Document:

Rule 10b5-1 Plan

 CONFIDENTIAL 
  
  
 

 
  
 Rule 10b5-1 Sales Plan

 For 
 Joseph L. von
Rosenberg III 

 Sales Plan 
  

Sales Plan dated August 11, 2004 (this “Sales Plan”) between Joseph L. von Rosenberg III (“Seller”) and Morgan Stanley DW Inc.
(“Morgan Stanley”), acting as agent for Seller. 
  
 A. Recitals

  
 1. This Sales Plan is entered into between Seller and
Morgan Stanley for the purpose of establishing a trading plan that complies with the requirements of Rule 10b5-1(c)(1) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 
  
 2. Seller is establishing this Sales Plan in order to permit the orderly
disposition of a portion of Seller’s holdings of the common stock, par value $0.01 per share (the “Stock”), of Omega Protein Corporation (the “Issuer”), including Stock that Seller has the right to acquire under the
outstanding stock options issued by the Issuer listed on Schedule A hereto (the “Options”). 
  
 B. Seller’s Representations, Warranties and Covenants 
  
 1. As of the date hereof, Seller is not aware of any material nonpublic information concerning the Issuer or its securities. Seller is entering into this
Sales Plan in good faith and not as part of a plan or scheme to evade compliance with the federal securities laws. 
  
 2. The securities to be sold under this Sales Plan are owned free and clear by Seller (subject, in the case of shares underlying Options, only to the
compliance by Seller with the exercise provisions of such Options) and are not subject to any agreement granting any pledge, lien, mortgage, hypothecation, security interest, charge, option or encumbrance or any other limitation on disposition,
other than those which may have been entered into between Seller and Morgan Stanley or imposed by Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”). 
  
 3. While this Sales Plan is in effect, Seller agrees not to enter into or alter any corresponding or hedging transaction or
position with respect to the securities covered by this Sales Plan (including, without limitation, with respect to any securities convertible or exchangeable into the Stock) and agrees not to alter or deviate from the terms of this Sales Plan.

  
 4. Seller agrees that Seller shall not, directly or
indirectly, communicate any information relating to the Stock or the Issuer to any employee of Morgan Stanley or its affiliates who is involved, directly or indirectly, in executing this Sales Plan at any time while this Sales Plan is in effect. Any
notice given to Morgan Stanley pursuant to this Sales Plan shall be given in accordance with paragraph G.5. 
  

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 5. (a) Seller agrees to provide Morgan Stanley with a certificate dated as of the date hereof and signed
by the Issuer substantially in the form of Exhibit A hereto prior to commencement of the Plan Sales Period (as defined below). 
  
 (b) Seller agrees to notify Morgan Stanley by telephone at the number set forth in paragraph G.5 below as soon as practicable if Seller becomes aware of
the occurrence of any event contemplated by paragraph 3 of the certificate set forth as Exhibit A hereto. Such notice shall indicate the anticipated duration of the restriction, but shall not include any other information about the nature of the
restriction or its applicability to Seller and shall not in any way communicate any material nonpublic information about the Issuer or its securities to Morgan Stanley. Such notice shall be in addition to the notice required to be given to Morgan
Stanley by the Issuer pursuant to the certificate set forth as Exhibit A hereto. 
  
 6. Seller agrees to complete, execute and deliver to Morgan Stanley a seller representation letter dated as of the date hereof substantially in the form of Exhibit B hereto prior to the commencement of the Plan Sales
Period. 
  
 7. The execution and delivery of this Sales Plan by
Seller and the transactions contemplated by this Sales Plan will not contravene any provision of applicable law or any agreement or other instrument binding on Seller or any of Seller’s affiliates or any judgment, order or decree of any
governmental body, agency or court having jurisdiction over Seller or Seller’s affiliates. 
  
 8. Seller has consulted with Seller’s own advisors as to the legal, tax, business, financial and related aspects of, and has not relied upon Morgan
Stanley or any person affiliated with Morgan Stanley in connection with, Seller’s adoption and implementation of this Sales Plan. Seller acknowledges that Morgan Stanley is not acting as a fiduciary or an advisor for Seller. 
  
 9. Seller agrees that until this Sales Plan has been terminated Seller shall
not (i) enter into a binding contract with respect to the purchase or sale of Stock with another broker, dealer or financial institution (each, a “Financial Institution”), (ii) instruct another Financial Institution to purchase or sell
Stock or (iii) adopt a plan for trading with respect to Stock other than this Sales Plan. 
  
 10. (a) Seller agrees to make all filings, if any, required under Sections 13(d), 13(g) and 16 of the Exchange Act in a timely manner, to the extent any such filings are applicable to Seller. 
  
 (b) Seller agrees that Seller shall at all times during the Plan Sales Period
(as defined below), in connection with the performance of this Sales Plan, comply with all applicable laws, including, without limitation, Section 16 of the Exchange Act and the rules and regulations promulgated thereunder. 
  

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 11. (a) Seller represents and warrants that the Stock to be sold pursuant to this Sales Plan is currently
eligible for sale under Rule 144. 
  
