Document:

Park Brady Restricted Stock Agreement

 Exhibit 10.47 
 RESTRICTED STOCK AGREEMENT 
 Award Details: 

 

					
	Participant:	  	Park Brady	  	
	Number of Shares of Restricted Stock:	  	36,023	  	
	Date of Grant:	  	March 2, 2012	  	
	Fair Market Value (at close of business on Date of Grant):	  	$15.99	  	

 Agreement: 
 This Restricted Stock Agreement (the “Agreement”) is entered into effective as of the Date of Grant between the Participant and The St. Joe Company, a Florida corporation (the
“Company”), pursuant to the Company’s 2009 Equity Incentive Plan (the “Plan”). 
 WHEREAS, the Company
desires to grant, and the Participant desires to receive, an Award of Restricted Stock pursuant and subject to the terms and conditions of the Plan and this Agreement (the “Award”). 

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

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

2. Grant of Restricted Stock. As of the Date of Grant, the Company hereby grants to the Participant the number of shares of
Restricted Stock set forth in the Award Details above (the “Restricted Stock”), subject to the terms and conditions of the Plan and this Agreement. 
 3. Vesting of Restricted Stock. The Restricted Stock shall vest as follows: 100% shall vest immediately. 
 4. Restrictions on Transfer of Restricted Stock. None of the Restricted Stock shall be sold, transferred, pledged, assigned or otherwise alienated or hypothecated by the Participant, other than
upon the Participant’s death to a beneficiary in accordance with the Plan or by will or the laws of descent and distribution. Participant agrees not to sell, transfer, pledge, assign or otherwise alienate or hypothecate any shares of Common
Stock acquired upon the vesting of the Restricted Stock if applicable laws or Company policies prohibit any such action. 
 5.
Delivery of Title to Shares. Subject to any governing rules or regulations, the Company shall deliver any shares of Common Stock acquired in connection with the vesting of the Restricted Stock to or for the benefit of the Participant either
(a) by delivering to the Participant evidence of book entry shares of Common Stock credited to the account of the Participant, or (b) by depositing such shares of Common Stock for the benefit of the Participant with a broker designated by
the Company. The Company shall not be required to issue stock certificates for any shares of Common Stock acquired in connection with the vesting of the Restricted Stock. 

 6. Rights of a Shareholder. The Participant shall have all of the rights of a
shareholder of the Company with respect to the shares of Restricted Stock, including the right to vote the shares and receive dividends and other distributions with respect thereto. 

7. Administration by the Committee. The Plan, this Agreement and the Restricted Stock shall be subject to such administrative
procedures and rules as the Committee shall adopt. Decisions of the Committee on all matters relating to the Plan, this Agreement and the Restricted Stock shall be in the Committee’s sole discretion and shall be conclusive and binding on all
parties. 
 8. Compliance with Law and Regulations. The Plan, this Agreement and the Restricted Stock shall be subject to
all applicable federal and state laws, rules, and regulations and to such approvals by any government or regulatory agency as may be required. The Company shall have no liability to deliver any shares in connection with the Award unless such
delivery would comply with all applicable state, federal and foreign laws (including, without limitation and if applicable, the requirements of the Securities Act of 1933), and any applicable requirements of any securities exchange or similar entity
and under any blue sky or other securities laws. As a condition precedent to the issuance of shares of Common Stock in connection with an Award, the Company may require the Participant to take any reasonable action to meet such requirements.

 9. Company Policies. Participant agrees that he or she has read and will comply with the Company’s Insider
Trading Policy as described in its Code of Conduct. A copy of the Code of Conduct is available by contacting the Company’s Human Resources Department or by accessing the Human Resources section of the Company’s intranet. 

