Document:

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                                                                   Exhibit 10.10

                               THE ST. JOE COMPANY
                      DIRECTORS' DEFERRED COMPENSATION PLAN

ARTICLE 1

PURPOSES AND DEFINITIONS

1.1     PURPOSES. The purposes of the Plan are (i) to provide Directors with
        flexibility with respect to the form and timing of Compensation, (ii) to
        more closely align the interests of Directors with the interests of the
        Company's shareholders and (iii) to assist the Company in attracting and
        retaining qualified individuals to serve as Directors.

1.2     DEFINITIONS. Whenever used in the Plan, the following terms shall have
        the meaning set forth or referenced below:

        (a)     "Account" means a Cash Account or a Stock Account.

        (b)     "Board" means the board of directors of the Company.

        (c)     "Business Day" means a day, except for a Saturday, Sunday or a
                legal holiday.

        (d)     "Cash Account" means the account maintained by the Committee in
                the name of a Participant pursuant to Section 2.4(a).

        (e)     "Cash Credit" means a credit to a Participant's Cash Account,
                expressed in whole dollars and fractions thereof, calculated
                pursuant to Section 2.4(a).

        (f)     "Closing Price" means the closing price of the Common Stock as
                reported on the composite tape for New York Stock Exchange
                issues.

        (g)     "Committee" means the compensation committee of the Board.

        (h)     "Common Stock" means the common stock of the Company.

        (i)     "Company" means St. Joe Company and its successors.

        (j)     "Compensation" means all fees payable to a Director for services
                to the Company as a director, including retainer fees for
                service on, and fees for attendance at meetings of, the Board
                and any committees thereof, as established by the Board from
                time to time, but excluding reimbursements for expenses.

        (k)     "Deferred Compensation" means compensation that has been
                deferred pursuant to Section 2.2.

        (l)     "Director" means any individual serving on the Board who is not
                an employee of the Company or any of its Subsidiaries, but does
                not include an honorary, advisory or emeritus director.

        (m)     "Participant" means a Director who is a participant in the Plan,
                or a former Director who has an Account.

                                                          SIBSON & COMPANY    1
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        (n)     "Plan" means the St. Joe Company Directors' Deferred
                Compensation Plan.

        (o)     "Plan Year" means the calendar year, except that for 1998, Plan
                Year means the period May 1, 1998 - December 31, 1998.

        (p)     "Stock Account" means the account maintained by the Committee in
                the name of a Participant pursuant to Section 2.4(b).

        (q)     "Stock Credit" means a credit to a Participant's Stock Account,
                calculated pursuant to Section 2.4(b).

        (r)     "Stated Interest Rate" means an interest rate equal to (i) the
                prime rate of interest charged for corporate loans by a
                commercial bank selected by the Committee or (ii) such fixed or
                variable interest rate as the Committee may otherwise determine.
                The Committee shall establish the Stated Interest Rate effective
                as of January 1 of each Plan Year, which, once established,
                shall be used for all interest determinations during such Plan
                Year.

ARTICLE 2

PARTICIPATION IN THE PLAN

2.1     ELIGIBILITY. All Directors shall be eligible to participate in the Plan.

2.2     DEFERRED COMPENSATION.

        (a) (i) A Director may irrevocably elect, in increments of
                twenty-five percent (25%), to defer receipt of Compensation
                payable to him during the immediately succeeding Plan Year. Such
                election must be made in writing and delivered to the Committee
                on or before (x) June 30, 1998 with respect to the 1998 Plan
                Year and (y) thereafter, December 31 of any Plan Year effective
                as of January 1 of the immediately succeeding Plan Year.

           (ii) A first time nominee for Director may irrevocably elect, in
                increments of twenty-five percent (25%), to defer receipt of
                Compensation payable to him during the Plan Year in which he
                first becomes a Director. Such election must be made in writing
                and delivered to the Committee prior to the date on which such
                nominee becomes a Director.

        (b)     A Director may, pursuant to Section 2.2(a)(i), file a new such
                election or revoke a prior such election each Plan Year
                applicable to the immediately succeeding Plan Year. If no new
                election or revocation of a prior election is made on or before
                December 31 of any Plan Year, the election, if any, in effect
                for such Plan Year shall continue to be effective and
                irrevocable for the immediately succeeding Plan Year. If a
                Director does not timely elect to defer receipt of Compensation
                payable to him during a Plan Year, no portion of such
                Compensation shall be deferred.

                                                              SIBSON & COMPANY 2
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2.3     ALLOCATION OF DEFERRED COMPENSATION. A Participant may irrevocably
        elect, in increments of twenty-five (25%), to initially allocate all or
        a portion of his Deferred Compensation to a Cash Account, a Stock
        Account, or a combination of both such Accounts. Any such allocation
        shall be specified in the deferral election made pursuant to Section
        2.2. Absent such an election, a Participant shall be deemed to have
        elected to allocate such Deferred Compensation to his Cash Account.
        Deferred Compensation allocated to a Cash Account or Stock Account shall
        result in Cash Credits or Stock Credits, respectively.

