Document:

EX-10.1

PERSONAL & CONFIDENTIAL

July 20, 2006

Matthew A. Ouimet

PO Box 3232

Anaheim, California 92803

Dear Matt,

I am delighted to confirm our invitation for you to join Starwood Hotels & Resorts Worldwide, Inc.
We recognize that a successful company is the reflection of a talented workforce and high
performing organization and we look forward to your leadership at Starwood. The Board and I have
great confidence that you are more than up to the challenge of leading the Starwood Hotel Group
despite the size and complexity of the task at hand. Personally, I look forward to a strong and
enjoyable business partnership. I firmly believe that you have the professional experience,
leadership and values to help realize the enormous potential inherent in Starwood’s brands, people
and competitive position.

Please review the attached documents specifically outlining our offer of employment to and let me
know if you have any questions concerning the terms. We are all enormously enthusiastic about you
joining the company’s senior leadership team.

Matt, I hope you are as excited as we all are about joining Starwood. Please acknowledge your
acceptance of this offer by signing and returning all of the attached documents to me.

Sincerely,

Steven J. Heyer

1

REVISED

July 20, 2006

Matthew A. Ouimet

PO Box 3232

Anaheim, California 92803

Dear Matt,

The specifics of your offer of employment with Starwood Hotels & Resorts Worldwide, Inc.
(“Starwood” or the “Company”) are outlined below:

Start Date:

Subject to the terms of this letter, your employment with Starwood will begin on or about August 1,
2006 (the “Effective Date”)

Position:

Your position will be President, Hotel Group, based in White Plains, NY, and you shall perform such
duties and services as are assigned to you by the Company as requested. You acknowledge that your
prospective employment will be subject to all policies and practices of the Company as may
currently exist or as may be curtailed, modified or implemented from time to time. Further, you
shall devote your full time and attention to the affairs of the Company and to your duties as
President, Hotel Group. You will report to the Chief Executive Officer of the Company and be a
core member of the senior leadership team of the Company which also includes the President, Global
Development, Executive Vice President & Chief Marketing Officer, Executive Vice President & Chief
Financial Officer and Chief Administrative Officer & General Counsel. Our regional division
presidents (North America, EMEA, AP and LAD) will report directly to you.

Base Salary:

Your base salary will be $700,000 annually, paid in semi-monthly intervals of $29,166.66 and
subject to applicable withholdings for FICA, state and federal taxes. The Starwood salary program
provides performance-based salary reviews for future salary progression.

Annual Incentive (Bonus):

You will be eligible to participate in the Starwood Annual Incentive Plan (AIP) or, at the election
of the board’s compensation committee, the Annual Incentive Plan for Certain Executives (AIPCE).
In either case, your target incentive is 100% of base salary. Your actual incentive payout will
be based upon company performance, the performance of our owned and managed hotels worldwide, and
your achieving specified performance criteria to be established and approved by the Chief Executive
Officer. In the event that changes are made to any of the incentive plans, the changes will apply
to you as they do other employees of the Company. Please note that the AIP and AIPCE provides that
a portion of your annual bonus will be deferred and payable in Starwood stock or stock units. The
current deferral portion of the bonus is 25% and is payable in Starwood stock having a value on the
date of deferral equal to 133% of the amount deferred.

Payment of your 2006 bonus will be delivered according to the regular annual incentive plan payout
schedule and your bonus will assume you were employed with Starwood for the full year. An annual
bonus shall not be deemed earned by you until the Company has determined your entitlement to such
bonus and only if you are employed by the Company at the time such bonus is payable in accordance
with the AIP, AIPCE and Company practices. Subject to the provisions described under “Severance”
below, the Company does not pay pro-rata bonuses upon departure.

