Document:

2005 Compensation Program for Non-Employee Directores as amended

 Exhibit 10.27 
 2005 Compensation Program for Non-Employee Directors 
 as Amended
December 13, 2006 
 Annual Board Retainer: The Annual Board
Retainer (“Board Retainer”) shall be $40,000 paid quarterly in equal $10,000 installments on or about the 1st day of the first month of each calendar quarter (pro-rated in the case of newly elected or appointed directors). 
 Board
Meeting Fees: Board Meeting Fees shall be $2,000 per in-person meeting and $1,000 per telephonic meeting. If a Director is unable to attend an in-person meeting and participates by telephone, his/her fee for such attendance shall be $1,000.

 Committee Meeting Fees: In-person Committee Meeting Fees shall be $1,500 per meeting and telephonic meetings shall be $1,000 per
meeting. If a Committee member is unable to attend an in-person meeting and participates by telephone, his/her fee for such participation shall be $1,000. 
 Annual Chairman’s Retainer: Through May 17, 2007, the Annual Chairman’s
Retainer (“Chairman’s Retainer”) shall be $100,000 paid quarterly in equal installments on or about the 1st day of the first month of each calendar quarter (pro-rated through May 17, 2007). 
 Annual Committee Chair Retainers: The Annual Committee Chair Retainers (“Committee Chair Retainer”) shall be as set forth in the schedule below and will be paid quarterly in equal installments on or
about the 1st day of the first month of each calendar quarter (pro-rated in the case of newly elected Committee
Chair). 
  

				
	 Audit Committee
	  	$	10,000/year
	 Executive Compensation Committee
	  	$	 5,000/year
	 Nominating/Corporate Governance Committee
	  	$	 5,000/year

 Annual Elections for Payment of Cash Remuneration: Directors shall be given the opportunity
to make an annual election in writing prior to the start of each calendar year to receive in lieu of cash, their Board Retainer, Chairman’s Retainer, Committee Chair Retainer, Board Meeting Fees and Committee Meeting Fees, as applicable, in the
form of (and equivalent value of) Shares (as defined in the Amended and Restated WCI Communities, Inc. 1998 Non-Employee Director Stock Incentive Plan), restricted stock units (“RSUs”) and/or stock appreciation rights payable in Shares
(“SARs”) (any such equity-based award a “Stock Payment”), in any combination thereof, as further described in the 2007 Compensation Election memo to directors attached hereto as Exhibit A. Any RSUs and SARs granted to directors
pursuant to this Program shall be made pursuant to award agreements substantially in the forms attached hereto as Exhibits B and C. 
 Payment of Fees/Shares: Directors are paid in advance on a quarterly basis. 
  

	 	Ø	If a Director elects a Stock Payment in lieu of his/her Board Retainer, Chairman’s Retainer or Committee Chair Retainer, such Stock Payment will be valued on the first trading
day of the quarter using the closing price on that date, and that day shall be the grant date in the case of any RSUs and/or SARs that the Director has elected to receive. In the case of any Share awards, the Shares will be delivered to the Director
within 10 days following the award valuation date. 

  

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	 	Ø	If a Director elects a Stock Payment in lieu of a Board Meeting Fee or a Committee Meeting Fee, the Stock Payment to be made in lieu of cash for such a meeting will be valued on the
trading day coincident with or (if the meeting date is not a trading day) the first trading day following the date of the meeting for which the Board Meeting Fee or Committee Meeting Fee is due, using the closing price on such valuation date, and
that valuation date shall be the grant date in the case of any RSUs and/or SARs that the Director has elected to receive. In the case of any Share awards, the Shares will be delivered to the Director within 10 days following the award valuation
date. 

 Vesting of Stock Payments: All Stock Payments shall be immediately vested upon grant. 
 Term of SARs: The term for the exercise of SARs will be ten (10) years unless otherwise terminated as provided in the grant agreement
governing the SARs. 
 Equity Award 
 Each Director shall be entitled to receive an annual equity award, with a targeted value of $80,000 per year for each Director, to be granted in quarterly installments on the first trading day of each quarter. Such
equity awards shall be provided in the form of Shares, SARs and/or RSUs, at each Director’s election. In the case of any Share awards, the Shares will be delivered to the Director within 10 days following the first trading day of the quarter.

 Any Director who is first elected or appointed to the Board during any calendar quarter shall be granted a pro-rated equity award in
respect of such calendar quarter, with such equity award granted and valued on the date of election or appointment and based on the number of days remaining during the calendar quarter in which he/she is elected or appointed. Unless the newly
elected or appointed Director shall have made a compensation election prior to the date of his/her election or appointment to the Board, such Director shall automatically receive equity awards in the form of Share grants for the remainder of such
calendar year, and such Shares will be delivered to the Director within 10 days following each award valuation date. 
 The number of Shares
or RSUs to be awarded shall be determined by dividing the dollar award value by the closing price on the grant date; and the number of SARs to be granted shall be calculated using the fair value as determined under the Lattice Model, each, as
further described in the 2007 Compensation Election memo attached hereto as Exhibit A. 
 In the event a Director fails to participate in at least 75% of all Board and Committee meetings in a calendar year (with respect to those Committees on which he/she serves) that Director will not receive the next following quarterly equity
award due in the 1st quarter of the next calendar year (i.e. 1st trading day in January). 
  

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 Mandatory Stock Ownership 
 The Board hereby adopts a mandatory stock ownership requirement for all Non-Employee Directors,
requiring that each Non-Employee Director own on December 31, 2010, and each December 31st thereafter,
Company stock in the amount of the lesser of: (a) the value of five (5) times the Board Retainer (i.e., $200,000); or (b) a fixed number shares of Company common stock determined by multiplying the Board Retainer by five (5) and
then dividing that dollar amount by the fair market value of one share of Company common stock on December 31st, 2010. It is expected that each non-employee Director will progress to this level of stock ownership at the rate of one-times the Board Retainer for each year of Board service beginning on and after January 1,
2006. 
 Any Non-Employee Director elected to the Board after October 3, 2005 shall have five (5) years from the date of such
election within which to meet the stock ownership requirement. 
 Unexercised SARs will not be included in the determination whether such
requirement has been met. 
 No later than December 31, 2010, and annually
thereafter, each Non-Employee Director will provide a statement acknowledging compliance with such stock ownership requirement. Notwithstanding the foregoing, any Non-Employee Director elected to the Board after October 3, 2005, shall not be
required to provide the first such compliance statement to the Company until December 31st of the fifth year
after his/her election to the Board, after which such Non-Employee Director will provide a statement each year. 
  

