Document:

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                                                                   Exhibit 10.12

              THE ST. JOE COMPANY 1999 EMPLOYEE STOCK PURCHASE PLAN

1. PURPOSE AND EFFECT OF PLAN. The purpose of The St. Joe Company 1999 Employee
   Stock Purchase Plan (the "Plan") is to provide a method whereby employees of
   the Company will have an opportunity to acquire a proprietary interest in the
   Company through the purchase of Common Stock of the Company. The Plan is
   intended to comply with the terms of Code section 423 and Rule 16b-3 of the
   Act.

2. SHARES RESERVED FOR THE PLAN. There shall be reserved for issuance and
   purchase by employees under the Plan an aggregate of 250,000 shares of Common
   Stock, subject to adjustment as provided in Section 13. Shares subject to the
   Plan shall be authorized but unissued shares, or treasury shares, at the
   discretion of the Compensation Committee. Shares needed to satisfy the needs
   of the Plan may be newly issued by the Company or acquired by purchases at
   the expense of the Company on the open market or in private transactions.

3. DEFINITIONS. Where indicated by initial capital letters, the following
   terms shall have the following meanings:

   (a)   Act: The Securities Exchange Act of 1934, as amended.

   (b)   Board: The Board of Directors of the Company.

   (c)   Code: The Internal Revenue Code of 1986, as amended, or any
         subsequently enacted federal revenue law. A reference to a particular
         section of the Code shall include a reference to any regulations issued
         under the section and to the corresponding section of any subsequently
         enacted federal revenue law.

   (d)   Common Stock: The Company's Common Stock, $.01 par value.

   (e)   Compensation Committee: The Compensation Committee of the Board of
         Directors of the Company.

   (f)   Company: The St. Joe Company, and any successor by merger,
         consolidation or otherwise.

   (g)   Custodian: A financial institution or other corporate entity selected
         by the Company from time to time to act as custodian for the Plan.

   (h)   Eligible Employee: Any employee of the Company or its Subsidiaries who
         meets the eligibility requirements of Section 5 and Section 9.

   (i)   Enrollment Form: The form filed by a Participant authorizing payroll
         deductions pursuant to Section 6.
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   (j)   Fair Market Value: The closing price of sales of shares of Common Stock
         on the Investment Date, as reported by the Wall Street Journal, or, if
         there shall have been no sales on any such day, the closing price of
         sales of shares of Common Stock on the most recent date sales were
         reported by the Wall Street Journal.

   (k)   Investment Account: The account established for each Participant to
         hold Common Stock purchased under the Plan pursuant to Section 7.

   (l)   Investment Date: The monthly date, established by the Compensation
         Committee, when purchases of shares of Company stock shall occur.

   (m)   Participant: An Eligible Employee who elects to participate in the Plan
         by filing an Enrollment Form pursuant to Section 6.

   (n)   Plan: "The St. Joe Company 1999 Employee Stock Purchase Plan," as set
         forth herein and as amended from time to time.

   (o)   Purchase Price: 85% of the Fair Market Value of a share of Common Stock
         on the Investment Date.

   (p)   Subsidiary or Subsidiaries: Any corporation (other than the Company),
         in an unbroken chain of corporations beginning with the Company if, as
         of the Investment Date, each of the corporations other than the last
         corporation in the unbroken chain owns stock possessing 50% or more of
         the total combined voting power of all classes of stock in one of the
         other corporations in such chain.

4. ADMINISTRATION OF THE PLAN. The Plan shall be administered by the
   Compensation Committee. Subject to the express provisions of the Plan, the
   Compensation Committee shall have the authority to take any and all actions
   (including directing the Custodian as to the acquisition of shares) necessary
   to implement the Plan and to interpret the Plan, to prescribe, amend and
   rescind rules and regulations relating to it, and to make all other
   determinations necessary or advisable in administering the Plan. All of such
   determinations shall be final and binding upon all persons. The Compensation
   Committee may request advice or assistance or employ such other persons as
   are necessary for proper administration of the Plan.

   The Compensation Committee may delegate administration of the Plan to one or
   more employees of the Company or any Subsidiary. The Compensation Committee
   may at any time revest in the Compensation Committee the administration of
   the Plan.

