Document:

Document

Exhibit 10.3

MaxLinear, Inc.
5966 La Place Court, Suite 100
Carlsbad, CA 92008

April 26, 2022

Michelle M. Sayer
16 Teardrop, Irvine, CA 92603
msayer7@gmail.com

Subject: Offer of Employment - Amended

Dear Michelle,

I would like to offer you our heartfelt congratulations on your selection as a final candidate for a position at MaxLinear. You have met the exacting meritocracy standards of personal and professional achievement to which we hold all our employees. We are truly excited to extend you an offer of employment at MaxLinear as specified below. Your acceptance of our offer will represent an important milestone in our rapid growth as a fabless, Communications IC company.

First and foremost, we immensely value your superior qualities of proven technical competence, and passion for
excellence. Your personal attributes are congruent with our cherished EPIC values – “Excellence, People, Integrity, and Compassion”. Together, with your able partnership, we aim to build a world class IC Company.

In our workplace, we foster an environment of risk-taking & reward, along with a relentless focus on customer-driven products. By being true to this principle, we are determined to create a company with a business model and an organization that will set altogether new and lofty standards in work culture. In addition, MaxLinear will constantly endeavor to uphold its commitment to making “Every working day a lot of fun”. We thank you for your interest in MaxLinear and look forward to unparalleled success together as partners in the same adventure.

Employment Offer

We are very pleased to offer you a full-time position with MaxLinear, Inc. (the “Company”) as General Counsel, based in our Irvine office, reporting to Steve Litchfield, Chief Financial Officer & Chief Corporate Strategy Officer. We are offering you an annual salary of $350,000, a sign-on bonus of $50,000 minus all applicable taxes. You will also be eligible for participation in the MaxLinear Employee Annual Discretionary Bonus with a target of 50% of annual salary (prorated based on your start date); actual bonus award may be more or less than the target percentage. In addition, we will recommend that our Board of Directors (or an authorized committee) award you an equity grant of restricted stock units (RSUs) with an approximate value equal to $1,500,000, subject to the Board or committee’s approval and the vesting described below.

The number of shares will be determined by dividing $1,500,000 by the closing price of the Company’s Common Stock in trading, on the applicable exchange, on your first date of employment. The number of shares may be rounded down to the nearest whole share. If for any reason your first date of employment is not a trading day, the number of shares will be determined based on the closing price on the trading day following your first date of employment. You acknowledge and agree that the number of shares will be fixed as set forth in this paragraph. This position is salary exempt and not eligible for overtime wages.

In the role of General Counsel, you will be eligible to receive the Change in Control Benefits offered to those designated for Section 16 Officers of the Company. This program is offered exclusively to this senior level management. This legal document will be issued to you post hire by the law firm of Wilson Soinsini Goodwich & 
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Rosati. The CiC is usually issued within 30 days of hire. Benefits offered under this program are effective on the date of hire. The Board of Directors on April 25, 2022, approved the role of General Counsel to be included as a Section 16 officer of the Company and will execute the Change in Control program for the Section 16 Officers. The template of this agreement outlining the terms and conditions is sent via DocuSign on April 26, 2022.

Additionally, in this key management position of General Counsel you will be covered by the Company’s Director & Officer Liability Insurance Policy. This policy contains indemnification provisions that explain the coverage for actions you may lead or be involved in during working on behalf of MaxLinear and is effective on your hire date. Individual indemnity documents, assigned to Section 16 officers, are approved by the Board of Directors. The Board of Directors on April 25, 2022, approved the role of General Counsel to be eligible to receive the indemnification agreement associated with Section 16 officer status and shall execute an individual indemnification agreement (substantially in the form attached) and a change in control and severance agreement (substantially in the form attached), with effective dates as of your hire date.

