Document:

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                                                                     EXHIBIT 4.2

                            FIRST HEALTH GROUP CORP.
                             STOCK OPTION AGREEMENT

                    THIS AGREEMENT is made and entered into as of the 18th day
of May, 1999, by and between FIRST HEALTH GROUP CORP., a Delaware corporation
(the "Company"), and JAMES C. SMITH (the "Employee").

         WHEREAS, the Employee is a valued employee of the Company and the
Company wishes to induce him to enter into an employment agreement dated as of
May 18th, 1999 (the "Employment Agreement") and to encourage him in the
performance of his duties thereunder by granting him an option to purchase
shares of common stock, $.01 par value, of the Company (the "Common Stock"); and

         WHEREAS, the Employee wishes to acquire the right to purchase shares of
Common Stock.

         NOW, THEREFORE, for good and valuable consideration, the parties
hereto, intending to be legally bound, hereby agrees as follows:

         14. Grant of Option. Subject to the provisions of Section 2 hereof and
the approval of the Company's Shareholders as required by applicable law, the
Company hereby grants to the Employee effective as of the date hereof the right,
privilege and option to purchase on the terms and conditions hereinafter set
forth up to 260,000 shares of Common Stock at an exercise price of $22.95 per
share (the "Option"). The Option is intended to be an "Incentive Stock Option"
as defined in and subject to the provisions of Section 422A of the Internal
Revenue Code of 1986, as amended (the "Code"), to the extent permitted by the
Code, and a nonstatutory option with respect to the balance.

         15. Time for Exercise of Option. Subject to the provisions of paragraph
3 and 8 hereof, the Option may be exercised by the Employee from time to time,
in whole or in part, beginning on December 31, 2001 and ending on December 31,
2007, or within such shorter period as is provided in paragraph 3 hereof.

         16. Termination of Employment.

         (f) If the Employee's employment by the Company is terminated by the
Company without cause, then, notwithstanding the provisions of paragraph 2 of
this Agreement, upon such termination of employment, the Option shall become
exercisable in full and the Employee may, for a period of 90 days following such
termination (but before expiration of the original exercise period), exercise
the Option in whole or in part.

         (g) If the Employee's employment by the Company is terminated due to
death or incapacity (as this term is defined in Employee's Employment Agreement)
or by voluntary, not for cause reasons as allowed under the Employment Agreement
then, notwithstanding Section 2 of this Agreement, the Option shall be entirely
vested and exercisable in full and Employee or his legal representative may, for
a period of two years following such termination (but before March 18, 2006, the
original exercise period), exercise the Option in whole or in part.

         (h) If (i) the Employee's employment by the Company is terminated
voluntarily by the Employee and (ii) pursuant to paragraph 2 hereof the Option
has theretofore vested, the Employee may, for a period of 30 days after the date
of the termination (but before expiration of the original exercise period),
exercise the Option, in whole or in part.

<PAGE>   2
         (i) If the Employee's employment by the Company is terminated by the
Company for cause (as such term is defined in the Employment Agreement), the
Option shall terminate on the date on which the Employee's employment is
terminated, and the Employee shall have no further rights hereunder.

         (j) The Employee acknowledges and understands that certain exercises of
the Option pursuant to this paragraph 3 may cause disqualification of the Option
as an Incentive Stock Option.

         17. Method of Exercise. The Option may be exercised by written notice
(the "Notice"), addressed and delivered to the Company (Attention: Chief
Financial Officer), specifying the number of shares of Common Stock to be
purchased and accompanied by (i) a check, or (ii) that number of shares of
Common Stock which have an aggregate fair market value as of the date of
exercise equal to the exercise price, or (iii) any combination thereof. For
purposes of this Agreement, "fair market value" of a share of Common Stock shall
mean: (i) if the Common Stock is traded on a national stock exchange on the date
of exercise of the Option, fair market value shall be the closing price reported
by the applicable composite transactions report on such day, or if the Common
Stock is not traded on such date, the mean between the closing bid-and-asked
prices thereof on that date on such exchange; (ii) if the Common Stock is traded
over-the-counter and is classified as a national market issue on the date of
exercise of the Option, fair market value shall be the last reported transaction
price quoted by the NASDAQ on that day; (iii) if the Common Stock is traded
over-the-counter and is not classified as a national market issue on the date of
exercise of the Option, fair market value shall be the mean between the last
representative bid-and-asked prices quoted by the NASDAQ on that day; or (iv) if
none of the foregoing provisions is applicable, fair market value as of the date
of exercise of the Option shall be determined by the Board of Directors in good
faith on such basis as it deems appropriate. In all cases, the determination of
fair market value shall be binding and conclusive on all persons.