5. ELIGIBLE EMPLOYEES. All employees of the Company, its Subsidiaries organized
   under the laws of any state in the United States, and any Subsidiary
   designated by the Compensation Committee which is organized under the laws of
   any jurisdiction outside of the United States, shall be eligible to
   participate in the Plan, except an employee (a) whose customary employment is
   20 hours or less per week or (b) who has not been employed for

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   more than ninety days or (c) whose customary employment is for not more than
   five months in any calendar year. Eligibility to participate is also subject
   to the provisions of Section 9.

   No director of the Company or of any Subsidiary who is not an employee shall
   be eligible to participate in the Plan. No independent contractor who is not
   an employee shall be eligible to participate in the Plan.

6. ELECTION TO PARTICIPATE. Once an employee becomes an Eligible Employee, that
   employee may become a Participant on the first day of the following month or
   anytime thereafter. An Eligible Employee becomes a Participant by filing with
   the persons designated in accordance with the procedures adopted by the
   Compensation Committee an Enrollment Form authorizing specified regular
   payroll deductions. Such regular payroll deductions shall be subject to the
   provisions and limitations of Section 9. All regular payroll deductions shall
   be held by the Company until the funds are forwarded to the Custodian for
   purchase of shares. The Enrollment Form must be filed at least thirty days
   before the payroll deductions are to begin.

   At any time, a Participant may cease participation in the Plan, or increase
   or decrease that Participant's payroll deduction, by filing a new Enrollment
   Form at least thirty (30) days prior to such change, in the time and manner
   determined by the Compensation Committee. An Eligible Employee who has ceased
   to be a Participant by stopping all payroll deductions may not again become a
   Participant until January 1 of the following year.

   Any Participant who, due to leave of absence or otherwise, is not on the
   Company's or a Subsidiary's payroll for a period of time greater than 90 days
   will be suspended from participation (as to payroll deductions, immediately,
   and as to purchases, after the purchase is made for the month in which the
   employee goes off of the payroll) until the first day of the first pay period
   when or after such employee returns to the payroll, at which time such
   employee will automatically be re-enrolled in the Plan unless they deliver
   notice of a desire to cease participation in the Plan.

7. METHOD OF PURCHASE AND INVESTMENT ACCOUNTS. Each Participant who has
   authorized a payroll deduction as described in Section 6, shall, on the
   Investment Date in the next month following the month of the payroll
   deduction, be deemed, without any further action, to have purchased the
   number of shares (including fractional shares to three decimal places) which
   the funds in the payroll deduction could purchase at the Purchase Price on
   that Investment Date. All shares purchased shall be maintained by the
   Custodian in a separate Investment Account for each Participant. Any cash
   dividends paid with respect to shares of common stock held in an Investment
   Account shall be used to purchase shares of common stock for the
   Participant's Investment Account, at the next scheduled Investment Date.

   Any dividends on Common Stock held in an Investment Account distributed
   in-kind shall be added to the shares held for a Participant in his or her
   Investment Account. Any distribution of shares with respect to shares of
   Common Stock held for a Participant, other than a

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      dividend of Common Stock, shall be distributed to the Participant as soon
      as practicable. Certificates for full shares will be issued and fractional
      shares will be sold and the proceeds of sale distributed to the
      Participant. Distributions from a Participant's Investment Account are
      subject to Section 9.

8.    STOCK PURCHASES. The Custodian shall acquire shares of Common Stock for
      Participants as of each Investment Date from the Company or, if directed
      by the Compensation Committee, by purchases on the open market or in
      private transactions using total payroll deduction amounts received by the
      Custodian. If shares are purchased in one or more transactions on the open
      market or in private transactions at the direction of the Compensation
      Committee, the Company will pay the Custodian the difference between the
      Purchase Price and the price at which such shares are purchased for
      Participants.

      The expense associated with acquiring shares under the Plan shall be paid
      by the Company. The expense of the Custodian certificating or selling
      shares held in a Participant's Investment Account will be paid by the
      Participant.

9.    LIMITATION ON PURCHASES AND SALES OF STOCK. No Participant may purchase
      during any one calendar year under the Plan (combined with any other plan
      of the Company or its Subsidiaries qualified under Code section 423)
      shares of Common Stock having a Fair Market Value (determined by reference
      to the Fair Market Value on each date of purchase) in excess of $12,000.
      This limitation shall be interpreted to comply with Code section
      423(b)(8).