Long Term Incentive:

You will be eligible to participate in the Starwood Long Term Incentive Compensation Plan (“LTIP”).
This plan currently provides for the award of stock options and/or restricted shares at the
Company’s discretion to high performing executives. For calendar year 2006, on or about the
starting date of your employment with Starwood, you will receive equity awards having a value of
$2,500,000 (which amount will be pro rated based on the remaining number of months in the calendar
year), payable 50% in restricted stock and 50% in options, with the value of options determined in
accordance with the Black Scholes model (with variables determined by the Company). Options will be
exercisable at Fair Market Value (as defined in the LTIP) on the date of grant For calendar year
2007, on or about the same time as annual option and restricted stock grants are made to other
senior executives (currently February of each year), you will receive equity awards having a value
of $2,500,000, payable in the same proportions of restricted stock and options as other senior
executives of the Company with the value of options determined by the method then used by the
Company for determining grants to such other senior executives. The award agreements governing the
terms of your equity grants will be on the same terms and conditions as other senior executives of
the Company. For subsequent years, the value of awards, if any, will be based upon your
performance and the metrics used for other senior executives of the Company.

Sign-on Equity:

Effective on or about the starting date of your employment with Starwood, pursuant to the terms of
the LTIP you will be granted that number of shares of restricted stock having a value equal to
$705,000, based on the Fair Market Value (as defined in the LTIP) on the date of grant. The
restricted shares will vest in accordance with the LTIP and will otherwise be governed by the
provisions of the LTIP, provided that such shares will vest if your employment is terminated by the
Company for any reason or if you terminate your employment for “good reason” (as defined below).
For purposes of this paragraph only, “good reason” shall also include a material reduction below
50% of the percentage of value of equity awards granted to you under the LTIP in future years that
consists of restricted stock.

Further details will be provided in the award notification to be delivered to you following the
start of your employment.

Benefits:

Starwood offers “StarShare”, a comprehensive array of employee benefit programs, to provide peace
of mind on various personal concerns. New employees are eligible for the StarShare health and
welfare benefit programs and the 401(k) plan on the first day of the month following 90 days of
employment. You and your eligible dependents will be covered by these benefits as per your coverage
elections.

Information on these plans and other benefit programs such as the HOT Rates (the employee discount
room rates program), short-term disability, long-term disability, employee life insurance, and
vacation programs will be provided to you after you begin your employment with us.

In the event that changes are made to any of the benefit plans, the changes will apply to you as
they do other employees of the Company.

COBRA Payments:

We realize that there may be a transitional benefits cost to you because of the waiting period
before you become eligible for the Starwood health plans. Therefore, during your benefits waiting
period, Starwood agrees to reimburse you for any COBRA payments until the date you become eligible
for Starwood health benefits. Starwood will reimburse you the difference between the applicable
normal contribution rate with Starwood and your COBRA amount.

Other Benefits:

While your office will be in White Plains, we realize that you currently reside in California. We
understand that you plan to commute from California to White Plains until some time after the
conclusion of the 2006/2007 school year. You agree to relocate to the New York/Connecticut area no
later than December 31, 2007. In order to make it as convenient and un-burdensome as possible to
perform your duties in White Plains and other parts of the world as your job requires until your
relocation to the New York/Connecticut area, the Company will (i) reimburse up to $1,500,000 of
your air travel expenses during the first twelve months of your employment which may include
commercial air or chartered flights (regular commercial flights on Company business (including
spousal or family travel required as part of Company business) will not be counted in determining
the $1,500,000 cap) and (ii) provide you with suitable temporary housing in the New
York/Connecticut area. You agree that you will use good faith efforts in planning your travel to
minimize such air travel expenses consistent with your duties and responsibilities as President
Hotel Group. Arrangements for non-commercial flights will be done in coordination with a company
specializing in private aircraft services (such as Citation Shares or Net Jets) and will be done in
a way to permit as much flexibility as is reasonably possible. The Company will indemnify you for
any income tax liability for the air travel expense reimbursement, temporary housing and other
relocation benefits provided pursuant to this letter and the Relocation Program discussed below.

The Company will reimburse you for up to $10,000 for review of your employment contract with us.

