Exhibit
10.100


 


Bluegreen
Corporation 


2011
Long Term Incentive Plan



    	 



    	 



    

BLUEGREEN CORPORATION

2011 LONG TERM INCENTIVE PLAN


1.                 
Purpose. The Bluegreen Corporation 2011 Long Term Incentive Plan (the “Plan”) is designed to provide
certain members of senior management of Bluegreen Corporation (together with its successors and assigns, the “Company”)
incentives that are based on the achievement of certain financial targets and available free cash relating to the Covered Businesses.
The ultimate purpose of the Plan is to motivate and retain senior management and to strengthen their commitment to the Company
and its Covered Businesses by providing additional compensation in the form of bonus payments payable under, and subject to the
terms and conditions of, the Plan and, in doing so, align the interests of senior management with the interests of the Shareholders.
The adoption of the Plan as it relates to any Performance-Based Compensation payable to Covered Employees in respect of Performance
Periods beginning on or after January 1, 2012 is subject to the approval of the Shareholders.


2.                 
Administration.


2.1.           
The Plan shall be administered by the Committee. Each member of the Committee shall be
an “outside director” within the meaning of Section 162(m). For purposes of the preceding sentence, if one or
more members of the Committee is not an “outside director” within the meaning of Section 162(m) but recuses himself
or herself or abstains from voting with respect to a particular action taken by the Committee, then the Committee, with respect
to that action, shall be deemed to consist only of the members of the Committee who have not recused themselves or abstained from
voting.


2.2.           
The Committee shall have full authority (a) to designate who shall participate in
the Plan, (b) to establish the Sharing Percentage for each Participant under the Plan, (c) to
establish, amend and rescind the rules and regulations relating to the Plan, (d) to interpret the Plan and any rules and regulations
established hereunder and (e) to make all other determinations and to take all other actions necessary or appropriate for the proper
administration of the Plan. The Committee’s administration of the Plan, including all rules
and regulations, interpretations, selections, determinations, approvals, decisions, adjustments, revisions, amendments, exceptions,
waivers, delegations and all other actions, shall be final, binding and conclusive on all Participants, the Company and all other
persons having or claiming an interest in the Plan. Notwithstanding the foregoing, the Committee shall not take an action regarding
the Plan for the sole purpose of reducing a payment that would have otherwise been made under the Plan to any Participant.


2.3.           
The Committee may exercise its discretion under the Plan, and with respect to the payments made hereunder, only to the extent
permitted under Section 162(m) without adversely affecting the treatment of any payment hereunder to a Covered Employee as
Performance-Based Compensation. The Committee shall not be authorized to increase the amount payable to a Covered Employee under
the Plan.



    	 



    	 



    



2.4.           The Committee may, any time prior to the final determination of payments in respect of any Performance Period
to the extent permitted under Section 162(m) without adversely affecting the treatment of the payment hereunder to a Covered
Employee as Performance-Based Compensation, adjust Cumulative Adjusted EBITDA or Cumulative Net Free Cash to reflect the impact
of (a) specified corporate transactions, (b) special charges, (c) foreign currency effects, (d) accounting or tax changes, (e)
other extraordinary or nonrecurring events and (f) the Company’s commencement of or engagement in Non-Covered Businesses.
The Committee may also, in its discretion, establish the manner in which Adjusted EBITDA, Cumulative Target Adjusted EBITDA and
Cumulative Net Free Cash and their component definitions will be measured against performance with respect to any Performance Period
(including to reflect the Company’s commencement of or engagement in Non-Covered Businesses), by the date which is 90 days
after the commencement of the relevant Performance Period, and in any event while the performance relating to such targets remains
substantially uncertain.

3.                 
  Point System. With respect to each Performance Period there shall initially be 100 Points available to be allocated
  to Participants hereunder (the “Initial Point Cap”). Each “Point” is a notional unit representing
  a fractional interest in an LTIP Bonus Amount created hereunder. The Committee may allocate whole or fractional Points (or both)
  and shall be under no obligation to allocate all Points constituting the Initial Point Cap. With respect to any Performance Period,
  the Committee may increase the number of Points available to be allocated (but not beyond 120) through the issuance of additional
  Award Agreements pursuant to Section 4.2 that relate to newly issued Points. With respect to any Performance Period, the greater
  of 100 Points and the number of Points outstanding after the issuance of newly issued Points pursuant to Section 4.2 shall be referred
  to as the “Applicable Point Cap.” A Participant’s “Sharing Percentage” with respect
  to any Performance Period shall mean the number of Points allocated to that Participant for such Performance Period divided by
  the Applicable Point Cap, expressed as a percentage. In no event shall the allocation of Points result in Participants in the aggregate
  holding Sharing Percentages in excess of 100%, nor shall the number of Points allocated to any one Participant entitle that Participant
to a Sharing Percentage in excess of 40%.


