Document:

Exhibit 10.119

 

BLUEGREEN CORPORATION

2011 LONG TERM INCENTIVE PLAN

 

(As amended and restated effective
as of June 27, 2013)

 

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 (i) are based on the achievement of certain financial targets and available free cash relating to the Covered Businesses
and (ii) more closely align the interests of Shareholders and senior management by, among other things, providing senior management
an opportunity to share in proceeds received by Shareholders in connection with a Liquidity Event as and when those proceeds are
received by Shareholders. 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.

 

		2.	Administration.

 

2.1.        The
Plan shall be administered by the Committee. 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.

 

2.2.        The
Committee may, any time prior to the final determination of payments in respect of any Performance Period 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)
and will endeavor to do so 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, the Committee shall prepare and deliver an
Award Agreement to each individual designated to participate in the Plan for that Performance Period, unless such individual was
already subject to an Award Agreement in a prior Performance Period, in which case, a letter addendum shall be provided to the
individual stating the number of Points awarded to the individual for such 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 (i) who was not employed by the Company on the Initial Allocation Date or (ii) if 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.

 

		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.

 

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5.2.        Interim
LTIP Bonus Amounts. If, during any Performance Period, the Covered Businesses make a Distribution, the Committee shall, within
60 days following the date on which such Distribution is made (the “Distribution Date”), establish a maximum
aggregate bonus amount by multiplying the Average Award Percentage by the amount of such Distribution (each, a “Interim
LTIP Bonus Amount”). Each Interim LTIP Bonus Amount shall be paid within 30 days of such amount being established by
the Committee, or, with respect to any Interim LTIP Bonus Amount payable with respect to Distributions made in calendar year 2013
prior to the adoption of this amended and restated Plan, within 30 days of the adoption of this amended and restated Plan. Notwithstanding
the foregoing, the Committee may choose to defer payment in whole or in part of an Interim LTIP Bonus Amount (other than any Interim
LTIP Bonus Amounts payable with respect to Distributions made in calendar year 2013 prior to the adoption of this amended and
restated Plan) if, in its judgment after taking into account the Company’s current and projected liquidity position and outlook
and any other factors it deems relevant, it determines, in consultation with the Chief Executive Officer of the Covered Businesses,
that payment of any portion of an Interim LTIP Bonus Amount within 30 days of its establishment would be imprudent. For the avoidance
of doubt, (i) the creation of an Interim LTIP Bonus Amount shall not preclude, affect or delay the creation of an Annual LTIP
Bonus Amount for the Performance Period within which such Interim LTIP Bonus Amount was created, and (ii) to the extent the Committee
determines to defer payment of any portion of an Interim LTIP Bonus Amount, the amount of the deferred payments shall be included
in the definition of Cumulative Net Free Cash for purposes of calculating any LTIP Bonus Amounts otherwise payable thereafter
and shall not be included in Cumulative Pre-Liquidity Event Award Redemptions until such time as such payments are actually received
by the applicable Participants.

 

5.3.        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 (the “Liquidity Event Bonus Amount”).
Notwithstanding the foregoing, if the calculation described in this Section 5.3 results in an amount less than $0, the Liquidity
Event Bonus Amount shall be $0.

 

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

 

6.3.        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.

 

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		7.	Entitlement to Payment.

 

7.1.        Active
Employment; Compliance with Award Agreement. Notwithstanding anything herein to the contrary, no Participant shall have any
right to receive any portion of (i) any Annual LTIP Bonus Amount or any Interim 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
or Interim LTIP Bonus Amount is paid; (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 or (iii) any Annual LTIP Bonus Amount,
Interim LTIP Bonus Amount or Liquidity Event Bonus Amount if such Participant has breached the terms of his or her Award Agreement
prior to the payment of any such bonus amount.

 

7.2.        Death
or Disability. Notwithstanding Section 7.1, if the Participant experiences a Separation from Service on account of his or her
death or Disability (i) after the end of the applicable Performance Period with respect to an Annual LTIP Bonus Amount (but before
payment of such Annual LTIP Bonus Amount), or (ii) 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.
In addition, notwithstanding Section 7.1, if the Participant experiences a Separation from Service on account of his or her death
or Disability (x) on or after a Distribution Date but before the end of the applicable Performance Period in which the Distribution
Date occurs, then the applicable portion of the Interim LTIP Bonus Amount will be payable on or before March 15 of the year following
the year in which the Distribution Date occurs, or (y) on or after a Distribution Date but on or after the end of the applicable
Performance Period in which the Distribution Date occurs, then the applicable portion of the Interim LTIP Bonus Amount will be
payable on or before June 30 of the calendar year following the calendar year in which the Distribution Date occurs, in each case
provided that the Committee does not exercise its discretion to defer payment of any portion of any Interim LTIP Bonus Amount,
in which case such deferred amount will be forfeited unless a Participant qualifies for the treatment specified in clause (i) of
the first sentence of this Section 7.2.

 

7.3.        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, Section 7.2 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:

 

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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 in respect of an Interim LTIP Bonus Amount, cash payable in a single lump sum if the Committee does not exercise
its discretion to defer payment of any portion and, in the case of any deferred portion, cash payable in a single lump sum in conjunction
and simultaneous with the next scheduled Annual LTIP Bonus Amount.

 

8.1.3.       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), and payment of the Annual LTIP Bonus Amount shall be paid, by no later than June 30
of the calendar year following the Performance Period to which the performance relates.

 

8.2.2.       Participants
shall not receive payments from any Interim LTIP Bonus Amount until the distribution of payments has been authorized by the Board
or, if so designated by the Board, the Committee, as provided for in Section 5.2, but in no event later than the earlier of (x)
the date on which the Annual LTIP Bonus Amount has been paid for the Performance Period in which the Distribution Date occurs,
and (y) the effective time of a Liquidity Event. See Section 7.2 for a special timing rule related to payment of an Interim LTIP
Bonus Amount with respect to Participants who have died or become Disabled following the Distribution Date.

 

8.2.3.       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.

 

8.3.1.          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 or Interim LTIP Bonus Amount if, during the three-year period starting on the date of payment with respect to
the relevant Annual LTIP Bonus Amount or Interim 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 or Interim LTIP
Bonus Amount that is less than 95% of the original Annual LTIP Bonus Amount or Interim LTIP Bonus Amount. Amounts paid to Participants
from an Annual LTIP Bonus Amount or Interim LTIP Bonus Amount that would not have been paid based on such restatement are referred
to herein as “Overpayments.” For the avoidance of doubt, the Committee may determine that any such Overpayment
shall constitute the gross, pre-tax amount that has been overpaid. 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
or Interim LTIP Bonus Amount that is more than 105% of the original Annual LTIP Bonus Amount or Interim 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 or Interim LTIP Bonus
Amount 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.