2.4     ACCOUNTS.

        (a)     The Cash Account of a Participant shall be credited, as of the
                day Deferred Compensation otherwise would have been paid to such
                Participant, with Cash Credits equal to the dollar amount of
                such Deferred Compensation and shall be reduced, as of the day
                that any amount is distributed or transferred therefrom, by Cash
                Credits equal to the amount of such distribution or transfer. As
                of the last day of each calendar month, the Participant's Cash
                Account shall be credited with additional Cash Credits in an
                amount equal to the product of the average daily balance in his
                Cash Account during such month (determined after adjustment for
                any Deferred Compensation credited thereto and any amount
                distributed or transferred therefrom as of each day in such
                month) and an interest rate equal to the Stated Interest Rate
                divided by 12.

        (b)     The Stock Account of a Participant shall be credited, as of the
                day such Deferred Compensation otherwise would have been paid to
                such Participant, with Stock Credits equal to the number of
                shares of Common Stock (including fractions of a share) that
                could have been purchased with the amount of such Deferred
                Compensation at the Closing Price of shares of Common Stock on
                the day as of which such Stock Account is so credited and shall
                be reduced, as of the day that any amount is distributed or
                transferred therefrom, by the number of Stock Credits
                attributable to such distribution or transfer. As of the date
                any dividend is paid to holders of shares of Common Stock, the
                Participant's Stock Account shall be credited with additional
                Stock Credits equal to the number of shares of Common Stock
                (including fractions of a share) that could have been purchased,
                at the Closing Price of shares of Common Stock on such date,
                with the amount that would have been paid as dividends on that
                number of shares of Common Stock (including fractions of a
                share) which is equal to the number of Stock Credits
                attributable to the Participant's Stock Account as of the record
                date of such dividend. In the case of dividends paid in
                property, the amount of the dividend shall be deemed to be the
                fair market value of the property at the time of the payment
                thereof, as determined in good faith by the Committee.

        (c)     A Participant shall be one hundred percent (100%) vested in his
                Accounts at all times.

                                                              SIBSON & COMPANY 3
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2.5     DISTRIBUTIONS UPON TERMINATION.

        (a)   Distribution of a Participant's Accounts shall be made or commence
              in accordance with such Participant's election as of the first
              Business Day of the month following the month in which such
              Participant's service as a Director ceases, unless the Participant
              has elected a later month.

        (b)   A Participant may elect to receive his Accounts in monthly cash
              installments not to exceed one hundred twenty (120) or in a single
              sum. Such single sum may be paid either in cash or in whole shares
              of Common Stock (and cash for any fractions of a share) or in
              combination of both, in increments of twenty-five percent (25%),
              as elected by the Participant. The Committee shall distribute such
              Accounts in accordance with such election or, if no such election
              is made, in a single cash installment.

         (c) (i)   In the event of an election to receive all or a portion of
                   his Stock Account in shares of Common Stock, the Participant
                   shall, to the extent of such election, receive one such share
                   with respect to each Stock Credit (including any Stock
                   Credits resulting from a transfer pursuant to the second
                   sentence in Section 2.5(c)(ii)) allocated to his Stock
                   Account (and cash for any fractions of a share). In the event
                   of an election or deemed election to receive all or a portion
                   of his Stock Account in cash, the Participant shall, to the
                   extent of such election or deemed election, receive an amount
                   in cash equal to the product of the number of Stock Credits
                   allocated to his Stock Account and the Closing Price of
                   shares of Common Stock on the last Business Day of the month
                   immediately preceding the month in which such distribution is
                   to be made.

              (ii) In the event of an election or deemed election by the
                   Participant to receive all or a portion of his Cash Account
                   in cash, the Participant shall, to the extent of such
                   election or deemed election, receive an amount in cash equal
                   to the current balance in such Cash Account. In the event of
                   an election by the Participant to receive all or a portion of
                   his Cash Account in shares of Common Stock, the Participant
                   shall be deemed to have irrevocably elected to transfer the
                   appropriate such amount from his Cash Account to his Stock
                   Account in accordance with Section 2.6(b) effective as of the
                   last Business Day of the month immediately preceding the
                   month in which such distribution is to be made.

         (d)  (i)  The amount of a monthly cash installment with respect to a
                   Participant's Cash Account shall be equal to the product of
                   the current balance in such Cash Account and a fraction, the
                   numerator of which is one and the denominator of which is the
                   total number of installments elected minus the number of
                   installments previously paid.

                                                              SIBSON & COMPANY 4
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              (ii) The amount of a monthly cash installment with respect to such
                   Participant's Stock Account shall be equal to the product of
                   the number of Stock Credits attributable to such installment
                   and the Closing Price of shares of Common Stock on the last
                   Business Day of the month immediately preceding the month in
                   which such installment is to be paid. The number of Stock
                   Credits attributable to an installment shall be equal to the
                   product of the current number of Stock Credits attributable
                   to such Stock Account and a fraction, the numerator of which
                   is one and the denominator of which is the total number of
                   installments elected minus the number of installments
                   previously paid.

             (iii) All monthly cash installments shall commence and be paid as
                   of the first Business Day of the month.

