Document:

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                                                                   EXHIBIT 10.14

                               THE ST. JOE COMPANY
                       EXECUTIVE STOCK INVESTMENT PROGRAM

                            ARTICLE I. - INTRODUCTION

      The St. Joe Company Executive Stock Investment Program (the "Program"),
was adopted by the Board of Directors effective May 12, 1999. The purpose of the
Program is to increase voluntary ownership in The St. Joe Company by the senior
management team of the Company.

                          ARTICLE II. - ADMINISTRATION

      2.1 Compensation Committee. The Program shall be administered by the
Compensation Committee of the Board of Directors. The Committee shall consist
exclusively of two or more outside directors of the Company, who shall be
appointed by the Board.

      2.2 Committee Responsibilities and Authority. The Committee shall ensure
that all loans, investments, and other activities made pursuant to this Program
are at all times consistent with the Program and with governing law. The
Committee may adopt such rules or guidelines as it deems appropriate to
implement the Program. The Committee's determinations under the Program shall be
final and binding on all persons. The Committee has authority to grant loans
consistent with the terms of the Program, and to conduct all necessary action to
carry out the provisions of the Program.

                           ARTICLE III. - ELIGIBILITY

      The following persons are eligible to participate in the Program: Peter S.
Rummell, Kevin M. Twomey, Robert M. Rhodes, J. Malcolm Jones, Sr. Michael F.
Bayer, Michael N. Regan, P. Michael Reininger, David D. Fitch, James D. Motta,
Jerry M. Ray, Stephen A. Swartz, Stephen W. Solomon.

                          ARTICLE IV. - IMPLEMENTATION

      4.1 Loan for Stock Purchase. The Company shall provide simple interest
loans, with interest due annually, to eligible participants under the Program
for open market purchase of common stock of The St. Joe Company.

      4.2 Terms of Loans. Terms of the loans will provide for full recourse, and
interest rates set at an as published safe harbor rate. Loans must be repaid in
full within three years of the date of the loan, with the option of full or
partial prepayment at any time. Loans are due in full upon the sale of the
shares purchased with the loan, or upon termination of the executive's
employment with The St. Joe Company.

      4.3 Shares Purchased. Until the earlier of either (a) three years from the
date of purchase or (b) the termination of the executive's employment, shares
purchased under

                                       1
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the Program may not be sold unless approved by the Committee. Eligible
participants in the Program will have full rights of ownership of shares
purchased under the Program with respect to voting and dividends for those
shares.

      4.4 Maximum Company Expenses. The combined maximum loan exposure of the
Company under the Program shall be Four Hundred Thousand and No/100 Dollars
($400,000.00).

      4.5 Reporting Requirements. The Committee shall insure that all required
reporting and disclosure in accordance with SEC and other regulations, if any,
shall be carried out promptly and in accordance with the law and regulations.

                               ARTICLE V. - TAXES

      Any Florida state intangible taxes which must be paid as a result of any
loans made pursuant to the Program shall be paid by the Company.

                           ARTICLE VI. - GOVERNING LAW

      The Program shall be governed by, and construed in accordance with, the
laws of the State of Florida.

                    ARTICLE VII. - AMENDMENTS TO THE PROGRAM

      The Board of Directors may, at any time and for any reason, amend or
terminate the Program. Any amendment or termination of the Program shall not
effect the terms of any loans made pursuant to this Program prior to the time of
such amendment or termination.

                                       2<PAGE>
                                                                   Exhibit 10.15

                               THE ST. JOE COMPANY

                    SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

             (AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2002)

                                                                  [ST. JOE LOGO]
<PAGE>
                                TABLE OF CONTENTS

<TABLE>
<S>                                                                                  <C>
ARTICLE I NAME, EFFECTIVE DATE AND PURPOSE....................................        1
      1.1      Name...........................................................        1
      1.2      Effective Date of Restatement..................................        1
      1.3      Purpose........................................................        1
      1.4      Relationship to The St. Joe Company Deferred Capital
               Accumulation Plan..............................................        1

ARTICLE II DEFINITIONS........................................................        2
      2.1      "Account" or "Participant's Account"...........................        2
      2.2      "Affiliated Employer"..........................................        2
      2.3      "Age"..........................................................        2
      2.4      "Annuity Starting Date"........................................        2
      2.5      "Applicable Interest Rate".....................................        2
      2.6      "Beneficiary" or "Beneficiaries"...............................        2
      2.7      "Board of Directors"...........................................        2
      2.8      "Code".........................................................        3
      2.9      "Company"......................................................        3
      2.10     "Compensation".................................................        3
      2.11     "Compensation Limit"...........................................        3
      2.12     "Disability"...................................................        3
      2.13     "Effective Date of Restatement"................................        3
      2.14     "Eligible Spouse"..............................................        3
      2.15     "Employee".....................................................        4
      2.16     "Employer".....................................................        4
      2.17     "Employer Credit"..............................................        4
      2.18     "Employment Date"..............................................        4
      2.19     "Enrollment Form"..............................................        4
      2.20     "ERISA"........................................................        4
      2.21     "Interest".....................................................        4
      2.22     "Normal Retirement Date".......................................        4
      2.23     "Participant"..................................................        4
      2.24     "Plan".........................................................        5
      2.25     "Plan Administrator"...........................................        5
      2.26     "Plan Year"....................................................        5
      2.27     "Prior Plan"...................................................        5
      2.28     "Qualified Pension Plan".......................................        5
      2.29     "Valuation Date"...............................................        5
      2.30     "Year(s) of Benefit Service"...................................        5
      2.31     "Year(s) of Vesting Service"...................................        5

ARTICLE III ELIGIBILITY AND PARTICIPATION.....................................        6
      3.1      Eligibility....................................................        6
      3.2      Notification...................................................        6
      3.3      Date of Participation and Enrollment...........................        6
</TABLE>
<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<S>                                                                                  <C>
ARTICLE IV PARTICIPANT ACCOUNTS AND PLAN CREDITS..............................        7
      4.1      Separate Account...............................................        7
      4.2      Employer Credits...............................................        7
      4.3      Interest.......................................................        9
      4.4      Adjustments....................................................        9
      4.5      Valuation of the Account.......................................        9
      4.6      Participant Statement..........................................       10

