Document:

wcoh-cmscontractrenewal.htm

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    Exhibit 10.1

    
 

    
      	
              DEPARTMENT
      OF HEALTH & HUMAN SERVICES

            	
              Centers
      for Medicare & Medicaid Services

            
	 
      	 
      
	 
      	
               

              7500
      Security Boulevard

              Baltimore,
      Maryland 21244

            

    

    
       

    

    
      	
              Date:

            	
              January
      21, 2009

               

            
	
              To:

            	
              Medicare
      Advantage and 1876 Cost Plan Organizations

               

            
	
              From:

            	
              Louis
      Polise

              Acting
      Director

              Medicare
      Drug and Health Plan Contract Administration Group

               

            
	
              Subject:

            	
              2009
      Contract Renewal – H0117

            

    

    
       

      The
Centers for Medicare & Medicaid Services (CMS) is pleased to inform you that
your contract has been renewed effective January 1, 2009, through December 31,
2009. This approval/renewal is issued based on our receipt of your 2009 benefit
attestation, all applicable contract addenda, and our approval of your bid. CMS
approves each benefit plan for a particular service area. Your organization's
contractual authority to offer benefits in its CMS-approved service area is
documented by your signed benefit attestation.

    

    
       

      As
required by the Medicare Improvements for Patients and Providers Act of 2008
(MIPPA), if your organization offers a prescription drug plan benefit package,
an executed copy of your new Part D addendum is included as an attachment to
this memo. If your organization applied for and was found qualified to offer new
2009 Employer/Union-Only Group Waiver Plans (EGWP)/ "800 series" plan benefit
packages, an executed EGWP addendum is included as an attachment to this
memo.

    

    
       

      CMS will
continue to provide Medicare Advantage and Prescription Drug Benefit program
information (including information about your CMS Central Office and Regional
Office contacts) to contracting organizations through the Health Plan Management
System (HPMS) and the CMS website. It is imperative that you monitor both
websites to stay current on program requirements and information. Please ensure
your organization's contact information in HPMS remains up-to-date since this is
our primary source for contacting our contracting
organizations.

    

    
       

      We look
forward to continuing to work with you in serving Medicare beneficiaries in your
service area. If you have any questions, please contact your Regional Office
Account Manager.

    

    
       

      Attachment(s)

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      ADDENDUM
TO CONTRACTS WITH MEDICARE PART D SPONSORS PURSUANT TO SECTIONS 1860D-1 THROUGH
1860D-42 OF THE SOCIAL SECURITY ACT FOR THE OPERATION OF A VOLUNTARY MEDICARE
PRESCRIPTION DRUG PLAN

    

    
      

       

      The
Centers for Medicare and Medicaid Services (hereinafter referred to as "CMS")
and WellCare of Ohio,
Inc., an organization operating a Voluntary Medicare Prescription Drug
Plan (hereinafter referred to as "the Sponsor") agree, pursuant to 42 C.F.R. §
423.508(a) to amend the contract (H0117) governing the Sponsor's Part D
operations described in Section 1860D-1 through 1860D-42(with the exception of
1860D-22(a) and 1860D-31) of the Social Security Act (hereinafter referred to as
"the Act") to include the provisions stated below.

    

    
       

      This
addendum is made pursuant to Subpart L of 42 CFR Part 417, Subpart K of 42 CFR
Part 422, and Subpart K of 42 CFR Part 423.

    

    
       

      NOTE: For the purposes of
this addendum, "the Sponsor" includes the following: standalone prescription
drug plan (PDP) sponsors, Medicare managed care organizations offering Part D
benefits (MA-PD), and employer group/union-only organizations. For a PDP
sponsor, this document amends its contract with CMS. For MA-PD organizations and
employer group/union-only benefit sponsors, this document amends the Part D
addendum to their Medicare managed care contracts with
CMS.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      Article
I

    

    
      Medicare
Voluntary Prescription Drug Benefit

    

    
       

      
        	
                A.

              	
                This
      addendum is in no way intended to supersede or modify 42 CFR, Parts 417,
      422 or 423, except
      as to any requirements set forth in 42 CFR Part 423 that are specifically
      waived or modified
      for Sponsors offering a prescription drug benefit exclusively to Part D
      eligible individuals
      enrolled in employment-based retiree prescription drug coverage as
      provided in applicable
      employer/union-only group waiver guidance and/or in this addendum. Failure
      to reference
      a regulatory requirement in this addendum does not affect the
      applicability of such requirements
      to the Sponsor and
  CMS.