4.                 
Participation. 


4.1.           
Beginning of Performance Year Awards. Within the first 90 days of each Performance Period or, with respect to the
2011 Performance Period, within the first 90 days following the Effective Date, the Committee shall prepare and deliver an Award
Agreement to each individual designated to participate in the Plan for that Performance Period. To become a Participant in the
Plan, an individual so designated must execute an Award Agreement and deliver it to the Company. The Award Agreement for a Participant
shall state the number of Points allocated to such Participant for such Performance Period, which Points, once awarded, may not
be reduced with respect to such Performance Period notwithstanding any provision of this Plan to the contrary.


4.2.           
Mid-Performance Year Awards. With respect to any Performance Period, the Committee may deliver an Award Agreement
at any time following the Initial Allocation Date to an individual who (i) was not employed by the Company on the Initial Allocation
Date or (ii) is not a Covered Employee and the capacity in which such individual is employed has changed since the Initial Allocation
Date. Any Points allocated under any such Award Agreement may be newly issued Points or previously issued Points that were forfeited
pursuant to Section 7, provided that no more than 20 newly issued Points in the aggregate may be allocated in any Performance Period.



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5.                 
LTIP Bonus Amounts.


5.1.           
Annual LTIP Bonus Amounts. At the end of each Performance Period other than any Performance Period that ends on or
as of the month end immediately prior to the effective time of a Liquidity Event, a maximum aggregate annual bonus amount will
be established by multiplying the Average Award Percentage by Cumulative Net Free Cash and subtracting from that result Cumulative
Pre-Liquidity Event Award Redemptions (each, an “Annual LTIP Bonus Amount”). Notwithstanding the foregoing,
if the calculation described in this Section 5.1 results in an amount less than $0, the Annual LTIP Bonus Amount for such Performance
Period shall be $0.


5.2.           
Liquidity Event Bonus Amount. Upon a Liquidity Event, a maximum aggregate bonus amount will be established by multiplying
the Average Award Percentage by any excess of the Realization Value over the Base Value and subtracting from that result Cumulative
Pre-Liquidity Event Award Redemptions (the “Liquidity Event Bonus Amount”). Notwithstanding the foregoing, if
the calculation described in this Section 5.2 results in an amount less than $0, the Liquidity Event Bonus Amount shall be $0.


5.3.           
Undistributed Amounts. Any portion of an LTIP Bonus Amount that is not distributable to Participants because the
sum of the Sharing Percentages or Average Sharing Percentages in respect of such LTIP Bonus Amount is less than 100% shall be forfeited
and no Participant shall have any right to any such portion.


6.                 
Level of Participation in LTIP Bonus Amounts.


6.1.           
Annual LTIP Bonus Amounts. Subject to Sections 7 and 8, each Participant shall be entitled to a payment from each
Annual LTIP Bonus Amount in an amount equal to such Participant’s Sharing Percentage of such Annual LTIP Bonus Amount.


6.2.           
Liquidity Event Bonus Amount. Subject to Sections 7 and 8, each Participant shall be entitled to a payment from the
Liquidity Event Bonus Amount in an amount equal to such Participant’s Average Sharing Percentage of such Liquidity Event
Bonus Amount.


7.                 
Entitlement to Payment.


7.1.           
Active Employment Requirement. Notwithstanding anything herein to the contrary, no Participant shall have any right
to receive any portion of (i) any Annual LTIP Bonus Amount if such Participant has experienced a Separation from Service with the
Company for any reason on or before the date on which the applicable Annual LTIP Bonus Amount is paid or (ii) any Liquidity Event
Bonus Amount if such Participant has experienced a Separation from Service with the Company for any reason before the effective
time of the Liquidity Event; provided, that if the Participant experiences a Separation from Service on account of his or her death
or Disability (y) on or after the end of the applicable Performance Period (with respect to an Annual LTIP Bonus Amount) or (z)
on or after the Company has entered into and the Board of Directors has approved an agreement or contract specifically related
to and within 12 months thereof resulting in a Liquidity Event (with respect to a Liquidity Event Bonus Amount), then such LTIP
Bonus Amount will be payable notwithstanding such Participant’s Separation from Service.