10. Adjustments. If any change in corporate capitalization (such as a stock split, reverse stock split, stock dividend,
combination or reclassification of shares, or any other similar transaction; or a recapitalization, repurchase, rights offering, reorganization, merger, consolidation, combination, exchange of shares, spin-off, spin-out or other distribution of
assets to shareholders or other similar corporate transaction or event) results in the outstanding shares of Common Stock, or any securities exchanged therefor or received in their place, being exchanged for a different number or class of shares or
other securities of the Company, or for shares of stock or other securities of any other corporation (or new, different or additional shares or other securities of the Company or of any other corporation being received by the holders of outstanding
shares of Common Stock), or a material change in the value of the outstanding shares of Common Stock as a result of the change, transaction or distribution, then the Committee shall make equitable adjustments, as it determines are necessary and
appropriate to prevent the enlargement or dilution of benefits intended to be made available under the Award. 

  
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 11. Tax Matters. 

(a) Participant shall be liable for any and all taxes, including withholding taxes, arising out of this Award or the vesting of Restricted
Stock hereunder. The Company shall have the right to deduct from any and all payments made in connection with the Award, or to require the Participant, through payroll withholding, cash payment or otherwise, to make adequate provision for, the
federal, state, local and foreign taxes, if any, required by law to be withheld by the Company with respect to the Award or the shares acquired pursuant thereto. The Company shall have no obligation to deliver shares of Common Stock issuable to the
Participant upon the vesting of the Restricted Stock until the Company’s tax withholding obligations have been satisfied by the Participant. 
 (b) The Company shall have the right, but not the obligation, to deduct from the shares of Common Stock issuable to the Participant upon the vesting of the Restricted Stock, or to accept from the
Participant the tender of, a number of whole shares of Common Stock having a Fair Market Value equal to all or any part of the tax withholding obligations of the Company. The Fair Market Value of any shares of Common Stock withheld or tendered to
satisfy any such tax withholding obligations shall not exceed the minimum amount of tax required to be withheld with respect to the transaction. 
 (c) Participant acknowledges that, at his or her option, Participant (i) shall be entitled to make an election permitted under section 83(b) of the Internal Revenue Code of 1986, as amended
(the “Code”), to include in gross income in the taxable year in which the Restricted Stock is granted, the Fair Market Value of such shares on the Date of Grant, notwithstanding that such shares may be subject to a substantial risk of
forfeiture within the meaning of the Code, or (ii) may elect to include in gross income the Fair Market Value of the Restricted Stock as of the date on which such restriction lapses. The Participant agrees to give the Company’s Human
Resources Department prompt written notice of any election made by such Participant under Code Section 83(b). 
 12. No
Implied Rights. Nothing in the Plan or this Agreement shall confer upon the Participant any right to continue in the employ of the Company or any Subsidiary, or interfere in any way with the right of the Company or any Subsidiary to terminate
the Participant’s employment relationship at any time. 
 13. Governing Law. To the extent not preempted by federal
law, this Agreement shall be construed in accordance with and governed by the laws of the State of Florida, without giving effect to any choice of law provisions. 
 14. Participant’s Access to the Plan. Participant may obtain a copy of the Plan by contacting the Company’s Human Resources Department or by accessing the Human Resources section of the
Company’s intranet. 
 15. Entire Agreement. This Agreement and the Plan constitute the entire understanding and
agreement between Participant and the Company regarding this Award. Participant acknowledges that any other agreement, statement, understanding or promise with 

  
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respect to the Award, whether oral or in writing, not contained in this Agreement or the Plan shall not be valid or binding. Any modification of or amendment to this Agreement shall be effective
only if it is in writing and signed by both parties, except as otherwise provided in Article 13 of the Plan. 
 [Signature Page
Follows] 

  
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 IN WITNESS WHEREOF, the Company and Participant have caused this Agreement to be duly
executed on the dates set forth below. 
  

