Document:

EX-10.51

 Exhibit 10.51 
 SEPARATION AGREEMENT, RELEASE AND WAIVER 
 This Separation
Agreement, Release and Waiver (the “Agreement”) is made as of the 24th day of April, 2013, by and between Louis M. Dubin (“Employee”) and The St. Joe Company (the “Employer”). 
 WHEREAS, Employee has been employed by the Employer since June 11, 2012 most recently as Executive Vice President; and 
 WHEREAS, Employee and the Employer understand that the employment relationship is terminated on the date set forth below. 
 NOW, THEREFORE, Employee and the Employer desire, and by this Agreement intend: 
 To resolve and
settle all existing and potential differences and disputes between them arising out of Employee’s employment and termination therefrom; 

To release all claims that could be asserted arising from Employee’s employment or termination therefrom; and 

To be legally bound, in consideration of the mutual promises set forth herein, by the following terms: 

 

	I.	TERMINATION OF EMPLOYMENT 

Employee’s employment with the Employer shall terminate effective April 24, 2013 (“Termination Date”). 

 

	II.	BENEFITS 

 In
consideration of Employee’s agreement to the terms herein and for other good and valuable consideration as recited herein, Employer and Employee agree as follows: 
  

	 	A.	Employer will pay to Employee $275,000, less applicable withholding in a lump sum payment, on the later of the end of the seven (7) day period referred to in
Section VII or the first regularly scheduled payroll date following the Company’s receipt of the signed Agreement, following the date of termination. Employee shall also be paid regular wages through the Termination Date.

  

	 	B.	Employee shall be eligible for continued participation in the Employer’s health plan as provided by law in accordance with the Consolidated Omnibus Budget
Reconciliation Act (COBRA) Public Law No. 99-972. Participation and coverage in the benefit plans not subject to COBRA provisions ceases on the Termination Date. Employer will pay Employee’s COBRA contribution from the Employee’s
Termination Date through October 31, 2013 provided Employee completes and returns to Employer’s COBRA administrator an election form that will be mailed to Employee in the weeks following Employee’s Termination Date.

  

	 	C.	Employer will waive any and all relocation monies, tuition reimbursement or any other monies that may be due Employer, if any, pursuant to any separate agreement or
separate arrangement between the parties. 

  

	 	D.	Employee agrees to be reasonably available to answer work-related questions from Employer for a period of six (6) months after the Termination Date. This
availability is not intended to be onerous, demanding of the Employee’s time, or to interfere with Employee’s duties at his/her next position. 

  

	III.	CONFIDENTIALITY, NON-DISPARAGEMENT AND LITIGATION 

  

	 	A.	 From and after the date hereof, Employee agrees that all confidential information regarding the Employer learned, observed or obtained by Employee,
whether before or after the date hereof, including but not limited to information 

	 	
regarding Employer’s business, operations, products, services, plans, strategies, facilities, financial information, condition or projections, transactions and potential transactions,
construction, pricing, designs, processes, directors, officers, shareholders, employees, customers, vendors, partners, agents, marketing and development plans, and research, will be held and treated by Employee as strictly confidential and will not,
without the prior written consent of Employer, be disclosed or otherwise used by Employee in any manner, in whole or in part, except as may be required pursuant to court order after reasonable advance notice to the Employer.

  

	 	B.	The nature and terms of this Agreement are strictly confidential and Employee agrees not to disclose the terms of the Agreement without the prior written consent of the
Employer, except (i) to any person in Employee’s immediate family or household, (ii) to any counsel or financial advisor, (iii) as necessary in any legal proceedings in accordance with the terms and conditions of this Agreement,
(iv) to prepare and file income tax forms, or (v) pursuant to court order after reasonable advance notice to the Employer. Similarly, the Employer agrees not to disclose the nature and terms of this Agreement, except as is necessary to
obtain approval of it, to inform employees, attorneys, accountants and officials with a “need to know,” in any relevant legal proceedings, in any public reporting documents (to the extent required by law, rule or regulation), and to
prepare proper documentation in tax, legal, accounting and claim records. 

  

	 	C.	From and after the date hereof, except as may be compelled by a court of law, Employee shall take no action (including, without limitation, the making of any oral or
written statement) which could be perceived, interpreted or understood as reflecting negatively on, or which could otherwise damage or impugn the Employer’s reputation or business. This obligation of Employee also extends to those individuals
who were directors, officers, employees, customers, vendors, partners or agents of the Employer up to and including the Termination Date. Employer shall take no action to damage or impugn the reputation of Employee and shall give a neutral
recommendation to any third party employment inquiries. 

