Document:

joe_Ex10_2

		

			Exhibit 10.2

		

		
			 
		

		
			 
		

		
			
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			September 17, 2018
		

		
			 
		

		
			Mr. Kenneth M. Borick, Esquire
		

		
			26 Pointe Court
		

		
			Santa Rosa Beach, Florida  32459
		

		
			 
		

		
			 
		

		
			Dear Ken, 
		

		
			 
		

		
			It has been a pleasure working with you over the past few weeks. The purpose of this letter is to initiate the process for you to provide legal services to The St. Joe Company ("St. Joe"). We anticipate those matters will initially be Securities & Exchange Commission (“SEC”) related and various real estate oriented matters.
		

		
			 
		

		
			For this purpose, I attach a copy of St. Joe's Outside Counsel Guidelines. Please review and advise if you see any challenges related to offering services in compliance with these guidelines.    
		

		
			 
		

		
			St. Joe agrees to compensate you for services rendered in connection with any matters covered by this Agreement according to your standard hourly rate of $300.00, plus actual expenses incurred.  We would ask that you be mindful of our interest in controlling the costs of legal services, and make every effort to represent St. Joe efficiently and in a cost-effective manner.
		

		
			 
		

		
			We ask that you send St. Joe your invoices for fees and costs each month.  Please provide an invoice for each project assigned.  We ask that you include with each invoice a reasonably detailed description of the services and costs covered by the invoice, along with the subject matter. 
		

		
			 
		

		
			The files and work product materials (“client file”) of St. Joe generated or received by you will be maintained by you in your office.  At the conclusion of the representation, the client file will be stored by you in accordance with your document retention policies but held no longer than 5 years unless specifically directed otherwise by St. Joe or unless the client file is requested by St. Joe in which event you will return the client file to St. Joe assuming all fees and obligations established in this Agreement have been satisfied in accordance with the terms herein.
		

		
			 
		

		
			

		 

		

			The St. Joe Company    133 S. Watersound Parkway, Watersound, Florida 32461    850-231-6400    www.joe.com 

		

 

		

			 

		

		

		
			 
		

		
			Either party may terminate this Agreement upon providing prior written notice to the other party at its regular place of business.  All expenses due and payable, if any, in accordance with this Agreement shall accrue and become payable pursuant to the terms of this Agreement through the date of termination.
		

		
			 
		

		
			This Agreement shall be deemed fully executed upon its signing by St. Joe and you.  The contract formed between St. Joe and you shall be the operational contract between the parties.
		

		
			 
		

		
			This Agreement constitutes the entire agreement between the parties.
		

		
			 
		

		
			 
		

		
			 
		

		
			Accepted and Agreed to:
		

		
			 
		

		
			Kenneth M. Borick, EsquireThe St. Joe Company
		

		
			 
		

		
			By: _/s/ Kenneth M. Borick___By: _/s/ Elizabeth J. Walters___
		

		
			 
		

		
			Date: _9/18/18_____________Date: _9/18/18______________
		

		
			 
		

		
			

		 

		

			 

		

		

			 

		

 

		

			 

		

		

		
			 
		

		
			
		

		
			GUIDELINES FOR OUTSIDE COUNSEL
		

		
			2018
		

		
			We at The St. Joe Company value our relationships with our outside counsel and recognize their valuable contributions to our success.  Our Legal Department’s mission is to ensure that the Company receives high quality and cost effective legal services that support our business.  We believe that partnering with our outside counsel furthers that mission.  
		

		
			The following guidelines are intended to foster mutual confidence and minimize difficulties by ensuring that our relationship with outside counsel operates according to clear and workable principles.   This should enable both our Legal Department and outside counsel to perform their legal services in the most efficient and effective manner possible.
		

		
			1.  RETENTION BY LEGAL DEPARTMENT ONLY.  To assure coordination and effectiveness, our Legal Department is responsible for the management and direction of the Company’s legal services.  Your retention for legal services in a particular matter should be through the Legal Department.  However, in certain instances you may be contacted directly by one of our business people.  If this happens, it is your responsibility to confirm retention and the scope of your assignment with the Legal Department in writing before work is performed by your firm.  If you are not properly retained or work is not properly authorized by a lawyer in the Legal Department for any matter, you will not be paid for services performed in connection with such matter.  
		

