Document:

Exhibit

Exhibit 10.49c

FIRST AMENDMENT TO INVESTMENT MANAGEMENT AGREEMENT

This First Amendment to Investment Management Agreement (“First Amendment”) is made effective as of the 1st day of November, 2016, by and between FAIRHOLME TRUST COMPANY, LLC., a Florida limited liability company and THE ST. JOE COMPANY, a Florida corporation (“Client”).  

WHEREAS, the parties entered into that certain Investment Management Agreement dated October 9, 2015 (the “Agreement”); and 

WHEREAS, the parties now desire to make certain modifications to the terms of the Agreement.

NOW THEREFORE, in consideration of the mutual promises and covenants contained in this First Amendment and in the Agreement, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows:  

1.    Recitals.  The recitals set forth above are true and correct and are hereby incorporated herein as if again set forth in their entirety.
2.    Section 9(c) to the Agreement.  The parties agree that the provisions of Section 9(c) shall be deleted in its entirety and replaced with the following: 
(c)  In addition to the above and to the greatest extent permitted under applicable law, the Client agrees that FTC will have no liability for and the Client agrees to reimburse, indemnify and hold harmless FTC and its partners, directors, officers,  employees, agents and any person controlled by or controlling FTC (“Indemnitees”) from all Losses that result from: (1) any misrepresentation, negligent act or negligent omission by the Client or the Client’s previous or other advisers, custodians or other agents; (2) any inaccuracy or breach of the Client’s representations, warranties, covenants or agreements contained in this Agreement; (3) FTC’s following the Client’s or the Client’s agent’s directions or failing to follow the Client’s or the Client’s agent’s unlawful or unreasonable directions; (4) any of the Client’s negligent actions or the negligent actions of the Client’s previous or other advisers, custodians or other agents; or (5) the failure by any person not controlled by FTC to perform any obligations to the Client.
3.    Schedule B to the Agreement. The parties agree that Schedule B to the Agreement shall, as of the date hereof, be deleted in its entirety and replaced by Schedule B attached to this First Amendment.
4.    Entire Agreement and Conflicts.  Except as modified herein, there are no changes to the Agreement, and the Agreement as herein modified, remains in full force and effect.  In the event of a conflict between the Agreement and this First Amendment, the terms of this First Amendment shall control.
5.    Counterparts and Facsimile.  This First Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Execution of this First Amendment by the parties hereto may be evidenced by the transmission of facsimile or electronic (including pdf) copies.
IN WITNESS WHEREOF, the parties have executed this First Amendment as of the day and year first above written.
          	
					
	 
	FAIRHOLME TRUST COMPANY, LLC
	 
	 
	THE ST. JOE COMPANY

	 
	 
	 
	 
	 