              

      

    

    
       

    

    
      
        	
                B.

              	
                In
      the event of a conflict between the employer/union-only group waiver
      guidance issued prior
      to the execution of the contract and this addendum, the provisions of this
      addendum shall
      control. In the event of any conflict between the employer/union-only
      group waiver guidance
      issued after the execution of the contract and this addendum, the
      provisions of the employer/union-only
      group guidance shall
  control.

              

      

    

    
       

    

    
      
        	
                C.

              	
                In
      the event of any conflict between the provisions of this addendum and any
      other provision of
      the contract, the terms of this addendum shall
    control.

              

      

    

    
       

      
      

    

    
      Article
II

    

    
      Sponsor
Reimbursement to Pharmacies

    

    
       

      
        	
                A.

              	
                Effective
      January 1, 2010, Sponsor will issue, mail, or otherwise transmit payment
      with respect
      to all clean claims submitted by pharmacies (other than pharmacies that
      dispense

                
                  drugs
      by mail order only or are located in, or contract with, a long-term care
      facility) within 14
      days of receipt of an electronically submitted claim or within 30 days of
      receipt of a claim submitted
      otherwise.

                

              

      

    

    
       

    

    
      
        	
                B.

              	
                Effective
      January 1,2010, Sponsor must ensure that a pharmacy located in, or having
      a contract
      with, a long-term care facility will have not less than 30 days (but not
      more than 90 days)
      to submit claims to the Sponsor for
      reimbursement.

              

      

    

    
       

    

    
      
        	
                C.

              	
                Effective
      January 1, 2009, if Sponsor uses a standard for reimbursement of
      pharmacies based on
      the cost of a drug will update such standard not less frequently than once
      every 7 days, beginning
      with an initial update on January 1 of each year, to accurately reflect
      the market price
      of acquiring the
drug.

              

      

    

    
       

    

    
      Article
III

    

    
      Record
Retention and Reporting Requirements

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      The
section entitled "RECORD MAINTENANCE AND ACCESS" is amended to include the
following provision: "Sponsor agrees to maintain records and provide access in
accordance with 42 CFR §§ 423.505 (b)(10) and
423.505(i)(2)(ii)."

    

    
      

    

    
      Article
IV

    

    
      CMS
Notice of Sponsor Contract Non-Renewal

    

    
       

      Paragraph
1 of the section entitled "QUALIFICATION TO RENEW ADDENDUM" is revised to read
as follows:

    

    
       

      "1. In
accordance with 42 CFR §423.507, the Sponsor will be determined qualified to
renew this addendum annually only if—

    

    
      
        	
                (a)

              	
                  
      The Sponsor has not provided CMS with a notice of intention not to renew
      in accordance with Article VII of this addendum, and

              
	
                 (b)
      

              	  
      CMS has not provided the Sponsor with a notice of intention not to
      renew."

      

    

    
                

    

    
      Article
IV

    

    
      Addendum
Term

    

    
       

      This
addendum is effective from the date of CMS' authorized representative's
signature and shall remain in effect for as long as the Sponsor remains a Part D
sponsor under contract with CMS.

       

      Article
VI

    

    
      Modification
or Termination of Addendum by Mutual Consent

    

    
       

      This
addendum may be modified or terminated at any time by written mutual consent in
accordance
with 42 CFR 423.508.

    

    
      

      Article
XII 

      Severability

    

    
       

      Severability
of the addendum shall be in accordance with 42 CFR
§423.504(e).

    

    
       

      Article
XIII 

      Miscellaneous

    

    
       

      
        	
                 A.

              	
                Terms
      not otherwise defined in this addendum shall have the meaning given such
      terms at 42 CFR Part 423 or, as applicable, 42 CFR Part 422 or Part
      417.

              

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      
        	
                B.

              	
                The
      Sponsor agrees that it has not altered in any way the terms of the
      addendum presented for signature by CMS. Sponsor agrees that any
      alterations to the original text the Sponsor may make to this addendum
      shall not be binding on the
parties.