         18. Delivery of Stock Certificates. The Option shall be deemed to have
been exercised upon receipt by the Company of the Notice accompanied by the
exercise price (the "Exercise Date"). The certificate representing the shares of
Common Stock purchased upon exercise of the Option shall be issued as of the
Exercise Date and delivered by the Company to the Employee free and clear of all
claims, liens and encumbrances, within five days following the Exercise Date or
as soon thereafter as practicable. As a condition to the exercise of the Option,
the Company may require the Employee to represent and warrant at the time of any
such exercise that the shares of Common Stock are being purchased for investment
purposes only, for the account of the Employee and without any intention to
distribute such shares. If the shares of Common Stock issuable upon exercise of
the Option have not previously been registered under the Securities Act of 1933,
as amended (the "Securities Act") as contemplated by this Agreement, each
certificate evidencing shares of Common Stock acquired upon exercise of the
Option shall contain on its face, or on the reverse side thereof, the following
legend:

                  "These shares have not been registered under the Securities
                  Act of 1933 or under any applicable state law. They may not be
                  offered for sale, sold, transferred, or pledged without (1)
                  registration under the Securities Act of 1933 and any
                  applicable state law, or (2) an opinion (satisfactory to the
                  corporation) that registration is not required."

         19. Registration of Shares Subject to the Option. On or before December
31, 2000, the Company will use its best efforts to:

         (iii) prepare and file with the Securities and Exchange Commission
("SEC") a registration statement with respect to the shares of Common Stock
issuable upon exercise of the Option and use its best efforts to cause such
registration statement to become effective under the Securities Act;

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         (iv) prepare and file with the SEC such amendments and supplements to
such registration statement and the prospectus used in connection therewith as
may be necessary to keep such registration statement effective until the earlier
to occur of (A) the expiration of the Option or (B) the exercise of the Option
in whole.

         20. Adjustment Provisions. If, during the term of this Agreement, there
shall be any stock dividend, stock rights distribution, stock split,
recapitalization, merger, consolidation, sale of assets, reorganization or other
similar change or transaction of or by the Company, an appropriate adjustment
shall be made to the number and kind of shares remaining to be received by the
Employee upon exercise of the Option shall, in the aggregate, be the same as if
none of the foregoing transactions had occurred.

         21. Merger, Consolidation or Sale of Assets. In the event the Company
enters into an agreement providing for (i) the sale of all or substantially all
of the assets of the Company or (ii) a merger, consolidation or reorganization
which would result in the stockholders of the Company immediately prior to such
transaction owning less than 50% of the surviving corporation, the Option shall
become exercisable in full without regard to any vesting limitations, and the
Employee shall be entitled, commencing at least ten days prior to the effective
date of such transaction, to exercise the Option in whole or in part, to the
extent not previously exercised.

         22. Withholding Obligations. In the event that the Company is required
to satisfy withholding obligations under the Code as a result of the exercise of
the Option, the Employee may request that, in lieu of withholding amounts from
the Employee's paycheck or requiring that the Employee write a check to the
Company in the amount of the withholding obligation, the Company withhold that
number of shares of Common Stock which have a fair market value (determined in
accordance with the provisions of the Plan) on the Exercise Date equal to the
amount required to be withheld.

         23. Non-Transferability. The Option is not transferable or assignable
by the Employee other than by will or by the laws of descent and distribution
and are exercisable during the lifetime of the Employee only by the Employee.

