Document:

Exhibit 10.1

            

          

     

      

    
      

        SEPARATION AGREEMENT

        THIS
            SEPARATION AGREEMENT (this “Agreement”) is entered into as of October 17, 2019, by and between Susan Mermer (the
            “Executive”) and The St. Joe Company, a Florida corporation (the “Company”).

        WHEREAS, the Executive currently serves as Chief Accounting Officer of the Company; and

        WHEREAS, the Company and the Executive agree that Executive’s employment with the Company will terminate effective as of October 17, 2019 (the “Termination Date”).

        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 is hereby
            acknowledged, the Company and the Executive hereby agree as follows:

        1. Definitions

         

            

        “Affiliate” means, with respect to any Person, any other Person controlling, controlled by, or
          under direct or indirect common control with such Person.  For the purposes of this definition “control”, when used with respect to any specified Person, shall mean the power to direct the management and policies of such Person, directly or
          indirectly, whether through ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled by” shall have the meanings correlative to the foregoing.

        “Code” means the Internal Revenue Code of 1986, as amended.

        “Person” means an individual, partnership, corporation, limited liability company, business
          trust, joint stock company, trust, unincorporated association or joint venture.

        2. Termination of Employment

         

            

        The Executive’s employment by the Company, and any and all titles, positions and appointments the
          Executive holds with the Company and its Affiliates, whether as an officer or employee (including, without limitation, as Chief Accounting Officer) shall cease as of the Termination Date.

        3. Compensation and Other Benefits

         

            

        3.1  In consideration of the promises contained in this Agreement, the Company shall also provide the following payments and benefits to the Executive:

        (a) pay to the
            Executive, ratably over an eight (8) month period (with payments being made beginning on the first regular payroll date of the month and in accordance with the Company’s regular payroll practices for senior executives, as in effect from time to
            time, coincident with or next following the seven (7) day period immediately after the Consideration Period (as defined in Section 4.1 below) of this Agreement, the amount of one hundred thirty thousand dollars ($130,000) (which constitutes
            eight (8) months of the Executive’s Base Salary), and

        
          
            

        

        
        (b) provided that
            Executive elects COBRA continuation coverage for herself and her eligible family members, pay Executive’s COBRA premium for medical coverage for the lesser of eight (8) months following the Termination Date or the date on which the Executive
            becomes ineligible for COBRA continuation coverage.  The Executive shall be responsible to reimburse the Company, on a monthly basis, for an amount equal to the employee contribution that would be required of an employee participating in the
            medical insurance plan, as in effect from time-to-time.

        3.2 Return of Payments.  Anything
            in this Agreement to the contrary notwithstanding, all payments and benefits to the Executive under Sections 3.1(a) through (b) shall be returned to the Company promptly if the Executive breaches her obligations under Sections 5.1, 5.5, and 5.7
            of this Agreement (the “Restrictions”) within two years after the Termination Date.  Until such Restrictions are completely satisfied, the Executive shall be a constructive trustee of such payments and benefits.  In addition, all
            payments and benefits to the Executive under Sections 3.2(a) through (b) shall remain subject to recoupment by the Company to the extent required under the Sarbanes-Oxley Act of 2002 and/or the Dodd-Frank Act.

        4. Effect of Termination

         

            

        4.1   Release.

         

        

        (a) General Release. 
            In consideration of the payments and benefits under this Agreement, with the intention of binding the Executive and the Executive’s heirs, executors, administrators and assigns, the Executive does hereby release, remise, acquit and forever
            discharge the Company and each of its Affiliates (the “Company Affiliated Group”), and in their capacity as such, their present and former officers, directors, executives, agents, attorneys, employees and employee benefits plans (and the
            fiduciaries thereof), and the successors, predecessors and assigns of each of the foregoing (collectively, the “Company Released Parties”), of and from any and all claims, actions, causes of action, complaints, charges, demands, rights,
            damages, debts, sums of money, accounts, financial obligations, suits, expenses, attorneys’ fees and liabilities of whatever kind or nature in law, equity or otherwise, whether accrued, absolute, contingent, unliquidated or otherwise and
            whether now known or unknown, suspected or unsuspected which the Executive, individually or as a member of a class, now has, owns or holds, or has at any time heretofore had, owned or held, against any of the Company Released Parties in any
            capacity, including, without limitation, any and all claims (i) arising out of or in any way connected with the Executive’s service to any member of the Company Affiliated Group (or the predecessors thereof) in any capacity, or the termination
            of such service in any such capacity, (ii) for severance or vacation benefits, unpaid wages, salary, bonus or incentive payments, (iii) for breach of contract, wrongful discharge, impairment of economic opportunity, defamation, intentional
            infliction of emotional harm or other tort, and (iv) for any violation of applicable state and local labor and employment laws (including, without limitation, all laws concerning unlawful and unfair labor and employment practices), any and all
            claims based on the Executive Retirement Income Security Act of 1974 (“ERISA”), any and all claims arising under the civil rights laws of any federal, state or local jurisdiction, including, without limitation, Title VII of the Civil
            Rights Act of 1964 (“Title VII”), the Americans with Disabilities Act (“ADA”), the Family and Medical Leave Act (“FMLA”) (regarding existing but not prospective claims), the Civil Rights Act of 1991, the Fair Labor
            Standards Act (“FLSA”), the Worker Adjustment and Retraining Notification (“WARN”) Act, the National Labor Relations Act (“NLRA”), the Equal Pay Act, Sections 503 and 504 of the Rehabilitation Act, the Family and Medical
            Leave Act, the Age Discrimination in Employment Act (“ADEA”), as amended, The Fair Labor Standards Act, as amended, the Florida Civil Rights Act of 1992, the Florida Law Against Discrimination, the Uniform Services Employment and
            Reemployment Rights Act (“USERRA”), the Genetic Information Nondiscrimination Act (“GINA”), the Immigration Reform and Control Act (“IRCA”), Florida Whistleblower Protection Act, Florida Workers' Compensation Law
            Retaliation provision, Florida Wage Discrimination Law, Florida Minimum Wage Act, Florida Equal Pay Law, Florida AIDS Act, Florida Discrimination on the Basis of Sickle Cell Trait Law, Florida OSHA, the Florida Constitution, the Florida Fair
            Housing Act, all including any amendments and their respective implementing regulations, and any other federal, state, local, or foreign law (statutory, regulatory, or otherwise) that may be legally waived and released and any and all claims
            under any whistleblower laws or whistleblower provisions of other laws excepting only:

        
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                  	(i)	
                    rights of the Executive under this Agreement;

                  

          

        

        
          
            	

                  	(ii)	
                    rights of the Executive relating to equity awards held by the Executive as of the Termination Date;

                  

          

        

        
          
            	

                  	(iii)	
                    the right of the Executive to receive COBRA continuation coverage in accordance with applicable law;

                  

          

        

        
          
            	

                  	(iv)	
                    claims for benefits under any health, disability, retirement, life insurance or other similar employee benefit plan or arrangement of the Company Affiliated Group; and

                  

          

        

        
          
            	

                  	(v)	
                    claims for the reimbursement of unreimbursed business expenses incurred prior to the Termination Date pursuant to applicable Company policy.

                  

          

        

        

        

        Excluded from this Agreement are any claims which cannot be waived by law, including but not limited to
          the right to file a charge with or participate in an investigation conducted by the Equal Employment Opportunity Commission (“EEOC”) or similar state or local agency.  However, the Executive is waiving her right to any monetary recovery
          should the EEOC or any other agency pursue any claim on her behalf.

        (b) No Admissions. 
            The Executive acknowledges and agrees that the provisions of this Section 4.1 are not to be construed in any way as an admission of any liability whatsoever by any Company Released Party, any such liability being expressly denied.

        (c) Application to
              all Forms of Relief.  This Section 4.1 applies to any relief no matter how called, including, without limitation, wages, back pay, front pay, compensatory damages, liquidated damages, punitive damages for pain or suffering, costs and
            attorney’s fees and expenses.

        (d) Specific Waiver. 
            The Executive specifically acknowledges that her acceptance of the terms of this Agreement, including the provisions of this Section 4.1, are, among other things, a specific waiver of her rights, claims and causes of action under Title VII,
            ADEA, ADA and any state or local law or regulation in respect of discrimination of any kind; provided, however, that nothing herein shall be deemed, nor does anything herein purport, to be a waiver of any right or claim or cause
            of action which by law the Executive is not permitted to waive.

        
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        (e) No Complaints
              or Other Claims.  The Executive acknowledges and agrees that she has not, with respect to any transaction or state of facts existing prior to the date hereof, filed any complaints, charges or lawsuits against any Company Released Party
            with any governmental agency, court or tribunal.

        (f) No
              Representation.  The Executive acknowledges that, other than as set forth in this Agreement, (i) no promises have been made to the Executive and (ii) in signing this Agreement the Executive is not relying upon any statement or
            representation made by or on behalf of any Company Released Party and each or any of them concerning the merits of any claims or the nature, amount, extent or duration of any damages relating to any claims or the amount of any money, benefits,
            or compensation due the Executive or claimed by the Executive, or concerning this Section 4.1 or concerning any other thing or matter.

        (g) Injunctive
              Relief.  It is stipulated that a breach by the Executive of this Section 4.1 would cause irreparable damage to the Company; the Company, in addition to any other rights or remedies which the Company may have shall be entitled to an
            injunction restraining the Executive from violating or continuing any violation of this Section 4.1; such right to obtain injunctive relief may be exercised, at the option of the Company, concurrently with, prior to, after, or in lieu of, the
            exercise of any other rights or remedies which the Company may have as a result of any such breach or threatened breach.

        (h) Voluntariness. 
            The Executive agrees that she is relying solely upon her own judgment; that the Executive is over 18 years of age and is legally competent to sign this Agreement; that the Executive is signing this Agreement of her own free will; that the
            Executive has read and understood the Agreement before signing it; and that the Executive is signing this Agreement in exchange for consideration that she believes is satisfactory and adequate.

        (i) Legal Counsel. 
            The Executive acknowledges that she has been informed of the right to consult with legal counsel and has been encouraged to do so.

        (j) Acceptance. 
            The Executive acknowledges that she has been given a period of 21 days ending on November 6, 2019 (the “Consideration Period”) within which to consider this Agreement, unless applicable law requires a longer period, in which case the
            Executive shall be advised of such longer period and such longer period shall apply.  The Executive may accept this Agreement at any time within this period of time by signing the Agreement and returning it to the Company, provided that the
            Executive must accept the Agreement no later than the end of the Consideration Period.