	By:
	/s/ Wayne Kellner
	 
	By:
	/s/ Marek Bakun

	Name:
	Wayne Kellner
	 
	Name:
	Marek Bakun

	Title:
	Chief Financial Officer
	 
	Title:
	Executive Vice President and Chief Financial Officer

SCHEDULE B
INVESTMENT GUIDELINES AND RESTRICTIONS
(As of November 1, 2016)
General Guidelines
For the purposes of these Investment Guidelines and Restrictions, the “St. Joe Investment Portfolio” shall refer to all funds that St. Joe collectively places in its investment portfolio custodied with Jefferies, LLC and managed by FTC or FCM.  As of November 1, 2016, the St. Joe Investment Portfolio consisted of three separate accounts created in the name of The St Joe Company or one of its subsidiaries, custodied with Jefferies LLC and managed by FTC or FCM. 
Compliance with these investment guidelines will be determined, assuming a transaction has occurred, at the time of purchase for each potential investment (or if an investment does not occur on a recognized securities exchange, the date that a binding commitment to execute such transaction is entered into), based on the transaction price.  All investments are to be evaluated under these Investment Guidelines and Restrictions in relation to the cumulative market value of all funds in the St. Joe Investment Portfolio at the time of purchase for the investment .
Specific Restrictions
1.    Cash & Cash Equivalents must comprise no less than 25% of the St. Joe Investment Portfolio.  Cash & Cash Equivalents include Cash, Commercial Paper, Deposit accounts, US Treasury Bills, SEC registered Money Market Funds.  
2.    The aggregate market value of investments in common stock, preferred stock or other equity investments cannot exceed 25% of the St. Joe Investment Portfolio market value at the time of purchase .  In addition, common stock investments shall be limited to exchange-traded common equities, shall not exceed 5% ownership of a single issuer and cumulatively, the common stock held in the St. Joe Investment Portfolio shall not exceed $100,000,000 market value.
3.    With the exception of the U.S. Government, the cumulative investment in any one issuer (including investments in the issuer’s bonds, preferred stock, common of other equity) may not exceed 10% of the St. Joe Investment Portfolio.  This amount can be increased to 15% of the St. Joe Investment Portfolio if at least two St. Joe Board Investment Committee members vote in favor of the investment.  
4.    The average aggregate duration of fixed coupon bonds must be less than ten years.  This is calculated based on the market value of the outstanding fixed bond portfolio at the time of investment.
5.    There shall be no investments in shares of any fund advised by FTC or FCM (provided that, except as otherwise required by law, there shall be no restriction on investing in securities or other instruments held by any such fund). 
6.    The accounts maintained in the name of The St. Joe Company and St. Joe Timberland Company of Delaware, LLC can hold any investment allowed pursuant to these Investment Guidelines.  The account maintained in the name of St. Joe Corporate Services, LLC can only invest in U.S. Treasury Bills and SEC registered Money Market Funds.
 (Signatures on Next Page)

Schedule B to Investment Management Agreement

                
	
					
	FAIRHOLME TRUST COMPANY, LLC
	 
	THE ST. JOE COMPANY

	 
	 
	 
	 
	 

	By:
	/s/ Wayne Kellner
	 
	By:
	/s/ Marek Bakun

	Name:
	Wayne Kellner
	 
	Name:
	Marek Bakun

	Title:
	Chief Financial Officer
	 
	Title:
	Executive Vice President and Chief Financial Officer

 

ST. JOE CORPORATE SERVICES LLC        
	
		
	By:
	/s/ Marek Bakun

	Name:
	Marek Bakun

	Title:
	Executive Vice President and Chief Financial Officer

ST. JOE TIMBERLAND COMPANY OF DELAWARE, L.L.C.    
	
		
	By:
	/s/ Marek Bakun

	Name:
	Marek Bakun

	Title:
	Manager

    

Schedule B to Investment Management AgreementEX-10.1

 Exhibit 10.1 

FIRST AMENDMENT TO CREDIT AGREEMENT 

THIS FIRST AMENDMENT TO CREDIT AGREEMENT dated as of October 26, 2016 (the “Amendment”) is entered into among Syntel,
Inc., a Michigan corporation (the “Borrower”), the Guarantors party hereto, the Lenders party hereto and Bank of America, N.A., as Administrative Agent. Capitalized terms used but not otherwise defined herein have the meanings
provided in the Credit Agreement (as defined below). 
 RECITALS 

WHEREAS, the Borrower, the Guarantors, the Lenders and Bank of America, N.A, as Administrative Agent, L/C Issuer and Swing Line Lender entered
into that certain Credit Agreement dated as of September 12, 2016 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); and 

