Document:

EX-10.6

STOCK OPTION AGREEMENT 

(Nonstatutory)

Award Details:

	 
	 

	Participant:

	 

	Plan Year:

	 

	Number of Common Shares subject to Option:

	 

	Date of Grant:

	 

	Exercise Price:

Agreement:

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

WHEREAS, the Company desires to grant, and Participant desires to receive, a nonstatutory
stock option pursuant to the terms and conditions of the Plan and this Agreement,

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

1. The Plan and Defined Terms. The provisions of the Plan and the Award Details
listed above are incorporated into this Agreement by reference. Capitalized terms used but not
defined in this Agreement or Award Details set forth above shall have the meanings ascribed to them
in the Plan.

2. Grant of Option. As of the Date of Grant, the Company hereby grants to Participant
the Option described above, subject to the terms and conditions of the Plan and this Agreement.

3. Vesting of Option. The Common Shares subject to this Option shall vest as follows:
     ; provided, however, that such vesting shall be
accelerated or delayed as a result of the first of the following events to occur:

(a) Death. If the Participant dies, the Option shall become vested in full as of the
date of the Participant’s death, and shall be exercisable by the appropriate beneficiary(ies) as
set forth herein.

(b) Disability. If the Participant becomes totally or permanently disabled (as those
terms are defined in the Company’s long-term disability plan, as in effect on the date of such
determination), the Option shall become vested in full as of the date of the disability.

(c) Corporate Event. If there is a Corporate Event (as defined below), the Option
shall become vested in full on the date of the Corporate Event.

(d) Termination for Cause. Notwithstanding any provision in this Agreement to the
contrary, if the Participant is terminated for Cause, the Company may revoke all or any part of the
Option, whether or not vested.

(e) Retirement. If the Participant retires, the Option shall continue to vest after
his or her retirement according to the terms of this Agreement so long as the Participant does not
perform services (in an employee, independent contractor or other capacity) on a substantially
full-time basis for any third party. For purposes of this Agreement, “retirement” shall mean (i)
termination of employment for other than Cause after completion of five continuous years of service
with the Company and attainment of age 55, or (ii) as otherwise determined by the Compensation
Committee. The Compensation Committee shall determine, in its sole discretion, if services are
performed on a “substantially full-time basis.”

For purposes of vesting under this Section, the Participant’s service remains “continuous” even if
the Participant goes on military leave, sick leave, or another bona fide leave of absence, if the
leave was approved by the Company in writing and if continued crediting of service is required by
the terms of the leave or by applicable law. However, the Participant must return to active work
promptly upon the termination of such approved leave or an interruption of service will be deemed
to have occurred as of the date such leave began.

4. Term of the Option. This Agreement and the Participant’s right to exercise the
vested portion of the Option shall expire on the earlier of the 10th anniversary of the
Date of Grant or the deadline specified for any of the following events:

(a) Death. If Participant dies, the Option must be exercised by the appropriate
beneficiary(ies) within 12 months after the date of death.

(b) Disability. If Participant becomes permanently or totally disabled (as those
terms are defined in the Company’s long-term disability plan, as in effect on the date of such
determination), the Option must be exercised within 12 months after the date of the disability.

(c) Corporate Event. If Participant is terminated in connection with a Corporate
Event, the Option must be exercised within 12 months after the date of termination.

(d) Other Termination of Employment. If Participant’s employment terminates for any
reason other than death, disability, retirement or in connection with a Corporate Event, the vested
portion of the Option must be exercised within 3 months after such termination.

5. Corporate Event. As used in this Agreement, “Corporate Event” means the occurrence of
any of the following events after the date of this Agreement:

(a) The consummation of a merger or similar transactions 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.

(b) The sale, transfer, exchange or other disposition of all or substantially all of the
Company’s assets.

(c) The liquidation or dissolution of the Company.

Notwithstanding the foregoing, a transaction shall not constitute a Corporate Event if its
sole purpose is 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.

