Document:

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                                                                   Exhibit 10.22

                                 ST. JOE COMPANY

                            1998 STOCK INCENTIVE PLAN

                    (AS ADOPTED EFFECTIVE FEBRUARY 24, 1998)
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                                TABLE OF CONTENTS

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ARTICLE 1.  INTRODUCTION .........................................................      1

ARTICLE 2.   ADMINISTRATION ......................................................      1
  2.1  Committee Composition .....................................................      1
  2.2  Committee Responsibilities ................................................      1

ARTICLE 3.  SHARES AVAILABLE FOR GRANTS ..........................................      1
  3.1  Basic Limitation ..........................................................      1
  3.2  Additional Shares .........................................................      2

ARTICLE 4.  ELIGIBILITY ..........................................................      2
  4.1  Nonstatutory Stock Options, Stock Appreciation Rights and Restricted Shares      2
  4.2  Incentive Stock Options ...................................................      2
  4.3  Prospective Employees .....................................................      2

ARTICLE 5.  OPTIONS ..............................................................      2
  5.1  Stock Option Agreement ....................................................      2
  5.2  Number of Shares ..........................................................      2
  5.3  Exercise Price ............................................................      3
  5.4  Exercisability and Term ...................................................      3
  5.5  Effect of Change in Control ...............................................      3
  5.6  Modification or Assumption of Options .....................................      3
  5.7  Buyout Provisions .........................................................      3

ARTICLE 6.  PAYMENT FOR OPTION SHARES ............................................      3
  6.1  General Rule ..............................................................      3
  6.2  Surrender of Stock ........................................................      3
  6.3  Exercise/Sale .............................................................      4
  6.4  Exercise/Pledge ...........................................................      4
  6.5.  Promissory Note ..........................................................      4
  6.6  Other Forms of Payment ....................................................      4

ARTICLE 7.  RESTRICTED SHARES ....................................................      4
  7.1  Time, Amount and Form of Awards ...........................................      4
  7.2  Payment for Awards ........................................................      4
  7.3  Vesting Conditions ........................................................      4
  7.4  Voting and Dividend Rights ................................................      5

ARTICLE 8.  STOCK APPRECIATION RIGHTS ............................................      5
  8.1  Time, Amount and Form of Awards ...........................................      5
  8.2  Rights to Receive .........................................................      5
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  8.3  Conditions ................................................................      5
  8.4  Number of Stock Appreciation Rights .......................................      5
  8.5  Buyout Provisions .........................................................      5

ARTICLE 9.  PROTECTION AGAINST DILUTION ..........................................      6
  9.1  Adjustments ...............................................................      6
  9.2  Dissolution or Liquidation ................................................      6
  9.3  Reorganization ............................................................      6

ARTICLE 10.  AWARDS UNDER OTHER PLANS ............................................      7

ARTICLE 11.  LIMITATION ON RIGHTS ................................................      7
  11.1  Retention Rights .........................................................      7
  11.2  Stockholders' Rights .....................................................      7
  11.3  Regulatory Requirements ..................................................      7
  11.4  Transfer .................................................................      7

ARTICLE 12.  WITHHOLDING TAXES ...................................................      7
  12.1  General ..................................................................      7
  12.2  Share Withholding ........................................................      8

ARTICLE 13.  FUTURE OF THE PLAN ..................................................      8
  13.1  Term of the Plan .........................................................      8
  13.2  Amendment or Termination .................................................      8

ARTICLE 14.  DEFINITIONS .........................................................      8

ARTICLE 15.  EXECUTION ...........................................................     10
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                                 ST. JOE COMPANY

                            1998 STOCK INCENTIVE PLAN

      ARTICLE 1.  INTRODUCTION.

            The Plan was adopted by the Board effective February 24, 1998. The
purpose of the Plan is to promote the long-term success of the Company and the
creation of stockholder value by (a) encouraging Employees and Outside Directors
to focus on critical long-range objectives, (b) encouraging the attraction and
retention of Employees and Outside Directors with exceptional qualifications and
(c) linking Employees and Outside Directors directly to stockholder interests
through increased stock ownership. The Plan seeks to achieve this purpose by
providing for Awards in the form of Restricted Shares, Options or Stock
Appreciation Rights.

            The Plan shall be governed by, and construed in accordance with, the
laws of the State of Florida (excluding their choice-of-law provisions).

      ARTICLE 2.   ADMINISTRATION.

            2.1. COMMITTEE COMPOSITION. The Plan shall be administered by the
Compensation Committee of the Board of Directors. The Committee shall consist
exclusively of two or more directors of the Company, who shall be appointed by
the Board. In addition, the composition of the Committee shall satisfy:

                  (a) Such requirements as the Securities and Exchange
Commission may establish for administrators acting under plans intended to
qualify for exemption under Rule 16b-3 (or its successor) under the Exchange
Act; and

                  (b) Such requirements as the Internal Revenue Service may
establish for outside directors acting under plans intended to qualify for
exemption under section 162(m)(4)(C) of the Code.

            2.2. COMMITTEE RESPONSIBILITIES. The Committee shall (a) select the
Employees and Outside Directors who are to receive Awards under the Plan, (b)
determine the type, number, vesting requirements and other features and
conditions of such Awards, (c) interpret the Plan and (d) make all other
decisions relating to the operation of the Plan. The Committee may adopt such
rules or guidelines as it deems appropriate to implement the Plan. The
Committee's determinations under the Plan shall be final and binding on all
persons.

      ARTICLE 3.  SHARES AVAILABLE FOR GRANTS.

            3.1. BASIC LIMITATION. Common Shares issued pursuant to the Plan may
be authorized but unissued shares or treasury shares. The aggregate number of
Options, Restricted
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Shares and Stock Appreciation Rights awarded under the Plan shall not exceed
1,000,000. The limitations of this Section 3.1 shall be subject to adjustment
pursuant to Article 9.

            3.2. ADDITIONAL SHARES. If Options are forfeited or terminate for
any other reason before being exercised, then the corresponding Common Shares
shall again become available for the grant of Options and Restricted Shares
under the Plan. If Restricted Shares are forfeited, then the corresponding
Common Shares shall again become available for the grant of NSOs and Restricted
Shares (but not ISOs) under the Plan. If Stock Appreciation Rights are forfeited
or terminate for any other reason before being exercised, they shall again
become available for grant under the Plan.

      ARTICLE 4.  ELIGIBILITY.

            4.1. NONSTATUTORY STOCK OPTIONS, STOCK APPRECIATION RIGHTS AND
RESTRICTED SHARES. Only Employees and Outside Directors shall be eligible for
the grant of NSOs, Stock Appreciation Rights and Restricted Shares.

            4.2. INCENTIVE STOCK OPTIONS. Only Employees who are common-law
employees of the Company, a Parent or a Subsidiary shall be eligible for the
grant of ISOs. In addition, an Employee who owns more than 10% of the total
combined voting power of all classes of outstanding stock of the Company or any
of its Parents or Subsidiaries shall not be eligible for the grant of an ISO
unless the requirements set forth in section 422(c)(6) of the Code are
satisfied.

            4.3. PROSPECTIVE EMPLOYEES. For purposes of this Article 4, the term
"Employee" shall include a Prospective Employee who accepts a written offer of
employment from the Company, a Parent or a Subsidiary. If an ISO is granted to a
Prospective Employee, the date when his or her service as an Employee commences
shall be deemed to be the date of grant of such ISO for all purposes under the
Plan (including, without limitation, Section 5.3). No Award granted to a
prospective Employee shall become exercisable or vested unless and until his or
her service as an Employee commences.