 

8.3.2.       Any
Participant who has received payment in respect of an Interim LTIP Bonus Amount shall be required to repay to the Company the net
after tax amount of such payment if such Participant’s employment terminates for any reason (other than such Participant’s death
or Disability) or such Participant breaches his or her Award Agreement before the earlier of (i) date on which Annual LTIP Bonus
Amounts are paid with respect to the Performance Period in which such Interim LTIP Bonus Amount was paid, or (ii) the occurrence
of a Liquidity Event.

 

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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; (i) the Company shall
cease to have discretion over the deferral of Interim LTIP Bonus Amounts and any previously deferred Interim LTIP Bonus Amounts
shall be paid within 15 days of such Change in Control; and (j) 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.

 

		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.

 

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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” with regard to the computation of an Annual LTIP Bonus Amount or Liquidity Event Bonus Amount as of
any measurement date, shall mean 8% multiplied by the Cumulative Adjusted EBITDA Ratio as of such measurement date and, with regard
to the computation of an Interim LTIP Bonus Amount, the Average Award Percentage used in the computation of the last Annual LTIP
Bonus Amount as then approved by the Committee pursuant to Section 8.2.1.

 

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.

 

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 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.

 

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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).

 

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).

 

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10.21.    “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.

 

10.22.    “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%.

 

10.23.    “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 Distributions.

 

10.24.    “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 Amount paid hereunder, such amount of Cumulative Net Free Cash (net of the Annual
LTIP Bonus Amount associated with such amount) shall be transferred from the Covered Businesses to the Non-Covered Businesses if
such amount was not previously a Distribution.

 

10.25.    “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.

 

10.26.    “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; 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-	 

     

    

 

10.27.    “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.

 

10.28.    “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.

 

10.29.    “Distribution”
shall mean any duly authorized transfer from the Covered Businesses to the Non-Covered Businesses.

 

10.30.    “Distribution
Date” shall have the meaning set forth in Section 5.2.

 

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

 

10.32.    “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.

 

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

 

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

 

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

 

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

 

10.37.    “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.

 

10.38.    “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.

 

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

 

10.40.    “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.

 

    	 	-11-	 

     

    

 

10.41.    “Liquidity
Event Bonus Amount” shall have the meaning set forth in Section 5.3.

 

10.42.    “LTIP
Bonus Amount” shall mean any Annual LTIP Bonus Amount, Interim LTIP Bonus Amount or Liquidity Event Bonus Amount.

 

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

 

10.44.    “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.

 

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

 

10.46.    “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.

 

10.47.    “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.

 

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

 

10.49.    “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.

 

    	 	-12-	 

     

    

 

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.

 

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

 

10.58.    “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).

 

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

 

    	 	-13-	 

     

    

 

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

 

10.61.    “Interim
LTIP Bonus Amount” shall have the meaning set forth in Section 5.2.

 

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.

 

		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
Sections 409A and 280G.

 

11.4.1.     The
portion of the Plan relating to Annual LTIP Bonus Amounts and Interim LTIP Bonus Amounts and all payments pursuant thereto are
intended to qualify as “short term deferrals” for purposes of Section 409A. The portion of the Plan relating to the
Liquidity Event Bonus amount is intended to comply with Section 409A. The Plan, and any deferrals of compensation that may result
hereunder, shall be administered, interpreted and construed in a manner consistent with Section 409A and the foregoing intent.
Similarly, the Company will use commercially reasonable efforts to cause any consideration payable to the Shareholders in connection
with a Liquidity Event to be structured and administered in a manner consistent with Section 409A and the foregoing intent. Notwithstanding
the foregoing, the Company shall remain free to exercise its full discretion and business judgment in negotiating the terms of
a Liquidity Event and does not guarantee the tax treatment of any compensation or benefits hereunder, whether pursuant to the Code,
state or local tax laws and regulations.

 

    	 	-14-	 

     

    

 

11.4.2.     To
the extent that any of the payments and benefits provided for under this Plan together with any payments or benefits under any
other agreement or arrangement between the Company and any Participant would constitute a “parachute payment” within
the meaning of Section 280G of the Code, then the Company will use its commercially reasonable efforts to preclude any such payment
or benefit from being subject to the excise tax imposed pursuant to Section 4999 of the Code, which for the avoidance of doubt
may, if the Company chooses to do so, include seeking Shareholder consent to such payments or benefits in the manner prescribed
in the Treasury Regulations under Section 280G of the Code.

 

11.4.3.     Notwithstanding
the foregoing provisions of this Section 11.4, the Company shall remain free to exercise its full discretion and business judgment
in administering payments under the Plan and other compensation and benefit programs and 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 and Interim 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 the Liquidity Event Bonus Amount 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.

 

    	 	-15-Exhibit 10.121

 

CONFIDENTIAL SEPARATION AGREEMENT

AND GENERAL RELEASE OF ALL CLAIMS

 

This Confidential Separation
Agreement and General Release of All Claims (hereinafter “Agreement”) is hereby entered into between David Bidgood,
and all of his agents, successors, heirs, and assigns (collectively referred to as “Executive”), and Bluegreen Vacations
Unlimited, Inc. (hereinafter referred to as the “Employer”).

 

Recitals

 

WHEREAS, Executive’s
employment has been ended by the Employer without cause.

 

WHEREAS, Executive’s
last day of employment with Employer is September 8, 2017 (“Separation Date”) and after that date, the only payments
Executive will be entitled to receive are those set forth in this Agreement.

 

WHEREAS, Executive
desires to compromise, finally settle, and fully release any and all actual or potential claims including those related to his
employment and termination of employment that Executive in any capacity may have or claim to have against Employer.

 

WHEREAS, Executive
acknowledges that he is waiving his rights and claims only in exchange for consideration in addition to anything of value to which
he already is entitled from Employer.

 

NOW, THEREFORE,
in consideration of the mutual promises and covenants between the parties, Executive and Employer hereby agree to the following
Terms and Conditions:

 

Terms and Conditions

 

1.           All
the foregoing Recitals are true and correct and are incorporated as part of these Terms and Conditions.

 

2.           Separation
Benefits.

 

A.           Employer
shall pay or provide Executive the following amounts and benefits:

 

(1)          The
sum of $1,299,138.00, payable as provided in Paragraph 3A below.

