Document:

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                                                                   EXHIBIT 10.16

                             FIRST AMENDMENT TO THE

               ST. JOE COMPANY DEFERRED CAPITAL ACCUMULATION PLAN
               (AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2002)

Pursuant to Section 9.1 of The St. Joe Company Deferred Capital Accumulation
Plan (as amended and restated effective January 1, 2002) (hereinafter called the
"Plan"), said Plan is hereby amended effective June 1, 2003, as follows:

1.    Section 2.9 is amended and restated in its entirety to read as follows:

      "2.9 "COMPENSATION"

      Means the gross base salary, commissions, and bonuses which are reported
      on IRS Form W-2; provided, however, regardless of when such remuneration
      was earned, "Compensation" does not include:

      (a) any amounts processed within pay periods which end 31 days or more
      after termination of employment,

      (b) sign-on and new hire referral bonuses,

      (c) commissions on sale of own residence,

      (d) severance pay,

      (e) payments made after the death of the Employee,

      (f) recoverable draws,

      (g) distributions from any qualified or nonqualified retirement plan, and

      (h) gratuities and tips.

      The Employer's classification of income and its determination as to the
      date paid for purposes of this paragraph shall be conclusive and binding
      on Participants. As used herein, the term "gross base salary" includes
      overtime and certain wage replacement payments such as PTO, holiday,
      bereavement, jury duty, disaster pay, volunteer pay, and military duty (in
      no event less than the amount required by Code Section 414(u)); 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)."
<PAGE>
2.    Section 6.1(a) is amended and restated in its entirety to read as follows:
      "TERMINATION OF SERVICE

      If the service of a Participant with the Employer shall be terminated for
      any reason other than death, such Participant's Account shall be paid to
      him by the Employer in a single lump sum or three (3) annual installments.
      Payment of such benefits shall be made beginning on or before the later of
      December 31 or six (6) months following termination of service. The amount
      of any lump sum distribution shall be based on the value of the
      Participant's Vested Account as of the immediately preceding Valuation
      Date. If the Participant has elected three (3) annual installments,
      payments shall be made on a date designated by the Plan Administrator.
      Each installment payment shall be equal to the amount of the Participant's
      undistributed Account as of the immediately preceding Valuation 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 may elect his distribution method on a form provided by the
      Plan Administrator for such purpose, provided, however, any such election
      for purposes of this Section shall be null and void if made less than
      twelve (12) months prior to the Participant's termination of service, 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
      Participant's Account value is $100,000 or less, it shall be paid in a
      lump sum irrespective of the Participant's election hereunder."

3.    Section 6.2 is amended and restated in its entirety to read as follows:

      "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. The minimum amount which may be
      withdrawn under this Section is $2,500 or the total balance of the
      Participant's Account, if less. Withdrawals under this Section are limited
      to one withdrawal per calendar year. 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 on Compensation
      earned or deferred during such period of suspension until the first
      payroll period beginning at least three (3) months after the withdrawal is
      received. Withdrawals shall be paid by the Employer as soon as
      administratively feasible after receipt of the Participant's election
      form."

4.    With respect to those Participants who have already begun taking
      distributions as of June 1, 2003, or have distributions pending, Section
      6.3 is hereby amended to provide that the Compensation Committee may
      authorize the Participant to receive his undistributed Account balance in
      the form of a lump sum amount or three (3) annual installments.
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5.    All of the provisions of the Plan not specifically mentioned in this
      Amendment shall be considered modified to the extent necessary to be
      consistent with the changes made in this Amendment.

IN WITNESS WHEREOF, The St. Joe Company has caused this Amendment to be
executed, effective as of the date first set forth above, by its duly authorized
officer.

                                        The St. Joe Company

Dated:     May 22, 2003                 By:     /s/ Rachelle Gottlieb
       ---------------------------          ------------------------------------
                                                Rachelle Gottlieb
                                                Vice President, Human Resources<PAGE>

                                                                   EXHIBIT 10.17

                             SECOND AMENDMENT TO THE
               ST. JOE COMPANY DEFERRED CAPITAL ACCUMULATION PLAN
               (AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2002)

Pursuant to Section 9.1 of The St. Joe Company Deferred Capital Accumulation
Plan (As Amended and Restated Effective January 1, 2002) (hereinafter the
"Plan"), said Plan is hereby amended effective as of September 8, 2005, as
follows:

1.    Article VI of the Plan is amended by the addition of Section 6.4 to read
      as follows:

      "6.4  DISTRIBUTION TO ADVANTIS PARTICIPANTS

            Notwithstanding any other provision of the Plan to the contrary, the
            sale of Advantis Real Estate Services Company ("Advantis")
            constitutes a Change of Control as defined in Internal Revenue
            Service Notice 2005-1 and a separation from service with respect to
            Participants who are employed by Advantis on September 8, 2005, and
            the value of each such Participant's vested Account shall be
            distributed to each such Participant in accordance with such
            Participant's last distribution election in effect under the Plan
            prior to September 8, 2005 or, in the absence of such election, as a
            single lump sum amount."