      ARTICLE 5.  OPTIONS.

            5.1. STOCK OPTION AGREEMENT. Each grant of an Option under the Plan
shall be evidenced by a Stock Option Agreement between the Optionee and the
Company. Such Option shall be subject to all applicable terms of the Plan and
may be subject to any other terms that are consistent with the Plan. The Stock
Option Agreement shall specify whether the Option is an ISO or an NSO. The
provisions of the various Stock Option Agreements entered into under the Plan
need not be identical. Options may be granted in consideration of a cash payment
or in consideration of a reduction in the Optionee's other compensation.

            5.2. NUMBER OF SHARES. Each Stock Option Agreement shall specify the
number of Common Shares subject to the Option and shall provide for the
adjustment of such number in accordance with Article 9. Options granted to any
Optionee in a single fiscal year of the Company shall not cover more than
500,000 Common Shares, except that Options granted to

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a new Employee in the fiscal year of the Company in which his or her service
as an Employee first commences shall not cover more than 750,000 Common Shares.
The limitations set forth in the preceding sentence shall be subject to
adjustment in accordance with Article 9.

            5.3. EXERCISE PRICE. Except as provided for in Article 8.5, each
Stock Option Agreement shall specify the Exercise Price; provided that the
Exercise Price shall in no event be less than 100% of the Fair Market Value of a
Common Share on the most recent trading day prior to the date of grant specified
by the Committee. For example, if the Committee approves a grant on July 15, a
Thursday, the exercise price will be equal to the closing price as of July 14, a
Wednesday. In the case of an NSO, a Stock Option Agreement may specify an
Exercise Price that varies in accordance with a predetermined formula while the
NSO is outstanding.

            5.4. EXERCISABILITY AND TERM. Each Stock Option Agreement shall
specify the date or event when all or any installment of the Option is to become
exercisable. The Stock Option Agreement shall also specify the term of the
Option; provided that the term of an Option shall in no event exceed 10 years
from the date of grant. A Stock Option Agreement may provide for accelerated
exercisability in the event of the Optionee's death, disability or retirement or
other events and may provide for expiration prior to the end of its term in the
event of the termination of the Optionee's service.

            5.5. EFFECT OF CHANGE IN CONTROL. The Committee may determine, at
the time of granting an Option or thereafter, that all or part of such Option
shall become exercisable as to all Common Shares subject to such Option in the
event that a Change in Control occurs with respect to the Company.

            5.6. MODIFICATION OR ASSUMPTION OF OPTIONS. Within the limitations
of the Plan, the Committee may modify, extend or assume outstanding Options or
may accept the cancellation of outstanding Options (whether granted by the
Company or by another issuer) in return for the grant of new Options for the
same or a different number of shares and at the same or a different exercise
price. The foregoing notwithstanding, no modification of an Option shall,
without the consent of the Optionee, alter or impair his or her rights or
obligations under such Option.

            5.7. BUYOUT PROVISIONS. The Committee may at any time (a) offer to
buyout for a payment in cash or cash equivalents an Option previously granted or
(b) authorize an Optionee to elect to cash out an Option previously granted, in
either case at such time and based upon such terms and conditions as the
Committee shall establish.

      ARTICLE 6.  PAYMENT FOR OPTION SHARES.

            6.1. GENERAL RULE. The entire Exercise Price of Common Shares issued
upon exercise of Options shall be payable in cash or cash equivalents at the
time when such Common Shares are purchased, except that the Stock Option
Agreement may specify that payment may be made in any form(s) described in this
Article 6.

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            6.2. SURRENDER OF STOCK. To the extent that this Section 6.2 is
applicable, payment for all or any part of the Exercise Price may be made with
Common Shares which are already owned by the Optionee. Such Common Shares shall
be valued at their Fair Market Value on the most recent trading day before the
date when the new Common Shares are purchased under the Plan. The Optionee shall
not surrender Common Shares in payment of the Exercise Price if such surrender
would cause the Company to recognize compensation expense with respect to the
Option for financial reporting purposes.

            6.3. EXERCISE/SALE. To the extent that this Section 6.3 is
applicable, payment may be made by the delivery (on a form prescribed by the
Company) of an irrevocable direction to a securities broker approved by the
Company to sell Common Shares and to deliver all or part of the sales proceeds
to the Company in payment of all or part of the Exercise Price and any
withholding taxes.

            6.4. EXERCISE/PLEDGE. To the extent that this Section 6.4 is
applicable, payment may be made by the delivery (on a form prescribed by the
Company) of an irrevocable direction to pledge Common Shares to a securities
broker or lender approved by the Company, as security for a loan, and to deliver
all or part of the loan proceeds to the Company in payment of all or part of the
Exercise Price and any withholding taxes.

            6.5. PROMISSORY NOTE. To the extent that this Section 6.5 is
applicable, payment may be made with a full-recourse promissory note.

            6.6. OTHER FORMS OF PAYMENT. To the extent that this Section 6.6 is
applicable, payment may be made in any other form that is consistent with
applicable laws, regulations and rules.

      ARTICLE 7.  RESTRICTED SHARES.

            7.1. TIME, AMOUNT AND FORM OF AWARDS. Each grant of Restricted
Shares under the Plan shall be evidenced by a Restricted Stock Agreement between
the recipient and the Company. Such Restricted Shares shall be subject to all
applicable terms of the Plan and may be subject to any other terms that are
consistent with the Plan. The provisions of the various Restricted Stock
Agreements need not be identical.

            7.2. PAYMENT FOR AWARDS. To the extent that an Award is granted in
the form of Restricted Shares, the Award recipient, as a condition to the grant
of such Award, may be required to pay the Company in cash or cash equivalents an
amount equal to the par value of such Restricted Shares.

            7.3. VESTING CONDITIONS. Each Award of Restricted Shares may or may
not be subject to vesting. Vesting shall occur, in full or in installments, upon
satisfaction of the conditions specified in the Stock Award Agreement. The
Committee may include among such conditions the requirement that the performance
of the Company or a business unit of the Company (as determined by the Company's
independent auditors) for a specified period of one or more years equal or
exceed a target determined in advance by the Committee. Such target

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shall be based on one or more of the criteria set forth in Schedule A. The
Committee shall determine such target not later than the 90th day of such
period. In no event shall the number of Restricted Shares which are subject to
performance-based vesting conditions and which are granted to any Participant in
a single calendar year exceed 500,000, subject to adjustment in accordance with
Article 9. A Stock Award Agreement may provide for accelerated vesting in the
event of the Participant's death, disability or retirement or other events. The
Committee may determine, at the time of granting Restricted Shares or
thereafter, that all or part of such Restricted Shares shall become vested in
the event that a Change in Control occurs with respect to the Company.

            7.4. VOTING AND DIVIDEND RIGHTS. The holders of Restricted Shares
awarded under the Plan shall have the same voting, dividend and other rights as
the Company's other stockholders. A Stock Award Agreement, however, may require
that the holders of Restricted Shares invest any cash dividends received in
additional Restricted Shares. Such additional Restricted Shares shall be subject
to the same conditions and restrictions as the Award with respect to which the
dividends were paid.

      ARTICLE 8.  STOCK APPRECIATION RIGHTS.