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 EXHIBIT A 
 2007 Compensation Election 
 As a non-employee director of WCI Communities, Inc. (the
“Company”), you have the right, under the Company’s 2005 Compensation Program for Non-Employee Directors as Amended December 13, 2006 (the “Program”), to elect to receive in the form of awards based on the common stock
of the Company (“Shares”) compensation that would otherwise be payable to you in cash for your services as a director in 2007. Additionally, you are entitled to elect which form of Share-based awards you wish to receive in respect of your
targeted annual equity award under the Program. 
 Share Alternatives 
 There are three ways for you to receive Share-based awards: 
  

	 	1.	Outright grants of Shares; 

  

	 	2.	A contractual right to receive Shares in the future (“RSUs”); or 

  

	 	3.	Stock appreciation rights payable in Shares (“SARs”). 

 All elections under the Program become irrevocable after December 31, 2006, and all forms of awards of Shares are immediately vested when granted. 
 Number of Shares to be Delivered; Timing of Delivery 
 1. Grants of Shares: 

(a) For the Board Retainer, the Committee Chair Retainer, the Chairman’s Retainer and the Directors’ targeted equity grant, each of which are
payable quarterly, the number of Shares to be delivered will be determined by dividing the amount of the payment otherwise due for that calendar quarter by the closing price of a Share on the first trading day of each quarter, and any fractional
Shares resulting from the application of this formula will be rounded up to the next whole Share. The Shares will be delivered within 10 days thereafter. 
 (b) For a Board Meeting Fee or a Committee Meeting Fee, the number of Shares to be delivered will be determined by dividing the cash payment by the closing price of a Share on the trading day coincident with or (if
the meeting date is not a trading day) the first trading day following the applicable meeting date. Any fractional Shares resulting from the application of this formula will be rounded up to the next whole Share. The Shares will be delivered within
10 days thereafter. 
  

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 2. Grants of RSUs 
 The number of Shares to be delivered on a deferred basis in the form of RSUs will be the same as the number of Shares that would have been delivered currently (see 1. above), and the Shares will be delivered on a date
or dates indicated by you on the accompanying election form. 
 3. Grants of SARs 
 In the case of retainer fees and the targeted equity grants, the number of SARs to be granted as of the first trading day of each quarter will equal the
amount of the payment otherwise due, divided by the fair value of a SAR as of such grant date (as determined under the Lattice Model with the underlying methodology that is used by the Company for financial reporting purposes). Similarly, in the
case of meeting fees, the number of SARs to be granted as of the trading day coincident with or (if the meeting date is not a trading day) the first trading day following the applicable meeting date will equal the amount of the payment otherwise
due, divided by the fair value of a SAR as of such grant date. Any fractional Shares will be rounded up to the next whole Share. The strike price for each SAR will be the closing price of a Share on the grant date. SARs remain exercisable for 10
years after the grant date, unless otherwise terminated as provided in the applicable grant document. Upon exercise of a SAR, you will receive a number of Shares having a Fair Market Value equal to the excess, if any, of the aggregate Fair Market
Value of the Shares with respect to which the SAR is being exercised over the aggregate strike price allocable to such Shares. You will receive cash in respect of any fractional Share. 
 Please return the attached form indicating your election with respect to your 2007 compensation as a Non-Employee Director. The form has 2 Parts. In Part
I, you can elect how you wish to receive, where applicable, all of your annual compensation other than your targeted annual equity award (i.e., Board Retainer, Committee Chair Retainer, Chairman’s Retainer, Board Meeting Fees and Committee
Meeting Fees). Part II permits you to make a separate election with respect to your targeted annual equity award. 
  

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 WCI COMMUNITIES, INC.  
 2007 COMPENSATION ELECTION FORM 
  

															
	Name:	 	  
	 		 		 	Tax I.D. Number/Social Security Number:	 		 		 	  

	 Address:
	 	  
	 		 		 	 State of Legal Residence:
	 		 		 	  
  

		 	  
	 		 		 		 		 	
	  
  

 PART I 
 I elect to receive my 2007 compensation (other than my targeted annual equity award) as follows: (Check the applicable box(es). If you wish to split your election among the available choices, please also indicate the
applicable percentage.) 
  

							
	 ̈	 	    %	 	I elect to receive my 2007 compensation (other than the targeted annual equity award) in cash payable currently as earned.
			
	 ̈	 	    %	 	I elect to receive my 2007 compensation (other than the targeted annual equity award) in the form of SARs.
			
	 ̈	 	    %	 	I elect to receive my 2007 compensation (other than the targeted annual equity award) in the form of Shares payable
currently as earned.
			
	 ̈	 	    %	 	I elect to receive my 2007 compensation (other than the targeted annual equity award) in the form of RSUs, payable on the
earlier of:
				
		 		 	 ̈	  	cessation of my service as a director; or
				
		 		 	 ̈	  	January,              [indicate year, but not sooner than 2009].
			
		 		 	I also elect to receive the Shares, when payable for the RSUs, in:
				
		 		 	 ̈	  	a lump sum (i.e., all Shares due at one time); or
				
		 		 	 ̈	  	in              [up to 10] annual installments.
	
	Total = 100%

  

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 PART II 
 I elect to receive my 2007 targeted annual equity award in the amount of $80,000 as follows: (Check the applicable box(es). If you wish to split your election among the available choices, please also indicate the
applicable percentage.) 
  

							
	 ̈	 	    %	 	I elect to receive my 2007 equity award in the form of SARs.
			
	 ̈	 	    %	 	I elect to receive my 2007 equity award in the form of Shares payable currently as earned.
			
	 ̈	 	    %	 	I elect to receive my 2007 equity award in the form of RSUs, payable on the earlier of:
				
		 		 	 ̈	  	cessation of my service as a director; or
				
		 		 	 ̈	  	January,          [indicate year, but not sooner than 2009].
			
		 		 	I also elect to receive the Shares, when payable for the RSUs, in:
				
		 		 	 ̈	  	a lump sum (i.e., all Shares due at one time); or
				
		 		 	 ̈	  	in      [up to 10] annual installments.
	
	Total = 100%

 These elections shall remain in effect for the entire 2007 calendar year, and become irrevocable
December 31, 2006. 
  

					
	 Return original signed form to:
	 		 	  

	 Vivien N. Hastings, Esq.
	 		 	Print Name
	 WCI Communities, Inc.
 24301 Walden Center Drive
	 		 	  

	 Bonita Springs, Florida 34134
	 		 	Signature of Director
			
		 		 	  

		 		 	Date

  

 Page 7 

 EXHIBIT B 
 WCI COMMUNITIES, INC. 
 RESTRICTED STOCK UNIT AGREEMENT 
 Amended and Restated WCI Communities, Inc. 
 1998 Non-Employee Director Stock Incentive Plan 
 This Restricted Stock Unit Agreement (“RSU Agreement”) reflects
a grant by WCI Communities, Inc., a Delaware Corporation (the “Company”) to                         
                         (the “Participant”) as of the      day of
                    , 2007 (the “RSU Grant Date”). 
 RECITALS 
 Pursuant to the 2005 Compensation Program for Non-Employee Directors as Amended
December 13, 2006, the Company wishes to grant Participant an award payable in shares of common stock of the Company (“Shares”) pursuant to Section 17 of the Amended and Restated WCI Communities, Inc. 1998 Non-Employee Director
Stock Incentive Plan, as amended from time to time (the “Plan”), the terms of which are incorporated herein by reference. Capitalized terms used herein shall have the meaning ascribed to them in the Plan, a copy of which is available to
Participant from the Company’s Human Resources Department. 
 TERMS AND CONDITIONS OF RESTRICTED STOCK UNITS 
 1. Grant of Restricted Stock Unit. The Company hereby grants to Participant restricted stock units covering
         Shares (the “Restricted Stock Units” or “RSUs”), on the terms and conditions set forth herein. Shares corresponding to the number of Restricted Stock Units (the “RSU
Shares”) granted herein are to be delivered to Participant on the date or dates set forth in the irrevocable election made by Participant prior to December 31, 2006 on his “WCI Communities, Inc. 2007 Compensation Election Form”
or, if earlier, cessation of service as a director (each such date, a “Payment Date”). 
  