Relocation:

Starwood has selected Cendant Mobility Services to administer our Relocation Program. Starwood
will pay the reasonable, out-of-pocket costs of relocating your family and household furnishings to
New York/Connecticut and to a new location in California in accordance with the provisions of
Starwood’s Relocation Program. This Program includes reimbursement of a set number of personal,
spousal and family trips for house hunting purposes (additional trips may be funded in your
discretion by your $1,500,000 air travel allowance). To be eligible for reimbursement of certain
benefits, you are required to utilize the services of an agent in the Cendant Mobility Preferred
Network on both departure and destination. You will be eligible to participate in this program
until December 31, 2007.

A home buy-out option will be afforded you as you make this transition. Cendant will arrange for
two appraisals of your home to be conducted as soon as practicable after your acceptance of our
offer. If those appraisals are more than 5% apart, a third appraisal will be ordered. The
appraisals will then be averaged and you will be offered (the “Initial Offer”) that amount for your
home. Once the offer is made, you will have 60 days to (i) accept it or (ii) defer the sale of your
home until any time prior to September 30, 2007 (the “Deferral Period”). At the conclusion of the
Deferral Period, Cendant will again arrange for the appraisal of your home and 60 day purchase
offer in accordance with the foregoing provisions. We will guarantee the purchase price of your
home. You will not be required to market your home in advance of initiating this buyout option. In
addition if the purchase price offered to you at the conclusion of the Deferral Period is less than
the Initial Offer, the Company will reimburse you for up to $100,000 of such deficiency.

To initiate the moving process, please contact the White Plains Human Resources office. You will
be assigned to a Client Services Consultant at Cendant Mobility who will provide you with
relocation assistance and the names of the Preferred Network agents. In an effort to fully
utilize our relocation benefit and avoid additional tax liability, we ask that you do not begin
your relocation process before being contacted by your assigned Cendant Client Services Consultant.
Please do not sign a Listing Agreement or begin searching for a new home until you have spoken
with your Consultant. For questions regarding policy benefits or to register a real estate agent
with Cendant, please call 1-800-423-8624.

In the event that you accept this offer of employment and relocation expenses are paid to you or on
your behalf, you agree that if you voluntarily terminate your employment within one year after you
relocate, you will repay all such relocation expenses, reduced by 1/12 for each full calendar month
actually worked. In addition, eligibility for reimbursement of any and all relocation expenses
will cease on the last day of employment and any relocation expenses incurred after that date will
not be reimbursed by Starwood and will be your responsibility.

Exclusive Dispute Resolution Procedure:

Any and all disputes relating to this offer letter, your employment with Starwood or the
termination of that employment will be resolved solely and exclusively through binding arbitration
pursuant to the employment rules of the American Arbitration Association. Accordingly, you
acknowledge and agree that this offer of employment and the benefits provided herein are contingent
upon your execution of the Mutual Agreement to Arbitrate provided to you herewith (Attachment A)
and incorporated herein by reference.

Employment Term:

Unless sooner terminated or extended pursuant to other provisions hereof, the term of this
Agreement shall commence on the Effective Date and shall end on the March 1 2010; provided that the
term of this Agreement shall be extended automatically for an additional year as of the end of the
initial term and each additional one year term, unless no later than six months prior to any such
renewal date either the Company, or Executive gives written notice to the other that the term of
this Agreement shall not be so extended.

Severance:

For the period beginning on the Effective Date and ending with the two year anniversary of the
Effective Date, in the event you are teminated without cause or resign for good reason, you will be
entitled to salary, target bonus and benefit coverage for the balance of the initial term of
employment less seven (7) months. After the initial two year period you will revert to the
severance benefits described below. In no circumstance would your severance be less than the
severance described below if you are terminated without cause or resign for good reason.