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7.2.           
Forfeitures. If a Participant forfeits all or any portion of the Participant’s rights to payment of any portion
of any LTIP Bonus Amount pursuant to Section 7.1 or for any other reason, such Participant’s interest in such LTIP Bonus
Amount shall revert to the Company. No Participant shall have any right to or interest in any amounts that would have been payable
to any other Participant under the Plan if such amounts are forfeited by such other Participant or otherwise not paid to such other
Participant for any reason.


8.                 
Form and Timing of Payment.


8.1.           
Form. Payments to Participants from any LTIP Bonus Amount shall be in the following forms, in each case less any
required withholding of taxes:


8.1.1.     
In the case of payments in respect of an Annual LTIP Bonus Amount, cash payable in a single lump sum.


8.1.2.     
In the case of payments from a Liquidity Event Bonus Amount, in the same form of consideration, in the same ratios and on
the same terms as the consideration received by the Company or the Shareholders, as applicable, in connection with the Liquidity
Event; provided that, to the extent cash distributions from such Liquidity Event Bonus Amount are insufficient, after taking into
account any income or employment taxes withheld “at the source” from such amounts, to pay what the Committee reasonably
estimates to be each Participant’s federal, state and local income, employment and excise tax obligation (if any) with respect
to the Liquidity Event Bonus Amount, the amount of any such insufficiency shall be distributed to each affected Participant in
cash when such amounts would have otherwise been distributed pursuant to Section 8.2.2 and deducted from the non-cash consideration
otherwise distributable to such Participant.


8.2.           
Timing.


8.2.1.     
Participants shall not receive payments from any Annual LTIP Bonus Amount until (a) the calculation of the amount of the
payments themselves and all other calculations ancillary to the calculation of such payments have been audited and verified by
an outside third party retained by the Committee, (b) the distribution of payments has been finally authorized by the Board of
Directors of the Company (the “Board”) or, if so designated by the Board, the Committee and (c) each individual
award to be paid to Participants has been formally ratified and certified by the Committee in writing. The Committee shall be required
to take the actions described in the foregoing clauses (a), (b) and (c) by no later than June 30 of the calendar year following
the Performance Period to which the performance relates. In all cases, the Annual LTIP Bonus Amount will be paid in the calendar
year following the Performance Period to which the performance relates.


8.2.2.     
Participants shall receive consideration from a Liquidity Event Bonus Amount at the same time consideration in respect of
the Liquidity Event is delivered to Shareholders.



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8.3.           
Clawback. In addition to the authority to require reimbursement under applicable law of amounts paid under the Plan,
the Committee has the sole and absolute authority to require that each Participant reimburse the Company for all or any portion
of amounts paid from an Annual LTIP Bonus Amount if, during the three-year period starting on the date of payment or the date of
the first installment, as applicable, with respect to the relevant Annual LTIP Bonus Amount, there is an audit or other re-examination
of the accounting and calculations that results in a material restatement of the Covered Businesses’ combined financial statements
or similar accounting treatment, which material restatement was caused by accounting error, financial reporting error, fraud, misrepresentation
or similar circumstances determined in the Committee’s discretion, and would have resulted in an Annual LTIP Bonus Amount
that is less than 95% of the original Annual LTIP Bonus Amount. Amounts paid to Participants from an Annual LTIP Bonus Amount that
would not have been paid based on such restatement are referred to herein as “Overpayments.” If reimbursement
is required pursuant to this Section 8.3, the Company will first debit any Overpayments from all future amounts payable to the
Participant under the Plan; provided that if the Committee reasonably determines in good faith that no further amounts are likely
to be paid pursuant to the Plan sufficient to recover all Overpayments, it may require reimbursement by the Participant of such
determined insufficiency of Overpayments at such time, to the extent permitted under applicable law. If such material restatement
would have resulted in an Annual LTIP Bonus Amount that is more than 105% of the original Annual LTIP Bonus Amount (referred to
herein as “Underpayments”), then such Underpayments will be paid in cash in a lump sum to the extent of positive
Cumulative Net Free Cash in any future Performance Period (after deducting any Annual LTIP Bonus Amounts payable in respect of
such Performance Period) to the individuals who were Participants with respect to the relevant Performance Period, subject to Section
7.1.