							
		 		 	PARTICIPANT
			
	Date 3/2/12	 		 	 /s/ Park Brady

		 		 	Park Brady
			
		 		 	THE ST. JOE COMPANY
				
	Date 3/2/12	 		 	By:	 	 /s/ Rhea Goff

		 		 		 	Rhea Goff
		 		 		 	Vice President – Human Resources

  
 5Janna Connolly Separation Agreement

 Exhibit 10.48 
 SEPARATION AGREEMENT 
 THIS SEPARATION AGREEMENT (this
“Agreement”) is entered into as of March 23, 2012, by and between Janna Connolly (the “Executive”) and The St. Joe Company, a Florida corporation (the “Company”). 

WHEREAS, the Company and the Executive (the “Parties”) have entered into an Employment Agreement dated as
of September 29, 2009, as amended (the “Employment Agreement”); 
 WHEREAS, the Executive
currently serves as Senior Vice President and Chief Financial Officer of the Company; and 
 WHEREAS, the Company
has elected to terminate the Executive’s employment other than for “Cause” (as defined in the Employment Agreement) effective as of March 30, 2012 (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 

 2.1 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 Senior Vice President and Chief Financial Officer) shall cease as of the Termination Date. 

2.2 As of the Termination Date, the Executive shall also have a “separation from service” with the Company within the
meaning of Code Section 409A and the regulations thereunder, and notwithstanding anything in this Agreement to the contrary, she shall have no duties or responsibilities after the Termination Date that are inconsistent with having had such a
separation from service as of the Termination Date. 

	3.	Compensation and Other Benefits 

 3.1 The Executive shall continue to receive her annual base salary, at the annual rate of $245,000 per annum (“Base Salary”), for her employment through the Termination Date, in
accordance with the Company’s regular payroll practices for its senior executives, as in effect from time to time. 

3.2 The Company shall also provide the following payments and benefits to the Executive: 

(a) pay to the Executive, in a cash lump sum on the first business day following the end of the six month period following the
Termination Date, an amount equal to $735,000, 
 (b) pay to the Executive, in a cash lump sum on the first business day
following the end of the six month period following the Termination Date, an amount equal to $123,171, 
 (c) provided
that Executive elects to continue her and her family’s medical and dental insurance under COBRA, pay Executive’s COBRA premium for the lesser of eighteen (18) 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
and dental insurance plan, as in effect from time-to-time (the “Employee Contribution”). If, at the end of the eighteen (18) month period, the Executive has not become eligible for coverage under the healthcare insurance plan
or another employer, the Company shall pay to the Executive, on the first business day that is at least eighteen (18) months after the Termination Date, in a single lump sum, an amount equal to the monthly premium for the period beginning at
the end of the eighteen (18) month period through March 30, 2014 for medical and dental insurance coverage providing substantially the same benefits as the medical and dental insurance coverage provided to the Executive and his family
under COBRA as in effect at the end of the eighteen (18) month period, less an amount equal to the Employee Contribution for such period. Provided that the Executive elects to convert the basic life and disability insurance policies, the
Company will pay the premiums for those policies for a period beginning on the Termination Date and continuing until March 30, 2014. The Company will continue to provide any supplemental life or disability insurance benefit in effect as of the
Effective Date for a period beginning on the Termination Date and continuing until March 30, 2014; 
 (d) pay up to
$20,000 as reimbursement for outplacement services, upon the Executive’s presentation to the Company of proper documentation supporting expenditures for outplacement services during the 18 months period following the Termination Date;

 (e) If any payments to the Executive or on the Executive’s behalf under this Section 3.2 are due prior to
the expiration of the revocation period of the releases described in 

  
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Section 4.1 of this Agreement, such payments shall be made on the first business day following the end of the revocation period; provided, however, that if such payments are required to be
made to a third party, the Executive shall be responsible to make such payments in a timely manner and the Executive will be reimbursed by the Company. 
 3.3 Return of Payments. Anything in this Agreement to the contrary notwithstanding, all payments and benefits to the Executive under Sections 3.2(a) through (e) shall be returned to the
Company promptly if the Executive breaches her obligations under Sections 5.1, 5.6, 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 (e) 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”), Sections 503 and 504 of the Rehabilitation Act, the Family and Medical Leave Act, the Age Discrimination in Employment Act
(“ADEA”), the Florida Law Against Discrimination and any and all claims under any whistleblower laws or whistleblower provisions of other laws excepting only: 

 

	 	(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; 

  
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	 	(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. 

