Document:

2008 Management Incentive Compensation Plan

 Exhibit 10.46 
 WCI COMMUNITIES, INC. 
 2008 
 MANAGEMENT INCENTIVE COMPENSATION PLAN 
 (MICP) 
  

	I.	OBJECTIVE 

 The WCI Communities, Inc.
(“WCI” or “Company”) Management Incentive Compensation Plan (the “MICP” or “Plan”) was established to reward the performance of those key employees whose efforts significantly impact WCI’s achievement of
its annual financial goals and certain key operating or non-financial goals. The Plan will place emphasis on differentiating performance while maintaining a consistent reward theory and a common focus on achieving our financial and non-financial
objectives. This Plan is designed to provide significant financial rewards (“Bonus Awards”) to participants when such objectives are met or exceeded. However, through a “pay-for-performance” structure, the Plan will generate
reduced or no incentive payment when objectives or financial goals are not met. 
 The plan will operate on a calendar year basis (“Plan
Year”). 
  

	II.	PARTICIPATION 

 A Plan participant
(“Participant”) must be an officer or other key employee of WCI selected or approved annually by the Board of Directors or by the Executive Compensation Committee of the Board (the “Committee”). Unless otherwise determined by the
Committee, Participants may not participate in any other formal incentive plan. 
 Termination of employment (whether voluntary or otherwise)
prior to a payment date will result in the loss of the entire Bonus Award. 
  

	III.	PARTICIPANT CLASSIFICATION 

 Based on a
Participant’s position within WCI, each Participant will be classified as a member of one of the following groups: 
  

	 	(i)	Corporate Administrative Personnel (“CAP”) 

  

	 	(ii)	Business Unit Employee (“BUE”) 

  

	IV.	BONUS AMOUNTS 

 A Participant’s (or
Position’s) target MICP bonus amount (“Target Bonus”) will be established on an annual basis. The Committee shall, on an annual basis, based upon recommendations from the Chief Executive Officer, review and approve the total number of
Participants in the MICP, each individual’s Target Bonus and the total aggregate Target Bonuses under the MICP for that year. 

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 Management Incentive Compensation Plan 
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 If a Participant receives a promotion during the Plan Year his or her Bonus Award will be based on a
prorated monthly amount. A Participant who is hired into a MICP-eligible position after February 1 of a Plan Year will have his or her Bonus Award prorated based on the months that he or she was employed in the eligible position during the Plan
Year. 
  

	V.	OBJECTIVES/ACHIEVEMENT MEASUREMENT 

 The
amount of each Participant’s Bonus Award shall be determined based on a combination of (i) the Participant’s Target Bonus, (ii) the group within which the Participant is classified and, (iii) achievement of one or more of
the following objectives: Corporate Financial Objectives, Division/Project Objectives, and Personal Objectives. Corporate Financial Objectives are approved annually by the Committee. Division/Project Objectives and Personal Objectives are reviewed
and approved annually by the Chief Executive Officer. 
 A Participant may be eligible to receive a Bonus Award based on the extent to which
objectives set for that Participant have been achieved. Objectives in respect of each Plan Year shall be established annually and shall be communicated to Participants prior to the end of the first calendar quarter of such Plan Year (or at some
other time as determined by the Committee). Corporate Financial Objectives may be based upon pre-tax income, cash flow, net income, gross margin, return on capital and/or any other objectives deemed appropriate by the Committee, in its discretion.

 The Committee has delegated to the Chief Executive Officer the authority to define the Bonus formulas and to determine Bonus Awards under
the MICP, subject to the limitation that the total of all awards not exceed the amount of total bonus awards (under both MICP and SMICP) approved at plan performance for that year (the “Aggregate Bonus Limit”). In that regard, the Chief
Executive Officer shall submit in advance to the Committee his specific Bonus recommendation with respect to all participants for confirmation and ratification by the Committee that such awards comply with the foregoing Aggregate Bonus Limit.