 (b) Seller agrees not to
take, and agrees to cause any person or entity with which Seller would be required to aggregate sales of Stock pursuant to paragraph (a)(2) or (e) of Rule 144 not to take, any action that would cause the sales hereunder not to meet all applicable
requirements of Rule 144. 
  
 (c) Seller agrees to complete,
execute and deliver to Morgan Stanley Forms 144 for the sales to be effected under this Sales Plan at such times and in such numbers as Morgan Stanley shall request, and Morgan Stanley agrees to file such Forms 144 on behalf of Seller as required by
applicable law. Seller understands and agrees that Morgan Stanley shall make one Form 144 filing at the beginning of each three-month period commencing upon the first Sale Day under this Sales Plan. 
  
 (d) Seller hereby grants Morgan Stanley a power of attorney to complete
and/or file on behalf of Seller any required Forms 144. Notwithstanding such power of attorney, Seller acknowledges that Morgan Stanley shall have no obligation to complete or file Forms 144 on behalf of Seller except as set forth in subparagraph
(c). 
  
 (e) Morgan Stanley agrees to conduct all sales pursuant
to this Sales Plan in accordance with the manner of sale requirement of Rule 144 of the Securities Act and in no event shall Morgan Stanley effect any sale if such sale would exceed the then-applicable amount limitation under Rule 144, assuming
Morgan Stanley’s sales pursuant to this Sales Plan are the only sales subject to that limitation. 
  
 12. Seller acknowledges and agrees that Seller does not have, and shall not attempt to exercise, any influence over how, when or whether to effect sales
of Stock pursuant to this Sales Plan. 
  
 C. Implementation of the Plan

  
 1. Seller hereby appoints Morgan Stanley to sell
shares of Stock pursuant to the terms and conditions set forth below. Subject to such terms and conditions, Morgan Stanley hereby accepts such appointment. 
  
 2. Morgan Stanley is authorized to begin selling Stock pursuant to this Sales Plan on August 21, 2004 and shall cease selling Stock on the earliest to
occur of (i) the date on which Morgan Stanley is required to suspend or terminate sales under the Sales Plan pursuant to paragraph D.1 below, (ii) the date on which Morgan Stanley receives notice of the death of Seller, (iii) the date on which the
Issuer or any other person publicly announces a tender or exchange offer with respect to the Stock or a merger, acquisition, reorganization, recapitalization or comparable transaction affecting 
  

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 the securities of the Issuer as a result of which the Stock is to be exchanged or converted into shares of another
company, (iv) the date on which Morgan Stanley receives notice of the commencement or impending commencement of any proceedings in respect of or triggered by Seller’s bankruptcy or insolvency and (v): 
  

			
	X	  	August 21, 2005 or
		
	X	  	the date that the aggregate number of shares of Stock sold pursuant to this Sales Plan reaches 600,000 shares (the “Total Sales Amount”) and

  
 (the “Plan Sales Period”).

  
 3. (a) During the Plan Sales Period, Morgan Stanley shall sell
the Daily Sale Amount (as defined below) for the account of Seller on each Sale Day (as defined below), subject to the following restrictions, if desired: 
  

			
	X	  	Morgan Stanley shall not sell any shares of Stock pursuant to this Sales Plan at a price of less than $8.50 per share (before deducting any commission, commission equivalent, mark-up or
differential and other expenses of sale) (the “Minimum Sale Price”)

  
 (b) A “Sale
Day” is each Trading Day during the Plan Sales Period, provided that if any Sale Day is not a Trading Day, such Sale Day shall be deemed to fall on the next succeeding Trading Day. A “Trading Day” is any day during the Plan Sales
Period that the New York Stock Exchange (the “Principal Market”) is open for business and the Stock trades regular way on the Principal Market. 
  
 (c) The “Daily Sale Amount” for any Sale Day shall be as shown in Exhibit C: 
  
 (d) Subject to the restrictions set forth in paragraph C.3 (a) above, Morgan Stanley shall sell the Daily Sale Amount on
each Sale Day under ordinary principles of best execution at the then-prevailing market price. 
  
 (e) If, consistent with ordinary principles of best execution or for any other reason, Morgan Stanley cannot sell the Daily Sale Amount on any Sale Day, then: 
  

			
	X	  	Morgan Stanley’s obligation to sell Stock on such Sale Day pursuant to this Sales Plan shall be deemed to have been satisfied.

  
 (f) The Daily Sale
Amount, the Total Sale Amount, if applicable, and the Minimum Sale Price, if applicable, shall be adjusted automatically on a proportionate basis to take into account any stock split, reverse stock split or stock dividend with respect to the Stock
or any change in capitalization with respect to the Issuer that occurs during the Plan Sales Period. 
  