ARTICLE V VESTING.............................................................       11
      5.1      Vesting in Account.............................................       11
      5.2      No Vested Interest in Account..................................       11
      5.3      Special Adjustment to Account..................................       12

ARTICLE VI PAYMENT OF VESTED ACCOUNTS.........................................       13
      6.1      Payment upon Termination of Service............................       13
      6.2      Payment upon Death.............................................       13
      6.3      Mode of Payment................................................       13
      6.4      Election of Form of Distribution of Account....................       14

ARTICLE VII BENEFICIARY DESIGNATION FOR DEATH BENEFITS BASED ON ACCOUNTS......       15
      7.1      Beneficiary Designation........................................       15
      7.2      Change in Beneficiary Designation..............................       15
      7.3      Lack of Beneficiary Designation or Surviving Beneficiary.......       15

ARTICLE VIII ADMINISTRATION OF THE PLAN.......................................       16
      8.1      Responsibility of the Plan Administrator.......................       16
      8.2      Powers and Duties of Plan Administrator........................       16
      8.3      Expenses of the Plan Administrator and Plan Costs..............       17
      8.4      Selection of Plan Professional Counselors......................       17
      8.5      Records of the Plan Administrator..............................       17
      8.6      Plan Administrator's Right to Administer and Interpret the
               Plan...........................................................       17
      8.7      Claims Procedure...............................................       17
      8.8      Indemnity of the Plan Administrator............................       18

ARTICLE IX AMENDMENT AND TERMINATION..........................................       19
      9.1      Amendment......................................................       19
      9.2      Termination....................................................       19

ARTICLE X MISCELLANEOUS.......................................................       20
      10.1     Unsecured Creditor.............................................       20
      10.2     Unfunded Plan..................................................       20
      10.3     Non-Assignability..............................................       20
      10.4     Not a Contract of Employment...................................       21
      10.5     Source of Plan Benefits........................................       21
</TABLE>
<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<S>                                                                                  <C>
      10.6     Inability to Make Payment......................................       21
      10.7     Binding Agreement..............................................       21
      10.8     Invalidity of Certain Provisions...............................       21
      10.9     Incapacity.....................................................       21
      10.10    Masculine, Feminine, Singular and Plural.......................       22
      10.11    Taxes..........................................................       22
      10.12    Governing Law..................................................       22
</TABLE>
<PAGE>
                                    ARTICLE I

                        NAME, EFFECTIVE DATE AND PURPOSE

1.1   NAME

      The name of the Plan is "The St. Joe Company Supplemental Executive
      Retirement Plan," hereinafter referred to as the "Plan."

1.2   EFFECTIVE DATE OF RESTATEMENT

      The effective date of this amended and restated Plan is January 1, 2002.
      The Plan was originally effective January 1, 1998 and previously restated
      effective January 1, 2000.

1.3   PURPOSE

      The purpose of the Plan is to provide supplemental retirement benefits to
      certain selected management and highly compensated employees of the
      Employer. The Plan is not intended to be a tax-qualified retirement plan
      under Section 401(a) of the Internal Revenue Code of 1986, as amended. The
      Plan is intended to be an unfunded plan maintained primarily for the
      purpose of providing deferred compensation benefits for a select group of
      management or highly compensated employees.

1.4   RELATIONSHIP TO THE ST. JOE COMPANY DEFERRED CAPITAL ACCUMULATION PLAN

      Effective as of January 1, 2000, The St. Joe Company established "The St.
      Joe Company Deferred Capital Accumulation Plan" (the "Deferred Capital
      Accumulation Plan") and transferred to it certain benefit liabilities
      previously accrued under Article IV and Article V of this Plan as amended
      and in effect on December 31, 1999. Such benefit liabilities shall be
      held, administered and paid in accordance with the terms of the Deferred
      Capital Accumulation Plan, as hereinafter amended and in effect.

                                       1
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                                   ARTICLE II

                                   DEFINITIONS

2.1   "ACCOUNT" OR "PARTICIPANT'S ACCOUNT"

      Means the notional account maintained by the Plan Administrator pursuant
      to Section 4.1 which shall be credited with Employer Credits and Interest
      and adjusted for distributions.

2.2   "AFFILIATED EMPLOYER"

      Means a corporation which is a member of a controlled group of
      corporations (as defined in Code Section 414(b)) which includes the
      Company; any trade or business (whether or not incorporated) which is
      under common control (as defined in Code Section 414(c)) with the Company;
      any organization (whether or not incorporated) which is a member of an
      affiliated service group (as defined in Code Section 414(m)) which
      includes the Company; and any other entity required to be aggregated with
      the Company pursuant to regulations under Code Section 414(o) but only for
      the period during which such other entity is affiliated with the Company
      under Code Section (b), (c), (m) or (o).

2.3   "AGE"

      Means age at last birthday.

2.4   "ANNUITY STARTING DATE"

      Means the date as of which a lump sum distribution is made to a
      Participant or Beneficiary, or the date as of which quarterly installments
      commence to a Participant if such Participant elects the installment form
      of distribution.

2.5   "APPLICABLE INTEREST RATE"

      Means, (a) for each Plan Year beginning on or after January 1, 2000, the
      annual rate of interest used to determine the interest credit under
      Section 5.2(e) of the Qualified Pension Plan for such Plan Year and (b)
      for any period prior to January 1, 2000, an annual interest rate of 5.16%.

2.6   "BENEFICIARY" OR "BENEFICIARIES"

      Means the person or persons who will receive benefits under the Plan after
      the Participant's death as determined under Article VII.

2.7   "BOARD OF DIRECTORS"

      Means the Board of Directors of the Company, or its delegee, as
      constituted from time to time.

                                       2
<PAGE>
2.8   "CODE"

      Means the Internal Revenue Code of 1986, as amended from time to time. Any
      reference to the Code shall include any regulation and formal guidance
      issued thereunder.

2.9   "COMPANY"

      Means The St. Joe Company and any successor thereto.