6. Amendment of Employment/Severance Agreement. By executing this Agreement, the
Participant and the Company hereby agree that this Agreement constitutes an amendment of the
Participant’s employment agreement and/or severance agreement (if any) with the Company to the
effect that any provision of such employment or severance agreement that grants accelerated vesting
of stock options in the event of a “change in control” (as defined therein) shall not apply to the
options awarded under this Agreement. Participant agrees to execute any additional documentation
requested by the Company to further evidence such amendment.

7. Exercising Vested Stock Options. The following provisions apply to the exercise of
the Option:

(a) Notice of Exercise and Payment. When the Participant wishes to exercise all or a
part of the Option, Participant must notify the Company by filing a signed “Notice of Exercise” in
the form and manner prescribed by the Company. The notice will be effective when it is received by
the Company. If the Option is being exercised following Participant’s death, the notice must be
signed and filed by the beneficiary(ies) and must be accompanied by proof (satisfactory to the
Company) of each beneficiary’s right to exercise the Option. Full payment of the Exercise Price,
in a form deemed permissible by the Committee, may be required at the time of filing the notice.

(b) Restrictions on Exercise. The Company will not permit Participant to exercise any
portion of the Option if the exercise of the Option or issuance of shares at that time would
violate any applicable law, regulation or Company policy.

(c) Withholding Taxes and Stock Withholding. Participant will not be allowed to
exercise any portion of the Option unless Participant makes arrangements acceptable to the Company
to pay any withholding taxes that may be due as a result of the exercise. These arrangements may
include (i) a cash payment by the Participant, (ii) withholding Common Shares that otherwise would
be issued to the Participant upon exercise of the Option, the Fair Market Value of which equals the
minimum statutory withholding requirement, or (iii) tendering to the Company Common Shares held by
the Participant for at least six (6) months prior to the exercise of the Option. The Fair Market
Value of such Common Shares shall be determined as of the effective date of the Option exercise.

(d) Limitations on Transfer and Exercise.

(i) During Participant’s Lifetime. During the Participant’s lifetime, the Option may be
exercised only by the Participant. The Option and the rights and privileges conferred hereby shall
not be sold, pledged or otherwise transferred (whether by operation of law or otherwise) and shall
not be subject to sale under execution, attachment, levy or similar process. The Participant may,
however, transfer the Option to a trust for immediate family members if the Committee consents and
the trustee and beneficiaries of such trust agree to be bound by the terms of the Plan and the
Option.

(ii) Upon Participant’s Death. Upon Participant’s death, the Option may be transferred by
beneficiary designation, bequest, or inheritance (pursuant to the applicable state’s laws of
descent and distribution). The Option may thereafter be exercised by the personal representative
of Participant’s estate or by any person who has acquired the Option from the Participant by
beneficiary designation, bequest or inheritance.

(iii) Divorce. Regardless of any marital property settlement agreement, the Company is not
obligated to honor a notice of exercise from the Participant’s former spouse, nor is the Company
obligated to recognize the Participant’s former spouse’s interest in the Option in any other way.

(iv) After Exercise. The Participant agrees not to sell any Common Shares purchased
pursuant to the exercise of the Option if applicable laws or Company policies prohibit such a sale.

8. Company Policies. Participant agrees that he or she has read and will comply with
The St. Joe Company Insider Trading Policy and The St. Joe Company Code of Conduct. Copies of such
policies are available on the Company’s website, through the office of the Company’s Senior Vice
President of Human Resources or through the office of the Company’s General Counsel.

9. No Retention Rights. Neither the Option nor anything contained in this Agreement
shall give the Participant the right to be retained by the Company or a subsidiary of the Company
as an employee or in any other capacity. The Company and its subsidiaries reserve the right to
terminate the Participant’s service at any time, with or without Cause.