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 4. Morgan Stanley shall not sell Stock hereunder at any time when: 
  
 (i) Morgan Stanley, in its sole discretion, has determined
that a market disruption, banking moratorium, outbreak or escalation of hostilities or other crisis or calamity that could, in Morgan Stanley’s judgment, impact sales of the Stock has occurred; or 
  
 (ii) Morgan Stanley, in its sole discretion, has determined
that it is prohibited from doing so by a legal, contractual or regulatory restriction applicable to it or its affiliates or to Seller or Seller’s affiliates (other than any such restriction relating to Seller’s possession or alleged
possession of material nonpublic information about the Issuer or the Stock); or 
  
 (iii) Morgan Stanley has received notice from the Issuer or Seller of the occurrence of any event contemplated by paragraph 3 of the
certificate set forth as Exhibit A hereto; or 
  
 (iv) Morgan Stanley has received notice from Seller to terminate the Sales Plan in accordance with paragraph D.1 below. 
  
 5. (a) Seller agrees to make appropriate arrangements with the Issuer and its transfer agent and stock plan administrator to permit Morgan Stanley to
furnish notice to the Issuer of the exercise of the Options and to have underlying shares delivered to Morgan Stanley as necessary to effect sales under this Sales Plan. Seller hereby authorizes Morgan Stanley to serve as Seller’s agent and
attorney-in-fact and, in accordance with the terms of this Sales Plan, to exercise the Options. Seller agrees to complete, execute and deliver to Morgan Stanley Stock Option Cashless Exercise Forms, for the exercise of Options pursuant to this Sales
Plan at such times and in such numbers as Morgan Stanley shall request. Stock received upon exercise of Options shall be delivered to an account at Morgan Stanley in the name of and for the benefit of Seller (the “Plan Account”).

  
 (b) On each day that sales are to be made under this Sales
Plan, Morgan Stanley shall exercise a sufficient number of Options to effect such sales in the manner specified below: 
  

			
	X	  	options that have already vested.

  
 Morgan Stanley shall in no event
exercise any Option if at the time of exercise the exercise price of the Option is equal to or higher than the market price of the Stock. 
  
 (c) Morgan Stanley shall, in connection with the exercise of Options, remit to the Issuer the exercise price thereof along with such amounts as may be
necessary to satisfy withholding obligations. These amounts shall be deducted from the proceeds of 
  

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 sale of the Stock, together with interest thereon computed in accordance with Morgan Stanley’s customary practices.

  
 (d) To the extent that any Stock remains in the Plan Account
after the end of the Plan Sales Period or upon termination of this Sales Plan, Morgan Stanley agrees to return such Stock promptly to the Issuer’s transfer agent for relegending to the extent that such Stock would then be subject to transfer
restrictions in the hands of the Seller. 
  
 6. Morgan Stanley
shall in no event effect any sale under this Sales Plan if the Stock to be sold is not in the Plan Account or underlying an Option that is exercised in accordance with the terms of this Sales Plan on the day of such sale. 
  
 7. Morgan Stanley may sell Stock on any national securities exchange, in the
over-the-counter market, on an automated trading system or otherwise. Seller agrees that if Morgan Stanley is a market maker in the Stock at the time that any sale is to be made under this Sales Plan, Morgan Stanley may, at its sole discretion,
purchase the Stock from Seller in its capacity as market maker. 
  
 D.
Termination 
  
 1. (a) This Sales Plan may be suspended
or terminated by Seller at any time upon three days prior written notice sent to Morgan Stanley by overnight mail and by facsimile at the address and fax number set forth in paragraph G.5 below. Seller agrees that Seller shall not suspend or
terminate this Sales Plan except upon consultation with Seller’s own legal advisors. 
  
 (b) This Sales Plan shall be suspended or, at Morgan Stanley’s option, terminated, if Morgan Stanley receives notice from the Issuer of the occurrence of any event contemplated by paragraph 3 of the certificate
set forth as Exhibit A hereto. 
  
 2. Seller agrees that Morgan
Stanley will execute this Sales Plan in accordance with its terms and will not be required to suspend or terminate any sales of the Stock unless Morgan Stanley has received notice from Seller or the Issuer in accordance with paragraph D.1 above at
least three days prior to the date on which this Sales Plan is to be suspended or terminated. 
  
 3. This Sales Plan may be amended by Seller only upon the written consent of Morgan Stanley and receipt by Morgan Stanley of the following documents, each dated as of the date of such amendment: 
  
 (i) a representation signed by the Issuer substantially in
the form of Exhibit A hereto, 
  

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 (ii) a certificate signed by Seller certifying that the representations and warranties of
Seller contained in this Sales Plan are true at and as of the date of such certificate as if made at and as of such date and 
  
 (iii) a seller representation letter completed and executed by Seller substantially in the form of Exhibit B hereto. 
  
 E. Indemnification; Limitation of Liability 
  
 1. (a) Each party agrees to indemnify and hold harmless the other and its
directors, officers, employees and affiliates from and against all claims, losses, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such action
or claim) arising out of or attributable to Morgan Stanley’s actions taken or not taken in compliance with this Sales Plan or arising out of or attributable to any breach by Seller of this Sales Plan (including Seller’s representations and
warranties hereunder) or any violation by Seller of applicable laws or regulations. This indemnification shall survive termination of this Sales Plan. 
  