9.                 
Effect of Change in Control. Upon a Change in Control, notwithstanding any other provision of the Plan: (a) the Committee
(or its successor) in consultation with Participants holding a majority of the Average Sharing Percentages shall take such action
as it deems necessary in good faith to equitably adjust the applicable performance targets under the Plan to reflect the effects
(if any) of the transaction or transactions resulting in the Change in Control on the Covered Businesses; (b) except to the extent
provided in the foregoing clause (a), as is required to comply with applicable laws, or as consented to by Participants holding
a majority of the Average Sharing Percentages, the Committee (or its successor) shall be prohibited from amending or terminating
the Plan (including any Award Agreement); (c) the Committee shall not add or remove activities from the Covered Businesses without
the consent of Participants holding a majority of the Average Sharing Percentages; provided that if such Participants do not consent
to any such addition or removal, the Committee may elect to have the dispute resolved by an independent party by following the
procedures set forth in subsection (h) below; (d) for so long as a Participant has not experienced a Separation from Service, such
Participant’s Sharing Percentage for any Performance Period during the remainder of the Annual LTIP Plan Term shall not be
less than such Participant’s Sharing Percentage as of the effective time of such Change in Control; (e) the Applicable Point
Cap shall remain the Applicable Point Cap for the remainder of the Annual LTIP Plan Term; (f) if a Liquidity Event has not occurred
by the end of the Annual LTIP Plan Term, for so long as such Participant has not experienced a Separation from Service, each Participant’s
Average Sharing Percentage until a Liquidity Event occurs shall not be less than such Participant’s Average Sharing Percentage
as of the last day of the Annual LTIP Plan Term; (g) the Committee (or its successor) shall not establish a Base Cash Balance for
any Performance Period occurring after the Change in Control that is more than 20% in excess of the Base Cash Balance established
in respect of the Performance Period in which the Change in Control occurs, unless the Chief Executive Officer and Chief Financial
Officer are Participants and consent or, if both are not Participants, the two highest ranking Participants consent; (h) if Participants
holding a majority of the Average Sharing Percentages dispute the Committee’s determination of Fair Market Value or Realization
Value in good faith, Fair Market Value or Realization Value as applicable shall be determined by an independent party mutually
selected by such Participants and the Committee within seven days of the Committee’s determination; if such Participants
and the Committee cannot mutually agree on the selection of an independent party, such Participants and the Committee shall each
separately select an independent party within seven days of their disagreement, which independent parties will themselves select
a third independent party to make such determinations, with the cost of all such independent parties to be borne by the Company;
and (i) if the Company terminates the services of any Participant for the primary purpose of preventing such Participant from becoming
entitled to any specific future payment under this Plan, then such terminated Participant shall nevertheless remain entitled to
such specific payment.



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10.             
Definitions.


10.1.       
“Adjusted EBITDA” for any accounting period shall mean, without duplication, the Covered Businesses’
combined Income (Loss) (but, in all cases, excluding combined Income (Loss) of Bluegreen Communities), plus for the same accounting
period the sum of: (a) Other Interest Expense; (b) Provision (Benefit) For Income Taxes; (c) Depreciation and Amortization; (d)
Stock Compensation Expense; (e) Non-Cash Legacy Asset Impairment Charges; and (f) LTIP Expense; less for the same accounting period
the sum of (x) Other Interest Income and (y) Recoveries.


10.2.       
“Affiliate” shall mean, with respect to any Person, any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person, where “control” means the possession,
directly or indirectly, of the power to direct the management and policies of a Person whether through ownership of voting securities,
contract or otherwise.


10.3.       
“Annual LTIP Bonus Amount” shall have the meaning set forth in Section 5.1.


10.4.       
“Annual LTIP Plan Term” shall mean the period commencing on January 1, 2011 and ending on December 31,
2015; provided, however, that if a Liquidity Event occurs prior to December 31, 2015, the Annual LTIP Plan Term shall end upon
the effective time of the Liquidity Event.


10.5.       
“Applicable Point Cap” shall have the meaning set forth in Section 3.


10.6.       
“Average Award Percentage” as of any measurement date shall mean 8% multiplied by the Cumulative Adjusted
EBITDA Ratio as of such measurement date.


10.7.       
“Average Sharing Percentage” shall mean, with respect to any Participant, the sum of the Participant’s
Sharing Percentages as of the end of each Performance Period ending on or before the effective time of a Liquidity Event divided
by the number of Performance Periods that have ended on or before the effective time of a Liquidity Event. For the avoidance of
doubt, if a Participant was not an employee of the Company with respect to any Performance Period, or if a Participant was an employee
but did not receive an Award Agreement with respect to any Performance Period, his or her Sharing Percentage with respect to such
Performance Period shall be treated as 0% for purposes of the foregoing calculation.



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10.8.       
“Award Agreement” shall mean the agreement that sets forth the number of Points awarded to a Participant
with respect to any Performance Period, as well as such additional terms and conditions as the Committee shall determine, including
restrictions regarding the Participant’s solicitation of the Company’s customers and employees and on the Participant’s
use of Company confidential or proprietary information.