 

(2)          The
sum of $1,650,000.00, payable as provided in Paragraph 3B below.

 

(3)          The
gross amount of the monetary equivalent of the cost of 18 months of COBRA premiums under the Employer’s group health plan
for health, dental and vision coverage for Executive and his dependents covered under the plan as of the date of this Agreement
less the monetary equivalent of the required contribution for comparable coverage by active employees under the Employer’s
group health plan. This amount will be payable as provided in Paragraph 3C below to assist Executive in paying for health insurance
coverage, regardless of whether he elects to continue his group health, dental and vision insurance coverage through COBRA, which
will require Executive’s payment to the Employer’s COBRA administrator, obtains insurance from another source or does
not maintain any insurance. This amount is referred to as the “Insurance Supplement.” The amount of the Insurance Supplement
is subject to adjustment based on the equivalent COBRA premiums under the Employer’s group health plan for health, dental
and vision coverage that Employer establishes during the period March 9, 2018 through February 22, 2019. For information only,
as of the date of this Agreement, the amount of COBRA equivalent premiums for 18 months for Executive, less the amount of required
contribution by active employees for comparable coverage, is $16,450.74.

 

    	 	 	Executive Initials: /s/ DB

     

    

 

(4)          Potential
benefit under the Bluegreen Corporation 2011 Long Term Incentive Plan, as amended and restated effective as of June 27, 2013 (“LTIP”),
as described in Paragraph 4 below.

 

3.           Cash
Payments.

 

A.           Payment
of $1,299,138.00 will be made as follows:

 

(1)          $49,966.85
on each of Employer’s bi-weekly pay dates beginning October 6, 2017 through February 9, 2018;

 

(2)          $40,331.50
on February 23, 2018;

 

(3)          $208,762.00
on or about March 31, 2018;

 

(4)          $379,556.00
on or about March 1, 2019;

 

(5)          $6,570.00
on each of Employer’s bi-weekly pay dates beginning on the later of March 9, 2018 or the next pay date after the date that
is six months and one day after Executive’s Separation Date and extending for 26 regularly scheduled pay dates.

 

B.           Payment
of $1,650,000.00 will be made in 26 equal payments of $63,461.54 on each of Employer’s bi-weekly pay dates beginning after
Executive’s Separation Date. However, because Executive is a “specified employee” as defined in Section 409A
of the Internal Revenue Code of 1986, as amended (the “Code”), and any regulations issued thereunder (“Section
409A”), and due to the operation of Paragraph 5 of this Agreement, payment will not begin until the later of six months and
one day after Executive’s Separation Date or March 9, 2018 and will extend for a total of 26 payments.

 

C.           Payment
of the Insurance Supplement will be made in substantially equal payments beginning after Executive’s Separation Date. However,
because Executive is a “specified employee” as defined in Section 409A, and due to the operation of Paragraph 5 of
this Agreement, payment will not begin until the later of six months and one day after Executive’s Separation Date or March
9, 2018 and will extend for a total of 26 payments.

 

    	 	-2-	Executive Initials: /s/ DB

     

    

 

D.           Payment
of all cash amounts provided under this Agreement will reduced by applicable taxes and other withholdings authorized by the Executive
or required by law and paid under the Employer’s regular payroll cycle. All specific pay dates provided assume Executive’s
release referred to in Paragraph 7 below is delivered to Employer and becomes irrevocable on or before October 4, 2017. If Executive’s
release is delivered to Employer and becomes irrevocable after October 4, 2017, the pay dates provided in Paragraph 3A(1) and (2)
above will be delayed and the first payment provided above will be made on the first of Employer’s regularly scheduled bi-weekly
pay dates beginning no fewer than ten calendar days after such irrevocable date; provided, however that commencement of payment
will not be delayed longer than 10 days after expiration of any period within which Executive must deliver a release in order to
commence payment and if the period to deliver the release would span two tax years payment will not start until the second tax
year. If Employer changes its payroll cycle and pay dates throughout the period for payment provided above, the dates for payments
based on specific pay dates shall be adjusted accordingly but in no case will any payment be made later than two weeks after the
date originally scheduled and not payment originally scheduled to occur in one tax year may not be postponed until a later tax
year.

 

4.           Potential
LTIP Benefit. During active employment Executive participated in the LTIP. Capitalized terms in the balance of this Paragraph
are defined in the LTIP. Section 5.3 of the LTIP provides for payment of a Liquidity Event Bonus, subject to the requirement in
Section 7.1 of the LTIP that a Participant in the LTIP be actively employed at the effective time of the Liquidity Event. In consideration
of the Executive’s long service with the Employer during which he has contributed greatly to the long-term success of the
Employer and notwithstanding the requirement in Section 7.1 of the LTIP, Executive will be eligible to receive a Liquidity Event
Bonus payment under the LTIP, in accordance with the balance of the terms of the LTIP, if a definitive agreement for a Liquidity
Event is signed within two years after his Separation Date, even if the effective time of such Liquidity Event as defined in the
LTIP occurs after the expiration of the two-year period. For this purpose, Executive’s Average Sharing Percentage will be
determined as of the date of his termination of employment and will remain unchanged. All other terms and conditions of the LTIP
will govern payment of the Liquidity Event Bonus, if any. Executive will not be eligible for any other bonuses or payments under
the LTIP after the effective date of this Agreement.

 

5.           Code
Section 409A.

 

A.           Payments
under this Agreement that will constitute non-exempt “deferred compensation” for purposes of Section 409A that otherwise
would be payable or distributable under this Agreement by reason of Executive’s separation from service during a period in
which he is a “specified employee” (as defined under Section 409A), then, subject to any permissible acceleration of
payment by the Employer under Treasury Regulations Sections 1.409A-3(j)(4), commencement of the amount of such non-exempt deferred
compensation that otherwise would be payable during the six-month period immediately following Executive’s separation from
service will be delayed until the first of Employer’s regularly scheduled pay dates in the seventh month following Executive’s
separation from service, and the normal payment schedule for any remaining payments or will start at that date.

 

B.           Any
payment or benefit required to be paid hereunder on account of Executive’s termination of employment, service (or any other
similar term) will be made only in connection with Executive’s “separation from service,” within the meaning
of Section 409A.