        (k) Revocability. 
            This Agreement shall become effective and enforceable on the later of (i) the day after the Termination Date, or (ii) the eighth calendar day following the date the Executive signs it (the “Effective Date”).  The Executive may revoke her
            acceptance of this Agreement at any time within that seven calendar day period by sending written notice to the Company. Such notice must be received by the Company within the seven calendar day period in order to be effective and, if so
            received, would void this Agreement for all purposes.

        
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        4.2 Mutual
              Non-Disparagement.  The Company and the Executive each agree that they will not make any intentionally negative or disparaging comments about the other, except as permitted under Section 4.4 of this Agreement.

        4.3 Return of
              Property.  On or before the Termination Date, the Executive shall return to the Company all of the Company’s property of which she is in possession, including, without limitation, any material and documentation that constitutes
            Confidential Information, credit cards, computers, and keys.

        4.4 Permissible
              Disclosures.  Notwithstanding anything in this Agreement or elsewhere to the contrary, nothing shall preclude the Executive or the Company from making truthful statements, or from disclosing documents or information, (A) when required by
            applicable law, regulation, order, or the like, (B) in connection with any proceeding to enforce the terms of this Agreement, or (C) in confidence to any professional for the purpose of securing professional advice.

        5. Executive’s Commitment to the Company

         

            

        5.1 Confidentiality. 
            The Executive shall not, prior to and for two years after the Termination Date (and for an indefinite period for Confidential Information composed of trade secrets of the Company), disclose any Confidential Information to any Person for any
            reason or purpose whatsoever, other than in connection with the performance of the Executive’s duties under this Agreement.  The term “Confidential Information” shall mean all confidential information of or relating to the Company and
            any of its Affiliates, including, without limitation, financial information and data business plans and information regarding prospects and opportunities, but does not include any information that is or becomes public knowledge by means other
            than the Executive’s breach or nonobservance of the Executive’s obligations described in this Section 5.1.  Notwithstanding the foregoing, the Executive may disclose such Confidential Information as she may be legally required to do so on the
            advice of counsel in connection with any legal or regulatory proceeding; provided, however, that the Executive shall provide the Company with prior written notice of any such required or potentially required disclosure and shall cooperate with
            the Company and use her best efforts under such circumstances to obtain appropriate confidential treatment of any such Confidential Information that may be so required to be disclosed in connection with any such legal or regulatory proceeding.

        Nothing in this Agreement is intended to interfere with or discourage a good faith disclosure to any
          governmental entity related to a suspected violation of the law.  The Executive cannot and will not be held criminally or civilly liable under any federal or state trade secret law for disclosing otherwise protected trade secrets and/or
          confidential or proprietary information as long as the disclosure is made in (i) confidence to a federal, state, or local government official, directly or indirectly, or to an attorney and solely for the purpose of reporting or investigating a
          suspected violation of law or (ii) a complaint or other document filed in a lawsuit or other proceeding, as long as such filing is made under seal.  The Company will not retaliate against the Executive in any way for a disclosure made in
          accordance with the law.  In the event a disclosure is made, and the Executive files a lawsuit against Company alleging that Company retaliated against the Executive because of her disclosure, the Executive may disclose the relevant trade secret
          or confidential information to her attorney and may use the same in the court proceeding only if (i) the Executive ensures that any court filing that includes the trade secret or confidential information at issue is made under seal, and (ii) the
          Executive does not otherwise disclose the trade secret or confidential information except as required by court order.

        
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        5.2 Litigation. 
            The Executive agrees to cooperate fully with the Company, or its assignee, and counsel for the Company, or its assignee, in any and all matters involving litigation, administrative proceedings, arbitration or governmental investigations other
            than in matters in which the dispute is solely between the Executive and the Company. The Executive’s cooperation shall include being reasonably available for, without limitation, interviews, depositions, and trial testimony.  To the extent
            that the Executive’s cooperation involves travel, the Company or its assignee will reimburse the Executive for reasonable travel expenses.  To the extent that the Executive’s cooperation requires her to incur out-of-pocket expenses, including
            without limitation, reasonable attorney’s fees, the Company or its assignee will reimburse such expenses, provided they are reasonable and supported by reasonable documentation.  The Executive will make available, at the expense of the Company
            or its assignee, copies of all documents and files requested by the Company in connection with this duty of cooperation, excluding only those documents and files which are subject to any attorney-client privilege, work product doctrine, or
            other legal protection from disclosure that is held solely by the Executive in her individual capacity, as opposed to any privilege or legal protection from disclosure held by the Company.

        5.3 Compliance with
              Securities Laws.  The Executive agrees not to directly or indirectly buy or sell the Company’s stock or other securities as long as she possesses “material non-public information” as that term is defined by interpretations of the
            Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.  Without limiting the generality of the foregoing, the Executive further agrees to abide by the Company’s insider trading policy as in effect on the
            Effective Date until two business days after the public release of the financial results for the fiscal quarter in which the Termination Date occurs.

        5.4 Other Positions. 
            The Executive shall resign as of the Termination Date from any administrative roles in any agreements sponsored by the Company and its Affiliates and will execute all instruments and documents requested by the Company to effectuate this and the
            termination of employment and of other duties and positions as described in Section 2 of this Agreement.