10.9.       
“Base Cash Balance” shall mean $30 million with respect to the 2011 Performance Period and with respect
to any subsequent Performance Period, such dollar amount as the Committee shall establish within the first 90 days of such Performance
Period in consultation with the Chief Executive Officer and Chief Financial Officer of the Covered Businesses.


10.10.   
“Base Value” shall mean $100 million plus any additional cash contributed or transferred to the Covered
Businesses after January 1, 2011 that is in the nature of an equity investment.


10.11.   
“beneficially own” shall have the meaning given to such term under Rule 13d-3
promulgated under the Exchange Act.


10.12.   
“Board” shall have the meaning set forth in Section 8.2.1.


10.13.   
“Change in Control” shall mean that the Effective Date Control Shareholder or its Affiliates cease to
beneficially own, directly or indirectly, outstanding voting securities of the Company that entitle
it to elect at least a majority of the members of the Board.


10.14.   
“Code” shall mean the United States Internal Revenue Code of 1986, as amended.


10.15.   
“Committee” shall mean the Compensation Committee of the Board.


10.16.   
“Company” shall have the meaning set forth in Section 1 and the Company itself is not a Covered Business.


10.17.   
“Company Liquidity Event” shall mean (a) a sale, transfer, assignment or other
disposition of Common Stock by one or more Shareholders in a single transaction or series of related transactions following which
the Shareholders immediately before such transaction or series of transactions no longer beneficially own, directly or indirectly,
immediately following such transaction or series of transactions at least ten percent (10%) of the combined voting power of the
outstanding voting securities of the Company; (b) a merger, consolidation or reorganization with or into the Company or in which
securities of the Company are issued (a “Merger”) in which the Shareholders immediately before such Merger do
not beneficially own, directly or indirectly, immediately following such Merger at least ten percent (10%) of the combined voting
power of the outstanding voting securities of the corporation resulting from such transaction or any parent of such corporation;
or (c) the sale of substantially all of the assets of the Company to one or more Persons (other than the Effective Date Control
Shareholder or any of its Affiliates or any Affiliate of the Company).



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10.18.   
“Common Stock” shall mean the common stock, par value $0.01, of the Company, and any securities into
or for which such stock is converted or exchanged.


10.19.   
“Covered Businesses” shall mean (a) all of the Company’s businesses and operations engaged in as
of the Effective Date and (b) any other Company businesses or operations that are (x) managed at any time by any individuals who
were Participants in the Plan as of the Plan’s first Initial Allocation Date and (y) designated by the Committee as such
after consulting with Participants holding a majority of the Average Sharing Percentages, regardless of whether such businesses
are operated as separate divisions or subsidiaries of the Company.


10.20.   
“Covered Businesses Liquidity Event” shall mean (a) a sale, transfer, assignment
or other disposition of capital stock or equivalent securities of the legal entities constituting the Covered Businesses by the
Company or one or more Shareholders in a single transaction or series of related transactions following which the Company and/or
the Shareholders immediately before such transaction or series of transactions no longer beneficially own, directly or indirectly,
immediately following such transaction or series of transactions at least ten percent (10%) of the combined value of the outstanding
capital stock or equivalent securities of the legal entities constituting the Covered Businesses; (b) a merger, consolidation or
reorganization with or into the legal entities constituting the Covered Businesses or in which securities of the legal entities
constituting the Covered Businesses are issued (a “Covered Businesses Merger”) in which the Company and/or the
Shareholders immediately before such Covered Businesses Merger do not beneficially own, directly or indirectly, immediately following
such Covered Businesses Merger at least ten percent (10%) of the combined voting power of the outstanding voting securities of
the corporation(s) resulting from such transaction or any parent of such corporation(s); or (c) the sale of substantially all of
the assets of the Covered Businesses to one or more Persons (other than the Effective Date Control Shareholder or any of its Affiliates
or any Affiliate of the Company).


10.21.   
“Covered Employee” shall mean, for any Performance Period, a Participant who (a) as of the beginning
of the Performance Period is an officer subject to Section 16 of the Exchange Act and (b) the Committee designates as a Covered
Employee for purposes of this Plan within the first 90 days of such Performance Period. If the Committee does not make the designation
in clause (b) for a Performance Period, all Participants described in clause (a) shall be deemed to be Covered Employees for purposes
of the Plan.


10.22.   
“Cumulative Adjusted EBITDA” as of any measurement date shall mean the sum of Adjusted EBITDA for all
accounting periods commencing on January 1, 2011 and ending on such measurement date.


