Document:

EX-10.1

Exhibit 10.1

SECOND AMENDMENT TO

EMPLOYMENT AGREEMENT

This SECOND AMENDMENT to the Employment Agreement entered into as of July 27, 2006, as amended
(the “Agreement”), by and between WM. BRITTON GREENE (“Executive”) and THE ST. JOE COMPANY, a
Florida corporation (the “Company”), shall be effective as of February 15, 2008.

WHEREAS, the Company and the Executive previously entered into the Agreement in order to
establish the terms and conditions of the Executive’s employment with the Company;

WHEREAS, as a result of the Executive’s promotion to Chief Executive Officer, the Company and
the Executive desire to amend certain terms of the Agreement;

NOW THEREFORE, in consideration of the premises and mutual covenants herein contained, and for
other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the Executive and the Company, intending to be legally bound, hereby amend the Agreement as
follows:

1. Section 6.4(a) of the Agreement shall be amended to read as follows:

“(a) pay to the Executive, in a lump sum within 30 days of the Date of Termination, an
amount equal to two times the sum of the Executive’s Base Salary plus the Bonus Amount,
provided, however, that if Executive is a “specified employee” within the meaning of Section
409A(a)(2)(B)(i) of the Code as of the Date of Termination, then any such amounts payable
under this Section 6.4(a) shall be paid instead to the Executive in a lump sum on the
earlier of (x) the date which is six months following his Date of Termination and (y) the
date of the Executive’s death, and not before;”

2. Except as amended hereby, the Agreement shall remain in full force and effect. This Second
Amendment may be executed in two or more counterparts each of which shall be deemed to be an
original, but all of which shall constitute one and the same instrument.

IN WITNESS WHEREOF, the Executive and the Company have executed and delivered this Second
Amendment effective as of February 15, 2008.

THE ST. JOE COMPANY

By:  /s/ Rusty Bozman

Rusty Bozman

Vice President – Human Resources

EXECUTIVE

 /s/ Wm. Britton Greene

Wm. Britton GreeneEX-10.2

Exhibit 10.2

RESTRICTED STOCK AGREEMENT

Award Details:

	 	 	 	 	 
	Participant:
	 	 	 	 
	 
	 	 	 	 
	Plan Year:
	 	 	 	 
	 
	 	 	 	 
	Number of Restricted Shares:
	 	 	 	 
	 
	 	 	 	 
	Performance Period:
	 	February 12, 2008 through January 31, 2011
	Date of Grant:
	 	February 12, 2008
	Fair Market Value
	 	$	38.74	 

(at close of business on Date of Grant)

Agreement:

This Restricted Stock Agreement (“Agreement”) is entered into as of the Date of Grant between
the Participant and The St. Joe Company, a Florida corporation (the “Company”), pursuant to the
Company’s Stock Incentive Plan established for the Plan Year designated above (the “Plan”).

WHEREAS, the Company desires to grant, and the Participant desires to receive, an award of
Restricted Shares pursuant to the terms and conditions of the Plan and this Agreement,

NOW, THEREFORE, the Participant and the Company hereby agree as follows:

1. The Plan and Defined Terms. The provisions of the Plan, the Award Details listed
above, and Exhibit A are incorporated into this Agreement by reference. Capitalized terms used but
not defined in this Agreement or the Award Details set forth above shall have the meanings ascribed
to them in the Plan.

2. Grant of Restricted Shares. As of the Date of Grant, the Company hereby grants to
the Participant      Restricted Shares, subject to the terms and conditions of the
Plan and this Agreement.

3. Vesting and Forfeiture of Restricted Shares. The Restricted Shares granted by this
Agreement shall vest, or shall be forfeited and canceled, in whole or in part, as provided on
Exhibit A attached hereto.

4. Restrictions on Transfer of Restricted Shares. If and until the Restricted Shares
become vested pursuant to Exhibit A, the Restricted Shares shall not be sold, pledged or otherwise
transferred (whether by operation of law or otherwise) by the Participant and shall not be subject
to sale under execution, attachment, levy or similar process.