            8.1. TIME, AMOUNT AND FORM OF AWARDS. Each Award of a Stock
Appreciation Right under the Plan shall be evidenced by a Stock Appreciation
Rights Agreement between the recipient and the Company. Such Award shall be
subject to all applicable terms of the Plan and may be subject to any other
terms that are consistent with the Plan. The provisions of the various Stock
Appreciation Rights Agreements need not be identical.

            8.2. RIGHTS TO RECEIVE. An Award of a Stock Appreciation Right
entitles the Recipient, upon exercise, to receive in cash an amount equal to the
difference between the Fair Market Value of a Common Share on the date of grant
("Base Value") and the Fair Market Value of a Common Share on the date the Stock
Appreciation Right is exercised. The Base Value will be determined consistent
with the provisions of Article 5.3.

            8.3. CONDITIONS. Each Award of a Stock Appreciation Right may or may
not be subject to vesting. Vesting shall occur, in full or in installments, upon
satisfaction of the conditions specified in the Stock Appreciation Rights
Agreement. The Stock Appreciation Rights Agreement shall also specify the term
of the Stock Appreciation Right; provided that the term of a Stock Appreciation
right shall in no event exceed 10 years from the date of grant. A Stock
Appreciation Rights Agreement may provide for accelerated vesting in the event
of the Participant's death, disability or retirement or other events. The
Committee may determine, at the time of granting Stock Appreciation Rights or
thereafter, that all or part of such Stock Appreciation Rights shall become
vested in the event that a Change in Control occurs with respect to the Company.

            8.4. NUMBER OF STOCK APPRECIATION RIGHTS. The aggregate number of
Stock Appreciation Rights awarded under the Plan shall not exceed 1,000,000, and
in no event shall the number of Stock Appreciation Rights which are granted to
any Participant in a single calendar year exceed 500,000, subject in each case
to adjustment in accordance with Article 9. If Stock

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Appreciation Rights are forfeited or terminate for any other reason before being
exercised, they shall again become available for grant under the Plan. The
foregoing limits the number of Stock Appreciation Rights outstanding and the
Base Value thereof shall be adjusted in the same manner as the limits on the
number of Options, the number of Common Shares covered by an outstanding Option,
and the Exercise Price thereof are adjusted in accordance with Article 9.

            8.5. BUYOUT PROVISIONS. The Committee may at any time, at such terms
and conditions as it determines, buyout a Stock Appreciation Right for a payment
in Common Shares (which may or may not include Restricted Shares), Stock Options
and cash for any fractional Common Share. The value of such combination of Stock
Options, cash and Common Shares may not exceed the difference between Base Value
and Fair Market Value of a Common Share on the date of such buyout. The
Committee may, at its discretion, use Options with an Exercise Price below Fair
Market Value on date of grant to buyout Stock Appreciation Rights. If Options
are used to buyout Stock Appreciation Rights, the Exercise Price of these
Options will not be lower than the Exercise Price of the Stock Appreciation
Rights that are being bought out. For purposes of this provision, the value of
Stock Options will be determined by the Committee at its discretion.

      ARTICLE 9.  PROTECTION AGAINST DILUTION.

            9.1. ADJUSTMENTS. In the event of a subdivision of the outstanding
Common Shares, a declaration of a dividend payable in Common Shares, a
declaration of a dividend payable in a form other than Common Shares in an
amount that has a material effect on the price of Common Shares, a combination
or consolidation of the outstanding Common Shares (by reclassification or
otherwise) into a lesser number of Common Shares, a recapitalization, a spin-off
or a similar occurrence, the Committee shall make such equitable adjustments as
it, in its sole discretion, deems appropriate in one or more of (a) the number
of Options, Restricted Shares and Stock Appreciation Rights available for future
Awards under Article 3, (b) the limitations set forth in Section 5.2, (c) the
number of Common Shares covered by each outstanding Option or Stock Appreciation
Right or (d) the Exercise Price under each outstanding Option or Stock
Appreciation Right. Except as provided in this Article 9, a Participant shall
have no rights by reason of any issue by the Company of stock of any class or
securities convertible into stock of any class, any subdivision or consolidation
of shares of stock of any class, the payment of any stock dividend or any other
increase or decrease in the number of shares of stock of any class.

            9.2. DISSOLUTION OR LIQUIDATION. In the event of the proposed
dissolution or liquidation of the Company, the Committee shall notify each
Optionee as soon as practicable prior to the effective date of such proposed
transaction. The Committee in its discretion may provide for an Optionee to have
the right to exercise his or her Options until 10 days prior to such transaction
as to some or all of the Common Shares covered thereby, including Common Shares
as to which the Options would not otherwise be exercisable. In addition, the
Committee may provide that any Company repurchase option applicable to any
Shares purchased upon exercise of an Option or to any Restricted Shares shall
lapse as to some or all such Shares, provided the proposed dissolution or
liquidation takes place at the time and in the manner

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contemplated. To the extent not previously exercised, Options shall terminate
immediately prior to the consummation of such proposed action.

            9.3. REORGANIZATION. In the event that the Company is a party to a
merger or other reorganization, outstanding Options, Restricted Shares and Stock
Appreciation Rights shall be subject to the agreement of merger or
reorganization. Such agreement may provide, without limitation, for the
continuation of outstanding Awards by the Company (if the Company is a surviving
Company), for their assumption by the surviving Company or its parent or
subsidiary, for the substitution by the surviving Company or its parent or
subsidiary of its own awards for such Awards, for accelerated vesting and
accelerated expiration, or for settlement in cash or cash equivalents.

      ARTICLE 10.  AWARDS UNDER OTHER PLANS.

            The Company may grant awards under other plans or programs. Such
awards may be settled in the form of Common Shares issued under this Plan. Such
Common Shares shall be treated for all purposes under the Plan like Restricted
Shares and shall, when issued, reduce the number of Common Shares available for
the grant of Restricted Shares under Article 3.

      ARTICLE 11.  LIMITATION ON RIGHTS.

            11.1. RETENTION RIGHTS. Neither the Plan nor any Award granted under
the Plan shall be deemed to give any individual a right to remain an Employee or
Outside Director. The Company and its Parents, Subsidiaries and Affiliates
reserve the right to terminate the service of any Employee or Outside Director
at any time, with or without cause, subject to applicable laws, the Company's
certificate of inCompany and bylaws and a written employment agreement (if any).

            11.2. STOCKHOLDERS' RIGHTS. A Participant shall have no dividend
rights, voting rights or other rights as a stockholder with respect to any
Common Shares covered by his or her Award prior to the time when a stock
certificate for such Common Shares is issued or, in the case of an Option, the
time when he or she becomes entitled to receive such Common Shares by filing a
notice of exercise and paying the Exercise Price. No adjustment shall be made
for cash dividends or other rights for which the record date is prior to such
time, except as expressly provided in the Plan.

            11.3. REGULATORY REQUIREMENTS. Any other provision of the Plan
notwithstanding, the obligation of the Company to issue Common Shares under the
Plan shall be subject to all applicable laws, rules and regulations and such
approval by any regulatory body as may be required. The Company reserves the
right to restrict, in whole or in part, the delivery of Common Shares pursuant
to any Award prior to the satisfaction of all legal requirements relating to the
issuance of such Common Shares, to their registration, qualification or listing
or to an exemption from registration, qualification or listing.