         24. Compliance with Law. By accepting the Option, the Employee agrees
for himself and his legal representative that the Company shall not be required
to deliver any shares of Common Stock upon the exercise of the Option until such
shares have been qualified for delivery under applicable securities laws and
regulations as determined by the Company or its legal counsel.

         25. Rights as a Stockholder; Not an Employment Agreement. The Employee
shall have no rights as a stockholder of the Company with respect to shares of
Common Stock subject to the Option until the Option has been exercised and
payment made as herein provided and certificates representing the shares as to
which the Option has been exercised have been delivered to the Employee. Nothing
contained in this Agreement shall be construed to be a contract of employment
between the Company and the Employee.

         26. Construction.

         (a) Successors. This Agreement and all the terms and provisions hereof
shall be binding upon and shall inure to the benefit of the parties hereto and
their respective legal representatives, heirs and successors, except as
expressly herein otherwise provided.

         (f) Entire Agreement; Modification. This Agreement contains the entire
understanding between the parties with respect to the matters referred to herein
and such agreement shall not be modified, except by written instrument signed by
the parties hereto.

         (g) Headings; Pronouns; Governing Law. The descriptive headings of the
respective sections and subsections of this Agreement are inserted for
convenience of reference only and shall not be deemed to modify or construe the
provisions which follow them. Any use of any masculine pronoun shall include the
feminine and vice-versa and any use of a singular, the plural and vice-versa, as
the context and

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facts may require. The construction and interpretation of this Agreement shall
be governed in all respects by the laws of the State of Delaware.

         (h) Notices. All communications between the parties shall be in writing
and shall be deemed to have been duly given as of the date and time of hand
delivery or three days after mailing via certified or registered mail, return
receipt requested, proper postage prepaid following or such other addresses of
which the parties shall from time to time not another:

         If to the Company:                   Chief Financial Officer
                                              First Health Group Corp.
                                              3200 Highland Avenue
                                              Downers Grove, Illinois 60515

         If to the Employee:                  James C. Smith
                                              First Health Group Corp.
                                              3200 Highland Avenue
                                              Downers Grove, Illinois  60515

         (i) Severability. Whenever possible, each provision of this Agreement
shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement or the application
thereof to any party or circumstance shall be prohibited by or invalid under
applicable law, such provision shall be ineffective to the minimal extent of
such provision or the remaining provisions of this Agreement or the application
of such provision to other parties or circumstances.

         IN WITNESS WHEREOF, the parties have executed or caused to be executed
this Agreement as of the date first above written.

                                       FIRST HEALTH GROUP CORP.

                                        By:   /s/  Thomas J. Pritzker
                                        --------------------------------
                                                    Thomas J. Pritzker

                                               /s/  James C. Smith
                                        -----------------------------------
                                                    James C. Smith

                                       4<PAGE>   1
                                                                  EXHIBIT 10.07

                     AMENDED AND RESTATED MASTER AGREEMENT
         THIS AMENDED AND RESTATED MASTER AGREEMENT (the "Agreement") is made
and entered into as of this 4th day of July, 2000, by and among THE ST. JOE
COMPANY, a Florida corporation ("St. Joe"), and GRAN CENTRAL CORPORATION, a
Florida corporation ("GCC").
         WHEREAS, GCC and St. Joe entered into that certain Master Agreement
dated as of October 26, 1999 (the "Original Agreement") under the terms of
which St. Joe and GCC agreed to enter into certain joint venture agreements on
property owned by or under contract with GCC or St. Joe and options to enter
into future joint ventures (the "Joint Venture Agreements"), as well as to
enter into certain agreements for the transition of asset management services
to GCC and the provision of property management and development services by St.
Joe for properties owned by GCC (the "Service Agreements").
         WHEREAS pursuant to that certain Distribution and Recapitalization
Agreement dated October 26, 1999 by and between St. Joe and Florida East Coast
Industries, Inc. (FEC) (the "Distribution Agreement") and subject to all the
terms and conditions set forth in the Distribution Agreement, FEC intends to
effect a Recapitalization as described therein and St. Joe intends to effect a
Distribution as described therein ("Distribution");
         WHEREAS GCC, a wholly owned subsidiary of FEC, and St. Joe (and
certain affiliates of St. Joe) intend to enter into the Service Agreements,
each of which is to become effective only upon the Distribution Date, as
defined in the Distribution Agreement ("Distribution Date");