In the event that Starwood terminates your employment for any reason other than “cause” or you
resign for “good reason”, Starwood will pay to you (i) 12 months of your then current base salary,
(ii) your target bonus for the year of termination and (iii) 50% of your target bonus for the year
of termination pro rated based on the portion of the year elapsed on the date of termination, all
in a lump sum less all applicable withholdings and will provide benefit coverage for a one year
period from the date of termination (the “Termination Payments”). You will not be entitled to any
Termination Payments if you resign your employment with the Company without good reason. As a
condition for, and prior to, your entitlement to and receipt of any Termination Payments, you must
enter into a written waiver and release of any and all claims against Starwood arising out of or
relating to your employment with Starwood, in such form that Starwood may reasonably require. In
the event you allege a breach of “good reason” the company will have 30 days to cure the alleged
breach.

For purposes of this letter, “cause,” shall mean (i) any material breach by you of any of the
duties, responsibilities or obligations of your employment, or any of the written policies of
Starwood; (ii) any willful failure or refusal by you to properly perform (as determined by Starwood
in its reasonable discretion and judgment) the duties, responsibilities or obligations of your
employment, or to properly perform or follow (as determined by Starwood in its reasonable
discretion and judgment) any lawful order or direction by Starwood; (iii) any acts or omissions by
you that constitute (as determined by Starwood in its reasonable discretion and judgment) fraud,
dishonesty, breach of your duty of loyalty, gross negligence, civil or criminal illegality, or any
other material misconduct in your employment or which could tend to bring Starwood into disrepute,
could create civil or criminal liability for Starwood or could adversely affect Starwood’s business
or interests. “Good reason” shall mean a significant reduction in your responsibilities or
authority as President Hotel Group, a change in your reporting relationship to a person who is not
the senior most executive officer of the Company or a reduction in base compensation.

Other Conditions and Obligations:

You acknowledge that you are not subject to any currently effective employment contract, or any
other contractual or other binding obligations pursuant to which your employment or employment
activities with or on behalf of the Company may be subject to any restrictions. Restrictions
include limitation, any agreements or other obligations or documents relating to non-competition,
confidentiality, trade secrets, proprietary information or works for hire.

As a further condition of this offer and your right to receive any of the benefits detailed herein,
you agree to execute and be bound by the Non-compete, Non-solicitation, Confidentiality and
Intellectual Property Agreement attached hereto (Attachment B) and incorporated herein by
reference.

Integrated Agreement:

This offer letter represents the sole and complete understanding between you and the Company
relating to your employment and there are no other written or oral agreements, understandings or
representations relating to this offer of employment. The terms of your employment, including the
at-will nature of the employment, may be amended only through a written instrument signed by you
and Starwood’s Chief Administrative Officer.

You should not resign from your current employment until you have received notification from the
Company of the completion of all pre-employment investigation, testing and verification.

By signing and returning this letter, you confirm that this letter accurately sets forth the
current understanding between you and Starwood and that you accept and agree to the terms as
outlined.

Very truly yours,

Kenneth S. Siegel

Chief Administrative Officer

	 	 	 	 	 
	cc:

	 	Personnel File
	 	

	 
	 	 	 	 
	
 
	 	ACCEPTED AND AGREED TO:
	 	

	 
	 	 	 	 
	
 
	 	Matthew A. Ouimet
	 	Date
	 
	 	 	 	 

2EX-10.1

Execution Copy

The St. Joe Company

Second Amendment

Dated as of July 28, 2006

to

Note Purchase Agreements

Dated as of February 7, 2002

Re: $18,000,000 5.64% Senior Secured Notes, Series A, due February 7, 2005

$67,000,000 6.66% Senior Secured Notes, Series B, due February 7, 2007

$15,000,000 7.02% Senior Secured Notes, Series C, due February 7, 2009

$75,000,000 7.37% Senior Secured Notes, Series D, due February 7, 2012

1

Second Amendment to Note Purchase Agreements

This Second Amendment dated as of July 28, 2006 (the or this “Second Amendment”) to
the Note Purchase Agreements each dated as of February 7, 2002 is between The St. Joe
Company, a Florida corporation (the “Company”), and each of the institutions which is a
signatory to this Second Amendment (collectively, the “Noteholders”).

