------------------------------
OMB APPROVAL
------------------------------
OMB Number: 3235-0287
Expires: September 30, 1998
Estimated average burden
hours per response ....... 0.5
------------------------------
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
(Print or Type Responses)
================================================================================
1. Name and Address of Reporting Person*
Thornton, Winfred L.
- --------------------------------------------------------------------------------
(Last) (First) (Middle)
1650 Prudential Drive, Suite 300
- --------------------------------------------------------------------------------
(Street)
Jacksonville, FL 32207
- --------------------------------------------------------------------------------
(City) (State) (Zip)
================================================================================
2. Issuer Name and Ticker or Trading Symbol
St. Joe Corporation SJP
================================================================================
3. IRS or Social Security Number of Reporting Person (Voluntary)
================================================================================
4. Statement for Month/Year
6/98
================================================================================
5. If Amendment, Date of Original (Month/Year)
N/A
================================================================================
6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
[ X ] Director [ X ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
--------------------------------------------------------------------
================================================================================
7. Individual or Joint/Group Filing (Check Applicable Line)
[ X ] Form filed by One Reporting Person
[ ] Form filed by More than One Reporting Person
================================================================================
Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
================================================================================
6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
3. Disposed of (D) Securities Form: 7.
Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
2. Code ------------------------------- Owned at End (D) or Indirect
1. Transaction (Instr. 8) (A) of Month Indirect Beneficial
Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4)
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock 5/29/98 S 2,593 D $29.54 3,471 D
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
===================================================================================================================================
(Over)
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* If the form is filed by more than one reporting person, see
Instruction 4(b)(v).
FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
================================================================================
9. 10.
Number Owner-
of ship
2. Deriv- Form of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
of Derivative 6. of Underlying 8. ities Secur- of
Exer- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Code of (D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
Explanation of Responses:
* See Attachment.
/s/ Winfred L. Thornton 6/10/98
- --------------------------------------------- -----------------------
**Signature of Reporting Person Date
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space is insufficient, see Instruction 6 for procedures.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
Attachment to Form 4 filed by Winfred L. Thornton
Reporting Beneficial Ownership of
Shares of St. Joe Corportion
Dated June 10, 1998
Explanation of Response: Pursuant to Instruction 4(b) of Form 4, Winfred L.
Thornton is the Reporting Person. Mr. Thornton, the Alfred I. duPont
Testamentary Trust (the "duPont Trust"), the Nemours Foundation and each of the
directors and trustees of those institutions are considered to be members of a
single group ("Group") within the meaning of Section 13(d)(3) of the Securities
Exchange Act of 1934, as amended ("1934 Act"). In Ownership Reports and Trading
By Officers, Directors and Principal Security Holders, Release No. 34-25254
(Feb. 8, 1991) ("Release 34-25254"), the SEC stated that "only those securities
in which a member of a group has a direct or indirect pecuniary interest would
be reported [and]... while securities holdings of group members may subject the
group members to Section 16, if the group member does not have or share a
pecuniary interest in securities held by other group members, the transactions
of the other group members do not create Section 16 obligations for that
member." The SEC also restates this position in Instruction 4(b) of Form 4.
Mr. Thomton is a trustee of the duPont Trust, a director of the Nemours
Foundation and a director of St. Joe Corporation ("St. Joe"). As of May 31,
1998, the duPont Trust and the Nemours Foundation owned 49,643,292 and 2,232,408
shares of St. Joe, respectively. Mr. Thornton has no direct or indirect
pecuniary interest in the shares of St. Joe held by any other members of the
Group, including the duPont Trust and the Newmours Foundation. Furthermore, Mr.
Thornton does not have the ability through any contract, arrangement,
understanding or relationship to receive a portion of the profits from
transactions in any other Group member's St. Joe shares. Likewise, the other
Group members do not have a direct or indirect pecuniary interest in Mr.
Thornton's St. Joe shares nor will they receive a profit from transactions
involving Mr. Thornton's St. Joe shares.
Consistent with Release 34-25254, none of the other Group members, including the
duPont Trust and the Nemours Foundation, are Reporting Persons on this Form 4.
Rather, Mr. Thornton is the sole Reporting Person and is reporting only those
shares of which he has a direct or indirect pecuniary interest.
