Document:

EX-10.2

 Exhibit 10.2 

TAX MATTERS AGREEMENT 

THIS TAX MATTERS AGREEMENT (this “Agreement”), dated as of _______, 2020, is by and among BBX Capital Corporation, a Florida
corporation (“Parent”), and BBX Capital Florida LLC, a Florida limited liability company (“New BBX Capital”). Each of Parent and New BBX Capital is sometimes referred to herein as a “Party” and,
collectively, as the “Parties.” 
 RECITALS 

WHEREAS, the Board of Directors of Parent has determined that it is advisable and in the best interests of Parent and its shareholders that
New BBX Capital, which is currently a wholly owned subsidiary of Parent and holds (or in accordance with the terms of the Separation Agreement will hold) the subsidiaries and investments which comprise or operate the New BBX Capital Business, be
converted into a Florida corporation and become a separate, public company through the spin-off of New BBX Capital, with Parent retaining the Bluegreen Business and continuing as a public company and
“pure play” Bluegreen holding company; 
 WHEREAS, in furtherance of the foregoing, on the date hereof, Parent and New BBX Capital
have entered into the Separation Agreement pursuant to which, subject to the terms and conditions thereof, the assets and liabilities of the Bluegreen Business will be separated from those of the New BBX Capital Business (the
“Separation”) and thereafter Parent will distribute 100% of the issued and outstanding shares of New BBX Capital Common Stock pro rata to holders of Parent Common Stock (the “Distribution” and, collectively with the
Separation, the “Spin-Off”), all as more fully described in the Separation Agreement; 

WHEREAS, in connection with the Spin-Off, the Parties wish to provide for the payment of Tax
liabilities and entitlement to refunds thereof, allocate responsibility for, and cooperation in, the filing of Tax Returns, and provide for certain other matters relating to Taxes; 

NOW, THEREFORE, in consideration of the foregoing and the representations, warranties, covenants and agreements contained herein, and
intending to be legally bound hereby, the Parties hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.01 General. As used in this Agreement, the following terms shall have the following meanings: 

“Accounting Firm” has the meaning set forth in Section 7.01. 

“Adjustment” means an adjustment of any item of income, gain, loss, deduction, credit or any other item affecting Taxes of a taxpayer
pursuant to a Final Determination. 
 “Agreement” has the meaning set forth in the preamble to this Agreement. 

“Ancillary Agreement” has the meaning set forth in the Separation Agreement. 

“Bluegreen Business” has the meaning set forth in the Separation Agreement. 

“Carryback” has the meaning set forth in Section 4.02. 

“Code” means the Internal Revenue Code of 1986, as amended. 

 “Common Parent” means the “common parent corporation” of an “affiliated
group” (in each case, within the meaning of Section 1504 of the Code) filing a U.S. federal consolidated Income Tax Return. 
 “Covered
Taxes” has the meaning set forth in the Transition Services Agreement. 
 “Distribution” has the meaning set forth in the recitals
to this Agreement. 
 “Distribution Date” has the meaning set forth in the Separation Agreement. 

“Due Date” means (a) with respect to a Tax Return, the date (taking into account all valid extensions) on which such Tax Return is
required to be filed under applicable Law and (b) with respect to a payment of Taxes, the date on which such payment is required to be made to the applicable Taxing Authority to avoid the incurrence of interest, penalties and/or additions to
Tax. 
 “Employee Matters Agreement” means the Employee Matters Agreement by and among the Parties dated as of the date hereof. 

“Extraordinary Transaction” means any action that is not in the Ordinary Course of Business, but shall not include (a) any action
described in or contemplated by the Separation Agreement or any Ancillary Agreement, (b) any action that is otherwise undertaken in connection with the Spin-Off, or (c) any compensatory payment or
compensatory transfer in respect of services made as a result of, or in connection with, the Spiin-Off (which shall be treated as paid immediately before the Distribution on the Distribution Date). 

“Final Determination” means the final resolution of liability for any Tax for any taxable period by or as a result of (a) a final
decision, judgment, decree or other order by any court of competent jurisdiction that can no longer be appealed to a court other than the Supreme Court of the United States, (b) a final settlement with the IRS, a closing agreement or accepted
offer in compromise under Sections 7121 or 7122 of the Code, or a comparable agreement under the Laws of other jurisdictions, which resolves the entire Tax liability for any taxable period, (c) any allowance of a refund or credit in respect of
an overpayment of Tax, but only after the expiration of all periods during which such refund or credit may be recovered by the jurisdiction imposing the Tax, or (d) any other final resolution, including by reason of the expiration of the
applicable statute of limitations or the execution of a pre-filing agreement with the IRS or other Taxing Authority. 

“Group” of which a Person is a member means (i) the Parent Group if the Person is a member of the Parent Group, and (ii) the New
BBX Capital Group if the Person is a member of the New BBX Capital Group. 
 “Income Tax Return” means any Tax Return on which Income Taxes
are reflected or reported. 
 “Income Taxes” means any net income, net receipts, net profits, excess net profits or similar Taxes based
upon, measured by, or calculated with respect to net income. 
 “Indemnified Party” means the Party which is entitled to seek
indemnification from the other Party pursuant to the provisions of Article III. 
 “Indemnifying Party” means the Party from which the
other Party is entitled to seek indemnification pursuant to the provisions of Article III. 
 “Information” has the meaning set forth in
Section 6.01(a). 
 “IRS” means the U.S. Internal Revenue Service. 

“Law” means any U.S. or non-U.S. federal, national, supranational, state, provincial, local or
similar statute, law, ordinance, regulation, rule, code, administrative pronouncement, order, requirement or rule of law (including common law). 

 “Mixed Business Income Tax Return” means any Mixed Business Tax Return on which Income
Taxes are reflected or reported. 
 “Mixed Business Tax Return” means any Tax Return (other than a Parent Consolidated Return), including
any consolidated, combined or unitary Tax Return, that reflects or reports Taxes that relate to at least one asset or activity that is part of the Bluegreen Business, on the one hand, and at least one asset or activity that is part of the New BBX
Capital Business, on the other hand. 
 “New BBX Capital” has the meaning set forth in the preamble to this Agreement. 

“New BBX Capital Business” has the meaning set forth in the Separation Agreement. 

“New BBX Capital Common Stock” has the meaning set forth in the Separation Agreement. 

“New BBX Capital Entity” means any Subsidiary of New BBX Capital immediately after the Distribution. 

“New BBX Capital Group” means, individually or collectively, as the case may be, New BBX Capital and any New BBX Capital Entity. 

“New BBX Capital Taxes” means, without duplication, (a) any Taxes of (i) Parent or any Subsidiary or former Subsidiary of Parent
attributable to assets or activities of the New BBX Capital Business, as determined pursuant to Section 2.09 or (ii) New BBX Capital or any Subsidiary of New BBX Capital and (b) any Taxes attributable to an Extraordinary Transaction
occurring after the Distribution on the Distribution Date by New BBX Capital or a New BBX Capital Entity. 
 “Ordinary Course of Business”
means an action taken by a Person only if such action is taken in the ordinary course of the normal operations of such Person, consistent with past practice. 

“Parent” has the meaning set forth in the preamble to this Agreement. 

“Parent Common Stock” has the meaning set forth in the Separation Agreement. 

“Parent Consolidated Return” means the U.S. federal Income Tax Return required to be filed by Parent as the Common Parent. 

“Parent Consolidated Taxes” means any U.S. federal Income Taxes attributable to any Parent Consolidated Return. 

“Parent Entity” means any Subsidiary of Parent immediately after the Distribution. 

“Parent Group” means, individually or collectively, as the case may be, Parent and any Parent Entity, excluding any member of the New BBX
Capital Group. 
 “Parent Taxes” means, without duplication, (a) any Parent Consolidated Taxes, (b) any Taxes imposed on New BBX
Capital or any member of the New BBX Capital Group under Treasury Regulations Section 1.1502-6 (or any similar provision of other Law) as a result of New BBX Capital or any such member being or having
been included as part of a Parent Consolidated Return (or similar consolidated or combined Tax Return under any other provision of Law), (c) any Taxes of the Parent Group and any former Subsidiary of Parent (excluding any member of the New BBX
Capital Group) for any Pre-Closing Period, (d) any Parent Transaction Taxes, and (e) any Transfer Taxes, in each case (x) other than New BBX Capital Taxes and (y) including any Taxes
resulting from an Adjustment. 
 “Parent Transaction Taxes” means any Taxes (a) imposed on or by reason of the Separation or the
Distribution and (b) payable by reason of the distribution of cash or other property from New BBX Capital to Parent (in each case, including Transfer Taxes imposed on such transactions described in (a) and (b)). For the avoidance of doubt,
Parent Transaction Taxes include, without limitation, Taxes payable by reason of deferred intercompany transactions or excess loss accounts triggered by the Separation or the Distribution. 

