Document:

exv4w1

Exhibit
4.1

SECOND AMENDMENT TO

RIGHTS AGREEMENT

     This SECOND AMENDMENT TO RIGHTS AGREEMENT (the “Amendment”) is entered into as of February 23,
2009 between Tier Technologies, Inc., a Delaware corporation (the “Company”), and American Stock
Transfer & Trust Company, a New York corporation, as Rights Agent (the “Rights Agent”).

W I T N E S S E T H

     WHEREAS, the Company and the Rights Agent entered into a Rights Agreement dated January 10,
2006 (the “Original Agreement”);

     WHEREAS, on July 12, 2007, the Company and the Rights Agent amended the Original Agreement to
modify the definition of “Acquiring Person” set forth therein and to make a corresponding
modification to Section 3(a), in each case so as to increase the 10% threshold described in those
provisions to a 15% threshold (the “First Amendment”); and

     WHEREAS, the Company and the Rights Agent wish to further amend the Original Agreement, as
amended by the First Amendment, to modify the definition of “Acquiring Person” set forth therein
and to make a corresponding modification to Section 3(a), in each case so as to increase the 15%
threshold described in those provisions to a 25% threshold;

     NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth,
the parties hereby agree as follows:

     1. Section 1(a) of the Original Agreement, as amended by the First Amendment, shall be deleted
in its entirety and the following Section 1(a) shall be substituted therefor:

     (a) “Acquiring Person” shall mean any Person who or which, together with all Affiliates
and Associates of such Person, shall be the Beneficial Owner of 25% or more of the shares of
Common Stock then outstanding, but shall not include (i) the Company, (ii) any Subsidiary of
the Company, (iii) any employee benefit plan of the Company or of any Subsidiary of the
Company, or (iv) any Person organized, appointed or established by the Company for or
pursuant to the terms of any such plan. Notwithstanding the foregoing, (x) no Person shall
become an “Acquiring Person” as the result of an acquisition of Common Stock by the Company
which, by reducing the number of shares outstanding, increases the
proportionate number of shares beneficially owned by such Person to 25% or more of the shares of Common Stock of the
Company then outstanding; provided, however that if a Person shall become the Beneficial
Owner of 25% or more of the shares of Common Stock of the Company then outstanding as the
result of an acquisition of Common Stock by the Company and shall, following written notice
from, or public disclosure by the Company of such share purchases by the Company become the
Beneficial Owner of any additional Common Stock of the Company and shall then beneficially
own 25% or more of the shares of Common Stock then outstanding, then such Person shall be
deemed to be an “Acquiring Person” and (y) if the Board determines in good faith that a
Person who would otherwise be an “Acquiring Person,” as defined pursuant to the foregoing
provisions of this paragraph (a), has become such inadvertently, and such Person divests as
promptly as practicable (as determined in good faith by the

 

 

Board of Directors), but in any event within 15 Business Days, following receipt of written
notice from the Company of such event, of Beneficial Ownership of a
sufficient number of shares of Common Stock so that such Person would no longer be an “Acquiring Person,” as
defined pursuant to the foregoing provisions of this paragraph (a), then such Person shall
not be deemed to be an “Acquiring Person” for any purposes of this Agreement unless and
until such Person shall again become an “Acquiring Person.”

     2. Section 3(a) of the Original Agreement, as amended by the First Amendment, shall be deleted
in its entirety and the following Section 3(a) shall be substituted therefor:

     (a) Until the earlier of (i) the close of business on the tenth Business Day (or such
later date as may be determined by the Board) after the Stock Acquisition Date (or, if the
tenth Business Day after the Stock Acquisition Date occurs before the Record Date, the close
of business on the Record Date), or (ii) the close of business on the tenth Business Day (or
such later date as may be determined by action of the Board) after the date that a tender or
exchange offer by any Person (other than the Company, any Subsidiary of the Company, any
employee benefit plan of the Company or of any Subsidiary of the Company, or any Person
organized, appointed or established by the Company for or pursuant to the terms of any such
plan) is first published or sent or given within the meaning of Rule 14d-2 of the General
Rules and Regulations under the Exchange Act, if upon consummation thereof, such Person
would be the Beneficial Owner of 25% or more of the shares of Common Stock then outstanding
(the earlier of (i) and (ii) being herein referred to as the “Distribution Date”), (x) the
Rights will be evidenced by the certificates for the Common Stock registered in the names of
the holders of the Common Stock (which certificates for Common Stock shall be deemed also to
be certificates for Rights) and not by separate certificates, and (y) the Rights will be
transferable only in connection with the transfer of the underlying shares of Common Stock
(including a transfer to the Company). As soon as practicable after the Distribution Date,
the Rights Agent will send by first-class, insured, postage prepaid mail, to each record
holder of the Common Stock as of the close of business on the Distribution Date, at the
address of such holder shown on the records of the Company, one or more rights certificates,
in substantially the form of Exhibit B hereto (the “Rights Certificates”),
evidencing one Right for each share of Common Stock so held, subject to adjustment as
provided herein. With respect to certificates for the Common Stock outstanding as of the
close of business on the Record Date, until the Distribution Date, the Rights will be
evidenced by such certificates for the Common Stock and the registered holders of the Common
Stock shall also be the registered holders of the associated Rights. In addition, in
connection with the issuance or sale of shares of Common Stock following the Distribution
Date and prior to the redemption or expiration of the Rights, the Company (i) shall, with
respect to shares of Common Stock so issued or sold pursuant to the exercise of stock
options or under any employee benefit plan or arrangement, or upon the exercise, conversion
or exchange of securities granted or issued by the Company prior to the Distribution Date,
and (ii) may, in any other case, if deemed necessary or appropriate by the Board, issue
Rights Certificates representing the appropriate number of Rights in connection with such
issuance or sale; provided, however, that (x) no such Rights Certificate shall be issued if,
and to the extent that, the Company shall be advised by counsel that such issuance would
create a significant risk of material adverse tax consequences to the Company or the Person
to whom such Rights Certificate would be

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issued, and (y) no such Rights Certificate shall be issued if, and to the extent that,
appropriate adjustment shall otherwise have been made in lieu of the issuance thereof. In
the event that an adjustment in the number of Rights per share of Common Stock has been made
pursuant to Sections 11(i) or 11(p) hereof, at the time of distribution of the Rights
Certificates, the Company shall make the necessary and appropriate rounding adjustments (in
accordance with Section 14(a) hereof) so that Rights Certificates representing only whole
numbers of Rights are distributed and cash is paid in lieu of any fractional Rights. As of
and after the Distribution Date, the Rights will be evidenced solely by such Rights
Certificates.

     3. This Amendment may be executed in any number of counterparts and each of such counterparts
shall for all purposes be deemed to be an original, and all such counterparts shall together
constitute but one and the same instrument.

     4. This Amendment shall for all purposes be governed by and construed in accordance with the
laws of Delaware applicable to contracts made and to be performed entirely within Delaware.

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     IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to Rights Agreement
to be duly executed and their respective corporate seals to be hereunto affixed and attested, all
as of the day and year first above written.

	 	 	 	 	 	 	 
	ATTEST:	 	TIER TECHNOLOGIES, INC.
	 
	 	 	 	 	 	 
	By:

	 	/s/ Keith S. Omsberg
	 	By:
	 	/s/ Ronald L. Rossetti
	 

	 	 
	 	 	 	 
	Name:

	 	Keith S. Omsberg
	 	Name:
	 	Ronald L. Rossetti
	Title:

	 	Vice President, General
Counsel and Secretary
	 	Title:
	 	Chief Executive Officer and
Chairman of the Board of Directors
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	ATTEST:	 	AMERICAN STOCK TRANSFER & TRUST COMPANY
	 
	 	 	 	 	 	 
	By:

	 	/s/ Susan Silber
	 	By:
	 	/s/ Herbert J. Lemmer
	 

	 	 
	 	 	 	 
	Name:

	 	Susan Silber
	 	Name:
	 	Herbert J. Lemmer
	Title:

	 	Assistant Secretary
	 	Title:
	 	 Vice President

4exv10w3

Exhibit 10.3

SECOND AMENDMENT TO CREDIT AGREEMENT

          THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is made as of the 20th day of
February, 2009, by and among THE ST. JOE COMPANY, a Florida corporation, ST. JOE TIMBERLAND COMPANY
OF DELAWARE, L.L.C., a Delaware limited liability company, ST. JOE FINANCE COMPANY, a Florida
corporation, ST. JOE RESIDENTIAL ACQUISITIONS, INC., a Florida corporation, the LENDERS listed on
the signature pages hereof and BRANCH BANKING AND TRUST COMPANY, as Administrative Agent.

RECITALS:

          The Borrower, the Initial Guarantors, the Administrative Agent and the Lenders have entered
into a certain Credit Agreement dated as of September 19, 2008, as amended by a First Amendment to
Credit Agreement dated October 30, 2008 (referred to herein as the “Credit Agreement”).
Capitalized terms used in this Amendment which are not otherwise defined in this Amendment shall
have the respective meanings assigned to them in the Credit Agreement.

          The Borrower and Initial Guarantors have requested the Administrative Agent and the Lenders to
amend Section 5.07 of the Credit Agreement. The Lenders, the Administrative Agent, the Initial
Guarantors and the Borrower desire to amend the Credit Agreement upon the terms and conditions
hereinafter set forth.

          NOW, THEREFORE, in consideration of the Recitals and the mutual promises contained herein and
for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Borrower, the Initial Guarantors, the Administrative Agent and the Lenders,
intending to be legally bound hereby, agree as follows:

          SECTION 1. Recitals. The Recitals are incorporated herein by reference and shall be
deemed to be a part of this Amendment.

          SECTION 2. Amendments. The Credit Agreement is hereby amended as set forth in this
Section 2.

          SECTION 2.01. Amendment to Section 5.07. Section 5.07 of the Credit Agreement is
amended and restated to read in its entirety as follows:

     SECTION 5.07. Minimum Consolidated Tangible Net Worth. Consolidated
Tangible Net Worth shall at no time be less than $900,000,000, plus 100% of the
cumulative Net Proceeds of Capital Stock/Conversion of Debt received during any
period after June 30, 2008, calculated quarterly at the end of each Fiscal Quarter.

 

 

          SECTION 3. Conditions to Effectiveness. The effectiveness of this Amendment and the
obligations of the Lenders hereunder are subject to the following conditions, unless the Required
Lenders waive such conditions:

          (a) receipt by the Administrative Agent from each of the parties hereto of a duly executed
counterpart of this Amendment signed by such party;

          (b) the Administrative Agent shall have received resolutions from the Borrower and Initial
Guarantors and other evidence as the Administrative Agent may reasonably request, respecting the
authorization, execution and delivery of this Amendment; and

          (c) the fact that the representations and warranties of the Borrower and Initial Guarantors
contained in Section 5 of this Amendment shall be true on and as of the date hereof.

          SECTION 4. No Other Amendment. Except for the amendments set forth above, the text
of the Credit Agreement shall remain unchanged and in full force and effect. This Amendment is not
intended to effect, nor shall it be construed as, a novation. The Credit Agreement and this
Amendment shall be construed together as a single agreement. Nothing herein contained shall waive,
annul, vary or affect any provision, condition, covenant or agreement contained in the Credit
Agreement, except as herein amended, nor affect nor impair any rights, powers or remedies under the
Credit Agreement as hereby amended. The Lenders and the Administrative Agent do hereby reserve all
of their rights and remedies against all parties who may be or may hereafter become secondarily
liable for the repayment of the Notes. The Borrower and Initial Guarantors promise and agree to
perform all of the requirements, conditions, agreements and obligations under the terms of the
Credit Agreement, as heretofore and hereby amended, and the other Loan Documents being hereby
ratified and affirmed. The Borrower and Initial Guarantors hereby expressly agree that the Credit
Agreement, as amended, and the other Loan Documents are in full force and effect.