 MICP Bonus Awards (if any) in respect of a Plan Year shall be paid by March 15th of the following Plan Year. 
 The matrix of a Participant’s classification and the weighting of objectives upon which his or her Bonus Award shall be determined as follows:

 For the Plan Year 2008, the MICP bonus allocations are as follows: 
  

					
	 Classification
	  	 Based on Corporate
Financial Objectives
	  	 Based on Business Unit Objectives

	 Corporate Administrative Personnel
	  	100%	  	 Discretionary
 Adjustment

	 Business Unit Employees
	  	100%	  	 Discretionary
 Adjustment

 Each Corporate Administrative Personnel and Business Unit Employee shall be eligible to receive
incentive compensation paid on his or her individual Target Bonus in the event the 

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 Management Incentive Compensation Plan 
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Corporate Objectives have been achieved. For 2008, there are three (3) Corporate Financial Objectives that must all be met in order for the 2008
Bonus Pool to fund. These will be considered the Minimum Threshold Performance Objectives. They are: 
 (i) Corporate Cash
Flow – defined as 2008 Adjusted Free Cash Flow, computed by subtracting “Change in plant and equipment” from “Net cash (used in) provided by operating activities” as reflected on the Company’s “Consolidated
Cash Flow Statement” for the year ending December 31, 2008, and further adjusted to exclude the effects of any land sales as defined by the Committee to the extent that they have the affect of increasing net cash provided by operating
activities, and: 
 (ii) Spec Closings – defined as the closing of unsold inventory, and: 
 (iii) Shareholder Equity – Shareholder Equity at December 31, 2008 cannot be below $226,000,000, which is 93% of Projected
Plan Equity of $241,299,000 (or we cannot miss our Plan Net Income projection of $178,800,000 by more than $15,000,000). Accounting adjustments relating to non cash changes during the year such as impairments and abandonments will be added back so
as not to impact this Shareholder Equity measure. 
 Below are the Three Corporate Objectives Minimum Threshold Levels to be satisfied for
the 2008 Plan Year: 
  

				
	                                        
     Objective
	  	Minimum Threshold
	 Corporate Cash Flow Minimum Threshold Level for 2008
	  	$	400,000,000
	 Spec Closings Minimum Threshold Level for 2008
	  	 	650
	 90% of Shareholder Equity at 12/31/08
	  	$	226,000,000

 If all three of the Corporate Financial Objectives Minimum Threshold Levels are achieved then
the 2008 Bonus Pool will begin to fund. 
  

	VI.	PLAN FUNDING OF BONUS POOL 

 Once all three
of the Corporate Financial Objectives Minimum Threshold Levels have been met, plan funding will occur based on the following two tables: 
  

			
	 Corporate Cash Flow
	  	 Pool $

	 $400,000,000 - $449,999,999
	  	$3,000,000 - $4,999,999
	 $450,000,000 - $549,999,999
	  	$5,000,000 - $5,999,999
	 $550,000,000 - $649,999,999
	  	$6,000,000 - $6,999,999
	 > $650,000,000
	  	$7,000,000 and up

  

			
	 Spec Closings
	  	 Pool $

	 650 - 699
	  	$500,000 - $999,999
	 700 - 799
	  	$1,000,000 - $1,499,999
	 800 - 899
	  	$1,500,000 - $1,999,999
	 900 - 999
	  	$2,000,000 - $2,499,999
	 1,000 and up
	  	$2,500,000 and up

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 Management Incentive Compensation Plan 
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 For general purposes, Target performance levels are considered to be $450,000,000 in Corporate Cash
Flow and 700 Spec Closings which would generate a combined total target pool of $6,000,000. 
 The tables above that are used to fund the 2008
Bonus Pool may result in an overall Bonus Pool that exceeds combined individual Target Bonuses. Any excess bonus dollars may be distributed to Participants at the discretion of the Chief Executive Officer based on overall Individual, Divisional and
Company performance. 
 All calculations will be performed to one tenth (1/10) of one percent. 
  