 “Party” and “Parties” have the meaning set forth in the preamble to this
Agreement. 
 “Past Practice” means past practices, accounting methods, elections and conventions. 

“Person” has the meaning set forth in the Separation Agreement. 

“Post-Closing Period” means any taxable period (or portion thereof) beginning after the Distribution Date, including for the avoidance of
doubt, the portion of any Straddle Period beginning on the day after the Distribution Date. 
 “Pre-Closing
Period” means any taxable period (or portion thereof) ending on or before the Distribution Date, including for the avoidance of doubt, the portion of any Straddle Period ending at the end of the day on the Distribution Date. 

“Preparing Party” has the meaning set forth in Section 2.04(a)(ii). 

“Privilege” means any privilege that may be asserted under applicable Law, including any privilege arising under or relating to the
attorney-client relationship (including the attorney-client and work product privileges), the accountant-client privilege and any privilege relating to internal evaluation processes. 

“Refund” means any refund (or credit in lieu thereof) of Taxes (including any overpayment of Taxes that can be refunded or, alternatively,
applied to other Taxes payable), including any interest paid on or with respect to such refund of Taxes; provided, however, that for purposes of this Agreement, the amount of any Refund required to be paid to another Party shall be
reduced by the net amount of any Income Taxes imposed on, related to, or attributable to, the receipt or accrual of such Refund. 
 “Retention
Period” has the meaning set forth in Section 6.02. 
 “Reviewing Party” has the meaning set forth in
Section 2.04(a)(ii). 
 “Separation” has the meaning set forth in the recitals to this Agreement. 

“Separation Agreement” means the Separation and Distribution Agreement by and among Parent and New BBX Capital dated as of the date hereof.

 “Single Business Return” means any Tax Return, including any consolidated, combined or unitary Tax Return, that reflects or reports Tax
Items relating only to the Bluegreen Business, on the one hand, or the New BBX Capital Business, on the other (but not both). 
 “Single Business
Return Preparing Party” has the meaning set forth in Section 2.04(b). 
 “Single Business Return Reviewing Party” has the
meaning set forth in Section 2.04(b). 
 “Straddle Period” means any taxable period that begins on or before the Distribution Date and
ends after the Distribution Date. 
 “Subsidiary” means, with respect to any Person (a) a corporation more than fifty percent
(50%) of the voting or capital stock of which is owned, directly or indirectly, by such Person or (b) a limited liability company, partnership, joint venture, association, joint stock company, trust, unincorporated organization or other
entity in which such Person, directly or indirectly, owns more than fifty percent (50%) of the equity economic interests thereof or for which such Person, directly or indirectly, has the power to elect or direct the election of more than fifty
percent (50%) of the members of the governing body or which such Person otherwise has control (e.g., as the managing partner or managing member of a partnership or limited liability company, as the case may be). 

 “Tax” means (a) all taxes, charges, fees, duties, levies, imposts, or other similar
assessments, imposed by any U.S. federal, state or local or foreign governmental authority, including net income, gross income, gross receipts, excise, real property, personal property, sales, use, service, service use, license, lease, capital
stock, transfer, recording, franchise, business organization, occupation, premium, environmental, windfall profits, profits, customs, duties, payroll, wage, withholding, social security, employment, unemployment, insurance, severance, workers
compensation, excise, stamp, alternative minimum, estimated, value added, ad valorem, hospitality, accommodations, transient accommodations, unclaimed property, escheat and other taxes, charges, fees, duties, levies, imposts, or other similar
assessments, (b) any interest, penalties or additions attributable thereto and (c) all liabilities in respect of any items described in clauses (a) or (b) payable by reason of assumption, transferee or successor liability,
operation of Law or Treasury Regulation Section 1.1502-6(a) (or any predecessor or successor thereof or any analogous or similar provision under Law). 

“Tax Attributes” means net operating losses, capital losses, tax credit carryovers, earnings and profits, foreign tax credit carryovers,
overall foreign losses, previously taxed income, tax bases, separate limitation losses and any other losses, deductions, credits or other comparable items that could affect a Tax liability for a past or future taxable period. 

“Tax Benefit” means any refund, credit, or other reduction in Tax payments otherwise required to be made to a Taxing Authority, including for
the avoidance of doubt, any actual Tax savings if, as and when realized arising from a step-up in Tax basis or an increase in a Tax Attribute. 

“Tax Cost” means any increase in Tax payments otherwise required to be made to a Taxing Authority (or any reduction in any refund otherwise
receivable from any Taxing Authority). 
 “Tax Group” means the members of a consolidated, combined, unitary or other tax group (determined
under applicable U.S., state or foreign Income Tax law) which includes Parent or New BBX Capital, as the context requires, but for the avoidance of doubt, (i) Parent’s Tax Group does not include any members of the New BBX Capital Group and
(ii) New BBX Capital’s Tax Group does not include any members of the Parent Group. 
 “Tax Item” means any item of income, gain,
loss, deduction, credit, recapture of credit or any other item which increases or decreases Taxes paid or payable. 
 “Tax Matter” has the
meaning set forth in Section 6.01(a). 
 “Tax Proceeding” means any audit, assessment of Taxes,
pre-filing agreement, other examination by any Taxing Authority, proceeding, appeal of a proceeding or litigation relating to Taxes, whether administrative or judicial, including proceedings relating to
competent authority determinations. 
 “Tax Return” means any return, report, certificate, form or similar statement or document (including
any related or supporting information or schedule attached thereto and any information return, or declaration of estimated Tax) required to be supplied to, or filed with, a Taxing Authority in connection with the payment, determination, assessment
or collection of any Tax or the administration of any Laws relating to any Tax and any amended Tax return or claim for refund. 
 “Taxing
Authority” means any governmental authority or any subdivision, agency, commission or entity thereof or any quasi-governmental or private body having jurisdiction over the assessment, determination, collection or imposition of any Tax
(including the IRS). 
 “Transfer Taxes” means all sales, use, transfer, real property transfer, intangible, recordation, registration,
documentary, stamp or similar Taxes imposed on Separation or the Distribution. 
 “Transition Services Agreement” means the Transition
Services Agreement by and among the Parties dated as of the date hereof. 
 “Treasury Regulations” means the final and temporary (but not
proposed) Income Tax regulations promulgated under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

 “U.S.” means the United States of America. 

Section 1.02 Additional Definitions. Any other capitalized terms used but not defined in this Agreement shall have the meanings
ascribed to them in the Separation Agreement. 
 ARTICLE II 

PREPARATION, FILING AND PAYMENT OF TAXES SHOWN DUE ON TAX RETURNS 

Section 2.01 Parent Consolidated Returns. 

(a) Parent Consolidated Returns. Parent shall prepare and file all Parent Consolidated Returns for a
Pre-Closing Period or a Straddle Period, and shall pay all Taxes shown to be due and payable on such Tax Returns; provided that New BBX Capital shall reimburse Parent for any such Taxes that are New BBX
Capital Taxes. 
 (b) Extraordinary Transactions. Notwithstanding anything to the contrary in this Agreement, for all Tax purposes,
the Parties shall report any Extraordinary Transactions that are caused or permitted by New BBX Capital or any New BBX Capital Entity on the Distribution Date after the Distribution as occurring on the day after the Distribution Date pursuant to
Treasury Regulation Section 1.1502-76(b)(1)(ii)(B) or any similar or analogous provision of state, local or foreign Law. 

Section 2.02 Mixed Business Tax Returns. 

(a) Subject to Section 2.02(b), Parent shall prepare (or cause a Parent Entity to prepare) and Parent, a Parent Entity or New BBX Capital
shall file (or cause to be filed) any Mixed Business Tax Returns for a Pre-Closing Period or a Straddle Period and shall pay, or cause such Parent Entity to pay, all Taxes shown to be due and payable on such
Tax Returns; provided that New BBX Capital shall reimburse Parent for any such Taxes that are New BBX Capital Taxes. 
 (b) New BBX
Capital shall prepare and file (or cause a New BBX Capital Entity to prepare and file) any Mixed Business Tax Returns for a Pre-Closing Period or a Straddle Period required to be filed by New BBX Capital or a
New BBX Capital Entity after the Distribution Date, and New BBX Capital shall pay, or cause such New BBX Capital Entity to pay, all Taxes shown to be due and payable on such Tax Returns; provided that Parent shall reimburse New BBX Capital
for any such Taxes that are Parent Taxes. 
 Section 2.03 Single Business Returns. 