              

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      In
witness whereof, the parties hereby execute this contract
modification

    

    
      

    

    
      FOR THE
SPONSOR

    

    
      

    

    
      

    

    
      	
              Heath
      Schiesser                          
              

              Printed
      Name

               

            	 
      	
              President and
      CEO                                         
      

              Title

            
	
              /s/ Heath
      Schiesser                             
      

              Signature

            	 
      	
              9/5/08                                                               
      

              Date

               

            
	
              WellCare of Ohio,
      Inc.                        
      

              Organization
      

            	 
      	
              8735 Henderson Rd.,
      Tampa, FL 33634       
      

              Address

            

    

    
      

    

    
       

    

    
      FOR THE
CENTERS FOR MEDICARE & MEDICAID SERVICES

       

      

    

    
      	
              /s/ Cynthia
      Tudor                                

              Cynthia
      Tudor, Ph.D.

              Director

            	
              9/18/08                                                              
      

              Date

            

    

    
      Medicare
Drug Benefit Group and

    

    
         C
& D Data Group

    

    
      Center
for Drug and Health Plan Choice

    

    
       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Medicare
Advantage Attestation of Benefit Plan

    

    
      WELLCARE
OF OHIO, INC.

    

    
      H0117

    

    
      Date:
08/29/2008

    

    
      

       

      I attest
that I have examined the Plan Benefit Packages (PBPs) identified below and that
the benefits identified in the PBPs are those that the above-stated organization
will make available to eligible beneficiaries in the approved service area
during program year 2009.  I further attest that we have reviewed the
bid pricing tools (BPTs) with the certifying actuary and have determined them to
be consistent with the PBPs being attested to here.

    

    
       

    

    
      I further
attest that these benefits will be offered in accordance with all applicable
Medicare program authorizing statutes and regulations and program guidance that
CMS has issued to date and will issue during the remainder of 2008 and 2009,
including but not limited to, the 2009 Call Letter, the 2009 Solicitations for
New Contract Applicants, the Medicare Prescription Drug Benefit Manual, the
Medicare Managed Care Manual, and the CMS memoranda issued through the Health
Plan Management System (HPMS).

    

    
      

    

    
      	
              Plan

              ID

            	
              Segment

              ID

            	
              Version

            	
              Plan
      Name

            	
              Plan
      Type

            	
              Transaction
      Type

            	
              MA
      Premium

            	
              Part
      D Premium

            	
              CMS
      Approval Date

            	
              Effective
      Date

            
	
              004*

            	
              0

            	
              9

            	
              WellCare
      Value

            	
              HMO

            	
              Renewal

            	
              0.00

            	
              0.00

            	
              08/29/2008

            	
              01/01/2009

            
	
              005

            	
              0

            	
              7

            	
              WellCare
      Value

            	
              HMO

            	
              Renewal

            	
              0.00

            	
              0.00

            	
              08/29/2008

            	
              01/01/2009

            
	
              007

            	
              0

            	
              7

            	
              WellCare
      Access

            	
              HMO

            	
              Renewal

            	
              0.00

            	
              28.40

            	
              08/29/2008

            	
              01/01/2009

            
	
              008

            	
              0

            	
              7

            	
              WellCare
      Select

            	
              HMO

            	
              Renewal

            	
              0.00

            	
              28.40

            	
              08/29/2008

            	
              01/01/2009

            
	
              009

            	
              0

            	
              7

            	
              WellCare
      Select

            	
              HMO

            	
              Renewal

            	
              0.00

            	
              26.00

            	
              08/29/2008

            	
              01/01/2009

            
	
              010**

            	
              0

            	
              7

            	
              WellCare
      Reserve

            	
              HMO

            	
              Renewal

            	
              0.00

            	
              28.40

            	
              08/29/2008

            	
              01/01/2009

            

    

    
      

       

      *As disclosed in the cover letter
to this Attestation of Benefit Plan, WellCare of Ohio, Inc. may not be able to offer Medicare Advantage
Coordinated Care Plan coverage in Geauga, Mahoning and
Trumbull Counties due
to a licensing issue with the Ohio Department of Insurance. Therefore, Plan ID 004 may only be offered in Cuyahoga,
Lake and Lorain Counties.

    

    
       

      **As disclosed in the cover letter to this
Attestation of Benefit Plan, WellCare of Ohio, Inc. may not be able
to offer Medicare Advantage Coordinated Care Plan coverage in Geauga, Mahoning
and Trumbull Counties due to
a licensing issue with the Ohio Department of Insurance. Therefore, Plan
ID 010 may not be offered in
any county.

