Document:

exv10w25

Exhibit 10.25

AGREEMENT REGARDING ADDITIONAL SHARES

October 11, 2011

Thomas H. Lee (Alternative) Fund VI, L.P.

THL FBC Equity Investors, L.P.

Thomas H. Lee (Alternative) Parallel Fund VI, L.P.

Thomas H. Lee (Alternative) Parallel (DT) Fund VI, L.P.

c/o Thomas H. Lee Partners, L.P.

100 Federal Street, 35th Floor

Boston, MA 02110

Ladies and Gentlemen:

First BanCorp (the “Company”) has been informed that you are in the process of purchasing from
persons to whom shares of the Company’s Common Stock (“Common Stock”) were issued at the Closing
held on October 7, 2011, a total of 937,493 shares of Common Stock (the “Additional Shares”) as
follows:

	 	 	 	 	 
	Purchaser	 	Shares	 
	Thomas H. Lee (Alternative) Fund VI, L.P.
	 	 	510,308	 
	THL FBC Equity Investors, L.P.
	 	 	21,271	 
	Thomas H. Lee (Alternative) Parallel Fund VI, L.P.
	 	 	345,553	 
	Thomas H. Lee (Alternative) Parallel (DT) Fund VI, L.P.
	 	 	60,361	 

The Company agrees that it will for all purposes treat the Additional Shares that each of you
is purchasing as though you had purchased those Additional Shares under the Amended and Restated
Investment Agreement dated as of July 14, 2011 between the Company and Thomas H. Lee (Alternative
Fund) VI, L.P. (the “Investment Agreement”), either as a party to the Investment Agreement or as an
assignee of rights and obligations of Thomas H. Lee (Alternative Fund) VI, L.P. under the
Investment Agreement. Without limiting what is said in the preceding sentence, the Company Agrees
that all the representations, warranties and covenants in the Investment Agreement will apply to
the Additional Shares to the same extent that they apply to the Acquired Common Stock that is
described in the Investment Agreement.

	 	 	 	 	 

	Very truly yours,	 	 
	 
	 	 	 	 
	FIRST BANCORP	 	 
	 
	 	 	 	 
	By:

	 	/s/ Lawrence Odell
 

Lawrence Odell
	 	 
	 

	 	Executive Vice Presidentexv10w28

Exhibit 10.28

AMENDMENT NO. 2 TO INVESTMENT AGREEMENT

     This amendment (this “Amendment”) dated as of September 28, 2011, amends the Investment
Agreement, dated as of June 27, 2011, as amended as of July 14, 2011 (the “Investment Agreement”)
among First BanCorp (the “Company”), a Puerto Rico chartered financial holding company, and each of
the investors (or their assignors) that have signed this Amendment (the “Investors”). The
Investors that have signed this Amendment, or their assignors, are all the entities that signed the
Investment Agreement as Investors, and all the Investors that are signing this Amendment as
assignees have been assigned, and have assumed, all the rights and obligations of their respective
assignors under the Investment Agreement.

     Pursuant to Section 12.13 of the Investment Agreement, the parties hereto amend the Investment
Agreement as follows: Notwithstanding anything to the contrary set forth in the Investment
Agreement, but subject to the satisfaction or waiver of the conditions set forth in the Investment
Agreement, on the Closing Date, the Investors shall purchase their shares of Acquired Common Stock
in two (2) tranches, with (i) the first tranche (the “First Tranche”) consisting of an aggregate
16,600,725 shares of Acquired Common Stock for all Investors together (the “First Tranche Shares”)
and (i) the second tranche (the “Second Tranche”) consisting of an aggregate 3,619,575 shares of
Acquired Common Stock for all Investors together (the “Second Tranche Shares”). For each Investor,
the number of shares of Acquired Common Stock for which such Investor is obligated to purchase and
the Aggregate Purchase Price to be paid by such Investor in connection with each of the First
Tranche and the Second Tranche shall be as set forth below such Investor’s name on its signature
page to this Amendment. The closing of the sale of the First Tranche Shares shall occur
concurrently with the closing of the sale of Common Stock to the Other Investors pursuant to the
Other Investors’ Investor Agreements immediately prior to, or simultaneously with, the conversion
of the Series G Preferred Stock. The closing of the sale of the Second Tranche Shares shall occur
immediately following the conversion of the Series G Preferred Stock into Common Stock. In
addition to the other conditions set forth in the Investment Agreement, (i) it shall be a condition
to each Investor’s obligation to close the sale of the First Tranche Shares that such shares will
not constitute more than 9.9% of the shares of Common Stock that will be outstanding after such
closing and prior to the conversion of the Series G Preferred Stock into Common Stock and (ii) it
shall be a condition to each Investor’s obligation to close the sale of the Second Tranche Shares
that the Acquired Common Stock to be purchased by all Investors under the Investment Agreement will
not constitute more than 9.9% of the shares of Common Stock that will be outstanding after such
closing and after conversion of the Series G Preferred Stock into Common Stock.