Your sign-on bonus will be paid following the first full payroll cycle after completion of thirty (30) days of employment. Should you voluntarily terminate your employment with MaxLinear at any time prior to twenty-four (24) months of service, you will be liable for reimbursing the company the full amount of the sign-on bonus, less applicable taxes paid.

Payroll and Benefits
If you decide to join us, you will receive payments of salary every two weeks, minus all applicable taxes, in accordance with the Company’s normal payroll procedures and you will also be eligible to receive certain employee benefits, such as participation in our 401K plan and employer contribution towards health insurance premiums, etc. You will be eligible for benefits the first day of the month following your start date. Senior Manager level positions and above participate in the Company’s Time Away From Work Program and do not receive an accrued Paid Time Off (PTO) benefit or floating holiday. As a manager in the organization, you are expected to manage your time in and out of the office based on business need and in coordination with your manager. New-hire employees are automatically enrolled in the company’s 401K plan at 5% contribution, but you can opt out or adjust this amount at any time. More detailed information of our employee benefits is included in the email along with this offer letter. You should note that the Company may modify job titles, salaries, and benefits from time to time as it deems necessary.

Equity Incentive
The Company will recommend that its Board of Directors (or an authorized committee) approve equity related
compensation of RSUs as specified in the compensation proposal above. This equity related compensation will be subject to the terms and conditions of the 2010 Equity Incentive Plan and the form of agreement approved by the Board. Your equity incentive award will be subject to a vesting condition. The award will vest over four years based on your continuing to provide services to the Company. No right to any shares will be earned or accrued until such time as they have become fully vested. In addition, the grant of equity awards and subsequent vesting will not confer any additional right to continued vesting or employment or modify in any way the “at will” status of the employment relationship. 

The Company generally structures RSU vesting to ensure that the vesting dates occur during an open trading window under the Company’s Insider Trading Policy. However, the Company cannot provide any assurance that the trading window will be open when RSUs vest as the Company may close the trading window at any time if it determines appropriate. Your RSU grant will vest over four years in four annual increments on the anniversary of your initial grant. For example, if you receive a restricted stock unit award for a total of 100 shares in April 15, 2022, 25 of those shares will vest on May 20, 2023, and an additional 25 shares will vest each year thereafter on May 20 (with the last 25 shares vesting on May 20, 2026), subject to continued service with MaxLinear. If you resign your employment before the vesting date the unvested RSUs will be forfeited.

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Other Employment Terms
The Company is excited about your joining and looks forward to a beneficial and productive relationship. Nevertheless, you should be aware that your employment with the Company is for no specified period and constitutes at-will employment. As a result, you are free to resign at any time, for any reason or for no reason. Similarly, the Company is free to conclude its employment relationship with you at any time, with or without cause, and with or without notice. We request that, in the event of resignation, you give the Company at least two weeks’ notice.

For purposes of federal immigration law, you will be required to provide to the Company documentary evidence of your identity and eligibility for employment in the United States. Such documentation must be provided to us within three (3) business days of the effective date of your employment, or our employment relationship with you may be terminated.

MaxLinear conducts post offer background checks on all candidates. These are done by a 3rd party vendor. All offers however, are contingent upon successfully completing the required background check which may include areas such as employment verification, degree verification, civil, criminal and DMV record search. Once begun, the background check will take approximately 5 business days to be completed (longer for overseas verifications). You will be emailed information on this background check process once you accept the offer of employment with the Company.

We also ask that, if you have not already done so, you disclose to the Company any agreements relating to your prior employment that may affect your eligibility to be employed by the Company or that may limit the manner in which you may be employed. It is our understanding that any such agreements will not prevent you from performing the duties of your position, and you represent that such is the case. Moreover, you agree that, during the term of your employment with the Company, you will not engage in any other employment, occupation, consulting or other business activity directly related to the business in which the Company is now involved or becomes involved during the term of your employment, nor will you engage in any other activities that conflict with your obligations to the Company. This obligation, however, does not preclude you from engaging in civic, charitable, including serving on a board of directors of a charity, or religious activities or, with the consent of the Company’s Chief Executive Officer, from serving on the boards of directors of companies that are not competitors to the Company. Similarly, you agree not to bring any third-party confidential information to the Company, including that of any former employer, and that in performing your duties for the Company you will not in any way utilize any such information.

