Document:

First Amendment to the Amended and Restated FairShare Vacation Plan

 Exhibit 10.23 
 FIRST AMENDMENT TO THE 
 AMENDED AND RESTATED FAIRSHARE VACATION 
 PLAN USE MANAGEMENT TRUST AGREEMENT 
 This Amendment to the Amended and Restated FairShare Vacation Plan Use Management Trust Agreement (this “Amendment”) is effective as of the 29th day of February, 2000 by and between the Fairshare Vacation Owners Association, an
Arkansas nonprofit corporation (the “Trustee”) and Fairfield Communities, Inc., a Delaware corporation (“Fairfield”). 
 WITNESSETH THAT: 
 WHEREAS, the Amended and Restated FairShare Vacation Plan Use Management Trust Agreement (the “Trust
Agreement”), recorded at Book 1634, Page 1995 et seq. in the Office of the Clerk of the Circuit Court in the city of Alexandria, Virginia, created to secure for the beneficiaries their respective rights and interests as set forth in the Trust
Agreement; 
 WHEREAS, the Trustee is the entity responsible for the duties and obligations set forth in the Trust Agreement; 
 WHEREAS, the Trustee has determined, after thorough consideration and analysis, that the Program Fee needs to be restructured and other changes made to the Trust; and

 WHEREAS, the parties hereto desire to modify the terms of the Trust Agreement set forth in this Amendment pursuant to Section 14.05 of said Trust
Agreement. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto mutually
agree as follows: 
  

	1.	Article VII is hereby amended with the addition of a new sentence to Section 7.04(a), thereby becoming the third and final sentence of said section, as follows:

 The Trustee may also take any action not otherwise prohibited by law, this Trust Agreement, the Association’s articles
of incorporation or the Association’s bylaws, deemed necessary by the Trustee to manage the Trust and carry out the purposes for which this Trust Agreement was established. 
  

	2.	Section 10.02(a) beginning with “The amount of the Program Fee...” is hereby stricken in its entirety and the following shall be inserted in its place:

 Amount. The amount of the Program Fee shall be determined by the Trustee as needed to cover the cost of the operation
and administration of the Fairshare Plus Program. The Trustee may establish varying fees among Members provided there is a reasonable basis for such a fee structure. The Program Fee shall be determined prior to January 1 of each year in
connection with the budget process for the Trust. 

	3.	Section 10.06(a) is amended by striking the word “prorated” in the third sentence beginning with “adjustments” and inserting in its place the word
“allocated”. 

  

	4.	Section 14.05 is amended by striking in its entirety the paragraph following the heading “Amendments” and inserting the following in its place:

 The Trustee, with the consent of Fairfield, may amend this Trust Agreement in writing from time to time and shall cause any
such amendment to be recorded in the Recording Offices of all counties in which Accommodations or interests therein subject to this Trust Agreement are located. The Trustee, with the consent of Fairfield, may from time-to-time add a Third Party or
additional Fairfield subsidiary as a party to this Trust Agreement on terms and conditions acceptable to the Trustee and Fairfield. 
  

	5.	The modifications to the Trust Agreement contained in this Amendment shall become effective on the date first written above. 

  

	6.	The Trust Agreement shall remain in full force and effect except as hereby amended, and the Agreement, as amended, is hereby approved, ratified and confirmed.

  

	7.	The agreements herein contained shall be binding upon and shall inure to the benefit of the respective parties thereto and their respective successors and assigns. This Amendment
may not be modified except by a written agreement executed and acknowledged by both parties. 

 IN WITNESS WHEREOF, this
Amendment has been duly executed by the parties hereto on the 2nd day of November, 2001. 
  

			
	 FAIRSHARE VACATION OWNERS ASSOCIATION,
 an Arkansas nonprofit corporation

		
	 By: 
	 	 /S/ Mark Nuzzo, President

	 Attest: 
	 	 /S/ Michael A. Hug, Secretary

	
	 FAIRFIELD COMMUNITIES, INC., a Delaware corporation

		
	 By: 
	 	 /S/ Angela K. Halladay, Vice President

	 Attest: 
	 	 /S/ Anna L. Walton, Assistant SecretarySecond Amendment to the Amended and Restated FairShare Vacation Plan