        (e)   A Participant's elections referred to in of this Section 2.5 must
              be in writing and delivered to the Committee with such
              Participant's election to defer Compensation pursuant to Section
              2.2(a). A Participant may at any time not less than one year prior
              to the date as of which the distribution of such Participant's
              Accounts is made or commences change such elections pursuant to an
              election in writing delivered to the Committee, which election
              shall be irrevocable during such one-year period.

2.6     TRANSFERS.

        (a)   A Participant may elect, in increments of twenty-five percent
              (25%), to transfer all or a portion of his Stock Account to his
              Cash Account effective as of the first Business Day of any Plan
              Year. The amount to be credited to such Participant's Cash Account
              shall be equal to the product of the applicable percentage, as
              elected by the Participant, of the number of Stock Credits then
              credited to his Stock Account and the Closing Price of shares of
              Common Stock on the effective date of such transfer.

        (b)   A Participant may elect, in increments of twenty-five percent
              (25%), to transfer all or a portion of his Cash Account to his
              Stock Account effective as of the First Business day of any Plan
              Year. The number of Stock Credits to be credited to such
              Participant's Stock Account shall be equal to the number of shares
              of Common Stock (including fractions of a share) that could have
              been purchased with the value of the applicable percentage (as
              elected by the Participant) of the Cash Account at the Closing
              Price of shares of Common Stock on the effective date of such
              transfer.

        (c)   Any transfer under this Section 2.6 must be made pursuant to an
              irrevocable election in writing delivered to the Committee prior
              to the date as of which such transfer is to be effective.

2.7     DISTRIBUTION UPON DEATH.

                                                              SIBSON & COMPANY 5
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        Notwithstanding any other provision of this Plan, upon the death of a
        Participant, the Committee shall pay all of such Participant's Cash
        Account and Stock Account in a single cash sum to such person or persons
        or the survivors thereof, including companys, unincorporated
        associations or trusts, as the Participant may have designated. All such
        designations shall be made in writing and delivered to the Committee. A
        Participant may from time to time revoke or change any such designation
        by written notice to the Committee. If there is no person or persons
        designated, or if such persons shall have all predeceased the
        Participant or otherwise ceased to exist, such distributions shall be
        made to the executor or administrator of the Participant's estate. Any
        distribution under this Section 2.7 shall be made as soon as practicable
        following the end of the month in which the Committee is notified of the
        Participant's death or is satisfied as to the identity of the
        appropriate payee(s), whichever is later. The amount of such single cash
        sum payable under this Section 2.7 with respect to such Participant's
        Stock Account shall be equal to the product of the number of Stock
        Credits with which such Stock Account then is credited and the Closing
        Price of shares of Common Stock on the last Business Day of the month
        immediately preceding the month of such Participant's death.

2.8     WITHHOLDING TAXES. The Company shall deduct from all Compensation and
        payments under the Plan any taxes required to be withheld by federal,
        state, or local governments.

ARTICLE 3

ADMINISTRATION

3.1     AUTHORITY. The Committee shall have full power and authority to
        administer the Plan, including the power to (i) promulgate forms to be
        used with respect to the Plan, (ii) promulgate rules of Plan
        administration, (iii) settle any disputes as to rights or benefits
        arising from the Plan, (iv) interpret the terms of the Plan and (v) make
        such decisions or take such action as the Committee, in its sole
        discretion, deems necessary or advisable to aid in the proper
        administration of the Plan.

3.2     ELECTIONS, NOTICES. All elections and notices required to be provided to
        the Committee under the Plan must be in such form or forms prescribed
        by, and contain such information as is required by, the Committee.

3.3     AGENTS. The Committee may appoint one or more individuals, who may be
        employees of the Company, to be the Committee's agents with respect to
        the administration of the Plan. In addition, the Committee may, from
        time to time, employ other agents and delegate to them such
        administrative duties as it sees fit, and may from time to time consult
        with counsel, who may be counsel to the Company.

3.4     BINDING EFFECT OF DECISIONS. The decision or action of the Committee
        with respect to any question arising out of or in connection with the
        administration, interpretation and

                                                              SIBSON & COMPANY 6
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        application of the Plan and the rules and regulations promulgated
        hereunder shall be final and binding upon all persons having any
        interest in the Plan.

3.5     INDEMNITY OF COMMITTEE AND AGENTS. The Company shall indemnify and hold
        harmless the members of the Committee and its agents 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.

ARTICLE 4

SHARES AUTHORIZED

4.01    NUMBER. The Board shall from time to time authorize and make available
        for issuance under the Plan, in accordance with the provisions hereof,
        such number of shares of Common Stock as it deems necessary or
        advisable. Shares of Common Stock issuable under the Plan may be taken
        either from authorized but unissued or treasury shares, as determined by
        the Company.