As a condition of your employment, you are also required to sign and comply with an At-Will Employment, Confidential Information, Invention Assignment and Arbitration Agreement which requires, among other provisions, the assignment of patent and other intellectual property rights to any invention made during your employment at the Company, nondisclosure of the Company’s proprietary information, and arbitration of disputes between you and the Company. Please note that we must receive this signed agreement on or before your effective date.

This letter, along with any agreements relating to proprietary rights between you and the Company and any change in control and severance agreement and indemnification agreement, sets forth the terms of your employment with the Company and supersedes any prior representations or agreements including, but not limited to, any representations made during your recruitment, interviews, or pre-employment negotiations, whether written or oral. This letter may not be modified or amended except by a written agreement signed by the Chief Executive Officer of the Company and you. We look forward to working with you as a member of the MaxLinear team,

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	For MaxLinear, Inc.		 			
				
			 		 	
					
	By:	/s/ Steven G. Litchfield			 	By:	 	/s/ Kathi Guiney
		Steven G. Litchfield			 		 	Kathi Guiney
		Chief Financial Officer and Chief Corporate Strategy Officer

			 		 	Vice President of Global Human Resources

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Offer Acceptance

This offer of employment will expire if it is not accepted and signed via DocuSign within 24 hours from the offer date at the top of page 1.

MaxLinear’s Mission Statement
MaxLinear’s Mission is to revolutionize the personal experiences of individuals and the capabilities of businesses by
facilitating knowledge-based decision-making through engineering solutions for communications. We are committed to improving the quality of life of individuals, maximizing profitability for our shareholders and employees, building mutually beneficial relationships with our suppliers, and providing substantial value advantages to our customers.

The terms of the letter are agreed to and accepted:

									
	
	Name:	Michelle Sayer	
	By:	/s/ Michelle Sayer	
	Date:	April 27, 2022	
	Anticipated Start Date	May 5, 2022
	

Enclosure: Please initial receipt and review of the Benefits Guide:  /s/ MS
5Exhibit 10.1

THE ST. JOE COMPANY

RESTRICTED STOCK AWARD GRANT NOTICE
The St. Joe Company, a Florida corporation, (the “Company”), pursuant to its 2015 Performance and Equity Incentive Plan (the “Plan”), hereby grants to the individual listed below (“Holder”), the number of shares of the Company’s Common Stock set forth below (the “Restricted Stock Award”).  This Restricted Stock Award is subject to all of the terms and conditions as set forth herein and in the Restricted Stock Award Agreement attached hereto as Exhibit A (the “Restricted Stock Agreement”) and the Plan, each of which is incorporated herein by reference.  Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Restricted Stock Award Grant Notice (the “Grant Notice”) and the Restricted Stock Agreement.
	Holder:
	​ ​​ ​​ ​​ ​​

	Grant Date:
	​ ​​ ​, 2022

	Total Number of Shares of Restricted Stock:
	​ ​Shares

	Vesting Schedule:
	The shares covered by the Restricted Stock Award shall vest and the Restriction Period on such shares shall lapse as follows:
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Percentage of Shares Vesting
Vesting Date
331⁄3%
1st annual anniversary of the Grant Date
331⁄3%
2nd  annual anniversary of the Grant Date
331⁄3%
3rd annual anniversary of the Grant Date
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By his or her signature and the Company’s signature below, Holder and the Company agree to be bound by the terms and conditions of the Plan, the Restricted Stock Agreement and this Grant Notice.  Holder has reviewed the Restricted Stock Agreement, the Plan and this Grant Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of this Grant Notice, the Restricted Stock Agreement and the Plan.  Holder hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator of the Plan upon any questions arising under the Plan, this Grant Notice or the Restricted Stock Agreement. 
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	THE ST. JOE COMPANY:Holder:
	HOLDER:

	By:
	​ ​​ ​​ ​​ ​​
	By:
	​ ​​ ​​ ​​ ​​

	Print Name: 
	​ ​​ ​​ ​​ ​​
	Print Name:  
	​ ​​ ​​ ​​ ​​

	Title:
	​ ​​ ​​ ​​ ​​
​ ​​ ​​ ​​ ​​
	  ​
	​

	Address: 
	130 Richard Jackson Blvd., Suite 200
Panama City Beach, FL 32407
	Address: 
	​ ​​ ​​ ​​ ​​

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exhibit A
THE ST JOE COMPANY 
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RESTRICTED STOCK AGREEMENT
1.Award of Restricted Stock.  THE ST JOE COMPANY, a Florida corporation (the “Company”) hereby grants, as of the Grant Date, to the Holder, the number of restricted shares of the Company’s common stock (the “Restricted Stock”), in each case as specified in the Restricted Stock Award Grant Notice above.  The Restricted Stock shall be subject to the terms, provisions and restrictions set forth in this Agreement and The St. Joe Company 2015 Performance and Equity Incentive Plan, as may be amended from time to time (the “Plan”), which is incorporated herein for all purposes.  As a condition to entering into this Agreement, and as a condition to the issuance of any Shares (or any other securities of the Company), the Recipient agrees to be bound by all of the terms and conditions herein and in the Plan.
2.Vesting of Restricted Stock.
(a)Except as otherwise provided in Sections 2(b) and (c) of this Agreement or in the Plan, the Restricted Stock shall vest in the following amounts and the Period of Restriction with respect to such Shares shall lapse at the following times (the “Vesting Date(s)”), provided that the Recipient’s Continuous Service continues through and on the applicable Vesting Dates (except as otherwise provided herein):
	Percentage of Restricted Stock
	Vesting Date

	331⁄3%
	Each of the 1st, 2nd, and 3rd Annual Anniversary of the Grant Date

Except as otherwise specifically provided herein, there shall be no proportionate or partial vesting in the periods prior to each Vesting Date, and all vesting shall occur only on the appropriate Vesting Date.  Unless otherwise provided by the Committee, upon the termination of the Recipient’s Continuous Service with the Company and its Related Entities, any unvested portion of the Restricted Stock shall be forfeited and returned back to the Company for no consideration.
(b)Prorated Vesting Death or Disability.  In the event of the termination of the Recipient’s Continuous Service due to the Recipient’s death or Disability during the Period of Restriction, a pro rata portion of the Restricted Stock that would otherwise vest as of the next Vesting Date, shall vest according to the following formula, as of the date of termination of the Recipient’s Continuous Service: 
A x (B/12), where 
A= the number of Shares that would otherwise vest as of the next Vesting Date, and 
B= the number of whole months of the Recipient’s Continuous Service during the twelve (12) month period immediately preceding the next Vesting Date, determined as of the date of termination of the Recipient’s Continuous Service. 