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 2. Vesting. The Restricted Stock Units granted hereunder shall at all times be one hundred percent
(100%) vested. 
 3. Delivery of Stock Certificate. As soon as is administratively feasible on or following a Payment Date but in
no event later than December 31 of the calendar year in which such Payment Date occurs, the Company shall deliver a certificate or evidence of electronic delivery in the amount of the RSU Shares deliverable as of such Payment Date, and such RSU
Shares shall be registered in the name of the Participant and delivered to the Participant or Participant’s legal representative. 
 4. Nontransferability. The Participant shall not transfer, assign, pledge or hypothecate the Restricted Stock Units or any rights or privileges conferred thereby in any way, whether by operation of law or otherwise, and neither the
Restricted Stock Units nor any rights or privileges conferred thereby shall be subject to execution, attachment or similar process. Upon any attempted transfer, assignment, pledge, hypothecation or other disposition of the Restricted Stock Units, or
any right or privilege conferred thereby, contrary to the provisions hereof, or upon the levy or any attachment or similar process upon the Restricted Stock Units, or any right or privilege conferred thereby, such Restricted Stock Units and such
rights and privileges, shall immediately become null and void. 
 5. Dividend Equivalents. In the event that the Company pays a
dividend on its Shares, the Participant shall be credited, based on the number of Restricted Stock Units held by the Participant hereunder on the record date of such dividend, with additional Restricted Stock Units that reflect the value of the
dividend, as determined by the Committee. 
  

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 6. Adjustments. In the event of any change in the outstanding common stock of the Company by
reason of a stock split, spin-off, stock dividend, stock combination or reclassification, reorganization, recapitalization, merger, consolidation or similar event, the Committee shall adjust proportionally the number of Restricted Stock Units and
make such other revisions to the Restricted Stock Units as the Committee may deem fit. 
 7. Section 409A of the Code. The
Restricted Stock Units granted pursuant to this RSU Agreement shall not be deferred, paid out, adjusted or modified in a manner that would result in a Participant incurring any tax imposed as a result of Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”). In the event that it is reasonably determined by the Company that, as a result of Section 409A of the Code, payments in respect of the Restricted Stock Units may not be made at the time
contemplated by the terms of the Plan or this RSU Agreement, as the case may be, without causing the Participant to be subject to an income tax penalty under Section 409A of the Code, the Company will make such payment on the first day that
would not result in the Participant incurring any tax liability under Section 409A of the Code. In addition, other provisions of the Plan or this RSU Agreement notwithstanding, the Company shall have no right to accelerate any payment in
respect of the Restricted Stock Units or to make any such payment as the result of an event if such payment would, as a result, be subject to the tax imposed by Section 409A of the Code. 
 8. Amendment and Termination. This RSU Agreement may be modified by the Company in any manner that is consistent with the Plan, provided,
that no such amendment shall modify this RSU Agreement in any manner adverse to the Participant without Participant’s written consent. 
  

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 9. Limitations and Conditions. 
 (a) Nothing contained herein shall confer upon Participant any right to continue in his position as a director of the Company or in any other position
with the Company or any subsidiary. 
 (b) Participant shall not be, and shall not have any of the rights or privileges of, a stockholder of
the Company in respect of any RSU Shares as to which the Restricted Stock Units is granted hereunder unless and until the RSU Shares into which the Restricted Stock Units are exchanged have been issued by the Company to the Participant, either in
book-entry or certificated form. 
 (c) Any notice to be given under the terms of this RSU Agreement to the Company shall be addressed to the
Company in care of its General Counsel/Corporate Secretary, and any notice to the Participant shall be addressed to Participant at his address on the books of the Company. By a notice given pursuant to this Section, either party may designate a
different address for notices to be given. Any notice shall be deemed to have been duly given when enclosed in a properly sealed envelope addressed as aforesaid, deposited (with postage prepaid) in a post office or branch post office regularly
maintained by the United States Postal Service, or sent by overnight delivery or telecopy. 
 (d) Titles are provided herein for convenience
only and are not to serve as a basis for interpretation or construction of this RSU Agreement. 
 (e) The masculine pronoun shall include the
feminine and neuter, and the singular the plural, where the context so indicates. 
 (f) The laws of the State of Florida shall govern the
interpretation, validity and performance of the terms of this RSU Agreement. 
  

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 IN WITNESS WHEREOF, the Company has executed this RSU Agreement as of the day and year first above
written. 
  

			
	 WCI COMMUNITIES, INC.

		
	 By:
	 	 

		 	Paul D. Appolonia
		 	 Senior Vice President, Human Resources

  

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 EXHIBIT C 
 WCI COMMUNITIES, INC. 
 STOCK APPRECIATION RIGHT AGREEMENT 
 Amended and Restated WCI Communities, Inc. 
 1998 Non-Employee Director Stock Incentive Plan 
 This Stock Appreciation Right Agreement (“SAR Agreement”)
reflects a grant of stock appreciation rights by WCI Communities, Inc., a Delaware Corporation (the “Company”) to
                                        
         (the “Participant”) as of the      day of
                        , 2007 (the “SAR Grant Date”). 
 RECITALS 
 Pursuant to the 2005 Compensation Program for Non-Employee Directors
as Amended December 13, 2006, the Company wishes to grant Participant a Stock Appreciation Right payable in shares of common stock of the Company (“Shares”) pursuant to Section 16 of the Amended and Restated WCI Communities, Inc.
1998 Non-Employee Director Stock Incentive Plan, as amended from time to time (the “Plan”), the terms of which are incorporated herein by reference. Capitalized terms used herein shall have the meaning ascribed to them in the Plan, a copy
of which is available to Participant from the Company’s Human Resources Department. 
 TERMS AND CONDITIONS OF STOCK APPRECIATION
RIGHT 
 1. Grant of Stock Appreciation Right. The Company hereby grants to Participant, on the terms and conditions set forth
herein a “Stock Appreciation Right” with respect to          Shares. A Stock Appreciation Right shall mean the right to receive, on exercise, Shares equal in Fair Market Value (plus cash in
respect of any fractional share) to the excess, if any, of the aggregate Fair Market Value of a number of Shares equal to the number of Shares with respect to 