		
			2.  CONTROL OF THE MATTER.  As in any attorney-client relationship, the client will make all substantive decisions about the course of the matter.  Since the Legal Department is responsible for the management of our legal services, a lawyer in the Legal Department will be responsible for ensuring that appropriate Company personnel are adequately informed and make the necessary substantive decisions about the matter and that you are kept appropriately informed about both our objectives and pertinent business issues and developments.  You should forward copies of all substantive correspondence and substantive internal memos to the Legal Department and regularly apprise the Legal Department of all significant developments in the matter.  You should consult with the assigned lawyer sufficiently in advance of any date by which a significant decision must be made.   The assigned lawyer should also be given sufficient opportunity and time to review drafts of all significant documents that will be provided to third parties on the Company’s behalf.
		

		
			3.  STAFFING.  We rely on you to select the appropriate attorneys and legal assistants in your firm to work on our matters.  However, you should consult with the Company lawyer assigned to the matter on your selection of the team and their respective anticipated involvement, and confer with the assigned lawyer if a change is contemplated. We expect you to attempt to minimize legal expenses by relying on junior attorneys or paralegals for less demanding tasks where appropriate.  Clerical tasks should be performed by secretarial staff and not by paralegals.  We do not expect to be billed for clerical work, regardless of who performs it.  We also do not expect to be billed for time spent educating a junior associate or re-educating a replacement person.  
		

		
			

		 

		

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			Although many companies prohibit charges related to internal “office conference” time, we have rejected this practice. We respect the need for, and the value of, lawyers consulting with their colleagues to obtain specialized information and analysis but we expect you to use your discretion in utilizing such conferences. 
		

		
			4.   RETENTION OF OTHER PROFESSIONAL SERVICES.  If local counsel, consultants, experts or vendors are needed, the assigned lawyer from the Legal Department must approve such retention in advance.  
		

		
			5.  CONFLICTS OF INTEREST.  We expect to be fully advised in writing of any potential conflict of interest, including conflicts arising from the subject matter of the representation.  We will not retain counsel who take legal or regulatory positions that are detrimental to the Company’s interests.  (Examples would be class action lawsuits against developers or home builders for construction defects; representing plaintiffs seeking damages for mold.)  
		

		
			In dealing with requests for waivers of conflicts of interest, we try to be flexible and practical.  Requests for conflict waivers should be directed to Elizabeth J. Walters, Senior Vice President and General Counsel.  All waivers must be in writing signed by Elizabeth J. Walters and may be limited in scope and duration.
		

		
			6.  COST CONSCIOUSNESS.  Minimizing the cost of legal services is clearly a priority of the Legal Department.  We expect you to make a conscientious effort to control the cost of your activities on our behalf.  In some instances we may be able to assist you by using Company staff and/or lawyers, and we expect that the opportunity for such teaming will be discussed on every matter.   
		

		
			7.  FEES AND BILLING.  Billing can be a sensitive area in the relationship between attorneys and their clients.  We believe that adhering to these guidelines and carefully reviewing each bill before you send it to us to determine if time has been efficiently and productively spent will avoid many problems.  If obvious questions are raised by a billing statement (e.g., legal research by a partner) that you think are justifiable, please discuss your reasons in your cover letter.  Likewise, if time has been written off because of inefficiency, training or other reasons, it is to your advantage to let us know.  
		

		
			In order to avoid misunderstandings, we will agree on billing rates for each timekeeper or class of timekeeper assigned to the Company.  Once agreed upon, the scheduled billing rates shall remain in effect until we agree on a new schedule.
		