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            11.4. TRANSFER. Except as expressly provided in the case of death,
only the participant may exercise any grants. The participant cannot transfer or
assign grants made under this plan. If the grant is sold or used as security for
a loan, this grant will be immediately cancelled. The participant may dispose of
this grant in a will or a beneficiary designation.

      ARTICLE 12.  WITHHOLDING TAXES.

            12.1. GENERAL. To the extent required by applicable federal, state,
local or foreign law, a Participant or his or her successor shall make
arrangements satisfactory to the Company for the satisfaction of any withholding
tax obligations that arise in connection with the Plan. The Company shall not be
required to issue any Common Shares or make any cash payment under the Plan
until such obligations are satisfied.

            12.2. SHARE WITHHOLDING. The Committee may permit a Participant to
satisfy all or part of his or her withholding or income tax obligations by
having the Company withhold all or a portion of any Common Shares that otherwise
would be issued to him or her or by surrendering all or a portion of any Common
Shares that he or she previously acquired. Such Common Shares shall be valued at
their Fair Market Value on the most recent trading day before the date when
taxes otherwise would be withheld in cash.

      ARTICLE 13.  FUTURE OF THE PLAN.

            13.1. TERM OF THE PLAN. The Plan, as set forth herein, shall become
effective on February 24, 1998. The Plan shall remain in effect until it is
terminated under Section 12.2, except that no ISOs shall be granted after
January 6, 2007.

            13.2. AMENDMENT OR TERMINATION. The Board may, at any time and for
any reason, amend or terminate the Plan. An amendment of the Plan shall be
subject to the approval of the Company's stockholders only to the extent
required by applicable laws, regulations or rules. No Awards shall be granted
under the Plan after the termination thereof. The termination of the Plan, or
any amendment thereof, shall not affect any Award previously granted under the
Plan.

      ARTICLE 14.  DEFINITIONS.

            14.1. "AFFILIATE" means any entity other than a Subsidiary, if the
Company and/or one or more Subsidiaries own not less than 50% of such entity.

            14.2. "AWARD" means any award of an Option, Stock Appreciation Right
or a Restricted Share under the Plan.

            14.3. "BOARD" means the Company's Board of Directors, as constituted
from time to time.

            14.4. "CHANGE IN CONTROL" means that:

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                  (a) 30% 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

                  (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 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 inCompany 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.

            14.5. "CODE" means the Internal Revenue Code of 1986, as amended.

            14.6. "COMMITTEE" means the Compensation Committee of the Board, as
further described in Article 2.

            14.7. "COMMON SHARE" means one share of the common stock of the
Company.

            14.8. "COMPANY" means St. Joe Company, a Florida Company.

            14.9. "EMPLOYEE" means a common-law employee of the Company, a
Parent, a Subsidiary or an Affiliate.

            14.10. "EXCHANGE ACT" means the Securities Exchange Act of 1934, as
amended.

            14.11. "EXERCISE PRICE" means the amount for which one Common Share
may be purchased upon exercise of such Option, as specified in the applicable
Stock Option Agreement.

            14.12. "FAIR MARKET VALUE" means the closing price of Common Shares,
as stated in The New York Stock Exchange Composite Transactions Report and
reported in The Wall Street Journal. If a closing price of Common Shares is not
stated in The New York Stock

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Exchange Composite Transactions Report, the Fair Market Value of Common Shares
shall be determined by the Committee in good faith on such basis as it deems
appropriate. The determination of Fair Market Value by the Committee shall be
conclusive and binding on all persons.

            14.13. "ISO" means an incentive stock option described in section
422(b) of the Code.

            14.14. "NSO" means a stock option not described in sections 422 or
423 of the Code.

            14.15. "OPTION" means an ISO or NSO granted under the Plan and
entitling the holder to purchase Common Shares.

            14.16. "OPTIONEE" means an individual or estate who holds an Option
or a Stock Appreciation Right.

            14.17. "OUTSIDE DIRECTOR" means a member of the Board who is not an
Employee. Service as an Outside Director shall be considered employment for all
purposes of the Plan other than Section 4.2.

            14.18. "PARENT" means any Company (other than the Company) in an
unbroken chain of Companys ending with the Company, if each of the Companys
other than the Company owns stock possessing 50% or more of the total combined
voting power of all classes of stock in one of the other Companys in such chain.
A Company that attains the status of a Parent on a date after the adoption of
the Plan shall be considered a Parent commencing as of such date.

            14.19. "PARTICIPANT" means an individual or estate who holds an
Award.

            14.20. "PLAN" means this St. Joe Company 1997 Stock Incentive Plan,
as amended from time to time.

            14.21. "RESTRICTED SHARE" means a Common Share awarded under the
Plan.

            14.22. "STOCK APPRECIATION RIGHT" means a grant under the Plan which
entitles a recipient to receive in cash an amount equal to the difference
between the Fair Market Value of a Common Share on the date of grant and the
Fair Market Value of a Common Share on the date the Stock Appreciation Right is
exercised.

            14.23. "STOCK APPRECIATION RIGHTS AGREEMENT" means the agreement
between the Company and an Optionee that contains the terms, conditions and
restrictions pertaining to his or her Stock Appreciation Right.

            14.24. "STOCK AWARD AGREEMENT" means the agreement between the
Company and the recipient of a Restricted Share that contains the terms,
conditions and restrictions pertaining to such Restricted Share.

                                       10
<PAGE>
            14.25. "STOCK OPTION AGREEMENT" means the agreement between the
Company and an Optionee that contains the terms, conditions and restrictions
pertaining to his or her Option.

            14.26. "SUBSIDIARY" means any Company (other than the Company) in an
unbroken chain of Companys beginning with the Company, if each of the Companys
other than the last Company in the unbroken chain owns stock possessing 50% or
more of the total combined voting power of all classes of stock in one of the
other Companys in such chain. A Company that attains the status of a Subsidiary
on a date after the adoption of the Plan shall be considered a Subsidiary
commencing as of such date.

      ARTICLE 15.  EXECUTION.

            To record the adoption of the Plan by the Board, the Company has
caused its duly authorized officer to affix the corporate name and seal hereto.

                                          ST. JOE COMPANY

                                          By  ________________________________

                                       11
<PAGE>
                                   SCHEDULE A

                              PERFORMANCE CRITERIA

Cash Flow                                    Expense Reduction

Earnings                                     Revenue Growth

Earnings per Share                           Stock Price Increase

Operating Income

Return on Assets

Return on Equity

Return on Invested Capital

Total Shareholder Return

Growth in any of the above
measures

                                       12<PAGE>
                                                                   Exhibit 10.23

                               THE ST. JOE COMPANY

                            1999 STOCK INCENTIVE PLAN

                    (AS ADOPTED EFFECTIVE FEBRUARY 23, 1999)
<PAGE>
                                TABLE OF CONTENTS

<TABLE>
<S>                                                                                    <C>
ARTICLE 1.  INTRODUCTION .........................................................      1

ARTICLE 2.  DEFINITIONS ..........................................................      1

ARTICLE 3.   ADMINISTRATION ......................................................      4
  3.1  Committee Composition .....................................................      4
  3.2  Committee Responsibilities ................................................      4

ARTICLE 4.  SHARES AVAILABLE FOR GRANTS ..........................................      4
  4.1  Basic Limitation ..........................................................      4
  4.2  Additional Shares .........................................................      4