        5.5 Non-Solicitation. 
            The Executive agrees, for a period of one year from the Termination Date, that the Executive will not, without the prior written approval of the Company, directly or indirectly: (i) solicit for hire any employees of the Company or any
            Affiliate, or (ii) induce any employee of the Company or any Affiliate to terminate their relationship with the Company or Affiliate.  The foregoing will not apply to individuals hired as a result of the use of an independent employment agency
            (so long as the agency was not directed to solicit a particular individual) or as a result of the use of a general solicitation not specifically directed to the Company or its Affiliate’s employees.

        
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        5.6 Injunctive
              Relief.  The Executive acknowledges and agrees that the Company will have no adequate remedy at law, and would be irreparably harmed, if the Executive breaches or threatens to breach any of the provisions of this Section 5.  The Executive
            agrees that the Company shall be entitled to equitable and/or injunctive relief to prevent any breach or threatened breach of this Section 5, and to specific performance of each of the terms of this Section 5 in addition to any other legal or
            equitable remedies that the Company may have, including those set forth in Section 3.3.  The Executive further agrees that she shall not, in any equity proceeding relating to the enforcement of the terms of this Section 5, raise the defense
            that the Company has an adequate remedy at law.

        5.7 Continued
              Availability for Transition Assistance.  Executive agrees, during the first six (6) months following the Termination Date, as a condition to her receipt (and retention) of payments under Section 4.1, to make herself available on
            reasonable terms, without additional compensation, to periodically assist the Company with matters previously handled by her and to assist with the transition of her former duties and responsibilities.

        5.8 Special
              Severability.  The terms and provisions of this Section 5 are intended to be separate and divisible provisions and if, for any reason, any one or more of them is held to be invalid or unenforceable, neither the validity nor the
            enforceability of any other provision of this Agreement shall thereby be affected.  Furthermore to the extent any term or provision of this Section 5 would be declared invalid due to its duration, geographic scope or other term, it is the
            intent of the parties that the duration, geographic scope or other term be reformed to conform to the fullest extent that would be enforceable, and that the term or provision be so enforced.

        6. Successors

         

            

        6.1 The Executive. 
            This Agreement is personal to the Executive and, without the prior written consent of the Company, shall not be assignable by the Executive, other than by will or the laws of descent and distribution or as described in this Section 6.1.  This
            Agreement shall inure to the benefit of and be enforceable by the Executive’s heirs, beneficiaries and/or legal representatives.

        6.2 The Company. 
            This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.

        6.3 Successors. 
            The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this
            Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place, and the Executive will consent to such successor’s assumption.  As used in this Agreement, “Company”
            shall mean the Company as previously defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law or otherwise.

        
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        7. Code Section 409A

         

            

        7.1 Code Section 409A

        (a) This Agreement and
            the amounts payable hereunder are intended to comply with Section 409A of the Code and the regulations and guidance promulgated thereunder (“Section 409A”) in both form and operation, or an exemption therefrom, and shall be interpreted
            in accordance with such intent.  Any provision that would cause this Agreement to fail to satisfy Section 409A (if applicable) shall have no effect until amended to comply with Section 409A.

        (b) The payment of
            each amount payable under this Agreement shall be deemed a separate “payment” for purposes of Section 409A.

        (c) Notwithstanding
            the foregoing, to the extent any amount payable hereunder is subject to taxes, penalties and/or interest under Section 409A, the Executive shall be solely liable for the payment of any such taxes, penalties and/or interest.

        (d) All reimbursements
            and in kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A, including, where applicable, the requirements that (i) any reimbursement is for expenses incurred during the
            Executive’s lifetime (or during a shorter period of time specified in this Agreement); (ii) the amount of expenses eligible for reimbursement, or in kind benefits provided, during a calendar year may not affect the expenses eligible for
            reimbursement, or in kind benefits to be provided, in any other calendar year; (iii) the reimbursement of an eligible expense will be made no later than 2 1⁄2 months after the end of the calendar year in which the expense is incurred; and (iv)
            the right to reimbursement or in kind benefits is not subject to liquidation or exchange for another benefit.

        8. Full Settlement; Mitigation

         

            

        The Company’s obligation to make the payments provided for in, and otherwise to perform its obligations
          under, this Agreement shall not be affected by any set-off, counter-claim, recoupment, defense or other claim, right or action that the Company may have against the Executive or others other than a claim, right or action for fraud after the
          individual is judicially determined to have committed such action.  In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the
          provisions of this Agreement and such amounts shall not be reduced, regardless of whether the Executive obtains other employment.

        9. Indemnification

         

            

        The Executive shall continue to have all rights to indemnification, advancement of legal fees and
          Directors and Officers liability insurance coverage under the Company’s plans, by-laws, or other corporate documents to the full extent permitted by law and as set forth in such documentation.

        
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        10.   Miscellaneous

         

            

        10.1 Applicable Law. 
            This Agreement shall, to the extent not superseded by federal law, be governed by and construed in accordance with the laws of the State of Florida, without regard to principles of conflict of laws.

        10.2 Amendments/Waiver. 
            This Agreement may not be amended, waived, or modified otherwise than by a written agreement that specifies the provision of this Agreement being amended, waived or modified, and that is executed by the parties to this Agreement or their
            respective successors and legal representatives.  No waiver by either party to this Agreement of any breach of any term, provision or condition of this Agreement by the other party shall be deemed a waiver of a similar or dissimilar condition
            or provision at the same time, or any prior or subsequent time.