      A Participant's Payroll Deduction Account may not be used to purchase
      Common Stock on any Investment Date to the extent that after such purchase
      the Participant would own (or be considered as owning within the meaning
      of Code section 424(d)) stock possessing five percent or more of the total
      combined voting power or value of all classes of stock of the Company. For
      this purpose, stock which the Participant may purchase under any
      outstanding option shall be treated as owned by such Participant. As of
      the first Investment Date on which this paragraph limits a Participant's
      ability to purchase Common Stock, the employee shall cease to be a
      Participant.

      Shares acquired through the Plan may not be sold, pledged, hypothecated,
      or certificated for a period of one year from the date the shares were
      acquired, except with the written approval of the Compensation Committee.
      Notwithstanding the foregoing, in the event of a Participant's retirement,
      termination of active employment, or death, all shares acquired through
      the Plan within one year from the date of the retirement, termination of
      active employment, or death shall be immediately transferable by the
      Participant.

10.   TITLE OF ACCOUNTS. The Custodian shall maintain an Investment Account for
      each Participant. Each Investment Account shall be in the name of the
      Participant or, if the Participant so indicates on an Enrollment Form, in
      his or her name jointly with a family member, with right of survivorship.
      A Participant who is a resident of a jurisdiction which

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      does not recognize such a joint tenancy may have an Investment Account in
      his or her name as tenant in common with a family member, without right of
      survivorship.

11.   RIGHTS AS A SHAREHOLDER. Subject to the limitations of Section 9, a
      Participant shall have the right to:

      i)    Obtain a certificate for the full shares of Common Stock credited
            to that Participant's Investment Account, or,

      ii)   Direct that any full shares in his or her Investment Account be sold
            and that the proceeds be remitted to the Participant.

      When a Participant ceases to be a Participant, the Participant may elect
      to have shares sold by the Custodian and the proceeds remitted to him or
      her or the Participant may elect to have a certificate for the full shares
      of Common Stock credited to the Investment Account forwarded to him. In
      either event, the Custodian will sell any fractional interest held in the
      Investment Account to the Company and remit the proceeds of such sale to
      the Participant.

      As a condition of participation in the Plan, each Participant agrees to
      immediately notify the Company in writing if he or she sells or otherwise
      disposes of any of that Participant's shares of Common Stock within two
      years of the commencement of the Plan and one year from the date on which
      such shares were purchased.

12.   RIGHTS NOT TRANSFERABLE. Rights under the Plan are not transferable by a
      Participant, except by will or by the laws of descent and distribution.

13.   CHANGE IN CAPITAL STRUCTURE. In the event of a stock dividend, spinoff,
      stock split or combination of shares, recapitalization or merger in which
      the Company is the surviving corporation or other change in the Company's
      capital stock (including, but not limited to, the creation or issuance to
      shareholders generally of rights, options or warrants for the purchase of
      common stock or preferred stock of the Company), the number and kind of
      shares of stock or securities of the Company to be subject to the Plan,
      the maximum number of shares or securities which may be delivered under
      the Plan, the selling price and other relevant provisions shall be
      appropriately adjusted by the Board, whose determination shall be binding
      on all persons.

      If the Company is a party to a consolidation or a merger in which the
      Company is not the surviving corporation, a transaction that results in
      the acquisition of substantially all of the Company's outstanding stock by
      a single person or entity, or a sale or transfer of substantially all of
      the Company's assets, the Board may take such actions with respect to the
      Plan as the Board deems appropriate.

      Notwithstanding anything in the Plan to the contrary, the Board may take
      the foregoing actions without the consent of any Participant, and the
      Board's determination shall be conclusive and binding on all persons for
      all purposes.

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14.   RETIREMENT, TERMINATION AND DEATH. In the event of a Participant's
      retirement, termination of active employment, or death, certificates will
      be issued for full shares held in the Investment Account, and a check
      shall be issued for the value of any fractional shares held in the
      Investment Account. In the event of a Participant's death, the shares in
      the Investment Account and the check for any fractional shares shall be
      delivered to the beneficiary designated by the Participant in a writing
      filed with the Company. If no beneficiary has been designated, or if the
      designated beneficiary does not survive the Participant, such amount and
      all shares shall be delivered to the Participant's estate.

