Document:

EX-10.1

FIRST AMENDMENT TO REAL ESTATE PURCHASE AGREEMENT AND ESCROW INSTRUCTIONS

THIS FIRST AMENDMENT TO REAL ESTATE PURCHASE AGREEMENT AND ESCROW INSTRUCTIONS (this “First
Amendment”) is entered into as of this 8th day of February, 2010 (the “Effective Date”),
by and between STINGRAY PROPERTIES, LLC, a Minnesota limited liability company (“Seller”); CRYSTAL
BLUE PROPERTIES, LLC, a Minnesota limited liability company, SYLVAN HOLDINGS, LLC, a Minnesota
limited liability company and DR. SAMUEL ELGHOR, an individual (collectively, “Seller Guarantor”);
G&E HEALTHCARE REIT II SARTELL MOB, LLC, a Delaware limited liability company (“Buyer”); and FIRST
AMERICAN TITLE INSURANCE COMPANY (“Escrow Agent”).

RECITALS

A. Seller, Seller Guarantor, Grubb & Ellis Equity Advisors, LLC, a Delaware limited liability
company (“GEEA”) and Escrow Agent entered into that certain Real Estate Purchase Agreement and
Escrow Instructions dated January 7, 2010 (the “Original Agreement”) pursuant to which Seller
agreed to sell, and GEEA agreed to purchase, certain real property located in Sartell, Minnesota
and more particularly described in the Original Agreement.

B. Pursuant to that certain Assignment and Assumption of Purchase Agreement and Escrow
Instructions dated January 7, 2010, GEEA assigned all of its right, title and interest in and to
the Original Agreement to Buyer.

C. Seller and Buyer desire to amend the Original Agreement as set forth herein.

AGREEMENT

NOW, THEREFORE, in consideration of the promises and mutual agreements contained herein, and
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto do hereby agree as follows:

1. Due Diligence Period. Section 3.2 is hereby amended by deleting the phrase “the
date that is thirty (30) days after the Effective Date” and replacing it with the following, “March
1, 2010”.

2. Exhibit “G”. Exhibit “G” is hereby deleted in its entirety and Exhibit “G”
attached hereto is inserted in its place.

3. Survival of Obligations. The following Section 9.24 is inserted after the end of
Section 9.23:

9.24 Survival of Obligations

Any provision of this Agreement that requires observance or
performance after the Closing Date shall continue in force and
effect following the Closing Date unless such provision is otherwise
limited by the terms of this Agreement.

4. Entire Agreement. The Original Agreement, as modified by this First Amendment,
constitutes the entire agreement between the parties hereto with respect to the transactions
contemplated therein. Except as modified by this First Amendment, the Original Agreement remains
unchanged and unmodified and in full force and effect, and the parties hereto hereby ratify and
affirm the same.

5. Counterparts. This First Amendment may be executed in any number of counterparts
and it shall be sufficient that the signature of each party appear on one or more such
counterparts. All counterparts shall collectively constitute a single agreement. Signatures to
this First Amendment transmitted by facsimile or electronic mail shall be treated as originals in
all respects.

6. Effective Date. This First Amendment shall become effective and binding upon Buyer
and Seller on the Effective Date without regard to the date on which Seller Guarantor executes this
First Amendment.

[Remainder of page intentionally left blank; signatures to follow on next pages.]IN
WITNESS WHEREOF, the parties hereto have entered into this First Amendment as of the Effective
Date.

	 	 	 
	SELLER:
	 	Stingray Properties, LLC,

a Minnesota limited liability company

By: /s/ Gary W. Verkinnes

Name: Gary W. Verkinnes

Its: Partner

	 	 	 
	 	 	Crystal Blue Properties, LLC,
	 	 	a Minnesota limited liability company
	SELLER GUARANTOR:	 	By: /s/ Gary W. Verkinnes
	 	 	Name: Gary W. Verkinnes
	 	 	Its: Partner
	 	 	Sylvan Holdings, LLC,
	 	 	a Minnesota limited liability company
	 	 	By: /s/ Jeff Gerdes
	 	 	Name: Jeff Gerdes
	 	 	Its: Partner
	 	 	Dr. Samuel Elghor, an individual
	 	 	/s/ Samuel Elghor

