Document:

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                                                                     Exhibit 4.2

                                AMENDMENT NO. 1

                                       TO

                         REGISTRATION RIGHTS AGREEMENT

                                    BETWEEN

                      ALFRED I. DUPONT TESTAMENTARY TRUST

                                      AND

                              ST. JOE CORPORATION

                          Dated as of January 26, 1998
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     AMENDMENT NO. 1 TO REGISTRATION RIGHTS AGREEMENT (the "Amendment"), dated
as of January 26, 1998, between the Alfred I. duPont Testamentary Trust (the
"Trust") and St. Joe Corporation, a Florida corporation (the "Company").

1.   Introduction. The Trust and the Company have entered into a Registration
Rights Agreement dated as of December 16, 1997 (the "Registration Rights
Agreement"). Among other things, the Registration Rights Agreement deals with
certain dispositions of shares of the Company's Common Stock owned by the Trust
from time to time in registered public offerings. The Company has filed a
Registration Statement (No. 333-42397) with the Securities and Exchange
Commission with respect to the sale by the Trust of certain shares of the
Company's Common Stock owned by the Trust. In connection with such sale, the
Trust and the Company propose to enter into an underwriting agreement with
certain underwriters specified therein. The Company and the Trust believe that
it is in their best interests to address certain indemnification and
contribution arrangements in the Registration Rights Agreement rather than in
the underwriting agreement entered into in connection with a public offering.
As a result, the Company and the Trust have agreed to enter into this Amendment
to the Registration Rights Agreement.

2.   Amendment. The next to the last sentence of Section 1 of the Agreement
shall be amended to include at the end of such sentence the following:

     "; provided, however, the provisions contained in Section 2.7 of this
     Agreement shall survive and remain in effect notwithstanding any
     termination of the Agreement."

3.   Agreement in Full Force and Effect. Except as amended by the terms of this
Amendment, the Registration Rights Agreement shall remain in full force and
effect in accordance with its terms.

     IN WITNESS WHEREOF, the parties have caused this Amendment to the
Registration Rights Agreement to be executed and delivered by their respective
representatives thereunto duly authorized as of the date first above written.

                                   ALFRED I. DUPONT TESTAMENTARY TRUST

                                   By: /s/ W. L. Thornton
                                      -----------------------------------
                                      W.L. Thornton, Trustee

                                   ST. JOE CORPORATION

                                   By: /s/ Robert M. Rhodes
                                      -----------------------------------
                                      Robert M. Rhodes
                                      Senior Vice President and
                                      General Counsel<PAGE>
                                                                     Exhibit 4.3

                AMENDMENT NO. 2 TO REGISTRATION RIGHTS AGREEMENT

         Amendment No. 2 to Registration Rights Agreement (this "Amendment"),
dated May 24, 2002, by and between Alfred I. Dupont Testamentary Trust (the
"Trust") and The St. Joe Company, a Florida corporation (the "Company").

         1. Introduction. The Trust and the Company have entered into a
Registration Rights Agreement, dated as of December 16, 1997, and an Amendment
No. 1 thereto, dated as of January 26, 1998 (as amended, the "Registration
Rights Agreement"), which governs, among other things, certain terms and
conditions of the sales of Shares of the Company's Common Stock Beneficially
Owned by the Trust from time to time in registered public offerings. The Company
has filed a registration statement on Form S-1 (No. 333-________) with the
Securities and Exchange Commission on May 24, 2002 (the "Registration
Statement") with respect to the sale by the Trust of certain Shares of the
Company's Common Stock Beneficially Owned by the Trust. In connection with such
sales, the Trust and the Company believe that it is in their best interests to
effect certain amendments to the Registration Rights Agreement, as prescribed
below.

         2. Definitions. Capitalized terms used but not otherwise defined herein
shall have the respective meanings ascribed to them in the Registration Rights
Agreement.

         3. (a) Minimum Demand Inapplicable to Current Offering. The terms of
the proviso to Section 2.1(a) of the Registration Rights Agreement, shall not
apply to the sale of the Common Stock Beneficially Owned by the Trust and
covered by the Registration Statement (the sale of the Common Stock thereunder,
the "Current Offering") and the Company shall have all obligations applicable to
a Demand Registration with respect to such Current Offering and the Current
Offering shall count as a Demand Registration of the Trust. The terms of the
proviso to Section 2.1(a) of the Registration Rights Agreement shall apply to
any subsequent Demand Registration.