 (b) Notwithstanding any other provision hereof, Morgan Stanley shall not be liable to Seller for: 
  
 (i) special, indirect, punitive, exemplary or consequential
damages, or incidental losses or damages of any kind, even if advised of the possibility of such losses or damages or if such losses or damages could have been reasonably foreseen, or 
  
 (ii) any failure to perform or to cease performance or any delay in performance that results from a cause or
circumstance that is beyond its reasonable control, including but not limited to failure of electronic or mechanical equipment, strikes, failure of common carrier or utility systems, severe weather, market disruptions or other causes commonly known
as “acts of God”. 
  
 2. Seller acknowledges and agrees
that in performing Seller’s obligations hereunder neither Morgan Stanley nor any of its affiliates nor any of their respective officers, employees or other representatives is exercising any discretionary authority or discretionary control
respecting management of Seller’s assets, or exercising any authority or control respecting management or disposition of Seller’s assets, or otherwise acting as a fiduciary (within the meaning of Section 3(21) of the Employee Retirement
Income Security Act of 1974, as amended, or Section 2510.3-21 of the Regulations promulgated by the United States Department of Labor) with respect to 
  

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 Seller or Seller’s assets. Without limiting the foregoing, Seller further acknowledges and agrees that neither
Morgan Stanley nor any of its affiliates nor any of their respective officers, employees or other representatives has provided any “investment advice” within the meaning of such provisions, and that no views expressed by any such person
will serve as a primary basis for investment decisions with respect to Seller’s assets. 
  
 F. Agreement to Arbitrate 
  
 1. (a) Any dispute between Seller and Morgan Stanley arising out of, relating to or in connection with this Sales Plan or any transaction relating to this Sales Plan shall be determined by arbitration only before
the New York Stock Exchange, Inc.; the National Association of Securities Dealers, Inc.; or the Municipal Securities Rulemaking Board, as Seller may elect. If Seller makes no written election addressed to Morgan Stanley by registered mail within
five days after receiving a written demand for arbitration from Morgan Stanley, Seller authorizes Morgan Stanley to elect one of the above listed forums for Seller. 
  
 (b) Unless rules of the arbitral forum dictate otherwise, any arbitration proceeding between Seller and Morgan Stanley
shall be held at a location at which the selected forum regularly conducts such proceedings nearest to the Morgan Stanley office carrying Seller’s accounts at the time the claim arose; this venue shall apply even if Seller has related disputes
with other parties which cannot be resolved in the same locale. Except for simplified proceedings (small claims), any arbitration proceeding between Seller and Morgan Stanley shall be heard and decided by a panel of not fewer than three arbitrators.

  
 (c) The law of the State of New York shall apply in all
respects, including but not limited to determination of applicable statutes of limitation and available remedies. The award of the arbitrator or a majority of arbitrators shall be final, and judgment on the award may be entered in any state or
federal court having jurisdiction. 
  
 2. Seller represents
that Seller understands the terms of the above arbitration clause as follows: 
  
 (i) Arbitration is final and binding on the parties. 
  
 (ii) The parties are waiving their right to seek remedies in court, including the right to jury trial.

  
 (iii) Pre-arbitration discovery is
generally more limited than and different from court proceedings. 
  

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 (iv) The arbitrators’ award is not required to include factual findings or legal
reasoning, and any party’s right to appeal or seek modification of rulings by the arbitrators is strictly limited. 
  
 (v) The panel of arbitrators will typically include a minority of arbitrators who were or are affiliated with the securities industry.

  
 (vi) No person shall bring a putative
or certified class action to arbitration, nor seek to enforce any pre-dispute arbitration agreement against any person who has initiated in court a putative class action or who is a member of a putative class who has not opted out of the class with
respect to any claims encompassed by the putative class action until: 
  
 (A) the class certification is denied; 
  
 (B) the class is decertified; or 
  
 (C) the customer is excluded from the class by the court. 
  
 Such forbearance to enforce an agreement to arbitrate shall not constitute a waiver of any rights under this Sales Plan except to the
extent stated herein. 
  
 G. General 
  
 1. Proceeds from each sale of Stock effected under the Sales Plan will be
delivered to Seller’s account 322-110617-145 on a normal three-day settlement basis less any commission, commission equivalent, mark-up or differential and other expenses of sale to be paid to Morgan Stanley. 
  
 2. In the event that it is necessary for Morgan Stanley to borrow or purchase
shares of Stock in order to complete any sale on behalf of Seller pursuant to this Sales Plan, Seller authorizes Morgan Stanley to borrow or purchase such shares and agrees to be responsible for any expense or loss which Morgan Stanley may sustain
relating to such borrowing or purchase, including any expense or loss Morgan Stanley may sustain as a result of its inability to borrow or purchase shares of the Stock to complete its delivery obligation. 
  
 3. Seller and Morgan Stanley acknowledge and agree that this Sales Plan is a
“securities contract,” as such term is defined in Section 741(7) of Title 11 of the United States Code (the “Bankruptcy Code”), entitled to all of the protections given such contracts under the Bankruptcy Code. 
  