    

    
       

      Page 1 of
2    - WELLCARE OF OHIO, INC. - H0117 -
08/29/2008

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
       

      

    

    
      	
              /s/ Heath
      Schiesser              
      

              CEO:

              Heath
      Schiesser

              CEO/President

              8735
      Henderson Road

              Tampa,
      FL 33634

              813-290-6205

            	 
      	
              9/5/08                          
        

              Date:

            
	 
      	 
      	 
      
	
              /s/ Thomas L.
      Tran               

              CFO:

              Tom
      Tran

              CFO

              8735
      Henderson Road

              Tampa,
      FL 33634

              813-290-6200
      (1770)

            	 
      	
              9/5/08                            
      

              Date:

            

    

    
      

      Page 2 of
2 – WELLCARE OF OHIO, INC. – H0117 – 08/29/2008EX-10.1

Exhibit 10.1

	 	 	 
	
 
	 	April 6, 2009
	The St. Joe Company

	245 Riverside Avenue

	Suite 500

	 	

	Jacksonville, Florida 32202

	Attn:

	 	Wm. Britton Greene, President and Chief Executive Officer

Ladies and Gentlemen:

In consideration for The St. Joe Company (the “Company”) and its Board of Directors
consenting to our acquisition of additional shares of common stock, no par value, of the Company
(“Common Stock”), Fairholme Funds, Inc. and Fairholme Capital Management, L.L.C.
(collectively, “we” or “Fairholme”) agrees as follows:

1. Fairholme agrees that, for the duration of the Standstill Period (as defined below),
without the prior written approval of a majority of the Independent Directors (as defined below),
Fairholme and its Affiliates (as defined below) will not, and Fairholme shall cause it and its
Affiliates and their respective directors and officers (together, the “Restricted
Persons”), not to, directly or indirectly: (i) acquire or offer to acquire, seek, propose or
agree to acquire, by means of a purchase, tender or exchange offer, any merger or other business
combination, recapitalization, or restructuring or by any other means, any material portion of
the assets or properties or any material business of the Company or any of its subsidiaries or
beneficial ownership of any securities (other than the purchase of common stock, no par value, of
the Company (“Common Stock”) to the extent permitted pursuant to Paragraph 2 of this letter
agreement), including any rights or options to acquire such ownership; (ii) seek or propose to
influence or advise (other than contacts with officers or directors of the Company), change or
control the management, the Board of Directors, governing instruments or policies or affairs of the
Company, including, without limitation, by means of a “solicitation” of “proxies” (as such terms
are defined in Rule 14a-1 of Regulation 14A promulgated pursuant to Section 14 of the Exchange Act,
disregarding clause (iv) of Rule 14a-1(l)(2) and including any otherwise exempt solicitation
pursuant to Rule 14a-2(b)), calling a special shareholders’ meeting or participating in or
executing a stockholder action by written consent, contacting any person (other than an officer or
director of the Company) relating to any of the matters set forth in this letter agreement or any
transaction involving the Company (other than in a transaction in the ordinary course of business
of the Company) or seeking to influence, advise or direct the vote of any holder of voting
securities of the Company (other than an officer or director of Fairholme or its Affiliates); (iii)
make public the fact that Fairholme has made a request to amend or waive this provision or any
other provision of this letter agreement; (iv) make any public disclosure, or take any action that
could require the Company to make any public disclosure, with respect to any of the matters set
forth in this letter agreement except to disclose the existence of this letter agreement in order
to comply with any required regulatory filings; it being understood that Fairholme may communicate
with its shareholders and account holders in the ordinary course of business so long as such
disclosures are not inconsistent with the provisions hereof; or (v) directly or indirectly enter
into any agreements or understandings or otherwise form a group (within the meaning of Section
13(d)(3) of the Exchange Act) with any other person, other than the Company, with respect to any of
the foregoing activities. The “Exchange Act” means the Securities Exchange Act of 1934, as
amended, or any successor statute. The term “Affiliate” shall have the meanings set forth
in Rule 12b-2 of the General Rules and Regulations under the Exchange Act; provided, that for
purposes hereof with respect to Fairholme, such term shall not include any account for whom the
Restricted Persons are not required to include as beneficially owned by any Restricted Person in
accordance with Rule 13d-3 promulgated pursuant to the Exchange Act) and that no entity shall be
deemed an Affiliate of Fairholme or any Restricted Person solely by virtue of the fact that
Fairholme has a single nominee on such entity’s board of directors. Fairholme agrees that, for the
duration of the Standstill Period, it shall cause all shares beneficially owned by any Restricted
Person and for which such person has proxy voting authority to be present at any meeting of
stockholders of the Company, either in person or by proxy, for purposes of a quorum.