(a) Parent shall prepare and file (or cause a Parent Entity to prepare and file) any Single Business Returns for a Pre-Closing Period or a Straddle Period that reflects or reports Tax Items relating only to the Bluegreen Business and shall pay, or cause such Parent Entity to pay, all Taxes shown to be due and payable on such Tax
Returns; provided that New BBX Capital shall reimburse Parent for any such Taxes that are New BBX Capital Taxes. 
 (b) New BBX
Capital shall prepare and file (or cause a New BBX Capital Entity to prepare and file) any Single Business Returns for a Pre-Closing Period or a Straddle Period that reflects or reports Tax Items relating only
to the New BBX Capital Business and shall pay, or cause such New BBX Capital Entity to pay, all Taxes shown to be due and payable on such Tax Returns; provided that Parent shall reimburse New BBX Capital for any such Taxes that are Parent
Taxes. 
 Section 2.04 Tax Return Procedures. 

(a) Procedures relating to Tax Returns other than Single Business Returns. 

(i) Parent Consolidated Returns. With respect to all Parent Consolidated Returns for the taxable year which includes the Distribution
Date, Parent shall use the closing of the books method under (A) Treasury Regulation Section 1.1502-76 (including adopting the “end of the day rule” described therein) and
(B) Section 382 

 
of the Code and any applicable Treasury Regulations promulgated thereunder. To the extent that the positions taken on any Parent Consolidated Tax Return would reasonably be expected to materially
adversely affect the Tax position of New BBX Capital or a New BBX Capital Entity for any period after the Distribution Date, Parent shall prepare the portions of such Tax Return that relates to the New BBX Capital Business in a manner that is
consistent with Past Practice unless otherwise required by applicable Law or agreed to in writing by the Parties, and shall provide a draft of such portion of such Tax Return to New BBX Capital for its review and comment at least thirty
(30) days prior to the Due Date for such Tax Return, provided, however, that nothing herein shall prevent Parent from timely filing any such Tax Return. In the event that Past Practice is not applicable to a particular item or
matter, Parent shall determine the reporting of such item or matter in good faith. The Parties shall negotiate in good faith to resolve all disputed issues. Any disputes that the Parties are unable to resolve shall be resolved by the Accounting Firm
pursuant to Section 7.01. In the event that any dispute is not resolved (whether pursuant to good faith negotiations among the Parties or by the Accounting Firm) prior to the Due Date for the filing of any such Tax Return, such Tax Return shall
be timely filed by Parent and Parent agrees to amend such Tax Return as necessary to reflect the resolution of such dispute in a manner consistent with such resolution. 

(ii) Mixed Business Tax Returns. To the extent that the positions taken on any Mixed Business Tax Return would reasonably be expected
to materially adversely affect the Tax position of the party other than the party that is required to prepare and file any such Tax Return pursuant to Section 2.02 (the “Reviewing Party”) in any Post-Closing Period, the party
required to prepare and file such Tax Return (the “Preparing Party”) shall prepare the portions of such Tax Return that relates to the business of the Reviewing Party (the New BBX Capital Business or the Bluegreen Business, as the
case may be) in a manner that is consistent with Past Practice unless otherwise required by applicable Law or agreed to in writing by the Parties, and shall provide a draft of such portion of such Tax Return to the Reviewing Party for its review and
comment at least thirty (30) days prior to the Due Date for such Tax Return, provided, however, that nothing herein shall prevent the Preparing Party from timely filing any such Tax Return. In the event that Past Practice is not
applicable to a particular item or matter, the Preparing Party shall determine the reporting of such item or matter in good faith. The Parties shall negotiate in good faith to resolve all disputed issues. Any disputes that the Parties are unable to
resolve shall be resolved by the Accounting Firm pursuant to Section 7.01. In the event that any dispute is not resolved (whether pursuant to good faith negotiations among the Parties or by the Accounting Firm) prior to the Due Date for the
filing of any such Tax Return, such Tax Return shall be timely filed by the Preparing Party and the Parties agree to amend such Tax Return as necessary to reflect the resolution of such dispute in a manner consistent with such resolution. 

(b) Procedures relating to Single Business Returns. The Party that is required to prepare and file any Single Business Return pursuant
to Section 2.03 (the “Single Business Return Preparing Party”) which reflects Taxes which are reimbursable by the other Party (the “Single Business Return Reviewing Party”), in whole or in part, shall
(x) unless otherwise required by Law or agreed to in writing by the Single Business Return Reviewing Party, prepare such Tax Return in a manner consistent with Past Practice to the extent such items affect the Taxes for which the Single
Business Return Reviewing Party is responsible pursuant to this Agreement, and (y) submit to the Single Business Return Reviewing Party a draft of any such Tax Return (or to the extent practicable the portion of such Tax Return that relates to
Taxes for which the Single Business Return Reviewing Party is responsible pursuant to this Agreement) along with a statement setting forth the calculation of the Tax shown due and payable on such Tax Return reimbursable by the Single Business Return
Reviewing Party under Section 2.03 at least thirty (30) days prior to the Due Date for such Tax Return; provided, however, that nothing herein shall prevent the Single Business Return Preparing Party from timely filing any
such Single Business Return. The Parties shall negotiate in good faith to resolve all disputed issues. Any disputes that the Parties are unable to resolve shall be resolved by the Accounting Firm pursuant to Section 7.01. In the event that any
dispute is not resolved (whether pursuant to good faith negotiations among the Parties or by the Accounting Firm) prior to the Due Date for the filing of any Single Business Return, such Single Business Return shall be timely filed by the Single
Business Return Preparing Party and the Parties agree to amend such Single Business Return as necessary to reflect the resolution of such dispute in a manner consistent with such resolution. 

Section 2.05 Amended Returns. Except as provided in Section 2.04 to reflect the resolution of any dispute by the Accounting
Firm pursuant to Section 7.01, (a) except with the prior written consent of Parent (such consent not to be unreasonably withheld, delayed or conditioned), New BBX Capital shall not, and shall not permit any New BBX Capital Entity to, amend
any Tax Return of New BBX Capital or any New BBX Capital Entity for any Pre-Closing Period or Straddle Period to the extent such amendment could reasonably be expected to result in

 
an indemnification obligation on the part of Parent pursuant to Article III or otherwise increase the Taxes of any member of the Parent Group and (b) except with the prior written consent of
New BBX Capital (such consent not to be unreasonably withheld, delayed or conditioned), Parent shall not, and shall not permit any Parent Entity to, amend any Tax Return for any Pre-Closing Period or Straddle
Period to the extent such amendment could reasonably be expected to result in an indemnification obligation on the part of New BBX Capital pursuant to Article III or otherwise increase the Taxes of any member of the New BBX Capital Group. 

Section 2.06 Straddle Period Tax Allocation. Parent and New BBX Capital shall take all actions necessary or appropriate to close
the taxable year of New BBX Capital and each New BBX Capital Entity for all Tax purposes as of the close of business on the Distribution Date to the extent permissible or required under applicable Law. If applicable Law does not require or permit
New BBX Capital or a New BBX Capital Entity, as the case may be, to close its taxable year on close of business on the Distribution Date, then the allocation of income or deductions required to determine any Taxes or other amounts attributable to
the portion of the Straddle Period ending on, or beginning after, the Distribution Date shall be made by means of a closing of the books and records of New BBX Capital or such New BBX Capital Entity as of the close of business on the Distribution
Date; provided that exemptions, allowances or deductions that are calculated on an annual or periodic basis shall be allocated between such portions in proportion to the number of days in each such portion; provided, further,
that real property and other property or similar periodic Taxes shall be apportioned on a per diem basis. 
 Section 2.07 Timing of
Payments. All Taxes required to be paid or caused to be paid pursuant to this Article II by either Parent or a Parent Entity or New BBX Capital or a New BBX Capital Entity, as the case may be, to an applicable Taxing Authority or reimbursed by
Parent or New BBX Capital to the other Party pursuant to this Agreement, shall, in the case of a payment to a Taxing Authority, be paid on or before the Due Date for the payment of such Taxes and, in the case of a reimbursement to the other Party,
be paid at least two (2) business days before the Due Date for the payment of such Taxes by the other Party; provided that the Party seeking reimbursement shall furnish such other Party reasonably satisfactory documentation setting forth
the basis for, and calculation of, the amount of such reimbursement obligation at least twenty (20) days before such Due Date. 

