Second Amendment to The St. Joe Company 1999 Employee Stock Purchase Plan

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This amendment updates The St. Joe Company's 1999 Employee Stock Purchase Plan, effective January 1, 2002. It changes the rules for when eligible employees can start participating in the plan, allowing them to join on the first day of the month after becoming eligible or on the first day of any later payroll period, provided they submit the required enrollment form at least 30 days in advance. The amendment also allows for flexibility if forms are submitted late, as long as it is administratively feasible. All other plan provisions remain unchanged except as needed to align with this amendment.

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EX-10.23 3 b63654sjexv10w23.txt EX-10.23 SECOND AMENDMENT TO THE ST. JOE COMPANY 1999 EMPLOYEE STOCK PURCHASE PLAN. Exhibit 10.23 SECOND AMENDMENT TO THE ST. JOE COMPANY 1999 EMPLOYEE STOCK PURCHASE PLAN This second amendment to The St. Joe Company 1999 Employee Stock Purchase Plan (the "Plan") is made pursuant to Sections 4 and 15 thereof, and is effective as of January 1, 2002. 1. The first paragraph of Section 6 shall be amended to read in full as follows: "ELECTION TO PARTICIPATE. Once an employee becomes an Eligible Employee, that employee may become a Participant effective on the first day of the month after he or she becomes eligible, or on the first day of any later payroll period, provided that at least thirty (30) days prior to the date the payroll deductions are to begin the Eligible Employee files a properly completed Enrollment Form with the persons designated by the Compensation Committee. If an Enrollment Form is filed less than thirty (30) days prior to the date payroll deductions are to begin, the Company will accommodate such request as of the intended effective date if it is administratively feasible to do so. Such regular payroll deductions shall be subject to the provisions and limitations of Section 9. All regular payroll deductions shall be held by the Company until the funds are forwarded to the Custodian for purchase of shares." All 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. THE ST. JOE COMPANY Date: May 29, 2002 /s/ Rachelle Gottlieb --------------------------------------- By: Rachelle Gottlieb Title: Vice President, Human Resources