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         WHEREAS, GCC and St. Joe have determined it is in their respective
best interests to amend and restate the Original Agreement to provide that both
GCC and St. Joe intend to only enter into the Service Agreements and not the
Joint Venture Agreements.
         NOW, THEREFORE, in consideration of the foregoing premises, and the
mutual covenants contained in this Agreement, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

                                   ARTICLE 1
                   Development of GCC and St. Joe Properties
                           [DELETED IN ITS ENTIRETY]

                                   ARTICLE 2
                               Future Development
                           [DELETED IN ITS ENTIRETY]

                                   ARTICLE 3
                       Assignment and Institutional Debt
                           [DELETED IN ITS ENTIRETY]

                                   ARTICLE 4
                                Asset Management
         4.1      On the Effective Date, GCC and St. Joe shall execute and
deliver the Amended and Restated Asset Management Agreement attached as Exhibit
F hereto.

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<PAGE>   3

                                   ARTICLE 5
                              Property Management
         5.1      On the Effective Date, GCC and St. Joe shall execute and
deliver the Property Management and Leasing Agreement substantially in the form
attached as Exhibit G hereto. Exhibit A to the Property Management and Leasing
Agreement shall be amended to include SouthPark II as a Project for which St.
Joe shall provide property management services.

                                   ARTICLE 6
                             Development Management
         6.1      On the Effective Date, GCC and St. Joe shall execute and
deliver the Development Management Services Agreement substantially in the form
attached as Exhibit H hereto. Exhibit A to the Development Management Services
Agreement shall be amended to include SouthPark II.

                                   ARTICLE 7
                               Hialeah Rail Yard
         7.1      On the Effective Date, St. Joe shall, and GCC shall cause
Florida East Coast Railway Company to execute and deliver the Florida East
Coast Railway Agreement attached as Exhibit I hereto.

                                   ARTICLE 8
                                 Consideration
         8.1      Consideration to GCC. In consideration of the execution and
delivery of this Agreement and of the Service Agreements, St. Joe shall pay to
GCC the sum of Six Million Dollars ($6,000,000) in three (3) equal annual
installments, the first installment

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being due and payable on the Effective Date and the next two installments on
the first and second anniversary of the Effective Date, respectively. In the
event St. Joe fails to pay any installment when due, and such failure continues
for a period of thirty (30) days after written notice to such effect from GCC
to St. Joe, GCC shall, in addition to its remedies at law or in equity, have
the right to offset against fees next becoming due to St. Joe, or its
affiliates, under the Property Management and Leasing Agreement referred to in
Section 5.1 hereof and the Development Management Services Agreement referred
to in Section 6.1 hereof.
         8.2      Consideration to St. Joe. In consideration of the execution
and delivery of this Agreement and the abandonment by St. Joe of its
entitlement to become a 50% joint venture partner in the properties listed on
Exhibit A to the Original Agreement, GCC shall pay to St. Joe the sum of Five
Million Three Hundred Twenty Three Thousand Four Hundred Sixty Five Dollars
($5,323,465) on the Effective Date.