10.23.   
“Cumulative Adjusted EBITDA Ratio” as of any measurement date shall mean the ratio of Cumulative Adjusted
EBITDA as of such measurement date to Cumulative Target Adjusted EBITDA as of such measurement date expressed as a percentage,
unless (a) such ratio is in excess of 125%, in which case the Cumulative Adjusted EBITDA Ratio shall equal 125%; or (b) such ratio
is less than 80%, in which case the Cumulative Adjusted EBITDA Ratio shall equal 0%.



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10.24.   
“Cumulative Distributions” as of any measurement date shall mean, for the period commencing on January
1, 2011 and ending on such measurement date, the aggregate amount of dividends or other similar payments paid by, or other transfers
from, the Covered Businesses to the Company, the Shareholders or any Non-Covered Businesses.


10.25.   
“Cumulative Net Free Cash” as of any measurement date shall mean unrestricted cash and cash equivalents
on the Covered Businesses’ combined balance sheet as of such measurement date determined in accordance with GAAP, plus the
sum of (a) Cumulative Distributions and (b) Cumulative Pre-Liquidity Event Award Redemptions, less the sum of (y) unrestricted
cash and cash equivalents on the balance sheet of Bluegreen/Big Cedar Vacations, LLC as of such measurement date and (z) the Base
Cash Balance. As of January 1, 2011, Cumulative Net Free Cash will be treated as if it had been $0. To the extent any amount of
Cumulative Net Free Cash is used as a component of calculating the amount of any Annual LTIP Bonus paid hereunder such amount of
Cumulative Net Free Cash shall be transferred from the Covered Businesses to the Company.


10.26.   
“Cumulative Pre-Liquidity Event Award Redemptions” as of any measurement date shall mean the aggregate
amount of cash payments to all Participants pursuant to the Plan for the period commencing on January 1, 2011 and ending on such
measurement date.


10.27.   
“Cumulative Target Adjusted EBITDA” shall mean a combined amount established for the Covered Businesses
with respect to each calendar year end occurring during the Annual LTIP Plan Term approved by the Committee in consultation with
the Chief Executive Officer of the Covered Businesses no later than 90 days following the beginning of each such calendar year
(or, in the case of calendar year 2011, following the Effective Date); provided that with respect to any Performance Period that
is less than a full calendar year, Cumulative Target Adjusted EBITDA shall be the amount that was approved by the Committee in
consultation with the Chief Executive Officer of the Covered Businesses with respect to the previous December 31, plus the budgeted
Adjusted EBITDA through the most recently completed calendar month in accordance with the budget for that year as approved by the
Committee in consultation with the Chief Executive Officer of the Covered Businesses.


10.28.   
“Depreciation and Amortization” for any accounting period shall mean the combined depreciation and amortization
for the Covered Businesses, determined in accordance with GAAP, excluding amortization of debt issuance costs for such accounting
period, if such amortization is also included in Other Interest Expense.


10.29.   
“Disability” shall mean that the Participant is entitled to and has begun to receive long-term disability
benefits under the long-term disability plan of the Company in which the Participant participates, or, if there is no such plan,
the Participant’s inability, due to physical or mental health, to perform the essential functions of the Participant’s
job, with or without a reasonable accommodation, for 180 days out of any 270 day consecutive day period.


10.30.   
“Effective Date” shall mean the date on which this Plan is adopted by the Board.



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10.31.   
“Effective Date Control Shareholder” shall mean any Person that directly or indirectly beneficially owns
at least a majority of the Company’s Common Stock as of the Effective Date.


10.32.   
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.


10.33.   
“Fair Market Value” shall mean with respect to any asset the value assigned to such asset in good faith
by the Committee.


10.34.   
“Family Trust” shall have the meaning set forth in Section 11.1.


10.35.   
“GAAP” shall mean United States generally accepted accounting principles.


10.36.   
“Income (Loss)” for any accounting period shall mean the amount for such accounting
period disclosed with the caption “Net Income (Loss)” or its equivalent, on the Covered Businesses’ combined
statement of income (or combined statement of operations, as applicable) prepared in accordance with GAAP. For avoidance of doubt,
such amount is meant to reflect the Covered Businesses’ combined income or loss for such accounting period after income tax,
but before (a) net income (or loss) attributable to Bluegreen Communities; and (b) net income (or loss) attributable to non-controlling
interest.


10.37.   
 “Initial Allocation Date” shall mean, with respect to any Performance Period,
the date on which the Committee first determines to make awards to Participants pursuant to the terms of the Plan.


10.38.   
“Initial Point Cap” shall have the meaning set forth in Section 3.