4.02    ADJUSTMENTS. If at any time the number of outstanding shares of Common
        Stock shall be increased as the result of any stock dividend, stock
        split, subdivision or reclassification of shares, the number of shares
        of Common Stock authorized under Section 4.01 and the number of Stock
        Credits with which each Participant's Stock Account is credited shall be
        increased in the same proportion as the outstanding number of shares of
        Common Stock is increased. If the number of outstanding shares of Common
        Stock shall at any time be decreased as the result of any combination,
        reverse stock split or reclassification of shares, the number of shares
        of Common Stock authorized under Section 4.01 and the number of Stock
        Credits with which each Participant's Stock Account is credited shall be
        decreased in the same proportion as the outstanding number of shares of
        Common Stock is decreased. In the event the Company shall at any time be
        consolidated with or merged into any other company and holders of shares
        of Common Stock receive shares of the capital stock of the resulting or
        surviving company, there shall be credited to each Participant's Stock
        Account, in place of the Stock Credits then credited thereto, new Stock
        Credits in an amount equal to the product of the number of shares of
        capital stock exchanged for one share of Common Stock upon such
        consolidation or merger and the number of Stock Credits with which the
        Participant's Account then is credited, and the number of shares of
        Common Stock authorized under Section 4.01 shall be similarly adjusted.
        If in such a consolidation or merger, holders of shares of Common Stock
        shall receive any consideration other than shares of the capital stock
        of the resulting or surviving company or its parent company, the
        Committee, in its sole discretion, shall determine the appropriate
        change in Participants' Accounts.

                                                              SIBSON & COMPANY 7
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ARTICLE 5

MISCELLANEOUS

5.1     UNFUNDED PLAN. No promise hereunder shall be secured by any specific
        assets of the Company, nor shall any assets of the Company be designated
        as attributable or allocated to the satisfaction of such promises.
        Participants shall have no rights under the Plan other than as unsecured
        general creditors of the Company.

5.2     NON-ALIENATION OF BENEFITS. No benefit under the Plan shall be subject
        in any manner to anticipation, alienation, sale, transfer, assignment,
        pledge, encumbrance, or charge, and any attempt to do so shall be void.
        No such benefit, prior to receipt thereof pursuant to the provisions of
        the Plan, shall be in any manner liable for or subject to the debts,
        contracts, liabilities, engagements or torts of the Participant.

5.3     INVALIDITY. If any term or provision contained herein is to any extent
        invalid or unenforceable, such term or provision will be reformed so
        that it is valid, and such invalidity or unenforceability will not
        affect any other provision or part hereof.

5.4     GOVERNING LAW. This Plan shall be governed by the laws of the State of
        Florida, without regard to the conflict of law provisions thereof.

5.5     AMENDMENT, MODIFICATION AND TERMINATION OF THE PLAN. The Board at any
        time may terminate and in any respect amend or modify the Plan;
        provided, however, that no such termination, amendment or modification
        shall adversely affect the rights of any Participant or beneficiary,
        including his rights with respect to Cash Credits or Stock Credits
        credited prior to such termination, amendment or modification, without
        his consent.

5.6     SUCCESSORS AND HEIRS. The Plan and any properly executed elections
        hereunder shall be binding upon the Company and Participants, and upon
        any assignee or successor in interest to the Company and upon the heirs,
        legal representatives and beneficiaries of any Participant.

5.7     STATUS AS SHAREHOLDERS. Stock Credits are not, and do not constitute,
        shares of Common Stock, and no right as a holder of shares of Common
        Stock shall devolve upon a Participant unless and until such shares are
        issued to the Participant.

5.8     RIGHTS. Participation in this Plan shall not give any Director the right
        to continue to serve as a member of the Board or any rights or interests
        other than as herein provided.

5.9     USE OF TERMS. The masculine includes the feminine and the plural
        includes the singular, unless the context clearly indicates otherwise.

                                                              SIBSON & COMPANY 8
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5.10    STATEMENT OF ACCOUNTS. Within the first sixty days of each Plan Year,
        each Participant in the Plan during the immediately preceding Plan Year
        shall receive a statement of his Accounts under the Plan as of December
        31 of such preceding Plan Year. Such statement shall be in a form and
        contain such information as is deemed appropriate by the Committee.

5.11    COMPLIANCE WITH LAWS. This Plan and the offer, issuance and delivery of
        shares of Common Stock and/or the payment and deferral of Compensation
        under this Plan are subject to compliance with all applicable federal
        and state laws, rules and regulations (including but not limited to
        state and federal reporting, registration, insider trading and other
        securities laws) and to such approvals by any listing agency or any
        regulatory or governmental authority as may, in the opinion of counsel
        for the Company, be necessary or advisable in connection therewith. Any
        securities delivered under this Plan be subject to such restrictions,
        and the person acquiring the securities shall, if requested by the
        Company, provide such assurances and representations to the Company as
        the Company may deem necessary or desirable to assure compliance with
        all applicable legal requirements.

5.12    PLAN CONSTRUCTION. Anything in this Plan to the contrary
        notwithstanding, is the intent of the Company that all transactions
        under the Plan satisfy the applicable requirements of Rule 16b-3 so that
        a Director will be entitled to the benefits of Rule 16b-3 or other
        exemptive rules under Section 16 of the Securities Exchange Act of 1934,
        as amended, and will not be subjected to avoidable liability thereunder.
        To the extent any provision of the Plan, action by the Committee or
        election by a Director fails to so comply, it shall be deemed null and
        void to the extent permitted by law.