10. Compliance with Law and Regulations. The obligations of the Company hereunder are
subject to all applicable Federal and state laws and to the applicable rules, regulations and other
requirements of the Securities and Exchange Commission, any stock exchange upon which the Common
Stock is then listed and any other government or regulatory agency. The Company shall not be
required to transfer any Common Shares pursuant to the exercise of the Option prior to (a) the
listing of the Common Shares on any such stock exchange and (b) the completion of any registration
or qualification of such Common Shares under any Federal or state law, or any rule, regulation or
other requirement of any government or regulatory agency which the Company shall, in its sole
discretion, determine to be necessary or advisable. In making such determination, the Company may
rely upon an opinion of counsel for the Company. The Participant shall not have the right to
compel the Company to register or qualify the Common Shares subject to the Option under Federal or
state securities laws.

11. Regulation by the Committee. This Agreement and the Option shall be subject to
such administrative procedures and rules as the Committee shall adopt. All decisions of the
Committee upon any question arising under the Plan or under this Agreement shall be conclusive and
binding upon the Participant.

12. Adjustments. In the event of a stock split, a stock dividend or any other event
described in the Article of the Plan entitled “Protection Against Dilution,” the number of Common
Shares subject to the Option and the applicable Exercise Price may be adjusted pursuant to the Plan
if deemed appropriate by the Committee in its sole discretion.

13. Applicable Law. This Agreement will be interpreted and enforced under the laws of
the State of Florida.

14 . Participant’s Access to the Plan. The Participant may obtain an additional copy
of the Plan by contacting The St. Joe Company Human Resources Department in Jacksonville, Florida.

This Agreement and the Plan constitute the entire understanding between Participant and the
Company regarding the Option. Any prior agreements, commitments or negotiations concerning this
award are superseded. This Agreement may be amended only by another written agreement, signed by
both parties.

PARTICIPANT

	 	 	 	 	 
	Date __________________
	 	 	—	 
	 
	 	Participant Signature

	 
	 	THE ST. JOE COMPANY
	Date __________________
	 	By: ________________________________

	 
	 	Name:  _____________________________

	 
	 	Title: _______________________________EXHIBIT 10.1

 

 

 

7/06 AMENDMENT TO CREDIT AGREEMENT

effective as of July 31, 2006

 

amending the

8/05 AMENDED AND RESTATED SENIOR SECURED CREDIT AGREEMENT

dated as of August 1, 2005

 

by and among

 

HOMEBANC CORP.

and

HOMEBANC MORTGAGE CORPORATION

 

and

 

JPMORGAN CHASE BANK, N.A.

as Administrative Agent, Collateral Agent and a Lender,

and

the other Lender(s) parties thereto

 

KEYBANK NATIONAL ASSOCIATION

as Syndication Agent

 

COMMERZBANK, A.G., NEW YORK BRANCH and GRAND CAYMAN BRANCH,

U.S. BANK NATIONAL ASSOCIATION,

BNP PARIBAS

and

UNITED OVERSEAS BANK LIMITED, NEW YORK AGENCY

as Documentation Agents

 

J.P. MORGAN SECURITIES INC.

Sole Bookrunner

and Lead Arranger

 

$500,000,000 Senior Secured Revolving Credit

 

 

 

 

Index of Defined Terms

Page

 

 

 

	
            7/06 Amendment
 	
            1
 
	
            7/06 Amendment Effective Date
 	
            1
 
	
            8/05 Credit Agreement
 	
            1
 
	
            Agent
 	
            1
 
	
            Amendment
 	
            1
 
	
            Companies
 	
            1
 
	
            Company
 	
            1
 
	
            Current Credit Agreement
 	
            1
 
	
            HC
 	
            1
 
	
            HMC
 	
            1
 
	
            JPMorgan
 	
            1
 
	
            Lenders
 	
            1
 

 

 

Table of Contents

(continued)

Page

 

 

 

 