5. Stock Certificates. The Participant hereby acknowledges that stock certificate(s)
for the Restricted Shares awarded under this Agreement will not be delivered by the Company to the
Participant until such Restricted Shares vest.

6. Voting and Dividend Rights. The Participant shall have the same voting and dividend
rights with respect to the Restricted Shares as the Company’s other shareholders, provided,
however, that any dividends paid as Common Shares shall be subject to the same transfer
restrictions and forfeiture provisions as the Restricted Shares.

7. Regulation by the Committee. This Agreement and the Restricted Shares shall be
subject to such administrative procedures and rules as the Committee shall adopt. All decisions of
the Committee upon any question arising under the Plan or under this Agreement shall be conclusive
and binding upon the Participant.

8. Compliance with Laws and Regulations. The obligations of the Company hereunder are
subject to all applicable Federal and state laws and to the applicable rules, regulations and other
requirements of the Securities and Exchange Commission, any stock exchange upon which the Common
Stock is then listed and any other government or regulatory agency. The Company shall not be
required to remove restrictions from Restricted Shares prior to (a) the listing of the Common
Shares on any such stock exchange and (b) the completion of any registration or qualification of
such Common Shares under any Federal or state law, or any rule, regulation or other requirement of
any government or regulatory agency which the Company shall, in its sole discretion, determine to
be necessary or advisable. In making such determination, the Company may rely upon an opinion of
counsel for the Company. The Participant shall not have the right to compel the Company to
register or qualify the Common Shares subject to this award under Federal or state securities laws.

9. Conditions of Acceptance. As a condition of accepting the Restricted Shares,
Participant agrees as follows:

(a)  Company Policies. Participant agrees that he or she has read and will comply
with the Company’s Insider Trading Policy and Code of Conduct. Copies of such policies are
available on the Company’s website, through the Human Resources Department or through the Legal
Department.

(b) Restrictions on Resale and Marital Property Settlements. Participant agrees not
to sell any vested Restricted Shares if applicable laws or Company policies prohibit such a sale.
Regardless of any marital property settlement agreement, the Company is not obligated to honor or
recognize Participant’s former spouse’s interest in unvested Restricted Shares.

10. Amendment of Severance and Employment Agreements. By executing this Agreement,
the Participant and the Company hereby agree that this Agreement constitutes an amendment to the
Participant’s employment agreement and/or severance agreement (if any) with the Company to the
effect that any provision of such employment or severance agreement that grants accelerated vesting
and/or lapse of restrictions on restricted stock in the event of a “change in control” (as defined
therein) shall not apply to the Restricted Shares awarded under this Agreement. Participant agrees
to execute any additional documentation requested by the Company to further evidence such
amendment.

11. Adjustments. In the event of a stock split, a stock dividend or any other event
described in the Article of the Plan entitled “Protection Against Dilution,” the number of Common
Shares subject to this award may be adjusted pursuant to the Plan if deemed appropriate by the
Committee in its sole discretion.

12. Term of Agreement. This Agreement shall terminate when all Restricted Shares are
either vested or forfeited and canceled as provided in the Plan and this Agreement.

	 	13.	 	Tax Matters.

(a) Participant shall be liable for any and all taxes, including withholding taxes, arising
out of this grant or the vesting of Restricted Shares hereunder. Participant acknowledges that, at
his or her option, Participant (i) shall be entitled to make the election permitted under section
83(b) of the Internal Revenue Code of 1986, as amended (the “Code”), to include in gross income in
the taxable year in which the Restricted Shares are granted, the fair market value of such shares
at the time of grant, notwithstanding that such shares may be subject to a substantial risk of
forfeiture within the meaning of the Code, or (ii) may elect to include in gross income the fair
market value of the Restricted Shares as of the date on which such restriction lapses.

(b) The Participant may elect to satisfy any withholding tax obligation arising out of the
grant or the vesting of Restricted Shares hereunder (unless Participant shall make an election
under Section 83(b) of the Code with respect thereto) by having the Company retain vested
Restricted Shares having a fair market value equal to the Company’s minimum withholding obligation
(which amount may be rounded to the next highest whole share).