1

	 	 	 
	BUYER:	 	G&E HEALTHCARE REIT II SARTELL MOB, LLC,
	 	 	a Delaware limited liability company
	 	 	By: GRUBB & ELLIS HEALTHCARE REIT II HOLDINGS, LP,
	 	 	a Delaware limited partnership
	 	 	Title: Sole Member
	 	 	By: GRUBB & ELLIS HEALTHCARE REIT II, INC.,
	 	 	a Maryland corporation
	 	 	Title: General Partner
	 	 	By: /s/ Shannon KS Johnson
	 	 	Name: Shannon KS Johnson
	 	 	Title: Chief Financial Officer

	 	 	 
	ESCROW AGENT:	First American Title Insurance Company	 
	 	 	By:	 	 	/s/ Barbara Laffer
	 	 	Its:	 	 	Escrow Officer
	EXHIBIT “G”

PERMITTED ENCUMBRANCES

	 	1.	 	Terms and conditions of Final Development Agreement with the City of Sartell, dated
12/16/2004, filed of record 12/27/2004, as document number 1138148.

	 	2.	 	Terms and conditions of Declaration of Easements, Development Standards and Protective
Covenants, dated 12/09/2004, filed of record 12/23/2004, as document number 1138074.

	 	3.	 	Terms an conditions of Declaration of Road Access Restriction, dated 10/19/1999, filed
of record 11/08/1999, as document number 924363.

	 	4.	 	Easement for Utilities, in favor of City of Sartell, dated 07/14/2000, filed of record
08/24/2000, flied of record 08/24/2000, as document number 945936.

	 	5.	 	Easement for Storm Sewer, in favor of City of Sartell, as set forth in Granted
Permanent Easement, dated 06/07/2001, filed of record 06/21/2001, as document number
971558.

	 	6.	 	Easement for Roadway, Drainage and Utilities, in favor of City of Sartell, as set forth
in Permanent Roadway Drainage and Utility Easement, dated 06/07/2002, filed of record
06/19/2002, as document number 1013929.

	 	7.	 	Right-of-way of road along easterly property line, as shown on county half section map.

	 	8.	 	Terms and conditions of Resolution No. 131-05, Vacating a Portion of a Drainage and
Utility Easement, filed of record 06/28/2005, as document number 1158409.

2EX-10.1

Exhibit 10.1

THE ST. JOE COMPANY

2010 SHORT-TERM INCENTIVE PLAN

2010 Company Goals

	1.	 	Achieve the 2010 business plan and maintain a strong liquidity position;

	2.	 	Advance economic development in West Bay;

	3.	 	Re-program existing and advance new residential communities in preparation for market
recovery;

	4.	 	Optimize forestry operations to generate additional revenue from new sources by year end
2010.

Mechanics for 2010 Short-Term Incentive Plan

	1.	 	The Compensation Committee approves the employees participating in the Plan and the target
awards for each participant in the first quarter of the year.

	2.	 	Each department and segment sets their team goals in support of the broader Company goals,
which departmental goals will be approved by the Executive Team.

	3.	 	Actual awards under the Plan will be based on (a) the Compensation Committee’s determination
of the achievement of approved Company goals, and (b) the mix between Company goals and
management’s evaluation of the achievement of departmental goals, as approved by the
Compensation Committee, which mix is described as follows:

	 	•	 	Executive Team awards will be 100% based upon achievement of the approved Company
goals.

	 	•	 	Vice President level awards will have an achievement mix of 75% Company goals and
25% departmental goals.

	 	•	 	Manager and Director level awards will have an achievement mix of 50% Company goals
and 50% departmental goals.

	4.	 	During the first quarter of 2011, the Compensation Committee will evaluate achievement of
each Company goal and the actual awards under the Plan. The Compensation Committee will have
complete discretion over the weighting and determination of relative achievement of the
Company goals based on the Compensation Committee’s qualitative assessment of Company
performance for 2010.