(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 his or her acceptance of the terms of this Agreement, including the provisions of this Section 4.1, are, among other things, a specific waiver of his or 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. 
 (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. In the event of a breach
or threatened breach by the Executive of this Section 4.1, the Executive agrees that the Company shall be entitled to injunctive relief in a court of appropriate jurisdiction to remedy any such breach or threatened breach, the Executive
acknowledging that damages would be inadequate or insufficient. 

  
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 (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 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. 
 (k) Revocability. This Agreement shall not become
effective or enforceable until seven calendar days after 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. 

(I) Re-Execution. The Executive agrees to re-execute this Agreement as of the Termination Date solely with respect to this
Section 4.1. If the Executive fails to timely re-execute this Agreement, the Company shall not be obligated to provide any of the payments and/or benefits set forth in Section 3.2(a) through (e). 

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

  
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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. 
 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 his or 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 2.1 of this Agreement. 

  
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 5.5 Non-Compete. The Executive agrees not to directly or indirectly compete
with the business of the Company and its successors and assigns for a period of one year following the Termination Date. The term “not compete” as used herein shall mean that the Executive shall not own, manage, operate, consult or be an
executive in any business or legal entity that is in the commercial, hotel and/or residential real estate development business that competes with the Company or any of its Affiliates anywhere in Florida or Georgia. Notwithstanding the foregoing, the
Executive may own up to 5% of any stock or security that is publicly traded on any national securities exchange or other market system. “Compete” shall be defined as engaging in commercial, hotel and/or residential real estate
development projects where total annual development costs for all such projects in Florida and/or Georgia meet or exceed $50,000,000. The Company and the Executive acknowledge the reasonableness of this covenant not to compete and the reasonableness
of the geographic area and duration of time which are a part of said covenant. This covenant not to compete is contemplated to protect the Company’s legitimate business interests. Notwithstanding the foregoing, the Executive’s position as
a director of LaSalle Hotel Properties will not violate the terms of this provision. 
 5.6 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. 

5.7 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 he 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. 

5.8 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 

  
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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. 
  

	7.	Additional Payments 

7.1 Excise Tax Payments. Anything in this Agreement or any other plan, program, governance document, agreement, or
arrangement of the Company or any of its Affiliates (each a “Company Arrangement”; collectively, “Company Arrangements”) to the contrary notwithstanding, to the extent that any payment, distribution or acceleration
of vesting to or for the benefit of the Executive, whether paid, distributed or vested pursuant to this Agreement or otherwise (a “Payment”), is or will be subject to the excise tax imposed by Section 4999 of the Code, or any
interest or penalties are incurred by the Executive with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), the Executive shall
be entitled to receive an additional payment (a “Gross-Up Payment”) in an amount such that after payment by the Executive of all taxes (including any interest or penalties imposed with respect to such taxes), including, without
limitation, any income taxes and Excise Tax imposed upon the Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments. The Company will attempt to minimize any Excise Tax, provided
however, that no such minimization attempts shall include any acceleration of any payments, and provided further that if the Payments result in an Excise Tax and reducing the Payments eliminates the Excise Tax, then the Executive agrees to reduce
the Payments (by up to 10%, and by first reducing or eliminating the portion of the Payments which are payable in cash and then by reducing non-cash Payments) until they do not trigger an Excise Tax. If any Excise Tax would still exist after the
aforementioned reduction in the Payments, then there shall be no reduction in the Payments. 
 7.2 Calculation of
Gross-Up Payments. Subject to the provisions of Section 7.3, all determinations required to be made under this Section 7, including the amount of a Gross-Up Payment, shall be made by KPMG LLP or another mutually agreeable nationally
recognized accounting firm (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and the Executive within fifteen (15) business days of (i) the Executive’s notice to the
Company of a claim by the Internal Revenue Service that, if successful, would require the payment by the Company of a Gross-Up Payment, (ii) the Company’s reporting or withholding for the Excise Tax, or (iii) such earlier or later
time as is requested by the Company. 

