Exhibit 10.1

FIRST AMENDMENT TO NOTE PURCHASE AGREEMENT
THIS FIRST AMENDMENT TO NOTE PURCHASE AGREEMENT (this “Amendment”), dated as of
November 14, 2017, is by and among DST SYSTEMS, INC., a Delaware corporation
(the “Company”), and the Purchasers (as defined herein) party hereto.
W I T N E S S E T H
WHEREAS, the Company and certain Persons from time to time party thereto (the
“Purchasers”) are parties to that certain Note Purchase Agreement dated as of
August 9, 2010 (as amended, modified, extended, restated, replaced, or
supplemented from time to time, the “Note Purchase Agreement”);
WHEREAS, on the date hereof, the Company and certain other persons from time to
time party thereto intend to enter into that certain Master Note Purchase
Agreement dated on the date hereof (as amended, modified, extended, restated,
replaced, or supplemented from time to time, the “Master Note Purchase
Agreement”);
WHEREAS, the Company desires to align certain provisions of the Note Purchase
Agreement with the Master Note Purchase Agreement;
WHEREAS, the Company has requested that the Purchasers amend the Note Purchase
Agreement to modify certain provisions contained therein; and
WHEREAS, the Required Holders have agreed to amend the Note Purchase Agreement
on the terms and subject to the conditions set forth herein.
NOW, THEREFORE, in consideration of the mutual covenants and other agreements
contained herein and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereto agree as follows:
1.Defined Terms. Capitalized terms used herein (including in the preamble and
recitals above) but not otherwise defined herein shall have the respective
meanings ascribed to such terms in the Note Purchase Agreement.
2.    Amendments to the Note Purchase Agreement. Subject to the terms and
conditions set forth herein, the Note Purchase Agreement is hereby amended as
follows:
(a)    Section 9.9 of the Note Purchase Agreement is hereby deleted and replaced
with the following:

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Exhibit 10.1

Section 9.9.    Significant Subsidiaries. If, on the last day of any fiscal
quarter after the date of the Closing, the assets of Subsidiaries which as of
such date are not Significant Subsidiaries (each such entity, a “Non-Significant
Subsidiary”) represent in the aggregate more than 25% of the Consolidated Total
Assets of the Company and its Subsidiaries, then the Company shall designate, by
written notice to the holders, one or more Non-Significant Subsidiaries as
Significant Subsidiaries in order that the assets of Non-Significant
Subsidiaries after such designation, do not in the aggregate represent more than
25% of Consolidated Total Assets but if on any subsequent measurement date such
original Non-Significant Subsidiaries constitute 25% or less of such
Consolidated Total Assets, such designation shall be reversed.
(b)    Section 11(f)(iii) of the Note Purchase Agreement is hereby deleted and
replaced with the following:
(iii) as a consequence of the occurrence or continuation of any event or
condition (other than the passage of time or the right of the holder of
Indebtedness to convert such Indebtedness into equity interest or other than the
right of holders of the Company’s New Senior Notes to cause the Company to
repurchase such New Senior Notes upon a change of control or a sale of assets in
accordance with the terms of such New Senior Notes), (x) the Company or any
Subsidiary has become obligated to purchase or repay Indebtedness before its
regular maturity or before its regularly scheduled dates of payment in an
aggregate outstanding principal amount of at least $40,000,000, or (y) one or
more Persons have the right to require the Company or any Subsidiary so to
purchase or repay such Indebtedness;
(c)    Schedule A of the Note Purchase Agreement is hereby amended by adding the
following defined terms in their proper alphabetical order:
“New Senior Notes” means the notes from time to time outstanding under that
certain Master Note Purchase Agreement dated November 14, 2017, by and among the
Company and any purchaser party thereto, as amended, restated, joined,
supplemented or otherwise modified from time to time.
3.    Conditions Precedent. This Amendment shall become effective upon the
receipt by the Company and each Purchaser (or Chapman and Cutler LLP, as counsel
to the Purchasers) of this Amendment duly executed by the Company and the
Required Holders.
4.
Representations and Warranties. The Company hereby represents and warrants that:

(a)    it has the requisite corporate power and authority to execute, deliver
and perform this Amendment;