Recitals:

A. The Company and each of the Noteholders, together with Provident Mutual Life Insurance
Company and ProvidentMutual Life and Annuity Company of America, have heretofore entered into
separate and several Note Purchase Agreements each dated as of February 7, 2002, as amended by the
First Amendment to Note Purchase Agreements dated as of June 8, 2004 (collectively, as amended, the
“Note Agreements”). The Company has heretofore issued (a) $18,000,000 in aggregate principal
amount of its 5.64% Senior Secured Notes, Series A, due February 7, 2005, (b) $67,000,000 in
aggregate principal amount of its 6.66% Senior Secured Notes, Series B, due February 7, 2007, (c)
$15,000,000 in aggregate principal amount of its 7.02% Senior Secured Notes, Series C, due February
7, 2009 and (d) $75,000,000 in aggregate principal amount of its 7.37% Senior Secured Notes, Series
D, due February 7, 2012 (collectively, the “Notes”) pursuant to the Note Agreements. The
Noteholders who are signatories hereto are the holders of more than 51% of the outstanding
principal amount of the Notes.

B. The Company and the Noteholders now desire to amend the Note Agreements in the respects,
but only in the respects, hereinafter set forth.

C. Capitalized terms used herein shall have the respective meanings ascribed thereto in the
Note Agreements, as amended hereby, unless herein defined or the context shall otherwise require.

D. All requirements of law have been fully complied with and all other acts and things
necessary to make this Second Amendment a valid, legal and binding instrument according to its
terms for the purposes herein expressed have been done or performed.

Now, therefore, upon the full and complete satisfaction of the conditions precedent
to the effectiveness of this Second Amendment set forth in Section 3.1 hereof, and in consideration
of good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the
Company and the Noteholders do hereby agree as follows:

2

	 	 	Section 1. Amendments. 

Section 1.1. Section 10.1 of the Note Agreement shall be and is hereby amended in its entirety
to read as follows:

“Section 10.1. Consolidated Adjusted Net Worth. The Company and its
Subsidiaries will at all times keep and maintain Consolidated
Adjusted Net Worth at an amount not less than (a) $735,000,000 plus
(b) an amount equal to one hundred percent (100%) of net proceeds
from any issuance by the Company of shares of its Capital Stock or
other equity interest occurring after the Closing. Without limiting
the foregoing, the exercise by a present or former employee, officer
or director of any stock option or equity based compensation issued
pursuant to a stock incentive plan, stock option plan or other
equity based compensation plan or arrangement shall in no event be
deemed or construed to constitute the issuance of shares of the
Capital Stock of the Company.”

Section 1.2. Section 10.2 of the Note Agreement shall be and is hereby amended in its entirety
to read as follows:

“Section 10.2. Leverage Ratio. The Company and its Subsidiaries
will not as at the end of each fiscal quarter permit the ratio of
Consolidated Indebtedness to Consolidated Total Assets to exceed
0.55 to 1.00.”

Section 1.3. Section 10.3 of the Note Agreements shall be and is hereby amended in its
entirety to read as follows:

“Section 10.3. Unencumbered Assets Ratio. The Company and its
Subsidiaries will not permit as at the end of each fiscal quarter
the ratio of Unsecured Indebtedness to Unencumbered Assets to exceed
0.55 to 1.00.”

Section 1.4. Section 10.5(a)(iv)(1) of the Note Agreements shall be and is hereby amended in
its entirety to read as follows:

“(1) the ratio of Consolidated Indebtedness to Consolidated Total
Assets as at such date shall not exceed 0.55 to 1.00; and”

Section 1.5. The definition of “Consolidated Net Worth” contained in Schedule B to the Note
Agreements shall be and is deleted from Schedule B to the Note Agreement and a new definition
“Consolidated Adjusted Net Worth” shall be added in alphabetical order to Schedule B to the Note
Agreements:

““Consolidated Adjusted Net Worth” means, as of the date of any
determination thereof, the net worth of the Company and its
Subsidiaries as determined in accordance with GAAP; provided that
notwithstanding the foregoing GAAP-based definition, for purposes of
any determination of Consolidated Adjusted Net Worth pursuant to
Section 10.1, all Timberland shall be valued at $750.00 per acre.”