		
			Bills should be mailed or emailed to Elizabeth J. Walters, Senior Vice President and General Counsel, 133 South Watersound Parkway, Watersound, Florida 32461 or lisa.walters@joe.com.   Unless otherwise approved, billing statements for services rendered and disbursements incurred should be submitted monthly within 30 days of the completion of the month.  Unless otherwise approved in advance, we will not pay bills showing time and expense charges that are more than 90 days old.    
		

		
			Bills should clearly identify the matter or matters covered.  Please also indicate in the bill the name of the Legal Department attorney assigned to the matter.  When a bill covers multiple matters, each matter should be separately identified along with its related fees, expenses and disbursements, and the name of the assigned attorney.  We expect the bill to be easily understood and to contain at least the following information:
		

		
			

		 

		

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			Dates service was performed

			
	
			
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			Timekeeper who worked on the matter

			
	
			
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			Amount of time each timekeeper worked on the matter

			
	
			
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			Brief descriptive summary of the work performed

			
	
			
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			Hourly rates of each timekeeper

			
	
			
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			Disbursement details (e.g., number of pages copied and cost per page)

		
			 
		

		
			Disbursements (which include outgoing faxes, copying, Westlaw and Lexis, long distance phone calls and postage) should be charged at your direct cost with no mark-ups or service fees added.  
		

		
			We consider certain costs part of your unreimbursable overhead.  As a result, unless we otherwise agree in writing in advance, we will not accept charges for the following items:  computer, word processing or email charges; rent; conference room charges; office supplies; library use and materials; proofreaders; meals; taxis and limos for employees to get to and from the office (including at night); support staff salaries and overtime; and local telephone calls.  
		

		
			Do not bill us for administrative time, such as preparing our bills, arranging for staffing or making travel arrangements.  You may bill us for preparing auditor responses; that time we do not consider to be administrative.
		

		
			Any travel for us beyond 25 miles should be approved in advance by the Legal Department lawyer assigned to the matter.  Although we expect to be billed for time spent in transit, if work is done for another client while in transit, that time should obviously not be billed to us.  Unless agreed upon in advance, time away from home or the office which is not in transit and not spent performing legal services for us will not be compensated.  We expect you to make every effort to keep out-of-pocket disbursements for travel and related expenses at reasonable levels.  
		

		
			8.  ALTERNATIVE BILLING ARRANGEMENTS.  Although we usually pay for legal work on an hourly basis, we are increasingly interested in innovative fee proposals.  We encourage you to suggest such proposals to us.
		

		
			9.  REPORTING VIOLATIONS OF LAW OR BREACHES OF FIDUCIARY DUTY.  Outside counsel representing us with attorneys who appear and practice before the SEC are obviously expected to fully comply with the SEC’s rules under Section 307 of the Sarbanes-Oxley Act.  Any reputable events should be reported to Elizabeth J. Walters, Senior Vice President and General Counsel.  In addition, we ask any attorney who becomes aware of or has concerns about any threatened, on-going or past violation of a federal, state or local law or regulation, breach of fiduciary duty, or violation of JOE policy by the Company, any of our subsidiaries, or any of our employees, officers, directors or agents, to immediately report the situation to the Legal Department.    
		

		
			10.  MEDIA CONTACT.  Do not discuss our matters with the press unless specifically authorized in advance.  Any inquiries from the press must be referred to Elizabeth J. Walters, Senior Vice President and General Counsel, (850) 231-6400. 
		

		
			11.  REFERENCES IN MARKETING MATERIALS.  You may not use the Company’s name in any of your marketing materials, press releases, websites or attorney bios without the advance written approval from Elizabeth J. Walters, Senior Vice President and General Counsel.
		

		
			

		 

		

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			12.  GIFTS.  The Company’s Code of Conduct prohibits all employees from receiving tangible gifts with a market value in excess of $100 or any gifts in the form of cash or marketable securities. Frankly, we would prefer that instead of sending us gifts you make a donation to charity.  Meals for business purposes, occasional invitations to local functions or sporting events or routine hospitality customary in the community may be accepted.  Any prohibited gifts will be returned to you or, if not feasible to return, will be turned over to the Company for disposition or use as Company property.
		