2. Fairholme agrees that, for the duration of the Standstill Period, without the prior written
approval of a majority of the Independent Directors, the Restricted Persons will not acquire any
additional shares of Common Stock or the right or rights to acquire or vote additional voting
securities of the Company or otherwise enter into an agreement or consummate any transaction if, as
a result thereof, the Restricted Persons would have beneficial ownership equal to or in excess of
thirty percent (30%) of the outstanding Common Stock. Notwithstanding the foregoing, the
Restricted Persons may acquire additional shares of Common Stock or the right or rights to acquire
or vote additional voting securities of the Company in the event any other person, entity or group
that is not an Affiliate of the Restricted Persons (or in the case of a group, no Restricted Person
is a member of such group) acquires thirty percent (30%) or more of the outstanding Common Stock,
in which case Fairholme and its Affiliates shall then be permitted to acquire such number of
additional shares of Common Stock that would permit it to beneficially own an aggregate amount of
Common Stock having beneficial ownership equal to the beneficial ownership of such unaffiliated
person, entity or group at the time of such acquisition by Fairholme.

3. Fairholme agrees that, for the duration of the Standstill Period, without the prior written
approval of a majority of the Independent Directors, the Restricted Persons shall not enter into
any short sale, purchase any put options or otherwise enter into any transaction designed to hedge
or swap the risk of ownership of the Company’s Common Stock.

4. The Company shall furnish Fairholme with Board resolutions that would permit Fairholme to
acquire under Section 902 of the Florida Business Corporation Act beneficial ownership, including
voting rights, of more than one-fifth (but not more than 30%) of the voting power of the
outstanding shares of the Company prior to the Threshold Date, provided that such Board resolutions
will cease to be effective on the date the Restricted Persons no longer beneficially own at least
20% of the outstanding Common Stock for a continuous period longer than 6 months. Fairholme shall
promptly, and in any event within 3 business days, notify the Company whenever any Restricted
Person becomes or ceases to be the beneficial owner of at least 20% of the outstanding shares of
Common Stock.

5. The restrictions and agreements made by Fairholme contained in Paragraphs 1 and 2 above
shall also terminate upon the earliest to occur of: (i) the end of a continuous period longer than
six months during which the Restricted Persons beneficially own in the aggregate less than 10% of
the outstanding Common Stock; (ii) the Company’s breach of any provision of this letter agreement,
which breach shall continue uncured for more than 30 days after receiving notice of such breach
from Fairholme (but any such breach hereof by the Company shall not relieve the Company of the
restrictions and agreements made by it herein); (iii) the acquisition by any person or “group” that
is not an Affiliate of Fairholme (and no Restricted Person is a member of such group) of more than
30% of the outstanding Common Stock or any other class of voting equity securities of the Company;
(iv) the date on which the Company shall have entered into any merger or other business combination
pursuant to which the Company or all or substantially all of it assets or properties will be merged
with or acquired by an entity other than merger or business combination with a wholly-owned
subsidiary; (v) a majority of the members of the Board of Directors of the Company (the
“Board”) cease to be persons who either (a) were a member of the Board on the date hereof
or (b) were nominated for election or elected to the Board with the affirmative vote of a majority
of the persons who were members of such Board at the time of such nomination or election (such
members of the Board who do not meet the criteria in subparagraph (a) or (b), “Non-Continuing
Directors”), provided, however, that in each case, no Restricted Person either affirmatively
voted for the election of any such Non-Continuing Directors or abstained from voting in the
election of any such Non-Continuing Directors and each Restricted Person is not otherwise in
violation of the terms of this Agreement; (vi) the Company is the subject of a tender or exchange
offer commenced by any person or entity who is not an Affiliate of a Restricted Person which, if
consummated, would result in the acquisition of beneficial ownership by such person or entity of
Company securities having 30% or more than the aggregate voting power of all then-outstanding
classes and series of Company securities and the Company shall have failed to expressly recommend
to its stockholders the rejection of such tender or exchange offer in accordance with Rule
14e-2(a)(1) under the Exchange Act within 10 business days after such tender or exchange offer is
first published or sent or given as provided in such Rule; or (vii) the Company (a) commences,
consents to or acquiesces in, or is otherwise subject to any bankruptcy, reorganization, debt
arrangement, dissolution, liquidation or other case or proceeding under any state or federal
bankruptcy or insolvency law, (b) applies for, consents to, or acquiesces in, the appointment of a
trustee, receiver or other custodian for the Company or substantial part of its property, or makes
a general assignment for the benefit of creditors, under any state or federal bankruptcy or
insolvency law, (c) has a trustee, receiver, or other custodian appointed for the Company or any
substantial part of the Company’s property under any state or federal bankruptcy or insolvency law,
or (d) has a bankruptcy, reorganization, debt arrangement, or other case or proceeding under any
state or federal bankruptcy or insolvency law, that is involuntarily commenced against or in
respect of the Company and which shall not have been dismissed within 30 days following the
commencement thereof.