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Exhibit 10.1

(b)    it is duly authorized to, and has been authorized by all necessary
corporate action to, execute, deliver and perform this Amendment;
(c)    no Default or Event of Default exists under the Note Purchase Agreement
on and as of the date hereof and after giving effect to this Amendment; and
(d)    no consent, approval, authorization or order of, or filing, registration
or qualification with, any court or governmental authority or third party is
required in connection with the execution, delivery or performance by it of this
Amendment.
(e)    the execution, delivery and performance by it of this Amendment do not
and will not (i) contravene, result in any breach of, or constitute a default
under, any indenture, mortgage, deed of trust, loan, purchase or credit
agreement, lease, corporate charter or by-laws, or any other agreement or
instrument to which the Company or any Subsidiary is bound or by which the
Company or any Subsidiary or any of their respective properties may be bound or
affected, (ii) conflict with or result in a breach of any of the terms,
conditions or provisions of any order, judgment, decree, or ruling of any court,
arbitrator or Governmental Authority applicable to the Company or any Subsidiary
or (iii) violate in any material respect any provision of any statute or other
rule or regulation of any Governmental Authority applicable to the Company or
any Subsidiary.
5.
Miscellaneous.

(a)
This Amendment shall be construed in connection with and as part of the Note
Purchase Agreement, and except as modified and expressly amended by this
Amendment, all terms, conditions and covenants contained in the Note Purchase
Agreement and the Notes are hereby ratified and shall be and remain in full
force and effect.

(b)
Any and all notices, requests, certificates and other instruments executed and
delivered after the execution and delivery of this Amendment may refer to the
Note Purchase Agreement without making specific reference to this Amendment but
nevertheless all such references shall include this Amendment unless the context
otherwise requires.

(c)
The descriptive headings of the various Sections or parts of this Amendment are
for convenience only and shall not affect the meaning or construction of any of
the provisions hereof.

(d)
All covenants and other agreements contained in this Amendment by or on behalf
of any of the parties hereto bind and inure to the benefit of their respective
permitted

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Exhibit 10.1

successors and permitted assigns (including, without limitation, any subsequent
holder of a Note) whether so expressed or not.
(e)
THIS AMENDMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

(f)
This Amendment may be executed in any number of counterparts, each of which when
so executed and delivered shall be deemed an original and it shall not be
necessary in making proof of this Amendment to produce or account for more than
one such counterpart. Delivery of an executed counterpart of this Amendment by
telecopy or electronic mail by any party hereto shall be effective as such
party’s original executed counterpart.

[SIGNATURE PAGES FOLLOW]

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Exhibit 10.1

IN WITNESS WHEREOF, each of the undersigned has caused this Amendment to be duly
executed and delivered as of the date first above written.

DST SYSTEMS, INC.

By:    /s/ Gregg Wm. Givens        
Name:    Gregg Wm. Givens        
Title:    Senior Vice President, Chief    
    Financial Officer and Treasurer    

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Accepted as of the date first written above.

THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
By:
/s/ Brian E. Lemons 
 
Vice President

We acknowledge that we hold $16,550,000 5.06% Series C Senior Note due August 9,
2018.
We acknowledge that we hold $6,000,000 5.42% Series D Senior Note due August 9,
2020.
We acknowledge that we hold $15,000,000 5.42% Series D Senior Note due August 9,
2020.

GIBRALTAR LIFE INSURANCE CO., LTD.
By:
Prudential Investment Management Japan, Co., Ltd., as Investment Manager

By:
PGIM, Inc., as Sub-Adviser

    
By:
/s/ Brian E. Lemons 

 
Vice President

We acknowledge that we hold $20,000,000 5.06% Series C Senior Note due August 9,
2018.
We acknowledge that we hold $10,000,000 5.42% Series D Senior Note due August 9,
2020.
We acknowledge that we hold $5,000,000 5.42% Series D Senior Notes due August 9,
2020.

DST Systems, Inc.
First Amendment to Note Purchase Agreement

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Accepted as of the date first written above.

PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY
By:
PGIM, Inc., as investment manager

    
By:
/s/ Brian E. Lemons 

 
Vice President

We acknowledge that we hold $13,450,000 5.06% Series C Senior Note due August 9,
2018.

UNIVERSAL PRUDENTIAL ARIZONA REINSURANCE COMPANY
By:
PGIM, Inc., as investment manager

    
By:
/s/ Brian E. Lemons 

 
Vice President

We acknowledge that we hold $5,000,000 5.42% Series D Senior Note due August 9,
2020.