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(c)Acceleration of Vesting at Company Discretion.  Notwithstanding any other term or provision of this Agreement, the Committee shall be authorized, in its sole discretion, based upon its review and evaluation of the performance of the Recipient and of the Company, to accelerate the vesting of any shares of Restricted Stock under this Agreement, at such times and upon such terms and conditions as the Committee shall deem advisable.
(d)Definitions.  For purposes of this Agreement, the following terms shall have the meanings indicated:
(i)“Beneficiary” means the beneficiary designated by the Recipient to receive any Vested Shares upon the death of the Recipient, in accordance with such procedures as the Committee may adopt from time to time; in the absence of such an election, or if the beneficiary designated by the Recipient shall predecease the Recipient, the Recipient’s estate shall be deemed to be the Recipient’s Beneficiary for purposes hereof.
(ii)“Continuous Service” means the Recipient’s continuous employment with the Company and its Related Entities, or in the case of a director, continuous services as a director for the Company and its Related Entities. 
(iii)“Non-Vested Shares” means any portion of the Restricted Stock subject to this Agreement that has not become vested pursuant to this Section 2. 
(iv) “Vested Shares” means any portion of the Restricted Stock subject to this Agreement that is and has become vested pursuant to this Section 2.
3.Delivery of Restricted Stock.  
(a)The stock certificate(s) evidencing the Restricted Stock shall be registered in the name of the Recipient as of the Grant Date designated in the Notice. Physical possession or custody of such stock certificate(s) shall be retained by the Company until such time as the Shares become vested.  Such stock certificate(s) shall be distributed to the Recipient or their Beneficiary(ies) as soon as administratively practicable after the Shares become vested.  The Company reserves the right to place a legend on the stock certificate(s) restricting the transferability of such certificate(s).
(b)During the period prior to vesting, the Recipient shall be entitled to all rights of a shareholder of the Company with respect to the Restricted Stock, including the right to vote the Shares and receive cash dividends.  Any cash dividends declared with respect to any shares of Restricted Stock shall be held in escrow by the Company (unsegregated as a part of its general assets) until such time as the Restricted Stock that such cash dividends are attributed to become Vested Shares, and if and to the extent that such Restricted Stock is subsequently forfeited, the cash dividends attributable to the forfeited Restricted Stock shall be forfeited as well.  Stock dividends declared by the Company will be characterized as Restricted Stock and will be subject to vesting and be distributed at the same times as the Restricted Stock with respect to which they were declared as dividends.
(c)The Recipient shall deposit with the Company stock powers or other instruments of transfer or assignment, duly endorsed in blank with signature(s) guaranteed, corresponding to each certificate representing shares of Restricted Stock until such Shares become vested.  If the 

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Recipient shall fail to provide the Company with any such stock power or other instrument of transfer or assignment, the Recipient hereby irrevocably appoints the Secretary of the Company as his attorney-in-fact, with full power of appointment and substitution, to execute and deliver any such power or other instrument which may be necessary to effectuate the transfer of the Restricted Stock (or assignment of distributions thereon) on the books and records of the Company.
(d)If the Company is authorized to issue Shares without certificates, then the Company may, in the discretion of the Committee, issue Shares pursuant to this Agreement without certificates, in which case any references in this Agreement to certificates shall instead refer to whatever evidence may be issued to reflect the Recipient’s ownership of the Shares subject to the terms and conditions of this Agreement.
4.Forfeiture of Non-Vested Shares.  If the Recipient’s Continuous Service with the Company and the Related Entities is terminated for any reason, any Shares of Restricted Stock that are not Vested Shares, and that do not become Vested Shares pursuant to Section 2 hereof as a result of such termination, shall be forfeited immediately upon such termination of Continuous Service and revert back to the Company without any payment to the Recipient.   The Committee shall have the power and authority to enforce on behalf of the Company any rights of the Company under this Agreement in the event of the Recipient’s forfeiture of Non-Vested Shares pursuant to this Section 4.
5.Transferability.  Unless otherwise determined by the Committee, the shares of Restricted Stock are not transferable unless and until they become Vested Shares in accordance with this Agreement, otherwise than by will or under the applicable laws of descent and distribution.  The terms of this Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of the Recipient.  Except as otherwise permitted pursuant to the first sentence of this Section, any attempt to effect a Transfer of any shares of Restricted Stock prior to the date on which the shares become Vested Shares shall be void ab initio.  For purposes of this Agreement, “Transfer” shall mean any sale, transfer, encumbrance, gift, donation, assignment, pledge, hypothecation, or other disposition, whether similar or dissimilar to those previously enumerated, whether voluntary or involuntary, and including, but not limited to, any disposition by operation of law, by court order, by judicial process, or by foreclosure, levy or attachment.
6.Compliance with Securities Laws.  It shall be a condition to the Recipient’s right to receive shares of Restricted Stock hereunder that the Committee may, in its discretion, require (a) that the shares of Restricted Stock reserved for issue upon the grant of this award shall have been duly listed, upon official notice of issuance, upon any national securities exchange or automated quotation system on which the Shares may then be listed or quoted, (b) that either (i) a registration statement under the Securities Act of 1933 with respect to the Shares shall be in effect, or (ii) in the opinion of counsel for the Company, the proposed purchase shall be exempt from registration under that Act and the Recipient shall have made such undertakings and agreements with the Company as the Company may reasonably require, and (c) that such other steps, if any, as counsel for the Company shall consider necessary to comply with any law applicable to the issue of such Shares by the Company shall have been taken by the Company or the Recipient, or both.  The certificates representing the Shares granted under this Award may contain such legends as counsel for the Company shall consider necessary to comply with any applicable law.  

