Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-23

ST JOE Co. (JOE)

CEO Jorge Gonzalez was paid $1,857,798 in fiscal year 2025, ↑ up 6.4% from fiscal year 2024 (SEC filing 0001140361-26-012328 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$1,857,798 ↑
Jorge Gonzalez total, FY2025
—
CEO pay percentile vs peers
45:1
CEO-to-median pay ratio
97.95%
Say-on-pay support, latest vote

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JOE's next annual pay disclosure, estimated March 30, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Jorge Gonzalez$611,673$924,281$308,143$0$0$0$13,701$1,857,798
President, Chief Executive Officer and Chairman of the Board
Marek Bakun508,688563,686128,13100013,5991,214,104
EVP and Chief Financial Officer
Elizabeth Walters422,551404,387106,4440003,114936,496
SVP, Chief Legal Officer and Corporate Secretary
Rhea Goff320,417307,49180,9200002,479711,307
SVP and Chief Administrative Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Jorge Gonzalez$1,857,798$1,746,456$1,782,101↑ +111,342
Marek Bakun1,214,1041,126,8691,097,339↑ +87,235
Elizabeth Walters936,496899,222892,789↑ +37,274
Rhea Goff711,307671,331630,460↑ +39,976

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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$1,857,798 Jorge Gonzalez total, FY2025

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Data as of June 23, 2026 · Source: 0001140361-26-012328 · Velarion Executive Compensation Database, deposited on Zenodo (doi:10.5281/zenodo.22283855).

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01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Cesar L. AlvarezIndependent Director$125,000
Elizabeth D. FranklinIndependent Director$55,565
Howard S. FrankLead Independent Director$200,000
Thomas P. Murphy JrIndependent Director$125,000
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Bruce R. BerkowitzGreater-than-10% holder2026-05-05D189,200$66$12,445,576CommonForm 4 ↗
Bruce R. BerkowitzGreater-than-10% holder2026-05-06D163,6006610,761,608CommonForm 4 ↗
Bruce R. BerkowitzGreater-than-10% holder2026-05-07D25,000651,633,250CommonForm 4 ↗
Bruce R. BerkowitzGreater-than-10% holder2026-05-08D86,500665,716,785CommonForm 4 ↗
Bruce R. BerkowitzGreater-than-10% holder2026-05-11D29,200651,912,308CommonForm 4 ↗
Bruce R. BerkowitzGreater-than-10% holder2026-06-04D59,100653,846,819CommonForm 4 ↗
Bruce R. BerkowitzGreater-than-10% holder2026-06-05D33,600652,190,048CommonForm 4 ↗
Bruce R. BerkowitzGreater-than-10% holder2026-06-08D29,000651,888,480CommonForm 4 ↗
Bruce R. BerkowitzGreater-than-10% holder2026-06-09D30,500651,985,550CommonForm 4 ↗
Bruce R. BerkowitzGreater-than-10% holder2026-06-10D29,200651,901,796CommonForm 4 ↗
Bruce R. BerkowitzGreater-than-10% holder2026-06-12D63,800654,162,950CommonForm 4 ↗
Bruce R. BerkowitzGreater-than-10% holder2026-06-15D94,200666,178,578CommonForm 4 ↗
Bruce R. BerkowitzGreater-than-10% holder2026-06-16D26,700651,736,301CommonForm 4 ↗
Bruce R. BerkowitzGreater-than-10% holder2026-06-18D140,400669,225,684CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Marek BakunRSU2025-02-25——2,771—$128,131
Rhea GoffRSU2025-02-25——1,750—80,920
Elizabeth WaltersRSU2025-02-25——2,302—106,444
Jorge GonzalezRSU2025-02-25——3,332—154,072
Jorge GonzalezRSU2025-02-25——3,332—154,072
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Marek Bakun$128,131$0$00.0%
Rhea Goff80,920000.0%
Elizabeth Walters106,444000.0%
Jorge Gonzalez308,144000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Marek BakunRSU3,004—$178,347
Jorge GonzalezRSU4,361—258,913
Elizabeth WaltersRSU1,387—82,346
Elizabeth WaltersRSU2,302—136,670
Rhea GoffRSU1,862—110,547
Marek BakunRSU2,771—164,514
Jorge GonzalezRSU3,612—214,444
Jorge GonzalezRSU5,760—341,971
Jorge GonzalezRSU5,418—321,667
Jorge GonzalezRSU3,332—197,821
Elizabeth WaltersRSU2,495—148,128
Jorge GonzalezRSU1,920—113,990
Rhea GoffRSU1,750—103,898
Marek BakunRSU1,640—97,367
Rhea GoffRSU1,035—61,448
05

Incentive-plan design — the Compensation Discussion & Analysis

Our 2025 executive compensation program consisted of base salary and discretionary cash incentives payable based on the CHC Committee s evaluation of our overall financial performance and the contribution of the individual NEO to such performance.