Section 2.08 Expenses. Except as provided in Section 7.01 in respect of the expenses relating to the Accounting Firm, each
Party shall bear its own expenses incurred in connection with this Article II. 
 Section 2.09 Apportionment of New BBX Capital
Taxes. For all purposes of this Agreement, but subject to Section 4.03, Parent and New BBX Capital shall jointly determine in good faith which Tax Items are properly attributable to assets or activities of the New BBX Capital Business (and
in the case of a Tax Item that is properly attributable to both the New BBX Capital Business and the Bluegreen Business, the allocation of such Tax Item between the New BBX Capital Business and the Bluegreen Business) in a manner consistent with the
Past Practices of the Parties and the provisions of this Agreement, and any disputes shall be resolved by the Accounting Firm in accordance with Section 7.01. 

ARTICLE III 

INDEMNIFICATION 

Section 3.01 Indemnification by Parent. Subject to Section 3.03, Parent shall pay, and shall indemnify and hold the New BBX
Capital Group harmless from and against, without duplication, (a) all Parent Taxes, (b) all Taxes incurred by New BBX Capital or any New BBX Capital Entity arising out of, attributable to, or resulting from the breach by Parent of any of
its covenants hereunder, and (c) any out-of-pocket costs and expenses related to the foregoing (including reasonable attorneys’ fees and expenses). 

Section 3.02 Indemnification by New BBX Capital. Subject to Section 3.03, New BBX Capital shall pay, and shall indemnify and
hold the Parent Group harmless from and against, without duplication, (a) all New BBX Capital Taxes, (b) all Taxes incurred by Parent or any Parent Entity arising out of, attributable to, or resulting from the breach by New BBX Capital of
any of its covenants hereunder, and (c) any out-of-pocket costs and expenses related to the foregoing (including reasonable attorneys’ fees and expenses). In
addition, to the extent, if 

 
any, that New BBX Capital’s market value at the time of the Distribution is greater than Parent’s tax basis in New BBX Capital, New BBX Capital shall indemnify Parent for tax on gain
taken into account as a result of the Distribution, determined as if no net operating losses or other tax attributes were available to shelter that gain and computed at an assumed tax rate of 25%. 

Section 3.03 Characterization of and Adjustments to Payments. 

(a) For all Tax purposes, Parent and New BBX Capital shall treat any payment by Parent to a member of the New BBX Capital Group or by New BBX
Capital to a member of the Parent Group required by this Agreement (other than payments with respect to interest accruing after the Distribution Date) as either a contribution by Parent to New BBX Capital or a distribution by New BBX Capital to
Parent, as the case may be, occurring immediately prior to the Distribution. 
 (b) Notwithstanding the foregoing, the amount that any
Indemnifying Party is or may be required to provide indemnification to or on behalf of any Indemnified Party pursuant to Article III of this Agreement, the Separation Agreement or any other Ancillary Agreement shall be (i) decreased to take
into account any Tax Benefit to the Indemnified Party (or any of its Affiliates) arising from the incurrence or payment of the relevant indemnified item and actually realized in or prior to the taxable year succeeding the taxable year in which the
indemnified item is incurred (which Tax Benefit would not have arisen or been allowable but for such indemnified item), and (ii) increased to take into account any actual Tax Cost of the Indemnified Party (or any of its Affiliates) arising from
the receipt of the relevant indemnity payment. 
 Section 3.04 Timing of Indemnification Payments. Indemnification payments in
respect of any liabilities for which an Indemnified Party is entitled to indemnification pursuant to this Article III shall be paid by the Indemnifying Party to the Indemnified Party within ten (10) days after written notification thereof by
the Indemnified Party, including reasonably satisfactory documentation setting forth the basis for, and calculation of, the amount of such indemnification payment, or within ten (10) days after resolution pursuant to Section 7.01. 

ARTICLE IV 
 REFUNDS,
CARRYBACKS, TIMING DIFFERENCE AND TAX ATTRIBUTES 
 Section 4.01 Refunds and Credits. 

(a) Except as provided in Section 4.02, Parent shall be entitled to all Refunds of Taxes for which Parent is responsible pursuant to
Article III, and New BBX Capital shall be entitled to all Refunds of Taxes for which New BBX Capital is responsible pursuant to Article III. For the avoidance of doubt, to the extent that a particular Refund of Taxes may be allocable to a Straddle
Period with respect to which the Parties may share responsibility pursuant to Article III, the portion of such Refund to which each Party will be entitled shall be determined by comparing the amount of payments made by a Party (or any of member of
such Party’s Group) to a Taxing Authority or to the other Party (and reduced by the amount of payments received from the other Party) pursuant to Articles II and III hereof with the Tax liability of such Party as determined under
Section 2.06, taking into account the facts as utilized for purposes of claiming such Refund. If a Party (or any member of its Tax Group) receives a Refund to which the other Party is entitled pursuant to this Agreement, such Party shall pay
the amount to which such other Party is entitled (net of any Taxes imposed with respect to such Refund and any other reasonable out-of-pocket costs incurred by such
Party with respect thereto) within ten (10) days after the receipt of the Refund. 
 (b) Notwithstanding Section 4.01(a), to the
extent that a Party (or any member of its Tax Group) applies or causes to be applied an overpayment of Taxes as a credit toward or a reduction in Taxes otherwise payable (or a Taxing Authority requires such application in lieu of a Refund) and such
overpayment of Taxes, if received as a Refund, would have been payable by such Party to the other Party pursuant to this Section 4.01, such Party shall pay such amount to the other Party no later than ten (10) days following the date on
which the overpayment is reflected on a filed Tax Return. 

 (c) To the extent that the amount of any Refund under this Section 4.01 is later
reduced by a Taxing Authority or in a Tax Proceeding, such reduction shall be allocated to the Party to which such Refund was allocated pursuant to this Section 4.01 and an appropriate adjusting payment shall be made. 

Section 4.02 Carrybacks. Except to the extent otherwise consented to by Parent or prohibited by applicable Law, New BBX Capital
(or the appropriate member of its Tax Group) shall elect to relinquish, waive or otherwise forgo the carryback of any loss, credit or other Tax Attribute from any Post-Closing Period to any Pre-Closing Period
or Straddle Period with respect to members of the New BBX Capital Group (a “Carryback”). In the event that New BBX Capital (or the appropriate member of its Tax Group) is prohibited by applicable Law to relinquish, waive or
otherwise forgo a Carryback (or Parent consents to a Carryback), Parent shall cooperate with New BBX Capital, at New BBX Capital’s expense, in seeking from the appropriate Taxing Authority such Refund as reasonably would result from such
Carryback, to the extent that such Refund is directly attributable to such Carryback, and shall pay over to New BBX Capital the amount of such Refund, net of any Taxes imposed on the receipt of such Refund and any other reasonable out-of-pocket costs, within ten (10) days after such Refund is received. 

Section 4.03 Tax Attributes. 

(a) As soon as reasonably practicable after the Distribution Date, Parent shall reasonably determine in good faith the allocation of Tax
Attributes, as well as any limitations on the use thereof, arising in a Pre-Closing Period to the Parent Group and the New BBX Capital Group in accordance with the Code and Treasury Regulations, including
Treasury Regulations Sections 1.1502-9T(c), 1.1502-21, 1.1502-21T, 1.1502-22, 1.1502-79 and, if applicable, 1.1502-79A, and 1.1502-95 (and any applicable state, local and foreign Tax Laws). Subject to the
preceding sentence, Parent shall be entitled to make any determination as to (i) basis, and (ii) valuation, and shall make such determinations reasonably and in good faith and consistent with Past Practice, where applicable. Parent shall
consult in good faith with New BBX Capital regarding such allocation of Tax Attributes and determinations as to basis and valuation, and shall consider in good faith any comments received in writing from New BBX Capital regarding such allocation and
determinations. Parent and New BBX Capital hereby agree to compute all Taxes for Post-Closing Periods consistently with the determination of the allocation of Tax Attributes pursuant to this Section 4.03(a) unless otherwise required by a Final
Determination. 
 (b) To the extent that the amount of any Tax Attribute is later reduced or increased by a Taxing Authority or Tax
Proceeding, such reduction or increase shall be allocated to the Party to which such Tax Attribute was allocated pursuant to Section 4.03(a). 