ARTICLE 5.  ELIGIBILITY ..........................................................      5
  5.1  Nonstatutory Stock Options, Stock Appreciation Rights and Restricted Shares      5
  5.2  Incentive Stock Options ...................................................      5
  5.3  Prospective Employees .....................................................      5

ARTICLE 6.  OPTIONS ..............................................................      5
  6.1  Stock Option Agreement ....................................................      5
  6.2  Number of Shares ..........................................................      5
  6.3  Exercise Price ............................................................      5
  6.4  Exercisability and Term ...................................................      6
  6.5  Effect of Change in Control ...............................................      6
  6.6  Modification or Assumption of Options .....................................      6
  6.7  Buyout Provisions .........................................................      6

ARTICLE 7.  PAYMENT FOR OPTION SHARES ............................................      6
  7.1  General Rule ..............................................................      6
  7.2  Surrender of Stock ........................................................      6
  7.3  Exercise/Sale .............................................................      6
  7.4  Exercise/Pledge ...........................................................      7
  7.5.  Promissory Note ..........................................................      7
  7.6  Other Forms of Payment ....................................................      7

ARTICLE 8.  RESTRICTED SHARES ....................................................      7
  8.1  Time, Amount and Form of Awards ...........................................      7
  8.2  Payment for Awards ........................................................      7
  8.3  Vesting Conditions ........................................................      7
  8.4  Voting and Dividend Rights ................................................      7

ARTICLE 9.  STOCK APPRECIATION RIGHTS ............................................      8
</TABLE>
<PAGE>
<TABLE>
<S>                                                                                    <C>
  9.1  Time, Amount and Form of Awards ...........................................      8
  9.2  Rights to Receive .........................................................      8
  9.3  Conditions ................................................................      8
  9.4  Number of Stock Appreciation Rights .......................................      8
  9.5  Buyout Provisions .........................................................      8

ARTICLE 10.  PROTECTION AGAINST DILUTION .........................................      9
  10.1  Adjustments ..............................................................      9
  10.2  Dissolution or Liquidation ...............................................      9
  10.3  Reorganization ...........................................................      9

ARTICLE 11.  AWARDS UNDER OTHER PLANS ............................................      9

ARTICLE 12.  LIMITATION ON RIGHTS ................................................     10
  12.1  Retention Rights .........................................................     10
  12.2  Stockholders' Rights .....................................................     10
  12.3  Regulatory Requirements ..................................................     10
  12.4  Transfer .................................................................     10

ARTICLE 13.  WITHHOLDING TAXES ...................................................     10
  13.1  General ..................................................................     10
  13.2  Share Withholding ........................................................     10

ARTICLE 14.  FUTURE OF THE PLAN ..................................................     11
  14.1  Term of the Plan .........................................................     11
  14.2  Amendment or Termination .................................................     11

ARTICLE 15.  EXECUTION ...........................................................     11
</TABLE>

                                       ii
<PAGE>
                               THE ST. JOE COMPANY

                            1999 STOCK INCENTIVE PLAN

      ARTICLE 1.  INTRODUCTION.

            The Plan was adopted by the Board of Directors effective February
23, 1999. The purpose of the Plan is to promote the long-term success of the
Company and the creation of stockholder value by (a) encouraging Employees and
Outside Directors to focus on critical long-range objectives, (b) encouraging
the attraction and retention of Employees and Outside Directors with exceptional
qualifications and (c) linking Employees and Outside Directors directly to
stockholder interests through increased stock ownership. The Plan seeks to
achieve this purpose by providing for Awards in the form of Restricted Shares,
Options or Stock Appreciation Rights.

            The Plan shall be governed by, and construed in accordance with, the
laws of the State of Florida (excluding their choice-of-law provisions).

            Actual awards of Restricted Shares, Options, or Stock Appreciation
Rights under this Plan shall be made and documented in each case with a separate
Stock Option Agreement or Restricted Stock Agreement, as set forth in this Plan.
Each of these Stock Option Agreements and Restricted Stock Agreements may differ
one from the other. The purpose of providing separate Stock Option Agreements
and Restricted Stock Agreements is to allow the Compensation Committee the
broadest possible flexibility in tailoring specific grants for specific
individuals, consistent with this plan.

      ARTICLE 2.  DEFINITIONS.

            2.1. "AFFILIATE" means any entity other than a Subsidiary, if the
Company and/or one or more Subsidiaries own not less than 50% of such entity.

            2.2. "AWARD" means any award of an Option, Stock Appreciation Right
or a Restricted Share under the Plan.

            2.3. "BOARD" means the Company's Board of Directors, as constituted
from time to time.

            2.4. "CAUSE" means gross negligence, misconduct, nonfeasance,
material breach of employment agreement, conviction following final disposition
of any available appeal of a felony, or pleading guilty or no contest to a
felony.

            2.5.  "CHANGE IN CONTROL" means that:
<PAGE>
                  (a) 30% 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

                  (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 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.

            2.6. "CODE" means the Internal Revenue Code of 1986, as amended.

            2.7. "COMMITTEE" means the Compensation Committee of the Board, as
further described in Article 3.

            2.8. "COMMON SHARE" means one share of the common stock of the
Company.

            2.9.  "COMPANY" means The St. Joe Company, a Florida Company.

            2.10. "EMPLOYEE" means a common-law employee of the Company, a
Parent, a Subsidiary or an Affiliate, or a leased employee of the Company, a
Parent, a Subsidiary or an Affiliate.

            2.11. "EXCHANGE ACT" means the Securities Exchange Act of 1934, as
amended.

            2.12. "EXERCISE PRICE" means the amount for which one Common Share
may be purchased upon exercise of such Option, as specified in the applicable
Stock Option Agreement.

            2.13. "FAIR MARKET VALUE" means the closing price of Common Shares,
as stated in The New York Stock Exchange Composite Transactions Report and
reported in The

                                       2
<PAGE>
Wall Street Journal. If a closing price of Common Shares is not stated in The
New York Stock Exchange Composite Transactions Report, the Fair Market Value of
Common Shares shall be determined by the Committee in good faith on such basis
as it deems appropriate. The determination of Fair Market Value by the Committee
shall be conclusive and binding on all persons.

            2.14. "ISO" means an incentive stock option described in section
422(b) of the Code.

            2.15. "NSO" means a stock option not described in sections 422 or
423 of the Code.

            2.16. "OPTION" means an ISO or NSO granted under the Plan and
entitling the holder to purchase Common Shares.

            2.17. "OPTIONEE" means an individual or estate who holds an Option
or a Stock Appreciation Right.

            2.18. "OUTSIDE DIRECTOR" means a member of the Board who is not an
Employee. Service as an Outside Director shall be considered employment for all
purposes of the Plan other than Section 5.2.

            2.19. "PARENT" means any Company (other than the Company) in an
unbroken chain of Companies ending with the Company, if each of the Companies
other than the Company owns stock possessing 50% or more of the total combined
voting power of all classes of stock in one of the other Companies in such
chain. A Company that attains the status of a Parent on a date after the
adoption of the Plan shall be considered a Parent commencing as of such date.

            2.20. "PARTICIPANT" means an individual or estate who holds an
Award.

            2.21. "PLAN" means this The St. Joe Company 1997 Stock Incentive
Plan, as amended from time to time.

            2.22. "RESTRICTED SHARE" means a Common Share awarded under the
Plan.