5.13    HEADINGS NOT PART OF PLAN. Headings and subheadings in the Plan are
        inserted for reference only and are not to be considered in the
        construction of the Plan.

5.14    EFFECTIVE DATE. This Plan has been approved by the Board and shall
        become effective as of July 1, 1998.

                                                              SIBSON & COMPANY 9<PAGE>
                                                                   Exhibit 10.11

                               THE ST. JOE COMPANY

                       DEFERRED CAPITAL ACCUMULATION PLAN

              (AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2002)
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                               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      History.........................................................      1

ARTICLE II DEFINITIONS.........................................................      2
      2.1      "Account" or "Participant's Account"............................      2
      2.2      "Affiliated Employer"...........................................      2
      2.3      "Annuity Starting Date".........................................      2
      2.4      "Beneficiary" or "Beneficiaries"................................      2
      2.5      "Board of Directors"............................................      2
      2.6      "Change in Control".............................................      2
      2.7      "Code"..........................................................      3
      2.8      "Company".......................................................      3
      2.9      "Compensation"..................................................      3
      2.10     "Compensation Limit"............................................      3
      2.11     "Deferral Election Agreement"...................................      4
      2.12     "Effective Date of Restatement".................................      4
      2.13     "Eligible Spouse"...............................................      4
      2.14     "Employee"......................................................      4
      2.15     "Employee Deferral".............................................      4
      2.16     "Employee Deferral Account".....................................      4
      2.17     "Employer"......................................................      5
      2.18     "Employer Match"................................................      5
      2.19     "Employer Match Account"........................................      5
      2.20     "ERISA".........................................................      5
      2.21     "Interest"......................................................      5
      2.22     "Participant"...................................................      5
      2.23     "Plan"..........................................................      5
      2.24     "Plan Administrator"............................................      5
      2.25     "Plan Year".....................................................      5
      2.26     "Prior Plan"....................................................      5
      2.27     "Qualified Salary Deferral Plan"................................      6
      2.28     "Valuation Date"................................................      6

ARTICLE III ELIGIBILITY AND PARTICIPATION......................................      7
      3.1      Eligibility.....................................................      7
      3.2      Notification....................................................      7
</TABLE>
<PAGE>
                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<S>                                                                                 <C>
      3.3      Date of Participation..........................................        7

ARTICLE IV CREDITS TO ACCOUNTS AND VESTING IN ACCOUNTS........................        8
      4.1      Deferral Election..............................................        8
      4.2      Employee Deferrals.............................................        9
      4.3      Employer Match.................................................        9
      4.4      Vesting in Account.............................................        9
      4.5      Suspension for Hardship Withdrawals from Qualified Salary
               Deferral Plan..................................................        9

ARTICLE V PARTICIPANT ACCOUNTS................................................       11
      5.1      Separate Account...............................................       11
      5.2      Interest.......................................................       11
      5.3      Valuation of the Account.......................................       11
      5.4      Participant Statement..........................................       11

ARTICLE VI PAYMENT OF VESTED ACCOUNTS.........................................       12
      6.1      Timing of Payment..............................................       12
      6.2      In-Service Withdrawal..........................................       13
      6.3      Discretionary Methods..........................................       14

ARTICLE VII BENEFICIARY DESIGNATION FOR DEATH BENEFITS........................       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
</TABLE>
<PAGE>
                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<S>                                                                                  <C>
      10.4     Not a Contract of Employment...................................       21
      10.5     Source of Plan Benefits........................................       21
      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 Deferred Capital Accumulation
      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.

1.3   PURPOSE

      The purpose of the Plan is to provide supplemental deferred compensation
      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   HISTORY

      The Plan was originally part of The St. Joe Company Supplemental Executive
      Retirement Plan ("Prior Plan"), which was established effective January 1,
      1998. Effective as of January 1, 2000, the Company established this
      separate Plan and transferred to it certain benefit liabilities previously
      accrued under Article IV and Article V of the Prior Plan. The Plan is a
      continuation of the Prior Plan with respect to such benefit liabilities.
      Such benefit liabilities shall be held, administered and paid in
      accordance with the terms of this Plan, as hereinafter amended and in
      effect.

                                       1
<PAGE>
                                   ARTICLE II

                                   DEFINITIONS

2.1   "ACCOUNT" OR "PARTICIPANT'S ACCOUNT"

      Means the notional account maintained by the Plan Administrator pursuant
      to Section 5.1 which shall be credited with Employee Deferrals and the
      Employer Match, as adjusted for Interest and any 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   "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 installments commence
      to a Participant if such Participant elects the installment form of
      distribution.

2.4   "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.