		
			Questions about the appropriateness of proposed gifts or entertainment should be directed to the Elizabeth J. Walters, Senior Vice President and General Counsel.
		

		
			13.  DOCUMENTATION.  To eliminate costly duplication of research efforts and assure consistency in the handling of our matters, we expect you to email to the Legal Department lawyer assigned to the matter all completed research memoranda, briefs, pleadings and transaction documents.  With respect to our transaction work, all closing documents should be emailed to our assigned attorney or paralegal in pdf format.  
		

		
			14.  MISCELLANEOUS.  We have very carefully and thoughtfully selected you as one of our outside law firms because of our confidence in your ability and judgment.  We value and rely on your judgment and advice and consider you part of the JOE team.  If you are aware of any shortcomings in our procedures or personnel, please let us know.  We are always looking for ways to improve and appreciate your assistance.  It is also important that you always tell us what we need to hear and not what you think we want to hear.  Finally, the Legal Department has a goal to return all phone calls and respond to all emails within 24 hours.  We urge you to make this your goal as well. 
		

		
			 
		

		
			 
		

		 

		

			4Exhibit

Exhibit 10.1

SEPARATION AGREEMENT
This Separation Agreement (this “Agreement”) is made by and among Jaime A. Irick (“You” or “Your”) and Brunswick Corporation (“Brunswick” or the “Company”), as of the date set forth below in connection with the payments and benefits to be provided to You by the Company (as set forth on Schedule A attached hereto), and in association with the termination of Your employment with the Company on October 29, 2018.
		
	1.
	For and in consideration of certain payments to be made and benefits to be provided to You by the Company, including pursuant to Your Terms and Conditions of Employment dated January 19, 2017 (the “Terms and Conditions”) with the Company, and conditioned upon such payments and benefits, You do hereby knowingly and voluntarily REMISE, RELEASE, AND FOREVER DISCHARGE the Company and each of its past, present and future subsidiaries and affiliates, their past, present and future officers, directors, shareholders, partners, distributees, owners, trustees, representatives, employees and agents, their respective successors and assigns, heirs, executors and administrators (hereinafter collectively included within the term the “Company”), acting in any capacity whatsoever, of and from any and all manner of actions and causes of action, suits, debts, claims, charges, complaints, grievances, liabilities, obligations, promises, agreements, controversies, damages, demands, rights, costs, losses, debts and expenses of any nature whatsoever, in law or in equity, which You ever had, now have, or hereafter may have, or which Your heirs, executors or administrators hereafter may have, by reason of any matter, cause or thing whatsoever from the beginning of Your employment with Brunswick, to the date of these presents arising from or relating in any way to Your employment relationship, the Terms and Conditions and the payments and benefits resulting therefrom, and the termination of Your employment relationship with Brunswick, including but not limited to, any claims which have been asserted, could have been asserted, or could be asserted now or in the future under any federal, state or local law, statute, rule, ordinance, regulation, or the common law, including, but not limited to, claims or rights arising under the Age Discrimination in Employment Act, 29 U.S.C. §  621 et seq., as amended, the Americans With Disabilities Act, 42 U.S.C. 12101 et seq., Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e et seq., as amended, any contracts between You and the Company and Your common law claims now or hereafter recognized and all claims for counsel fees and costs; provided, however, that the release pursuant to this paragraph 1 shall not apply to (i) Your right to any benefits earned or vested pursuant to the Company’s vacation plans or policies, the Brunswick Rewards Plan or the Brunswick Restoration Plan, as applicable; (ii) Your right to be indemnified by the Company, pursuant to the bylaws of the Company, for any liability, cost or expense for which You would have been indemnified for actions taken on behalf of the Company during the term and within the scope of Your employment by the Company; (iii) Your right to enforce this Agreement; (iv) Your right to file for unemployment benefits, to which the Company will not object; or (v) Your rights to the payments and benefits set forth on Schedule A.

		
	2.
	Subject to the limitations of paragraph 1 above, You expressly waive all rights afforded by any statute which expressly limits the effect of a release with respect to unknown claims. You understand the significance of this release of unknown claims and the waiver of statutory protection against a release of unknown claims.