     Except as and to the extent expressly modified by this Amendment, the Investment Agreement
shall remain in full force and effect in all respects and the definitions of terms in the
Investment Agreement and the provisions of Article 12 of the Investment Agreement shall
apply, mutatis mutandis, to this Amendment.

     This Amendment and all disputes arising out of or relating to this Amendment and the subject
matter hereof or the actions of the parties hereto in the negotiation, execution, administration,
performance or nonperformance, enforcement, interpretation, termination and construction hereof and
all matters based upon, arising out of or related to any of the foregoing (whether based on
contract, tort or otherwise), including all matters of construction, validity and

 

 

performance, shall be governed by and construed in accordance with the internal laws of the
State of New York, without regard to conflicts of laws principles (whether of the State of New York
or any other jurisdiction) that would apply the laws of any jurisdiction other than the State of
New York.

     This Amendment may be executed in two or more counterparts, some of which may be signed by
fewer than all the parties or may contain facsimile copies of pages signed by some of the parties.
Each of those counterparts will be deemed to be an original copy of this Amendment, but all of them
together will constitute one and the same agreement.

[Signature pages follow]

- 2 -

 

          IN WITNESS WHEREOF, the Company and the Investors have executed this Amendment, intending to
be legally bound by it, as of the day shown on the first page of this Amendment.

	 	 	 	 	 	 	 

	 	 	FIRST BANCORP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Lawrence Odell
 

Lawrence Odell
	 	 
	 

	 	Title:
	 	EVP and General Counsel	 	 

- 3 -

 

	 	 	 	 	 	 	 

	 	 	INVESTORS	 	 
	 
	 	 	 	 	 	 
	 	 	Ithan Creek Investors II USB, LLC	 	 
	 
	 	 	 	 	 	 
	 	 	By:     Wellington Management

Company, LLP, as investment adviser	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Steven M. Hoffman
 

Name: Steven M. Hoffman
	 	 
	 

	 	 	 	Title: Vice President & Counsel	 	 
	 
	 	 	 	 	 	 
	 	 	First Tranche:

Number of Shares: 401,383

Purchase Price: $1,404,840.50	 	 
	 
	 	 	 	 	 	 
	 	 	Second Tranche:

Number of Shares: 87,517

Purchase Price: $306,309.50	 	 
	 
	 	 	 	 	 	 
	 	 	Bay Pond Partners, L.P.	 	 
	 
	 	 	 	 	 	 
	 	 	By:     Wellington Management 

Company, LLP, as investment adviser	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

	 	/s/ Steven M. Hoffman
 

 Name: Steven M. Hoffman
	 	 
	 

	 	
	 	Title: Vice President & Counsel	 	 
	 
	 	 	 	 	 	 
	 	 	First Tranche:

Number of Shares: 7,399,282

Purchase Price: $25,897,487.00	 	 
	 
	 	 	 	 	 	 
	 	 	Second Tranche:

Number of Shares: 1,613,318

Purchase Price: $5,646,613.00 _	 	 

- 4 -

 

	 	 	 	 	 	 	 

	 	 	Bay Pond Investors USB, LLC	 	 
	 
	 	 	 	 	 	 
	 	 	By:     Wellington Management

Company, LLP, as investment adviser	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Steven M. Hoffman
 

Name: Steven M. Hoffman
	 	 
	 

	 	 	 	Title: Vice President & Counsel	 	 
	 
	 	 	 	 	 	 
	 	 	First Tranche:

Number of Shares: 3,876,401

Purchase Price: $13,567,403.50	 	 
	 
	 	 	 	 	 	 
	 	 	Second Tranche:

Number of Shares: 845,199

Purchase Price: $2,958,196.50	 	 
	 
	 	 	 	 	 	 
	 	 	Ithan Creek Investors USB, LLC	 	 
	 
	 	 	 	 	 	 
	 	 	By:     Wellington Management

Company, LLP, as investment adviser	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Steven M. Hoffman
 

Name: Steven M. Hoffman
	 	 
	 

	 	 	 	Title: Vice President & Counsel	 	 
	 
	 	 	 	 	 	 
	 	 	First Tranche:

Number of Shares: 2,708,620

Purchase Price: $9,480,170.00	 	 
	 
	 	 	 	 	 	 
	 	 	Second Tranche:

Number of Shares: 590,580

Purchase Price: $2,067,030.00	 	 

- 5 -

 

	 	 	 	 	 	 	 

	 	 	Wolf Creek Partners, L.P.	 	 
	 