            2.23. "STOCK APPRECIATION RIGHT" means a grant under the Plan which
entitles a recipient to receive in cash an amount equal to the difference
between the Fair Market Value of a Common Share on the date of grant and the
Fair Market Value of a Common Share on the date the Stock Appreciation Right is
exercised.

            2.24. "STOCK APPRECIATION RIGHTS AGREEMENT" means the agreement
between the Company and an Optionee that contains the terms, conditions and
restrictions pertaining to his or her Stock Appreciation Right.

            2.25. "STOCK AWARD AGREEMENT" means the agreement between the
Company and the recipient of a Restricted Share that contains the terms,
conditions and restrictions pertaining to such Restricted Share.

                                       3
<PAGE>
            2.26. "STOCK OPTION AGREEMENT" means the agreement between the
Company and an Optionee that contains the terms, conditions and restrictions
pertaining to his or her Option.

            2.27. "SUBSIDIARY" means any Company (other than the Company) in an
unbroken chain of Companies beginning with the Company, if each of the Companies
other than the last Company in the unbroken chain owns stock possessing 50% or
more of the total combined voting power of all classes of stock in one of the
other Companies in such chain. A Company that attains the status of a Subsidiary
on a date after the adoption of the Plan shall be considered a Subsidiary
commencing as of such date.

      ARTICLE 3.   ADMINISTRATION.

            3.1. COMMITTEE COMPOSITION. The Plan shall be administered by the
Compensation Committee of the Board of Directors. The Committee shall consist
exclusively of two or more outside directors of the Company, who shall be
appointed by the Board. In addition, the composition of the Committee shall
satisfy:

                  (a) Such requirements as the Securities and Exchange
Commission may establish for administrators acting under plans intended to
qualify for exemption under Rule 16b-3 (or its successor) under the Exchange
Act; and

                  (b) Such requirements as the Internal Revenue Service may
establish for outside directors acting under plans intended to qualify for
exemption under section 162(m)(4)(C) of the Code.

            3.2. COMMITTEE RESPONSIBILITIES AND AUTHORITY . The Committee shall
(a) select the Employees and Outside Directors who are to receive Awards under
the Plan, (b) determine the type, number, vesting requirements and other
features and conditions of such Awards, (c) interpret the Plan and (d) make all
other decisions relating to the operation of the Plan. The Committee may adopt
such rules or guidelines as it deems appropriate to implement the Plan. The
Committee's determinations under the Plan shall be final and binding on all
persons. The Committee has authority to grant Restricted Shares, Options, and
Stock Appreciation Rights to non-executive officers of the Company and to
Company Employees. The Committee has the authority to recommend to the Board of
Directors that a grant of Restricted Shares, Options, and/or Stock Appreciate
Rights be granted to executive officers of the Company, and the Board of
Directors has authority to approve or disapprove such recommendation from the
Committee.

      ARTICLE 4.  SHARES AVAILABLE FOR GRANTS.

            4.1. BASIC LIMITATION. Common Shares issued pursuant to the Plan may
be authorized but unissued shares or treasury shares. The aggregate number of
Options, Restricted Shares and Stock Appreciation Rights awarded under the Plan
shall not exceed 1,500,000. The limitations of this Section 4.1 shall be subject
to adjustment pursuant to Article 10.

                                       4
<PAGE>
            4.2. ADDITIONAL SHARES. If Options are forfeited or terminate for
any other reason before being exercised, then the corresponding Common Shares
shall again become available for the grant of Options and Restricted Shares
under the Plan. If Restricted Shares are forfeited, then the corresponding
Common Shares shall again become available for the grant of NSOs and Restricted
Shares (but not ISOs) under the Plan. If Stock Appreciation Rights are forfeited
or terminate for any other reason before being exercised, they shall again
become available for grant under the Plan.

      ARTICLE 5.  ELIGIBILITY.

            5.1. NONSTATUTORY STOCK OPTIONS, STOCK APPRECIATION RIGHTS AND
RESTRICTED SHARES. Only Employees and Outside Directors shall be eligible for
the grant of NSOs, Stock Appreciation Rights and Restricted Shares.

            5.2. INCENTIVE STOCK OPTIONS. Only Employees who are common-law
employees of the Company, a Parent or a Subsidiary shall be eligible for the
grant of ISOs. In addition, an Employee who owns more than 10% of the total
combined voting power of all classes of outstanding stock of the Company or any
of its Parents or Subsidiaries shall not be eligible for the grant of an ISO
unless the requirements set forth in section 422(c)(6) of the Code are
satisfied.

            5.3. PROSPECTIVE EMPLOYEES. For purposes of this Article 5, the term
"Employee" shall include a Prospective Employee who accepts a written offer of
employment from the Company, a Parent or a Subsidiary. If an ISO is granted to a
Prospective Employee, the date when his or her service as an Employee commences
shall be deemed to be the date of grant of such ISO for all purposes under the
Plan (including, without limitation, Section 6.3). No Award granted to a
prospective Employee shall become exercisable or vested unless and until his or
her service as an Employee commences.

      ARTICLE 6.  OPTIONS.

            6.1. STOCK OPTION AGREEMENT. Each grant of an Option under the Plan
shall be evidenced by a Stock Option Agreement between the Optionee and the
Company. Such Option shall be subject to all applicable terms of the Plan and
may be subject to any other terms that are consistent with the Plan. The Stock
Option Agreement shall specify whether the Option is an ISO or an NSO. The
provisions of the various Stock Option Agreements entered into under the Plan
need not be identical. Options may be granted in consideration of a cash payment
or in consideration of a reduction in the Optionee's other compensation.

            6.2. NUMBER OF SHARES. Each Stock Option Agreement shall specify the
number of Common Shares subject to the Option and shall provide for the
adjustment of such number in accordance with Article 10. Options granted to any
Optionee in a single fiscal year of the Company shall not cover more than
500,000 Common Shares, except that Options granted to a new Employee in the
fiscal year of the Company in which his or her service as an Employee first
commences shall not cover more than 750,000 Common Shares. The limitations set
forth in the preceding sentence shall be subject to adjustment in accordance
with Article 10.

                                       5
<PAGE>
            6.3. EXERCISE PRICE. Except as provided for in Article 9.5, each
Stock Option Agreement shall specify the Exercise Price; provided that the
Exercise Price shall in no event be less than 100% of the Fair Market Value of a
Common Share on the most recent trading day prior to the date of grant specified
by the Committee. For example, if the Committee approves a grant on July 15, a
Thursday, the exercise price will be equal to the closing price as of July 14, a
Wednesday. In the case of an NSO, a Stock Option Agreement may specify an
Exercise Price that varies in accordance with a predetermined formula while the
NSO is outstanding.

            6.4. EXERCISABILITY AND TERM. Each Stock Option Agreement shall
specify the date or event when all or any installment of the Option is to become
exercisable. The Stock Option Agreement shall also specify the term of the
Option; provided that the term of an Option shall in no event exceed 10 years
from the date of grant. A Stock Option Agreement may provide for accelerated
exercisability in the event of the Optionee's death, disability or retirement or
other events and may provide for expiration prior to the end of its term in the
event of the termination of the Optionee's service. A Stock Option Agreement
shall provide that the Committee reserves the right to take appropriate
disciplinary action, including the voiding of vested or nonvested stock options,
if Optionee is terminated for Cause.

            6.5. EFFECT OF CHANGE IN CONTROL. The Committee may determine, at
the time of granting an Option or thereafter, that all or part of such Option
shall become exercisable as to all Common Shares subject to such Option in the
event that a Change in Control occurs with respect to the Company.