		
	3.
	You agree and covenant that neither You, nor any person, organization, or other entity acting on Your behalf, has filed in any forum a charge, claim, suit, or cause of action against the Company or its subsidiaries or affiliates relating in any way to Your employment relationship with the Company, or the termination thereof. You further agree and acknowledge that the severance pay and additional payments and benefits the Company is providing to You pursuant to this Agreement (as set forth on Schedule A attached hereto) shall be the sole relief provided to You for the claims that are released by You in this Agreement and that You will not be entitled to recover and agree to waive any monetary benefits or recovery against the Company or its subsidiaries or affiliates in connection with any proceeding, claim, or charge without regard to who has brought such proceeding, claim, or charge.  Likewise, the Company, its subsidiaries and affiliates agree and covenant that neither they nor any person, organization, or other entity acting on their behalf have filed in any forum a charge, claim, suit, or cause of action against You relating in any way to Your employment relationship with the Company, or the termination thereof.

		
	4.
	You hereby agree and recognize that Your employment by the Company was permanently and irrevocably severed on October 29, 2018 and the Company has no obligation, contractual or otherwise to You to hire, rehire or re-employ You in the future.  In the event that the Company merges with, purchases or is purchased by a company by which You are employed at the time of the merger or purchase of Your then employing entity, this 

Agreement shall not be interpreted to require You to resign your employment.  You acknowledge that the terms of this Agreement provide You with payments and benefits which are in addition to any amounts to which You otherwise would have been entitled under the Terms and Conditions.

		
	5.
	You hereby agree and acknowledge that the payments and benefits provided to You by the Company are to bring about an amicable resolution of Your employment arrangements and are not to be construed as an admission, either by the Company or by You, of any violation of any federal, state or local law, statute, rule, ordinance, regulation or the common law, or of any duty owed by the Company or You and that this Agreement is entered into voluntarily to provide an amicable resolution of Your employment relationship with the Company.

		
	6.
	You hereby certify that You have read the terms of this Agreement, that You have been advised by the Company to discuss it with Your attorney, and that You understand its terms and effects. You acknowledge, further, that You are executing this Agreement of Your own volition with a full understanding of its terms and effects and with the intention of releasing all claims recited herein in exchange for the consideration described in this Agreement (and set forth on Schedule A attached hereto), which You acknowledge is adequate and satisfactory to You. None of the below-named parties, nor their agents, representatives, or attorneys have made any representations to You concerning the terms or effects of this Agreement other than those contained herein.

		
	7.
	You hereby acknowledge that the provisions of Sections 5 of the Terms and Conditions (as amended on Schedule B attached hereto) shall continue in full force and effect for the balance of the time periods provided therein and that You will abide by and fully perform such obligations and that Section 5(e)(ii) of the Terms and Conditions is applicable to all payments and benefits set forth on Schedule A. Provided that You comply with Your obligations pursuant to this Agreement and the Terms and Conditions, except as required pursuant to applicable law, from and after the date of this Agreement, the Company Insiders (as defined below) will not make any comment or statement or engage in any other behavior in any official capacity on behalf of the Company that in any way defames or is otherwise detrimental to Your reputation; provided, however, that nothing in this paragraph 7 shall be interpreted as prohibiting any person, including You and the Company Insiders, from making truthful statements, including statements of opinion, to Company directors, officers, auditors or regulators or when required by a court or other body having jurisdiction to require such statements.  For purposes of the immediately preceding sentence, the term “Company Insiders” includes any individual who, as of the date hereof, is either a member of the Board of Directors of the Company or an “officer” of the Company for purposes of Section 16 of the Exchange Act of 1934.  

		
	8.
	The Company hereby and forever releases and discharges You from any and all claims, complaints, charges, duties, obligations, demands or causes of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that the Company may possess against You arising prior to the date of this Agreement from any omissions, acts, failures to act, facts or damages that have occurred during the period of Your employment with the Company, other than any claims arising from (a) unlawful, criminal or fraudulent conduct (including, without limitation, theft of property or the unauthorized use or disclosure of Confidential Information (as defined in the Terms and Conditions)) or (b) claims that cannot be released under applicable law. If You do not sign this Agreement, the Company’s foregoing release and discharge contained in this paragraph 8 shall be null and void. 