	 	 	Section 2. Representations and Warranties of the Company.

Section 2.1. To induce the Noteholders to execute and deliver this Second Amendment (which
representations shall survive the execution and delivery of this Second Amendment), the Company
represents and warrants to the Noteholders that:

(a) this Second Amendment has been duly authorized, executed and delivered by it and
this Second Amendment constitutes the legal, valid and binding obligation, contract and
agreement of the Company enforceable against it in accordance with its terms, except as
enforcement may be limited by (a) applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting the enforcement of creditors’ rights generally
and (b) general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law);

(b) the Note Agreements, as amended by this Second Amendment, constitute the legal,
valid and binding obligations, contracts and agreements of the Company enforceable against
it in accordance with their respective terms, except as enforcement may be limited by
(a) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting the enforcement of creditors’ rights generally and (b) general principles of
equity (regardless of whether such enforceability is considered in a proceeding in equity or
at law);

(c) the execution, delivery and performance by the Company of this Second Amendment
(i) does not require the consent or approval of any governmental or regulatory body or
agency, and (ii) will not (A) violate (1) any provision of law, statute, rule or regulation
or its certificate of incorporation or bylaws, (2) any order of any court or any rule,
regulation or order of any other agency or government binding upon it, or (3) any provision
of any material indenture, agreement or other instrument to which it is a party or by which
its properties or assets are or may be bound, including, without limitation, the Bank Credit
Agreement, or (B) result in a breach or constitute (alone or with due notice or lapse of
time or both) a default under any indenture, agreement or other instrument referred to in
clause (ii)(A)(3) of this Section 2.1(c);

(d) as of the date hereof and after giving effect to this Second Amendment, no Default
or Event of Default has occurred which is continuing; and

(e) all the representations and warranties contained in Section 5 of the Note
Agreements are true and correct in all material respects with the same force and effect as
if made by the Company on and as of the date hereof, except the representations and
warranties set forth in Sections 5.3 and 5.4, in the final two sentences of Section 5.9 and
in the first sentence of Section 5.15 which are true and correct as of the date of the
issuance of the Notes.

	 	 	Section 3. Conditions to Effectiveness of This Second Amendment.

Section 3.1. This Second Amendment shall not become effective until, and shall become
effective when, each and every one of the following conditions shall have been satisfied:

(a) executed counterparts of this Second Amendment, duly executed by the Company and
the holders of at least 51% of the outstanding principal of the Notes, shall have been
delivered to the Noteholders;

(b) the Noteholders shall have received a copy of the resolutions of the Board of
Directors of the Company authorizing the execution, delivery and performance by the Company
of this Second Amendment, certified by its Secretary or an Assistant Secretary;

(c) on or before December 31, 2006, the Noteholders shall have received evidence
satisfactory to them and their special counsel that the 2004 Notes have been paid in full;

(d) the representations and warranties of the Company set forth in Section 2 hereof are
true and correct on and with respect to the date hereof and the execution and delivery by
the Company of this Second Amendment shall constitute certification of the same;

(e) the Noteholders shall have received the favorable opinion of counsel to the Company
as to the matters set forth in Sections 2.1(a), 2.1(b) and 2.1(c) hereof, which opinion
shall be in form and substance satisfactory to the Noteholders; and

(f) each holder of a Note shall have received a non-refundable fee equal to 0.10% of
the aggregate outstanding principal amount of the Notes held by such holder.

	 	 	 
	Upon receipt of all of the foregoing, this Second Amendment shall become effective.

	 
	 	 
	Section 4.

	 	Payment of Noteholders’ Counsel Fees and Expenses.

Section 4.1. The Company agrees to pay upon demand, the reasonable fees and expenses of
Chapman and Cutler LLP, counsel to the Noteholders, in connection with the negotiation,
preparation, approval, execution and delivery of this Second Amendment.