Section 4.04 Timing Differences. If pursuant to a Final Determination an Adjustment (i) increases the amount of liability for
any Taxes for which a member of the Parent Group is responsible hereunder and a Tax Benefit is made allowable to New BBX Capital or a member of its Tax Group for any Tax period after the Distribution Date, which Tax Benefit would not have arisen or
been allowable but for such Adjustment, and which Tax Benefit reduces Taxes in respect of a Tax period for which New BBX Capital or a member of its Tax Group is liable (and for which no member of the Parent Group is liable) or (ii) increases
the amount of liability for any Taxes for which a member of the New BBX Capital Group is responsible hereunder and a Tax Benefit is made allowable to Parent or a member of its Tax Group for any Tax period prior to the Distribution Date, which Tax
Benefit would not have arisen or been allowable but for such Adjustment, and which Tax Benefit reduces Taxes in respect of a Tax period which Parent or a member of its Tax Group is liable (and for which no member of the New BBX Capital Group is
liable), then New BBX Capital or Parent, as the case may be, shall make a payment to either Parent or New BBX Capital, as appropriate, within thirty (30) days of the date that such paying Party (or any of its Tax Group members) actually
receives such Tax Benefit (determined by comparing its (and its Tax Group members’) Tax liability with and without the Tax consequences of the Adjustment), which payment shall not exceed the increase in the amount of liability for any Taxes
resulting from such Adjustment, for which a member of the Parent Group or New BBX Capital Group, as the case may be, is responsible hereunder. 

Section 4.05 Tax Benefit Determinations. Notwithstanding anything herein to the contrary, if and to the extent a Party owns,
directly or indirectly, less than 100% of the equity of any entity and as a result of such less-than-100% ownership interest in the entity such entity is not a member of the Party’s Tax Group, then the
amount of the Tax Benefit payment under this Article IV shall be appropriately adjusted to take into account the percentage ownership (based on value) of any such entity, and shall be determined and due and owing even if such entity is not a member
of the Tax Group of a Party. 

 Section 4.06 Supporting Documentation. If a Party seeks any payment from the
other Party pursuant to this Article IV, the requesting Party shall furnish such other Party reasonably satisfactory documentation setting forth the basis for, and the calculation of, the amount of such payment obligation. If such other Party
disagrees with the determination of the amount of the payment obligation set forth therein, any disputes shall be resolved by the Accounting Firm in accordance with Section 7.01. 

ARTICLE V 
 TAX
PROCEEDINGS 
 Section 5.01 Notification of Tax Proceedings. Within ten (10) days after an Indemnified Party becomes
aware of the commencement of a Tax Proceeding that may give rise to Taxes for which an Indemnifying Party is responsible pursuant to Article III, such Indemnified Party shall notify the Indemnifying Party of such Tax Proceeding, and thereafter shall
promptly forward or make available to the Indemnifying Party copies of notices and communications relating to such Tax Proceeding. The failure of the Indemnified Party to notify the Indemnifying Party of the commencement of any such Tax Proceeding
within such ten (10) day period or promptly forward any further notices or communications shall not relieve the Indemnifying Party of any obligation which it may have to the Indemnified Party under this Agreement except to the extent that the
Indemnifying Party is actually prejudiced by such failure. 
 Section 5.02 Tax Proceeding Procedures Generally. 

(a) Tax Proceedings Relating to Parent Consolidated Returns. Parent shall be entitled to contest, compromise, control and settle any
adjustment or deficiency proposed, asserted or assessed pursuant to any Tax Proceeding with respect to any Parent Consolidated Return; provided that to the extent such Tax Proceeding could reasonably be expected to adversely affect the amount
of Taxes for which New BBX Capital is responsible pursuant to Article III less the amount payable to New BBX Capital pursuant to Section 4.04, Parent shall (i) defend such Tax Proceeding diligently and in good faith, (ii) keep New BBX
Capital informed in a timely manner of all material actions proposed to be taken by Parent with respect to such Tax Proceeding (or to the extent practicable the portion of such Tax Proceeding that relates to Taxes for which New BBX Capital is
responsible pursuant to Article III), (iii) permit New BBX Capital to participate (at New BBX Capital’s sole expense) in all proceedings with respect to such Tax Proceeding (or to the extent practicable the portion of such Tax Proceeding
that relates to Taxes for which New BBX Capital is responsible pursuant to Article III), and (iv) not settle any such Tax Proceeding without the prior written consent of New BBX Capital, which shall not be unreasonably withheld, conditioned or
delayed. 
 (b) Tax Proceedings Relating to Other Returns. The Preparing Party (in the case of a Mixed Business Tax Return) or the
Single Business Return Preparing Party (in the case of a Single Business Return) shall be entitled to contest, compromise, control and settle any adjustment or deficiency proposed, asserted or assessed pursuant to any Tax Proceeding with respect to
any Mixed Business Tax Return or Single Business Return; provided that to the extent such Tax Proceeding could reasonably be expected to adversely affect the amount of Taxes for which the Reviewing Party or Single Business Return Reviewing
Party (as applicable) is responsible pursuant to Article III, the controlling party shall (i) defend such Tax Proceeding diligently and in good faith, (ii) keep the non-controlling party informed in
a timely manner of all material actions proposed to be taken by the controlling party with respect to such Tax Proceeding (or to the extent practicable the portion of such Tax Proceeding that relates to Taxes for which the non-controlling party is responsible pursuant to Article III), (iii) permit the non-controlling party to participate (at the
non-controlling party’s sole expense) in all proceedings with respect to such Tax Proceeding (or to the extent practicable the portion of such Tax Proceeding that relates to Taxes for which the non-controlling party is responsible pursuant to Article III), and (iv) not settle any such Tax Proceeding without the prior written consent of the non-controlling party,
which shall not be unreasonably withheld, conditioned or delayed. 

 ARTICLE VI 

COOPERATION 

Section 6.01 General Cooperation. 

(a) The Parties shall each cooperate (and each shall cause its respective Subsidiaries to cooperate) with all reasonable requests in writing
from another Party hereto, or from an agent, representative or advisor to such Party, in connection with the preparation and filing of Tax Returns, claims for Refunds, Tax Proceedings, and calculations of amounts required to be paid pursuant to this
Agreement, in each case, related or attributable to or arising in connection with Taxes of either of the Parties or their respective Subsidiaries covered by this Agreement and in connection with any financial reporting matter relating to Taxes (a
“Tax Matter”). Such cooperation shall include the provision of any information reasonably necessary or helpful in connection with a Tax Matter (“Information”) and shall include, without limitation: 

(i) the provision of any Tax Returns, other than any Parent Consolidated Return, of the Parties and their respective Subsidiaries, books,
records (including information regarding ownership and Tax basis of property), documentation and other information relating to such Tax Returns, including accompanying schedules, related work papers, and documents relating to rulings or other
determinations by Taxing Authorities (or, in the case of any Mixed Business Income Tax Return, to the extent practicable, the portion of such Tax Return that relates to Taxes for which New BBX Capital is responsible pursuant to this Agreement); 

(ii) the execution of any document (including any power of attorney) in connection with any Tax Proceedings of either of the Parties or their
respective Subsidiaries, or the filing of a Tax Return or a Refund claim of the Parties or any of their respective Subsidiaries; 
 (iii)
the use of the Party’s commercially reasonable best efforts to obtain any documentation in connection with a Tax Matter; 
 (iv) the
use of the Party’s commercially reasonable best efforts to obtain any Tax Returns (including accompanying schedules, related work papers, and documents) (other than any Parent Consolidated Return), documents, books, records or other information
in connection with the filing of any Tax Returns of either of the Parties or their Subsidiaries (or, in the case of any Mixed Business Income Tax Return, to the extent practicable, the portion of such Tax Return, documents, books, records or other
information that relates to Taxes for which New BBX Capital is responsible pursuant to this Agreement); and 
 (v) the making of each
Party’s officers, employees, advisors, other representatives and facilities available on a reasonable and mutually convenient basis in connection with the foregoing matters. 

(b) Notwithstanding anything in this Agreement to the contrary, neither Party shall be required to provide the other Party or any of such
other Party’s Subsidiaries access to or copies of information, documents or personnel if such action could reasonably be expected to result in the waiver of any Privilege. In addition, in the event that either Party determines that the
provision of any information or documents to the other Party or any of such other Party’s Subsidiaries could be commercially detrimental, violate any law or agreement or waive any Privilege, the Parties shall use commercially reasonable efforts
to permit compliance with its obligations hereunder in a manner that avoids any such harm or consequence. 
 (c) The Parties shall perform
all actions required or permitted under this Agreement in good faith. If one Party requests the cooperation of the other Party pursuant to this Section 6.01 or any other provision of this Agreement, except as otherwise expressly provided in
this Agreement, the requesting Party shall reimburse such other Party for all reasonable out-of-pocket costs and expenses incurred by such other Party in complying with
the requesting Party’s request. 
 Section 6.02 Retention of Records. Parent and New BBX Capital shall retain or cause to
be retained all Tax Returns, schedules and work papers, and all material records or other documents relating thereto in their possession, in each case, that relate to a Pre-Closing Period or a Straddle Period,
until the later of the six-year anniversary of the filing of the relevant Tax Return or, upon the written request of the other Party, for a reasonable time thereafter (the “Retention Period”).
Upon the expiration of the Retention Period, the foregoing information may be destroyed or disposed of by the Party previously retaining such documentation or other information unless the other Party otherwise requests in writing before the
expiration of the Retention Period. In such case, the Party retaining such documentation or other information shall deliver such materials to the other Party or continue to retain such materials, in either case, at the expense of such other Party.