	VII.	CHANGES TO PARTICIPANTS’ POSITION OR RESPONSIBILITY 

 If a Participant changes position or responsibility during the year, his or her manager is responsible for advising Human Resources how the change alters the Participant’s personal and/or financial objectives.
Human Resources will then modify the individual worksheets and obtain approval from the Senior Executive of the Business Unit and the Chief Executive Officer. Failure to adhere to this provision will result in a final bonus determination made by
Human Resources/Finance/Business Unit during the final calculation process. 
  

	IX.	IMPACT ON BENEFITS 

 A Participant’s
Bonus Award, within legal limitations, will be eligible for contribution to the WCI Communities, Inc. 401(k) Savings Plan unless the Participant elects not to make such a contribution and notifies the payroll department in writing of this election.
This contribution will also receive the applicable Company match. 
  

	X.	APPROVALS 

 At the beginning of each year,
the Chief Executive Officer shall submit to the Executive Compensation Committee of the Board of Directors for its approval the proposed MICP for that year. 
  

									
	  
	  		  	3/27/08	  		  	
	Jerry Starkey	  		  	Date	  		  	
					
	  
	  		  	3/27/08	  		  	
	Paul D. Appolonia	  		  	Date	  		  	

 NOTE: This document is to inform the employees of potential compensation based on their performance and
performance of the Company. All terms and conditions of this Plan may be 

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 Management Incentive Compensation Plan 
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modified by WCI from time-to-time upon notice. This document is for information purposes only and in no way should be construed as an employment
contract or other commitment to continue your employment.2009 Management Incentive Compensation Plan

 Exhibit 10.47 
 WCI COMMUNITIES, INC. 
 2009 
 MANAGEMENT INCENTIVE COMPENSATION PLAN 
  

	I.	BACKGROUND 

 WCI has established the 2009
Management Incentive Compensation Plan (the “MICP”), which is designed to motivate certain of its key employees to meet or exceed the Company’s financial and operational goals, thereby aligning the interests of such employees with
those of the Company’s stakeholders. As explained below, the payment of bonuses under the MICP is based on clearly defined performance metrics and will incentivize WCI’s key employees to continue their extraordinary services and efforts
during the Company’ reorganization under Chapter 11 and to maximize the value of the Company’s assets. 
  

	II.	MICP INCENTIVE STRUCTURE 

 Payment of
incentive bonuses under the MICP is conditioned upon the achievement of threshold (90%), target (100%) or maximum (110%) levels of certain 2009 consolidated financial objectives (the “Financial Objectives”). These Financial
Objectives, which are premised upon the Company’s financial forecasts prepared in connection with obtaining postpetition financing (the “2009 DIP Budget”), include, at target levels, attaining (i) Cash Flow from Operations before
land purchases of $31,887,000 (annualized) and (ii) Gross Margins on Home and Tower Sales of $17,492,000 (annualized). 
 Land and bulk
inventory sales shall be excluded from the calculation of the “Cash Flow from Operations” Financial Objective unless such sales (whether on an individual or multiple-unit basis) were specifically included in the Debtors’ financial
forecasts prepared in connection with obtaining postpetition financing. Additionally, asset impairment charges that are recorded in 2009 shall be excluded from the calculation of the “Gross Margins on Home and Tower Sales” Financial
Objective. 
 Payouts under the MICP are determined as follows: 
 (i) The two Financial Objectives will be weighted equally in calculating MICP bonuses. However, no MICP bonus will be paid if the Company does not achieve at least threshold level performance of both Financial
Objectives; 
 (ii) Threshold (90%) performance of each Financial Objective results in a 75% payment of an individual’s MICP target
bonus; 
 (iii) Target (100%) performance of each Financial Objective results in a 100% payment of an individual’s MICP target
bonus; 

