SEC Contract Filing

Filing Date: 2016-11-03

Document Content:
<DOCUMENT>
<TYPE>EX-10.49C
<SEQUENCE>2
<FILENAME>joe-2016930xex1049c.htm
<DESCRIPTION>EXHIBIT 10.49C
<TEXT>
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<div><a name="s9FAF1D27BE4FF7C75DB62A525371B0BF"></a></div><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 10.49c</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">FIRST AMENDMENT TO INVESTMENT MANAGEMENT AGREEMENT</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">This First Amendment to Investment Management Agreement (&#8220;First Amendment&#8221;) is made effective as of the 1st day of November, 2016, by and between FAIRHOLME TRUST COMPANY, LLC., a Florida limited liability company and THE ST. JOE COMPANY, a Florida corporation (&#8220;Client&#8221;). </font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">WHEREAS, the parties entered into that certain Investment Management Agreement dated October 9, 2015 (the &#8220;Agreement&#8221;); and </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">WHEREAS, the parties now desire to make certain modifications to the terms of the Agreement.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">NOW THEREFORE, in consideration of the mutual promises and covenants contained in this First Amendment and in the Agreement, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows: </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Recitals.</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#32;&#32;</font><font style="font-family:inherit;font-size:10pt;">The recitals set forth above are true and correct and are hereby incorporated herein as if again set forth in their entirety.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Section 9(c) to the Agreement</font><font style="font-family:inherit;font-size:10pt;">. The parties agree that the provisions of Section 9(c) shall be deleted in its entirety and replaced with the following: </font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(c) In addition to the above and to the greatest extent permitted under applicable law, the Client agrees that FTC will have no liability for and the Client agrees to reimburse, indemnify and hold harmless FTC and its partners, directors, officers, employees, agents and any person controlled by or controlling FTC (&#8220;Indemnitees&#8221;) from all Losses that result from: (1) any misrepresentation, negligent act or negligent omission by the Client or the Client&#8217;s previous or other advisers, custodians or other agents; (2) any inaccuracy or breach of the Client&#8217;s representations, warranties, covenants or agreements contained in this Agreement; (3) FTC&#8217;s following the Client&#8217;s or the Client&#8217;s agent&#8217;s directions or failing to follow the Client&#8217;s or the Client&#8217;s agent&#8217;s unlawful or unreasonable directions; (4) any of the Client&#8217;s negligent actions or the negligent actions of the Client&#8217;s previous or other advisers, custodians or other agents; or (5) the failure by any person not controlled by FTC to perform any obligations to the Client.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inheri