2.5   "BOARD OF DIRECTORS"

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

2.6   "CHANGE IN CONTROL"

      Means: (a) 25% or more of the outstanding voting stock of the Company is
      acquired by any person or group other than the Alfred I. duPont
      Testamentary Trust and the Nemours Foundation, except that this Subsection
      (a) shall not apply as long as the Alfred I. duPont Testamentary Trust or
      the Nemours Foundation, or any combination of both, owns more voting stock
      than such person or group; or

                                       2
<PAGE>
      (b)   Stockholders of the Company other than the Alfred I. duPont
            Testamentary Trust and the Nemours Foundation vote in a contested
            election for directors of the Company and through exercise of their
            votes cause the replacement of 50% or more of the Company's
            directors (the mere change of 50% or more of the members of the
            Board of Directors does not cause a Change in Control unless it
            occurs as a result of a contested election); or

      (c)   The Company is a party to a merger or similar transaction as a
            result of which the Company's stockholders own 50% or less of the
            surviving entity's voting securities after such merger or similar
            transaction.

      No Change in Control occurs in any event as long as the combined ownership
      of the Alfred I. duPont Testamentary Trust and the Nemours Foundation
      exceeds 50% of the outstanding voting stock of the Company.

      A transaction shall not constitute a Change in Control if its sole purpose
      is to change the state of the Company's incorporation or to create a
      holding company that will be owned in substantially the same proportions
      by the persons who held the Company's securities immediately before such
      transaction.

      If a Participant has a severance agreement or an employment agreement with
      the Company, the definition of change in control in that severance or
      employment agreement, if any, shall be the operative definition for the
      Plan for that Participant.

      In no event shall a Change in Control be deemed to occur prior to January
      1, 2003, for purposes of this Plan.

2.7   "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.

2.8   "COMPANY"

      Means The St. Joe Company and any successor thereto.

2.9    "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 or payments made
      after the death of the Employee. 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

                                       3
<PAGE>
      required by Code Section 414(u)). "Gross base salary" also includes
      elective deferrals under Code Section 402(g)(3), 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).

2.10  "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).

2.11  "DEFERRAL ELECTION AGREEMENT"

      Means the form provided by the Plan Administrator on which the eligible
      Employee or Participant may elect to defer a percentage of his
      Compensation and elect the timing and form of distribution of his Account
      pursuant to Section 4.1.

2.12  "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.

2.13  "ELIGIBLE SPOUSE"

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

2.14  "EMPLOYEE"

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

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

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

2.15  "EMPLOYEE DEFERRAL"

      Means the credits made on behalf of a Participant under the Plan pursuant
      to the Participant's Deferral Election Agreement.

2.16  "EMPLOYEE DEFERRAL ACCOUNT"

      Means the subaccount maintained on behalf of a Participant which shall be
      comprised of Employee Deferrals made on behalf of the Participant, as
      adjusted for Interest and applicable distributions.

                                       4
<PAGE>
2.17  "EMPLOYER"

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

2.18  "EMPLOYER MATCH"

      Means the credits made on behalf of a Participant pursuant to Section 4.3.

2.19  "EMPLOYER MATCH ACCOUNT"

      Means the subaccount maintained on behalf of a Participant which shall be
      comprised of the Employer Match made on behalf of a Participant, as
      adjusted for Interest and applicable distributions.

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 5.2.

2.22  "PARTICIPANT"

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

2.23  "PLAN"

      Means The St. Joe Company Deferred Capital Accumulation Plan as herein
      set forth and as it may hereafter be amended from time to time.

2.24  "PLAN ADMINISTRATOR"

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

2.25  "PLAN YEAR"

      Means the calendar year.

2.26  "PRIOR PLAN"

      Means the St. Joe Corporation Supplemental Executive Retirement Plan, as
      amended and in effect immediately prior to the Effective Date of
      Restatement.

                                       5
<PAGE>
2.27  "QUALIFIED SALARY DEFERRAL PLAN"

      Means The St. Joe Company 401(k) Plan, as amended from time to time.

2.28  "VALUATION DATE"

      Means the last day of each calendar quarter.

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

                                       6
<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 eligible to participate in the Qualified
                  Salary Deferral Plan; and

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

      (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 and make
            Employee Deferrals and receive Interest, but shall not be entitled
            to Employee Matches for 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

      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. An eligible
      Employee must complete a Deferral Election Agreement to participate in the
      Plan for any Plan Year.

                                       7
<PAGE>
                                   ARTICLE IV

                  CREDITS TO ACCOUNTS AND VESTING IN ACCOUNTS

4.1   DEFERRAL ELECTION

      In order to reduce Compensation and make corresponding Employee Deferrals
      in any Plan Year, an eligible Employee or Participant must properly
      complete and file a Deferral Election Agreement with the Plan
      Administrator prior to the first day of such Plan Year. A timely filed
      Deferral Election Agreement shall apply to Compensation payable during
      such Plan Year.

      On the Deferral Election Agreement, the eligible Employee shall:

      (a)   Annual Election. Authorize or not authorize Employee Deferrals and
            receive Employer Matches pursuant to Section 4.2. If an eligible
            Employee or Participant fails to file a Deferral Election Agreement,
            such Employee or Participant shall be deemed to have elected not to
            make Employee Deferrals. If Employee Deferrals are not authorized,
            no Employer Match shall be made on behalf of such eligible Employee
            or Participant.

