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.
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 C