 (iv) Maximum (110%) performance of each Financial Objective results in a 125% payment of an
individual’s MICP Target bonus; and 
 (v) MICP bonus payouts are interpolated between levels of financial performance. For example, 95%
performance of each Financial Objective results in an 87.5% payment of an individual’s MICP target bonus. 
 Subject to confirmation of
financial performance by the Compensation Committee of WCI’s Board of Directors (the “Compensation Committee”), bonuses under the MICP (a) vest on the date (the “MICP Vesting Date”) that is the earlier of (i) the
effective date of a confirmed chapter 11 plan in the Company’s Chapter 11 cases, (ii) the successful consummation of a sale of substantially all of the Company’s assets to one or more acquirers or (iii) January 1, 2010 and
(b) will be paid by the Company no later than 30 days following the MICP Vesting Date.1 Participant must be employed at the time of the vesting
date to be eligible for a bonus. 
 Calculation of bonuses earned under the MICP is based on actual cumulative financial performance as
measured against; the monthly DIP Budget (see attached DIP Budget reflecting month to month financial expectations) from January 1, 2009 through and including the last complete month preceding the MICP Vesting Date (the “MICP
Period”). The MICP bonus amounts assume a twelve month MICP Period; however, if the MICP Period is less than twelve months, any bonus payouts will be prorated based on the actual number of months in the MIC Period. For example, if the Company
successfully emerged from Chapter 11 in mid month August 2009, the financial performance against the monthly DIP Budget through July would be used and bonus payments would be eight—twelve’s (or 2/3) of the annualized bonus earned.

  

	III.	PARTICIPATION 

 Employees eligible to
participate in the MICP include a total of 63 key managers (the “Participants”). The threshold, target and maximum MICP bonuses for all of the Participants total approximately $1,776,000, $2,368,000, and $2,960,000, respectively. Each
Participant’s individual MICP bonus has been established based upon a percentage of base salary and the Participant’s position. During the course of the 2009 business year, WCI’s Chief Executive Officer (the “CEO”) has
authority to adjust a Participant’s target bonus in the event of a material change in position, or add or replace a participant to the group of eligible MICP participants so long as (i) the combined aggregate threshold, target and maximum
bonus levels are not exceeded, (ii) the MICP Participant’s adjustment, addition or replacement does not result in exceeding $25,000 or, to the extent it does exceed $25,000, the Compensation Committee has approved the adjustment, and
(iii) the Company provides notice to their prepetition secured 
  

	1	However, with respect to six employees that hold positions at WCI of Senior Vice President or higher, all MICP bonuses earned by such employees shall be paid by the Company, or in
the event the Company’s Chapter 11 cases are converted to Chapter 7, by the Chapter 7 Trustee, no later than 30 days following the earlier of (i) the effective date of a confirmed Chapter 11 plan or (ii) the successful consummation of
a sale of substantially all of the Company’s assets to one or more acquirers. 

 
lenders and the Official Committee of Unsecured Creditors (the “Creditors’ Committee”) of any such adjustment; provided, that the prepetition
secured lenders and the Creditors’ Committee shall have two (2) business days from receipt of notice of any such adjustment to object, and if such objection is not consensually resolved the Company shall be required to get Bankruptcy Court
approval of such adjustment. 
  

	IV.	WAIVER OF LONG TERM INCENTIVES-CASH 

 In 2006
and 2007, the Compensation Committee authorized the award of certain Long Term Incentive Cash (“LTI-Cash”) awards to certain WCI management level employees. As a condition to receiving payment under the MICP, the Participants are required
to waive any claims they may have for such LTI-Cash awards. 
  

	V.	APPROVALS 

 The MICP was approved by the
Compensation Committee on November 6, 2008, and was approved by the Bankruptcy Court pursuant to orders dated January 21, 2009 and February 4, 2009. 
  

			
		 	  

		 	 David Fry – Interim CEO & President

		
		 	  

		 	 Paul Appolonia – Senior Vice President

		 	 Human Resources

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