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7.Administration.  
(a)The Committee shall have full authority and discretion to decide all matters relating to the administration and interpretation of this Agreement.  The Committee shall have full power and authority to pass and decide upon cases in conformity with the objectives of this Agreement under such rules as the Board may establish.
(b)Any decision made or action taken by the Company, the Board, or the Committee arising out of, or in connection with, the administration, interpretation, and effect of this Agreement shall be at their absolute discretion and will be conclusive and binding on all parties.  No member of the Board, Committee, or employee of the Company shall be liable for any act or action hereunder, whether of omission or commission, by the Recipient or by any agent to whom duties in connection with the administration of this Agreement have been delegated in accordance with the provision of this Agreement.
8.Tax Matters; Section 83(b) Election.
(a)The Recipient shall be permitted, but shall not be required, to make an election under Section 83(b) of the Code with respect to the Restricted Stock.
(b)If the Recipient does not properly make the election described in Section 9(c) below, the Recipient shall, no later than the date or dates as of which the Period of Restriction with respect to the Restricted Stock shall lapse, pay to the Company, or make arrangements satisfactory to the Committee for payment of, any federal, state, local or foreign taxes of any kind that the Company determines are required by law to be withheld with respect to the Restricted Stock (including without limitation the vesting thereof), and the Company shall, to the extent permitted by law, have the right to deduct from any payment of any kind (including without limitation, the withholding of any Shares that otherwise would be distributed to the Recipient under this Agreement) otherwise due to Recipient any federal, state, local or foreign taxes of any kind required by law to be withheld with respect to the Restricted Stock.
(c)If the Recipient properly elects, within thirty (30) days of the Grant Date, to include in gross income for federal income tax purposes an amount equal to the Fair Market Value (as of the Grant Date) of the Restricted Stock pursuant to Section 83(b) of the Code, the Recipient shall make arrangements satisfactory to the Committee to pay to the Company any federal, state, local or foreign income taxes that the Company determines are required to be withheld with respect to the Restricted Stock.  If the Recipient shall fail to make such tax payments as are required, the Company shall, to the extent permitted by law, have the right to deduct from any payment of any kind (including without limitation, the withholding of any Shares that otherwise would be issued to the Recipient under this Agreement) otherwise due to the Recipient, any federal, state, local or foreign taxes of any kind required by law to be withheld with respect to the Restricted Stock.
(d)The Recipient may satisfy any applicable withholding requirements pursuant to any one or combination of the following methods:
(i)payment in cash; or