  

 Page 13 

 
which the SAR is being exercised over the aggregate Strike Price (as defined in Section 3) allocable to such Shares (the “Stock Appreciation
Right). The closing price of a Share as recorded on the New York Stock Exchange on the applicable date shall be 100% of the Fair Market Value. 
 2. Vesting. The Stock Appreciation Right granted hereunder shall at all times be one hundred percent (100%) vested. 
 3. Strike Price. The per Share “Strike Price” of the Stock Appreciation Right shall be $            , which is 100% of the Fair Market Value of a Share on
the SAR Grant Date. 
 4. Term of Stock Appreciation Right. The term of this
Stock Appreciation Right shall be for a period commencing on the SAR Grant Date and ending on the tenth (10th) anniversary of the SAR Grant Date (the “Expiration Date”), subject to earlier termination as provided in Sections 7 and 9. The Stock Appreciation Right may be exercised within the foregoing limitations at any time or
from time to time after the SAR Grant Date, as to any or all of the Shares covered by the Stock Appreciation Right. 
 5. Method of Exercise. The Participant may exercise all or any part of the Stock Appreciation Right by written notice directed to the Legal Department (Attention: General Counsel/Corporate Secretary), at
the Company’s principal place of business. As soon as practicable following receipt of such written notice, but no later than December 31st of the calendar year during which the exercise occurs, the Company shall deliver certificates or evidence of electronic delivery evidencing the Shares receivable by Participant. 
 6. Nontransferability. Except as otherwise provided by the Committee, the Stock Appreciation Right shall be transferable only by will or the laws
of descent and distribution and shall be exercised during Participant’s life only by Participant or a legal representative appointed 

  

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for or by the Participant. Except as permitted by the preceding sentence, the Stock Appreciation Right or any rights or privileges conferred thereby shall
not be transferred, assigned, pledged or hypothecated in any way, whether by operation of law or otherwise, and shall not be subject to execution, attachment or similar process. Upon any attempted transfer, assignment, pledge, hypothecation or other
disposition of the Stock Appreciation Right, or any right or privilege conferred thereby, contrary to the provisions hereof, or upon the levy or any attachment or similar process upon the Stock Appreciation Right, or any right or privilege conferred
thereby, such Stock Appreciation Right and such rights and privileges, shall immediately become null and void. 
 7. Termination of Stock
Appreciation Right. Except as otherwise provided in this SAR Agreement, this Stock Appreciation Right shall terminate: 
 (a) In the event
that the Participant dies while a director of the Company or in the event that Participant’s service as a director terminates by reason of disability, such portion of the Stock Appreciation Right not previously exercised may be exercised by
Participant or Participant’s personal representative during the twelve (12) months after the date of Participant’s death or termination of service as a director by reason of disability, but not later than the Expiration Date. Any such
portion of the Stock Appreciation Right not exercised prior to such date shall terminate on such date. For the purposes of this SAR Agreement, a Participant’s services shall be considered to have terminated by reason of disability if he would
have been disabled under the Company’s long term disability policy had he been covered by such policy. 
 (b) In the event that
Participant’s service as a director is terminated for cause, such portion of the Stock Appreciation Right not exercised prior to the date of such termination shall terminate as of the date of such termination. For the purposes of this SAR
Agreement, Participant’s service as a director shall be deemed to be terminated for cause for any of the following: 
 (i) Misconduct by
Participant involving dishonesty or breach of a fiduciary duty in connection with Participant’s service as a director; 
  

 Page 15 

 (ii) Misconduct by Participant which would be a reasonable basis for an indictment of Participant for a
felony or a misdemeanor involving moral turpitude; or 
 (iii) Misconduct by Participant which results in a demonstrable injury to the
Company. 
 (c) In the event that Participant’s service as a director is terminated for any reason other than death, disability or
cause, all or any portion of the Stock Appreciation Right not previously exercised may be exercised by Participant during the six (6) months after the date of Participant’s termination of service as a director, but not later than the
Expiration Date. Such portion of the Stock Appreciation Right not exercised prior to such date shall terminate on such date. 
 8.
Adjustments. In the event of any change in the outstanding common stock of the Company by reason of a stock split, spin-off, stock dividend, stock combination or reclassification, reorganization, recapitalization, merger, consolidation or
similar event, the Company shall adjust proportionally the number of SAR Shares covered by the Stock Appreciation Right and the Strike Price for the SAR Shares and make such other revisions to the Stock Appreciation Right as the Company may deem
fit, including, without limitation, any such limitations as are deemed necessary to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and avoid the imposition of interest and penalty taxes
thereunder. 
  

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 9. Change in Control. In the event of a Change in Control, the Company may, in its absolute
discretion and without liability to any person, take such actions as it deems necessary or desirable including, without limitation, (a) payment of a cash amount in exchange for the cancellation of the Stock Appreciation Right; and
(b) requiring the issuance of substitute benefits that will substantially preserve the value, rights and benefits of any affected Stock Appreciation Right, and all such actions shall be consistent with the requirements to avoid the imposition
of interest and penalty taxes under Section 409A of the Code. 
 10. Amendment and Termination. This SAR Agreement may be
modified by the Company in any manner that is consistent with the Plan, provided, that no such amendment shall modify this SAR Agreement in any manner adverse to the Participant without Participant’s written consent. 
 11. Limitations and Conditions. 
 (a)
Nothing contained herein shall confer upon Participant any right to continue in his position as a director of the Company or in any other position with the Company or any subsidiary. 
 (b) Participant shall not be, and shall not have any of the rights or privileges or, a stockholder of the Company in respect of any Shares as to which
the Stock Appreciation Right is granted hereunder unless and until the Shares into which the Stock Appreciation Right is exercised have been issued by the Company to the Participant either in book-entry or certificated form. 
 (c) Any notice to be given under the terms of this SAR Agreement to the Company shall be addressed to the Company in care of its General
Counsel/Corporate Secretary, and any notice to the Participant shall be addressed to Participant at his address on the books of 

  

 Page 17 

 
the Company. By a notice given pursuant to this Section, either party may designate a different address for notices to be given. Any notice shall be deemed
to have been duly given when enclosed in a properly sealed envelope addressed as aforesaid, deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service, or sent by overnight
delivery or telecopy. 
 (d) Titles are provided herein for convenience only and are not to serve as a basis for interpretation or
construction of this SAR Agreement. 
 (e) The masculine pronoun shall include the feminine and neuter, and the singular the plural, where
the context so indicates. 
 (f) The laws of the State of Florida shall govern the interpretation, validity and performance of the terms of
this SAR Agreement. 
 IN WITNESS WHEREOF, the Company has executed this SAR Agreement as of the day and year first above written.

  

			
	 WCI COMMUNITIES, INC.