  
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All fees and expenses of the Accounting Firm shall be borne solely by the Company. As a result of the uncertainty in the application of Section 4999 of the Code at the time of a
determination by the Accounting Finn hereunder, it is possible that Gross-Up Payments which will not have been made by the Company should have been made (“Underpayment”), consistent with the calculations required to be made
hereunder. In the event that the Company exhausts (or does not pursue) its remedies pursuant to Section 7.3 and the Executive thereafter is required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the
Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of the Executive. 
 7.3 Contested Payments. The Parties agree that, based upon the facts presently known to them, they believe no Excise Tax is payable by the Executive based on this Agreement or any other
Company Arrangement. The Executive shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would require the payment by the Company of a Gross-Up Payment. Such notification shall be given as soon as
practicable but not later than 20 business days after the Executive knows of such claim and shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid. The Executive shall not pay such claim prior
to the expiration of the 30-day period following the date on which it gives such notice to the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies the Executive in
writing prior to the expiration of such period that it desires to contest such claim, the Executive shall: 
 (a) give
the Company any information reasonably requested by the Company relating to such claim; 
 (b) take such action in
connection with contesting such claim as the Company shall reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Company;

 (c) cooperate with the Company in good faith in order effectively to contest such claim; and 

(d) permit the Company to participate in any proceedings relating to such claim; 

provided, however, that the Company shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in
connection with such contest and shall indemnify and hold the Executive harmless, on an after-tax basis, for any Excise Tax or income tax, including interest and penalties with respect thereto, imposed as a result of such representation and payment
of costs and expenses. Without limitation on the foregoing provisions of this Section 7.3, the Company shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forgo and all administrative
appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct the Executive to pay the tax claimed and sue for a refund or contest the claim in any permissible manner,
and the Executive agrees to prosecute such contest 

  
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to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided, however, that if the
Company directs the Executive to pay such claim and sue for a refund, the Company shall advance the amount of such payment to the Executive, on an interest-free basis, and shall indemnify and hold the Executive harmless, on an after-tax basis, from
any Excise Tax or income tax, including interest or penalties with respect thereto, imposed with respect to such advance or with respect to any imputed income with respect to such advance; and further provided that any extension of the statute of
limitations relating to payment of taxes for the taxable year of the Executive with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the Company’s control of the contest shall
be limited to issues with respect to which a Gross-Up Payment would be payable hereunder and the Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing
authority. In the event that the Company elects to, or directs the Executive to, contest any claim by the Internal Revenue Service that, if successful, would require payment by the Company of the Gross-Up Payment under this Section 7, then in
no event shall the Executive be entitled to the payment of such Gross-Up Payment until such claim and all administrative appeals, proceedings, hearings and conferences before any agency, tribunal, court, or taxing authority, including, but not
limited to, the Internal Revenue Service, in respect of such claim have been exhausted. 
 7.4 Refunds. If, after
the receipt by the Executive of an amount advanced by the Company pursuant to Section 7.3, the Executive becomes entitled to receive any refund with respect to such claim, the Executive shall (subject to the Company’s complying with the
requirements of Section 7.3) promptly pay to the Company the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto). If, after the receipt by the Executive of an amount advanced by the Company
pursuant to Section 7.3, a determination is made that the Executive shall not be entitled to any refund with respect to such claim and the Company does not notify the Executive in writing of its intent to contest such denial of refund prior to
the expiration of 30 days after such determination, then such advance shall be forgiven and shall not be required to be repaid and the amount of such advance shall offset, to the extent thereof, the amount of Gross-Up Payment required to be paid.