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 4. This Sales Plan constitutes the entire agreement between the parties with respect to this Sales Plan
and supercedes any prior agreements or understandings with regard to the Sales Plan. 
  
 5. All notices to Morgan Stanley under this Sales Plan shall be given to Morgan Stanley in the manner specified by this Sales Plan by telephone at 201-395-6821, by facsimile at 201-200-2978 or 201-200-2979 or by
certified mail to the address below: 
  
 Morgan
Stanley DW Inc. 
 Harborside Financial Center 
 Plaza III, 1st Floor 
 Jersey City, N.J. 07311 
 Attn: Wayne Rothstein 
           10b5-1 Administration Unit 
  
 6. Seller’s rights and obligations under this Sales Plan may not be assigned or delegated without the written permission of Morgan Stanley.

  
 7. This Sales Plan may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
  
 8. If any provision of this Sales Plan is or becomes inconsistent with any applicable present or future law, rule or regulation, that provision will be
deemed modified or, if necessary, rescinded in order to comply with the relevant law, rule or regulation. All other provisions of this Sales Plan will continue and remain in full force and effect. 
  
 9. This Sales Plan shall be governed by and construed in accordance with the
internal laws of the State of New York and may be modified or amended only by a writing signed by the parties hereto. 
  
 NOTICE: THIS AGREEMENT CONTAINS A PRE-DISPUTE ARBITRATION CLAUSE IN PARAGRAPHS F.1 AND F.2. 
  

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 IN WITNESS WHEREOF, the undersigned have signed this Sales Plan as of the date first written above.

  

							
	 Joseph L. von Rosenberg III
	 	 	  	 	  	 
	 	 	 	  	 	  	 
	 	 	 	  	 	  	 
	 	 	 	  	 	  	 
	 	 	 	  	 Date
	  	 
	 	 	 	  	 	  	 
	 Morgan Stanley DW Inc.
	 	 	  	 	  	 
	 	 	 	  	 	  	 
	 	 	 	  	 	  	 
	 	 	 	  	 	  	 
	 Name: Matt Kabot
 Title:   Executive Director
	 	 	  	 Date
	  	 

  

 12Amendment No. 3 to Loan Agreement

 Exhibit 10.5 
  
 AMENDMENT NO. 3 
 TO 
 LOAN AGREEMENT 
  
 AMENDMENT NO. 3, dated as of July 7, 2004 (this “Amendment”), to that certain Loan Agreement, dated as of July 29, 2002, as
amended by Amendment No. 1, dated as of December 20, 2002 and Amendment No. 2, dated as of February 13, 2004 (as amended by Amendments No. 1 and 2, the “Existing Loan Agreement”), among Sunterra Corporation, a Maryland corporation
(“Parent”), Borrowers (as defined therein), the Lenders (as defined therein), and Merrill Lynch Mortgage Capital Inc., as administrative agent and collateral agent for the Lenders (in such capacity, “Agent”).

  
 WITNESSETH: 
  
 WHEREAS, capitalized terms not otherwise defined herein shall have the
same meanings as specified in the Existing Loan Agreement; 
  
 WHEREAS, Sunterra West Maui Development, LLC (formerly known as Sunterra West Marketing, LLC) (“Sunterra West”), a Borrower under the Loan Agreement, and Signature Capital-West Maui LLC
(“Signature”), a subsidiary of the Parent, desire to purchase the 76.744 percent interest (the “Partnership Interest”) in West Maui Resort Partners, L.P. (“West Maui”), that is not presently owned
by Signature, and Borrowers have requested and Agent has indicated its willingness on behalf of the Lenders to lend against the assets and receivables that will be owned by Sunterra West, Signature and West Maui at the closing of the purchase of the
Partnership Interest; 
  
 WHEREAS, Borrowers have requested
that Agent and Lenders agree to amend the Existing Loan Agreement as more specifically set forth herein; and 
  
 WHEREAS, Agent and Lenders have indicated their willingness to agree to such amendment of the Existing Loan Agreement on the terms and subject to
the satisfaction of the conditions set forth herein. 
  
 NOW,
THEREFORE, in consideration of the premises and of the mutual covenants and agreements contained herein, the parties hereto hereby agree as follows: 
  
 SECTION 1. Amendment. As of the Effective Date (as defined in Section 3 hereof): 
  
 (a) The definition of “Eligible Resorts” in Section 1.1 of the Existing Loan Agreement is hereby amended by
adding at the end thereof the following: 
  
 ““Eligible
Resorts” also means that certain resort containing 431 suites, situated at Honokowaii, Kaanapali, District of Lahaina, Island and County of Maui, State of Hawaii (the “West Maui Resort”).”” 
  