WHEREAS, the Borrower, the Lenders and the Administrative Agent, subject to the terms and conditions set forth, desire to amend certain terms
of the Credit Agreement. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1.
Amendments to Credit Agreement. The Credit Agreement is hereby amended as follows: 
 (a) Section 8.06(g) of the
Credit Agreement is amended and restated in its entirety to read as follows: 
 (g) the Borrower may redeem or repurchase
Equity Interests or make payments on any notes issued in connection with the prior redemption or purchase of any such Equity Interests (if any) from (A) current or former officers, employees and directors of Borrower and its Subsidiaries (or
their estates, spouses or former spouses) upon the death, permanent disability, retirement or termination of employment of any such Person or otherwise or (B) other holders of Equity Interests, so long as the purpose of such purchase is to
acquire common stock for issuance to officers, employees and directors (or their estates) of Borrower and its Subsidiaries; provided that in all such cases (A) no Default has occurred and is continuing or would otherwise immediately
arise therefrom, and (B) the aggregate amount of all cash distributed by the Borrower in respect of all such shares so redeemed or repurchased (including cash distributed to make payments on any notes issued in connection with the prior
redemptions or purchases) does not exceed $10,000,000 in any fiscal year of the Borrower, and provided further that Borrower may purchase, redeem or otherwise acquire Equity Interests pursuant to this clause (g) without regard to the
restrictions set forth in the first proviso above for consideration consisting of the proceeds of key man life insurance obtained for the purposes described in this clause (g); and 

2. Conditions Precedent. This Amendment shall be effective upon receipt by the Administrative Agent of counterparts of this Amendment
duly executed by the Borrower, the Guarantors, the Required Lenders and the Administrative Agent. 

 3. Miscellaneous. 

(a) The Administrative Agent and the Lenders hereby expressly reserve any and all of the rights, powers, privileges and
remedies available to the Administrative Agent and the Lenders under the Credit Agreement, the other Loan Documents and applicable Law that have arisen or may arise as a result of any Default or Event of Default, including any such Default or Event
of Default that may exist as of the date hereof. No failure to exercise or delay in exercising any right, power, privilege or remedy shall constitute a waiver of any such right, power, privilege or remedy or preclude the Administrative Agent or any
Lender from exercising such right, power, privilege or remedy in the future. 
 (b) The Credit Agreement and the other Loan
Documents, and the obligations of the Borrower thereunder, are hereby ratified and confirmed and shall remain in full force and effect according to their terms. 

(c) Each Guarantor (i) acknowledges and consents to all of the terms and conditions of this Amendment, (ii) affirms
all of its obligations under the Guaranty and the other Loan Documents to which it is a party and (iii) agrees that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the
Guaranty or the Loan Documents. 
 (d) This Amendment may be executed in any number of counterparts, each of which when so
executed and delivered shall be an original, but all of which shall constitute one and the same instrument. Delivery of an executed counterpart of this Amendment by telecopy shall be effective as an original and shall constitute a representation
that an executed original shall be delivered. 
 (e) THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 (f)
This Amendment is a Loan Document and all references to a “Loan Document” in the Credit Agreement and the other Loan Documents (including, without limitation, all such references in the representations and warranties in the Credit
Agreement) shall be deemed to include this Amendment. 
 [signature pages follow] 

 Each of the parties hereto has caused a counterpart of this Amendment to be duly executed and
delivered as of the date first written above. 
  

					
	BORROWER:	 	SYNTEL, INC.,
		 	a Michigan corporation
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	
		
	GUARANTORS:	 	SKILLBAY LLC,
		 	a Michigan limited liability company
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	
		
		 	SYNTEL CONSULTING INC.,
		 	a Michigan corporation
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

					
	ADMINISTRATIVE AGENT:	 	BANK OF AMERICA, N.A.,
		 	as Administrative Agent
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

					
	LENDERS:	 	BANK OF AMERICA, N.A.,
		 	as a Lender
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

					
		 	JPMORGAN CHASE BANK, N.A.,
		 	as a Lender
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

					
		 	WELLS FARGO BANK, N.A.,
		 	as a Lender
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

					
		 	CITIBANK, N.A.,
		 	as a Lender
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

					
		 	BANK OF THE WEST,
		 	as a Lender
			
		 	By:	 	  

		 	Name:	 	
		 	Title:

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