		
	9.
	This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, and may be delivered via facsimile, electronic mail or portable document format (PDF).

Intending to be legally bound hereby, each of the undersigned parties executes the foregoing Agreement this 29th day of October, 2018. This Agreement shall be immediately effective and irrevocable upon execution by You and the Company.
JAIME A. IRICK
By: /S/ JAIME A. IRICK
       Jaime A. Irick

BRUNSWICK CORPORATION
By: /S/ CHRISTOPHER F. DEKKER
       Christopher F. Dekker
       Vice President, General Counsel and Secretary

SCHEDULE A
SEVERANCE PAYMENTS AND BENEFITS
Jaime A. Irick

	
			
	Terms and Conditions Severance
	$798,084
	Paid as a lump sum on the Company’s first regular payroll date following October 29, 2018.

	Additional Payments
	$190,000
	Paid as a lump sum on the Company’s first regular payroll date following October 29, 2018.

	$475,000
	Paid as a lump sum on the Company’s first regular payroll date following October 29, 2019.

	 
	$475,000
	Paid as a lump sum on the Company’s first regular payroll date following April 29, 2020.

	Health and Welfare Benefits available:
	As provided in Section 6(a)(iv) of the Terms and Conditions.

	Outplacement Services
	As provided in Section 6(f) of the Terms and Conditions.

All payments will be payable by direct deposit to the account number on file with the Company and are subject to tax withholding and any other deductions required by law or previously authorized by You.

Schedule B
Paragraph 5(a)(i) of the Terms and Conditions is hereby deleted and replaced with the following: 
(i)    During the Executive’s employment and during the eighteen (18) month period immediately following termination of Executive’s employment (unless such termination follows a Change in Control, in which case this Section 5(a)(i) and Section 5 (a)(ii) shall not apply), without the prior written consent of the Company:  (A) the Executive shall not directly or indirectly be employed in a capacity similar to the position(s) held by Executive with the Company or be retained by, or render any services in the same or a similar capacity as he did for the Company, or be financially interested in any manner, in any person, firm or corporation engaged in the development, manufacture, sale or distribution of fitness equipment or related products or services (each activity described in this clause (A), a “Competitive Activity”); (B) the Executive shall not divert or attempt to divert any business away from the Company or a Related Company; (C) the Executive shall not disturb or attempt to disturb any business relationships of the Company or any Related Company; (D) other than at the Company’s written request, the Executive shall not advise, consult or participate in any manner in the Company’s separation of its fitness segment; and (E) the Executive shall not assist any person in any way to do, or attempt to do, anything prohibited by the preceding clauses (A), (B), (C) and (D).
Paragraph 5(a)(iii) of the Terms and Conditions is hereby deleted and replaced with the following:
(iii)    For the eighteen (18) month period following termination of Executive’s employment with the Company, the Executive shall not, without the prior written consent of the Company: (A) solicit, recruit or hire any individual who is employed by the Company or any Related Company (or who was so employed within 180 calendar days of the Executive’s solicitation, recruitment or hiring), provided that Executive may solicit, recruit or hire, other than for purposes of engaging in a Competitive Activity, any such individual who, at the time of such solicitation, recruitment or hiring, is a former employee of the Company or a Related Company and whose employment was terminated involuntarily by the Company or such Related Company; (B) solicit or encourage any employee of the Company or any Related Company to terminate or refrain from renewing or extending such employment or to become employed by or become a consultant to any other individual or entity other than the Company or a Related Company; or (C) initiate discussion with any such employee for any such purposes or authorize or knowingly cooperate with the taking of any such actions by any other individual or entity; provided, however, that nothing herein shall prohibit the Executive from generally advertising for personnel not specifically targeting any executive or other personnel of the Company.

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