EX-10.5






RESTRICTED STOCK AGREEMENT




Award Details:




	 
	 

	Participant:

	 

	Plan Year:

	 

	Number of Restricted Shares:

	 

	Date of Grant:

	 

	Fair Market Value (at close of business on Date of Grant):







Agreement:




This Restricted Stock Agreement (“Agreement”) is entered into as of the Date of Grant between
the Participant and The St. Joe Company, a Florida corporation (the “Company”), pursuant to the
Company’s Stock Incentive Plan established for the Plan Year designated above (the “Plan”).



WHEREAS, the Company desires to grant, and the Participant desires to receive, an award of
Restricted Shares pursuant to the terms and conditions of the Plan and this Agreement,



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



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



2. Grant of Restricted Shares. As of the Date of Grant, the Company hereby grants to
the Participant the number of Restricted Shares listed above, subject to the terms and conditions
of the Plan and this Agreement.



3. Vesting of Restricted Shares. The Restricted Shares shall vest as follows:
     ; provided, however, that such vesting shall be
accelerated or delayed as a result of the first of the following events to occur:



(a) Death. If the Participant dies, the Restricted Shares shall become vested in full
as of the date of the Participant’s death.



(b) Disability. If the Participant becomes totally or permanently disabled (as those
terms are defined in the Company’s long-term disability plan, as in effect on the date of such
determination), the Restricted Shares shall become vested in full as of the date of the disability.



(c) Corporate Event. If there is a Corporate Event, the Restricted Shares shall
become vested in full on the date of the Corporate Event. For purposes of this Subsection,
“Corporate Event” means (a) the consummation of a merger or similar transaction as a result of
which the Company’s stockholders own 50% or less of the surviving entity’s voting securities after
such merger or similar transaction, (b) the sale, transfer, exchange or other disposition of all or
substantially all of the Company’s assets, or (c) the liquidation or dissolution of the Company. A
transaction shall not constitute a Corporate Event if its sole purpose is to create a holding
company that will be owned in substantially the same proportions by the persons who held the
Company’s securities immediately before such transaction.



(d) Termination for Cause. If the Participant’s employment is terminated for Cause,
the Committee may revoke all or any portion of the Restricted Shares.



(e) Retirement. If the Participant retires, the Restricted Shares shall continue to
vest after his or her retirement according to the terms of this Agreement so long as the
Participant does not perform services (in an employee, independent contractor or other capacity) on
a substantially full-time basis for any third party. For purposes of this Agreement, “retirement”
shall mean (i) termination of employment for other than Cause after completion of five continuous
years of service with the Company and attainment of age 55, or (ii) as otherwise determined by the
Compensation Committee. The Compensation Committee shall determine, in its sole discretion, if
services are performed on a “substantially full-time basis.”



For purposes of vesting under this Section, the Participant’s service remains “continuous” even if
the Participant goes on military leave, sick leave, or another bona fide leave of absence, if the
leave was approved by the Company in writing and if continued crediting of service is required by
the terms of the leave or by applicable law. However, the Participant must return to active work
promptly, for a substantial period of time, upon the termination of such approved leave, or an
interruption of service will be deemed to have occurred as of the date such leave began.



4. Restrictions on Transfer of Restricted Shares. Until the Restricted Shares become
vested pursuant to Section 3, the Restricted Shares shall not be sold, pledged or otherwise
transferred (whether by operation of law or otherwise) and shall not be subject to sale under
execution, attachment, levy or similar process.



5. Forfeiture of Restricted Shares. If the Participant’s employment terminates, all
Restricted Shares that are not vested under Section 3 as of the date of such termination of
employment shall automatically be forfeited and canceled (without any payment to the Participant)
as of the date of termination of employment. No additional Restricted Shares shall vest after the
Participant’s employment terminates. If the Participant retires, this paragraph shall not apply
unless and until the Participant is found to be working on a substantially full-time basis in
violation of paragraph 3(e).



6. Stock Certificates. The Participant hereby acknowledges that stock certificate(s)
for the number of Restricted Shares awarded under this Agreement will not be delivered by the
Company to the Participant until such Restricted Shares vest.



7. Voting and Dividend Rights. The Participant shall have the same voting and dividend
rights with respect to the Restricted Shares as the Company’s other shareholders, provided,
however, that any dividends paid as Common Shares shall be subject to the same transfer
restrictions and forfeiture provisions as the Restricted Shares.



8. Regulation by the Committee. This Agreement and the Restricted Shares shall be
subject to such administrative procedures and rules as the Committee shall adopt. All decisions of
the Committee upon any question arising under the Plan or under this Agreement shall be conclusive
and binding upon the Participant.