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(ii)payment by surrendering a number of unrestricted previously held Shares (free and clear of all liens and encumbrances), or the withholding of a number of Shares that otherwise would be deliverable to the Recipient pursuant to this Award.  The Shares so delivered or withheld must have an aggregate Fair Market Value on the date on which the shares of Restricted Stock become taxable equal to the minimum statutory amount, if any, required to be withheld for federal, state, local and/or foreign tax purposes that are applicable to the Restricted Stock then subject to tax (or such other amount as the Committee determines will not result in additional compensation expense for financial accounting purposes under applicable financial accounting principles). The Recipient may surrender Shares either by attestation or by delivery of a certificate or certificates for Shares duly endorsed for transfer to the Company, and if required with medallion level signature guarantee by a member firm of a national stock exchange, by a national or state bank (or guaranteed or notarized in such other manner as the Committee may require).
(e)Tax consequences on the Recipient (including without limitation federal, state, local and/or foreign income tax consequences) with respect to the Restricted Stock (including without limitation the grant, vesting and/or forfeiture thereof) are the sole responsibility of the Recipient.  The Recipient shall consult with his or her own personal accountant(s) and/or tax advisor(s) regarding these matters, the making of a Section 83(b) election, and the Recipient’s filing, withholding and payment (or tax liability) obligations.
9.Repurchase Right on Termination of Continuous Service. In the event of the termination of the Recipient’s Continuous Service for any reason, the Company shall have the right, but not the obligation, to purchase all or any portion of the Vested Shares not otherwise forfeited under Section 4 hereof (including any Shares becoming Vested Shares as the result of the termination) from the Recipient within a period of [one hundred and eighty (180)] days of such termination.  The repurchase price shall be not less than the current Fair Market Value of the repurchased Shares.
10.Amendment, Modification & Assignment; Non-Transferability.  Except as otherwise provided under the Plan, this Agreement may only be modified or amended in a writing signed by the parties hereto.  No promises, assurances, commitments, agreements, undertakings or representations, whether oral, written, electronic or otherwise, and whether express or implied, with respect to the subject matter hereof, have been made by either party which are not set forth expressly in this Agreement.  Unless otherwise consented to in writing by the Company, in its sole discretion, this Agreement (and Recipient’s rights hereunder) may not be assigned, and the obligations of Recipient hereunder may not be delegated, in whole or in part.  The rights and obligations created hereunder shall be binding on the Recipient and his heirs and legal representatives and on the successors and assigns of the Company.
11.Complete Agreement.  This Agreement (together with the Plan and those other agreements and documents expressly referred to herein, for the purposes referred to herein) embody the complete and entire agreement and understanding between the parties with respect to the subject matter hereof, and supersede any and all prior promises, assurances, commitments, agreements, undertakings or representations, whether oral, written, electronic or otherwise, and whether express or implied, which may relate to the subject matter hereof in any way.

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12.Section 409A.
(a)It is intended that the Restricted Stock awarded pursuant to this Agreement be exempt from Section 409A of the Code (“Section 409A”) as property not includible in income by reason of being substantially nonvested pursuant to Treasury Regulation 1.409A-1(b)(6), or alternatively as a short-term deferral pursuant to Treasury Regulation 1.409A-1(b)(4), and the Plan, the Grant Notice, and this Award Agreement shall be interpreted accordingly.  The provisions of this Agreement may not be amended, adjusted, assumed or substituted for, converted or otherwise modified without the Recipient’s prior written consent if and to the extent that such amendment, adjustment, assumption or substitution, conversion or modification would cause the award to violate the requirements of Section 409A, as determined by the Committee in its sole discretion.
(b)In the event that either the Company or the Recipient believes, at any time, that any benefit or right under this Agreement is subject to Section 409A, and does not comply with the requirements of Section 409A, it shall promptly advise the other and the Company and the Recipient shall negotiate reasonably and in good faith to amend the terms of such benefits and rights (to the extent determined necessary by the Committee in good faith, in its sole and absolute discretion) if such an amendment may be made in a commercially reasonable manner, such that they comply with Section 409A with the most limited possible economic affect on the Recipient and on the Company.
(c)Notwithstanding the foregoing, the Company does not make any representation to the Recipient that the shares of Restricted Stock awarded pursuant to this Agreement are exempt from, or satisfy, the requirements of Section 409A, and the Company shall have no liability or other obligation to indemnify or hold harmless the Recipient or any Beneficiary for any tax, additional tax, interest or penalties that the Recipient or any Beneficiary may incur in the event that any provision of this Agreement, or any amendment or modification thereof or any other action taken with respect thereto is deemed to violate any of the requirements of Section 409A.
13.Miscellaneous.
(a)No Right to (Continued) Employment or Service.  This Agreement and the grant of Restricted Stock hereunder shall not confer, or be construed to confer, upon the Recipient any right to employment or service, or continued employment or service, with the Company or any Related Entity.
(b)No Limit on Other Compensation Arrangements.  Nothing contained in this Agreement shall preclude the Company or any Related Entity from adopting or continuing in effect other or additional compensation plans, agreements or arrangements, and any such plans, agreements and arrangements may be either generally applicable or applicable only in specific cases or to specific persons.
(c)Severability.  If any term or provision of this Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or under any applicable law, rule or regulation, then such provision shall be construed or deemed amended to conform to applicable 