        10.3 Notices. 
            All notices and other communications hereunder shall be in writing and shall be deemed given when received by hand-delivery to the other party, by overnight courier, or by registered or certified mail, return receipt requested, postage prepaid,
            addressed as follows:

        If to the Executive:

            Susan Mermer

        At the Executive’s principal residence

          as set forth in the Company’s records.

        If to the Company:

            The Compensation Committee of the Board of Directors of The St. Joe Company

            c/o The St. Joe Company

            133 South WaterSound Parkway

            WaterSound, FL  32413

        or to such other addresses as either party furnishes to the other in writing in accordance with this Section 10.3. 
          Notices and communications shall be effective when actually received by the addressee.

        10.4 Withholding. 
            The Company may withhold from any amounts payable under this Agreement such taxes as shall be required to be withheld pursuant to any applicable law or regulation.

        10.5 Strict
              Compliance.  The Executive’s or Company’s failure to insist upon strict compliance with any provisions of, or to assert, any right under, this Agreement shall not be deemed to be a waiver of such provision or right or of any other
            provision of or right under this Agreement.

        10.6 Enforceability. 
            The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.  If any portion or provision of this Agreement shall to any extent be declared
            illegal or unenforceable by an arbitrator or a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or
            unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

        
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        10.7 Captions: 
              Counterparts.  The captions of this Agreement are for convenience of reference only, are not part of the terms of this Agreement and shall have no force or effect in the application or interpretation thereof.  This Agreement may be
            executed in several counterparts, each of which shall be deemed an original and said counterparts shall constitute but one and the same instrument.  Signatures delivered by facsimile (including, without limitation, by “pdf”) shall be deemed
            effective for all purposes.

        10.8 Entire
              Agreement.  This Agreement contains the entire agreement between the parties to this Agreement concerning the subject matter hereof and, except as otherwise provided herein, supersedes all prior agreements, understandings, discussions,
            negotiations and undertakings, whether written or oral, between the parties with respect thereto.  Specifically this Agreement replaces and supersedes in its entirety any prior employment and/or severance agreement between the Company and the
            Executive, but it does not replace any obligation of the Company or its Affiliates that is preserved under this Agreement.

        10.9 Survivorship. 
            The obligations of the Company and the Executive under this Agreement shall survive the Termination Date.

        10.10 Assignment. 
            The rights and benefits of the Executive under this Agreement may not be anticipated, assigned, alienated or subject to the attachment, garnishment, levy, execution or other legal or equitable process except as required by law.  Any attempt by
            the Executive to so anticipate, alienate, assign, sell, transfer, pledge, encumber or charge the same shall be void.

        10.11 Arbitration. 
            Except as otherwise provided in Sections 3.3, 4.1(g) and 5.9, the Executive and the Company both agree to submit any disputes under this Agreement to binding arbitration with a mutually agreeable arbitrator and to make their best efforts to
            settle any disputes within 90 days.  In the event this does not occur and the Executive has cooperated in the arbitration process the Company agrees to pay, to the full extent permitted by law, all legal fees and expenses which the Executive
            may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof, plus
            in each case interest at the applicable Federal rate provided for in Section 7872(f)(2) of the Code.  The employment rules under the American Arbitration Association (AAA) will apply.

        
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        IN WITNESS
            WHEREOF, the Executive has hereunto set her hand and, pursuant to the authorization of its Board of Directors, the Company has caused this Agreement to
            be executed in its name and on its behalf by a duly authorized officer, as of the date set forth above.

        	
                THE ST. JOE COMPANY

              	
                EXECUTIVE

              
	 	 
	 	 
	
                /s/ Jorge Gonzalez 

              	
                /s/ Susan Mermer 

              
	
                Name: Jorge Gonzalez

              	
                Susan Mermer

              
	
                Title:  President and CEO

              	 

        

        

        

      

    

  

  
  
  - 11 -Form of Note for the Company's 1.750% Notes due October 23, 2026.

 Exhibit 4.01 

This Note is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depository
named below or a nominee of the Depository. This Note is not exchangeable for Notes registered in the name of a Person other than the Depository or its nominee except in the limited circumstances described herein and in the Indenture, and no
transfer of this Note (other than a transfer of this Note as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository) may be registered except in the limited
circumstances described herein. 
 Unless this certificate is presented by an authorized representative of The Euroclear System or
Clearstream Banking, société anonyme (each a “Depository”), to the Company or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Citivic Nominees Limited or
in such other name as is requested by an authorized representative of the Depository (and any payment is made to Citivic Nominees Limited or to such other entity as is requested by an authorized representative of the Depository), ANY TRANSFER,
PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Citivic Nominees Limited, has an interest herein. 

CITIGROUP INC. 
 1.750%
Notes due October 23, 2026 
  

			
	REGISTERED	  	 REGISTERED

  

			
		  	 ISIN: XS2031277077

		  	 Common Code: 203127707

		  	
	No. R-00	  	 £

 CITIGROUP INC., a Delaware corporation (the “Company”, which term includes any successor Person
under the Indenture), for value received, hereby promises to pay to Citivic Nominees Limited, or registered assigns, the principal sum of £[    ] on October 23, 2026 and to pay interest thereon from and including
October 23, 2019 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, annually, on October 23rd of each year, commencing October 23, 2020 at the rate of 1.750% per annum,until the principal
hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note is registered at the
close of business on the Record Date for such interest, which shall be the Business Day immediately preceding such Interest Payment Date. 