2.10  "COMPENSATION"

      Means the gross base salary, commissions (except on sale of his own
      residence), and bonuses (except sign-on bonus) which are reported on IRS
      Form W-2 and payable by the Employer beginning on the Participant's
      Employment Commencement Date and ending 30 days after severance from
      employment; provided, however, regardless of when such remuneration was
      earned, "Compensation" does not include severance pay, payments made after
      the death of the Employee, or distributions from The St. Joe Company
      Deferred Capital Accumulation Plan or any other qualified or nonqualified
      retirement plan. As used herein, the term "base salary" includes overtime
      and certain wage replacement payments such as PTO, holiday, bereavement,
      jury duty, disaster pay, volunteer pay, and military duty (in no event
      less than the amount required by Code Section 414(u)). "Gross base salary"
      also includes elective deferrals under Code Section 402(g)(3), elective
      deferrals to The St. Joe Company Deferred Capital Accumulation Plan,
      amounts contributed or deferred under Code Section 125, and, effective
      January 1, 2001, elective amounts that are not includible in the gross
      income of the Participant by reason of Code Section 132(f)(4).

2.11  "COMPENSATION LIMIT"

      Means the limit under Code Section 401(a)(17) applicable to the Plan Year,
      as adjusted under Code Section 401(a)(17)(B).

2.12  "DISABILITY"

      Means the same as in the Qualified Pension Plan. A Participant shall not
      have a Disability unless the Participant is determined to have a
      Disability under the Qualified Pension Plan.

2.13  "EFFECTIVE DATE OF RESTATEMENT"

      Means January 1, 2002, the effective date of this amended and restated
      Plan. The Plan was originally effective January 1, 1998.

2.14  "ELIGIBLE SPOUSE"

      Means the Participant's surviving legal spouse who is legally married to
      the Participant on the date of death of the Participant.

                                       3
<PAGE>
2.15  "EMPLOYEE"

      Means a person who is a common law employee of an Employer for federal
      income tax purposes. The following persons shall in no event be considered
      to be Employees for purposes of this Plan:

      (a)   Individuals having the status of an independent contractor; and

      (b)   Persons who are leased employees within the meaning of Code
            Section 414(n).

2.16  "EMPLOYER"

      Means the Company and any other Affiliated Employer which has adopted this
      Plan with the approval of the Plan Administrator.

2.17  "EMPLOYER CREDIT"

      Means a credit made to a Participant's Account pursuant to Section 4.2.

2.18  "EMPLOYMENT DATE"

      Means the same as in the Qualified Pension Plan.

2.19  "ENROLLMENT FORM"

      Means the form provided by the Plan Administrator which must be completed
      by an Employee who is eligible to participate in the Plan in order to
      enroll in the Plan and as a condition of becoming a Participant in the
      Plan.

2.20  "ERISA"

      Means the Employee Retirement Income Security Act of 1974, as amended from
      time to time. Any reference to ERISA shall include any regulations and
      formal guidance issued thereunder.

2.21  "INTEREST"

      Means a credit made to a Participant's Account pursuant to Section 4.3.

2.22  "NORMAL RETIREMENT DATE"

      Means the Participant's Normal Retirement Date as determined from the
      Qualified Pension Plan.

2.23  "PARTICIPANT"

      Means an Employee to whom or with respect to whom a benefit is payable
      under the Plan.

                                       4
<PAGE>
2.24  "PLAN"

      Means The St. Joe Company Supplemental Executive Retirement Plan as
      herein set forth and as it may hereafter be amended from time to time.

2.25  "PLAN ADMINISTRATOR"

      Means the Plan Administrator appointed pursuant to Section 8.1 of the
      Plan.

2.26  "PLAN YEAR"

      Means the calendar year.

2.27  "PRIOR PLAN"

      Means the St. Joe Corporation Supplemental Executive Retirement Plan, as
      amended and in effect immediately prior to January 1, 2000.

2.28  "QUALIFIED PENSION PLAN"

      Means The St. Joe Company Pension Plan, as amended from time to time.

2.29  "VALUATION DATE"

      Means the last day of each calendar quarter.

2.30  "YEAR(S) OF BENEFIT SERVICE"

      Means the same as in the Qualified Pension Plan.

2.31  "YEAR(S) OF VESTING SERVICE"

      Means the same as in the Qualified Pension Plan, but shall not be subject
      to any provisions in the Qualified Pension Plan which accelerate vesting
      thereunder.

Any headings used herein are included for ease of reference only, and are not to
be construed so as to alter the terms hereof.

                                       5
<PAGE>
                                   ARTICLE III

                          ELIGIBILITY AND PARTICIPATION

3.1   ELIGIBILITY

      (a)   An Employee of the Employer shall be eligible to participate in
            the Plan if:

            (1)   Such Employee is a member of a select group of management or
                  highly compensated employees under Sections 201, 301 and 401
                  of ERISA;

            (2)   Such Employee's Compensation exceeds the Compensation Limit;

            (3)   Such Employee is employed in a class of covered by the
                  Qualified Pension Plan (regardless of whether such employee
                  has actually satisfied the age and service requirements under
                  the Qualified Pension Plan); and

            (4)   Such Employee is selected by the Plan Administrator to
                  participate in this Plan.

                  Each eligible Employee shall be designated as a "Tier 1
            Participant" or a "Tier 2 Participant" by the Plan Administrator. If
            a Tier 2 Participant is re-designated as a Tier 1 Participant, or
            vice versa, in any Plan Year, any change in benefits resulting
            therefrom shall apply effective as of the beginning of such Plan
            Year.

      (b)   The Plan Administrator may make such projections or estimates as
            it deems desirable in applying the eligibility requirements, and
            its determination shall be conclusive.  In the event that it is
            determined that a Participant has failed to meet the eligibility
            requirements for participation with respect to a Plan Year, such
            Participant shall continue to participate in the Plan, but no
            benefits, other than Interest, shall accrue on behalf of such
            Participant under the Plan during such Plan Year.

3.2   NOTIFICATION

      The Plan Administrator shall notify in writing each Employee whom it has
      determined is eligible to participate in the Plan and shall explain the
      rights, privileges and duties of a Participant in the Plan. The Plan
      Administrator shall provide to each eligible Employee the forms necessary
      for the eligible Employee to make the elections provided for in the Plan.

3.3   DATE OF PARTICIPATION AND ENROLLMENT

      An Employee who is eligible to participate as of the Effective Date of
      Restatement shall be or become a Participant as of such date. Each other
      Employee who becomes eligible to participate in the Plan shall become a
      Participant on a date determined by the Plan Administrator.