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law (or if such provision cannot be so construed or deemed amended without materially altering the purpose or intent of this Agreement and the grant of Restricted Stock hereunder, such provision shall be stricken as to such jurisdiction and the remainder of this Agreement and the award hereunder shall remain in full force and effect).
(d)No Trust or Fund Created.  Neither this Agreement nor the grant of Restricted Stock hereunder shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Related Entity and the Recipient or any other person.  To the extent that the Recipient or any other person acquires a right to receive payments from the Company or any Related Entity pursuant to this Agreement, such right shall be no greater than the right of any unsecured general creditor of the Company.
(e)Law Governing.  This Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of Florida (without reference to the conflict of laws rules or principles thereof).
(f)Interpretation.  The Recipient accepts the Restricted Stock subject to all of the terms, provisions and restrictions of this Agreement and the Plan.  The undersigned Recipient hereby accepts as binding, conclusive and final all decisions or interpretations of the Board or the Committee upon any questions arising under this Agreement or the Plan.  
(g)Headings.  Section, paragraph and other headings and captions are provided solely as a convenience to facilitate reference.  Such headings and captions shall not be deemed in any way material or relevant to the construction, meaning or interpretation of this Agreement or any term or provision hereof.
(h)Notices.  Any notice under this Agreement shall be in writing and shall be deemed to have been duly given when delivered personally or when deposited in the United States mail, registered, postage prepaid, and addressed, in the case of the Company, to the Company’s General Counsel at 130 Richard Jackson Blvd., Suite 200, Panama City Beach, FL 32407, or if the Company should move its principal office, to such principal office, and, in the case of the Recipient, to the Recipient’s last permanent address as shown on the Company’s records, subject to the right of either party to designate some other address at any time hereafter in a notice satisfying the requirements of this Section.
(i)Non-Waiver of Breach.  The waiver by any party hereto of the other party’s prompt and complete performance, or breach or violation, of any term or provision of this Agreement shall be effected solely in a writing signed by such party, and shall not operate nor be construed as a waiver of any subsequent breach or violation, and the waiver by any party hereto to exercise any right or remedy which he or it may possess shall not operate nor be construed as the waiver of such right or remedy by such party, or as a bar to the exercise of such right or remedy by such party, upon the occurrence of any subsequent breach or violation.  
(j)Counterparts.  This Agreement may be executed in two or more separate counterparts, each of which shall be an original, and all of which together shall constitute one and the same agreement.
[Signature page follows]

7

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IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the ____ day of _____________________, 2022.
COMPANY:
THE ST JOE COMPANY 
By:  ​ ​​ ​
Name: 
Title: 
Agreed and Accepted:
RECIPIENT:
By:  __________________________________

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