 (b) Section 3.5 (c) of the Existing Loan Agreement is hereby amended by deleting it in its entirety and
inserting, in lieu thereof, the following as Section 3.5(c): 
  
 “(c) All Borrowers desire to allocate among themselves (collectively, the “Contributing Borrowers”), in a fair and equitable manner, their obligations arising under this Agreement. Accordingly, in the event any payment
or distribution is made on any date by a Borrower (a “Funding Borrower”) under this Agreement that exceeds its Fair Share as of such date, such Funding Borrower shall be entitled to a contribution from each of the other Contributing
Borrowers in the amount of such other Contributing Borrower’s Fair Share Shortfall as of such date, with the result that all such contributions will cause each Contributing Borrower’s Aggregate Payments to equal its Fair Share as of such
date. “Fair Share” means, with respect to a Contributing Borrower as of any date of determination, an amount equal to (a) the ratio of (i) the Fair Share Contribution Amount with respect to such Contributing Borrower to (ii) the
aggregate of the Fair Share Contribution Amounts with respect to all Contributing Borrowers multiplied by (b) the aggregate amount paid or distributed on or before such date by all Funding Borrowers under this Agreement in respect of the
Obligations. “Fair Share Shortfall” means, with respect to a Contributing Borrower as of any date of determination, the excess, if any, of the Fair Share of such Contributing Borrower over the Aggregate Payments of such Contributing
Borrower. “Fair Share Contribution Amount” means, with respect to a Contributing Borrower as of any date of determination, the maximum aggregate amount of the obligations of such Contributing Borrower under this Agreement that would
not render its obligations hereunder or thereunder subject to avoidance as a fraudulent transfer or conveyance under Section 548 of Title 11 of the United States Code or any comparable applicable provisions of state law; provided, solely for
purposes of calculating the “Fair Share Contribution Amount” with respect to any Contributing Borrower for purposes of this Section 3.5(c), any assets or liabilities of such Contributing Borrower arising by virtue of any rights to
subrogation, reimbursement or indemnification or any rights to or obligations of contribution hereunder shall not be considered as assets or liabilities of such Contributing Borrower. “Aggregate Payments” means, with respect to a
Contributing Borrower as of any date of determination, an amount equal to (1) the aggregate amount of all payments and distributions made on or before such date by such Contributing Borrower in respect of this Agreement (including, without
limitation, in respect of this Section 3.5(c)), minus (2) the aggregate amount of all payments received on or before such date by such Contributing Borrower from the other Contributing Borrowers as contributions under this Section 3.5(c). The
amounts payable as contributions hereunder shall be determined as of the date on which the related payment or distribution is made by the applicable Funding Borrower. The allocation among Contributing Borrowers of their obligations as set forth in
this Section 3.5(c) shall not be construed in any way to limit the liability of any Contributing Borrower hereunder. Each Borrower is a third party beneficiary to the contribution agreement set forth in this Section 3.5(c).” 
  
 SECTION 2. Certain Covenants and Limitations. In consideration of the
execution and delivery of this Amendment by Agent and the Lenders, Borrowers hereby agree as follows: 
  
 (a) Costs and Expenses. Borrowers shall pay all costs and expenses of Agent incurred in connection herewith or otherwise due and owing as of the
date hereof pursuant to Section 9.4 of the Loan Agreement, including, without limitation, the costs and expenses of 

  

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Agent’s counsel, provided, however, that Borrowers shall not be required to pay more than $50,000 of such costs and expenses. 
  
 (b) Joinder. By executing and delivering this Amendment, each of
Signature, West Maui and Resort Management International, Inc. (“Resort Management”) agrees to become (i) a Borrower under, and to be bound by, and to comply with, the terms and conditions of the Loan Agreement and each of the other
Loan Documents; (ii) an Additional Pledgor (as defined in the Pledge Agreement) under, and to be bound by, and to comply with, the terms and conditions of the Pledge Agreement and this Amendment shall be deemed to be “Counterpart
Agreement” for all purposes thereof; In addition, the information contained in the schedules attached as Schedule II hereto, if any, shall be deemed to be a part of Schedule II to the Pledge Agreement; and (iii) an Additional Grantor (as
defined in the Security Agreement) under, and to be bound by, and to comply with, the terms and conditions of the Security Agreement and this Amendment shall be deemed to be a “Counterpart Agreement” for all purposes thereof. 

 
 (c) Inventory Collateral Value. The Inventory Collateral Value for
West Maui Inventory shall not on the Effective Date exceed the lesser of (i) 35% of the Gross Sell-Out Value for the West Maui Inventory that is Hard Inventory and (ii) the cash cost to Signature and Sunterra West of indirectly acquiring such
inventory as part of their purchase of the Partnership Interest. Such Inventory Collateral Value of the Time Share Inventory with respect to West Maui (the “West Maui Inventory”) shall be reduced by 43.75% of the cumulative retail
prices that the related Time Share Interests have been sold as of the Effective Date, so that the Inventory Collateral Value shall be zero at the time that 80% of the West Maui Inventory has been sold (in terms of Gross Sell-Out Value).
Notwithstanding the preceding sentence, the Inventory Collateral Value for West Maui Inventory shall not exceed amounts to be determined in accordance with the schedule that is attached as Schedule I hereto. 
  
