand, MARTÍNEZ ODELL & CALABRIA (the “Contractor”), a Puerto Rico law firm.

Recitals

     WHEREAS, FirstBank and the Contractor entered into a certain Services Agreement dated as of
February 15, 2006 (the “Services Agreement”), pursuant to which FirstBank retained the professional
legal services of the Contractor, subject to the terms and conditions set forth therein; and

     WHEREAS, for purposes of clarity of understanding, the parties hereto wish to amend the terms
of the Services Agreement in the manner set forth below.

     NOW THEREFORE, in consideration of the premises herein contained, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto, each intending to be legally bound hereby, agree as follows:

     1. Recitals; Definitions. The recitals to this Amendment shall be deemed to form an
integral part hereof for all purposes. All capitalized terms used but not otherwise defined herein
shall have the meanings ascribed to such terms in the Services Agreement.

     2. Particular Amendments to the Services Agreement. The Services Agreement is amended
as follows:

     (a) The second ‘WHEREAS’ contained in the recitals to the Services Agreement is,
effective as of the date hereof and subject to the provisions set forth hereunder, hereby
amended to read in its entirety as follows:

     “WHEREAS, in furtherance of and in addition to that certain Employment Agreement dated as of
the date hereof by and between Lawrence Odell (“LO”), Partner of the Contractor, and FirstBank,
FirstBank desires to enter into this Agreement in order to compensate the Contractor for the
services to be provided by LO, as General Counsel and Executive Vice President of FirstBank (the
“Services”).”

     (b) Section 2 of the Services Agreement is hereby amended to read in its entirety as
follows:

     “Section 2. Compensation. As consideration for the performance by LO of the Services,
FirstBank agrees to pay to the Contractor, $60,000 per month payable on or before the
15th day of each month, except for the month of February 2006, wherein compensation
shall be limited to $30,000. Nothing contained herein to the contrary, the aforesaid compensation
shall

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not include any monies due and owing to the Contractor for services provided by the
Contractor to FirstBank.”

     3. Effectiveness. Except as expressly amended herein, the Services Agreement shall
continue to be and shall remain in full force and effect in accordance with its terms; and, in such
connection, it is hereby acknowledged and agreed to by the parties hereto that this Amendment is
not intended to cause an extinctive novation of the terms and conditions of, and the obligations of
the respective parties under, the Services Agreement.

     4. Waiver. The execution, delivery, and effectiveness of this Amendment shall not
operate as a waiver of any right, power, or remedy of the parties to the Services Agreement nor
constitute a waiver of any provision of the Services Agreement.

     5. Governing Law. This Amendment shall be governed by and construed in accordance
with the laws of the Commonwealth.

     6. Counterparts. This Amendment may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute but one and the same document.
Delivery of an executed counterpart of a signature page to this Amendment by telecopier shall be as
effective as delivery of a manually executed counterpart of this Amendment.

     7. Severability. Any provision of this Amendment which is prohibited, unenforceable
or not authorized in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
of such prohibition, unenforceability or non-authorization, without invalidating the remaining
provisions hereof or affecting the validity, enforceability or legality of such provision in any
other jurisdiction.

[SIGNATURE PAGE FOLLOWS]

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     IN WITNESS WHEREOF, the parties hereto have executed and delivered, or caused this Amendment
to be duly executed and delivered by their respective officers thereunto as of the date first above
written.

	 	 	 	 	 
	FIRST BANCORP	 	 
	 
	 	 	 	 
	By:
	 	 /s/ Luis M. Beauchamp	 	 
	Name:

	 	 

	 	 
	Title:
	 	 	 	 
	 
	 	 	 	 
	MARTÍNEZ ODELL & CALABRIA	 	 
	 
	 	 	 	 
	By:
	 	 /s/ Lawrence Odell	 	 
	 

	 	 

      Lawrence Odell
	 	 
	 

	 	      Partner	 	 

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