                                   ARTICLE 9
                                 Miscellaneous
         9.1      Entire Agreement. This Agreement, together with the Exhibits
attached hereto, all of which are incorporated herein by reference, represents
the entire understanding and agreement between the parties with respect to the
subject matter hereof, and supersedes all other negotiations, understandings
and representations (if any) made by and between such parties which are merged
into this Agreement.
         9.2      Amendments. The provisions of this Agreement may not be
amended, supplemented, waived or changed orally, but only by a writing signed
by the party as to

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whom enforcement of any such amendment, supplement, waiver or modification is
sought and making specific reference to this Agreement.
         9.3      Severability. If any provision of this Agreement or any other
agreement entered into pursuant hereto is contrary to, prohibited by or deemed
invalid under applicable law or regulation, such provision shall be
inapplicable and deemed omitted to the extent that it is contrary, prohibited
or invalid, but the remainder hereof shall not be invalidated thereby and shall
be given full force and effect so far as possible. If any provision of this
Agreement may be construed in two or more ways, one of which would render the
provision invalid or otherwise voidable or unenforceable and another of which
would render the provision valid and enforceable, such provision shall have the
meaning which renders it valid and enforceable.
         9.4      Binding Effect. All of the terms and provisions of this
Agreement shall be binding upon, inure to the benefit of, and be enforceable by
the parties and their respective legal representatives, successors and
permitted assigns, whether so expressed or not.
         9.5      Third Parties. Unless expressly stated herein to the
contrary, nothing in this Agreement, whether express or implied, is intended to
confer any rights or remedies under or by reason of this Agreement on any
persons other than the parties hereto and their respective legal
representatives, successors and permitted assigns. Nothing in this Agreement is
intended to relieve or discharge the obligation or liability of any third
persons to any party to this Agreement, nor shall any provision give any third
persons any right of subrogation or action over or against any party to this
Agreement.

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         9.6      Headings. The headings contained in this Agreement are for
convenience of reference only, are not to be considered a part of the Agreement
and shall not limit or otherwise affect in any way the meaning or
interpretation of this Agreement.
         9.7      No Construction Against Drafter. The parties acknowledge that
this is a negotiated agreement, and that in no event shall the terms hereof be
construed against either party on the basis that such party, or its counsel,
drafted this Agreement.
         9.8      Brokers. Each of the parties represents and warrants that
such party has dealt with no broker or finder in connection with any of the
transactions contemplated by this Agreement, and, insofar as such party knows,
no broker or other person is entitled to any commission or finder's fee in
connection with any of these transactions. The parties each agree to indemnify
and hold harmless one another against any loss, liability, damage, cost, claim
or expense incurred by reason of any brokerage commission or finder's fee
alleged to be payable because of any act, omission or statement of the
indemnifying party. The provisions of this Section shall survive each
conveyance of a parcel or assignment of partnership interests, as applicable,
and the delivery of the deeds or assignments in connection therewith.
         9.9      Further Assurances. The parties hereby agree from time to
time to execute and deliver such further and other transfers, assignments and
documents and do all matters and things which may be convenient or necessary to
more effectively and completely carry out the intentions of this Agreement.
         9.10     Outside Businesses. Except as expressly prohibited by the
terms of this Agreement, nothing contained in this Agreement shall be construed
to restrict or prevent, in any manner, any party or any party's representatives
or principals from engaging in any other businesses or investments.

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         9.11     Recordation. The parties agree not to record this Agreement
or any memorandum or other evidence hereof in the public records of any
jurisdiction. Any attempt to record this Agreement or any evidence hereof shall
be deemed to be null and void and shall be deemed to be a Default under this
Agreement.
         9.12     Governing Law. This Agreement and all transactions
contemplated by this Agreement shall be governed by, and construed and enforced
in accordance with, the laws of the State of Florida.
         9.13     Enforcement Costs. If any civil action, arbitration or other
legal proceeding is brought for the enforcement of this Agreement, or because
of an alleged dispute, breach, default or misrepresentation in connection with
any provision of this Agreement, the parties shall be responsible for their own
costs and expenses including, without limitation, fees of experts and
attorneys.
         9.14     Jurisdiction and Venue. Any civil action or legal proceeding
arising out of or relating to this Agreement shall be brought in the courts of
record of the State of Florida in St. Johns County or the United States
District Court, Middle District of Florida. Each party consents to the
jurisdiction of such court in any such civil action or legal proceeding in such
court. Service of any court paper may be effected on such party by mail, as
provided in this Agreement, or in such other manner as may be provided under
applicable laws, rules of procedure or local rules.
         9.15     JURY WAIVER. IN ANY CIVIL ACTION, COUNTERCLAIM, OR
PROCEEDING, WHETHER AT LAW OR IN EQUITY, WHICH ARISES OUT OF, CONCERNS, OR
RELATES TO THIS AGREEMENT, ANY AND ALL TRANSACTIONS CONTEMPLATED HEREUNDER, THE
PERFORMANCE HEREOF, OR THE RELATIONSHIP CREATED HEREBY, WHETHER SOUNDING