 ARTICLE VII 

MISCELLANEOUS 

Section 7.01 Dispute Resolution. In the event of any dispute between the Parties as to any matter covered by this Agreement, the
Parties shall appoint a nationally recognized public accounting firm reasonably acceptable to both of the Parties to resolve such dispute. If the Parties are unable to agree upon such a nationally recognized public accounting firm, then each Party
shall select a nationally recognized public accounting firm and the nationally recognized public accounting firms selected by the Parties shall select a separate nationally recognized public accounting firm to resolve any dispute between the Parties
as to any matter covered by this Agreement. The nationally recognized public accounting firm selected to resolve any dispute between the Parties pursuant to the foregoing provisions of this Section 7.01 is referred to as the “Accounting
Firm.” The Accounting Firm shall make determinations with respect to the disputed items based solely on representations made by Parent and New BBX Capital and their respective representatives, and not by independent review, and shall
function only as an expert and not as an arbitrator and shall be required to make a determination within the ranges submitted by the Parties. The Parties shall require the Accounting Firm to resolve all disputes no later than thirty (30) days
after the submission of such dispute to the Accounting Firm, and agree that all decisions by the Accounting Firm with respect thereto shall be final, conclusive and binding on the Parties. The Accounting Firm shall resolve all disputes in a manner
consistent with this Agreement and, to the extent not inconsistent with this Agreement, in a manner consistent with the Past Practices of Parent and its Subsidiaries, except as otherwise required by applicable Law. The Parties shall require the
Accounting Firm to render all determinations in writing and to set forth, in reasonable detail, the basis for such determination. The total costs and expenses of the Accounting Firm will be allocated and borne between Parent and New BBX Capital
based upon that percentage of such fees and expenses equal to the percentage of the dollar value of the proposed determinations submitted to the Accounting Firm determined in favor of the applicable Party; provided, that if in light of the
nature of the dispute the foregoing is not feasible, such costs and expenses shall be borne equally by the Parties. Any initial retainer required by the Accounting Firm shall be funded equally by the Parties (and, following the Accounting
Firm’s determination, the Parties shall make appropriate payments between themselves as are necessary to give effect to the preceding sentence). 

Section 7.02 Interest on Late Payments. With respect to any payment between the Parties pursuant to this Agreement not made by the
due date set forth in this Agreement for such payment, the outstanding amount will accrue interest at a rate per annum equal to the prime rate published in the Wall Street Journal for the relevant period. 

Section 7.03 Survival of Covenants. The covenants and agreements of the Parties contained in this Agreement shall survive the
Distribution and remain in full force and effect in accordance with their applicable terms. 
 Section 7.04 Successors. This
Agreement shall be binding on and inure to the benefit of any successor by merger, acquisition of assets, or otherwise, to either of the Parties hereto (including, without limitation, any successor of Parent or New BBX Capital succeeding to the Tax
Attributes of either under Section 381 of the Code), to the same extent as if such successor had been an original party to this Agreement. 

Section 7.05 Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced
under any Law or as a matter of public policy, all other conditions and provisions of this Agreement shall remain in full force and effect. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced,
the Parties to this Agreement shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner. 

 Section 7.06 Entire Agreement. Except as otherwise expressly provided in this
Agreement, this Agreement, the Separation Agreement and the other Ancillary Agreements constitute the entire agreement of the Parties hereto with respect to the subject matter of this Agreement and supersedes all prior agreements and undertakings,
both written and oral, between or on behalf of the Parties hereto with respect to the subject matter of this Agreement. 
 Section 7.07
Assignment; No Third-Party Beneficiaries. This Agreement shall not be assigned by either Party without the prior written consent of the other Party, except that each Party may assign (a) any or all of its rights and obligations under
this Agreement to any of its Subsidiaries and (b) any or all of its rights and obligations under this Agreement in connection with a sale or disposition of any of its assets or entities or lines of business; provided, however,
that, in each case, no such assignment shall release such Party from any liability or obligation under this Agreement and any assignee shall agree in writing to be bound by the terms and conditions contained in this Agreement. Any attempted
assignment or delegation in breach of this Section 7.07 shall be null and void. Except as provided in Article III with respect to Indemnified Parties, this Agreement is for the sole benefit of the Parties to this Agreement and their respective
Subsidiaries and their successors and permitted assigns and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever under or by
reason of this Agreement. 
 Section 7.08 Specific Performance. In the event of any actual or threatened default in, or breach
of, any of the terms, conditions and provisions of this Agreement, the Party who is or is to be thereby aggrieved shall have the right to specific performance and injunctive or other equitable relief of its rights under this Agreement, in addition
to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. The Parties agree that remedies at law for any breach or threatened breach, including monetary damages, may be inadequate
compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is waived. Any requirements for the securing or posting of any bond with such remedy are waived by the Parties to this
Agreement. 
 Section 7.09 Amendment; Waiver. Subject to any limitations expressly set forth in the Information Statement,
except as expressly set forth to the contrary herein, prior to the Effective Time, this Agreement may be amended and any provision waived, in whole or in part, by Parent, in its sole discretion, by execution of a written document evidencing the same
delivered to New BBX Capital. Following the Effective Time, no provision of this Agreement shall be waived or amended unless in writing and, in the case of a waiver, signed by an authorized representative of the waiving Party and, in the case of an
amendment, signed by an authorized representative of each Party. No waiver by any of the Parties of any provision or breach hereunder, whether intentional or not, shall be deemed to extend to any prior or subsequent breach hereunder or affect in any
way any rights arising by virtue of any prior or subsequent such occurrence. 
 Section 7.10 Rules of Construction.
Interpretation of this Agreement shall be governed by the following rules of construction: (a) words in the singular shall be held to include the plural and vice versa and words of one gender shall be held to include the other gender as the
context requires; (b) references to the terms Article, Section, paragraph, and clause are references to the Articles, Sections, paragraphs, and clauses, as the case may be, of this Agreement unless otherwise specified; (c) the terms
“hereof,” “herein,” “hereby,” “hereto,” and derivative or similar words refer to this entire Agreement; (d) the word “including” and words of similar import when used in this Agreement shall
mean “including, without limitation,” unless otherwise specified; (e) the word “or” shall not be exclusive; (f) references to “written” or “in writing” include in electronic form; (g) provisions
shall apply, when appropriate, to successive events and transactions; (h) the headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement; (i) Parent
and New BBX Capital have each participated in the negotiation and drafting of this Agreement and if an ambiguity or question of interpretation should arise, this Agreement shall be construed as if drafted jointly by the parties hereto and no
presumption or burden of proof shall arise favoring or burdening either Party by virtue of the authorship of any of the provisions in this Agreement or any interim drafts of this Agreement; and (j) a reference to any Person includes such
Person’s successors and permitted assigns. 
 Section 7.11 Counterparts. This Agreement may be executed in one or more
counterparts, each of which when executed shall be deemed to be an original but all of which when taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or
portable document format (PDF) shall be as effective as delivery of a manually executed counterpart of this Agreement. 

 Section 7.12 Coordination with Ancillary Agreements. To the extent any covenants
or agreements between the Parties with respect to (a) employee withholding Taxes are set forth in the Employee Matters Agreement, such employee withholding Taxes shall be governed exclusively by the Employee Matters Agreement and not by this
Agreement and (b) Covered Taxes as are set forth in the Transition Services Agreement, such Covered Taxes shall be governed exclusively by the Transition Services Agreement and not by this Agreement. Subject to the foregoing, this Agreement
shall be the exclusive agreement among the Parties with respect to all Tax matters, including indemnification in respect of Tax matters, except as expressly set forth to the contrary in the Separation Agreement or any other Ancillary Agreement. 

Section 7.13 Confidentiality. The Parties hereby agree that the confidentiality provisions of the Separation Agreement shall apply
to all information and material furnished by any Party or its representatives hereunder to the other Party or any of its representatives (including any Information and any Tax Returns). 