		
	 By:
	 	 

		 	 Paul D. Appolonia

		 	 Senior Vice President, Human Resources

  

 Page 18Form of Severance Agreement for Christopher J. Hanlon

 Exhibit 10.32 
 SEVERANCE AND NONSOLICITATION AGREEMENT 
 THIS AGREEMENT is made and
entered into on this __ day of January, 2007, by and between WCI COMMUNITIES, INC. (“WCI”), a Delaware corporation, and CHRISTOPHER J. HANLON (the “Executive”). 
 RECITALS: 
  

	 	A.	Executive is the Chief Operating Officer (Tower Homebuilding) and a Senior Vice President of WCI, and is an employee of WCI and/or one or more of it subsidiaries.

  

	 	B.	Executive is not now a party to any employment agreement between him and the WCI or any of its subsidiaries. 

  

	 	C.	WCI would like to provide some assurance to Executive that if there is a change in control of WCI and within twelve months after such change in control, Executive’s employment
is terminated, Executive will receive certain severance payments, provided Executive does not solicit any employees of WCI or its subsidiaries. 

  

	 	D.	WCI and Executive have agreed that upon such termination, Executive will have an option to receive significant additional payments as compensation for his agreement not to compete
with WCI and its subsidiaries, and not to work at all for any entity which has any activities which compete with WCI or any of its subsidiaries, which option and the agreement to not compete shall be solely at Executive’s election.

 NOW, THEREFORE, IN CONSIDERATION of the recitals and the mutual agreements herein set forth, the parties agree as follows:

 1. Definitions. The following terms, which are used in this Agreement, are defined as follows: 
 a. “Base Salary” means the amount of Executive’s base salary (without inclusion of any bonus) in effect immediately
prior to a Change in Control. 
 b. “Cause” means: (i) any act of willful misconduct or dishonesty by
Executive in the performance of his duties; (ii) any willful and persistent failure by Executive to attend to his duties; or (iii) any action by Executive which would constitute a violation of the provisions of this Agreement under the
headings “Nonsolicitation” and “Confidentiality and Nondisclosure” if such actions occurred during the Nonsolicitation Restricted Period; or (iv) any action by Executive which would constitute a violation of the provisions
of the Noncompete Addendum if such actions occurred during the Noncompete Restricted Period and Executive had elected to execute the Noncompete Addendum; or (v) Executive’s conviction of (or pleading guilty or nolo contendere to)
any felony, or of a criminal offense resulting in imprisonment, or of any misdemeanor involving theft, embezzlement, dishonesty or moral turpitude. 

 c. “Change in Control” means: 
 (i) When any “person” as defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and as used in Section 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) of the Exchange Act, (excluding any person (or “group” as defined in Section 13(d)
of the Exchange Act) holding securities representing 50% or more of the combined voting power of WCI’s outstanding securities as of the Effective Date (as such term is defined in the 1998 Stock Purchase and Option Plan for Key Employees of WCI
Communities, Inc., as amended), excluding WCI, any Subsidiary and any employee benefit plan sponsored or maintained by WCI or any Subsidiary (including any trustee of such plan acting as trustee)), who directly or indirectly, becomes the
“beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), of securities of WCI representing 50% or more of the combined voting power of WCI’s then outstanding securities (unless the event causing the 50% threshold to be
crossed is an acquisition of securities directly from WCI); or 
 (ii) the shareholders of WCI shall approve any merger or
other business combination of WCI, sale of 50% or more of WCI’s assets, liquidation or dissolution of WCI or combination of the foregoing transactions and a closing of the transaction shall have occurred (the “Transactions”)
other than a Transaction immediately following which the shareholders of WCI and any trustee or fiduciary of any WCI employee benefit plan immediately prior to the Transaction who collectively owned at least 50% of the voting power, directly or
indirectly of WCI immediately prior to the Transaction own, immediately after the Transaction, at least 50% of the voting power, directly or indirectly, of (A) the surviving entity in any such merger or other business combination; (B) the
purchaser of or successor to WCI’s assets; (C) both the surviving entity and the purchaser in the event of any combination of Transactions; or (D) the parent company owning 100% of such surviving entity, purchaser or both the
surviving entity and the purchaser, as the case may be; or 
 (iii) within any twelve month period, the persons who were
directors of WCI immediately before the beginning of such period (the “Incumbent Directors”) shall cease (for any reason other than death) to constitute at least a majority of the board of directors of WCI or of any successor to
WCI. For this purpose, any director who was not a director at the beginning of such period shall be deemed to be an Incumbent Director if such director was elected to the board of directors of WCI by, or on the recommendation of or with the approval
of, at least two-thirds of the directors who then qualified as Incumbent Directors (so long as such director was not nominated by a person who has entered into an agreement to effect a Change in Control or expressed an intention to cause such a
Change in Control). 
 d. “Company” means WCI and each of its Subsidiaries. 
  

 2 

 e. “Good Reason” means, following a Change in Control: (i) any
material reduction in Executive’s salary below the level of Base Salary or (ii) any material adverse change in Executive’s duties, title or responsibilities; provided, however, that Good Reason shall not be deemed to have occurred
unless Executive gives WCI thirty (30) days written notice, and within such thirty (30) day period, the Company does not restore Executive’s Base Salary or restore Executive to the prior position, in which event Good Reason shall be
deemed to have occurred at the time of the giving of such written notice. 
 f. “Noncompete Addendum” means
the Noncompete Addendum, as so titled, attached to this Agreement. 
 g. “Noncompete Compensation” means cash
payments equal to twelve (12) months of Base Salary. 
 h. “Noncompete Restricted Period” means a period
of nine (9) months which begins on the date of Termination and ends nine (9) months after the date of Termination. 
 i. “Nonsolicitation Restricted Period” means a period of twelve (12) months which begins on the date of Termination and ends twelve (12) months after the date of Termination. 
 j. “Severance” means cash payments equal to six (6) months of Base Salary, payable monthly. 
 k. “Subsidiary” means each entity (including, without limitation, every corporation, partnership, limited partnership,
limited liability company, trust and joint venture) in which WCI owns, or has the right to acquire, directly or indirectly, a controlling interest. 
 l. “Termination” means the termination of Executive’s employment with the Company by the Company, other than for Cause, or the termination of such employment by Executive for Good Reason, in
either case at any time within the twelve (12) months following a Change of Control. 
 m. “WCI” means
WCI Communities, Inc., and any successor in connection with any restructuring of WCI Communities, Inc. which does not result in a Change in Control. 
 2. Severance 
 a. Basis for Payment. If, within twelve (12) months
following a Change in Control, Executive’s employment is terminated by Company, other than for Cause, or if within such twelve (12) month period, Executive terminates his employment with the Company for Good Reason, Executive will be
entitled to receive Severance. 
 b. Payment of Severance. Severance will be paid by WCI in six (6) equal monthly
installments, beginning with the month after the month in which Termination occurred. Severance shall terminate if, during the Nonsolicitation Restricted Period, 

  