                                       6
<PAGE>
                                   ARTICLE IV

                      PARTICIPANT ACCOUNTS AND PLAN CREDITS

4.1   SEPARATE ACCOUNT

      The Plan Administrator shall maintain a separate Account for each
      Participant in order to reflect his interest in the Plan. Such Account
      shall be established and maintained solely for purposes of recording the
      Employer Credits and Interest which are credited to such Participant under
      the Plan, and no person shall accrue any right or interest to any specific
      asset of the Employer as a result thereof.

4.2   EMPLOYER CREDITS

      (a)   Employer Annual Credit

                  As of the last day of each Plan Year beginning on or after the
            Effective Date of Restatement, the Account of each Participant shall
            be credited with a dollar amount equal to a percentage, as
            determined from the table set forth below, of his Compensation for
            such Plan Year earned while a Participant in the Plan, less any Base
            Credit allocated to such Participant under Section 5.2(b) of the
            Qualified Pension Plan for such Plan Year. Notwithstanding the
            foregoing, in the event a Participant terminates employment prior to
            the last day of the Plan Year on account of death, Disability,
            retirement or other termination of employment, then his Account
            shall be credited, as of the Valuation Date following such
            termination of employment, with a dollar amount based on the amount
            of Compensation earned by him while a Participant in such Plan Year
            and the Employer Credit percentage determined from the table below,
            less any Base Credit allocated to such Participant under Section
            5.2(b) of the Qualified Pension Plan for such Plan Year.

<TABLE>
<CAPTION>
                                                  Employer Credit for a    Employer Credit for a
             Attained Age as of                     Tier 1 Participant       Tier 2 Participant
             First Day of Plan                    Stated as a Percentage   Stated as a Percentage
                    Year                             of Compensation          of Compensation
                    ----                             ---------------          ---------------
<S>                                               <C>                      <C>
              Less than Age 25                               8%                       8%
            Age 25, but not Age 35                           9%                       9%
            Age 35, but not Age 45                          10%                      10%
            Age 45, but not Age 55                          14%                      11%
              Age 55 or older                            18.25%                      12%
</TABLE>

      (b)   Employer Transition Credit

                  In addition to annual Employer Credits described in (a) above,
            each Participant shall be entitled to Employer Transition Credits as
            described herein; provided, however, that no Employer Transition
            Credits shall be made on behalf of a Participant unless he is
            entitled to Transition Credits under Section 5.2(c) of the Qualified
            Pension Plan. As of the last day of each of the nine (9) Plan Years

                                       7
<PAGE>
            beginning on and after January 1, 2000, the Account of each
            Participant shall be credited with a dollar amount equal to a
            percentage, determined in accordance with the table set forth below
            of his Compensation for such Plan Year earned while a Participant in
            the Plan, less any Transition Credit allocated to such Participant
            under Section 5.2(c) of the Qualified Pension Plan for such Plan
            Year.

<TABLE>
<CAPTION>
                                    Years of Benefit        Transition Credit Stated
             Attained Age as of         Service                      as a
              February 1, 1999   as of February 1, 1999    Percentage of Compensation
              ----------------   ----------------------    --------------------------
<S>                              <C>                       <C>
                    N/A                20 or more                    26%
              At least Age 40        10 but not 20                   23%
              Less than Age 40       10 but not 20                   19%
                    N/A               5 but not 10                   16%
</TABLE>

                  Employer Transition Credits will only be made for nine (9)
            Plan Years with the first Plan Year beginning January 1, 2000, and
            the last Plan Year in which a Transition Credit will be made
            beginning January 1, 2008. Notwithstanding the foregoing, a
            Transition Credit will be made with respect to an eligible
            Participant's Compensation earned in the calendar month beginning
            January 1, 2009 and ending January 31, 2009. The Employer Transition
            Credit, if any, to be made on behalf of a Participant shall be
            determined based on the Participant's Age and credited Years of
            Benefit Service as of February 1, 1999 and shall not change as a
            result of a Participant's increase in Age or credited Years of
            Benefit Service after that date.

                  Employer Transition Credits shall only be made as of the last
            day of the Plan Year; provided, however, in the event a Participant
            terminates employment prior to the last day of the Plan Year on
            account of death, Disability, retirement or other termination of
            employment, then his Account shall be credited, as of the Valuation
            Date following such termination of employment, with a dollar amount
            based on the amount of Compensation earned by him while a
            Participant in such Plan Year and the Employer Transition Credit
            percentage determined from the table above, if any, less any
            Transition Credit allocated to such Participant under Section 5.2(c)
            of the Qualified Pension Plan for such Plan Year.

      (c)   Initial Account Balance Credit (Applies only to Participants on
            January 1, 2000)

                  The Account of an Employee who is a Participant as of the
            January 1, 2000 (including a Tier 1 and Tier 2 Participant) shall be
            credited with an Initial Account Balance Credit as described herein.
            The Initial Account Balance Credit shall be the dollar amount which
            would have been credited to the Participant's Account had the
            provisions of (a) above been in effect since such Participant's
            Employment Date, calculated by using the Participant's Compensation
            from his Employment Date to December 31, 1999. The Initial Account
            Balance Credit of a Participant who is entitled to an Employer
            Transition Credit pursuant to (b) above, shall include an amount
            calculated under the table set forth in (b) above for the period
            from February 1, 1999 to December 31, 1999 using the Participant's
            Compensation for such period of time.

                                       8
<PAGE>
            In addition, the Initial Account Balance Credit shall include an
            Interest credit to be made to a Participant's Account as of January
            1, 2000. Such Interest credit shall be equal to the dollar amount of
            Interest credit which would have been made to the Participant's
            Account had the provisions of Section 4.2(a) and (b) above and the
            provisions of Section 4.3(a) below been in effect since such
            Participant's Employment Date.

4.3   INTEREST

      (a)   A Participant's Account shall be credited with Interest for the
            Plan Year.  Interest shall be credited (except as hereinafter
            provided) on the last day of the Plan Year and shall be
            determined by multiplying the balance in the Participant's
            Account as of the first day of the Plan Year by the Applicable
            Interest Rate for the Plan Year.  If the Participant's Annuity
            Starting Date occurs in a Plan Year, Interest shall be credited
            as of the Participant's Annuity Starting Date by prorating the
            otherwise Applicable Interest Rate based upon the number of
            complete calendar months which have elapsed from the beginning of
            the Plan Year to the Participant's Annuity Starting Date.  If the
            Participant elects the installment form of distribution, Interest
            shall be credited as of each quarterly Valuation Date after the
            Annuity Starting Date as of which a distribution is made.  Such
            Interest credit shall be determined by applying one-quarter of
            the Applicable Interest Rate for the Plan Year to the
            Participant's Account balance as of the prior quarterly Valuation
            Date, as adjusted for any distribution made since such date
            pursuant to Section 6.3(b).

