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Exhibit 10.10
CONTRACT FOR CONSULTING SERVICE
APPEARS NOW
PARTY OF THE FIRST PART: Firstbank
Puerto Rico, (hereinafter "the Bank") represented by Mr. Luis
Beauchamp in his capacity as Senior Executive Vice President,
and
PARTY OF THE OTHER PART: FERNANDO
L. BATLLE, of legal age, married and a resident of San Juan, Puerto
Rico (hereinafter BATLLE).
WITNESSTH
A. BATLLE concluded his
employment relationship with the Bank on April 28, 2005, where
he served as Executive Vice President. During the course of his
service to the Bank, BATLLE acquired intimate knowledge about the
policies, styles, processes and strategic goals of the Bank and its
parent company and its sister companies and affiliates (the
Corporations), as well as developing a expertise in the financial
and banking business of Puerto Rico.
B. BATLLE has indicated his
availability in establishing a new relationship with the Bank to
provide professional consulting services as an independent
contractor.
C. The Bank understands that
the consulting services offered by BATLLE as an independent
contractor can be of great benefit to it, subject to the conditions
specified herein.
AGREEMENTS
1. CONSULTING SERVICES:
BATLLE will provide services to
the Bank as a Consultant regarding financial and banking matters,
or other businesses or corporations related to the Bank, or provide
assistance and cooperation with respect to any lawsuit, claim or
dispute, or investigation regarding issues with respect to which he
has knowledge or which were the responsibility of the Consultant
while he was an employee of the Bank or the Corporations; including
conferences with representatives or lawyers of the Bank or the
Corporations and in the preparation for depositions and
hearings.
2. INDEPENDENT CONTRACTOR:
BATLLE acknowledges that any
service provided to the Bank under this contract will be as an
independent contractor and that his relationship with the Bank will
not be one of employment, nor of an agent and principal, and that
neither BATLLE nor his employees act as representatives or agents
of the Bank. As an independent contractor, BATLLE is responsible
for paying all necessary expenses for the fulfillment of his
obligations as a consultant, including the payment of salaries and
benefits to his employees, transportation expenses, office expenses
and others, and that he assumes the risk of making a profit or
incurring a loss in his business as a Consultant. The reasonable
extraordinary expenses in which BATLLE incurs, on trips taken at
the request of the Bank outside of Puerto Rico, will be reimbursed
upon presentation of receipts. Also, BATLLE acknowledges, that he
is not a partner, nor a co-employer, nor is he entering into a
joint venture with the Bank in his consulting business.
3. TERM OF THE CONTRACT.
This contract will be in effect
for the term of one (1) year commencing on May 1, 2005 and ending in April 30, 2006.
4. COMPENSATION.
For his professional consulting
services as an independent contractor, BATLLE will receive a
monthly fee of $4,166.00 during the term of the contract. This will
give the Bank the right to use the services of BATLLE for a maximum
of 22 hours per month, for a maximum of 250 hours per year. As an
independent contractor, BATLLE is responsible for paying any taxes
with respect to fees paid pursuant to this contract and for
submitting all reports required by law. The Bank will withhold the
amount prescribed by law with respect to the payment of fees to
independent contractors. BATLLE acknowledges that as an independent
contractor, he has no right to any of the benefits the Bank
provides to its employees, including a pension or retirement plan.
BATLLE acknowledges and agrees that he maintain in e
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