 (d) Transfer of Contract Files; Waiver. Borrowers shall, within sixty
(60) days of the Effective Date of the Amendment, cause all Contract Files held by Textron Financial Services, Inc. (the “Textron Receivables”) pursuant to the Interim Custodial Agreement (the “Textron Custodial
Agreement”), by and among Textron Financial Services, as Custodian, West Maui, as Borrower, Sunterra Financial Services, Inc., as Administrative Agent, and the Agent, to be transferred to the Custodian. Notwithstanding any other provision
in the Loan Documents to the contrary, the Textron Receivables shall be Eligible Receivables as of the Effective Date, provided, however, that the failure to transfer to the Custodian the Contract Files related to such Textron Receivables within
fifteen (15) days following the time period provided in the preceding sentence of this Section 4(d) shall cause such Textron Receivables to cease to be Eligible Receivables. 
  
 (e) Account Control Agreements. Borrowers shall, within sixty (60) days of the Effective Date of the Amendment, cause
the delivery to Agent of fully executed account control agreements between Agent, West Maui and First Hawaiian Bank with respect to each bank account referenced in Section 6(c) of the Collateral Certificate. 
  

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 SECTION 3. Conditions Precedent to the Effectiveness of this Amendment. This Amendment shall
become effective as of the date hereof (the “Effective Date”) provided that each of the following conditions precedent shall have been satisfied on or before such date: 
  
 (a) Amendment. Agent has received counterparts of this Amendment executed by Borrowers and Agent on behalf of
Lenders, and by executing and delivering such a counterpart, Signature, a Delaware limited liability company, West Maui, a Delaware limited partnership and Resort Management, a California corporation, shall each be deemed a “Borrower”
under the Loan Documents. 
  
 (b) Other Documents, Etc.
Agent shall have received from each of Signature, West Maui, Sunterra West and Resort Management, as applicable: 
  
 (i) copies of the Organizational Documents of such Person, certified by the Secretary of State of its jurisdiction of organization, along
with all amendments thereto, if applicable, or, if such document is of a type that may not be so certified, certified by the secretary or similar officer or manager of such Person, together with a good standing certificate from the Secretary of
State of its jurisdiction of organization and each other jurisdiction in the United States in which such Person is qualified to do business and, to the extent generally available, a certificate or other evidence of good standing as to payment of any
applicable franchise or similar taxes from the appropriate taxing authority of each jurisdiction of organization, each dated a recent date prior to the Effective Date; 
  
 (ii) resolutions of the Governing Body of such Person approving and authorizing the execution, delivery and
performance by such Person of the Loan Documents to which it is a party, certified as of the date hereof by the secretary or similar officer or manager of such Person as being in full force and effect without modification or amendment; 

 
 (iii) signature and incumbency certificates of the
officers or managers of such Person executing the Loan Documents to which it is a party: 
  
 (iv) evidence satisfactory to Agent of the compliance by each such Person and the owner of all the membership interests thereof of its
obligations under the Collateral Documents (including, without limitation, their obligations to execute and deliver UCC financing statements, originals of securities, instruments and chattel paper and any agreements governing deposit and/or
securities accounts as provided therein); 
  
 (v)
(A) a completed Collateral Certificate dated as of the date hereof and executed by an Authorized Officer of each such Person, (B) the results of a search (including a recent update thereof), by a Person satisfactory to Agent, of all effective UCC
financing statements (or equivalent filings) made with respect to any personal or mixed property of each such Person, together with copies of all such filings disclosed by such search, and (C) UCC termination statements (or similar documents) duly
executed by all applicable Persons for filing in all applicable jurisdictions as may be necessary to terminate any effective UCC financing statements (or equivalent filings) disclosed in such search (other than any such financing statements in
respect of Permitted Liens); 
  

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 (vi) evidence that each such Person and the applicable Loan Party that owns all of the
membership interests of each such Person shall have taken or caused to be taken any other action, executed and delivered or caused to be executed and delivered any other agreement, document and instrument and made or caused to be made any other
filing and recording (other than as set forth herein) reasonably required by Agent; 
  
 (vii) one or more Mortgages with respect to each Mortgaged Real Property, creating on such real property of such Loan Party a perfected,
highest available priority Lien on such real property (subject only to Permitted Liens); 
  
 (viii) a Title Insurance Policy covering such Mortgaged Real Property containing such endorsement and affirmative coverages as the Agent
may reasonably request, including a longform endorsement, if available; 
  
 (ix) a survey, in form, scope and substance satisfactory to the Agent, covering such Mortgaged Real Property, certified to the Lender and Agent; 
  
 (x) such other agreements, instruments, approvals, legal opinions or other documents reasonably requested by
the Agent in order to create, perfect, establish the highest available priority of or otherwise protect any Lien purported to be covered by any such Mortgage (subject only to Permitted Liens). 
  