 

C.           To
the extent permitted by Code Section 409A, and notwithstanding any provision of this Agreement to the contrary, the Employer, in
its sole discretion, may elect to accelerate the time or form of payment of a benefit owed to Executive in accordance with the
terms and subject to the conditions of Treasury Regulations Section 1.409A-3(j)(4).

 

D.           Employer
may take any action considered to be corrective in nature concerning compliance with Code Section 409A, as described in Internal
Revenue Service Notice 2010-6.

 

    	 	-3-	Executive Initials: /s/ DB

     

    

 

E.           Employer
will not be subject to any claim, liability, or expense, and will not have any obligation to indemnify or otherwise protect Executive,
from the obligation to pay any taxes imposed on Executive under Section 409A.

 

6.           Executive’s
Death. If Executive dies before completion of all amounts due under this Agreement, any remaining amounts due under Paragraph
3A (1) – (5) and 3B will be payable to Executive’s estate. Payment of the Insurance Supplement under Paragraph 3C will
cease with Executive’s death. If Executive dies prior to the date when the Liquidity Event Bonus under the LTIP is payable
under Section 4 above, the Liquidity Event Bonus will be payable to the personal representative of Executive’s estate.

 

7.           Release.
Subject to Paragraph 8, in exchange for the promises which Employer makes in this Agreement, Executive agrees:

 

A.           To
generally release, satisfy and forever discharge Employer, Bluegreen Corporation, and each and all of their respective predecessors,
parent companies, successors, subsidiaries, affiliates, related entities, divisions, and assigns, and each and all of their respective
past and present officers, directors, members, employees, consultants, agents, insurers, attorneys, and assigns (collectively referred
to as the “Released Parties”) from any and all claims, demands or liabilities whatsoever, whether known or unknown,
which Executive ever had or may now have from the beginning of time to the date of this Agreement. This release includes, without
limitation, any claims, demands or liabilities relating to or arising out of Executive’s employment with any of the Released
Parties and separation of employment with Employer pursuant to any federal, state, or local employment laws, regulations, ordinances,
or executive orders prohibiting, among other things, age, race, color, sex, pregnancy, national origin, ancestry, religion, marital
status, familial status, sexual orientation, genetic information, gender identity, gender expression, actual or perceived status
as a victim of domestic violence, dating violence or stalking, handicap, and disability discrimination.

 

(1)          This
release includes, but is not limited to, any and all actions, claims and demands under:

 

	the Age Discrimination Employment Act (the “ADEA”) and the Older Workers Benefit Protection Act, 29 U.S.C. § 621, et seq.;
	Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e, et seq. as amended;
	the Americans with Disabilities Act, 42 U.S.C. § 12101, et seq. (the “ADA”), as amended;
	the Equal Pay Act of 1963, 29 U.S.C. §206(d);
	the Family and Medical Leave Act, as amended, 29 U.S.C. § 2601, et seq. (the “FMLA”);
	the Worker Adjustment and Retraining Notification Act (“WARN”), 29 U.S.C. § 2101, et seq.;
	the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1514A, et seq.
	42 U.S.C. §§ 1981 through 1988; 
	the Employee Polygraph Protection Act, 29 U.S.C. § 2001, et seq.;
	the Civil Rights Act of 1866 and 1871, 42. U.S.C. §§ 1982, 1983, 1985, and 1986;
	the Occupational Safety and Health Act, 29 U.S.C. § 651, et seq.;
	the Immigration Reform and Control Act of 1986, 8 U.S.C. § 1101, et seq.;
	the Uniform Services Employment and Reemployment Rights Act of 1994 (“USERRA”), 38 U.S.C. §4301, et seq.;
	the Employee Retirement Income Security Act of 1974 (“ERISA”) as amended, 29 U.S.C. §1001, et seq. (excluding any vested benefits under any Employee Retirement Plan);

 

    	 	-4-	Executive Initials: /s/ DB

     

    

 

	the Fair Credit Reporting Act, 15 U.S.C. § 1681, et seq.; 
	the Rehabilitation Act of 1973, as amended, 29 U.S.C. § 701, et seq.;
	the Genetic Information Non-Discrimination Act of 2008, 42 U.S.C. § 2000ff, et seq.;
	the Health Insurance Portability and Accountability Act of 1996, 42 U.S.C. § 300gg, 29 U.S.C. § 1181, et seq., and 42 U.S.C. § 1320d-6, et seq.; 
	the Florida and Federal Constitutions; 
	the Florida Human Rights Act of 1977 and the Florida Civil Rights Act of 1992 as amended, Chapter 760 Florida Statutes;
	the Florida Private Sector Whistleblower’s Act, Fla. Stat. §448.101, et seq.;
	Florida Workers’ Compensation Retaliation Statute, Fla. Stat. §440.205;
	Florida’s wage payment and wage discrimination laws, including, without limitation, Fla. Stat. §§ 448.07, 448.08, 448.110, 725.07; 
	Florida Minimum Wage Act, Fla. Stat. § 448.110;
	the Florida AIDS Act, Fla. Stat. §§ 10.1125, 381.00 and 760.50;
	Florida Discrimination on Basis of Sickle Cell Trait Law, Fla. Stat. §448.075; 
	The Indiana Wage Payment and Wage Claims Acts (Ind. Code Ann. 22-2-5-2, 22-2-2-4, 22-2-5-9, 22-2-9-1, et seq.);
	The Indiana Civil Rights Act (Ind. Code Ann. §§ 22-9-1 to 22-9-1-18);
	The Indiana Age Bias Law (Ind. Code Ann. §§ 22-9-2-1 to 22-9-2-11);
	all local and county ordinances governing the employment relationship; and
	any other federal, state or local statute, executive order, regulation or ordinance relating to or dealing with unpaid wages, employment, employment discrimination, retaliation, conspiracy, tortious or wrongful discharge.

 

(2)          This
release also includes, but is not limited to: (i) any and all actions, claims and demands for breach of contract and breach of
employment contract (whether oral, express or implied) between Executive and any of the Released Parties; (ii) any and all claims
for wrongful discharge, unpaid wages, future wage loss, employee benefits, bonuses, stock options, experts’ fees, medical
fees, attorneys’ fees and costs, penalties and damages of all types, including, but not limited to, punitive and compensatory
damages and emotional distress damages against any of the Released Parties; and (iii) any and all actions, claims and demands for
tort damages (whether intentional or negligent) and/or personal injury or sickness, such as defamation, slander, libel, fraud,
misrepresentation, invasion of privacy, assault, battery, negligence, negligent supervision, hiring, or retention, promissory estoppels,
detrimental reliance, intentional or negligent infliction of emotional distress, breach of a covenant of good faith and fair dealing,
false imprisonment, and any other offense against any of the Released Parties. The foregoing list is meant to be illustrative rather
than exhaustive.

