Second Amendment to The St. Joe Company Deferred Capital Accumulation Plan (DCAP)

Contract Categories: Business Finance › Modification Agreements
Summary

This amendment, effective September 8, 2005, modifies The St. Joe Company's Deferred Capital Accumulation Plan. It specifies that the sale of Advantis Real Estate Services Company is considered a Change of Control, allowing Advantis employees participating in the plan as of that date to receive distributions of their vested accounts according to their most recent distribution election, or as a lump sum if no election was made. The amendment is executed by The St. Joe Company and signed by its Vice President of Human Resources.

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EX-10.17 5 b58286sjexv10w17.txt EX-10.17 SECOND AMENDMENT TO DCAP, DATED 11/2/05 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