            (b) Amendment of Section 2.1(a). In respect of a Demand Registration
other than with respect to the Current Offering. Section 2.1(a) of the
Registration Rights Agreement shall be amended by replacing the percentage "10%"
in the proviso to the first sentence of said Section 2.1(a) with the percentage
"7.5%" and by inserting the following at the end of such proviso:

         "; provided, further, that, if any such Demand Request shall be for a
         number of shares of Common Stock which represent less than 10% of the
         then outstanding shares of Common Stock, then, in addition to the
         expenses to be paid by the Trust pursuant to Section 2.1(c), the Trust
         shall pay or reimburse the Company for the filing fees under the
         Securities Act and the NASD filing fees in connection with the
         registration effected pursuant to such Demand Request."

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         4. Expenses. In addition to the expenses to be paid by the Trust
pursuant to Section 2.1(c) of the Registration Rights Agreement in respect of
the Current Offering, the Trust shall pay the Company $700,000 as a
reimbursement of the Company's expenses in connection with this Amendment and
the Current Offering.

         5. Effectiveness of this Amendment. This Amendment shall become
effective upon its execution of this Amendment by the Company and the Trust.

         6. Agreement in Full Force and Effect. Except as amended by the terms
of this Amendment, the Registration Rights Agreement shall remain in full force
and effect in accordance with its terms.

         7. Counterparts. This Amendment may be executed simultaneously in any
number of counterparts, each of which shall be deemed an original, but all of
such counterparts shall together constitute on and the same instrument.

         IN WITNESS WHEREOF, the parties have caused this Amendment to be
executed and delivered by their respective officers thereunto duly authorized as
of the date first above written.

                                        ALFRED I. DUPONT
                                        TESTAMENTARY TRUST

                                        BY:  /s/ W.L. Thornton
                                             ________________________
                                                  W.L. Thornton, Trustee

                                        THE ST. JOE COMPANY

                                        BY:  /s/ Robert M. Rhodes
                                             ________________________
                                                  Robert M. Rhodes
                                                  Executive Vice President and
                                                  General Counsel

                                      -2-<PAGE>
                                                                     Exhibit 4.4

  NUMBER      The ST JOE COMPANY                                          SHARES

JDN                   COMMON STOCK
                      Incorporated under the laws
                      of the State of Florida

                      This Certificate is transferable in
                      Charlotte, North Carolina
                      or in New York City

                                                               CUSIP 790148 10 0
                                             See reverse for certain definitions

              This certifies that

              is the owner of

              fully paid and non-assessable shares of common stock, without par
              value, of

              The St Joe Company, transferable on the books of the Corporation
              by the owners hereof, in person or by duly authorized attorney,
              upon the surrender of this Certificate properly endorsed. This
              Certificate is not valid until countersigned by a Transfer Agent
              and registered by a Registrar.

                    In Witness Whereof, the Corporation has caused the facsimile
              signatures of its duly authorized officers and its facsimile seal
              to be hereunto affixed.

[PICTURE]

              Countersigned and registered:                 Dated:
              FIRST UNION NATIONAL BANK
              Charlotte, N.C.                               /s/ illegible

                                                            Chairman

              Transfer Agent and Registrar
              By

                                                            /s/ illegible

              Authorized signature                          Secretary

                                                                          [SEAL]
<PAGE>
                              THE ST. JOE COMPANY

     The following abbreviations, when used in the inscription on the face of
this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

     TEN COM -- as tenants in common    UNIF GIFT MIN ACT-______Custodian_______
     TEN ENT -- as tenants by the                         (Cust)         (Minor)
                entireties                         under Uniform Gifts to Minors
     JT TEN  -- as joint tenants with              Act___________________
                right of survivorship                      (State)
                and not as tenants in
                common

    Additional abbreviations may also be used though not in the above list.

   For value received, ______________ hereby sell, assign and transfer unto

   PLEASE INSERT SOCIAL SECURITY OR OTHER
       IDENTIFYING NUMBER OF ASSIGNEE
   --------------------------------------

   --------------------------------------

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PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

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------------------------------------------------------------------------- Shares
represented by the within Certificate, and do hereby irrevocably constitute and
appoint

----------------------------------------------------------------------- Attorney
to transfer the said shares on the books of the within-named Corporation with
full power of substitution in the premises.
Dated:

     NOTICE: ----------------------------------------------------------------
             THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME
             AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR,
             WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

     SIGNATURE(S) GUARANTEED:
                              --------------------------------------------------
                              THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN
                              ELIGIBLE GUARANTOR INSTITUTION (BANKS,
                              STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND
                              CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED
                              SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT
                              TO S.E.C. RULE 17Ad-15.

KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN, MUTILATED OR
DESTROYED, THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO
THE ISSUANCE OF A REPLACEMENT CERTIFICATE.

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