14. No Retention Rights. Neither the Restricted Shares nor anything contained in this
Agreement shall give Participant the right to be retained by the Company or a subsidiary of the
Company as an employee or in any other capacity. The Company and its subsidiaries reserve the
right to terminate Participant’s service at any time, with or without Cause.

15. Applicable Law. This Agreement will be interpreted and enforced under the laws of
the State of Florida.

16. Participant’s Access to the Plan. Participant may obtain an additional copy of
the Plan by contacting the Company’s Human Resources Department.

[Signature Page Follows]

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This Agreement and the Plan constitute the entire understanding between Participant and the
Company regarding this award. Any prior agreements, commitments or negotiations concerning this
award are superseded. This Agreement may be amended only by another written agreement, signed by
both parties.

PARTICIPANT

	 	 	 
	Date      

	 	     

Participant Signature
	
 
	 	THE ST. JOE COMPANY
	Date      

	 	By:      

Rusty Bozman

Vice President – Human Resources

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EXHIBIT A

VESTING OF RESTRICTED SHARES

	1.	 	Vesting of Restricted Shares.

The number of Restricted Shares that shall vest under this Agreement shall be based upon the
following performance goal: the Company’s Total Shareholder Return as compared to the Total
Shareholder Return of the Company’s Peer Groups during the Performance Period, as further described
below. Upon (i) the expiration of the Performance Period, and (ii) the Committee’s determination
and certification of the extent to which the performance goal has been achieved, the Participant
shall become vested in the number of Restricted Shares that corresponds to the level of achievement
of the performance goal set forth below that is certified by the Committee. Such determination
and certification shall occur no later than sixty (60) days after the conclusion of the Performance
Period. If the Participant’s employment terminates prior to the end of the Performance Period, all
Restricted Shares shall automatically be forfeited and canceled as of the date of the Participant’s
termination of employment; provided, however, that the Participant may be eligible for a cash
payment as described in Section 2 below.

The “Peer Groups” used for purposes of this Exhibit A shall be those companies included in
each of the S&P Super Composite Homebuilder Index and the S&P 500 Index as determined on the last
day of the Performance Period. The S&P Super Composite Homebuilder Index shall be weighted as 60%
of the final vesting calculation described below, and the S&P 500 Index shall be weighted as 40% of
the final vesting calculation described below.

Each company that is included in each Index on the last day of the Performance Period shall be
treated as if such company were included in such Index during the entire Performance Period
regardless of when the company actually became a member of such Index (provided, however, that only
companies that were public companies during the entire Performance Period shall be included). If
either Index ceases to be a published index at any time during the Performance Period, the
Committee shall have the authority to take such measures to preserve the intent of this Agreement
as may be deemed necessary or appropriate by the Committee in its discretion, including, but not
limited to, selecting an alternative published index of companies, creating an alternative group of
companies, or continuing to use the group of companies in such Index as of the last publication
date of the Index.

Calculation of Total Shareholder Return:

“Total Shareholder Return” for the Company and each company in the Peer Groups shall include
dividends paid and shall be determined as follows:

Total Shareholder Return = (Change in Stock Price + Dividends Paid) / Beginning Stock
Price

“Beginning Stock Price” shall mean the average closing price as reported on the New York
Stock Exchange Composite Tape of one (1) share of common stock for the ten (10) trading days
immediately prior to the first day of the Performance Period. The Beginning Stock Price shall be
appropriately adjusted to reflect any stock splits, reverse stock splits or stock dividends during
the Performance Period.

“Change in Stock Price” shall mean the difference between the Ending Stock Price and the
Beginning Stock Price.

“Dividends Paid” shall mean the total of all dividends paid on one (1) share of stock during
the Performance Period.

“Ending Stock Price” shall mean the average closing price as reported on the New York Stock
Exchange Composite Tape of one (1) share of common stock for the ten (10) trading days immediately
prior to the last day of the Performance Period.

