Document:

exhibit101

                                                            EXECUTION COPY                                                                                                             FIRST AMENDMENT TO             AMENDED AND RESTATED MANAGEMENT AGREEMENT                                                  This FIRST  AMENDMENT    (this  "Amendment")  to AMENDED  AND  RESTATED  MANAGEMENT AGREEMENT is entered into as of January 14, 2020 by and among Safehold  Inc., a Maryland corporation (the "Company"), Safehold Operating Partnership LP, a Delaware  limited  partnership  (the  "Operating  Partnership"),  SFTY  Manager  LLC, a  Delaware  limited  liability company (the "Manager") and iStar Inc., a Maryland corporation ("iStar").  Capitalized  terms  used but not  otherwise  defined  herein  have  the  meanings  set  forth  in  the Existing  Management Agreement (defined below).                                     RECITALS         WHEREAS, in connection with the decision by the Company and iStar to expand their  relationship beginning in January 2019, the Company and iStar entered into certain agreements  including, together with the Operating Partnership and the Manager, the Amended and Restated  Management Agreement, dated as of January 2, 2019 (the "Existing Management Agreement");         WHEREAS,  since January  2019, the Company has significantly grown its  portfolio of  ground leases and increased its share price and total shareholder return, in large part due to the  efforts of the Manager;         WHEREAS, the Company and iStar believe that it is advisable and in their respective best  interests to extend the terms of certain of the arrangements between them with the objective of  building on the success achieved to date and enhancing the Company's prospects for continued   achievement; and         WHEREAS, in light of the foregoing, the parties to the Existing Management Agreement  desire to amend the Existing Management Agreement as set forth herein.         NOW THEREFORE, in consideration of the premises and the mutual covenants herein  contained, and other good and valuable consideration, the receipt and sufficiency of which are  hereby acknowledged, the parties hereby agree as follows:         1.    Amendment.   The  definition  of  "Initial  Term" in  Section  1.  Definitions  of  the  Existing Management Agreement is hereby amended and restated to read in its entirety as follows:         "Initial Term: means the period from January 1, 2019 through June 30, 2023.         2.    Governing Law.  This  Amendment and the rights and obligations of the parties  under this Amendment shall be governed by, and construed and interpreted in accordance with,  the laws of the State of New York without regard to conflicts of law principles to the contrary.         3.    Conflict.   In  the  event  of  a  conflict  between  the  terms  and  conditions  of  this  Amendment and the terms and conditions of the Existing Management Agreement, such conflict  shall  be  resolved  in  favor  of  the  terms  and  conditions  of  this  Amendment  and  the  Existing  Management Agreement shall be construed accordingly.                                                                                    

 

      4.    Ratification.   Except  as  modified  hereby,  the  Existing Management Agreement  remain in full force and effect in accordance with its terms and is hereby ratified and confirmed in  all respects.         5.    Counterparts. This Amendment may be executed in any number of counterparts,  each of which shall be deemed an original as against any party whose signature appears thereon,  and all of which constitute one and the same instrument.         6.    Facsimile/PDF  Signatures.   In  order  to  expedite  the  transaction  contemplated  herein, telecopied, facsimile, or .pdf (exchanged via e-mail) signatures may be used in place of  original signatures on this Amendment. The parties intend to be bound by the signatures on the  telecopied, facsimile or pdf document, are aware that the other parties will rely on the telecopied,  facsimile or .pdf signatures, and hereby waive any defenses to the enforcement of the terms of this  Amendment based on the form of signature.         7.    Binding Effect.  This Amendment shall be binding upon and inure to the benefit of  the  parties  hereto  and their respective  heirs,  legal  representatives,  successors  and  permitted  assignees.                        [Remainder of page intentionally left blank.                               Signature page follows.]                                         - 2 -                                      

 

                                                                                       IN WITNESS   WHEREOF,  the  undersigned hereto  have  duly  executed  this  First  Amendment to Amended and Restated Management Agreement as of the day and year first above  written.                                       SAFEHOLD INC.                                       /s/ Jay Sugarman                                                    Name:  Jay Sugarman                                      Title:   Chief Executive Officer                                       SAFEHOLD OPERATING PARTNERSHIP LP                                      By:  SIGOP Gen Par LLC, its general partner                                       /s/ Jay Sugarman                                                    Name:  Jay Sugarman                                      Title:   Chief Executive Officer                                       SFTY MANAGER LLC                                       /s/ Marcos Alvarado                                                 Name:  Marcos Alvarado                                      Title:   President                                       iSTAR INC.                                       /s/ Marcos Alvarado                                                 Name:  Marcos Alvarado                                      Title:   Presidentexhibit102