	5.	 	For the portion of Plan awards based on departmental goals, management will assess the
achievement of the departmental goals and submit the projected bonus pool to the Compensation
Committee for approval.

	6.	 	The total range for the payout of Plan awards is between 0% and 100% of the target awards
based on the Compensation Committee’s determination of the percentage achievement of the
Company goals and its approval of the projected awards based on the departmental goals. The
Compensation Committee, in its discretion, may choose to pay more than 100% of the target
awards for exceptional Company performance.

	7.	 	Individual awards for Named Executive Officers (NEOs) will be individually approved by the
Committee.EX-10.2

Exhibit 10.2

RESTRICTED STOCK AGREEMENT

Award Details:

	 	 	 	 	 
	Participant:
	 	 	 	 
	Number of Shares of Restricted Stock:
	 	 	 	 
	Performance Period:
	 	 	 	 
	Date of Grant:
	 	 	 	 
	Fair Market Value (at close of business on Date of Grant):
	 	$	 	 
	 
	 	 	 	 

Agreement:

This Restricted Stock Agreement (the “Agreement”) is entered into effective as of the Date of
Grant between the Participant and The St. Joe Company, a Florida corporation (the “Company”),
pursuant to the Company’s 2009 Equity Incentive Plan (the “Plan”).

WHEREAS, the Company desires to grant, and the Participant desires to receive, an Award of
Restricted Stock pursuant and subject to the terms and conditions of the Plan and this Agreement
(the “Award”).

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

1. The Plan, Award Details 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 Stock. As of the Date of Grant, the Company hereby grants to
the Participant the number of shares of Restricted Stock set forth in the Award Details above (the
“Restricted Stock”), subject to the terms and conditions of the Plan and this Agreement.

3. Vesting and Forfeiture of Restricted Stock. The Restricted Stock shall vest, or
shall be forfeited, in whole or in part, as provided on Exhibit A attached hereto.

4. Restrictions on Transfer of Restricted Stock. None of the Restricted Stock shall
be sold, transferred, pledged, assigned or otherwise alienated or hypothecated by the Participant,
other than upon the Participant’s death to a beneficiary in accordance with the Plan or by will or
the laws of descent and distribution. Participant agrees not to sell, transfer, pledge, assign or
otherwise alienate or hypothecate any shares of Common Stock acquired upon the vesting of the
Restricted Stock if applicable laws or Company policies prohibit any such action.

5. Delivery of Title to Shares. Subject to any governing rules or regulations, the
Company shall deliver any shares of Common Stock acquired in connection with the vesting of the
Restricted Stock to or for the benefit of the Participant either (a) by delivering to the
Participant evidence of book entry shares of Common Stock credited to the account of the
Participant, or (b) by depositing such shares of Common Stock for the benefit of the Participant
with a broker designated by the Company. The Company shall not be required to issue stock
certificates for any shares of Common Stock acquired in connection with the vesting of the
Restricted Stock.

6. Rights of a Shareholder. The Participant shall have all of the rights of a
shareholder of the Company with respect to the shares of Restricted Stock, including the right to
vote the shares and receive dividends and other distributions with respect thereto.

7. Administration by the Committee. The Plan, this Agreement and the Restricted Stock
shall be subject to such administrative procedures and rules as the Committee shall adopt.
Decisions of the Committee on all matters relating to the Plan, this Agreement and the Restricted
Stock shall be in the Committee’s sole discretion and shall be conclusive and binding on all
parties.

8. Compliance with Law and Regulations. The Plan, this Agreement and the Restricted
Stock shall be subject to all applicable federal and state laws, rules, and regulations and to such
approvals by any government or regulatory agency as may be required. The Company shall have no
liability to deliver any shares in connection with the Award or make any other distribution of the
benefits under the Award unless such delivery or distribution would comply with all applicable
state, federal and foreign laws (including, without limitation and if applicable, the requirements
of the Securities Act of 1933), and any applicable requirements of any securities exchange or
similar entity and under any blue sky or other securities laws. As a condition precedent to the
issuance of shares of Common Stock in connection with an Award, the Company may require the
Participant to take any reasonable action to meet such requirements.