 

(3)          Notwithstanding
the above, Executive acknowledges that he is not waiving any rights or claims that may arise after this Agreement is signed, claims
for unemployment compensation benefits (also referred to as reemployment assistance benefits), claims for workers’ compensation
benefits (with the exception of claims arising under §440.205, Fla. Stat.), or any other rights or claims that by law cannot
be released in this Agreement.

 

    	 	-5-	Executive Initials: /s/ DB

     

    

 

8.           Contact
with Government Agencies. Notwithstanding Paragraph 7, this Agreement does not prohibit Executive from filing a charge or complaint
with, communicating with, or from participating in an investigation or proceeding conducted by the Equal Employment Opportunity
Commission (“EEOC”), the Florida Commission on Human Relations (“FCHR”), the National Labor Relations Board
(“NLRB”), the Department of Labor (“DOL”), the Securities and Exchange Commission (“SEC”),
or any other federal, state, or local agency or department and such communication is not limited by any non-disparagement obligation
in this Agreement. However, with respect to the claims Executive is waiving, Executive acknowledges that he is waiving his right
to recover money or other relief in any action that he might institute, and Executive also is waiving his right to recover money
or other relief in any action that might be brought on Executive’s behalf by any other person or entity including, but not
limited to, the State of Florida, the EEOC, the NLRB, the DOL, or any other federal, state, or local agency or department. Notwithstanding
the foregoing, this Agreement does not limit Executive’s right to receive an award for information provided to the SEC (or
any other securities regulatory agency or authority).

 

9.           Executive
Representations. Executive acknowledges that he has been properly paid for all of his past wages, commissions, compensation,
bonuses, leave payments and/or benefits due as of the date of this Agreement and that no such additional amounts are due to him.
Notwithstanding the above, Executive will be paid a true-up for Executive’s incentive compensation against advanced draws
he has received on both his Field Operating Profit Bonus (“FOPB”) and his Cash Receipts on Sales (“CRS”)
through August 31, 2017. The amounts due, if any, on the FOPB and CRS will be paid to Executive within thirty (30) days after the
Separation Date. The Executive shall also receive his Total Company Sales (“Time Share Sales”) Override as calculated
up to September 8, 2017 and such amount will be paid in due course on good sales as they become reported to the Employer. Executive
shall not be entitled to the Customer Care Bonus (which is an annual discretionary bonus.) or any pro rata amount of such bonus
or true up thereon.

 

10.         Non-Solicitation
of Employees. For a period of twenty-four (24) months after the Separation Date (the “Restriction Period”),
Executive shall not directly or indirectly contact, induce, encourage to apply, hire, cause to be hired, retain, recruit, engage,
attempt to induce away, or solicit (or assist any other individual, corporation, partnership, limited liability company, association,
trust or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof
[each a “Person”] to contact, induce or solicit) for employment any person who is, or within twenty-four (24)
months prior to the date of such solicitation was, an employee of the Employer or any of its affiliates.

 

11.         Interference
with Business Relationships. During the Restriction Period, Executive shall not directly or indirectly induce, recruit, attempt
to induce away, or solicit (or assist any Person to induce or solicit) any customer, vendor or client of the Employer or its affiliates
to terminate its relationship or otherwise cease, diminish or curtail doing business in whole or in part with the Executive or
its affiliates, or directly or indirectly interfere with (or assist any Person to interfere with) any material relationship between
the Employer or its affiliates and any of its or their customers, vendors or clients so as to cause harm to the Employer or its
affiliates, including jeopardizing the Employer’s growth potential with any client, vendor or customer.

 

    	 	-6-	Executive Initials: /s/ DB

     

    

 

12.         Agreement
Not To Compete.

 

A.           During
the Restriction Period, Executive agrees that he shall not become an owner, employee, consultant, partner, manager, director, or
contractor of any entity or person that is a Competitor of the Employer and located or doing business anywhere in Florida, Indiana,
Missouri, South Carolina, Tennessee or any other state or territory where the Employer is doing business or has invested time,
manpower, or money in preparation of doing business during the Restriction Period (the “Restricted Area”). Also, during
the Restriction Period, Executive shall not, directly or indirectly, invest in, lend money to, financially benefit from, or perform
work or services for any entity or person that is a Competitor of the Employer anywhere in the Restricted Area. “Competitor”
as used in this Agreement means any entity or person engaged in any business in which the Employer or any of its subsidiaries has
engaged or proposes to engage, including, but not limited to, timeshare, hospitality, resort or hotel operations; or marketing,
selling or servicing: 1) timeshare, 2) vacation club and/or 3) vacation ownership interests (including fee-based services). “Competitor”
also means any online marketplace hospitality service provider or search engine provider of short and long term vacation
rentals (e.g. Airbnb, VRBO, HomeAway, Tripping.com, Flipkey) or any person or entity using any and all forms of media, including
without limitation print media, web-based multi-media, internet or any other method of delivery whether now known or hereafter
developed or conceived that is primarily focused on marketing, selling or servicing timeshares, vacation ownership interests, vacation
clubs, vacation rentals, resorts or hotels.

 

B.           Notwithstanding
the foregoing, the covenants contained in this Paragraph 12 shall not prevent Executive from having passive investments of less
than one percent (1%) of the outstanding equity securities of any entity listed for trading on a national stock exchange (as defined
in the Securities Exchange Act of 1934) or any recognized automatic quotation system.

 

C.           The
parties acknowledge and agree that this Paragraph 12 is intended to encompass any activity or conduct undertaken within the Restricted
Area, as well as any activity or conduct directed toward the Restricted Area from outside the Restricted Area, regardless of the
actual physical business address or location of Executive at the time the activity or conduct is undertaken.

 

D.           Provided
further that nothing herein shall be construed to prohibit Executive’s employment in a separately operated subsidiary or
other business unit of a company that would not be a Competitor but for common ownership with a Competitor so long as written assurances
regarding the non-competitive nature of Executive’s position that are satisfactory to the Employer have been provided by
Executive and the new employer in advance.

 

13.         Extension
of Restricted Period. Executive further agrees that should legal proceedings be initiated by Employer to enforce the restrictive
covenant contained in Paragraphs 10, 11 and 12, the 24-month duration of this covenant will start as of the date of entry of an
order granting Employer injunctive, monetary or other relief from Executive’s actual or threatened breach of said covenant
and will remain in effect for the succeeding 24 months.