IN WITNESS WHEREOF, The St. Joe Company has caused this Amendment to be
executed, effective as of the date first set forth above, by its duly authorized
officer.

                                        THE ST. JOE COMPANY

Dated:     November 2, 2005             By:       /s/ Rachelle Gottlieb
       ---------------------------           ----------------------------------
                                                 Rachelle Gottlieb
                                                 Vice President, Human Resources<PAGE>
                                                                   EXHIBIT 10.18

                             THIRD AMENDMENT TO THE
               ST. JOE COMPANY DEFERRED CAPITAL ACCUMULATION PLAN
               (AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2002)

Pursuant to Section 9.1 of The St. Joe Company Deferred Capital Accumulation
Plan (as amended and restated effective January 1, 2002) (hereinafter called the
"Plan"), said Plan is hereby amended effective as of January 1, 2005, as
follows:

1.    Section 4.1 of the Plan is amended by the addition of the following
      immediately after the first sentence thereof:

      "Notwithstanding the foregoing, as permitted by IRS Notice 2005-1 and in
      accordance with procedures established by the Plan Administrator, a
      Participant may elect to defer bonus compensation earned in 2005 after
      January 1, 2005 and prior to March 15, 2005."

IN WITNESS WHEREOF, The St. Joe Company has caused this Amendment to be executed
effective as of the date first set forth above, by its duly authorized officer.

                                        THE ST. JOE COMPANY

Dated:     November 30, 2005            By:       /s/ Rachelle Gottlieb
      -------------------------------        -----------------------------------
                                                 Rachelle Gottlieb
                                                 Vice President, Human Resources<PAGE>
                                                                   EXHIBIT 10.20

                             FIRST AMENDMENT TO THE
             ST. JOE COMPANY SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
               (AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2002)

Pursuant to Section 9.1 of The St. Joe Company Supplemental Executive Retirement
Plan (as amended and restated effective January 1, 2002) (hereinafter the
"Plan"), said Plan is hereby amended effective June 1, 2003, as follows:

1.    Section 2.10 is amended and restated in its entirety to read as follows:

      "2.10 COMPENSATION

      Means the gross base salary, commissions, and bonuses which are reported
      on IRS Form W-2; provided, however, regardless of when such remuneration
      was earned, "Compensation" does not include:

      (a) any amounts processed within pay periods which end 31 days or more
      after termination of employment,

      (b) sign-on and new hire referral bonuses,

      (c) commissions on sale of own residence,

      (d) severance pay,

      (e) payments made after the death of the Employee,

      (f) recoverable draws,

      (g) distributions from any qualified or nonqualified retirement plan, and

      (h) gratuities and tips.

      The Employer's classification of income and its determination as to the
      date paid for purposes of this paragraph shall be conclusive and binding
      on Participants. As used herein, the term "gross base salary" includes
      overtime and certain wage replacement payments such as PTO, holiday,
      bereavement, jury duty, disaster pay, volunteer pay, and military duty (in
      no event less than the amount required by Code Section 414(u)); elective
      deferrals under Code Section 402(g)(3); elective deferrals to The St. Joe
      Company Deferred Capital Accumulation Plan; amounts contributed or
      deferred under
<PAGE>
      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 123(f)(4)."

2.    Section 6.1 is amended and restated in its entirety to read as follows:

      "PAYMENT UPON TERMINATION OF SERVICE

      If the service of a Participant with the Employer shall be terminated for
      any reason other than death, such Participant's vested Account shall be
      paid to him by the Employer pursuant to the terms of the election made by
      such Participant pursuant to Section 6.4. Payment of such benefits shall
      begin on or before the later of December 31 or six (6) months following
      such termination. If the Participant has elected three (3) annual
      installments, payments shall be made on a date designated by the Plan
      Administrator. The amount of any lump sum distribution or installment
      payment shall be based on the value of the Participant's vested Account as
      of the last day of the month immediately preceding the payment date."

3.    Section 6.3 is amended and restated in its entirety to read as follows:

      "MODE OF PAYMENT

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

            (a) a lump sum, or
            (b) three (3) annual installments.

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

      If payment of the Participant's Account is paid in three (3) annual
      installments, the amount of each succeeding installment shall be adjusted,
      as of the last day of the month immediately preceding the date of which
      such installment shall be paid. Such adjusted installment payment shall be
      equal to the amount of the Participant's undistributed Account as of such
      date (following adjustment as of such date in accordance with Section 4.2
      and Section 4.5) divided by the number of installments remaining to be
      paid hereunder."

4.    All of the provisions of the Plan not specifically mentioned in this
      Amendment shall be considered modified to the extent necessary to be
      consistent with the changes made in this Amendment.
<PAGE>
IN WITNESS WHEREOF, The St. Joe Company has caused this Amendment to be
executed, effective as of the date first set forth above, by its duly authorized
officer.

                                        The St. Joe Company

Dated:     May 22, 2003                 By:       /s/ Rachelle Gottlieb
       ---------------------------            ----------------------------------
                                                 Rachelle Gottlieb
                                                 Vice President, Human Resources

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