 Any such interest not so punctually paid or duly provided for will forthwith cease to be
payable to the holder on such Record Date and may either be paid to the Person in whose name this Note is registered at the close of business on a subsequent Record Date, such subsequent Record Date to be not less than ten days prior to the date of
payment of such defaulted interest, notice whereof shall be given to holders of Notes of this series not less than ten days prior to such subsequent Record Date, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

Interest hereon will be calculated on the basis of the actual number of days in the period for which interest is being calculated and the
actual number of days from and including the last date on which interest was paid on the notes . All amounts resulting from such calculation will be rounded to the nearest cent, with one-half cent being
rounded upward. An “Interest Period” shall be the period from and including an Interest Payment Date (or from October 23, 2019 in the case of the first Interest Payment Date) to and including the day immediately preceding the next
Interest Payment Date. 
 If either an Interest Payment Date or the Maturity of the Notes falls on a day that is not a Business Day, such
Interest Payment Date or Maturity will be the next succeeding Business Day, and no further interest will accrue in respect of such postponement. If a date for payment of interest or principal on the Notes falls on a day that is not a business day in
the place of payment, such payment will be made on the next succeeding business day in such place of payment as if made on the date the payment was due. No interest will accrue on any amounts payable for the period from and after the due date for
payment of such principal or interest. For these purposes, “Business Day” means any day which is a day on which commercial banks settle payments and are open for general business in each of The City of New York and London and is a day on
which the Trans-European Automated Real-time Gross Settlement Express Transfer system (known as TARGET2 system), or any successor thereto, operates. 

Payment of the principal of and interest on this Note will be made at the office or agency of the Trustee maintained for that purpose in
London in Sterling. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further
provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has
been executed by the Trustee or by an authenticating agent on behalf of the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
 Dated: October 23, 2019 
  

			
	CITIGROUP INC.

 
			
		
	By: 	 	  

	Name:	 	
	Title:	 	

  

			
	ATTEST:

			
		
	By:	 	  

	Name:	 	
	Title:	 	

 This is one of the Notes of the series issued under the within-mentioned Indenture. 

Dated: October 23, 2019 
  

			
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	-or-	 	

 
			
	
	 CITIBANK, N.A.,
 as Authenticating
Agent

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 This Note is one of a duly authorized issue of Securities of the Company (the
“Notes”), issued and to be issued in one or more series under the Indenture, dated as of November 13, 2013 (as amended and supplemented from time to time, the “Indenture”), between the Company and The Bank of New York
Mellon, as Trustee (the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Company, the Trustee and the holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof,
initially limited in aggregate principal to £650,000,000. 
 If an event of default (as defined in the Indenture) with respect to
Notes of this series shall occur and be continuing, the principal of the Notes of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

Sections 12.02 and 12.03 of the Indenture containing provisions for defeasance apply to this Note. At any time the entire indebtedness of this
Note may be defeased upon compliance by the Company with certain conditions set forth in Section 12.04 of the Indenture., and any funds or securities deposited pursuant to the defeasance provisions will be in Sterling or a direct obligation of
the British government. 
 The Indenture contains provisions permitting the Company and the Trustee, without the consent of the holders of
the Securities, to establish, among other things, the form and terms of any series of Securities issuable thereunder by one or more supplemental indentures, and, with the consent of the holders of a majority in aggregate principal amount of
Securities at the time outstanding which are affected thereby, to modify the Indenture or any supplemental indenture or the rights of the holders of Securities of such series to be affected, provided that no such modification will (i) extend
the fixed maturity of any Securities, reduce the rate or extend the time of payment of interest thereon, reduce the principal amount thereof or the premium, if any, thereon, reduce the amount of the principal of Original Issue Discount Securities
payable on any date, change the currency in which Securities are payable, or impair the right to institute suit for the enforcement of any such payment on or after the maturity thereof, without the consent of the holder of each Security so affected,
or (ii) reduce the aforesaid percentage of Securities of any series the consent of the holders of which is required for any such modification without the consent of the holders of all Securities of such series then outstanding, or
(iii) modify the rights, duties or immunities of the Trustee unless the Trustee agrees to such modification. 
 No reference herein to
the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin
or currency, herein prescribed. 
 This Note is a Global Security registered in the name of a nominee of the Depository. This Note is
exchangeable for Notes registered in the name of a person other than the Depository or its nominee only in the limited circumstances hereinafter described. Unless and until it is exchanged in whole or in part for definitive Notes in certificated
form, this Note may not be transferred except as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository. 