            6.6. MODIFICATION OR ASSUMPTION OF OPTIONS. Within the limitations
of the Plan, the Committee may modify, extend or assume outstanding Options or
may accept the cancellation of outstanding Options (whether granted by the
Company or by another issuer) in return for the grant of new Options for the
same or a different number of shares and at the same or a different exercise
price. The foregoing notwithstanding, no modification of an Option shall,
without the consent of the Optionee, alter or impair his or her rights or
obligations under such Option.

            6.7. BUYOUT PROVISIONS. The Committee may at any time (a) offer to
buyout for a payment in cash or cash equivalents an Option previously granted or
(b) authorize an Optionee to elect to cash out an Option previously granted, in
either case at such time and based upon such terms and conditions as the
Committee shall establish.

      ARTICLE 7.  PAYMENT FOR OPTION SHARES.

            7.1. GENERAL RULE. The entire Exercise Price of Common Shares issued
upon exercise of Options shall be payable in cash or cash equivalents at the
time when such Common Shares are purchased, except that the Stock Option
Agreement may specify that payment may be made in any form(s) described in this
Article 7.

            7.2. SURRENDER OF STOCK. To the extent that this Section 7.2 is
applicable, payment for all or any part of the Exercise Price may be made with
Common Shares which are already owned by the Optionee. Such Common Shares shall
be valued at their Fair Market

                                       6
<PAGE>
Value on the most recent trading day before the date when the new Common Shares
are purchased under the Plan. The Optionee shall not surrender Common Shares in
payment of the Exercise Price if such surrender would cause the Company to
recognize compensation expense with respect to the Option for financial
reporting purposes.

            7.3. EXERCISE/SALE. To the extent that this Section 7.3 is
applicable, payment may be made by the delivery (on a form prescribed by the
Company) of an irrevocable direction to a securities broker approved by the
Company to sell Common Shares and to deliver all or part of the sales proceeds
to the Company in payment of all or part of the Exercise Price and any
withholding taxes.

            7.4. EXERCISE/PLEDGE. To the extent that this Section 7.4 is
applicable, payment may be made by the delivery (on a form prescribed by the
Company) of an irrevocable direction to pledge Common Shares to a securities
broker or lender approved by the Company, as security for a loan, and to deliver
all or part of the loan proceeds to the Company in payment of all or part of the
Exercise Price and any withholding taxes.

            7.5. PROMISSORY NOTE. To the extent that this Section 7.5 is
applicable, payment may be made with a full-recourse promissory note.

            7.6. OTHER FORMS OF PAYMENT. To the extent that this Section 7.6 is
applicable, payment may be made in any other form that is consistent with
applicable laws, regulations and rules.

      ARTICLE 8.  RESTRICTED SHARES.

            8.1. TIME, AMOUNT AND FORM OF AWARDS. Each grant of Restricted
Shares under the Plan shall be evidenced by a Restricted Stock Agreement between
the recipient and the Company. Such Restricted Shares shall be subject to all
applicable terms of the Plan and may be subject to any other terms that are
consistent with the Plan. The provisions of the various Restricted Stock
Agreements need not be identical.

            8.2. PAYMENT FOR AWARDS. To the extent that an Award is granted in
the form of Restricted Shares, the Award recipient, as a condition to the grant
of such Award, may be required to pay the Company in cash or cash equivalents an
amount equal to the par value of such Restricted Shares.

            8.3. VESTING CONDITIONS. Each Award of Restricted Shares may or may
not be subject to vesting. Vesting shall occur, in full or in installments, upon
satisfaction of the conditions specified in the Stock Award Agreement. The
Committee may include among such conditions the requirement that the performance
of the Company or a business unit of the Company (as determined by the Company's
independent auditors) for a specified period of one or more years equal or
exceed a target determined in advance by the Committee. Such target shall be
based on one or more of the criteria set forth in Schedule A. The Committee
shall determine such target not later than the 90th day of such period. In no
event shall the number of Restricted Shares which are subject to
performance-based vesting conditions and which are

                                       7
<PAGE>
granted to any Participant in a single calendar year exceed 500,000, subject to
adjustment in accordance with Article 10. A Stock Award Agreement may provide
for accelerated vesting in the event of the Participant's death, disability or
retirement or other events. The Committee may determine, at the time of granting
Restricted Shares or thereafter, that all or part of such Restricted Shares
shall become vested in the event that a Change in Control occurs with respect to
the Company.

            8.4. VOTING AND DIVIDEND RIGHTS. The holders of Restricted Shares
awarded under the Plan shall have the same voting, dividend and other rights as
the Company's other stockholders. A Stock Award Agreement, however, may require
that the holders of Restricted Shares invest any cash dividends received in
additional Restricted Shares. Such additional Restricted Shares shall be subject
to the same conditions and restrictions as the Award with respect to which the
dividends were paid.

      ARTICLE 9.  STOCK APPRECIATION RIGHTS.

            9.1. TIME, AMOUNT AND FORM OF AWARDS. Each Award of a Stock
Appreciation Right under the Plan shall be evidenced by a Stock Appreciation
Rights Agreement between the recipient and the Company. Such Award shall be
subject to all applicable terms of the Plan and may be subject to any other
terms that are consistent with the Plan. The provisions of the various Stock
Appreciation Rights Agreements need not be identical.

            9.2. RIGHTS TO RECEIVE. An Award of a Stock Appreciation Right
entitles the Recipient, upon exercise, to receive in cash an amount equal to the
difference between the Fair Market Value of a Common Share on the date of grant
("Base Value") and the Fair Market Value of a Common Share on the date the Stock
Appreciation Right is exercised. The Base Value will be determined consistent
with the provisions of Article 6.3.

            9.3. CONDITIONS. Each Award of a Stock Appreciation Right may or may
not be subject to vesting. Vesting shall occur, in full or in installments, upon
satisfaction of the conditions specified in the Stock Appreciation Rights
Agreement. The Stock Appreciation Rights Agreement shall also specify the term
of the Stock Appreciation Right; provided that the term of a Stock Appreciation
right shall in no event exceed 10 years from the date of grant. A Stock
Appreciation Rights Agreement may provide for accelerated vesting in the event
of the Participant's death, disability or retirement or other events. The
Committee may determine, at the time of granting Stock Appreciation Rights or
thereafter, that all or part of such Stock Appreciation Rights shall become
vested in the event that a Change in Control occurs with respect to the Company.

            9.4. NUMBER OF STOCK APPRECIATION RIGHTS. The aggregate number of
Stock Appreciation Rights awarded under the Plan shall not exceed 1,500,000, and
in no event shall the number of Stock Appreciation Rights which are granted to
any Participant in a single calendar year exceed 500,000, subject in each case
to adjustment in accordance with Article 10. If Stock Appreciation Rights are
forfeited or terminate for any other reason before being exercised, they shall
again become available for grant under the Plan. The foregoing limits the number
of Stock Appreciation Rights outstanding and the Base Value thereof shall be
adjusted in the same manner

                                       8
<PAGE>
as the limits on the number of Options, the number of Common Shares covered by
an outstanding Option, and the Exercise Price thereof are adjusted in accordance
with Article 10.