10.39.   
“Liquidity Event” shall mean a Company Liquidity Event or a Covered Businesses
Liquidity Event. Notwithstanding the foregoing, a Liquidity Event shall be deemed to have occurred only if such Liquidity Event
constitutes a “change in the ownership or effective control of a corporation” or a “change in the ownership of
a substantial portion of the assets of a corporation,” each within the meaning of Section 409A.


10.40.   
“Liquidity Event Bonus Amount” shall have the meaning set forth in
Section 5.2.


10.41.   
“LTIP Bonus Amount” shall mean any Annual LTIP Bonus Amount or Liquidity
Event Bonus Amount.


10.42.   
“LTIP Expense” for any accounting period shall mean the aggregate expense incurred in such accounting
period in accordance with GAAP for the Plan.


10.43.   
“Non-Cash Legacy Asset Impairment Charges” for any accounting period after
January 1, 2011, shall mean, without duplication, the sum of non-cash charges in accordance with GAAP included in the Covered Businesses’
combined statement of income (or statement of operations, as applicable) resulting from: (a) write-downs in the carrying value
of any of Bluegreen Communities’ assets; (b) write-downs in the carrying value of the Covered Businesses’ VOI inventory
(including completed VOIs, work-in-process and land), if such inventory relates to a resort location acquired or developed by the
Company prior to January 1, 2009; (c) write-downs of the carrying value of the Covered Businesses’ property and equipment,
if such property and equipment was acquired or developed prior to January 1, 2009; (d) increases to the allowance for loan losses
or other write-downs related to the Covered Businesses’ notes receivable, if such allowance for loan losses or other write-downs
relate to notes receivable which were originated prior to January 1, 2009. Notwithstanding the foregoing, any write-downs related
to Bluegreen Communities will not be included in Non-Cash Legacy Asset Impairment Charges.



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10.44.   
“Non-Covered Businesses” shall mean any activities engaged in by the Company
other than the Covered Businesses.


10.45.   
“Other Interest Expense” for any accounting period shall mean the amount for
such accounting period disclosed with the caption “Interest Expense,” or its equivalent, on the Covered Businesses’
combined statement of income (or combined statement of operations, as applicable) prepared in accordance with GAAP, less the aggregate
amount of interest expense incurred on the Covered Businesses’ receivable-backed notes payable for such accounting period.


10.46.   
“Other Interest Income” for any accounting period shall mean the amount for
such accounting period disclosed with the caption “Interest Income,” or its equivalent, on the Covered Businesses’
combined statement of income (or combined statement of operations, as applicable) prepared in accordance with GAAP, less the aggregate
amount of interest income incurred on the Covered Businesses’ notes receivable for such accounting period.


10.47.   
“Overpayments” shall have the meaning set forth in Section 8.3.


10.48.   
“Participant” shall mean an individual who (i) is designated as such by the Committee, (ii) is an employee
of the Company or any of its Affiliates, (iii) is actively involved in the management of the Covered Businesses; (iv) is in good
standing; and (v) has signed an Award Agreement.


10.49.   
“Performance-Based Compensation” shall mean any payment in respect of an Annual LTIP Bonus Amount.


10.50.   
“Performance Period” shall mean each full calendar year during the Annual
LTIP Plan Term; provided that with respect to the calendar year during which a Liquidity Event occurs, the Performance Period shall
be the period commencing on January 1 of such year and ending on the last day of the most recently completed full calendar month
occurring on or before the effective time of the Liquidity Event.


10.51.   
“Person” shall mean an individual, a corporation, a partnership, a
limited liability company, an association, a trust or any other entity or organization, including a government or political subdivision
or an agency or instrumentality thereof.


10.52.   
“Plan” shall have the meaning set forth in Section 1.


10.53.   
“Point” shall have the meaning set forth in Section 3.



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10.54.   
“Provision (Benefit) for Income Taxes” for any accounting period shall mean the amount for such accounting
period disclosed with the caption “Provision (Benefit) For Income Taxes,” or its equivalent, on the Covered Businesses’
combined statement of income (or combined statement of operations, as applicable) prepared in accordance with GAAP, plus franchise
tax expense for such accounting period, without duplication.


10.55.   
“Realization Value” shall mean, with respect to a Covered Businesses Liquidity Event, the aggregate value
of all consideration received by the Company and the Shareholders in connection with the Covered Businesses Liquidity Event and,
with respect to a Company Liquidity Event, the aggregate value of all consideration received by the Shareholders in connection
with the Company Liquidity Event that is attributable to the Covered Businesses, in each case plus the sum of all Cumulative Distributions
through the date of the Liquidity Event. The Realization Value shall be calculated in United States dollars with any non-dollar
amounts converted into U.S. dollars at the prevailing spot rate on the date of the Liquidity Event. Securities received in connection
with the Liquidity Event shall be valued at their Fair Market Value as of the date on which the Liquidity Event occurs.