6. The parties hereto acknowledge and agree that money damages would not be a sufficient
remedy for any breach or threatened breach of any provision of this letter agreement, and that in
addition to all other remedies which we or the Company may have, each of the parties hereto will be
entitled to seek specific performance and injunctive or other equitable relief as a remedy for any
such breach, without the necessity of posting any bond.

7. It is understood and agreed that no failure or delay by a party hereto in exercising any
right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the exercise of any
right, power or privilege hereunder.

8. The invalidity or unenforceability of any provision of this letter agreement shall not
affect the validity or enforceability of any other provisions of this letter agreement, which shall
remain in full force and effect.

9. This letter agreement, including, without limitation, the provisions of this Paragraph 9,
may not be amended, modified, terminated or waived, in whole or in part, except upon the prior
written approval of a majority of the Independent Directors and by a separate writing signed by the
Company and Fairholme expressly so amending, modifying, terminating or waiving such agreement or
any part hereof. Any such amendment, modification, termination or waiver of this letter agreement
or any part hereof made without the prior written approval of the Independent Directors shall be
void and of no legal effect.

10. This letter agreement may be executed in two or more counterparts (including by means of
facsimile), each of which shall be deemed to be an original but all of which together shall
constitute one and the same instrument. Receipt of an executed signature page to this letter
agreement by facsimile or other electronic transmission shall constitute effective delivery
thereof. Electronic records of this executed letter agreement shall be deemed to be originals
thereof.

11. Each party agrees and consents to personal jurisdiction and service of process and
exclusive venue in the federal district court for Miami-Dade County in the Southern District of
Florida, or in the state court in Miami-Dade County in the State of Florida, for the purposes of
any action, suit or proceeding arising out of or relating to this letter agreement. This letter
agreement shall be governed by, and construed in accordance with, the laws of the State of Florida,
without regards to its conflicts of law principles.

12. The “Standstill Period” means the period beginning on the date hereof and ending
on the second anniversary of the date hereof (the “Threshold Date”); provided that if prior
to the Threshold Date the Restricted Persons acquire beneficial ownership equal to in excess of
twenty percent (20%) of the outstanding Common Stock, the Standstill Period will continue until and
end on the third anniversary of the date of this Agreement. The term “person” as used in
this letter agreement shall be broadly interpreted to include, without limitation, the media and
any corporation, company, group, partnership, trust, governmental entity or individual.
“Independent Directors” means, as of any date of determination, any person who (i) was a
member of the Board on the date hereof or (ii) was nominated for election or elected to the Board
with the affirmative vote of a majority of the Independent Directors who were members of the Board
at the time of such nomination or election and who has no material direct or indirect financial
interest in or with respect to any Restricted Person. The terms “beneficial ownership” and
“beneficially owned” shall have the meanings ascribed to such terms under Section 13(d) of
the Exchange Act and the rules and regulations of the SEC thereunder and the term “beneficially
own” shall have the corresponding definition.

Signatures to follow

Very truly yours,

Fairholme Funds, Inc.

By: /s/ Bruce Berkowitz

Name: Bruce Berkowitz

Title: President

Fairholme Capital Management, L.L.C.

By: /s/ Bruce Berkowitz

Name: Bruce Berkowitz

Title: Managing Member

Confirmed and agreed to as of the date first written above:

The St. Joe Company

By: /s/ Wm. Britton Greene

Name: Wm. Britton Greene

Title: President and Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]