9. Company Policies. Participant agrees that he or she has read and will comply with
the Company’s Insider Trading Policy as described in its Code of Conduct. A copy of the Code of
Conduct is available by contacting the Company’s Human Resources Department or by accessing the
Human Resources section of the Company’s intranet.

10. Adjustments. If any change in corporate capitalization (such as a stock split,
reverse stock split, stock dividend, combination or reclassification of shares, or any other
similar transaction; or a recapitalization, repurchase, rights offering, reorganization, merger,
consolidation, combination, exchange of shares, spin-off, spin-out or other distribution of assets
to shareholders or other similar corporate transaction or event) results in the outstanding shares
of Common Stock, or any securities exchanged therefor or received in their place, being exchanged
for a different number or class of shares or other securities of the Company, or for shares of
stock or other securities of any other corporation (or new, different or additional shares or other
securities of the Company or of any other corporation being received by the holders of outstanding
shares of Common Stock), or a material change in the value of the outstanding shares of Common
Stock as a result of the change, transaction or distribution, then the Committee shall make
equitable adjustments, as it determines are necessary and appropriate to prevent the enlargement or
dilution of benefits intended to be made available under the Award.

11. Tax Matters.

(a) Participant shall be liable for any and all taxes, including withholding taxes, arising
out of this Award or the vesting of Restricted Stock hereunder. The Company shall have the right
to deduct from any and all payments made in connection with the Award, or to require the
Participant, through payroll withholding, cash payment or otherwise, to make adequate provision
for, the federal, state, local and foreign taxes, if any, required by law to be withheld by the
Company with respect to the Award or the shares acquired pursuant thereto. The Company shall have
no obligation to deliver shares of Common Stock issuable to the Participant upon the vesting of the
Restricted Stock until the Company’s tax withholding obligations have been satisfied by the
Participant.

(b) The Company shall have the right, but not the obligation, to deduct from the shares of
Common Stock issuable to the Participant upon the vesting of the Restricted Stock, or to accept
from the Participant the tender of, a number of whole shares of Common Stock having a Fair Market
Value equal to all or any part of the tax withholding obligations of the Company. The Fair Market
Value of any shares of Common Stock withheld or tendered to satisfy any such tax withholding
obligations shall not exceed the minimum amount of tax required to be withheld with respect to the
transaction.

(c) Participant acknowledges that, at his or her option, Participant (i) shall be entitled to
make an 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 Stock is
granted, the Fair Market Value of such shares on the Date 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 Stock as of the date
on which such restriction lapses. The Participant agrees to give the Company’s Human Resources
Department prompt written notice of any election made by such Participant under Code Section 83(b).

12. No Implied Rights. Nothing in the Plan or this Agreement shall confer upon the
Participant any right to continue in the employ of the Company or any Subsidiary, or interfere in
any way with the right of the Company or any Subsidiary to terminate the Participant’s employment
relationship at any time.

13. Governing Law. To the extent not preempted by federal law, this Agreement shall
be construed in accordance with and governed by the laws of the State of Florida, without giving
effect to any choice of law provisions.

14. Participant’s Access to the Plan. Participant may obtain a copy of the Plan by
contacting the Company’s Human Resources Department or by accessing the Human Resources section of
the Company’s intranet.

15. Entire Agreement. This Agreement and the Plan constitute the entire understanding
and agreement between Participant and the Company regarding this Award. Participant acknowledges
that any other agreement, statement, understanding or promise with respect to the Award, whether
oral or in writing, not contained in this Agreement or the Plan shall not be valid or binding. Any
modification of or amendment to this Agreement shall be effective only if it is in writing and
signed by both parties, except as otherwise provided in Article 13 of the Plan.

IN WITNESS WHEREOF, the Company and Participant have caused this Agreement to be duly executed
on the dates set forth below.