ZURICH AMERICAN INSURANCE COMPANY
By:
Prudential Private Placement Investors, L.P., (as Investment Advisor)

By:
Prudential Private Placement Investors, Inc., (as General Partner)

    
By:
/s/ Brian E. Lemons 

 
Vice President

We acknowledge that we hold $7,500,000 5.42% Series D Senior Note due August 9,
2020.

DST Systems, Inc.
First Amendment to Note Purchase Agreement

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FARMERS NEW WORLD LIFE INSURANCE COMPANY
By:
Prudential Private Placement Investors, L.P., (as Investment Advisor)

By:
Prudential Private Placement Investors, Inc., (as General Partner)

    
By:
/s/ Brian E. Lemons 

 
Vice President

We acknowledge that we hold $7,500,000 5.42% Series D Senior Note due August 9,
2020.

DST Systems, Inc.
First Amendment to Note Purchase Agreement

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Accepted as of the date first written above.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
By:
Babson Capital Management LLC as Investment Adviser

    
By:
/s/ John B. Wheeler
Name:
John B. Wheeler
Title:
Managing Director

We acknowledge that we hold $26,700,000 5.42% Series D Senior Note due August 9,
2020.

C.M. LIFE INSURANCE COMPANY
By:
Babson Capital Management LLC as Investment Adviser

    
By:
/s/ John B. Wheeler
Name:
John B. Wheeler
Title:
Managing Director

We acknowledge that we hold $3,300,000 5.42% Series D Senior Note due August 9,
2020.

DST Systems, Inc.
First Amendment to Note Purchase Agreement

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Accepted as of the date first written above.

ATHENE ANNUITY AND LIFE COMPANY
(f/k/a Aviva Life and Annuity Company)
By:
Athene Asset Management, L.P., its investment adviser

By: AAM GP Ltd., its general partner
    
By:
/s/ Roger D. Fors
Name:
Roger D. Fors
Title:
Senior Vice President, Fixed Income

We acknowledge that we hold $15,000,000 5.06% Series C Senior Note due August 9,
2018.

DST Systems, Inc.
First Amendment to Note Purchase Agreement

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Accepted as of the date first written above.

AXA EQUITABLE LIFE INSURANCE COMPANY
    
By:
/s/ Amy Judd
Name:
Amy Judd
Title:
Investment Officer

We acknowledge that we hold $19,000,000 5.42% Series D Senior Note due August 9,
2020.

DST Systems, Inc.
First Amendment to Note Purchase Agreement

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Accepted as of the date first written above.

ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA
By:
Allianz Global Investors U.S. LLC

As the authorized signatory and investment manager
    
By:
/s/ Charles J. Dudley
Name:
Charles J. Dudley
Title:
Managing Director

We acknowledge that we hold $20,000,000 5.42% Series D Senior Note due August 9,
2020.

DST Systems, Inc.
First Amendment to Note Purchase Agreement

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Accepted as of the date first written above.

CMFG LIFE INSURANCE COMPANY
(F/K/A CUNA MUTUAL INSURANCE SOCIETY)
By:
MEMBERS Capital Advisors, Inc. acting as Investment Advisor

    
By:
/s/ Jason Micks
Name:
Jason Micks
Title:
Director II, Investments

We acknowledge that we hold $10,000,000 5.42% Series D Senior Note due August 9,
2020.

DST Systems, Inc.
First Amendment to Note Purchase Agreement

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Accepted as of the date first written above.

AMERICAN NATIONAL INSURANCE COMPANY
    
By:
/s/ Anne M. LeMire
Name:
Anne M. LeMire
Title:
Senior Vice PResident

We acknowledge that we hold $20,000,000 5.42% Series D Senior Note due August 9,
2020.

DST Systems, Inc.
First Amendment to Note Purchase Agreement

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Accepted as of the date first written above.

THE OHIO NATIONAL LIFE INSURANCE COMPANY

    
By:
/s/ Gary R. Rodmaker
Name:
Gary R. Rodmaker
Title:
Vice President

We acknowledge that we hold $3,000,000 5.42% Series D Senior Note due August 9,
2020.

OHIO NATIONAL LIFE ASSURANCE CORPORATION
    
By:
/s/ Gary R. Rodmaker
Name:
Gary R. Rodmaker
Title:
Vice President

We acknowledge that we hold $2,000,000 5.42% Series D Senior Note due August 9,
2020.

DST Systems, Inc.
First Amendment to Note Purchase Agreement