 7.5 Payment of Gross-Up Payments. Notwithstanding any provision of this Agreement to the contrary, any Gross-Up
Payment due to the Executive under this Agreement shall not be made until the Termination Date. The Executive shall be paid the Gross-Up Payment due to her under this Agreement, if any, in a single sum, within five days after the later of
(i) the expiration of the 30-day period following the date on which Executive provided notice to the Company of a claim by the Internal Revenue Service that, if successful, would require the payment by the Company of the Gross-Up Payment,
(ii) the date on which the Company has exhausted, abandoned or resolved all administrative appeals, proceedings, hearings and conferences in which the claim was or could be contested, or (iii) the Company’s reporting or withholding
for the Excise Tax, subject to Section 8 below. All Gross-Up Payments by the Company to the Executive under this Agreement shall be paid in any event no later than the last day of the Executive’s taxable year following the taxable year in
which the Executive remits the taxes to which a payment to the Executive by the Company relates. 

  
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	8.	Code Section 409A 

 8.1 Code Section 409A 
 (a) This Agreement and the
amounts payable hereunder are intended to qualify for an exemption from, or alternatively to comply with the requirements of, Section 409A of the Code, and shall be interpreted in accordance with such intent. Notwithstanding anything in this
Agreement to the contrary, if any amount or benefit that would constitute “deferred compensation” for purposes of Section 409A of the Code would otherwise be payable or distributable under this Agreement or otherwise by reason of the
Executive’s separation from service, then if and to the extent necessary to comply with Code Section 409A (i) if the payment or distribution of such amount or benefit is payable in a lump sum, such payment or distribution will be
delayed until the first day following the six-month anniversary of the Executive’s termination of service, and (ii) if the payment or distribution of such amount or benefit is payable over time, the amount that would otherwise be payable
during the six-month period immediately following the Executive’s termination of service will be accumulated and paid to the Executive, without interest, on the first day following the six-month anniversary of the Executive’s termination
of service (or, if earlier, the date of his death), whereupon the normal payment schedule will resume. 
 (b) With
respect to the continuation of medical coverage after the Termination Date, if deemed necessary or advisable to secure an exemption from Code Section 409A, the Company shall impute income to the Executive for such medical coverage through the
period that ends on the earlier of (i) the end of the Company’s obligation to provide such coverage, or (ii) December 31 of the second calendar year following the year in which the Termination Date occurs. Immediately prior to such
December 31 deadline, the Company shall satisfy its remaining obligation under the Agreement, if any, with respect to such medical coverage by paying to the Executive a lump sum in cash equal to the estimated present value of such remaining
coverage, based on the Company’s COBRA rates as then in effect, and such payment shall be imputed as income to the Executive. 
 (c) The payment of each amount payable under this Agreement shall be deemed a separate “payment” for purposes of Section 409A of the Code. 

 

	9.	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. 
  

	10.	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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	11.	Miscellaneous 

11.1 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. 
 11.2
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. 
 11.3 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: 
 Janna Connolly 
 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 11.3. Notices and communications shall
be effective when actually received by the addressee. 
 11.4 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. 
 11.5 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. 
 11.6
Enforceability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this 

  
 -12-

 
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. 
 11.7 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. 

11.8 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.

 11.9 Survivorship. The obligations of the Company and the Executive under this Agreement shall survive the
Termination Date. 
 11.10 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. 
 11.11 Arbitration. Except as otherwise provided in Sections 3.3,
4.1(g) and 5.8, 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. 
 [Signature Page Follows] 

  
 -13-

 IN WITNESS WHEREOF, the Executive has hereunto set his 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/ Park Brady
	 		  	 /s/ Janna Connolly

	Name: Park Brady	 		  	Janna Connolly
	Title:   Chief Executive Officer	 		  	

 The Executive hereby re-executes this Agreement solely with respect to the provisions of Section 4.1 thereof, effective
as of the date set forth below. 
 EXECUTIVE 
  

					
	 /s/ Janna Connolly
	 		  	 4/10/12

	Janna Connolly	 		  	Date

  
 -14-

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