PARTICIPANT

     

Participant Signature

Date       

THE ST. JOE COMPANY

By:       

Rusty Bozman

Vice President — Corporate Development and Human Resources

Date       

1

EXHIBIT A

VESTING OF RESTRICTED STOCK

	1.	 	Vesting of Restricted Stock.

The number of shares of Restricted Stock that shall vest under this Agreement shall be based
upon the following Performance Measure: the Company’s Total Shareholder Return as compared to the
Total Shareholder Returns of the Company’s Peer Groups during the Performance Period, as further
described below. Upon (i) the expiration of the Performance Period, and (ii) the Committee’s
determination and certification of the extent to which the Performance Goal has been achieved, the
Participant shall become vested in the number of shares of Restricted Stock that corresponds to the
level of achievement of the Performance Goal set forth below that is certified by the Committee.
Such determination and certification shall occur no later than sixty (60) days after the conclusion
of the Performance Period. If the Participant’s employment terminates prior to the end of the
Performance Period, all shares of Restricted Stock shall automatically be forfeited as of the date
of the Participant’s termination of employment; provided, however, that the Participant may be
eligible to receive a cash payment as described in Section 2 below.

Determination of Peer Groups:

The “Peer Groups” used for purposes of this Exhibit A shall be those companies included in
each of (1) a custom peer group consisting of the companies set forth on Exhibit B (the “Custom
Real Estate Group”) and (2) the S&P 500 Index (the “S&P 500 Group”), on the first day of the
Performance Period, subject to change as described below. The Custom Real Estate Group shall be
weighted as 60% of the final vesting calculation described below, and the S&P 500 Group shall be
weighted as 40% of the final vesting calculation described below.

If a company in a Peer Group experiences a bankruptcy event during the Performance Period, the
company will remain in the Peer Group and its stock price will continue to be tracked for purposes
of the Total Shareholder Return calculation. If the company is subsequently acquired or goes
private, the provisions below will apply. If the company liquidates, the company will remain in
the Peer Group and its Ending Stock Price will be reduced to zero.

If a company in a Peer Group is acquired by another company in the same Peer Group, the
acquired company will be removed from the Peer Group and the surviving company will remain in the
Peer Group.

If a company in a Peer Group is acquired by a company not in the same Peer Group, the acquired
company will remain in the Peer Group, and its Ending Stock Price will be equal to the value per
share of the consideration paid to the shareholders of the acquired company in the transaction.
The surviving company in such transaction will not be added to the Peer Group.

If a company in a Peer Group ceases to be a public company due to a going private transaction,
the company will remain in the Peer Group, and its Ending Stock Price shall be equal to the value
per share of the consideration paid to the shareholders of the target company in the transaction.

Changes in the S&P 500 Index and the Custom Real Estate Group during the Performance Period
will not affect the Peer Groups, except as described above.

Calculation of Total Shareholder Return:

“Total Shareholder Return” for the Company and each company in the Peer Groups shall include
dividends paid and shall be determined as follows:

Total Shareholder Return = (Change in Stock Price + Dividends Paid) / Beginning Stock Price

“Beginning Stock Price” shall mean the average closing sale price of one (1) share of common
stock for the ten (10) trading days immediately prior to the first day of the Performance Period.
The Beginning Stock Price shall be appropriately adjusted to reflect any stock splits, reverse
stock splits or stock dividends during the Performance Period. Such closing sale prices shall be
as reported on the New York Stock Exchange, such other national securities exchange, or as reported
by an applicable automated quotation system, the OTC Bulletin Board, or otherwise, as applicable.

“Change in Stock Price” shall mean the difference between the Ending Stock Price and the
Beginning Stock Price.

“Dividends Paid” shall mean the total of all cash and in-kind dividends paid on one (1) share
of stock during the Performance Period.

“Ending Stock Price” shall mean the average closing sale price of one (1) share of common
stock for the ten (10) trading days immediately prior to the last day of the Performance Period,
except as otherwise provided under “Determination of Peer Groups” above. Such closing sale prices
shall be as reported on the New York Stock Exchange, such other national securities exchange, or as
reported by an applicable automated quotation system, the OTC Bulletin Board, or otherwise, as
applicable.

“Performance Period” shall mean the period commencing on       , and ending on
     .