	 	 	 	 	 	 
	 	 	By:     Wellington Management

Company, LLP, as investment adviser	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Steven M. Hoffman
 

Name: Steven M. Hoffman
	 	 
	 

	 	 	 	Title: Vice President & Counsel	 	 
	 
	 	 	 	 	 	 
	 	 	First Tranche:

Number of Shares: 1,160,309

Purchase Price: $4,061,081.50	 	 
	 
	 	 	 	 	 	 
	 	 	Second Tranche:

Number of Shares: 252,991

Purchase Price: $885,468.50	 	 
	 
	 	 	 	 	 	 
	 	 	Wolf Creek Investors USB, LLC	 	 
	 
	 	 	 	 	 	 
	 	 	By:     Wellington Management

Company, LLP, as investment adviser	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Steven M. Hoffman
 

Name: Steven M. Hoffman
	 	 
	 

	 	 	 	Title: Vice President & Counsel	 	 
	 
	 	 	 	 	 	 
	 	 	First Tranche:

Number of Shares: 1,054,730

Purchase Price: $3,691,555.00	 	 
	 
	 	 	 	 	 	 
	 	 	Second Tranche:

Number of Shares: 229,970

Purchase Price: $804,895.00	 	 

- 6 -exv10w1

Exhibit 10.1

GulfMark Offshore, Inc. 

2011 Non-Employee Director Share Incentive Plan

Notice of Stock Award

You have been granted an award of restricted shares of the Class A Common Stock, $.01 par value per
share (the “Shares”), of GulfMark Offshore, Inc. (the “Company”) on the following terms:

	 	 	 

	Name of Recipient:

	 	________________________
	 
	 	 
	Total Number of Shares Granted:

	 	____________

	 
	 	 
	Fair Market Value per
Share:

	 	$___________
	 
	 	 
	Total Fair Market Value of Award:

	 	$___________
	 
	 	 
	Date of Grant:

	 	____________
	 
	 	 
	Vesting Date:

	 	On the one year anniversary of the
Date of Grant shown above, subject to
earlier vesting as provided in the
Plan.
	 
	 	 
	Award Certificated:

	 	____________
	 
	 	 
	Payment in lieu of
Fractional Shares:

	 	$____________

You and the Company agree that this award is granted under and governed by the terms and conditions
of the GulfMark Offshore, Inc. 2011 Non-Employee Director Share Incentive Plan (the “Plan”) and the
Stock Award Agreement, which is attached to and made a part of this document.

You further agree that the Company may deliver by email all documents relating to the Plan or this
award (including prospectuses required by the Securities and Exchange Commission) and all other
documents that the Company is required to deliver to its security holders (including annual reports
and proxy statements). You also agree that the Company may deliver these documents by posting them
on a web site maintained by or on behalf of the Company. If the Company posts these documents on a
website, it will notify you by email.

	 	 	 	 	 	 	 	 

	Recipient:	 	 	 	GulfMark Offshore, Inc.	 	
	 
	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 
 

	 	 
	Consent of Recipient’s Spouse:

	 	 	 	Name:	 	 	 
	 

	 	 	 	 	 

	 	 
	 
 

	 	 	 	Title:	 	 	 
	 
	 	 	 	 	 

	 	 

 

 

GulfMark Offshore, Inc.

2011 Non-Employee Director Share Incentive Plan

Stock Award Agreement

	 	 	 

	Payment for Shares:

	 	No payment is required for the shares that you
are receiving.
	 
	 	 
	Vesting:

	 	The shares that you are receiving will vest in
one installment, as shown in the Notice of
Stock Award. In addition, the shares vest in
full (a) if a “Change in Control” (as defined
in the Plan) occurs before your tenure as a
director terminates, (b) in the event of your
death or disability, or (c) in the event the
Company fails to nominate you for re-election
as a director, or you are nominated but not
re-elected by the stockholders of the Company
and you complete your term of service.

Except as expressly provided in the Plan, no
additional shares vest after you are no longer
a director for any reason.
	 
	 	 
	 

	 	Except as expressly provided in the Plan, no
additional shares vest after you are no longer
a director for any reason.
	 