  

	 	D.	Employee understands and acknowledges that the confidentiality and non-disparagement provisions set forth in paragraphs A, B and C of this Section III constitute an
essential and material part of this Agreement, and that the Company would not enter into this Agreement without Employee’s promise to maintain these obligations. Employee further acknowledges Employee shall be liable in damages for any
breach of these paragraphs by Employee or by any person to whom information has been disclosed as permitted under this Agreement. In addition, Employee also agrees any violation of these paragraphs and their confidentiality and
non-disparagement requirements would damage Employer in an amount that would be extremely difficult to ascertain. Accordingly, should Employee violate paragraphs A, B or C of this Section III, Employee shall be liable for liquidated damages in
the amount of $50,000.00, which Employee and Employer agree is a reasonable forecast and their best estimate of the actual damages resulting from such a breach and not a penalty. 

 

	 	E.	Employee represents that Employee has not and does not intend to participate in or file against Employer or any Employer subsidiary or affiliate any action, cause of
action, lawsuit or proceeding, and that Employee understands that the Employer has reasonably relied on the representations in this paragraph in agreeing to perform those obligations set forth in Section II of this Agreement and further agrees that
this Agreement may be pleaded as a bar to any such action, cause of action, lawsuit or proceeding. Employee also promises and agrees that he will not voluntarily lend his support to or participate in any action, cause of action, claim,
investigation, lawsuit or proceeding adverse to or brought against the Employer or any Employer affiliate or subsidiary by any third party, and will not communicate in any way with the media with respect to any such claim or action (other than to
respond that he has “no comment”). Notwithstanding the above representations, the parties acknowledge that Employee has a legal obligation to respond to any lawfully issued subpoena by a court or administrative agency, and as long as the
subpoena was not in any way solicited by him as a way to circumvent his obligations hereunder, his offering of truthful testimony under oath in response to such a lawfully issued subpoena will not be considered a violation of this
provision. Employee agrees to notify Employer of any subpoena received by Employee prior to participation in any such matter. 

  

	IV.	COMPLETE RELEASE 

 To the
maximum extent allowable under the law, Employee, for Employee and Employee’s predecessors, successors, assigns, and heirs, hereby agrees to discharge and release the Employer and, as applicable, each of its direct and indirect parent,
subsidiary or affiliated corporations, organizations, representatives, its present or former owners, employees and partners, shareholders, insurers, successors, assigns, clients and counsel from all claims or demands Employee may have based on

 
Employee’s employment with the Employer or the termination of that employment. This includes a release of any rights or claims Employee may have based on any facts or events, whether known
or unknown by the Employee, that occurred on or before the effective date of this Agreement, or events that are contemplated by this Agreement. 
 Specifically included in this waiver and release are, among other things, any and all claims of alleged employment discrimination, harassment or retaliation, either as a result
of Employee’s employment or otherwise, arising under the following laws, and all amendments to these laws: Title VII of the Civil Rights Act of 1964, the Civil Rights Acts of 1991, the Civil Rights Act of 1866, the Age Discrimination
in Employment Act, the Employee Retirement Income Security Act, the Consolidated Omnibus Budget Reconciliation Act, the Americans with Disabilities Act, the Family and Medical Leave Act, the Florida Civil Rights Act, the Florida Worker’s
Compensation Act, the Florida Constitution, and any other federal, state or local statute, rule or regulation, as well as all claims, whether in tort, including wrongful discharge, negligent or intentional infliction of emotional distress, or in
contract, including breach of an expressed or implied contract or covenant of good faith and fair dealing, or any other unlawful behavior, the existence of which is denied by the Employer, which Employee has ever had, has now, or may have
against the Employer, as of and including the date of this Agreement. Employee further agrees that Employee will not institute any claim for damages by charge or otherwise, nor authorize any other party, governmental or otherwise, to
institute any claim for damages via administrative or legal proceedings against the Employer. Employee also waives the right to monetary damages or other legal or equitable relief awarded by a governmental agency related to such claim.
Notwithstanding the generality of the foregoing, this release does not extend to any claims for unemployment compensation. 
  