Calculation of Weighted Average Percentile Rank:

Following the Total Shareholder Return determination for the Company and the companies in each
Peer Group, the “Company Rank” for each Peer Group shall be determined by listing each company in
each Peer Group (including the Company) from highest Total Shareholder Return to lowest Total
Shareholder Return and counting up to the Company from the company with the lowest Total
Shareholder Return.

The Company’s separate “Percentile Rank” for each Peer Group shall then be determined as
follows:

Percentile Rank for each Peer Group = Company Rank in each Peer Group / Total Number of
companies in each Peer Group including the Company

The Company’s “Weighted Average Percentile Rank” shall then be calculated as the sum of (i)
the Company’s Percentile Rank in the Custom Real Estate Group multiplied by 60%, and (ii) the
Company’s Percentile Rank in the S&P 500 Group multiplied by 40%. For example, at the conclusion
of the Performance Period, if the Company’s Percentile Rank in the Custom Real Estate Group were
65%, and the Company’s Percentile Rank in the S&P 500 Group were 50%, the Company’s Weighted
Average Percentile Rank would be calculated as follows: [(.65 x .60) + (.50 x .40)] x 100 = 59%.

Calculation of Number of Vested Shares of Restricted Stock:

The percent of shares of Restricted Stock that vest shall then be determined based on the
following chart:

	 	 	 	 	 
	Company’s Weighted Average Percentile Rank
	 	Percent of Shares of

	 
	 	Restricted Stock to Vest

	 
	 	 	 	 
	75th and above
	 		100	%
	70th
	 		90	%
	65th
	 		80	%
	60th
	 		70	%
	55th
	 		60	%
	50th
	 		50	%
	45th
	 		42.5	%
	40th
	 		35	%
	35th
	 		27.5	%
	30th
	 		20	%
	25th
	 		12.5	%
	Below 25th
	 		0	%
	 
	 		 	

Interpolation shall be used to determine the percent of shares of Restricted Stock that vest in the
event the Company’s Weighted Average Percentile Rank does not fall directly on one of the ranks
listed in the above chart. Once the percent of shares of Restricted Stock to vest has been
determined, the percent shall be multiplied by the number of shares of Restricted Stock awarded to
determine the actual number of shares of Restricted Stock that vest, rounded to the next highest
whole share. All shares of Restricted Stock that do not vest in accordance with this Exhibit A
shall be automatically forfeited.

2. Termination Provisions.

(a) Generally. The Restricted Stock awarded under this Agreement shall vest only if
the Participant’s employment with the Company is continuous (as defined below) through the end of
the Performance Period.

(b) Death, Disability or Retirement. If prior to the end of the Performance Period, a
Participant ceases to be an Employee due to death, Disability or Retirement, all Restricted Stock
awarded under this Agreement shall be forfeited immediately. Notwithstanding the foregoing,
however, a Participant subject to any of the foregoing events shall be eligible to receive a cash
payment based on the Fair Market Value of a pro rata portion of their shares of Restricted Stock
that would have vested at the end of the Performance Period, which payment, if any, shall be made
after the conclusion of the Performance Period. The determination of a cash payment, if any, made
by the Committee pursuant to this Section 2(b) shall be made at the same time as the vesting
determination shall be made for Participants who remained employed by the Company through the last
day of the Performance Period. The cash payment, if any, shall be determined by multiplying the
number of shares of Restricted Stock that would have vested had the Participant remained employed
through the last day of the Performance Period by a fraction, the numerator of which is equal to
the number of days of the Performance Period that the Participant was employed by the Company, and
the denominator of which is the number of days in the Performance Period, multiplied by the closing
price of a share of Company Common Stock on the date that the vesting determination is made by the
Committee. Any cash payment shall be paid by the Company within thirty (30) days following the
Committee’s vesting determination.

(1) For purposes of this Exhibit A, “Retirement” shall mean (i) a voluntary termination
of employment with the Company and all Subsidiaries by the Participant after the Participant
has completed five (5) years of continuous service and attainment of age 55, or (ii) as
otherwise determined by the Committee. A Participant shall not be “retired” for purposes of
this definition if the Participant performs, or plans to perform, services (as an employee,
independent contractor or in another capacity) on a substantially full-time basis (as
determined by the Committee) for any third party.