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IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE, TRIAL SHALL BE TO A COURT OF
COMPETENT JURISDICTION AND NOT TO A JURY. EACH PARTY HEREBY IRREVOCABLY WAIVES
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY. ANY PARTY MAY FILE AN ORIGINAL
COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT, AS WRITTEN EVIDENCE OF
THE CONSENT OF THE PARTIES HERETO OF THE WAIVER OF THEIR RIGHT TO TRIAL BY
JURY. NEITHER PARTY HAS MADE OR RELIED UPON ANY ORAL REPRESENTATIONS TO OR BY
ANY OTHER PARTY REGARDING THE ENFORCEABILITY OF THIS PROVISION. EACH PARTY HAS
READ AND UNDERSTANDS THE EFFECT OF THIS JURY WAIVER PROVISION.
         9.16     ADVICE OF COUNSEL. EACH PARTY ACKNOWLEDGES THAT IT HAS BEEN
ADVISED BY ITS OWN COUNSEL WITH RESPECT TO THE TRANSACTIONS GOVERNED BY THIS
AGREEMENT, AND SPECIFICALLY WITH RESPECT TO THE TERMS OF SECTION 9.15, WHICH
CONCERNS THE WAIVER OF EACH PARTY'S RIGHT TO TRIAL BY JURY.
         9.17     Notices. All notices, requests, consents and other
communications required or permitted under this Agreement shall be in writing
(including electronic transmission) and shall be (as elected by the person
giving such notice) hand delivered by messenger or courier service,
electronically transmitted or mailed (airmail if international) by registered
or certified mail (postage prepaid), return receipt requested, addressed to:

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<PAGE>   9

         ST. JOE:
                  The St. Joe Company
                  c/o St. Joe Commercial, Inc.
                  David D. Fitch, President
                  Suite 400 du Pont Center
                  1650 Prudential Drive
                  Jacksonville, Florida 32207
                  Telephone:  904/396-6600
                  Telecopy:    904/396-4042

         with a copy to:
                  Robert M. Rhodes, Esq.
                  Executive Vice President and General Counsel
                  The St. Joe Company
                  1650 Prudential Drive, Suite 400
                  Jacksonville, Florida 32207

         GCC:
                  Robert W. Anestis, President
                  Gran Central Corporation
                  One Malaga Street, P.O. Drawer 1048
                  St. Augustine, Florida 32085-1048
                  Telephone:  904/826-2202
                  Telecopy:    904/826-2376

         with a copy to:
                  Heidi J. Eddins, Esq.
                  Secretary and General Counsel
                  Gran Central Corporation
                  One Malaga Street, P.O. Drawer 1048
                  St. Augustine, Florida  32085-1048

or such other addresses as any party may designate by notice complying with the
terms of this Section. Each such notice shall be deemed delivered (a) on the
date delivered if by personal delivery; (b) on the date of transmission with
confirmed answer back if by electronic transmission; and (c) on the date upon
which the return receipt is signed or delivery is refused or the notice is
designated by the postal authorities as not deliverable, as the case may be, if
mailed.
         9.18     Confidentiality. No party hereto, without the written
approval of the other party, during the period of time this Agreement is in
effect or thereafter divulge to any