	 	 
	Transfer of Shares Restricted:

	 	Unvested shares will be considered “Unvested
Stock Awards.” You may not sell, transfer,
pledge or otherwise dispose of any Unvested
Stock Awards, except in your will or in any
beneficiary designation.
	 
	 	 
	Forfeiture:

	 	If your term as a director terminates for any
reason, except as expressly permitted in the
Plan, then your shares will be forfeited to
the extent that they have not vested before
the termination date and your shares will not
vest as a result of the termination. This
means that the Unvested Stock Awards will
immediately revert to the Company, and you
will need to return any stock certificates
issued to you that relate to the Unvested
Stock Awards. You will not receive any
payment for Unvested Stock Awards that are
forfeited.
	 
	 	 
	 

	 	The Company determines when your term as a
director terminates for this purpose.
	 
	 	 
	Stock Certificates:

	 	The Company may issue you certificates for
your shares or it may record the issuance of
shares to you in the Company’s transfer
records. If certificates for Unvested Stock
Awards are issued to you, they will have
stamped on them a restrictive legend.

 

 

	 	 	 

	 

	 	The Company will have no obligation to deliver
any shares to you unless such delivery would
comply with all applicable laws (including the
Securities Act of 1933), and the applicable
requirements of any securities exchange or
similar entity.
	 
	 	 
	Voting Rights:

	 	You may vote your shares even before they vest.
	 
	 	 
	Dividend Rights:

	 	Any cash dividends paid with respect to an
Unvested Stock Award will be accumulated and
paid when such award vests.
	 
	 	 
	Withholding Taxes:

	 	You understand that you (and not the Company)
are responsible for your own federal, state,
local or foreign tax liability and any of your
other tax consequences that may arise as a
result of the transactions contemplated by
this Agreement. You shall rely solely on the
determinations of your tax advisors or your
own determinations, and not on any statements
or representations by the Company or any of
its agents, with regard to all such tax
matters, including with regard to determining
whether you are eligible to make an election
with respect to the Unvested Award Shares
under Section 83(b) of the Internal Revenue
Code of 1986, as amended (the “Code”), and
determining whether such an election would be
in your best interests. You shall notify the
Company in writing if you file an election
pursuant to Section 83(b) of the Code with the
Internal Revenue Service within 30 days from
the date of the acquisition of the Award
Shares hereunder.
	 
	 	 
	 

	 	No shares will be released to you unless you
have made acceptable arrangements to pay any
withholding taxes that may be due as a result
of this award or the vesting of the shares.
Subject to the Company’s consent, these
arrangements may include (a) withholding share
of Company stock that otherwise would be
issued to you when they vest or (b)
surrendering shares that you previously
acquired. The fair market value of the shares
you surrender, determined as of the date when
taxes otherwise would have been withheld in
cash, will be applied as a credit against the
withholding taxes.
	 
	 	 
	Restrictions on Resale:

	 	You agree not to sell any shares at a time
when applicable laws, Company policies or an
agreement between the Company and its
underwriters prohibit a sale. This
restriction will apply as long as you serve as
a director and for such period of time after
the

 

 

	 	 	 

	 

	 	termination of your serving as a director
as the Company may specify.
	 
	 	 
	Tenure:

	 	Your right, if any, to continue to serve as a
director of the Company or any of its
subsidiaries or affiliates is not enlarged or
otherwise affected by your designation as a
participant under the Plan.
	 
	 	 
	Adjustments:

	 	In the event of a stock split, a stock
dividend, a merger, combination or
consolidation or a similar change in the
Company’s Class A Common Stock, Unvested Stock
Awards will be adjusted as provided in the
Plan.
	 
	 	 
	The Plan and Other Agreements:

	 	The text of the Plan is incorporated in this
Agreement by reference. In the event of any
conflict between the provisions of the Plan
and this Agreement, the provisions of the Plan
shall control.
	 
	 	 
	 

	 	This Agreement, the Notice of Stock Award and
the Plan constitute the entire understanding
between you and the Company regarding this
award. Any prior agreements, commitments or
negotiations concerning this award are
superseded. This Agreement may be amended
only by another written agreement between the
parties.
	 
	 	 
	Spousal Consent:

	 	By executing the cover sheet of this
Agreement, your spouse acknowledges that he or
she is fully aware of, understands, and fully
consents and agrees to, the provisions of this
Agreement and its binding effect, and your
spouse hereby acknowledges, stipulates,
confesses and agrees that the Unvested Award
Shares owned by you as of the date of this
Agreement are your separate property or
community property subject to your sole
management and control.

By signing the cover sheet of this Agreement, you agree to all of the terms and conditions
described above and in the Plan.

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