 Exhibit 10.24 
 Prepared by and return to: 
 Fairfield Resorts, Inc. 
 Legal Department 
 8427 South Park Circle, #500 
 Orlando, Florida 32819 
 SECOND AMENDMENT TO THE 
 AMENDED AND RESTATED FAIRSHARE VACATION 
 PLAN USE MANAGEMENT TRUST AGREEMENT 
 This Second Amendment to the Amended and Restated FairShare Vacation Plan Use Management Trust Agreement (this “Amendment”) is made as of this
19th day of February, 2003 by and between the Fairshare Vacation Owners Association, an Arkansas nonprofit corporation (the “Trustee”) and Fairfield Resorts, Inc., a Delaware corporation (“Fairfield”), formerly known as Fairfield
Communities, Inc., which name was changed by Certificate of Amendment to the Fairfield Communities, Inc. Certificate of Incorporation filed with the Secretary of State for Delaware on the 26th day of June 2001. 
 WITNESSETH THAT: 
 WHEREAS, the Amended and Restated
FairShare Vacation Plan Use Management Trust Agreement (the “Trust Agreement”) was created to secure for the beneficiaries their respective rights and interests as set forth in the Trust Agreement; 
 WHEREAS, the Trustee is the entity responsible for the duties and obligations set forth in the Trust Agreement; 
 WHEREAS, the Trustee has determined, after thorough consideration and analysis, that the Trust Agreement requires amending (i) to reflect the change in the name of
Fairfield Communities, Inc., (ii) to alter the language in Article XI, Section 11.10 (b), because Fairfield has been owned since April 2, 2001 by Cendant Vacation Holdco, Inc., a subsidiary of Cendant Corporation
(“Cendant”), which is the parent company of Resort Condominiums International, LLC (“RCI”), (iii) to add a new section to Article XI to reflect enhancements made to the Plan, (iv) to modify Article XII to clarify
transfer requirements, and (v) to modify Article XIII to clarify voting designation rights; and 
 WHEREAS, the parties hereto desire to modify the
terms of the Trust Agreement as set forth in this Amendment pursuant to Section 14.05 of said Trust Agreement. 
 NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto mutually agree as follows: 
 1. Effective October 2,
2001, the third (3rd) and fourth (4th) lines in the first paragraph on page 1, following the heading AMENDED AND RESTATED FAIRSHARE VACATION PLAN USE MANAGEMENT TRUST AGREEMENT, are

 
amended by changing the name Fairfield Communities, Inc. to read Fairfield Resorts, Inc. and after “Fairfield Resorts, Inc., a Delaware
corporation”, in the third (3rd) line is added the parenthetical word (“Fairfield”). 

2. Effective October 2, 2001, the Trust Agreement is amended by changing the name of Fairfield Communities, Inc. in all instances in the Trust Agreement, to read
Fairfield Resorts, Inc. Further, Section 1.10 is deleted in its entirety and the following substituted in lieu thereof: 
 Section 1.10 “Fairfield” means Fairfield Resorts, Inc., a Delaware corporation, formerly known as Fairfield Communities, Inc., Fairfield Myrtle Beach, Inc., a Delaware corporation, and such other
subsidiaries of Fairfield Resorts, Inc. that may from time to time desire to subject property to this Trust in accordance with the terms and conditions set forth herein. Fairfield Resorts, Inc. is the successor by merger to Fairfield Harbor, Inc.,
Fairfield in the Carolina’s, Inc., Fairfield Ocean Ridge, Inc., Fairfield Pagosa, Inc., Fairfield Plantation, Inc., Fairfield Williamsburg, Inc., and Fairfield Ventura, Inc. 
 3. Effective April 2, 2002, Article XI is amended by changing the period at the end of the fourth (4th) sentence in Section 11.10(b) to a comma and by adding the following language: 
 ... other than Resort Condominiums International, LLC (“RCI”), which is a subsidiary of Cendant Corporation, the parent company of Fairfield.

 4. Article XI is amended by adding the following new provision as Section 11.11: 
 Section 11.11 Priority Reservation Rights. The Trustee may establish different rules and reservation rights for Members based
upon (a) levels of Points owned, or (b) the location of the Accommodations purchased by a Member, or (c) any other criteria determined by Trustee. Such rules and reservation rights, including priorities, fees, reservation periods, and
other policies, guidelines and restrictions shall be set forth in the Directory. 
 5. Article XII is amended by changing the period at the end of the fourth
(4th) sentence in Section 12.01 to a comma and by adding the following language to the end of the fourth (4th) sentence in Section 12.01: 
 . . . and/or the terms and conditions of the Member’s Assignment Agreement
prohibit the sale, conveyance or transfer of the Membership to persons other than Fairfield. 
 6. Article XIII is amended by deleting the second sentence of
Section 13.02 in its entirety and substituting the following in lieu thereof: 
 Where allowed by law, each Member (with the exception,
unless otherwise agreed between the Trustee and the respective POA, of those Members owning Accommodations at Resorts which have not been developed by Fairfield, either as 

 
primary developer or as a co-developer with another entity), by executing an Assignment Agreement or a contract or accepting a deed for an Accommodation
subject to the Trust, delegates to the Voting Designee the authority to exercise any voting privileges such Member may have in the POA. 
 7. The
modifications to the Trust Agreement contained in this Amendment shall become effective on the date first written above, unless otherwise noted. 
 8. The
Trust Agreement shall remain in full force and effect except as hereby amended, and the Trust Agreement, as amended, is hereby approved, ratified and confirmed. 
 The agreements herein contained shall be binding upon and shall inure to the benefit of the respective parties thereto and their respective successors and assigns. This Amendment may not be modified except by a written agreement executed
and acknowledged by both parties. 
 IN WITNESS WHEREOF, this Amendment has been duly executed by the parties hereto on the day and year first above written.

  

					
	 FAIRSHARE VACATION OWNERS ASSOCIATION,
 an Arkansas nonprofit corporation
	 	
			
	 By: 
	 	 /S/ John Monaweck, Vice President
	 	
	 Attest: 
	 	 /S/ Michael A. Hug, Secretary
	 	 (Seal)

		
	 FAIRFIELD RESORTS, INC.,
 a Delaware corporation
	 	
			
	 By: 
	 	 /S/ Michael A. Hug, Senior Vice President and Controller
	 	
	 Attest: 
	 	 /S/ Anna L. Walton, Assistant Secretary
	 	 (Seal)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}]]