 The Notes represented by this Global Security are exchangeable for definitive Notes in
certificated form of like tenor as such Notes in minimum denominations of GBP 100,000 and integral multiples of GBP 1,000 in excess thereof only if (i) the Depository notifies the Company that it is unwilling or unable to continue as Depository
for the DTC Global Note or (ii) the Depository ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, or (iii) both the Euroclear System and Clearstream Banking, société anonyme,
notify the Company that they are unwilling or unable to continue as a clearing system for the International Global Note or (iv) the Company in its sole discretion decides to allow the Notes to be exchanged for definitive Notes in registered
form. Any Notes that are exchangeable pursuant to the preceding sentence are exchangeable for certificated Notes issuable in authorized denominations and registered in such names as the Depository shall direct. Subject to the foregoing, this Note is
not exchangeable, except for a Global Security or Global Securities of this issue of the same principal amount to be registered in the name of the Depository or its nominee. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Note for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee
nor any such agent shall be affected by notice to the contrary. The Company will pay additional amounts (“Additional Amounts”) to the beneficial owner of any Note that is a non-United States person
in order to ensure that every net payment on such Note will not be less, due to payment of U.S. withholding tax, than the amount then due and payable. For this purpose, a “net payment” on a Note means a payment by the Company or a paying
agent, including payment of principal and interest, after deduction for any present or future tax, assessment or other governmental charge of the United States. These Additional Amounts will constitute additional interest on the Note. 

The Company will not be required to pay Additional Amounts, however, in any of the circumstances described in items (1) through (13)
below. 
 (1) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other
governmental charge that is imposed or withheld solely by reason of the beneficial owner: 
 (a) having a relationship with the United States
as a citizen, resident or otherwise; 
 (b) having had such a relationship in the past or 

(c) being considered as having had such a relationship. 

(2) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge
that is imposed or withheld solely by reason of the beneficial owner: 
 (a) being treated as present in or engaged in a trade or business in
the United States; 
 (b) being treated as having been present in or engaged in a trade or business in the United States in the past or 

 (c) having or having had a permanent establishment in the United States. 

(3) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge
that is imposed or withheld in whole or in part by reason of the beneficial owner being or having been any of the following (as such terms are defined in the Internal Revenue Code of 1986, as amended): 

(a) personal holding company; 

(b) foreign private foundation or other foreign tax-exempt organization; 

(c) passive foreign investment company; 

(d) controlled foreign corporation or 

(e) corporation which has accumulated earnings to avoid United States federal income tax. 

(4) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge
that is imposed or withheld solely by reason of the beneficial owner owning or having owned, actually or constructively, 10 percent or more of the total combined voting power of all classes of stock of the Company entitled to vote or by reason
of the beneficial owner being a bank that has invested in a Note as an extension of credit in the ordinary course of its trade or business. 
 For purposes
of items (1) through (4) above, “beneficial owner” means a fiduciary, settlor, beneficiary, member or shareholder of the holder if the holder is an estate, trust, partnership, limited liability company, corporation or other entity, or
a person holding a power over an estate or trust administered by a fiduciary holder. 
 (5) Additional Amounts will not be payable to any
beneficial owner of a Note that is a: 
 (a) fiduciary; 

(b) partnership; 
 (c) limited
liability company or 
 (d) other fiscally transparent entity 

or that is not the sole beneficial owner of the Note, or any portion of the Note. However, this exception to the obligation to pay Additional
Amounts will only apply to the extent that a beneficiary or settlor in relation to the fiduciary, or a beneficial owner or member of the partnership, limited liability company or other fiscally transparent entity, would not have been entitled to the
payment of an Additional Amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment. 

(6) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge
that is imposed or withheld solely by reason of the failure of the beneficial owner or any other person to comply with applicable certification, identification, documentation or other information reporting requirements. This exception to the
obligation to pay Additional Amounts will only apply if compliance with such reporting requirements is required by statute or regulation of the United States or by an applicable income tax treaty to which the United States is a party as a
precondition to exemption from such tax, assessment or other governmental charge. 

 (7) Additional Amounts will not be payable if a payment on a Note is reduced as a result of
any tax, assessment or other governmental charge that is collected or imposed by any method other than by withholding from a payment on a Note by the Company or a paying agent. 

(8) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge
that is imposed or withheld by reason of a change in law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later. 

(9) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge
that is imposed or withheld by reason of the presentation by the beneficial owner of a Note for payment more than 30 days after the date on which such payment becomes due or is duly provided for, whichever occurs later. 

(10) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any: 

(a) estate tax; 
 (b) inheritance
tax; 
 (c) gift tax; 
 (d)
sales tax; 
 (e) excise tax; 

(f) transfer tax; 
 (g) wealth
tax; 
 (h) personal property tax or 

(i) any similar tax, assessment, withholding, deduction or other governmental charge. 

(11) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment, or other governmental charge
required to be withheld by any paying agent from a payment of principal or interest on a Note if such payment can be made without such withholding by any other paying agent. 

(12) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any withholding, deduction, tax, duty assessment
or other governmental charge that would not have been imposed but for a failure by the holder or beneficial owner of a Note (or any financial institution through which the holder or beneficial owner holds the Note or through which payment on the
Note is made) to take any action (including entering into an agreement with the Internal Revenue Service, or a governmental authority of another jurisdiction if the holder is entitled to the benefits of an intergovernmental agreement between that
jurisdiction and the United States) or to comply with any applicable certification, documentation, information or other reporting requirement or agreement concerning accounts maintained by the holder or beneficial owner (or any such financial
institution), or concerning ownership of the holder or beneficial owner, or any substantially similar requirement or agreement. 
 (13)
Additional Amounts will not be payable if a payment on a Note is reduced as a result of any combination of items (1) through (12) above. 

 Except as specifically provided herein, the Company will not be required to make any payment
of any tax, assessment or other governmental charge imposed by any government or a political subdivision or taxing authority of such government. 