 

14.         Independent
Covenants. The covenants set forth in Paragraphs 10, 11 and 12 herein shall be construed as agreements independent of any other
provision in this Agreement or any other agreement, by, between, among, or affecting any of the Released Parties and Executive,
and the existence of any claim or cause of action of Executive against any of the Released Parties whether predicated on another
covenant or provision of this Agreement or otherwise, shall not constitute a defense to the enforcement by the Employer of any
other covenant.in this Agreement or otherwise.

 

    	 	-7-	Executive Initials: /s/ DB

     

    

 

15.         Confidentiality/Disclosure
Restrictions.

 

A.           Executive
acknowledges that, during his employment with Employer, he had access to valuable confidential business or professional information
belonging to Employer, including: lists of current and former customers/clients, prospects, price lists, pricing incentives, pricing
systems, customer/client information, non-public guest information derived from the guests, customer and guest lists, contracts,
lead slips, invoices, sales figures, projections, marketing plans, strategies, budgets, financial condition, financial data, accounting
methods, data bases, business leads, list of suppliers, lists of current and potential investors, manuals, training materials,
confidential reports, and other confidential information (hereinafter referred to as “Confidential Proprietary Information”).
The term “Confidential Proprietary Information” shall also mean any trade secret, as defined by the Florida Uniform
Trade Secrets Act. Executive agrees that he will not, unless required by court order, judgment or decree, directly or indirectly
use, divulge, furnish, or make accessible any Confidential Proprietary Information to any other Person or entity. This condition
shall not prevent Executive from using or divulging Proprietary Information that is now in the public domain or hereafter becomes
part of the public domain. In addition, nothing in this Agreement is intended to or shall interfere with Executive’s right
to participate in a proceeding with any appropriate federal, state or local government agency enforcing discrimination or securities
laws, nor shall this Agreement prohibit Executive from communicating or cooperating with any such agency in its investigation.

 

B.           Executive
agrees that all matters relating to this Agreement are strictly confidential. Executive further agrees that he and his attorney(s),
spouse, and representatives will not publicize, disclose or give out any information concerning the terms of this Agreement, the
content of the negotiations and discussions pertaining to this Agreement to any third person or entity. Executive expressly agrees
that he cannot disclose or disseminate this Agreement to the print or broadcast media, any Internet communication outlet or to
individuals that Executive knows or has reason to know are past or present employees, contractors, clients/customers and vendors
of Employer. Executive agrees that he will be responsible and liable to Employer for any breach of confidentiality by his spouse.

 

C.           Notwithstanding
the forgoing Subparagraph B, Executive may disclose this Agreement on the following conditions: (i) Executive may advise his attorney(s),
spouse, accountant(s), tax preparers, and the Internal Revenue Service (“IRS”), that he received income as a result
of a settlement agreement relating to his employment and the amount received; (ii) to federal regulatory authorities or law enforcement
officers provided that such compliance does not exceed that required by law, regulation, or order; (iii) to a court for purposes
of bringing a legal challenge to the validity of the Agreement under the Age Discrimination in Employment Act; (iv) in connection
with any charge or complaint filed by Executive with the EEOC, NLRB, or any federal, state, or local department or agency; and
(v) if subpoenaed by a party to a lawsuit, ordered by a court or otherwise legally compelled, Executive may testify or provide
information regarding this Agreement or may produce the Agreement, provided that he gives notice within three (3) business
days of receipt of any subpoena, court order or other related communication (oral or written) to Susan J. Saturday, Chief Human
Resources Officer, Bluegreen Corporation, 4960 Conference Way North, Suite 100, Boca Raton, Florida 33431, so that Employer can
assert any objections prior to Executive’s appearance at an interview, deposition, hearing or trial. Executive acknowledges
that he waives any objection to Employer’s request that the document production or his testimony be done in camera
and under seal.

 

    	 	-8-	Executive Initials: /s/ DB

     

    

 

D.           To
avoid ambiguity, nothing in the foregoing subparagraph C or this Agreement prohibits or restricts Executive from initiating communications
directly with, responding to an inquiry from, or providing testimony before the SEC or any other federal or state regulatory authority/agency
regarding this Agreement or a possible securities law violation.

 

E.           The
obligations contained in Paragraph 15A and 15B will remain in force regardless of whether this Agreement or any portion thereof
is ever filed with a court or an administrative agency. If a court adjudges that a party has breached this provision, the non-breaching
party shall have the legal and equitable right to enforce the terms of this Agreement.

 

16.         Notice
of Immunity Under the Economic Espionage Act of 1996, as amended by the Defend Trade Secrets Act of 2016. Notwithstanding any
other provisions of this Agreement: (1) Executive will not be held criminally or civilly liable under any federal or state trade
secret law for any disclosure of a trade secret that is made: (i) in confidence to a federal, state, or local government official,
either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation
of law; or (ii) in a complaint or other document that is filed under seal in a lawsuit or other proceeding; and (2) If Executive
files a lawsuit for retaliation by Employer for reporting a suspected violation of law, Executive may disclose Employer’s
trade secrets to Executive’s attorney and use the trade secret information in a court proceeding if the Executive: (i) files
any document containing the trade secret under seal; and (ii) does not disclose the trade secret, except pursuant to a court order.

 

17.         Specific
Performance and Injunctive Relief. Executive agrees that the covenants contained herein are reasonable and necessary to protect
the goodwill and legitimate business interests of Employer. Employer and Executive agree that the covenants contained herein are
severable and separate, and the unenforceability of any specific covenant therein will not affect the validity of any other covenant.
Employer and Executive stipulate that, as between them, the restrictive covenants contained in Paragraphs 10, 11, 12, and 15, are
important and material and gravely affect the effective and successful conduct of the business of Employer, and that a suit for
damages upon violation or breach of any of the provisions of this Agreement will be inadequate. Executive further acknowledges
that a violation of the covenants contained in Paragraphs 10, 11, 12, and 15 would cause irreparable injury to Employer. Executive
agrees that, in the event of any violation or breach, or threatened violation or breach, of all provisions of this Agreement, Employer
shall have the right and remedy to have all provisions of this Agreement specifically enforced by a court of competent jurisdiction,
including obtaining an injunction to prevent any continuing violation thereof, it being acknowledged and agreed by Executive that
any such breach or threatened breach will cause irreparable injury to Employer and that money damages will be difficult to ascertain
and will not provide an adequate remedy to Employer.