	
            1
 	
            DEFINITIONS
 	
            2
 
	
            7
 	
            COLLATERAL
 	
            2
 
	
            8
 	
            CONDITIONS PRECEDENT
 	
            2
 
	
            9
 	
            REPRESENTATIONS
 	
            3
 
	
            16
 	
            MISCELLANEOUS
 	
            3
 

 

 

 

 

 

7/06 AMENDMENT TO CREDIT AGREEMENT

 

Preamble

 

This 7/06 Amendment to Credit Agreement (the “7/06 Amendment” or, within itself only, this “Amendment”) effective as of July 31, 2006 (the “7/06 Amendment Effective Date”) amending (for the fourth time) the 8/05 Amended and Restated Senior Secured Credit Agreement (the “8/05 Credit Agreement” and as it may be supplemented, amended or restated, the “Current Credit Agreement”), executed as of August 1, 2005, among:

 

(i)  HOMEBANC CORP., a Georgia corporation (“HC”), its wholly-owned subsidiary, HOMEBANC MORTGAGE CORPORATION, a Delaware corporation (“HMC” HC and HMC being sometimes referred to individually as a “Company” and together as the “Companies”), each having its principal office at 2002 Summit Boulevard, Suite 100, Atlanta, Georgia  30319;

 

(ii)  JPMORGAN CHASE BANK, N.A. (“JPMorgan”), a national banking association, acting herein as a Lender and agent and representative of the other Lenders (in that capacity JPMorgan is called the “Agent”); and

 

(iii)  such other Lenders as may from time to time be party to this Agreement (together with JPMorgan as a lender, the “Lenders”).

 HOUSTON: 007002.04171: 1100766v4

 

Each of the parties hereto recites and provides as follows:

 

Recitals

 

The Companies have asked the Lenders and the Agent to extend the stated Maturity Date to October 31, 2006, and the Lenders and the Agent have agreed to do so on the terms and subject to the conditions of this Amendment.

 

All capitalized terms used in the 8/05 Credit Agreement and used but not defined differently in this Amendment have the same meanings here as there.

 

The Sections of this Amendment are numbered to correspond with the numbers of the Sections of the 8/05 Credit Agreement amended hereby and are accordingly often nonsequential.

 

If there is any conflict or inconsistency between (i) these recitals and the following agreements; (ii) any of the terms or provisions of any of the other Facilities Papers and this Amendment; or (iii) any provision of this Amendment and any later supplement, amendment, restatement or replacement of it then in each case the latter shall govern and control.

 

Agreements

 

In consideration of the premises, the mutual agreements stated below and other good and valuable consideration paid by each party to each other party to this Amendment, the receipt and sufficiency of which each hereby acknowledges, the parties hereby agree as follows:

 

 

 

 

1    DEFINITIONS

	
             
  	
            1.1.
 	
            Defined Terms.  
 

A.           The following new definitions are added to Section 1.2 of the Current Credit Agreement, in alphabetical order (except where otherwise specified).

 

“7/06 Amendment” means the 7/06 Amendment to Credit Agreement effective as of July 31, 2006, amending this Agreement.

 

“7/06 Amendment Effective Date” means July 31, 2006, the effective date of the 7/06 Amendment.

 

B.          Effective from and after the 7/06 Amendment Effective Date, the following definition is amended to read as follows:

“Maturity Date” means October 31, 2006, or the earlier date (the “Acceleration Date”), if any, to which maturity of the Senior Credit Notes is accelerated pursuant to this Agreement, by order of any Governmental Authority or by operation of law.

 

7    COLLATERAL

 

The provisions of Section 7.1 of the 8/05 Credit Agreement are not otherwise amended hereby.  Cumulative of such existing provisions, as security for the payment of the Loan and for the payment and performance of all of the Obligations, each Company hereby GRANTS to the Agent (as agent and representative of the Lenders) a first priority security interest in all of such Company’s present and future estate, right, title and interest in and to the Collateral, in addition to and cumulative of the security interests in the Collateral granted to the Agent in the 8/05 Credit Agreement and in prior amendments, and the parties hereby declare and confirm that all such security interests were and are granted to and held by the Agent (as agent and representative of the Lenders.)