15.   AMENDMENT OF THE PLAN. The Board may at any time, or from time to time,
      amend the Plan in any respect; provided, however, that the shareholders of
      the Company must approve any amendment that would materially (i) increase
      the benefits accruing to Participants under the Plan, (ii) increase the
      number of securities that may be issued under the Plan, or (iii) modify
      the requirements as to eligibility for participation in the Plan.

16.   TERMINATION OF THE PLAN. The Plan and all rights of employees hereunder
      shall terminate:

      (a)   on the Investment Date that Participants become entitled to purchase
            a number of shares greater than the number of reserved shares
            remaining available for purchase; or

      (b)   at any prior date at the discretion of the Board.

      In the event that the Plan terminates under circumstances described in (a)
      above, reserved shares remaining as of the termination date shall be
      issued to Participants on a pro rata basis.

17.   EFFECTIVE DATE OF PLAN. The Plan shall be effective as of the date
      determined by the Board, subject to approval by the Company's
      shareholders, and, if approved, the Plan shall become effective on the
      date designated by the Board. Notwithstanding the foregoing, no rights
      granted under the Plan may be exercised to any extent unless the Plan
      (including rights granted thereunder) is covered by an effective
      registration statement pursuant to the Securities Act of 1933, as amended.
      If the Plan is not so registered, no rights granted under the Plan shall
      be exercised and all payroll deductions accumulated during the purchase
      period shall be distributed to the participants, without interest.

18.   NO EMPLOYMENT RIGHTS. The Plan does not, directly or indirectly, create
      any right for the benefit of any employee or class of employees to
      purchase any shares under the Plan, or create in any employee or class of
      employees any right with respect to continuation of employment by the
      Company, and it shall not be deemed to interfere in any way with the
      Company's right to terminate, or otherwise modify, an employee's
      employment at any time.

19.   GOVERNMENT AND OTHER REGULATIONS. The Plan, and the grant and exercise of
      the rights to purchase shares hereunder, and the Company's obligation to
      sell and deliver shares upon the exercise of rights to purchase shares,
      shall be subject to all applicable

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      federal, state and foreign laws, rules and regulations, and to such
      approvals by any regulatory or government agency as may, in the opinion of
      counsel for the Company, be required.

20.   GOVERNING LAW. The Plan shall be construed and administered in accordance
      with the laws of the State of Florida.

      IN WITNESS WHEREOF, the Company has caused this The St. Joe Company 1999
Employee Stock Purchase Plan to be executed and attested, and its corporate seal
to be affixed by its officers hereunto duly authorized as of this 30th day of
November, 1999.

                                    THE ST. JOE COMPANY

                                    By:        //SIGNED//
                                         ---------------------------------------

                                                (Corporate Seal)

                                     Attest:         //SIGNED//
                                              ----------------------------------

                                                                               7<PAGE>
                                                                   Exhibit 10.13

                                   AMENDMENT
                             TO THE ST. JOE COMPANY
                       1999 EMPLOYEE STOCK PURCHASE PLAN

This amendment to The St. Joe Company 1999 Employee Stock Purchase Plan (the
"Plan") is made pursuant to Sections 4 and 15 thereof, and is effective as of
January 1, 2001.

1.  The first paragraph of Section 9 shall be amended to read in full as
    follows:

     LIMITATION ON PURCHASES AND SALES OF STOCK. No Participant may purchase
     during any one calendar year under the Plan (combined with any other plan
     of the Company or its Subsidiaries qualified under Code section 423) shares
     of Common Stock having a Fair Market Value (determined by reference to the
     Fair Market Value on each date of purchase) in excess of $25,000. This
     limitation shall be interpreted to comply with Code section 423(b)(8).

2.  The third paragraph of Section 9 shall be amended to read in full as
    follows:

     Shares acquired through the Plan may not be sold, pledged, hypothecated, or
     certificated for a period of six months from the date the shares were
     acquired, except with the written approval of the Compensation Committee.
     Notwithstanding the foregoing, in the event of a Participant's retirement,
     termination of active employment, or death, all shares acquired through the
     Plan within one year from the date of the retirement, termination of active
     employment, or death shall be immediately transferable by the Participant.

All provisions of the Plan not specifically mentioned in this amendment shall
be considered modified to the extent necessary to be consistent with the
changes made in this amendment.

                                  THE ST. JOE COMPANY

                                  By: /s/ Rachelle Gottlieb
                                      ---------------------------------
                                      Rachelle Gottlieb
                                      Vice President -- Human Resources
                                      Plan Administrator

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