      (b)   Interest shall be credited in accordance with the foregoing on
            behalf of all Participants.

4.4   ADJUSTMENTS

      (a)   Prior Accrued Benefits.  The Account balance determined in
            accordance with the foregoing provisions of this Article IV on
            behalf of a Participant who participated in the Prior Plan shall
            constitute such Participant's total benefit under the Plan and
            shall be paid, as provided in this Plan, in lieu of any benefit
            accrued by such Participant under Article VIII of the Prior Plan
            prior to January 1, 2000 and in full satisfaction of any
            liability to such Participant for such Plan benefits.

      (b)   Pension Benefits.  Notwithstanding any other provision of the
            Plan to the contrary, a Participant's Account shall be reduced by
            the balance of the Participant's Account under the Qualified
            Pension Plan as of January 1, 2000, and as of January 1, 2001,
            including the amount of any Special Credits added to the
            Participant's Account by Section 5.2(f) of the Qualified Pension
            Plan. The Participant's net Account after such reduction shall be
            the Participant's Account for purposes of the Plan.

4.5   VALUATION OF THE ACCOUNT

      As of each Valuation Date, and at such other dates as the Plan
      Administrator shall select, the Plan Administrator shall adjust each
      Participant's previous Account balance for

                                       9
<PAGE>
      Employer Credits, Interest and distributions. Upon complete distribution
      of a Participant's Account, the Participant's Account shall be cancelled.

4.6   PARTICIPANT STATEMENT

      The Plan Administrator may, in its sole discretion and at such times as it
      shall determine, provide the Participant with a statement of the value of
      his Account.

                                       10
<PAGE>
                                    ARTICLE V

                                     VESTING

5.1   VESTING IN ACCOUNT

      A Participant shall be vested in his Account in accordance with the
      following schedule:

<TABLE>
<CAPTION>
            Years of Vesting Service          Vested Percentage
            ------------------------          -----------------
<S>                                           <C>
                Less than 1 Year                      0%
                     1 Year                          10%
                    2 Years                          20%
                    3 Years                          30%
                    4 Years                          40%
                    5 Years                          50%
                    6 Years                          60%
                    7 Years                          70%
                    8 Years                          80%
                    9 Years                          90%
                10 or More Years                    100%
</TABLE>

      Notwithstanding the foregoing, a Participant shall have a 100% vested
      interest in his Account upon the earliest to occur of the following:

      (a)   the attainment of age sixty-two (62) while in the service of the
            Employer;

      (b)   the attainment of age fifty-five (55) while in the service of the
            Employer, if the Participant was a SERP Participant under the Prior
            Plan (prior to January 1, 2000);

      (c)   the later of (i) the attainment of age fifty-five (55) while in the
            service of the Employer or (ii) upon being credited with five (5)
            Years of Vesting Service, if the Participant was an "Excess
            Participant" under the Prior Plan (as defined below); or

      (d)   upon the Participant's Disability or death.

      An "Excess Participant" is defined in the Prior Plan as a Participant who
      is not a "SERP Participant." A "SERP Participant" is defined in the Prior
      Plan as a Participant who is the Chief Executive Officer or a Participant
      who reports directly to the Chief Executive Officer and who is designated
      as a SERP Participant by the Plan Administrator.

5.2   NO VESTED INTEREST IN ACCOUNT

      If a Participant terminates employment without having a vested interest in
      his Account, no benefit shall be payable to or on behalf of such
      Participant under the Plan. Upon termination of employment without a
      vested interest, the Participant's non-vested interest in the Plan shall
      be permanently forfeited.

                                       11
<PAGE>
5.3   SPECIAL ADJUSTMENT TO ACCOUNT

      If a Participant has received Special Credits pursuant to Section 5.2(f)
      of the Qualified Pension Plan and if the Participant is less than 100%
      vested in his Account pursuant to Section 5.1 hereof, his vested Account
      for all purposes under the Plan as of any date of determination shall be
      equal to (P times (AB+SC)) - SC where:

      P     is the Participant's vested percentage determined pursuant to
            Section 5.1 as of the date of determination;

      AB    is the Participant's Account balance as of the date of
            determination;

      SC    is the sum of the Special Credits the Participant received pursuant
            to Section 5.2(f), adjusted with Interest Credits pursuant to
            Section 5.2(e) of the Qualified Pension Plan to the date of
            determination.

      The amount computed in accordance with the foregoing shall be the
      Participant's vested Account for all purposes under the Plan.

                                       12
<PAGE>
                                   ARTICLE VI

                           PAYMENT OF VESTED ACCOUNTS

6.1   PAYMENT UPON TERMINATION OF SERVICE

      If the service of a Participant with the Employer shall be terminated for
      any reason other than death, his vested Account shall be paid to him by
      the Employer pursuant to the terms of the election made by said
      Participant pursuant to Section 6.4. Payment of such benefit shall begin
      on or before December 31st or 6 months, following such termination,
      whichever is later. The amount of any lump sum distribution shall be based
      on the value of the Participant's vested Account as of the immediately
      preceding Valuation Date. If the Participant has elected quarterly
      installments, payments shall be made quarterly for the term certain
      elected by the Participant pursuant to Section 6.4 with the amount of each
      installment payment based on the vested value of the Participant's Account
      as of the Valuation Date immediately preceding the payment date.

6.2   PAYMENT UPON DEATH

      (a)   If a Participant dies while in service, the Participant's
            Beneficiary shall be entitled to a death benefit payable as a
            lump sum amount equal to the Participant's vested Account.  Such
            death benefit shall be paid to the Participant's Beneficiary by
            December 31st or, if later, the date that satisfactory proof of
            death has been submitted to the Plan Administrator.  Such death
            benefit shall be equal to the value of the Participant's vested
            Account as of the Valuation Date immediately preceding such
            payment date.