 3 

 
Executive violates any of the provisions of this Agreement under the headings “Nonsolicitation” and “Confidentiality and Nondisclosure”.
Severance shall also terminate if Executive exercises his option to receive Noncompete Compensation under Section 3, and thereafter he violates any provision of the Noncompete Addendum. Termination of WCI’s obligations to pay Severance
under this Section 2.b shall not release Executive from his obligations under this Agreement (including the Noncompete Addendum, if executed). 
 3. Noncompete Compensation. 
 a. Executive’s Option to Obtain Noncompete Compensation. In the
event of a Termination within twelve (12) months following a Change in Control, Executive shall have an option to obtain Noncompete Compensation. Such option shall be exercised by Executive, if at all, within fourteen (14) days of
Termination, by the execution by Executive of the Noncompete Addendum and the delivery by him to the Company of such executed copy of the Noncompete Addendum within such fourteen (14) day period. Noncompete Compensation shall be in addition to
Severance. If Executive fails to execute and deliver the Noncompete Addendum within fourteen (14) days of Termination, then Executive’s option to obtain Noncompete Compensation shall be void and of no force and effect. 
 b. Effectiveness of Noncompete Addendum. The Noncompete Addendum attached hereto shall have no force or effect unless a copy
thereof is executed by Executive and delivered to WCI within the time period provided in Section 3.a. Upon execution by Executive of a copy of the Noncompete Addendum and delivery thereof to WCI within the time period provided, the Noncompete
Addendum shall become a part of this Agreement, and the Agreement and the Noncompete Addendum shall be considered as one and the same document. 
 c. Payment of Noncompete Compensation. Noncompete Compensation will be paid by WCI in twelve (12) equal monthly installments, beginning in the month after the month in which the last monthly payment of
Severance has been made. All payments of Noncompete Compensation shall terminate if, during the Noncompete Restricted Period, Executive violates any of the provisions of this Agreement under the headings “Nonsolicitation” and
“Confidentiality and Nondisclosure”, or if Executive violates any of the provisions of the Noncompete Addendum. Termination of WCI’s obligations to pay Noncompete Compensation under this Section 3.b shall not release Executive
from his obligations under this Agreement (including the Noncompete Addendum). 
 4. Effect of Death or Disability. 
 a. During Employment. All of the obligations of WCI hereunder, including the obligation of WCI to pay Severance and Noncompete
Compensation, will terminate upon a termination of employment as a result of death or disability. 
 b. During
Nonsolicitation Restricted Period and Noncompete Restricted Period. In the event of the death or disability of Executive during the Nonsolicitation Restricted 

  

 4 

 
Period, Severance shall terminate as of the date of death, and Executive or his personal representative shall be entitled to receive any payments of
Severance accrued (on a per diem basis) but unpaid as of the date of death. If Executive exercised his option to receive Noncompete Compensation, then Executive or his personal representative shall be entitled to continue to receive a pro rata
portion of Noncompete Compensation, based on the percentage of the Noncompete Restricted Period which had elapsed between the date of Termination and the date of death. Such amounts shall continue to be paid on a monthly basis. 
 5. Nonsolicitation. During the Nonsolicitation Restricted Period (and irrespective of whether Executive executes the Noncompete Addendum),
Executive shall not solicit any person who was an employee of or consultant to the Company at any time within three (3) months prior to Termination to accept employment with Executive, with Executive’s new employer, or with any other
person or entity, or encourage any person to terminate his employment or consultant relationship with the Company, or assist any person or entity, including Executive’s new employer, in identifying employees of or consultants to the Company to
solicit for employment or consulting relationships, or in any way assist any person or entity, including Executive’s new employer, in solicitation of any employee of or consultant to the Company, nor except with the prior written consent of
WCI, shall Executive hire, or cause or permit any entity controlled directly or indirectly by Executive to hire, any person as an employee or consultant who was, at any time within three (3) months prior to Termination, an employee of the
Company. 
 6. Confidentiality and Nondisclosure. Executive agrees that he shall not use or disclose to third parties any confidential
information of the Company. All files, records, documents, data and similar items relating to the Company, as well as all copies thereof, whether prepared by Executive or otherwise coming into his possession, shall remain the exclusive property of
the Company and shall immediately be returned to the Company upon termination of Executive’s employment. Executive’s obligations under this section shall continue while he is an employee of the Company, and after termination of the
employment so long as the Company derives value from such confidential information remaining confidential. 
 7. Release. As a
condition to the payment of Severance and as a condition to the payment of Noncompete Compensation, Executive will execute a complete release in the form of Exhibit A. 
 8. Restrictions Reasonable. Executive acknowledges that the restrictions under the sections headed “Nonsolicitation” and “Confidentiality and Nondisclosure” are reasonable and necessary to
protect the legitimate interests of WCI and do not cause Executive undue hardship. 
 9. Equitable Relief. Executive hereby
acknowledges and agrees that the Company and its goodwill would be irreparably injured by, and that damages at law are an insufficient remedy for, a breach or violation of the provisions of this Agreement, and agrees that the Company, in addition to
other remedies available to it for such breach, shall be entitled to a preliminary injunction, temporary restraining order, or other equivalent relief, restraining Executive from any actual breach of the provisions hereof, and that WCI’s rights
to such equitable relief shall be cumulative and in addition to any other rights or remedies to which WCI may be entitled. 
  

 5 

 10. Fiduciary Obligations of Executive; Other Rights of the Company. The provisions of this
Agreement, including the Noncompete Addendum, if applicable, are not intended to limit the fiduciary and other obligations of the Executive, if any, to the Company under applicable law, and in no event shall this Agreement, including the Noncompete
Addendum, be interpreted to release or limit any of Executive’s obligations to the Company provided by law. 
 11. Notices. Any
notice, request, instruction, or other document to be given hereunder shall be in writing and shall be deemed to have been given: (a) on the day of receipt, if sent by overnight courier; (b) upon receipt, if given in person; (c) five
days after being deposited in the mail, certified or registered mail, postage prepaid, and in any case addressed as follows: 
 If to WCI:

 Senior Vice President 
 Human Resources Department 
 24301 Walden Center Dr. 
 Bonita Springs, FL 34134 
 If
to the Executive: 
 Christopher J. Hanlon 
 520 Ketch Drive 
 Naples, FL 34103 
 or to such other address or to the attention of such other person as the recipient party has specified by prior written notice
to the sending party. 
 12. Choice of Law; Venue. This Agreement is made and entered into in the State of Florida. All of the terms
and provisions of this Agreement are governed by, and shall be interpreted in accordance with, the laws of the State of Florida. Each of the parties irrevocably consents to exclusive jurisdiction and venue in the Florida state courts located in
Naples. Florida, and in the Federal district court which includes Naples, Florida. 
 13. Legal Fees and Expenses. The prevailing
party in any litigation to enforce the terms of this Agreement shall be entitled to recover reasonable costs and expenses, including attorneys’ fees. 
 14. Exclusive Agreement Regarding Severance. The provisions regarding severance in this Agreement are in lieu of any other severance policy of the Company which might otherwise be applicable to Executive.