          SECTION 5. Representations and Warranties. The Borrower and Initial Guarantors
hereby represent and warrant to each of the Lenders as follows:

          (a) No Default or Event of Default under the Credit Agreement or any other Loan Document has
occurred and is continuing unwaived by the Lenders on the date hereof.

          (b) The Borrower and Initial Guarantors have the power and authority to enter into this
Amendment and to do all acts and things as are required or contemplated hereunder to be done,
observed and performed by them.

          (c) This Amendment has been duly authorized, validly executed and delivered by one or more
authorized officers of the Borrower and Initial Guarantors and constitutes the legal, valid and
binding obligations of the Borrower and Initial Guarantors enforceable against them in accordance
with its terms, provided that such enforceability is subject to general principles of equity.

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          (d) The execution and delivery of this Amendment and the performance by the Borrower and
Initial Guarantors hereunder do not and will not require the consent or approval of any regulatory
authority or governmental authority or agency having jurisdiction over the Borrower, or any Initial
Guarantor, nor be in contravention of or in conflict with the articles of incorporation, bylaws or
other organizational documents of the Borrower, or any Initial Guarantor that is a corporation, the
articles of organization or operating agreement of any Initial Guarantor that is a limited
liability company, or the provision of any statute, or any judgment, order or indenture,
instrument, agreement or undertaking, to which any Borrower, or any Initial Guarantor is party or
by which the assets or properties of the Borrower and Initial Guarantors are or may become bound.

          SECTION 6. Counterparts. This Amendment may be executed in multiple counterparts,
each of which shall be deemed to be an original and all of which, taken together, shall constitute
one and the same agreement.

          SECTION 7. Governing Law. This Amendment shall be construed in accordance with and
governed by the laws of the State of North Carolina.

          SECTION 8. Effective Date. This Amendment shall be effective as of February 20,
2009.

[The remainder of this page intentionally left blank.]

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          IN WITNESS WHEREOF, the parties hereto have executed and delivered, or have caused their
respective duly authorized officers or representatives to execute and deliver, this Amendment as of
the day and year first above written.

	 	 	 	 	 
	 	THE ST. JOE COMPANY

 	 
	 	By:  	/s/ Stephen W. Solomon
 	 
	 	Name:  	 	Stephen W. Solomon 	 
	 	Title:  	 	Senior Vice President - Treasurer

[CORPORATE SEAL] 	 
	 
	 	ST. JOE TIMBERLAND COMPANY OF DELAWARE, L.L.C.

 
	 	By:  	/s/ Stephen W. Solomon
 	 
	 	Name:  	 	Stephen W. Solomon 	 
	 	Title:  	 	Senior Vice President - Treasurer

[CORPORATE SEAL] 	 
	 
	 	ST. JOE FINANCE COMPANY

 	 
	 	By:  	/s/ Stephen W. Solomon
 	 
	 	Name:  	 	Stephen W. Solomon 	 
	 	Title:  	 	Vice President - Treasurer

[CORPORATE SEAL] 	 
	 
	 	ST. JOE RESIDENTIAL ACQUISITIONS, INC.

 	 
	 	By:  	/s/ Stephen W. Solomon
 	 
	 	Name:  	 	Stephen W. Solomon 	 
	 	Title:  	 	Senior Vice President - Treasurer

[CORPORATE SEAL] 	 
	 

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	 	BRANCH BANKING AND TRUST COMPANY,

as Administrative Agent and as a Lender

 	 
	 	By:  	/s/ Michael F. Skorich
 	 (SEAL)
	 	Name:  	 	Michael F. Skorich 	 
	 	Title:  	 	Senior Vice President 	 
	 

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