      (b)   If the Participant dies following his termination of service and
            before receiving all benefits payable to him under the Plan, the
            balance of the Participant's vested Account shall be paid by the
            Employer to the Participant's Beneficiary in a lump sum amount.
            Such death benefit shall be paid in accordance with paragraph (a)
            and shall be equal to the undistributed value of the
            Participant's vested Account as of the Valuation Date as of which
            payment is made.

6.3   MODE OF PAYMENT

      Any vested Account payable under the Plan shall be paid in one of the
      following forms, as elected by the Participant in accordance with Section
      6.4:

      (a)   a lump sum, or

      (b)   quarterly installments payable for a term certain which shall not
            exceed the life expectancy of the Participant (or the life
            expectancy of the Participant and his designated Beneficiary).

      Notwithstanding the foregoing, if the Account value is $100,000 or less,
      it shall be paid as a lump sum irrespective of the Participant's election
      under Section 6.4.

                                       13
<PAGE>
      If payment of the Participant's Account is paid in quarterly installments
      for a term certain, the amount of each succeeding installment shall be
      adjusted, as of the Valuation Date immediately preceding the date as of
      which such installment shall be paid. Such adjusted installment payment
      shall be equal to the amount of his undistributed Account as of such date
      (following adjustment as of such date in accordance with Section 4.2 and
      Section 4.5) divided by the number of installments remaining to be paid
      hereunder.

6.4   ELECTION OF FORM OF DISTRIBUTION OF ACCOUNT

      Upon becoming a Participant in the Plan, the Participant shall elect the
      form of distribution of his Account on a form provided by the Plan
      Administrator for such purpose. This election shall be irrevocable except
      as hereinafter provided. A Participant may elect a different form of
      distribution of his Account in accordance with procedures established by
      the Plan Administrator. However, any such election for purposes of Section
      6.1 shall be null and void if made less than twelve (12) months prior to
      the Participant's termination of employment in which case the form of
      distribution shall be determined by the terms of the last election validly
      in effect. In the absence of a valid election by the Participant, the
      Participant's Account shall be paid as a lump sum.

      Notwithstanding the foregoing, a Participant may request the Compensation
      Committee of the Board of Directors for authorization to receive his
      undistributed Account balance in the form of a lump sum amount. The
      Compensation Committee, in its sole discretion, may grant the
      Participant's request; in which case, it shall authorize and direct the
      Plan Administrator to distribute the Participant's remaining Account
      balance in a single lump sum amount. A Participant may make such a request
      at any time, including after distributions have commenced pursuant to
      Section 6.3(b). In each case, the Compensation Committee shall have
      complete discretion as to whether or not to grant such request.

                                       14
<PAGE>
                                   ARTICLE VII

         BENEFICIARY DESIGNATION FOR DEATH BENEFITS BASED ON ACCOUNTS

7.1   BENEFICIARY DESIGNATION

      Each Participant shall designate a person or persons or a trust to be his
      Beneficiary or Beneficiaries to whom his Account under this Plan shall be
      paid in the event of the Participant's death prior to the complete
      distribution of such Account under the Plan. A beneficiary designation can
      only be made on the form provided by the Plan Administrator for such
      purpose and shall only be effective when filed with the Plan Administrator
      during the Participant's lifetime.

7.2   CHANGE IN BENEFICIARY DESIGNATION

      Any beneficiary designation may be changed by the Participant without the
      consent of any designated Beneficiary by filing a new beneficiary
      designation with the Plan Administrator. The filing of a new beneficiary
      designation election will cancel the previous beneficiary designation.
      However, any beneficiary designation shall remain in effect until a new
      beneficiary designation election is made in accordance with the foregoing.

7.3   LACK OF BENEFICIARY DESIGNATION OR SURVIVING BENEFICIARY

      If a Participant has not designated a Beneficiary under this Plan or there
      is no surviving Beneficiary under this Plan, the Beneficiary shall be the
      same as designated by the Participant under the Qualified Pension Plan. If
      a Beneficiary has not been designated under the Plan or the Qualified
      Pension Plan, or if no designated Beneficiary is surviving, distribution
      shall be made to the Participant's Eligible Spouse, and if there is no
      Eligible Spouse in equal shares to any surviving children of the
      Participant. In the event none of the above-named individuals survives the
      Participant, distribution shall be made in a lump sum to the Participant's
      estate.

                                       15
<PAGE>
                                  ARTICLE VIII

                           ADMINISTRATION OF THE PLAN

8.1   RESPONSIBILITY OF THE PLAN ADMINISTRATOR

      Except for the functions reserved to the Company, an Employer, or the
      Board of Directors, the Plan Administrator shall be responsible for the
      general operation and administration of the Plan and for carrying out the
      provisions thereof. The Compensation Committee of the Board of Directors
      has the authority to appoint, remove or replace the Plan Administrator. In
      the absence of a specific appointment, the Company shall be the Plan
      Administrator.

8.2   POWERS AND DUTIES OF PLAN ADMINISTRATOR

      The Plan Administrator, subject to the limitations herein contained and to
      such other restrictions as the Board of Directors may make, shall have the
      power and the duty to take all actions and to make all decisions necessary
      or proper to carry out the provisions of Plan. The determination of the
      Plan Administrator as to any question involving the general administration
      and interpretation of the Plan shall be final, conclusive and binding. Any
      discretionary actions to be taken under the Plan by the Plan Administrator
      with respect to the classification of Employees, Participants,
      Beneficiaries, contributions, or benefits shall be uniform in their nature
      and applicable to all persons similarly situated. Without limiting the
      generality of the foregoing, the Plan Administrator shall have the
      following powers and duties:

      (a)   To require any person to furnish such information as it may request
            for the purpose of the proper administration of the Plan as a
            condition of receiving any benefits under the Plan;

      (b)   To make and enforce such rules and regulations and prescribe the use
            of such forms as it shall deem necessary for the efficient
            administration of the Plan;

      (c)   To interpret the Plan, and to resolve ambiguities,
            inconsistencies and omissions, which findings shall be binding,
            final and conclusive;

      (d)   To decide on questions concerning the Plan and the eligibility of
            any Employee to participate in the Plan, in accordance with the
            provisions of the Plan;

      (e)   To determine the amount of benefits which shall be payable to any
            person in accordance with the provisions of the Plan.  The Plan
            Administrator may require claims for benefits to be filed in
            writing, on such forms and containing such information as the Plan
            Administrator may deem necessary.  Adequate notice shall be provided
            in writing to any Participant or Beneficiary thereof whose claim for
            benefits under the Plan has been wholly or partially denied.  The
            Plan claim review procedure is more particularly described in
            Section 8.7.  Notice of denial of a claim shall be written in a
            manner calculated to be understood by the Participant or his
            Beneficiary and shall afford reasonable opportunity to the
            Participant or his

                                       16
<PAGE>
            Beneficiary whose claim for benefits has been denied for a full and
            fair review of the decision denying the claim;

      (f)   To allocate any such powers and duties to or among individual
            members of any administrative committee serving as the Plan
            Administrator; and

      (g)   To designate persons other than the Plan Administrator to carry out
            any duty or power which would otherwise be a responsibility of the
            Plan Administrator, under the terms of the Plan.