Section 7.14 Expenses. Except as otherwise provided in this Agreement or the Separation Agreement, whether or not the Distribution
or the other transactions contemplated by the Separation Agreement are consummated, all costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the Party incurring such costs or
expenses. 
 Section 7.15 Notices. All notices and other communications among the Parties shall be in writing and shall be
deemed to have been duly given (a) when delivered in person, (b) when delivered after posting in the United States mail having been sent registered or certified mail return receipt requested, postage prepaid, (c) when delivered by
FedEx or other nationally recognized overnight delivery service or (d) when delivered by facsimile (solely if receipt is confirmed) or email (so long as the sender of such email does not receive an automatic reply from the recipient’s
email server indicating that the recipient did not receive such email), addressed as follows: 
 If to Parent: 

 

	
	 401 East Las Olas Boulevard, Suite 800

	 Fort Lauderdale, FL 33301

	 Attn: Chairman

	 Email:

	 Fax:

	
	 with a copy (which will not constitute notice) to:

	
	 Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. 150 West Flagler Street, Suite 2200

	 Miami, FL 33130

	 Attn: Alison W. Miller

	 Fax:

	 Email:

 If to New BBX Capital: 
  

	
	 401 East Las Olas Boulevard, Suite 800

	 Fort Lauderdale, FL 33301

	 Attn: President

	 Email:

	 Fax:

	
	 with a copy (which will not constitute notice) to:

	
	 Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. 150 West Flagler Street, Suite 2200

	 Miami, FL 33130

	 Attn: Alison W. Miller

	 Fax:

	 Email:

 or, in each case, to such other address as the Parties hereto may from time to time designate in writing.
Any notice to Parent will be deemed notice to all members of the Parent Group, and any notice to New BBX Capital will be deemed notice to all members of the New BBX Capital Group. 

Section 7.16 Effectiveness; Termination. The effectiveness of this Agreement and the obligations and rights created hereunder are
subject to, and conditioned upon, the completion of the Distribution pursuant to the terms of the Separation Agreement and shall terminate automatically without any further action of the Parties upon a termination of the Separation Agreement prior
to the Effective Time. Once effective, this Agreement shall remain in force and be binding so long as the applicable period for assessments or collections of Tax (including extensions) remains unexpired for any Taxes contemplated by, or indemnified
against in, this Agreement, unless earlier terminated upon mutual written consent of the Parties. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed on the date
first written above by their respective duly authorized officers. 
  

			
	BBX CAPITAL CORPORATION
		
	By:	 	  

	Name:	 	Alan B. Levan
	Title:	 	Chairman and Chief Executive Officer
	
	BBX CAPITAL FLORIDA LLC
		
	By:	 	  

	Name:	 	Jarett S. Levan
	Title:	 	President and Chief Executive OfficerEX-10.3

 Exhibit 10.3 

EMPLOYEE MATTERS AGREEMENT 

This EMPLOYEE MATTERS AGREEMENT, dated as of ___________, 2020 (this “Agreement”), is entered into by and among BBX Capital
Corporation, a Florida corporation (“Parent”), and BBX Capital Florida LLC, a Florida limited liability company (“New BBX Capital”). Each of Parent and New BBX Capital is referred to herein as a
“Party” and collectively as the “Parties.” Capitalized terms used in this Agreement and not otherwise defined shall have the meanings ascribed to such terms in the Separation Agreement (as defined below). 

RECITALS 
 WHEREAS,
pursuant to that certain Separation and Distribution Agreement (the “Separation Agreement”) dated as of the date hereof, by and among Parent and New BBX Capital, Parent and New BBX Capital have set out the terms on which, and the
conditions subject to which, they wish to implement the Spin-Off of New BBX Capital, which prior to the Spin-Off is to be converted into a Florida corporation; and 

WHEREAS, in connection with the foregoing, the Parties have entered into this Agreement to allocate, among Parent and New BBX Capital, Assets,
Liabilities and responsibilities with respect to certain employee compensation, benefits, labor and other employment matters, all pursuant to the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the mutual covenants contained herein, and other valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Parties hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.01 Definitions. As used in this Agreement, the following terms shall have the meanings indicated below: 

“Closing Plan Year” means the calendar year in which the Effective Time occurs. 

“COBRA” shall have the meaning specified in Section 2.03(d). 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Continuing Employee” means each of Alan B. Levan, John E. Abdo, Jarett S. Levan, Seth M. Wise, Raymond S. Lopez and each
other Employee of Parent to continue as an Employee of Parent following the Spin-Off as set forth on Schedule 1 hereto, in each case, in their capacities as Employees of Parent. For the avoidance of
doubt, an Employee shall be deemed a “Continuing Employee” if he or she is expected to serve as an Employee of both Parent and New BBX Capital following the Spin-Off, as indicated on
Schedule 1 hereto. 
 “Employee” means with respect to any entity, an individual who is considered, according to the
payroll and other records of such entity, to be employed by such entity, whether active or inactive, on disability leave, or on other leave of absence. 

“Employment Agreement” means each Executive Employment Agreement and any individual employment, offer, retention, consulting,
change in control, split dollar life insurance, sale bonus, incentive bonus, severance, restrictive covenant or other employment related or individual compensatory agreement between any current or former employee and Parent or any of its Affiliates
(including New BBX Capital), in each case, that is related to the New BBX Capital Business, other than those between Parent and any Continuing Employee, including, without limitation, the Employment Agreements between Parent and each of Alan B.
Levan, John E. Abdo, Jarett S. Levan, Seth M. Wise and Raymond S. Lopez. 

 “Employment Claim” means any actual, threatened or potential lawsuit,
arbitration, ERISA claim, or federal, state, or local judicial or administrative proceeding of whatever kind involving a demand by or on behalf of or relating to an employee, former employee, job applicant, intern or volunteer, independent
contractor, leased employee, or anyone claiming to be an employee or joint employee, or by or relating to a collective bargaining agent of employees, or by or relating to any federal, state, or local government agency alleging liability against an
entity as an employer or against an employee pension, welfare or other benefit plan, or an administrator, trustee or fiduciary thereof. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“Executive Employment Agreement” has the meaning specified in Section 2.01(d). 

“Former New BBX Capital Employee” means former Employees of Parent or its Affiliates (including members of the New BBX
Capital Group) whose last employment with Parent or its Affiliates before the Effective Time was with a New BBX Capital Entity or was not primarily related to the Bluegreen Business. 

“IRS” means the United States Internal Revenue Service. 

“New BBX Capital” has the meaning specified in the preamble of this Agreement. 

“New BBX Capital Benefit Plans” means any Plan that is sponsored or maintained by New BBX Capital or a New BBX Capital
Entity. 
 “New BBX Capital Employee” means each Employee of Parent or any member of the Parent Group or New BBX Capital or
any member of the New BBX Capital Group immediately prior to the Effective Time other than Continuing Employees who, as indicated on Schedule 1 hereto, will not be Employees of both Parent and New BBX Capital following the Spin-Off, in each case, in their respective capacities as Employees of New BBX Capital (and, for the avoidance of doubt with respect to Continuing Employees who will be Employees of both Parent and New BBX Capital
following the Spin-Off, not in their respective capacities as Employees of Parent). 
 “New
BBX Capital FSAs” has the meaning specified in Section 2.03(c). 
 “New BBX Capital Health and Welfare Benefit
Plans” has the meaning specified in Section 2.03(b). 
 “New BBX Capital Retirement Plan” has the meaning
specified in Section 2.02(b). 
 “Parent” has the meaning specified in the preamble of this Agreement. 

“Parent Benefit Plan” means any of (i) the Parent Health and Welfare Benefit Plans, the Parent Retirement Plan, and
(ii) any other Plan that, as of the close of business on the Business Day before the Effective Time, is sponsored or maintained solely by Parent or a Parent Group member. 

“Parent FSAs” has the meaning specified in Section 2.03(c). 

“Parent Health and Welfare Benefit Plans” means the health and welfare plans sponsored and maintained by Parent or any of its
Subsidiaries or Affiliates, including any flexible benefit plan. 
 “Parent Retirement Plan” means the BBX Capital
Corporation 401(k) Plan, as in effect immediately prior to the Effective Time. 
 “Party” and “Parties”
have the meanings specified in the preamble of this Agreement. 
 “Plan” means any plan, policy, arrangement, contract or
agreement providing compensation or benefits for any group of Employees or individual Employee, or the dependents or beneficiaries of any such Employee(s), whether formal or informal or written or unwritten, and including, without limitation, any
means, whether or not 

 
legally required, pursuant to which any benefit is provided by an employer to any Employee or the beneficiaries of any such Employee. The term “Plan” as used in this Agreement
does not include any Contract relating to settlement of actual or potential Employment Claims. Notwithstanding the foregoing, no Employment Agreement will constitute a “Plan” for purposes hereof. 

“Plan Payee” means an individual who is entitled to payment of Plan benefits in his or her capacity as a beneficiary with
respect to the benefits of a deceased participant in the Plan or an alternate payee under a qualified domestic relations order within the meaning of Section 414(p)(1)(A) of the Code and Section 206(d)(3)(B)(i) of ERISA with respect to the
benefits of a participant in the Plan. 
 “Separation Agreement” has the meaning specified in the recitals of this
Agreement. 
 “WARN” has the meaning specified in Section 3.01. 