      (b)   Special Elections.  Make the following special elections, to the
            extent applicable:

            (1)   Change in Control Election. Before an eligible Employee's
                  first Plan Year of participation, he may irrevocably elect to
                  receive a distribution of his Account upon Change in Control
                  as described in Section 6.1(c). All Employees participating in
                  the Plan on January 1, 2002, must make the election described
                  in this paragraph on their Deferral Election Agreements for
                  the 2002 Plan Year, but such election will apply to both prior
                  and future contributions. If the eligible Employee or
                  Participant fails to timely make such an election, he shall be
                  deemed to have irrevocably elected not to receive a
                  distribution upon Change in Control.

            (2)   Optional Distribution Date for Participants as of January 1,
                  2002. Each Employee participating in the Plan on January 1,
                  2002, may irrevocably elect to receive a distribution of all
                  or part of his Account on a date certain as described in
                  Section 6.1(d). To be effective, such election must be made by
                  the filing deadline for the 2002 Plan Year.

      A Deferral Election Agreement, or any deemed election, shall remain in
      effect for the entire Plan Year to which it relates. No changes may be
      made during the Plan Year. Special elections will become effective no
      earlier than January 1, 2003.

                                       8
<PAGE>
4.2   EMPLOYEE DEFERRALS

      Pursuant to Section 4.1, a Participant or eligible Employee may elect to
      reduce his Compensation and make the following corresponding Employee
      Deferrals:

      (a)   Compensation Other Than Bonuses.  A minimum amount of 1% and a
            maximum amount of 50% of Compensation (in whole percentages)
            exclusive of such Participant's bonuses.

      (b)   Bonuses. A minimum amount of 1% and a maximum amount of 75% (in
            whole percentages) of such Participant's bonuses (except sign-on
            bonus).

      All Employee Deferrals shall be credited to the Participant's Employee
      Deferral Account as of the last day of the payroll period in which the
      Employee Deferrals would have been paid to the Participant had they not
      been deferred pursuant to the Deferral Election Agreement.

4.3   EMPLOYER MATCH

      An Employer Match shall be credited to the Employer Match Account of each
      Participant in accordance with this Section 4.3. The Employer Match shall
      be made at the rate of twenty-five percent (25%) of the Participant's
      Employee Deferrals made with respect to Compensation in excess of the
      Compensation Limit; provided, however, that in determining the Employer
      Match to be allocated to a Participant, Employee Deferrals in excess of
      six percent (6%) of Compensation in excess of the Compensation Limit shall
      be disregarded. No Employer Match shall be credited to the Employer Match
      Account of a Participant with respect to Employee Deferrals made with
      respect to Compensation below the Compensation Limit.

      The Employer Match shall be credited to a Participant's Employer Match
      Account as of the last day of each corresponding payroll period; provided,
      however, that no Employer Match shall be credited until the Participant's
      year-to-date Compensation exceeds the Compensation Limit. For purposes of
      computing the Employer Match, the Participant's Employee Deferrals for the
      Plan Year shall be divided by the Participant's year-to-date Compensation
      in excess of the Compensation Limit. The resulting amount shall be the
      Participant's Employee Deferrals on pay in excess of the Compensation
      Limit and shall be used to calculate the Employer Match in accordance with
      the foregoing.

4.4   VESTING IN ACCOUNT

      A Participant shall always be one hundred percent (100%) vested in his
      Account.

4.5   SUSPENSION FOR HARDSHIP WITHDRAWALS FROM QUALIFIED SALARY DEFERRAL PLAN

      The preceding Sections of this Article IV notwithstanding, a Participant
      who takes a hardship withdrawal (as defined in Code Section
      401(K)(2)(B)(i)(IV)) from the Qualified

                                       9
<PAGE>
     Salary Deferral Plan or any other qualified plan maintained by the Employer
     or an Affiliated Employer may not make Employee Deferrals or receive
     corresponding Employer Matches under this Plan during the 6 month period
     (or such longer time as required by law) following receipt of the hardship
     withdrawal. The Plan Administrator shall automatically suspend the
     Participant's Employee Deferrals for such period.

                                       10
<PAGE>
                                    ARTICLE V

                              PARTICIPANT ACCOUNTS

5.1   SEPARATE ACCOUNT

      The Plan Administrator shall maintain separate accounts for each
      Participant in order to reflect his interest in the Plan. Each
      Participant's Account shall be comprised of his Employee Deferral Account
      and his Employer Match Account.

5.2   INTEREST

      A Participant's Account shall be credited with interest at the rate of
      8.6% per year (hereinafter the "Annual Yield"). Such Annual Yield shall be
      credited in the following manner:

      (a)   Employee Deferrals and the Employer Match made on behalf of a
            Participant during the Plan Year of reference shall be credited with
            the Annual Yield for such Plan Year based on the assumption that the
            Annual Yield will be earned proportionally throughout the Plan Year.

      (b)   The Participant's Account balance as of the first day of the Plan
            Year shall be credited with the Annual Yield for the entire Plan
            Year.

      For Plan Years beginning prior to January 1, 2000, the Annual Yield shall
      be determined in accordance with the terms of the Prior Plan.