 15. At-Will Employment. Executive understands and acknowledges that his employment with the Company is for an unspecified duration
and constitutes “at-will” employment, unless he and the Company enter into a written employment agreement signed by the Chief Executive Officer of WCI. Executive acknowledges that, unless such an employment agreement is entered into, his
employment relationship with the Company may be terminated at any time, with or without Cause at the option either of the Company or Executive, with or without notice. 
  

 6 

 16. Successors and Assigns. This Agreement shall be binding upon, and shall inure to the benefit
of, the parties hereto and to their successors, assigns and personal representatives. 
 17. Headings; References. The headings in
this Agreement are inserted for convenience only and shall not be deemed to constitute a part hereof nor to affect the meaning thereof. All section references are to sections of this Agreement, unless otherwise specified. The terms
“hereof” or “herein” or similar terms as used in this Agreement refer to this Agreement as a whole and not to any particular provision or part thereof. 
 18. Compliance with IRC Section 409A. Notwithstanding anything herein to the contrary, (i) if at the time of Executive’s
termination of employment with the Company Executive is a “specified employee” as defined in Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the deferral of the commencement of any payments or
benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the Company will defer the commencement of the payment of
any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to Executive) until the date that is six months following Executive’s termination of employment with the Company (or the
earliest date as is permitted under Section 409A of the Code) and (ii) if any other payments due to Executive hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code, such payments
shall be deferred if deferral will make such payment compliant under Section 409A of the Code, or otherwise such payment shall be restructured, to the extent possible, in a manner, determined by the Company, that does not cause such an
accelerated or additional tax. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first above written.

  

							
	EXECUTIVE	 	 	  	WCI COMMUNITIES, INC.
				
	  
	 		  	By:	  	  

	Christopher J. Hanlon	 		  	Its:	  	  

  

 7 

 NONCOMPETE ADDENDUM 
 This document is an addendum to that certain Severance and Nonsolicitation Agreement (the “Agreement”), dated as of     ,
                    ,          by and between WCI Communities, Inc., defined in the Agreement
as “WCI”, and the undersigned, defined in the Agreement as the “Executive”. 
 RECITALS 
  

	 	A.	This Noncompete Addendum is an attachment to the Agreement, and is for the purpose of permitting Executive to obtain compensation for agreeing not to compete with the Company in the
event that Executive’s employment with the Company is terminated by the Company without cause or is terminated by the Executive with good reason within twelve months of a change in control of WCI. 

  

	 	B.	Executive has the option to execute this Noncompete Addendum, and is not required to do so. 

  

	 	C.	If Executive had not elected to execute this Noncompete Addendum, then as of the date of the Agreement, Executive would not be bound by any agreement between him and the Company
which would have prohibited or restricted him from competing with the Company. 

 NOW, THEREFORE, Executive agrees as follows:

 1. Definitions. 
 a. “Prohibited Activity” means any activity, including, without limitation, acting as a developer or builder, which is competitive in any market with any activity or business conducted by the Company at the time of
Termination, or which involves preparing to act as a developer or builder in a market in competition with the Company. For purposes of this definition, the Company will be considered to be engaged in a market or activity if: (i) the Company is,
in fact, engaged in such activity or business within any market; or (ii) the Company is a party to any agreement which provides for the performance of obligations or the creation of rights which, if fully performed, would result in the Company
being engaged in such activity or business in such market; or (iii) the Company reasonably intends to engage in such activity or business in such market and has taken steps in furtherance of that intention, as evidenced by the Company’s
written records, which may, but need not, include such things as the preparation of analyses, surveys, environmental studies, architectural and engineering work, renderings, marketing and other studies, budgets, pro-formas, and timetables and
negotiation with third parties. For purposes of determining whether a builder or developer is preparing to act in a market in competition with the Company, such preparation shall be evidenced by any of the actions activities or evidence which are
specified as demonstrating the Company’s involvement or intent under clauses (ii) and (iii) of this Section 1(a). A market, for purposes of this 

 
definition, is any area in which a customer would reasonably consider products or services available or to be available from the Company and any other party
as alternative choices. Advertising in a market, without any other activity in that market, shall not be considered competing in that market. A single market may include a number of geographic locations which are not contiguous or in the same county
or state. 
 b. “Prohibited Party” means any person or entity which is, at any time during the Noncompete
Restricted Period, involved, directly or indirectly, in any Prohibited Activity, or which has a majority ownership interest in, or the right to acquire a majority ownership interest in, or controls, directly or indirectly, as a matter of legal right
or in practical effect, any person or entity which is engaged in any Prohibited Activity. 
 c. Other terms used herein are
defined in the Agreement. 
 2. Effectiveness of Addendum. This Noncompete Addendum shall have no force or effect unless a copy hereof
is executed by Executive and delivered to WCI within the time period provided in the Agreement. Upon execution by Executive of a copy of this Noncompete Addendum and delivery hereof to WCI within the time period provide in the Agreement, this
Noncompete Addendum shall become a part of the Agreement, and the Agreement and this Noncompete Addendum shall be considered as one and the same document. 
 3. Noncompete. Executive agrees that during the Noncompete Restricted Period: (a) he shall not engage in any Prohibited Activity; (b) he shall not become an employee, agent or representative of,
independent contractor to, consultant to, shareholder, officer, director, member, partner, joint venturer or other equity owner of or lender to, any Prohibited Party; and (c) if he is an employee, agent or representative of, independent
contractor to, consultant to, shareholder, officer, director, member, partner, joint venturer or other equity owner of or lender to, any entity or person who was not a Prohibited Party at the time Executive established such relationship, but
subsequently becomes a Prohibited Party, Executive shall, within ten (10) days of the date that such entity or person becomes a Prohibited Party, terminate his position and relationship with the Prohibited Party; provided, however, that this
provision shall not prohibit Executive from owning stock or other equity securities, solely as an investment, in any publicly traded entity, provided such ownership does not exceed two percent (2%) of the outstanding securities of such entity.
The provisions of this Section 3 are intended to be an absolute bar to employment and other activities with any party who has operations or activities which constitute Prohibited Activities, and do not permit Executive to be involved with any
such Prohibited Party in any capacity or in any geographical area, even if Executive’s functions and activities were isolated and wholly concentrated in a market in which the Prohibited Party does not compete with the Company. By way of example
and not limitation, Pulte Holmes, Inc. (“Pulte”) is a Prohibited Party, because it competes with the Company in the Company’s markets, and consequently, Executive could not work for Pulte or any of its subsidiaries or affiliates, even
if his work was limited solely to a market (such as Arizona, as of the date of the Agreement) in which Pulte did not compete with the Company. By way of further example, if Executive became an employee of a builder or developer who was in a market
not in competition with the Company (such as Arizona, as of the date of the Agreement), and such developer entered the Company’s market in competition with the Company, or began preparation to enter such market, Executive would be required
under this Noncompete Addendum to terminate his employment relationship with such developer within ten days of the earlier of the date that such developer entered the market or began preparation enter such market. 
  