	V.	PERIOD FOR REVIEW AND CONSIDERATION OF AGREEMENT 

 If Employee is over the age of 40, Employee confirms that Employee has been given (a) twenty-one (21) days; or (b) the amount of time required under existing law, whichever is greater, to
review and consider this Agreement before signing it. If Employee is under age 40, they have twenty-one (21) days to review and consider agreement. Employee understands that Employee may use as much or as little of this period as Employee
wishes prior to signing. 
  

	VI.	ENCOURAGEMENT TO CONSULT WITH AN ATTORNEY 

 Employee is encouraged, at Employee’s own expense, to consult with an attorney before signing this Agreement. 
  

	VII.	EMPLOYEE’S RIGHT TO REVOKE AGREEMENT 

 If this Agreement is signed by Employee and returned to the Employer within the time specified in Section V, Employee may revoke this Agreement within seven (7) calendar days of the date of the
Employee’s signature. Revocation can be made by delivering a written notice of revocation to the Employer, attention Rhea Goff. For this revocation to be effective, written notice must be received no later than close of business on the seventh
(7th) calendar day (or the next business day
thereafter if such day falls on a Saturday, Sunday or Employer holiday) after Employee signs this Agreement. If Employee revokes this Agreement, it shall not be effective or enforceable and Employee will not receive the payments described in Section
II. 
  

	VIII.	TAXES 

 Employee is
responsible for any tax liability associated with payments provided under this Agreement. The Employer has the right to withhold taxes from such payments to the extent required by law. 

 

	IX.	RETURN OF EMPLOYER PROPERTY; BUSINESS EXPENSES 

 On or before the Termination Date, Employee will return to the Employer all Employer property, including, but not limited to, keys, credit cards, badges, files, records, equipment, computer access codes,
computer programs, instruction manuals, documents, business plans, financial projections and other property which he/she received or prepared or helped to prepare in connection with his/her employment with the Employer, and also agrees to assign to
the Employer all right, title and interest in such property. Employee shall cooperate with any reasonable request of the Employer to perfect the Employer’s right, title and interest in such property. 

 Employee agrees that on or before the Termination Date (1) he/she will submit all
requests for business expense reimbursements, and (2) he/she has paid or will pay all balances on his/her corporate credit card. Employee agrees that he/she will not make any additional business expenditures on the Employer’s behalf after
the time he/she was given notice of termination except as required to complete Employee’s employment responsibilities in the ordinary course of business prior to the Termination Date. 

 

	X.	SEVERABILITY AND JUDICIAL RESTATEMENT 

 Employee and the Employer agree that the provisions of this Agreement are severable and divisible. In the event any portion of this Agreement is determined to be illegal or unenforceable, the remaining
provision of this Agreement shall remain in full force and effect. 
  

	XI.	MISCELLANEOUS 

 This is
the entire Agreement between Employee and Employer. 
 This Agreement shall be governed by and construed in accordance with the
laws of the State of Florida, without reference to principles of conflict of laws thereunder. 
 The captions of this Agreement
are not part of the provisions hereof and shall not have any force or effect. 
 This Agreement may not be amended or modified
otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives. 

Nothing contained in this Agreement is intended to be, or shall be construed to be, an admission of any liability by any party or an
admission of the existence of any facts upon which liability could be based. 
 Employee acknowledges and represents that
Employee has voluntarily executed this Agreement. 
 The parties agree to indemnify one another for any costs, losses, damages,
or expenses, including attorney’s fees, which arise from the breach of this Agreement. 
 PLEASE READ CAREFULLY. THIS
AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS INCLUDING THOSE PURSUANT TO THE AGE DISCRIMINATION IN EMPLOYMENT ACT, AS AMENDED, AND OTHER LAWS PROHIBITING DISCRIMINATION IN EMPLOYMENT. 

EMPLOYEE ACKNOWLEDGES THAT EMPLOYEE HAS READ THIS AGREEMENT, UNDERSTANDS IT AND IS ENTERING INTO IT VOLUNTARILY. 