                                                            EXECUTION COPY                                                                                                             FIRST AMENDMENT TO                           EXCLUSIVITY AGREEMENT                                                  This FIRST AMENDMENT    (this "Amendment") to EXCLUSIVITY AGREEMENT   is  entered into as of January 14, 2020 by and between Safehold Inc., a Maryland corporation (the  "Company"), and iStar Inc., a Maryland corporation ("iStar").  Capitalized terms  used but not  otherwise  defined  herein  have  the  meanings  set  forth  in  the Existing Exclusivity Agreement  (defined below).                                     RECITALS         WHEREAS, in connection with the Company's initial public offering, the Company and  iStar entered into an Exclusivity and Expense Reimbursement Agreement, dated as of June 27,  2017 (the "Existing Exclusivity Agreement"), pursuant to which, among other things, iStar made  certain exclusivity commitments to the Company;         WHEREAS, in connection with the decision by the Company and iStar to expand their  relationship beginning in January 2019, the Company and iStar entered into certain agreements  including,  together  with  Safehold  Operating  Partnership  L.P.  and  SFTY  Manager  LLC,  the  Amended and Restated Management Agreement, dated as of January 2, 2019 (as amended from  time to time, the "Management Agreement");         WHEREAS, since January  2019, the Company has  significantly  grown its  portfolio of  ground leases and increased its share price and total shareholder return, in large part due to the  efforts of iStar, as the Company's external manager;         WHEREAS, the Company and iStar believe that it is advisable and in their respective best  interests to extend the terms of certain of the arrangements between them with the objective of  building on the success achieved to date and enhancing the Company's prospects for continued   achievement; and         WHEREAS, in light of the foregoing, the parties to the Existing Exclusivity Agreement  desire to amend the Existing Exclusivity Agreement as set forth herein.         NOW THEREFORE, in consideration of the premises and the mutual covenants herein  contained, and other good and valuable consideration, the receipt and sufficiency of which are  hereby acknowledged, the parties hereby agree as follows:         1.    Amendment.  The definition of "Restricted Period" in Section 1(b) of the Existing  Exclusivity Agreement is hereby amended and restated in its entirety as follows:         "Restricted Period" means the period from and after the date hereof until the effective date  of the expiration or earlier termination of the Management Agreement; provided, however, that if  the Management Agreement has expired or terminated because the Manager (as defined in the  Management Agreement) has declined to renew the Management Agreement pursuant to Section  14(d) of the Management Agreement (a "Manager Termination for Convenience"), the Restricted  Period shall mean the period from and after the date hereof to, and including, the date of the 12                                                                                    

 

months anniversary of the effective date of termination of the Management Agreement resulting  from such Manager Termination for Convenience.         2.    Governing Law.  This  Amendment and the rights and obligations of the parties  under this Amendment shall be governed by, and construed and interpreted in accordance with,  the laws of the State of New York without regard to conflicts of law principles to the contrary.         3.    Conflict.   In  the  event  of  a  conflict  between  the  terms  and  conditions  of  this  Amendment and the terms and conditions of the Existing Exclusivity Agreement, such conflict  shall  be  resolved  in  favor  of  the  terms  and  conditions  of  this  Amendment  and  the Existing  Exclusivity Agreement shall be construed accordingly.         4.    Ratification.   Except  as  modified  hereby,  the Existing  Exclusivity Agreement  remain in full force and effect in accordance with its terms and is hereby ratified and confirmed in  all respects.         5.    Counterparts. This Amendment may be executed in any number of counterparts,  each of which shall be deemed an original as against any party whose signature appears thereon,  and all of which constitute one and the same instrument.         6.    Facsimile/PDF  Signatures.   In  order  to  expedite  the  transaction  contemplated  herein, telecopied, facsimile, or .pdf (exchanged via e-mail) signatures may be used in place of  original signatures on this Amendment. The parties intend to be bound by the signatures on the  telecopied, facsimile or pdf document, are aware that the other parties will rely on the telecopied,  facsimile or .pdf signatures, and hereby waive any defenses to the enforcement of the terms of this  Amendment based on the form of signature.         7.    Binding Effect.  This Amendment shall be binding upon and inure to the benefit of  the  parties  hereto  and their respective  heirs,  legal  representatives,  successors  and  permitted  assignees.                        [Remainder of page intentionally left blank.                               Signature page follows.]                                         - 2 -                                      

 

                                                                                       IN WITNESS   WHEREOF,  the  undersigned hereto  have  duly  executed  this  First  Amendment to Exclusivity Agreement as of the day and year first above written.                                       SAFEHOLD INC.                                       /s/ Jay Sugarman                                                    Name:  Jay Sugarman                                      Title:   Chief Executive Officer                                       iSTAR INC.                                       /s/ Marcos Alvarado                                                 Name:  Marcos Alvarado                                      Title:   President

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