 

8    CONDITIONS PRECEDENT

 

Section 8 of the 8/05 Credit Agreement is further amended by adding the following new Section 8.6 to the end of Section 8, viz.:

 

8.5          Borrowings After the 7/06 Amendment Effective Date.  In addition to the conditions precedent stated in Sections 8.1, 8.2, 8.3, 8.4 and 8.5 above, the obligations of the Lenders to fund and the Agent to disburse any Advances under this Agreement after the 7/06 Amendment Effective Date are subject to the condition precedent that the Agent shall have received:

 

(a)          the 7/06 Amendment, duly executed by each Company, the Agent and all Lenders; 

 

2

 

 

 

(b)          a certificate of each Company’s corporate secretary or assistant secretary (i) as to the incumbency of the officers of such Company executing the 7/06 Amendment and all other Facilities Papers executed or to be executed by or on behalf of such Company in connection with the 7/06 Amendment, (ii) as to the authenticity of their signatures (specimens of their signatures shall be included in such certificate or set forth on an exhibit attached to it, and the Agent and the Lenders shall be entitled to rely on that certificate until such Company has furnished a new certificate to the Agent) and (iii) that there have been no amendments to the Company’s certificate of incorporation or bylaws since March 31, 2006; 

 

	
             
 	
            (c)
 	
            a fee of $1,500 for the account of each Lender; and
 

 

	
             
  	
            (d)
 	
            such other documents, if any, as shall be specified by the Agent.
 

9    REPRESENTATIONS

 

Each Company hereby republishes its warranties and representations made in the 8/05 Credit Agreement effective (except as to those specified to relate only to a specific date) as of the 7/06 Amendment Effective Date.

 

16  MISCELLANEOUS

 

A.          This Amendment will become effective if and when it shall have been executed (in one or more counterparts) by the Companies, the Agent and Required Lenders (even if not all Lenders execute it.)

 

	
             
 	
            B.
 	
            Section 16.11 is amended to read as follows:
 

 

16.11     Notice Pursuant to Tex. Bus. & Comm. Code §26.02.  THE 8/05 CREDIT AGREEMENT, AS AMENDED BY THE 9/05 AMENDMENT, THE 12/05 AMENDMENT, THE 5/06 AMENDMENT AND THE 7/06 AMENDMENT, AND THE OTHER FACILITIES PAPERS TOGETHER CONSTITUTE A WRITTEN LOAN AGREEMENT WHICH REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

(The remainder of this page is intentionally blank; signature pages follow.)

 

3

 

 

 

EXECUTED as of the 7/06 Amendment Effective Date.

 

HOMEBANC CORP.

 

By:  /s/ JAMES L. KRAKAU                                      

Name:  James L. Krakau                                          
    

Title:    Senior Vice President                                      

 

HOMEBANC MORTGAGE CORPORATION

 

By:  /s/ JAMES L. KRAKAU                                      

Name:  James L. Krakau                                          
    

Title:    Senior Vice President                                      

 

Unnumbered counterpart signature page to 7/06 Amendment to Credit Agreement among

HomeBanc Corp., HomeBanc Mortgage Corporation, JPMorgan Chase Bank, N.A., et al.

 

 

 

JPMORGAN CHASE BANK, N.A.

as the Agent and as a Lender

 

 

By:  /s/ MICHAEL W. NICHOLSON                        

Name:  Michael W. Nicholson                                    

Title:    Senior Vice President                                      

 

Unnumbered counterpart signature page to 7/06 Amendment to Credit Agreement among

HomeBanc Corp., HomeBanc Mortgage Corporation, JPMorgan Chase Bank, N.A., et al.