(2) A Participant’s service remains “continuous” for purposes of vesting under this
Exhibit A 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.

(c) Other Termination of Employment. If prior to the end of the Performance Period,
the Participant ceases to be an Employee for any reason other than death, Disability or Retirement,
the shares of Restricted Stock that are not vested on the date of such termination shall be
forfeited immediately upon such termination without any payment to the Participant.

(d) Change in Control. In the event of a Change in Control of the Company, the shares
of Restricted Stock that are not vested shall become fully vested immediately prior to the Change
in Control. If prior to a Change in Control occurring during the Performance Period, a Participant
ceases to be an Employee due to death, Disability or Retirement, the Participant shall be eligible
to receive a cash payment under this Section 2(d) in an amount determined by multiplying the total
number of shares of Restricted Stock (prior to forfeiture pursuant to Section 2(b) above) by a
fraction, the numerator of which is equal to the number of days of the Performance Period that the
Participant was an Employee, and the denominator of which is the number of days in the Performance
Period, multiplied by the closing price of a share of Company Common Stock on the date of the
Change in Control, or if the Company ceases to be a publicly traded company as a result of the
Change in Control, the amount of the consideration paid for each share of outstanding Common Stock
of the Company in connection with the Change in Control. Any cash payment shall be paid by the
Company or its successor within thirty (30) days following the date of the Change in Control. If a
cash payment is made to the Participant pursuant to this Section 2(d), the Participant shall not
receive a cash payment pursuant to Section 2(b).

(e) Section 409A Compliance. Notwithstanding any provision to the contrary in this
Agreement, with respect to a Participant who ceases to be an Employee prior to the end of the
Performance Period on account of either Disability or Retirement, and thereafter becomes entitled
to a payment under Sections 2(b) or 2(d) of this Exhibit A, if such Participant was a “specified
employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code as of the date of the
termination of such Participant’s employment, then any cash amounts payable under Section 2(b) or
2(d) shall be paid instead to the Participant on the later of (x) the date on which a cash payment,
if any, would otherwise be paid to the Participant pursuant to the terms of Section 2(b) or 2(d),
and (y) the date which is six months following the Participant’s date of termination, and not
before. Furthermore, notwithstanding any provision to the contrary in this Agreement, with respect
to a Participant who, prior to the end of the Performance Period, ceases to be an Employee due to
death, Disability or Retirement, and thereafter a Change in Control occurs, the Participant shall
not be eligible to receive any cash payment pursuant to Section 2(d) if the Change in Control does
not also qualify as a change in the ownership or effective control of a corporation or a change in
the ownership of a substantial portion of the assets of a corporation for purposes of Section
409A(a)(2)(A)(v) of the Code and the applicable Treasury regulations under that section. If,
pursuant to the preceding sentence, a Change in Control occurs but fails to qualify as a Qualifying
Change of Control, the terms of this Agreement shall remain in effect after the date of such Change
in Control, and the Participant shall remain eligible for a cash payment at the end of the
Performance Period pursuant to Section 2(b) or upon a subsequent Change in Control that also
qualifies as a Qualifying Change of Control pursuant to Section 2(d), in each case subject to and
in accordance with the terms and conditions of this Agreement.

2

EXHIBIT B

CUSTOM REAL ESTATE GROUP

	 	 	 
	Name	 	Ticker Symbol
	AMB Property Corporation

	 	AMB
	Developers Diversified Realty Corporation

	 	DDR
	Duke Realty Corporation

	 	DRE
	Highwoods Properties, Inc.

	 	HIW
	Jones Lang LaSalle Incorporated

	 	JLL
	Kimco Realty Corporation

	 	KIM
	The Macerich Company

	 	MAC
	MDC Holdings Inc.

	 	MDC
	NVR, Inc.

	 	NVR
	Plum Creek Timber Company, Inc.

	 	PCL
	Regency Centers Corporation

	 	REG
	Rayonier Inc.

	 	RYN
	Toll Brothers Inc.

	 	TOL
	WP Carey & Co. LLC

	 	WPC

3

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