 

18.         Documents.
Executive represents and warrants that he has not taken any documents (electronic or hard copy) which contain or represent Confidential
Proprietary Information of Employer.

 

19.         Return
of Property. Executive agrees, as a condition precedent to receipt of any money pursuant to this Agreement, that he will deliver
to Employer any and all equipment, tools, files, books, notebooks, financial statements, passwords, codes, manuals, handbooks,
equipment, computers, cell phones, tablets, software, hardware, keys, fobs, portable electronic devices, computer disks, flash
drives and other portable storage devices, data and other documents and materials in his/her possession or control relating to
any of Employer’s Confidential Proprietary Information, or which is otherwise the property of Employer or its clients/customers
or guests. Executive further acknowledges that he has not retained and will not retain any copies, duplicates, reproductions, or
excerpts of Employer’s Confidential Proprietary Information.

 

    	 	-9-	Executive Initials: /s/ DB

     

    

 

20.         Non-Disparagement.
Executive agrees that he will not criticize, defame, or make negative comments about Employer or the Released Parties to any of
its/their employees, contractors, customers/clients, guests, vendors, suppliers, financial or credit institutions, to the print
or broadcast media, to any Internet communication outlet, or to any other third party. However, Executive retains the right to
communicate with the EEOC, DOL, NLRB, SEC, and comparable state or local agencies and such communication can be initiated by Executive
or in response to the government, and is not limited by any non-disparagement obligation in this Agreement. In addition, nothing
contained in this paragraph shall or is intended to preclude Executive from testifying truthfully pursuant to any government or
regulatory investigation or pursuant to subpoena or other court order, subject to the terms of Paragraph 15.

 

21.         Neutral
Reference. Executive understands that Employer will provide a neutral reference/employment verification to any prospective
employer, provided that the prospective employer’s request is directed, in writing, to Susan J. Saturday, Chief Human
Resources Officer, Bluegreen Corporation, 4960 Conference Way North, Suite 100, Boca Raton, Florida 33431. Such reference/verification
will be limited to Executive’s name, position and dates of employment (without characterization of termination reason).

 

22.         No
Bankruptcy or Liens. Executive represents that he is not presently a debtor in a pending bankruptcy proceeding and has not
filed for bankruptcy at any time in the past seven (7) years. Executive also represents that the amount he will receive under this
Agreement is not subject to lien, levy, garnishment, or wage deduction order, including, but not limited to, a child support order.

 

23.         ADEA.
Executive understands that no rights or claims arising under the Age Discrimination in Employment Act (“ADEA”) after
the date this Agreement is signed are waived.

 

24.         Specific
Release of ADEA Claims. The following information is required by the ADEA and the Older Workers Benefit Protection Act, which
applies to Executive’s release of claims:

 

A.           Executive
acknowledges that he received a copy of this Agreement on September 1, 2017 and that he has sixty (60) calendar days to consider
and accept the terms of this Agreement, although Executive may sign it sooner if desired. To accept this Agreement, Executive must
sign and date this Agreement and then return the signed Agreement (via hand delivery, certified mail, or overnight delivery) to
Susan J. Saturday, Chief Human Resources Officer, Bluegreen Corporation, 4960 Conference Way North, Suite 100, Boca Raton, Florida.

 

B.           Executive
understands that after he signs this Agreement, Executive has seven (7) additional days to change his mind and revoke his acceptance
of the Agreement. To revoke Executive’s acceptance, he must send a written statement of revocation within seven (7) days
after he signed this Agreement (via hand delivery, certified mail, or overnight delivery) to: Susan J. Saturday, Chief Human Resources
Officer, Bluegreen Corporation, 4960 Conference Way North, Suite 100, Boca Raton, Florida 33431.

 

C.           Executive
further understands that the payments described in this Agreement will not be paid until after this seven-day revocation period
expires and that if he revokes this Agreement, he is not entitled to any payments described in this Agreement. Executive also understands
that if he does not revoke this Agreement, it will take effect on the eighth (8th) day after he signs the Agreement. Executive
further agrees that any revisions, material or otherwise, made to this Agreement do not restart the sixty (60) day consideration
period described above.

 

    	 	-10-	Executive Initials: /s/ DB

     

    

 

D.           Executive
should consult with an attorney prior to signing this Agreement.

 

25.         Transition
of Work/Cooperation. As a material term of this Agreement, Executive agrees to use his best efforts to assist Employer with
the orderly transition of Executive’s work assignments. Executive further agrees to reasonably cooperate with Employer and/or
its counsel in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against
or on behalf of Employer that relate in any way to events or occurrences that transpired while Executive was employed by Employer
(excluding any claims or actions that are brought by Executive or on behalf of Executive). Executive’s cooperation in connection
with such claims or actions will include, but not be limited to, being available to meet with Employer’s counsel or representative
to prepare for discovery or any legal proceeding at mutually convenient times, and making himself available to testify truthfully
in deposition and at trial. Employer will reimburse Executive for all reasonable, pre-approved out-of-pocket costs and expenses
(but not including attorney’s fees and costs or compensation for time) that Executive incurs in connection with Executive’s
obligations under this paragraph. Executive further acknowledges that the obligations set forth in this paragraph are on-going
in nature and continue after Executive’s separation from employment and after completion of the payment of the separation
benefits discussed in this Agreement.

 

26.         Tax
Reporting of Compensation Paid under this Agreement. Executive and Employer acknowledge:

 

A.           The
cash payments provided under Paragraph 3A (1), (2) and (4) and Paragraphs 3B and 3C of this Agreement will be reported on Executive’s
Form W-2 as taxable compensation for the year of payment;

 

B.           Employer
will report the aggregate amount of payments described in Paragraph 3A (3) and (5) on Executive’s Form W-2 as compensation
taxable under Code Section 409A in 2017;

 

C.           Any
amount payable due to the occurrence of a Liquidity Event under the LTIP, as provided in Paragraph 4, will be reported as taxable
compensation on Executive’s Form W-2 in accordance with the terms of payment provided under the LTIP and as reasonably determined
by the Employer to be required by law; and

 

D.           All
other payments and benefits provided under this Agreement that are required pursuant to the Internal Revenue Code to be treated
as taxable compensation will be reported on Executive’s Form W-2 for the year the payment or benefit is provided and as reasonably
determined by the Employer to be required by law.