“Performance Period” shall mean the period commencing on February 12, 2008, and ending on
January 31, 2011.

Calculation of Weighted Average Percentile Rank:

Following the Total Shareholder Return determination for the Company and the companies in each
Peer Group, the “Company Rank” for each Peer Group shall be determined by listing each company in
each Peer Group (including the Company) from highest Total Shareholder Return to lowest Total
Shareholder Return and counting up from the company with the lowest Total Shareholder Return.

The Company’s separate “Percentile Rank” for each Peer Group shall then be determined as
follows:

Percentile Rank for each Peer Group = Company Rank in each Peer Group / Total Number
of Companies in each Peer Group including the Company

The Company’s “Weighted Average Percentile Rank” shall then be calculated as the sum of
(i) the Company’s Percentile Rank in the S&P Super Composite Homebuilder Index multiplied by 60%,
and (ii) the Company’s Percentile Rank in the S&P 500 Index multiplied by 40%. For example, at the
conclusion of the Performance Period, if the Company’s Percentile Rank in the S&P Super Composite
Homebuilder Index were 65%, and the Company’s Percentile Rank in the S&P 500 Index were 50%, the
Company’s Weighted Average Percentile Rank would be calculated as follows: [(.65 x .60) + (.50 x
        .40)] x 100 = 59%.

Calculation of Number of Vested Restricted Shares:

The percent of Restricted Shares that vest shall then be determined based on the following
chart:

Company’s Weighted Average Percentile Rank  //// Percent
of Restricted Shares to Vest

	 	 	 	 	 
	75th and above
	 		100	%
	70th
	 		90	%
	65th
	 		80	%
	60th
	 		70	%
	55th
	 		60	%
	50th
	 		50	%
	45th
	 		42.5	%
	40th
	 		35	%
	35th
	 		27.5	%
	30th
	 		20	%
	25th
	 		12.5	%
	Below 25th
	 		0	%

Interpolation shall be used to determine the percent of Restricted Shares that vest in the event
the Company’s Weighted Average Percentile Rank does not fall directly on one of the ranks listed in
the above chart. Once the percent of vested Restricted Shares has been determined, the percent
shall be multiplied by the number of Restricted Shares awarded to determine the actual number of
Restricted Shares that vest, rounded to the next highest whole share. All Restricted Shares that
do not vest in accordance with this Exhibit A shall be automatically forfeited and canceled.

2. Termination Provisions.

(a) Generally. The Restricted Shares awarded under this Agreement shall vest only if
the Participant’s employment with the Company continues through the end of the Performance Period.

(b) Disability, Death, Involuntary Termination Without Cause or Retirement. If prior
to the end of the Performance Period, a Participant (i) becomes totally or permanently disabled (as
those terms are defined in the Company’s long-term disability plan, as in effect on the date of
such determination), (ii) dies, (iii) is terminated involuntarily without Cause, or (iv) Retires,
all Restricted Shares awarded under this Agreement shall be immediately forfeited and canceled.
Notwithstanding the foregoing, however, a Participant subject to any of the foregoing events shall
be eligible for a cash payment based on the fair market value of a pro rata portion of their
Restricted Shares that would have vested at the end of the Performance Period, which payment, if
any, shall be made after the conclusion of the Performance Period; provided, however, that if a
Participant is terminated involuntarily without Cause prior to 180 days following the Date of
Grant, the Participant shall not be eligible for a cash payment. The determination of a cash
payment, if any, made by the Committee pursuant to this Section 2(b) of this Exhibit A shall be
made at the same time as the vesting determination shall be made for Participants who remained
employed through the last day of the Performance Period. The cash payment, if any, shall be
determined by multiplying the number of Restricted Shares that would have vested had the
Participant remained an employee through the last day of the Performance Period by a fraction, the
numerator of which is equal to the number of days of the Performance Period that the Participant
was employed by the Company, and the denominator of which is the number of days in the Performance
Period, multiplied by the closing price of a share of Company common stock on the date that the
vesting determination is made by the Committee. Any cash payment shall be paid by the Company
within thirty (30) days following the Committee’s vesting determination and shall be subject to any
tax or other withholding requirements deemed appropriate by the Company.