8.3   EXPENSES OF THE PLAN ADMINISTRATOR AND PLAN COSTS

      The expenses of administering the Plan, including the printing of
      literature and forms related thereto, the disbursement of benefits
      thereunder, and the compensation of administrative organizations, agents,
      consultants, actuaries, legal counsel, or other professional counselor,
      shall be paid by the Employer.

8.4   SELECTION OF PLAN PROFESSIONAL COUNSELORS

      The Plan Administrator may employ legal counsel, qualified public
      accountants, consultants, actuaries and such clerical and other accounting
      services as it may require in carrying out the provisions of the Plan or
      in complying with requirements imposed by ERISA and the Code.

8.5   RECORDS OF THE PLAN ADMINISTRATOR

      The Plan Administrator shall keep a record of all its proceedings, which
      shall be open to inspection by the Employer.

8.6   PLAN ADMINISTRATOR'S RIGHT TO ADMINISTER AND INTERPRET THE PLAN

      The Plan Administrator shall have the absolute power, discretion, and
      authority to administer and interpret the Plan and to adopt such rules and
      regulations as in the opinion of the Plan Administrator are necessary or
      advisable to implement, administer, and interpret the Plan, or to transact
      its business. Any decision by the Plan Administrator or interpretation of
      the Plan by the Plan Administrator shall be given the fullest deference
      permitted by law. Such rules and regulations as are adopted by the Plan
      Administrator shall be binding upon any persons having an interest in or
      under the Plan.

8.7   CLAIMS PROCEDURE

      A claim for benefits under the Plan must be made to the Plan Administrator
      in writing. The Plan Administrator shall provide adequate notice
      electronically or in writing to any Participant or Beneficiary whose claim
      for benefits under the Plan has been denied, setting forth the specific
      reasons for such denial, written in a manner calculated to be understood
      by the Participant or Beneficiary. Such notice shall be provided within a
      reasonable period of time, but not later than ninety (90) days after
      receipt of the claim by the Plan unless the Plan Administrator determines
      that special circumstances require additional time, in which

                                       17
<PAGE>
      case written notice indicating the special circumstances and expected
      determination date shall be furnished to the claimant prior to the
      termination of the initial 90-day period, but in no event shall such
      extension exceed 90 days from the end of the initial period. If a claim is
      denied, in whole or in part, the Plan Administrator shall send
      electronically or in writing the claimant a notice of denial explaining
      the reasons for denial of the claim. A claimant whose claim has been
      denied, or his authorized representative, may request a review of the
      denial, but such a request must be sent electronically or in writing, and
      must be submitted to the Plan Administrator within sixty (60) days after
      the claimant's receipt of the notice of denial. The review of a claim
      which has been denied shall be made by the Plan Administrator within sixty
      (60) days of the receipt of the request for review, unless the Plan
      Administrator determines that special circumstances require additional
      time, in which case a decision shall be rendered not later than one
      hundred twenty (120) days after receipt of the request for review. The
      decision on the review shall be sent electronically or in writing and
      shall include specific reasons for the decision, written in a manner
      calculated to be understood by the claimant, and specific reference to the
      pertinent Plan provisions on which the decision is based. If a claim is
      denied on appeal by the Plan Administrator, the claimant may appeal such
      denial to the Compensation Committee of the Board of Directors by filing a
      written or electronic request for review with the Compensation Committee
      within sixty (60) days after the claimant's receipt of the notice of
      denial. The Compensation Committee shall render a decision on the appeal,
      electronically or in writing, within one hundred twenty (120) days after
      receipt of the request for review. The Plan Administrator and Compensation
      Committee of the Board of Directors shall have absolute authority and
      discretion to adjudicate claims under this Section and any such
      adjudication shall be given the fullest deference permitted by law.

8.8   INDEMNITY OF THE PLAN ADMINISTRATOR

      The Employer shall indemnify and hold harmless the Plan Administrator
      against any and all claims, loss, damage, expense or liability arising
      from any action or failure to act with respect to this Plan, except in the
      case of gross negligence or willful misconduct.

                                       18
<PAGE>
                                   ARTICLE IX

                            AMENDMENT AND TERMINATION

9.1   AMENDMENT

      The Company, although it intends the Plan to be permanent, reserves the
      right to amend the Plan at any time. However, no amendment shall have the
      effect of reducing the amount of the benefit which has accrued to a
      Participant as of the amendment date without the written consent of the
      Participant. Furthermore, no amendment shall cause a forfeiture of the
      benefit accrued as of the amendment date or make the vesting provisions of
      the Plan more restrictive with regard to such benefit. Any such amendment
      shall be made pursuant to a resolution of the Board of Directors.

9.2   TERMINATION

      The Company reserves the right to terminate the Plan at any time. However,
      no termination shall have the effect of reducing the amount of the benefit
      which has accrued to a Participant as of the termination date. The Plan
      may only be terminated by resolution of the Board of Directors. Upon such
      termination, a Participant shall become vested in the benefit which has
      accrued to him or her under the Plan as of the date of such termination,
      but no further benefits, other than Interest, shall accrue after the date
      of termination. After termination of the Plan, each Participant's Account
      shall be held and disbursed in accordance with the otherwise applicable
      terms of the Plan unless the Board of Directors specifies otherwise in its
      resolution of termination.