CEO STI target (% of salary)100%
CEO LTI target (% of salary)—
Independent consultantnot disclosed
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingFalse
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-1244,814,589936,03861,31897.95%Passed
20252025-05-1345,259,1591,121,39250,29597.58%Passed
20242024-05-1445,712,560723,88753,85698.44%Passed
20232023-05-1647,001,922623,09436,32798.69%Passed
20222022-05-1748,263,670295,94647,60299.39%Passed
20212021-05-1848,879,809311,77054,19499.37%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-1297.95%a
20252025-05-1397.58%b
20242024-05-1498.44%c

a. Approved under the standard stated in the filing — “Abstentions are not counted as votes "FOR" or "AGAINST" this proposal.”.

b. Approved under the standard stated in the filing — “Abstentions are not counted as votes "FOR" or "AGAINST" this proposal.”.

c. Approved under the standard stated in the filing — “Abstentions are not counted as votes "FOR" or "AGAINST" this proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)45 : 1
CEO total compensation$1,857,798
Median employee compensation$41,022
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Howard S. FrankIndependent · Lead Independent Director · Audit (Chairman) · Compensation and Human Capital (Chairman) · Governance and Nominating (Chairman)$200,000$0$0$0$0$200,000
Cesar L. AlvarezIndependent · Audit · Compensation and Human Capital · Governance and Nominating125,0000000125,000
Thomas P. Murphy JrIndependent · Audit · Compensation and Human Capital · Governance and Nominating125,0000000125,000
Elizabeth D. FranklinIndependent · Audit · Compensation and Human Capital · Governance and Nominating · Newly elected55,565000055,565
Jorge L. GonzalezEmployee director · Board Chair000—00
Rhea GoffEmployee director000—00
09

Board fee structure and ownership guideline

Annual cash retainer$125,000
Annual equity retainer$0
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)25,000 / 25,000 / 25,000
Stock ownership guideline—
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$505,565
Equity awards (grant-date value)$0
All other compensation$0
Total cost of the board$505,565

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1ST JOE Co.2025Jorge Gonzalez$611,673$308,143$0$0$1,857,798