(1) For purposes of this Exhibit A, “Retire” shall mean (i) to terminate employment for
other than Cause after completion of five continuous years of service with the Company and
attainment of age 55, or (ii) as otherwise determined by the Compensation Committee.

(2) A Participant’s service remains “continuous” for purposes of vesting under this
Exhibit A even if the Participant goes on military leave, sick leave, or another bona fide
leave of absence, if the leave was approved by the Company in writing and if continued
crediting of service is required by the terms of the leave or by applicable law. However,
the Participant must return to active work promptly, for a substantial period of time, upon
the termination of such approved leave, or an interruption of service will be deemed to have
occurred as of the date such leave began.

(c) Corporate Event. If there is a Corporate Event, the Restricted Shares shall
become vested in full on the date of the Corporate Event. For purposes of this Section, “Corporate
Event” means (a) the consummation of a merger or similar transaction as a result of which the
Company’s stockholders own 50% or less of the surviving entity’s voting securities after such
merger or similar transaction, (b) the sale, transfer, exchange or other disposition of all or
substantially all of the Company’s assets, or (c) the liquidation or dissolution of the Company. A
transaction shall not constitute a Corporate Event if its sole purpose is to create a holding
company that will be owned in substantially the same proportions by the persons who held the
Company’s securities immediately before such transaction. If prior to a Corporate Event occurring
during the Performance Period, a Participant (i) becomes totally or permanently disabled (as those
terms are defined in the Company’s long-term disability plan, as in effect on the date of such
determination), (ii) dies, (iii) is terminated involuntarily without Cause after 180 days following
the Date of Grant, or (iv) Retires, the Participant shall be eligible to receive a cash payment
under this Section 2(c) in an amount determined by multiplying the total number of Restricted
Shares by a fraction, the numerator of which is equal to the number of days of the Performance
Period that the Participant was employed by the Company, and the denominator of which is the number
of days in the Performance Period, multiplied by the closing price of a share of Company common
stock on the date of the Corporate Event, or if the Company ceases to be a publicly traded company
as a result of the Corporate Event, the amount of the consideration paid for each share of
outstanding common stock of the Company in connection with the Corporate Event. Any cash payment
shall be paid by the Company within thirty (30) days following the date of the Corporate Event and
shall be subject to any tax or other withholding requirements deemed appropriate by the Company.
If a cash payment is made to the Participant pursuant to this Section 2(c), the Participant shall
not receive a cash payment pursuant to Section 2(b).

(d) Termination of Employment for Cause, Voluntary Termination of Employment. In the
event of the termination of Participant’s employment for Cause or the Participant’s voluntary
termination of employment during the Performance Period (other than a voluntary termination of
employment upon Retirement), all Restricted Shares awarded under this Agreement shall be forfeited
and canceled. The Participant’s transfer of employment to the Company or any subsidiary of the
Company from another subsidiary of the Company or the Company during the Performance Period shall
not constitute a termination of employment.

(e) Section 409A Compliance. Notwithstanding any provision to the contrary in this
Agreement, if the Participant is a “specified employee” within the meaning of Section
409A(a)(2)(B)(i) of the Internal Revenue Code of 1986, as amended (the “Code”) as of the date of
the termination of Participant’s employment, then any amounts payable under Section 2(b) or 2(c)
shall be paid instead to the Participant on the later of (x) the date on which a cash payment, if
any, would otherwise be paid to the Participant pursuant to the terms of Section 2(b) or 2(c), and
(y) the date which is six months following the Participant’s date of termination, and not before.
Furthermore, notwithstanding any provision to the contrary in this Agreement, the Participant shall
not be eligible to receive any payment pursuant to Section 2(c) if the Corporate Event does not
qualify as a change in the ownership or effective control of a corporation or a change in the
ownership of a substantial portion of the assets of a corporation for purposes of Section
409A(a)(2)(A)(v) of the Code and the applicable Treasury regulations under that section.

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