	 	 	Section 5. Miscellaneous.

Section 5.1. This Second Amendment shall be construed in connection with and as part of each
of the Note Agreements, and except as modified and expressly amended by this Second Amendment, all
terms, conditions and covenants contained in the Note Agreements and the Notes are hereby ratified
and shall be and remain in full force and effect.

Section 5.2. Any and all notices, requests, certificates and other instruments executed and
delivered after the execution and delivery of this Second Amendment may refer to the Note
Agreements without making specific reference to this Second Amendment but nevertheless all such
references shall include this Second Amendment unless the context otherwise requires.

Section 5.3. The descriptive headings of the various Sections or parts of this Second
Amendment are for convenience only and shall not affect the meaning or construction of any of the
provisions hereof.

Section 5.4. This Second Amendment shall be construed and enforced in accordance with, and the
rights of the parties shall be governed by, the law of the State of New York, excluding
choice-of-law principles of the law of such State that would require the application of the laws of
a jurisdiction other than such State.

Section 5.5. The execution hereof by you shall constitute a contract between us for the uses
and purposes hereinabove set forth, and this Second Amendment may be executed in any number of
counterparts, each executed counterpart constituting an original, but all together only one
agreement.

[Remainder of Page Intentionally Blank]

3

	 	 	 	The St. Joe Company

	 	 	 
	By

	 	/s/ Stephen W. Solomon
	 

	 	 
	Its

	 	Senior Vice President and Treasurer
	
 
	 	 

Accepted and Agreed to:

	 	 	 	Thrivent Financial for Lutherans (f/k/a
Aid Association for Lutherans)

	 	 	 	By

Name:

Title:

	 	 	 	Allstate Life Insurance Company

	 	 	 	By
/s/ Robert B. Bodett

	 	 	Name: Robert B. Bodett

	 	 	 	By
/s/ Jerry D. Zinkula

	 	 	Name: Jerry D. Zinkula

Authorized Signatories

	 	 	 	First Colony Life Insurance Company

	 	 	 
	By

	 	/s/ Scott Sell
	
 
	 	 
	
 
	 	Name: Scott Sell

Title: Investment Officer

	 	 	Genworth Life Insurance

	 	 	 	Company (f/k/a General Electric Capital
Assurance Company)

	 	 	 
	By

	 	/s/ Scott Sell
	
 
	 	 
	
 
	 	Name: Scott Sell

Title: Investment Officer

	 	 	Genworth Life and Annuity

	 	 	 	Insurance Company (f/k/a GE Life and
Annuity Assurance Company)

	 	 	 
	By

	 	/s/ Scott Sell
	
 
	 	 
	
 
	 	Name: Scott Sell

Title: Investment Officer

	 	 	Nationwide Life Insurance Company of America
(f/k/a Provident Mutual Life
Insurance Company)

	 	 	 	By

Name:

Title:

	 	 	 	Nationwide Life and Annuity Company of
America (f/k/a ProvidentMutual
Life and Annuity Company of America)

	 	 	 	By

Name:

Title:

	 	 	 	Nationwide Life and Annuity Insurance
Company

	 	 	 	By

Name:

Title:

	 	 	 	Nationwide Life Insurance Company

	 	 	 	By

Name:

Title:

	 	 	 	Teachers Insurance and Annuity Association of
America

	 	 	 	By
/s/ Loren S. Archibald

	 	 	Name: Loren S. Archibald

Managing Director

	 	 	 	TIAA-CREF Life Insurance Company

	 	 	 	By:
Teachers Insurance and Annuity Association
of America, as Investment Manager

	 	 	 	By
/s/ Loren S. Archibald

	 	 	Name: Loren S. Archibald

Managing Director

	 	 	 	United of Omaha Life Insurance Company

	 	 	 	By

Name:

Title:

4

Each of the undersigned hereby confirms its continued guaranty of the obligations of the
Company under the Note Agreements, as amended hereby, pursuant to the terms of the Subsidiary
Guaranty Agreement dated as of February 7, 2002, on this 28th day of July, 2006.