 2 

 4. Acknowledgement of Restrictions. By execution of this Noncompete Addendum, Executive
acknowledges that the restrictions imposed on him are substantial, and may effectively prohibit him from working, during the Noncompete Restricted Period, in the field of his experience and expertise. Executive has carefully considered the
consequences of the execution of this Noncompete Addendum, has determined that WCI’s agreement to pay Noncompete Compensation (which is equal to the entire amount of Executive’s Base Salary which Executive would have received for full time
employment with the Company during the Noncompete Restricted Period) is adequate compensation for such agreement and restrictions, and that such restrictions will not adversely affect Executive’s opportunities in the future. 
 5. Severability. It is mutually agreed and understood by the parties that should any of the agreements and covenants contained herein be
determined by any court of competent jurisdiction to be invalid by virtue of being vague, overly broad, unreasonable as to time, territory or otherwise, then WCI shall have the following options: 
 a. The Agreement (including this Noncompete Addendum) shall be amended retroactive to the date of its execution to include the terms and
conditions which such court deems to be reasonable and in conformity with the original intent of the parties and the parties hereto consent that under such circumstances, such court shall have the power and authority to determine what is reasonable
and in conformity with the original intent of the parties to the extent that such covenants and agreements are enforceable; or 
 b. WCI may terminate the Agreement on a retroactive basis and Executive shall repay to WCI all of the amounts paid as Severance and Noncompete Compensation, if any, and neither party shall have any obligation to the other hereunder.
WCI’s rights under this Section 5.b may be exercised either before or after a determination by a court under Section 5.a. 
 In no event shall
a determination by a court with respect to an agreement which is similar to or identical to this Agreement but is between the Company and someone other than Executive be a basis for WCI’s termination of this Agreement; such right shall only
apply if a court makes such determination with respect to this Agreement. 
  

			
	 Dated:                        ,         

	
	 WCI COMMUNITIES, INC.

		
	 By:
	 	  

	 Its:
	 	  

	
	 EXECUTIVE:

	
	  

	 Christopher J. Hanlon

  

 3 

 Exhibit A 
 GENERAL RELEASE 
 This General Release is given on this      day of
January, 2007, by Christopher J. Hanlon (“Executive”) to WCI Communities, Inc., a Delaware Corporation (“WCI”) and to each entity (including, without limitation, every corporation, partnership, limited partnership, limited
liability company, trust and joint venture) in which WCI owns, or has the right to acquire, directly or indirectly, a controlling interest (WCI and all of such other entities are collectively and individually referred to as the “Company”).

 WITNESSETH: 
 WHEREAS,
Executive and WCI are parties to a Severance and Nonsolicitation Agreement, dated as of January     , 2007 (the Agreement”), under which WCI is obligated to pay severance payments upon the occurrence of certain
events, and under which Executive has an option to obtain additional payments for Executive’s agreement not to compete with the Company; and 
 WHEREAS, those events have occurred, and as a consequence, Executive is entitled to receive the severance payments, and may also be entitled to noncompete payments; and 
 WHEREAS, it is a condition of the payment of severance that Executive release the Company from any obligation or liability to him. 
 NOW, THEREFORE, IN CONSIDERATION of WCI’s agreement to pay severance to Executive under the provisions of the Agreement: 
 1. General Release. 
 a. Executive hereby agrees not to sue or file any action, claim or lawsuit against the Company, pursue, seek to recover or recover any alleged damages, seek to obtain or obtain any other form of relief or remedy with respect to, and to take
any action to cause the dismissal or withdrawal of, any lawsuit, action, claim or charge against the Company. 
 b. Executive
hereby waives all claims and releases and forever discharges, the Company, and each of its officers, directors, stockholders and employees, from any and all claims, demands, actions, causes of action or liabilities for compensatory damages or any
other relief or remedy, and from and against any and all obligations of any kind or nature whatsoever, whether known or unknown, fixed or contingent, liquidated or unliquidated, and whether arising from tort, statute, or contract, including, but not
limited to: 
 (i) any claims arising under or pursuant to Title VII of the Civil Rights Act of 1964, as amended, the Civil
Rights Act of 1991, the Civil Rights Act of 1866, as amended, the Americans With Disabilities Act, the Rehabilitation Act, the Family and Medical Leave Act, the Occupational Safety & Health Act, the Executive Retirement Income Security Act
of 1974, as amended, the Age Discrimination in Employment Act, Executive Orders 11246 and 11375, the 

  

 4 

 
Worker Adjustment and Retraining Notification Act, the Fair Labor Standards Act, any other state, federal, city, county or local statute, rule, regulation,
ordinance or order, any claim for future consideration for employment with the Company; and 
 (ii) any claims for
attorneys’ fees and costs and any employment rights or entitlement law; and 
 (iii) any claims for wrongful discharge,
intentional infliction of emotional distress, defamation, libel or slander, payment of wages, outrageous behavior, breach of contract or any duty allegedly owed to Executive, and any other theory of recovery. 
 It is the intention of the parties to make this release as broad and as general as the law permits. Notwithstanding the foregoing, Executive does not
release WCI from any obligation to Executive under the Agreement, or from any rights Executive may have solely in Executive’s capacity as a holder of securities of WCI. 
 2. Waiver of Right to Future Employment. Executive waives and has no right or entitlement to future employment with the Company. 
 3. Acknowledgements of Executive. 
 a. Executive acknowledges that Executive has been advised to consult with an attorney, at Executive’s own expense, prior to signing this Release. 
 b. Executive acknowledges that Executive has fully read this Release, understands the contents of this Release, and agrees to its terms
and conditions of Executive’s own free will, knowingly and voluntarily, and without any duress or coercion. 
 c.
Executive understands that this is a final general release, and that Executive can make no further claims against the Company having any connection with the events contained herein. Executive also understands that this Release precludes
Executive from recovering any damages or other relief as a result of any lawsuit, grievance, charge or claim that may be brought on Executive’s behalf and arising out of Executive’s employment with the Company, or Executive’s
resignation or separation from employment with the Company. Executive does not release rights that may arise after the termination of Executive’s employment with the Company. 
 d. Executive acknowledges that Executive is receiving adequate consideration for signing this Release. 
 e. Executive acknowledges that this Release is attached to the Agreement, that Executive received a copy of the Agreement, with this form
of release attached on                         , 2007, and that Executive has had more than twenty-one (21) days from
the date he received this Release to consider whether to accept and sign it. 
  

 5 

 4. Executive will have seven (7) days from the date Executive signs this Release to revoke
Executive’s acceptance of this Release. Executive acknowledges that until such seven (7) days shall have elapsed, no severance shall be payable by under the Agreement, that if Executive fails to sign this Release, the Company shall not
have any obligation to pay severance or noncompete payments to Executive but Executive shall nevertheless remain bound by the terms of the Severance and Nonsolicitation Agreement. 
  

					
	 Dated:                     ,
        
	 		 	EXECUTIVE:
			
		 		 	  

		 		 	Christopher J. Hanlon

  

 6

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