5.3   VALUATION OF THE ACCOUNT

      As of each Valuation Date, the Plan Administrator shall adjust the
      previous Account balance for Employee Deferrals, Employer Match, Interest
      and distributions. Upon complete distribution of a Participant's Account,
      the Participant's Account shall be cancelled.

5.4   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.

                                       11
<PAGE>
                                   ARTICLE VI

                           PAYMENT OF VESTED ACCOUNTS

6.1   TIMING OF PAYMENT

      A Participant's Account will be automatically paid to him (or if the
      Participant has died, his Beneficiary) as of the earliest of the following
      (or as soon as administratively possible thereafter):

      (a)   Termination of Service

            If the service of a Participant with the Employer shall be
            terminated for any reason other than death, his Account shall be
            paid to him by the Employer in a lump sum or 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). Payment of such benefit
            shall be made beginning on the first day of the calendar month
            following such termination of service if the Participant has elected
            a lump sum distribution with the amount of such distribution 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 commence on the first day of
            the calendar quarter next following such termination of service and
            shall continue quarterly thereafter for the remainder of the term
            certain elected by the Participant with the amount of each
            installment payment based on the value of the Participant's Account
            as of the Valuation Date as of which payment is made. Such
            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 5.3) divided by the number of
            installments remaining to be paid hereunder. The Participant shall
            elect the form of distribution under this paragraph 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 upon termination in
            accordance with procedures established by the Plan Administrator.
            However, any such election for purposes of this Section 6.1(a) 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. 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 hereunder.

      (b)   Death

            (1)   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 on the first day of the calendar month next

                                       12
<PAGE>
                  following the date of death or, if later, the date proof of
                  death which is satisfactory to the Plan Administrator shall be
                  submitted and shall be equal to the value of the Participant's
                  Account as of the Valuation Date immediately preceding such
                  payment date.

            (2)   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 to the
                  Participant's Beneficiary on the first Valuation Date next
                  following the date of death or, if later, the date proof of
                  death which is satisfactory to the Plan Administrator shall be
                  submitted and shall be equal to the undistributed value of the
                  Participant's Account as of the Valuation Date immediately
                  preceding such payment date.

      (c)   Change in Control

            In the event that a Change in Control occurs with respect to the
            Company, if a Participant has timely elected pursuant to Section
            4.1(b)(1) to receive a distribution upon Change in Control, his
            Account shall be paid to him by the Employer in a lump sum or three
            (3) annual installment payments, as elected by the Participant on
            his Deferral Election Agreement. Payment of such benefit shall be
            made as of the first day of the calendar month following such Change
            in Control if the Participant has elected a lump sum distribution,
            with the amount of such distribution based on the value of the
            Participant's Account as of the Valuation Date immediately preceding
            such payment date. If the Participant has elected annual
            installments, payments shall commence as of the first day of the
            Plan Year following such Change in Control and shall continue
            annually thereafter for the next two (2) Plan Years. The amount of
            each installment payment shall be based on the value of the
            Participant's Account as of the Valuation Date immediately preceding
            the payment date.

      (d)   Date Certain After January 1, 2005

            If an eligible Participant has timely elected pursuant to Section
            4.1(b)(2) to receive a special distribution on or after January 1,
            2005, his Account shall be paid to him by the Employer in a lump
            sum, as elected by the Participant in accordance with Section 4.1(b)
            Payment of such benefit shall be made as soon as administratively
            possible following the specified date of distribution and the amount
            of such distribution shall be based on the value of the
            Participant's Account as of the Valuation Date immediately preceding
            such payment date.

6.2   IN-SERVICE WITHDRAWAL

      A Participant may elect to make a withdrawal of all or a portion of his
      Account, less early withdrawal penalties, at any time by making written
      application to the Plan Administrator.

                                       13
<PAGE>
      The early withdrawal penalty shall be equal to 8.6% of the gross amount
      withdrawn. A Participant may not make Employee Deferrals to the Plan or
      receive Employer Matches for at least three (3) months after receipt of
      the withdrawal described in this Section.

6.3   DISCRETIONARY METHODS

      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 installment distributions have commenced. In
      each case, the Compensation Committee shall have complete discretion as to
      whether or not to grant such request.

      In the absence of an election by the Participant, the Participant's
      Account shall be paid as a lump sum.

                                       14
<PAGE>
                                   ARTICLE VII

                   BENEFICIARY DESIGNATION FOR DEATH BENEFITS

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 to in 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 Salary Deferral
      Plan. If a Beneficiary has not been designated under the Plan or the
      Qualified Salary Deferral 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 hereof. 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 action 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 whose claim
            for benefits under the Plan has been wholly or partially denied.
            The Plan's claims review procedure is more particularly described
            in Section 8.7.  Notice of denial of a claim

                                       16
<PAGE>
            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 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, a qualified public
      accountant, consultant, actuary 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

                                       17
<PAGE>
      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 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. 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 remain 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

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

10.10 MASCULINE, FEMININE, SINGULAR AND PLURAL

      The masculine shall include the feminine and the singular shall include
      the plural and the plural 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 effective as of January 1, 2002.

                                       THE ST. JOE COMPANY

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

                                       22

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