	 
	 

	280 Interstate North, L.L.C.

(Manager)

	 

	5660 NND, L.L.C.

(Manager)

	 

	Apalachicola Northern Railroad Company

(Senior Vice President)

	 

	Arvida Housing L.P., Inc.

(Senior Vice President)

	 

	Arvida Mid-Atlantic Homes, Inc.

(Senior Vice President)

	 

	C Ridge One, L.L.C.

(Manager)

	 

	Crooked Creek Real Estate Company

(Senior Vice President)

	 

	Crooked Creek Utility Company

(Senior Vice President)

	 

	Deer Point I & II, LLC

(Manager)

	 

	Georgia Timber, LLC

(Senior Vice President)

	 

	Georgia Wind I, LLC

(Manager)

	 

	Georgia Wind II, LLC

(Manager)

	 

	Georgia Wind III, LLC

(Manager)

	 

	McNeill Burbank Homes, LLC

(Senior Vice President)

	 

	Millenia Park One, L.L.C.

(Manager)

	 

	Monteith Holdings, LLC

(Senior Vice President)

	 

	Overlook I & II, LLC

(Manager)

	 

	Paradise Pointe, LLC

(Senior Vice President)

	 

	Park Point Land, LLC

(Manager)

	 

	PSJ Waterfront, LLC

(Manager)

	 

	Riverside Corporate Center, L.L.C.

(Manager)

	 

	Saussy Burbank, Inc.

(Senior Vice President)

	 

	SGW, Inc.

(Senior Vice President)

	 

	Southhall Center, L.L.C.

(Manager)

	 

	Southwood Real Estate, Inc.

(Senior Vice President)

	 

	St. James Island Utility Company

(Senior Vice President)

	 

	St. Joe Central Florida Contracting, Inc.

(Senior Vice President)

	 

	St. Joe Commercial, Inc.

(Senior Vice President)

	 

	St. Joe Community Sales, Inc.

(Senior Vice President)

	 

	St. Joe Development, Inc.

(Senior Vice President)

	 

	St. Joe Finance Company

(Senior Vice President)

	 

	St. Joe Home Building, L.P.

By: St. Joe West Florida Contracting, Inc.,

General Partner

(Senior Vice President)

	 

	St. Joe Land Company

(Senior Vice President)

	 

	St. Joe Northeast Florida Contracting, Inc.

(Senior Vice President)

	 

	St. Joe Residential Acquisitions, Inc.

(Senior Vice President)

	 

	St. Joe Resorts & Clubs, L.L.C.

(Manager)

	 

	St. Joe Terminal Corporation

(Senior Vice President)

	 

	St. Joe Timberland Company of Delaware, L.L.C.

(Senior Vice President)

	 

	St. Joe Towns & Resorts, L.P.

By: St. Joe/Arvida Company, Inc.,

General Partner

(Senior Vice President)

	 

	St. Joe Utilities Company

(Senior Vice President)

	 

	St. Joe West Florida Contracting, Inc.

(Senior Vice President)

	 

	St. Joe-Southwood Properties, Inc.

(Senior Vice President)

	 

	St. Joe/Arvida Company, Inc.

(Senior Vice President)

	 

	Sunshine State Cypress, Inc.

(Senior Vice President)

	 

	Talisman Sugar Company

(Senior Vice President)

	 

	The Port St. Joe Marina, Inc.

(Senior Vice President)

	 

	Watercolor Vacation Rentals, Inc.

(Senior Vice President)

	 

	Watersound Vacation Rentals, Inc.

(Senior Vice President)

By: /s/ Stephen W. Solomon 

Stephen W. Solomon, as its Manager or Senior Vice

President, as the case may be

	 
	 

	St. Joe Capital I, Inc. 

By: /s/ David F. Childers III

	 

	David F. Childers III

President

	 

	Residential Community Title Company 

By: /s/ Mark D. Lassman

	 

	Mark D. Lassman

President and Treasurer

	 

5

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