As used in this Note, “United States person” means: 
  

	 	(a)	 any individual who is a citizen or resident of the United States; 

 

	 	(b)	 any corporation, partnership or other entity created or organized in or under the laws of the United States or
any political subdivision thereof; 

  

	 	(c)	 any estate if the income of such estate falls within the federal income tax jurisdiction of the United States
regardless of the source of such income and 

  

	 	(d)	 any trust if (i) a United States court is able to exercise primary supervision over its administration and
one or more United States persons have the authority to control all of the substantial decisions of the trust; or (ii) it has a valid election in effect under applicable United States Treasury regulations to be treated as a United States
person. 

 Additionally, “non-United States person” means a person who
is not a United States person, and “United States” means the states of the United States of America and the District of Columbia, but excluding its territories and its possessions. 

Except as provided below, the Notes may not be redeemed prior to maturity. 

 

	 	(1)	 The Company may, at its option, redeem the Notes if: 

 

	 	(a)	 the Company becomes or will become obligated to pay Additional Amounts as described above;

  

	 	(b)	 the obligation to pay Additional Amounts arises as a result of any change in the laws, regulations or rulings
of the United States, or an official position regarding the application or interpretation of such laws, regulations or rulings, which change is announced or becomes effective on or after October 16, 2019; and 

 

	 	(c)	 the Company determines, in its business judgment, that the obligation to pay such Additional Amounts cannot be
avoided by the use of reasonable measures available to it, other than substituting the obligor under the Notes or taking any action that would entail a material cost to the Company. 

 

	 	(2)	 The Company may also redeem the Notes, at its option, if: 

 

	 	(a)	 any act is taken by a taxing authority of the United States on or after October 16, 2019 whether or not
such act is taken in relation to the Company or any subsidiary, that results in a substantial probability that the Company will or may be required to pay Additional Amounts as described above; 

 

	 	(b)	 the Company determines, in its business judgment, that the obligation to pay such Additional Amounts cannot be
avoided by the use of reasonable measures available to it, other than substituting the obligor under the Notes or taking any action that would entail a material cost to the Company; and 

 

	 	(c)	 the Company receives an opinion of independent counsel to the effect that an act taken by a taxing authority of
the United States results in a substantial probability that the Company will or may be required to pay the Additional 

	 	
Amounts described above, and delivers to the Trustee a certificate, signed by a duly authorized officer, stating that based on such opinion the Company is entitled to redeem the Notes pursuant to
their terms. 

 Any redemption of the Notes as set forth in clauses (1) or (2) above shall be in whole, and not in part, and will be made
at a redemption price equal to 100% of the principal amount of the Notes Outstanding plus accrued interest thereon to the date of redemption. 
  

	 	(3)	 The Company may also redeem the Notes, at its option, in whole at any time or in part from time to time, on or
after April 23, 2020 and prior to September 23, 2026, at a redemption price equal to the sum of (i) 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but excluding the date of redemption;
and (ii) the Make-Whole Amount, if any, with respect to such Notes. The Reinvestment Rate will equal the Treasury Yield calculated to September 23, 2026, plus 0.250%. 

 

	 	•	 	 “Make-Whole Amount” means the excess, if any, of: (i) the aggregate present value as of the date
of such redemption of each sterling of principal being redeemed or paid and the amount of interest (exclusive of interest accrued to the date of redemption) that would have been payable in respect of each such sterling if such redemption had not
been made, determined by discounting, on an annual basis (ACTUAL/ACTUAL (ICMA)), such principal and interest at the Reinvestment Rate (as defined below) (determined on the third business day preceding the date that notice of such redemption is given
(the “Determination Date”)) from the respective dates on which such principal and interest would have been payable if such redemption had not been made, to the date of redemption, over (ii) the aggregate principal amount of the debt
securities being redeemed. 

  

	 	•	 	 “Reinvestment Rate” means the yield on a United Kingdom government bond (the “Reference
Bond”) at a constant maturity corresponding to the remaining life (as of the date of redemption, and rounded to the nearest month) to September 23, 2026, of the principal being redeemed (the “Treasury Yield”), plus 0.250%. For
purposes of the Notes, the Treasury Yield shall be equal to the gross redemption yield for the Reference Bond on the basis of the middle market price of the Reference Bond at 11:00 a.m. (London time) on the Determination Date; provided that if no
published maturity exactly corresponds to September 23, 2026, then the Treasury Yield shall be interpolated or extrapolated on a straight-line basis from the arithmetic means of the yields for the next shortest and next longest published
maturities. If the information on the Reference Bond yield changes in a manner that precludes determination of the Treasury Yield in the above manner, then the Treasury Yield shall be determined in the manner that most closely approximates the above
manner, as reasonably determined by the Company. 

  

	 	(4)	 The Company may also redeem the Notes, at its option, in whole, but not in part, on or after September 23,
2026 at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the date of redemption. 

 Holders shall be given not less than 15 days’ nor more than 60 days’ prior notice by the Trustee
of the date fixed for such redemption described in (1) through (4) above. 
 All terms used in this Note which are defined in the
Indenture shall have the meanings assigned to them in the Indenture. The Notes are governed by the laws of the State of New York. 

 Schedule 1 

Redemptions and Amount of Securities 
  

							
	 Date of

partial

redemption
	 	 Aggregate

principal amount

of Securities then

redeemed
	 	 Remaining

principal amount

of this Global

Security
	  	 Authorized Signature

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