9. Compliance with Law and Regulations. The obligations of the Company hereunder are
subject to all applicable Federal and state laws and to the applicable rules, regulations and other
requirements of the Securities and Exchange Commission, any stock exchange upon which the Common
Stock is then listed and any other government or regulatory agency. The Company shall not be
required to remove restrictions from Restricted Shares prior to (a) the listing of the Common
Shares on any such stock exchange and (b) the completion of any registration or qualification of
such Common Shares under any Federal or state law, or any rule, regulation or other requirement of
any government or regulatory agency which the Company shall, in its sole discretion, determine to
be necessary or advisable. In making such determination, the Company may rely upon an opinion of
counsel for the Company. The Participant shall not have the right to compel the Company to
register or qualify the Common Shares subject to this award under Federal or state securities laws.



10. Conditions of Acceptance. As a condition of accepting the Restricted Shares,
Participant agrees as follows:



(a)  Company Policies. Participant agrees that he or she has read and will comply
with The St. Joe Company Insider Trading Policy and The St. Joe Company Code of Conduct. Copies of
such policies are available on the Company’s website, through the office of the Company’s Senior
Vice President of Human Resources or through the office of the Company’s General Counsel.



(b) Restrictions on Resale and Marital Property Settlements. Participant agrees not
to sell any vested Restricted Shares if applicable laws or Company policies prohibit such a sale.
Regardless of any marital property settlement agreement, the Company is not obligated to honor or
recognize Participant’s former spouse’s interest in unvested Restricted Shares.



11. Amendment of Severance and Employment Agreements. By executing this Agreement,
the Participant and the Company hereby agree that this Agreement constitutes an amendment to the
Participant’s employment agreement and/or severance agreement (if any) with the Company to the
effect that any provision of such employment or severance agreement that grants accelerated vesting
and/or lapse of restrictions on restricted stock in the event of a “change in control” (as defined
therein) shall not apply to the Restricted Shares awarded under this Agreement. Participant agrees
to execute any additional documentation requested by the Company to further evidence such
amendment.



12. Adjustments. In the event of a stock split, a stock dividend or any other event
described in the Article of the Plan entitled “Protection Against Dilution,” the number of Common
Shares subject to this award may be adjusted pursuant to the Plan if deemed appropriate by the
Committee in its sole discretion.



13. Term of Agreement. This Agreement terminates when all Restricted Shares are
either vested or forfeited and canceled as provided in the Plan and this Agreement.




	 	14.	 	Tax Matters.





(a) Participant shall be liable for any and all taxes, including withholding taxes, arising
out of this grant or the vesting of Restricted Shares hereunder. Participant acknowledges that, at
his or her option, Participant (i) shall be entitled to make the election permitted under section
83(b) of the Internal Revenue Code of 1986, as amended (the “Code”), to include in gross income in
the taxable year in which the Restricted Shares are granted, the fair market value of such shares
at the time of grant, notwithstanding that such shares may be subject to a substantial risk of
forfeiture within the meaning of the Code, or (ii) may elect to include in gross income the fair
market value of the Restricted Shares as of the date on which such restriction lapses.



(b) The Participant may elect to satisfy any withholding tax obligation arising out of the
grant or the vesting of Restricted Shares hereunder (unless Participant shall make an election
under Section 83(b) of the Code with respect thereto) by having the Company retain vested
Restricted Shares having a fair market value equal to the Company’s minimum withholding obligation
(which amount may be rounded to the next highest whole share).



15. No Retention Rights. Neither the Restricted Shares nor anything contained in this
Agreement shall give Participant the right to be retained by the Company or a subsidiary of the
Company as an employee or in any other capacity. The Company and its subsidiaries reserve the
right to terminate Participant’s service at any time, with or without Cause.



16. Applicable Law. This Agreement will be interpreted and enforced under the laws of
the State of Florida.



17. Participant’s Access to the Plan. Participant may obtain an additional copy of
the Plan by contacting The St. Joe Company Human Resources Department in Jacksonville, Florida.



[Signature Page Follows]






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This Agreement and the Plan constitute the entire understanding between Participant and the
Company regarding this award. Any prior agreements, commitments or negotiations concerning this
award are superseded. This Agreement may be amended only by another written agreement, signed by
both parties.



PARTICIPANT



	 	 	 
	Date      

	 	     

Participant Signature
	 
	 	 
	
 
	 	THE ST. JOE COMPANY
	 
	 	 
	Date      

	 	By:      

Name:      

Title:      
	 
	 	 







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