 (xi) either (A) letters or other evidence from the
appropriate municipal authorities (or other Persons) concerning applicable zoning and building laws, (B) an ALTA 3.1 zoning endorsement for the applicable Title Insurance Policy, (C) a zoning opinion letter, or (D) a zoning report, in each case in
substance reasonably satisfactory to Agent; 
  
 (xii) a Phase I environmental report (and, if recommended by the Phase I environmental report, a Phase II environmental report), in each case reasonably satisfactory in form and substance to Agent; 
  
 (xiii) physical conditions reports, which reports shall be
reasonably satisfactory in form and substance to Agent; 
  
 (xiv) a copy of each Property Management Agreement; 
  
 (xv) a certificate of occupancy for each Building located on such Mortgaged Real Property; and 
  
 (xvi) evidence reasonably satisfactory to Agent that all
statutorily required registration documents and offering statements and all amendments thereto have been filed with the applicable Governmental Authority where the Resort is located and the Time Share Interests are being sold or marketed and that
all marketing and sales materials comply in all material respects with all Requirements of Law of the state in which the Resort is located and the states in which the Time Share Interests at the Resort are being sold or marketed. 
  

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 (c) Opinions of Counsel. Agent shall have received legal opinions from counsel to each of Signal,
West Maui and Resort Management, which counsel shall be acceptable to Agent, covering such matters as Agent may request and in form and substance satisfactory to Agent, including, without limitation, opinions of counsel (which counsel shall be
reasonably satisfactory to the Agent) with respect to the creation and perfection of the security interests in favor of the Agent in the Real Property, the enforceability of the Mortgages and such other matters governed by the laws of each
jurisdiction in which any Real Property is located as the Agent may reasonably request, in each case in form and substance reasonably satisfactory to the Agent. 
  

(d) Representations and Warranties. The representations and warranties contained in Section 4 of this Amendment and each of the Loan Documents
shall be true and correct in all material respects on and as of the Effective Date, before and after giving effect to this Amendment, as though made on and as of such date (except for any such representation and warranty that by its terms refers to
a specific date other than the date first above written, in which case it shall be true and correct in all material respects as of such earlier date). 
  
 (e) No Default or Event of Default. No Default or Event of Default shall have occurred and be continuing or shall occur after giving effect to this
Amendment. 
  
 (f) Inventory Collateral Value. The
Inventory Collateral Value for West Maui Inventory shall not on the Effective Date exceed the lesser of (i) 35% of the Gross Sell-Out Value for the West Maui Inventory that is Hard Inventory and (ii) the cash cost to Signature and Sunterra West of
indirectly acquiring such inventory as part of their purchase of the Partnership Interest. 
  
 (g) Purchase and Sale Agreement. Agent shall have received a fully executed copy of the purchase and sale agreement evidencing the purchase of the Partnership Interest. 
  
 (h) Custodial Agreement. Agent shall have received a fully executed
and delivered Textron Custodial Agreement, in form and substance satisfactory to Agent. 
  
 SECTION 4. Representations and Warranties. To induce Agent and the Lenders to enter into this Amendment, each Borrower hereby represents and warrants to Agent and the Lenders: 
  
 (a) Representations and Warranties. The representations and warranties
contained in this Section 4 and in each of the Loan Documents are true and correct in all material respects on and as of the Effective Date, before and after giving effect to this Amendment, as though made on and as of such date (except for any such
representation and warranty that by its terms refers to a specific date other than the date first above written, in which case it shall be true and correct in all material respects as of such earlier date). 
  
 (b) No Default or Event of Default. No Default or Event of Default has
occurred and is continuing or will occur after giving effect to this Amendment. 
  
 SECTION 5. Reference to and Effect on the Loan Document. As of the Effective Date, any reference in any Financing Document to the Existing Loan Agreement shall 

  

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be to the Existing Loan Agreement, as amended hereby. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right,
power or remedy of Agent or any of the Lenders under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. 
  
 SECTION 6. Integration; Amendment. This Amendment sets forth in full the terms of agreement between the parties with respect to the amendment
described herein and is intended as the full, complete and exclusive agreement governing the relationship between the parties with respect to such amendment. This Amendment supersedes all discussions, promises, representations, warranties,
agreements and understandings between the parties with respect to the amendment described herein. 
  
 SECTION 7. No Third Party Beneficiaries. This Amendment shall be binding upon and inure to the benefit of Borrowers, Agent and the Lenders and
their respective successors and assigns. No Person other than the parties hereto shall have any rights hereunder or be entitled to rely on this Amendment, and all third-party beneficiary rights are hereby expressly disclaimed. 
  
 SECTION 8. Execution in Counterparts. This Amendment may be executed
in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an
executed counterpart of a signature page to this Amendment by telecopier shall be effective as delivery of a manually executed counterpart of this Amendment. 
  
 SECTION 9. Governing Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York. 
  
 [remainder of page intentionally left blank] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective
officers thereunto duly authorized, as of the date first above written. 
  
 [signature pages in separate document] 
  

 8 

 Schedule I 
  

INVENTORY COLLATERAL VALUE SCHEDULE 
 As Attached 
  

 Schedule II 
  
 SCHEDULE II TO PLEDGE AGREEMENT 
 As Attached

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