 

									
		 		 	THE ST. JOE COMPANY
					
	Date: 	 	4/25/13	 		 	By:	 	 /s/ Rhea Goff

		 		 		 		 	Rhea Goff
		 		 		 		 	Chief Administrative Officer
					
	Date: 	 	4/25/13	 		 		 	 /s/ Louis M. Dublin

		 		 		 		 	Louis M. DubinEX-10.1

 Exhibit 10.1 
 TERMINATION AGREEMENT 
 This TERMINATION AGREEMENT (this
“Termination Agreement”), dated May 3, 2013, is made by and among ING Bank N.V., London Branch (“ING Bank”) and Security Life of Denver International Limited (“SLDI”) (each a
“Party” and collectively, the “Parties”) and relates to that certain Credit Agreement, dated as of December 31, 2011 by and between ING Bank, SLDI and the Various Financial Institutions From Time to Time Party
thereto (the “Credit Agreement”). Capitalized terms used herein but not otherwise defined shall have the meanings set forth in the Credit Agreement. 
 WHEREAS, in connection with the execution and delivery of the Credit Agreement and the issuance of Letters of Credit thereunder, SLDI executed and delivered a Promissory Note (the “Promissory
Note”) in favor of ING Bank to cover the amount of loans, if any, that may arise as a result of ING USA Annuity and Life Insurance Company (“ING USA”) drawing on the Letters of Credit; 

WHEREAS, subject to the terms and conditions set forth in this Termination Agreement, the Parties now desire to terminate in all respects
the Credit Agreement. 
 NOW, THEREFORE, the Parties agree for good and valuable consideration as follows: 

 

	1.	Termination of Credit Agreement. Subject to (a) the receipt by ING Bank of all outstanding Letters of Credit for cancellation (or confirmation of such
receipt in the case of confirmed Letters of Credit) and (b) the receipt of payment in full without deduction, counterclaim or set-off from SLDI of (w) all Letter of Credit Fees payable by SLDI that are accrued and unpaid as of the date
each Letter of Credit is received for cancellation, (x) ING Bank’s reasonable costs and expenses, including Attorney Costs, incurred in connection with the negotiation and execution hereof and the transactions contemplated hereby,
(y) the amount of any unpaid Reimbursement Obligations as of the date of payment, and (z) the amount of outstanding Loans, if any, including any accrued and unpaid interest thereon through the date of payment (collectively, the matters
described in (a) and (b) being referred to as the “Termination Conditions”), (i) all obligations under the Credit Documents shall automatically terminate in all respects and shall be of no further force and effect,
and (ii) neither ING Bank nor SLDI shall have any liabilities or obligations under the Credit Documents, and each of them shall be forever released and discharged in all respects from any and all obligations, under or with respect to the Credit
Documents. Upon termination of the Credit Documents and cancellation of the Promissory Note (as set forth in paragraph 2 below), ING Bank shall promptly deliver to SLDI the acknowledgement letter attached hereto as Exhibit A.

  

	2.	Cancellation of Promissory Note. Subject to satisfaction of the Termination Conditions, ING Bank shall promptly cancel the Promissory Note and deliver the
canceled Promissory Note to SLDI. Upon such cancellation, (a) the Promissory Note shall be no longer issued and outstanding and shall be of no further force and effect, (b) ING Bank shall have no rights or obligations under the Promissory
Note and SLDI shall have no further liabilities or obligations under the Promissory Note and (c) each of ING Bank and SLDI shall be forever released and discharged in all respects from any and all liabilities and obligations, under or with
respect to the Promissory Note. 

	3.	Counterparts. This Termination Agreement may be executed in any number of counterparts, each of which shall be considered an original instrument, but all of
which shall be considered one and the same agreement, and shall become binding when one or more counterparts have been signed by each of the Parties and delivered to the other Parties. 

 

	4.	Representations and Authority. Each of the Parties expressly represents and warrants that: 

 

	 	a.	the execution, delivery and performance of this Termination Agreement by it is within its corporate powers and is fully authorized by all necessary corporate action;

  

	 	b.	the Person executing this Termination Agreement on its behalf has the necessary and appropriate authority to do so; 

 

	 	c.	there are no pending agreements, transactions or negotiations to which it is a party that prohibit the execution, delivery or performance of this Termination Agreement
or would render this Termination Agreement or any part thereof void, voidable or unenforceable; and that none of the claims being released pursuant to this Termination Agreement have been previously assigned or transferred in any way to any Person;
and 

  

	 	d.	it has entered into this Termination Agreement based upon its respective independent assessment of its rights and obligations under the Credit Agreement or the Master
Agreement and Confirmation, as applicable, and, except for the representations made in this Termination Agreement, not based upon any representations made by any other Party. 