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<PAGE>   10

person not a party hereto, other than its attorneys, accountants, employees and
professional advisers, any information concerning the content of this
Agreement, unless (i) such information is already known to such party or to
others not bound by a duty of confidentiality or such information becomes
publicly available through no fault of such party, (ii) the use of such
information is necessary or appropriate in making any filing or obtaining any
consent or approval, or (iii) furnishing of such information is required by
law; provided, however, that in the event of disclosure pursuant to (ii) or
(iii) hereof, such disclosing party shall agree to provide prompt written
notice to the other parties hereto prior to disclosure, if practicable, and to
disclose only that portion of the confidential information which is legally
required or otherwise necessary.
         9.19     Counterparts. This Agreement, and any document or instrument
entered into, given or made pursuant to this Agreement or authorized hereby,
and any amendment or supplement thereto may be executed in two or more
counterparts, and, when so executed, will have the same force and effect as
though all signatures appear on a single document. Any signature page of this
Agreement or of such amendment, supplement, document or instrument may be
detached from any counterpart without impairing the legal effect of any
signatures thereof, and may be attached to another counterpart identical in
form thereto but having attached to it one or more additional signatures pages.
         9.20     Survival. The provisions of this Agreement shall survive the
Distribution Date.
         9.21     Effective Date. It is the intention of GCC and St. Joe and it
is hereby agreed that the Service Agreements shall not become legally effective
unless and until the Distribution Date shall occur, as that term is described
in the Distribution Agreement

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(herein the "Effective Date"). If for any reason whatsoever the Distribution
Agreement is terminated or the Distribution does not occur, this Agreement and
the Service Agreements attached as Exhibits hereto shall be of no further force
and effect and neither GCC (including affiliates) nor St. Joe (including
affiliates) shall have any further rights or obligations hereunder.

                   [SIGNATURES APPEAR ON THE FOLLOWING PAGES]

                                      11
<PAGE>   12

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.

WITNESS:                                    GRAN CENTRAL:

                                            GRAN CENTRAL CORPORATION,
--------------------------------            a Florida corporation
Name:
     ---------------------------            By:  /s/  Heidi J. Eddins
                                               --------------------------------
--------------------------------            Name:  Heidi J. Eddins
Name:                                            ------------------------------
     ---------------------------            Title: Secretary
                                                  -----------------------------

                   [SIGNATURES APPEAR ON THE FOLLOWING PAGE]

                                      12
<PAGE>   13

  /s/ Alison D. Kennedy                     THE ST. JOE COMPANY, a Florida
--------------------------------            corporation
Name: Alison D. Kennedy
     ---------------------------            By: /s/ Robert M. Rhodes
 /s/ David Herrin                              --------------------------------
--------------------------------            Name: Robert M. Rhodes
Name:  David Herrin                              ------------------------------
     ---------------------------            Title: Executive Vice-President
                                                  -----------------------------

                                      13
<PAGE>   14

                                  EXHIBIT "A"

                                  GCC PROPERTY
                           [DELETED IN ITS ENTIRETY]

                                      14
<PAGE>   15

                                  EXHIBIT "B"

                                ST. JOE PROPERTY
                           [DELETED IN ITS ENTIRETY]

                                      15
<PAGE>   16

                                  EXHIBIT "C"

                  CORAL GABLES PARCEL AND SOUTHPARK II PARCEL
                           [DELETED IN ITS ENTIRETY]

                                      16
<PAGE>   17

                                  EXHIBIT "D"

                       FORM PROJECT PARTNERSHIP AGREEMENT
                           [DELETED IN ITS ENTIRETY]

                                      17
<PAGE>   18

                                  EXHIBIT "E"

                           ADDITIONAL GCC PROPERTIES
                           [DELETED IN ITS ENTIRETY]

                                      18
<PAGE>   19

                                  EXHIBIT "F"

                AMENDED AND RESTATED ASSET MANAGEMENT AGREEMENT

                                      19
<PAGE>   20

                                  EXHIBIT "G"

                   PROPERTY MANAGEMENT AND LEASING AGREEMENT

                                      20
<PAGE>   21

                                  EXHIBIT "H"

                   DEVELOPMENT MANAGEMENT SERVICES AGREEMENT

                                      21
<PAGE>   22

                                  EXHIBIT "I"

                      FLORIDA EAST COAST RAILWAY AGREEMENT

                                      22

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