            9.5. BUYOUT PROVISIONS. The Committee may at any time, at such terms
and conditions as it determines, buyout a Stock Appreciation Right for a payment
in Common Shares (which may or may not include Restricted Shares), Stock Options
and cash for any fractional Common Share. The value of such combination of Stock
Options, cash and Common Shares may not exceed the difference between Base Value
and Fair Market Value of a Common Share on the date of such buyout. The
Committee may, at its discretion, use Options with an Exercise Price below Fair
Market Value on date of grant to buyout Stock Appreciation Rights. If Options
are used to buyout Stock Appreciation Rights, the Exercise Price of these
Options will not be lower than the Exercise Price of the Stock Appreciation
Rights that are being bought out. For purposes of this provision, the value of
Stock Options will be determined by the Committee at its discretion.

      ARTICLE 10.  PROTECTION AGAINST DILUTION.

            10.1. ADJUSTMENTS. In the event of a subdivision of the outstanding
Common Shares, a declaration of a dividend payable in Common Shares, a
declaration of a dividend payable in a form other than Common Shares in an
amount that has a material effect on the price of Common Shares, a combination
or consolidation of the outstanding Common Shares (by reclassification or
otherwise) into a lesser number of Common Shares, a recapitalization, a spin-off
or a similar occurrence, the Committee shall make such equitable adjustments as
it, in its sole discretion, deems appropriate in one or more of (a) the number
of Options, Restricted Shares and Stock Appreciation Rights available for future
Awards under Article 4, (b) the limitations set forth in Section 6.2, (c) the
number of Common Shares covered by each outstanding Option or Stock Appreciation
Right or (d) the Exercise Price under each outstanding Option or Stock
Appreciation Right. Except as provided in this Article 10, a Participant shall
have no rights by reason of any issue by the Company of stock of any class or
securities convertible into stock of any class, any subdivision or consolidation
of shares of stock of any class, the payment of any stock dividend or any other
increase or decrease in the number of shares of stock of any class.

            10.2. DISSOLUTION OR LIQUIDATION. In the event of the proposed
dissolution or liquidation of the Company, the Committee shall notify each
Optionee as soon as practicable prior to the effective date of such proposed
transaction. The Committee in its discretion may provide for an Optionee to have
the right to exercise his or her Options until 10 days prior to such transaction
as to some or all of the Common Shares covered thereby, including Common Shares
as to which the Options would not otherwise be exercisable. In addition, the
Committee may provide that any Company repurchase option applicable to any
Shares purchased upon exercise of an Option or to any Restricted Shares shall
lapse as to some or all such Shares, provided the proposed dissolution or
liquidation takes place at the time and in the manner contemplated. To the
extent not previously exercised, Options shall terminate immediately prior to
the consummation of such proposed action.

                                       9
<PAGE>
            10.3. REORGANIZATION. In the event that the Company is a party to a
merger or other reorganization, outstanding Options, Restricted Shares and Stock
Appreciation Rights shall be subject to the agreement of merger or
reorganization. Such agreement may provide, without limitation, for the
continuation of outstanding Awards by the Company (if the Company is a surviving
Company), for their assumption by the surviving Company or its parent or
subsidiary, for the substitution by the surviving Company or its parent or
subsidiary of its own awards for such Awards, for accelerated vesting and
accelerated expiration, or for settlement in cash or cash equivalents.

      ARTICLE 11.  AWARDS UNDER OTHER PLANS.

            The Company may grant awards under other plans or programs. Such
awards may be settled in the form of Common Shares issued under this Plan. Such
Common Shares shall be treated for all purposes under the Plan like Restricted
Shares and shall, when issued, reduce the number of Common Shares available for
the grant of Restricted Shares under Article 4.

      ARTICLE 12.  LIMITATION ON RIGHTS.

            12.1. RETENTION RIGHTS. Neither the Plan nor any Award granted under
the Plan shall be deemed to give any individual a right to remain an Employee or
Outside Director. The Company and its Parents, Subsidiaries and Affiliates
reserve the right to terminate the service of any Employee or Outside Director
at any time, with or without cause, subject to applicable laws, the Company's
certificate of incorporation and bylaws and a written employment agreement (if
any).

            12.2. STOCKHOLDERS' RIGHTS. A Participant shall have no dividend
rights, voting rights or other rights as a stockholder with respect to any
Common Shares covered by his or her Award prior to the time when a stock
certificate for such Common Shares is issued or, in the case of an Option, the
time when he or she becomes entitled to receive such Common Shares by filing a
notice of exercise and paying the Exercise Price. No adjustment shall be made
for cash dividends or other rights for which the record date is prior to such
time, except as expressly provided in the Plan.

            12.3 REGULATORY REQUIREMENTS. Any other provision of the Plan
notwithstanding, the obligation of the Company to issue Common Shares under the
Plan shall be subject to all applicable laws, rules and regulations and such
approval by any regulatory body as may be required. The Company reserves the
right to restrict, in whole or in part, the delivery of Common Shares pursuant
to any Award prior to the satisfaction of all legal requirements relating to the
issuance of such Common Shares, to their registration, qualification or listing
or to an exemption from registration, qualification or listing.

            12.4 TRANSFER. Except as expressly provided in the case of death,
only the participant may exercise any grants. The participant cannot transfer or
assign grants made under this plan. If the grant is sold or used as security for
a loan, this grant will be immediately cancelled. The participant may dispose of
this grant in a will or a beneficiary designation.

                                       10
<PAGE>
      ARTICLE 13.  WITHHOLDING TAXES.

            13.1. GENERAL. To the extent required by applicable federal, state,
local or foreign law, a Participant or his or her successor shall make
arrangements satisfactory to the Company for the satisfaction of any withholding
tax obligations that arise in connection with the Plan. The Company shall not be
required to issue any Common Shares or make any cash payment under the Plan
until such obligations are satisfied.

            13.2. SHARE WITHHOLDING. The Committee may permit a Participant to
satisfy all or part of his or her withholding or income tax obligations by
having the Company withhold all or a portion of any Common Shares that otherwise
would be issued to him or her or by surrendering all or a portion of any Common
Shares that he or she previously acquired. Such Common Shares shall be valued at
their Fair Market Value on the most recent trading day before the date when
taxes otherwise would be withheld in cash.

      ARTICLE 14.  FUTURE OF THE PLAN.

            14.1. TERM OF THE PLAN. The Plan, as set forth herein, shall become
effective on May 11, 1999. The Plan shall remain in effect until it is
terminated under Section 14.2, except that no ISOs shall be granted after May
10, 2009.

            14.2. AMENDMENT OR TERMINATION. The Board may, at any time and for
any reason, amend or terminate the Plan. An amendment of the Plan shall be
subject to the approval of the Company's stockholders only to the extent
required by applicable laws, regulations or rules. No Awards shall be granted
under the Plan after the termination thereof. The termination of the Plan, or
any amendment thereof, shall not affect any Award previously granted under the
Plan.

      ARTICLE 15.  EXECUTION.

            To record the adoption of the Plan by the Board, the Company has
caused its duly authorized officer to affix the corporate name and seal hereto.

                                          THE ST. JOE COMPANY

                                          By  ________________________________

                                       11
<PAGE>
                                   SCHEDULE A

                              PERFORMANCE CRITERIA

Cash Flow                                   Expense Reduction

Earnings                                    Revenue Growth

Earnings per Share                          Stock Price Increase

Operating Income

Return on Assets

Return on Equity

Return on Invested Capital

Total Shareholder Return

Growth in any of the above
measures

                                       12

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