 

	5.	Binding Effect. This Termination Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and assigns. This
Termination Agreement is solely for the benefit of the Parties and is not intended to confer upon any third party any rights or benefits. This Termination Agreement shall be effective immediately upon execution by each Party hereto.

  

	6.	Governing Law. This Termination Agreement shall be construed in accordance with and governed by the law of the State of New York (including Sections 5-1401 and
5-1402 of the General Obligations Law of the State of New York). 

  

	7.	 Submission to Jurisdiction. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT MAY BE BROUGHT IN THE
COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK SITTING IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT THE APPLICANT AND EACH ISSUER

  
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PARTY CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. THE APPLICANT AND EACH ISSUER PARTY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY
OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR ANY DOCUMENT RELATED HERETO. THE
APPLICANT AND EACH ISSUER PARTY WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS AND IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID OR BY ANY OTHER MEANS PERMITTED BY NEW YORK OR FEDERAL LAW.

  

	8.	WAIVER OF JURY TRIAL. THE APPLICANT AND EACH ISSUER PARTY WAIVES ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING
OUT OF OR RELATED TO THIS AGREEMENT, THE OTHER CREDIT DOCUMENTS, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY HERETO, PARTICIPANT
OR ASSIGNEE, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. THE APPLICANT AND EACH ISSUER PARTY AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE
PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY ARE WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS
AGREEMENT OR THE OTHER CREDIT DOCUMENTS OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS. 

 

	9.	Further Assurances. Each Party shall execute and deliver to each of the other Parties such instruments and other documents as such other Party may reasonably
request or as may otherwise be necessary or useful in effecting the termination of the Credit Agreement, the and the cancelation of the Promissory Note. 

 [Signature page follows] 

  
 3 

 IN WITNESS WHEREOF, the Parties hereto have caused this Termination Agreement to be executed
on the day and year first above written. 
  

			
	ING BANK N.V., LONDON BRANCH
		
	By:	 	 /s/ P.N.A. Galpin

	Name:	 	P.N.A. Galpin
	Title:	 	Director
		
	By:	 	 /s/ Mer Sharman

	Name:	 	Mer Sharman
	Title:	 	Managing Director
	
	SECURITY LIFE OF DENVER INTERNATIONAL LIMITED
		
	By:	 	 /s/ Angus Hyslop

	Name:	 	Angus Hyslop
	Title:	 	President

  
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 EXHIBIT A 
 Acknowledgement Letter 
 May [XX], 2013 

David S. Pendergrass, Vice President 
 Security
Life of Denver International Limited 
 5780 Powers Ferry Road 
 Atlanta, GA 30327 
 Dear Mr. Pendergrass: 

We refer to (i) the U.S.$1,500,000,000 Credit Agreement dated as of December 30, 2011 among Security Life of Denver International Limited
(“SLDI”), ING Bank N.V., London Branch (“ING Bank”) and the Various Financial Institutions From Time to Time Party thereto (the “Credit Agreement”) and (ii) the Promissory Note dated as of December 30,2011
issued by SLDI in favor or ING Bank (the “Promissory Note” and together with the Credit Agreement collectively, the “Transaction Agreements”). Capitalized terms used but not otherwise defined in this letter will have the meaning
specified in the Credit Agreement. 
 In accordance with the terms of the Credit Agreement, each of the outstanding Letters of Credit were duly
surrendered by the Beneficiary and have been cancelled, and the amount of $[XX] representing (a) accrued but unpaid Letter of Credit Fees through the date of surrender of each Letter of Credit determined pursuant to the terms of the
Credit Agreement, (b) reasonable costs and expenses, including Attorney Costs, incurred in connection with the negotiation and execution of the Termination Agreement between SLDI and ING Bank and the transactions contemplated thereby,
(c) the amount of any unpaid Reimbursement Obligations as of the date of payment and (d) the amount of outstanding Loans, if any, including any accrued and unpaid interest thereon through the date of payment has been paid by SLDI (the
sufficiency and receipt of which by ING Bank is hereby confirmed). 
 In keeping with the foregoing, ING Bank hereby confirms, as of the date of
this letter, that the Transaction Agreements and the Credit Documents have been terminated in all respects. 
  

			
	Sincerely,
	
	ING BANK N.V., LONDON BRANCH
		
	By:	 	  

	Name	 	
	Title	 	
		
	By:	 	  

	Name	 	
	Title	 	

  
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