 

 

 

COMMERZBANK AKTIENGESELLSCHAFT

NEW YORK AND GRAND CAYMAN BRANCHES

	
             
 	
            as a Lender
 

 

 

By:  /s/ ARNDT E. BRUNS                                        

Name:  ARNDT E. BRUNS                                        

Title:    Vice President                                          
      

 

 

By:  /s/ GERARD A. ARAW                                      

Name:  Gerard A. Araw                                          
    

Title:    Assistant Treasurer                                          

 

Unnumbered counterpart signature page to 7/06 Amendment to Credit Agreement among

HomeBanc Corp., HomeBanc Mortgage Corporation, JPMorgan Chase Bank, N.A., et al.

 

 

 

KEYBANK NATIONAL ASSOCIATION, 

as a Lender

 

 

By:  /s/ PAUL HENSON                                          
  

Name:  Paul Henson                                          
          

Title:    Executive Vice President                                

 

Unnumbered counterpart signature page to 7/06 Amendment to Credit Agreement among

HomeBanc Corp., HomeBanc Mortgage Corporation, JPMorgan Chase Bank, N.A., et al.

 

 

 

U.S. BANK NATIONAL ASSOCIATION, 

as a Lender

 

 

By:  /s/ WILLIAM J. UMSCHEID                              

Name:  WILLIAM J. UMSCHEID                              

Title:    Vice President                                          
      

 

Unnumbered counterpart signature page to 7/06 Amendment to Credit Agreement among

HomeBanc Corp., HomeBanc Mortgage Corporation, JPMorgan Chase Bank, N.A., et al.

 

 

 

BNP PARIBAS, 

as a Lender

 

 

By:  /s/ LAURENT VANDERWIPE                          

Name:  LAURENT VANDERWYPE                        

Title:    Managing Director                                          

 

By:  /s/ MARGUERITE L. LEBON                            

Name:  MARGUERITE L. LEBON                            

Title:    Vice President                                          
      

 

 

Unnumbered counterpart signature page to 7/06 Amendment to Credit Agreement among

HomeBanc Corp., HomeBanc Mortgage Corporation, JPMorgan Chase Bank, N.A., et al.

 

 

 

UNITED OVERSEAS BANK LIMITED

NEW YORK AGENCY, 

as a Lender

 

 

By:  /s/ GEORGE LIM                                          
      

Name:  George Lim                                          
          

Title:    FVP & General Manager                                

 

 

By:  /s/ MARIO SHENG                                          
  

Name:  Mario Sheng                                          
          

Title:    AVP                                          
                      

 

Unnumbered counterpart signature page to 7/06 Amendment to Credit Agreement among

HomeBanc Corp., HomeBanc Mortgage Corporation, JPMorgan Chase Bank, N.A., et al.

 

 

 

FIRST COMMERCIAL BANK, 

NEW YORK AGENCY,

as a Lender

 

 

By:  /s/ BRUCE JU                                          
            

Name:  Bruce Ju                                          
                

Title:    V.P. & General Manager                                

 

 

Unnumbered counterpart signature page to 7/06 Amendment to Credit Agreement among

HomeBanc Corp., HomeBanc Mortgage Corporation, JPMorgan Chase Bank, N.A., et al.

 

 

 

BANK HAPOALIM B.M.,

as a Lender

 

 

By:  /s/ JAMES P. SURLESS                                      

Name:  JAMES P. SURLESS                                      

Title:    VICE PRESIDENT                                        

 

 

By:  /s/ CHARLES MCLAUGHLIN                          

Name:  CHARLES McLAUGHLIN                            

Title:    SENIOR VICE PRESIDENT                          

 

 

 

Unnumbered counterpart signature page to 7/06 Amendment to Credit Agreement among

HomeBanc Corp., HomeBanc Mortgage Corporation, JPMorgan Chase Bank, N.A., et al.

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