 

27.         Prior
Agreement. This Agreement supersedes and is in lieu of any and all other employment arrangements between the Executive and
any of the Released Parties and any and all such employment agreements and arrangements are hereby terminated and deemed of no
further force or effect, excluding potential LTIP payments as set forth in Paragraph 4, above.

 

    	 	-11-	Executive Initials: /s/ DB

     

    

 

28.         Authority
to Sign. Employer represents and warrants that the person signing this Agreement has the authority to act on behalf of Employer
and to bind Employer and all who may claim through it to the terms and conditions of this Agreement. Executive represents and warrants
that he has the capacity to act on his own behalf and on behalf of all who might claim through Executive to bind him to the terms
and conditions of this Agreement.

 

29.         Nonadmission.
This Agreement does not constitute an admission of a violation of any law, order, regulation, or enactment, or of wrongdoing of
any kind by Employer.

 

30.         No
Reliance. Neither party has relied upon any representations or statements made by the other party hereto which are not specifically
set forth in this Agreement.

 

31.         Construction.
Executive agrees that, having had the opportunity to obtain the advice of legal counsel to review, comment upon, and redraft this
Agreement, this Agreement shall be construed as if the parties jointly prepared it so that any uncertainty or ambiguity shall not
be interpreted against any one party and in favor of the other.

 

32.         Entire
Agreement. Executive and Employer acknowledge that this Agreement constitutes the entire agreement between them with respect
to the matters set forth in this Agreement.

 

33.         Modification.
This Agreement may only be amended in writing if signed by both Employer’s President and CEO, and Executive.

 

34.         Severability.
If any provision of this Agreement, other than Paragraph 7, is determined by a court or administrative agency to be invalid or
unenforceable for any reason, then the parties agree that the remaining provisions of this Agreement will be unaffected thereby
and will remain in full force and effect provided that both parties may still effectively realize the complete benefit of the promises
and considerations conferred hereby.

 

35.         Waiver.
The failure of any provision of this Agreement shall in no manner affect the right to enforce this Agreement, and the waiver by
Executive or Employer of any breach of any provision of this Agreement shall not be construed to be a waiver by such party of any
succeeding breach of such provision or a waiver by such party of a breach of any other provision.

 

36.         Attorneys’
Fees and Costs. In the event that either party to this Agreement commences an action for damages, injunctive relief, or to
enforce the provisions of the Agreement, the prevailing party in any such action shall be entitled to an award of its reasonable
attorney's fees and all costs including appellate fees and costs, incurred in connection therewith as determined by the court in
any such action.

 

37.         Governing
Law, Jurisdiction and Venue. This Agreement, its interpretation, and all questions concerning the execution, validity, capacity
of the parties and the performance of this Agreement, shall be governed solely by the laws of the State of Florida, without regard
to any choice-of-law principles that might direct application of the laws of any other jurisdiction. The parties agree that any
and all actions arising out of, based upon or relating to this Agreement or Executive’s employment with the Employer may
be brought solely in the Circuit or County Court located in Palm Beach County, Florida or, if federal jurisdiction is appropriate,
the federal court located in Palm Beach County, Florida. Executive expressly and irrevocably: (i) consents to the exclusive jurisdiction
of such Florida courts; (ii) agrees that this Agreement is entered into in the State of Florida and any breach of this Agreement
shall be deemed a breach of a contract in the State of Florida pursuant to Florida Statutes Section 48.193(1)(a) or any similar
statute or amendment enacted by the Florida legislature; (iii) agrees that he is subject to personal jurisdiction in such Florida
courts, and that he has the requisite contacts with the State of Florida such that the exercise of personal jurisdiction complies
with Florida’s long arm statute and the requirements of due process; (iv) agrees that venue is appropriate in such courts;
(v) waives any defense or objection based on a lack of personal jurisdiction; (vi) waives any argument that such courts are an
improper venue or an inconvenient forum; and (vii) agrees that in the event any action arising out of, based on or relating in
any way to this Agreement or his employment with the Employer is instituted in any court other than the state or federal courts
located in Palm Beach County, Florida, that he will not object to, but rather will affirmatively consent to, the Employer’s
efforts to have such action dismissed or, if appropriate, transferred to the appropriate state or federal court located Palm Beach
County, Florida.

 

    	 	-12-	Executive Initials: /s/ DB

     

    

 

38.         JURY
TRIAL WAIVER. EACH PARTY EXPRESSLY AND IRREVOCABLY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY ACTION ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR EXECUTIVE’S EMPLOYMENT WITH OR CLAIMS AGAINST ANY OF THE RELEASED PARTIES.

 

39.         Counterparts.
This Agreement may be executed in counterparts, and each counterpart shall have the same force and effect as an original and shall
constitute an effective, binding agreement on the part of each of the undersigned. Each party may execute this Agreement using
an electronic signature and such signature shall be treated in all respects as having the same effect as an original signature.
The parties agree that a signature transmitted via facsimile or electronic mail shall be deemed original for all purposes hereunder.

 

40.         Acknowledgment
of Full Understanding. EXECUTIVE ACKNOWLEDGES THAT HE HAS HAD THE OPPORTUNITY TO CONSULT WITH AN ATTORNEY OF HIS CHOICE; THAT
HE HAS CAREFULLY REVIEWED AND CONSIDERED THIS AGREEMENT; THAT HE UNDERSTANDS THE TERMS OF THE AGREEMENT AND ITS FINAL AND BINDING
EFFECT; THAT THE ONLY PROMISES MADE TO HIM TO SIGN THIS AGREEMENT ARE THOSE STATED IN THIS AGREEMENT; AND THAT HE IS SIGNING THIS
AGREEMENT VOLUNTARILY WITH THE FULL INTENT OF RELEASING THE RELEASED PARTIES FROM ANY AND ALL CLAIMS THAT CAN BE RELEASED AS A
MATTER OF LAW.

 

41.         Adequacy
of Consideration. The parties further acknowledge the adequacy of the consideration provided herein by each to the other, that
this is a legally binding document, and that they intend to be bound by and faithful to its terms.

 

    	 	-13-	Executive Initials: /s/ DB

     

    

 

Executive Is Advised To Consult An Attorney
Before Signing This Agreement.

 

	9/25/2017	 	/s/ David Bidgood
	DATE	 	David Bidgood

 

	9/26/2017	 	BLUEGREEN VACATIONS 
	DATE	 	UNLIMITED, INC.

 

	 	By: 	/s/ Susan J. Saturday

	 	Print Name:	Susan J. Saturday

	 	Title:	Senior Vice President

 

    	 	-14-

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