10.56.   
“Recoveries” for any accounting period shall mean, without duplication, the sum of incremental profits
recognized in accordance with GAAP included in the Covered Businesses’ combined statement of income (or statement of operations,
as applicable) (a) resulting solely from the previous recognition of Non-Cash Legacy Asset Impairment Charges and (b) related to
(i) the reversal of inventory reserves related to the carrying value of Bluegreen Communities’ assets; (ii) the reversal
of inventory reserves related to the carrying value of the Covered Businesses’ VOI inventory; (iii) gains on the sale of
the Covered Businesses’ property and equipment; and (iv) gains on the sale of the Covered Businesses’ notes receivable.
Notwithstanding the foregoing, any profits of Bluegreen Communities will not be included in Recoveries.


10.57.   
“Section 162(m)” shall mean Section 162(m) of the Code and the regulations issued thereunder.


10.58.   
“Section 409A” shall mean Section 409A of the Code and the regulations issued thereunder.


10.59.   
“Separation from Service” shall have the meaning given to such term under the default rules set forth
in Chapter 29 United States Code of Federal Regulations § 1.409A-1(h).


10.60.   
“Shareholders” shall mean holders of Common Stock and their Affiliates.


10.61.   
“Sharing Percentage” shall have the meaning set forth in Section 3.


10.62.   
“Stock Compensation Expense” for any accounting period shall mean the amount for such accounting period
disclosed with the caption “Non-cash stock compensation expense,” or its equivalent, on the Covered Businesses’
combined Statement of Cash Flows.


10.63.   
“Underpayments” shall have the meaning set forth in Section 8.3.


10.64.   
“VOI” shall mean vacation ownership interest.



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11.             
Miscellaneous.


11.1.       
Nontransferability. A Participant may not sell, transfer, encumber, pledge, hypothecate or otherwise dispose of his
or her rights under the Plan other than (a) by will or by the laws of descent and distribution or (b) with the consent of the Committee,
(i) to members of the Participant’s immediate family, (ii) to trusts solely for the benefit of immediate family members (a
“Family Trust”) or (iii) to partnerships in which immediate family members and/or Family Trusts are the only
partners.


11.2.       
No Right to Continued Employment. Nothing in the Plan shall be interpreted or construed to confer upon a Participant
any right with respect to continuance of employment by the Company, nor shall the Plan interfere in any way with the right of the
Company to terminate a Participant’s employment at any time.


11.3.       
Unfunded Status. The Plan shall be unfunded. No Person shall be required to establish any special or separate fund,
or to make any other segregation of assets, to assure payment hereunder.


11.4.       
Code Section 409A. The Plan and all deferrals hereunder are intended to comply with, or otherwise be exempt from,
Section 409A. The Plan and all deferrals shall be administered, interpreted and construed in a manner consistent with Section 409A.
To the extent the Plan at any time fails to comply with Section 409A, all “deferrals of compensation” (within the meaning
of Section 409A) that remain unpaid as of the date of such failure shall be accelerated and paid in a single lump sum to the extent
permitted by Chapter 29 United States Code of Federal Regulations § 1.409A-3(j)(vii). Notwithstanding the foregoing, the Company
does not guarantee the tax treatment of any compensation or benefits hereunder, whether pursuant to the Code, state or local tax
laws and regulations.


11.5.       
Amendment and Termination of the Plan. Except to the extent expressly provided herein, the Committee may terminate
the Plan at any time and, at any time and from time to time, amend, modify or suspend the Plan. The portion of the Plan relating
to Annual LTIP Bonus Amounts shall terminate without further action following the last payment of any Annual LTIP Bonus Amount
due hereunder. The portion of the Plan relating to Liquidity Event Bonus Amounts shall continue in effect until the last payment
of any Liquidity Event Bonus Amount due hereunder or until the Plan is terminated or amended to the extent permitted herein.


11.6.       
Severability. Should any provision of the Plan be held by a court of competent jurisdiction to be unenforceable or
invalid for any reason, the remaining provisions of the Plan shall not be affected by such holding and shall continue in full force
in accordance with their terms.


11.7.       
No Partnership Rights. It is not intended that any Participant in the Plan be treated as partner in a partnership
for federal income tax purposes by virtue of his or her participation in the Plan, and the terms of the Plan shall be interpreted
consistently therewith.


11.8.       
Governing Law. The validity, interpretation, construction and performance of the Plan shall be governed by the laws
of the State of Florida without giving effect to the conflicts of laws principles thereof.



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