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10d

Frequently asked questions

Who was the highest-paid executive at ST JOE Co. in fiscal 2025?
As disclosed, Jorge Gonzalez (President, Chief Executive Officer and Chairman of the Board) was the highest-paid executive at ST JOE Co. in fiscal 2025, with total compensation of $1,857,798.
What is ST JOE Co.'s CEO-to-median employee pay ratio?
As disclosed, ST JOE Co.'s CEO-to-median employee pay ratio was 45:1.
How did shareholders vote on ST JOE Co.'s executive compensation?
As disclosed, 97.95% of shareholders supported ST JOE Co.'s executive compensation in the latest say-on-pay vote.
How much does ST JOE Co. spend in total on board compensation for fiscal 2025?
As disclosed, ST JOE Co. reported total board compensation of $505,565 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Jorge GonzalezDEF 14A2026-03-310001140361-26-012328Section “2025 Summary Compensation Table” · page 28. As printed: 1,857,798. Filing ↗machine: r2 · c18 · span 439625–439634
2Section 01, Marek BakunDEF 14A2026-03-310001140361-26-012328Section “2025 Summary Compensation Table” · page 28. As printed: 1,214,104. Filing ↗machine: r5 · c18 · span 448617–448626
3Section 01, Elizabeth WaltersDEF 14A2026-03-310001140361-26-012328Section “2025 Summary Compensation Table” · page 28. As printed: 936,496. Filing ↗machine: r8 · c18 · span 457850–457857
4Section 01, Rhea GoffDEF 14A2026-03-310001140361-26-012328Section “2025 Summary Compensation Table” · page 28. As printed: 711,307. Filing ↗machine: r11 · c18 · span 466982–466989
5Section 03, Marek Bakun RSUDEF 14A1900-01-010001140361-26-012328Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
6Section 03, Rhea Goff RSUDEF 14A1900-01-010001140361-26-012328Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
7Section 03, Elizabeth Walters RSUDEF 14A1900-01-010001140361-26-012328Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
8Section 03, Jorge Gonzalez RSUDEF 14A1900-01-010001140361-26-012328Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 503209–503216
9Section 03, Jorge Gonzalez RSUDEF 14A1900-01-010001140361-26-012328Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 505866–505873
10Section 07, pay ratioDEF 14A2026-03-310001140361-26-012328Section “CEO Pay Ratio”. As printed: 45 : 1. Filing ↗machine: span 624117–624121
11Section 08, Howard S. FrankDEF 14A2026-03-310001140361-26-012328Section “Director Compensation”. As printed: 200,000. Filing ↗machine: t129 · r3 · c3 · span 343150–343333
12Section 08, Cesar L. AlvarezDEF 14A2026-03-310001140361-26-012328Section “Director Compensation”. As printed: 125,000. Filing ↗machine: t129 · r2 · c3 · span 341466–341649
13Section 08, Thomas P. Murphy JrDEF 14A2026-03-310001140361-26-012328Section “Director Compensation”. As printed: 125,000. Filing ↗machine: r5 · c3 · span 346481–346663
14Section 08, Elizabeth D. FranklinDEF 14A2026-03-310001140361-26-012328Section “Director Compensation”. As printed: 55,565. Filing ↗machine: t129 · r4 · c3 · span 344853–345075
15Section 08, Jorge L. GonzalezDEF 14A2026-03-310001140361-26-012328Section “Director Compensation”. As printed: 0. Filing ↗
16Section 08, Rhea GoffDEF 14A2026-03-310001140361-26-012328Section “Director Compensation”. As printed: 0. Filing ↗
17Section 02, Bruce R. Berkowitz 2026-05-05Form 42026-05-070000919574-26-002738Insider equity transaction reported since the proxy statement. Filing ↗
18Section 02, Bruce R. Berkowitz 2026-05-06Form 42026-05-070000919574-26-002738Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Bruce R. Berkowitz 2026-05-07Form 42026-05-070000919574-26-002738Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Bruce R. Berkowitz 2026-05-08Form 42026-05-120000919574-26-002888Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Bruce R. Berkowitz 2026-05-11Form 42026-05-120000919574-26-002888Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Bruce R. Berkowitz 2026-06-04Form 42026-06-080000919574-26-003909Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Bruce R. Berkowitz 2026-06-05Form 42026-06-080000919574-26-003909Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Bruce R. Berkowitz 2026-06-08Form 42026-06-080000919574-26-003909Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Bruce R. Berkowitz 2026-06-09Form 42026-06-110000919574-26-003939Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Bruce R. Berkowitz 2026-06-10Form 42026-06-110000919574-26-003939Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Bruce R. Berkowitz 2026-06-12Form 42026-06-160000919574-26-004000Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Bruce R. Berkowitz 2026-06-15Form 42026-06-160000919574-26-004000Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Bruce R. Berkowitz 2026-06-16Form 42026-06-160000919574-26-004000Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Bruce R. Berkowitz 2026-06-18Form 42026-06-230000919574-26-004079Insider equity transaction reported since the proxy statement. Filing ↗
31Section 06, 2026 voteForm 8-K2026-05-140001104659-26-061171Item 5.07 · say-on-pay result. As reported: 97.95% (votes for as printed: 44,814,589). Filing ↗
32Section 06, 2025 voteForm 8-K2025-05-140001558370-25-007750Item 5.07 · say-on-pay result. As reported: 97.58% (votes for as printed: 45,259,159). Filing ↗
33Section 06, 2024 voteForm 8-K2024-05-170001558370-24-008418Item 5.07 · say-on-pay result. As reported: 98.44% (votes for as printed: 45,712,560). Filing ↗
34Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
35Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
36Section 09b board cost (computed)Computed——Cash 505,565 + equity 0 + all other 0 = 505,565, summed across the director compensation table rows.machine: formula: Σ = 505,565
37ST JOE Co. (subject), Section 10b CEO totalDEF 14A2026-03-310001140361-26-012328CEO total compensation as printed in ST JOE Co.'s own proxy. As printed: 1,857,798. Filing ↗machine: r2 · c18 · span 439625–439634

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