                                       19
<PAGE>
                                    ARTICLE X

                                  MISCELLANEOUS

10.1  UNSECURED CREDITOR

      Participants and their Beneficiaries under this Plan shall have solely
      those rights of unsecured creditors of the Employer. Except to the extent
      otherwise provided in any trust established by the Employer to pay Plan
      benefits, as described in Section 10.2, any and all assets of the Employer
      shall not be deemed to be held in trust for any Participant or his
      Beneficiary, nor shall any assets be considered security for the
      performance of obligations of the Employer and said assets shall at all
      times remain unpledged, unrestricted general assets of the Employer. The
      Employer's obligation under the Plan shall be an unsecured and unfunded
      promise to pay benefits at a future date.

10.2  UNFUNDED PLAN

      The Employer may contribute assets to a trust fund in order to pay some or
      all benefits to Participants and their Beneficiaries. However, no funds or
      assets shall be segregated or physically set aside with respect to the
      Employer's obligations under the Plan in a manner which would cause the
      Plan to be "funded" for purposes of ERISA and/or the Internal Revenue
      Code. This Plan shall be maintained to provide supplemental retirement
      benefits for a select group of management and highly compensated
      employees. Any Participant's Account under the Plan is maintained for
      recordkeeping purposes only and is not to be construed as funded for tax
      or ERISA purposes.

      If the Employer establishes a trust fund in connection with the Plan, the
      assets of such trust fund shall be subject to the claims of the general
      creditors of the Employer in the event that the Employer becomes
      insolvent.

10.3  NON-ASSIGNABILITY

      Except as may otherwise be required by law, no distribution or payment
      under the Plan to any Participant or Beneficiary shall be subject in any
      manner to anticipation, alienation, sale, transfer, assignment, pledge,
      encumbrance or charge, whether voluntary or involuntary, and any attempt
      to so anticipate, alienate, sell, transfer, assign, pledge, encumber or
      charge the same shall be void; nor shall any such distribution or payment
      be in any way liable for or subject to the debts, contracts, liabilities,
      engagements or torts of any person entitled to such distribution or
      payment. If any Participant or Beneficiary is adjudicated bankrupt or
      purports to anticipate, alienate, sell, transfer, assign, pledge, encumber
      or charge any such distribution or payment, voluntarily or involuntarily,
      the Plan Administrator, in its discretion, may cancel such distribution or
      payment or may hold or cause to be held or applied such distribution or
      payment or any part thereof to or for the benefit of such Participant or
      Beneficiary in such manner as the Plan Administrator shall direct.

                                       20
<PAGE>
10.4  NOT A CONTRACT OF EMPLOYMENT

      This Plan shall not be deemed to constitute an employment contract between
      the Employer and any Employee or other person whether or not in the employ
      of the Employer, nor shall anything herein contained be deemed to give any
      Employee or other person whether or not in the employ of the Employer any
      right to be retained in the employ of the Employer, or to interfere with
      the right of the Employer to discharge any Employee at any time and to
      treat him without any regard to the effect which such treatment might have
      upon him as a Participant of the Plan.

10.5  SOURCE OF PLAN BENEFITS

      The Employer shall be the sole source of benefit under this Plan, and each
      Employee, Participant, Beneficiary, or any other person who shall claim
      the right to any payment or benefit under this Plan shall be entitled to
      look only to the Employer for payment of benefits.

10.6  INABILITY TO MAKE PAYMENT

      If the Employer is unable to make payment to any Participant or other
      person to whom a payment is due under the Plan because it cannot ascertain
      the identity or whereabouts of such Participant or other person after
      reasonable efforts have been made to identify or locate such person
      (including a notice of the payment so due mailed to the last known address
      of such Participant or other person as shown on the records of the
      Employer), such payment and all subsequent payments otherwise due to such
      Participant or other person shall be forfeited twenty-four (24) months
      after the date such payment first became due; provided, however, that such
      payment and any subsequent payments shall be reinstated retroactively, no
      later than sixty (60) days after the date on which the Participant or
      person is identified or located. No interest shall accrue between such
      forfeiture and the date of reinstatement.

10.7  BINDING AGREEMENT

      This Plan shall be binding on the parties hereto, their heirs, executors,
      administrators, and successors in interest.

10.8  INVALIDITY OF CERTAIN PROVISIONS

      If any provision of this Plan is held invalid or unenforceable, such
      invalidity or unenforceability shall not affect any other provision hereof
      and this Plan shall be construed and enforced as if such provision had not
      been included.

10.9  INCAPACITY

      If the Plan Administrator determines that any person entitled to payments
      under the Plan is a minor or incompetent by reason of physical or mental
      disability, it may cause all payments thereafter becoming due to such
      person to be made to any other person for his benefit, without
      responsibility to follow application of amounts so paid. Payments made

                                       21
<PAGE>
      pursuant to this provision shall completely discharge the Plan, the
      Company, any Employer, and the Plan Administrator from any liability for
      payment under this Plan.

10.10 MASCULINE, FEMININE, SINGULAR AND PLURAL

      The masculine shall include the feminine, the singular shall include the
      plural, and the plural shall include the singular wherever the person or
      entity or context shall plainly so require.

10.11 TAXES

      It is the intent of the Company that amounts deferred under the Plan shall
      not be subject to federal income tax until distributed from the Plan.
      However, the Company does not guarantee or warrant that Plan benefits will
      be excludable from a Participant's gross income for federal or state
      income tax purposes until distributed, and the Participant (or
      Beneficiary) shall in all cases be liable for any taxes due on benefits
      attributable to such Participant or Beneficiary.

      The Plan Administrator shall make appropriate arrangements to (a) withhold
      FICA/FUTA taxes due on amounts accrued and vested under the Plan and (b)
      withhold federal and state income taxes due on amounts distributed from
      the Plan. Further, the Plan Administrator may make appropriate
      arrangements to withhold for any other taxes required to be withheld by
      any government or governmental agency.

10.12 GOVERNING LAW

      The provisions of the Plan shall be construed, administered and governed
      under applicable Federal law and, to the extent not preempted by Federal
      law, the laws of the State of Florida.

IN WITNESS WHEREOF, the undersigned has caused the Plan to be executed on its
behalf and effective as of January 1, 2002.

                                    THE ST. JOE COMPANY

                                    By
                                       ---------------------------------------
                                       Rachelle Gottlieb, Plan Administrator

                                       22

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