“Workers’ Compensation Event” means the event, injury, illness or condition giving rise to a workers’ compensation
claim. 
 Section 1.02 Interpretation; Construction. 

(a) Unless the context of this Agreement otherwise requires: (i) words of any gender include each other gender and neuter form;
(ii) words using the singular or plural number also include the plural or singular number, respectively; (iii) derivative forms of defined terms will have correlative meanings; (iv) the terms “hereof,” “herein,”
“hereby,” “hereto,” “herewith,” “hereunder” and derivative or similar words refer to this entire Agreement; (v) the terms “Article,” “Section,” and “Schedule” refer to the
specified Article, Section, or Schedule, as the case may be, of this Agreement and references to “paragraphs” or “clauses” shall be to separate paragraphs or clauses, respectively, of the section or subsection in this Agreement
in which the reference occurs; (vi) the words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation;” (vii) the word “or” shall be
disjunctive but not exclusive; (viii) the phrase “to the extent” shall mean the degree to which a subject or other thing extends, and such phrase shall not mean simply “if;” and (ix) the terms “writing,”
“written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. 

(b) Unless the context of this Agreement otherwise requires: references to Contracts (including this Agreement) and other documents or Laws
shall be deemed to include references to such Contract or Law as amended, restated, supplemented or modified from time to time in accordance with its terms and the terms hereof, as applicable, and in effect at any given time (and, in the case of any
Law, to any successor provisions). 
 (c) Unless the context of this Agreement otherwise requires, references to any federal, state, local,
or foreign statute or Law shall include all regulations promulgated thereunder. 
 (d) Unless the context of this Agreement otherwise
requires, references to any Person include references to such Person’s successors and permitted assigns, and in the case of any Governmental Authority, to any Person succeeding to its functions and capacities. 

(e) The language used in this Agreement shall be deemed to be the language chosen by the Parties to express their mutual intent. The Parties
acknowledge that each Party and its attorneys have reviewed and participated in the drafting of this Agreement and that any rule of construction to the effect that any ambiguities are to be resolved against the drafting Party, or any similar rule
operating against the drafter of a Contract, shall not be applicable to the construction or interpretation of this Agreement. 
 (f) Whenever
this Agreement refers to a number of days, such number shall refer to calendar days unless Business Days are specified. If any action is to be taken or given on or by a particular day, and such day is not a Business Day, then such action may be
deferred until the next Business Day. 
 (g) All accounting terms used herein and not expressly defined herein shall have the meanings given
to them under GAAP unless the context otherwise requires. 

 Section 1.03 Survival. If the Spin-Off
is consummated, the obligations set forth in this Agreement shall remain in full force and effect and shall survive the Effective Time. 

ARTICLE II 
 EMPLOYEES
AND EMPLOYEE BENEFITS 
 Section 2.01 Employment. 

(a) Employment of Employees of New BBX Capital and Parent. At or prior to the Effective Time, Parent and New BBX Capital shall take all
steps necessary and appropriate to continue, or cause to become effective, (i) the employment of the New BBX Capital Employees by New BBX Capital or the applicable New BBX Capital Entity, and (ii) the employment of the Continuing Employees
by Parent or the applicable Parent Entity. The Parties shall cooperate to effect any transfers of employment contemplated by this Section 2.01 in a manner that does not result in severance or termination payments or benefits becoming due to any
affected Employee. 
 (b) Continued Employment. Between the date hereof and the Effective Time, neither Party shall, without the
consent of the other Party, affirmatively terminate or cause its applicable Affiliate to affirmatively terminate, the employment of any Employees other than in the ordinary course of business and shall not transfer the employment of such Employees
except as provided in Section 2.01(a). 
 (c) Allocation of Responsibilities as Employer; Assumption of Employment-Related
Liabilities. At the Effective Time, New BBX Capital or the applicable member of the New BBX Capital Group shall retain or assume, as the case may be, responsibility as employer of the New BBX Capital Employees. In addition, at the Effective
Time, New BBX Capital shall retain or assume all Liabilities related to the employment or retention of New BBX Capital Employees and Former New BBX Capital Employees, except as specifically provided herein, including Liabilities for any Employment
Claim with respect to a New BBX Capital Employee or Former New BBX Capital Employee. 
 (d) Employment Agreements. At or prior to the
Effective Time, the Parties shall cause New BBX Capital to assume, perform and be solely and exclusively responsible for all Employment Agreements of the New BBX Capital Employees and all obligations and Liabilities with respect thereto and to enter
into the employment agreements with Alan B. Levan, John E. Abdo, Jarett S. Levan, Seth M. Wise and Raymond S. Lopez as contemplated by the Information Statement which is a part of, or in the form attached as an exhibit to, the New BBX Capital
Registration Statement (the “Executive Employment Agreements”), each to be effective as of the Effective Time. On and after the Effective Time, Parent and its Affiliates (other than New BBX Capital Entities) shall have no
obligations or liabilities with respect to such Employment Agreements. To the extent an Employment Agreement is not transferred in accordance with this Section 2.01(d), New BBX Capital shall fully indemnify Parent and any applicable Parent
Group member with respect to all Liabilities associated with such Employment Agreement (including any termination thereof) to the extent arising out of events occurring following the Effective Time. From and after the Effective Time, New BBX Capital
shall retain or assume all Liabilities under and perform all obligations under all New BBX Capital Benefit Plans. 
 (e) Service
Credit. From and after the Effective Time, New BBX Capital shall give each New BBX Capital Employee full credit for determining the amount of paid time off, vacation or sick leave, and the level of employer contributions under any defined
contribution retirement plan, and for purposes of eligibility to participate and vesting (but not benefit accruals (if applicable)) under any employee benefit plans, arrangements, collective agreements and employment-related entitlements (including
under any applicable pension, defined contribution (for example, 401(k)), deferred compensation, savings, medical, dental, life insurance, disability, vacation, long-service leave or other leave entitlements, post-retirement health and life
insurance, termination indemnity, severance or separation pay plans) provided, sponsored, maintained or by or contributed to New BBX Capital or any of its Affiliates under which such New BBX Capital Employee is eligible to participate after the
Effective Time for such New BBX Capital Employee’s service with Parent, New BBX Capital or their respective Subsidiaries prior to the Effective Time, to the same extent recognized by any of Parent, New BBX Capital and their respective
Subsidiaries immediately prior to the Effective Time, except to the extent such credit would result in the duplication of benefits for the same period of service. 

 (f) Independent Contractors. With respect to any independent contractor agreements or
similar Contract with independent contractors that relate primarily to the Bluegreen Business and that are with New BBX Capital or a member of the New BBX Capital Group (and not with Parent or a Parent Group member), the Parties shall use
commercially reasonable best efforts to assign the applicable Contract and related Liabilities to Parent or a Parent Group member designated by Parent. With respect to any independent contractor agreements or similar Contract with independent
contractors that relate primarily to the New BBX Capital Business and that are with Parent or a member of the Parent Group (and are not with New BBX Capital or a New BBX Capital Group member), the Parties shall use commercially reasonable best
efforts to assign the applicable Contract and related Liabilities to New BBX Capital a member of the New BBX Capital Group or a New BBX Capital Group member designated by New BBX Capital. 

Section 2.02 Retirement Plans. 

(a) Parent Retirement Plan. Effective on the Effective Time, New BBX Capital Employees (other than those that are Continuing Employees)
shall cease to be eligible to: (i) have elective deferrals contributed on their behalf to the Parent Retirement Plan with respect to pay paid after the Effective Time, (ii) be credited with future employer contributions (for example,
matching contributions) in the Parent Retirement Plan, or (iii) make contributions (for example, rollovers or loan repayments) to the Parent Retirement Plan, and shall cease to be active participants in the Parent Retirement Plan. Effective on
the Effective Time, each New BBX Capital Group member shall cease to be a participating employer in the Parent Retirement Plan. 
 (b) New
BBX Capital Retirement Plan. Prior to Effective Time, New BBX Capital shall take all actions necessary or appropriate to establish or maintain for the benefit of New BBX Capital Employees (i) a defined contribution plan qualified under
Section 401(a) of the Code that includes a cash or deferred arrangement qualified under Section 401(k) of the Code that is a participant-directed individual account plan that complies with Section 404(c) of ERISA, and (ii) a
related trust or trusts exempt under Section 501(a) of the Code, each to be effective no later than the Effective Time (such plan and trust(s), the “New BBX Capital Retirement Plan”). 

(c) 401(k) Transfer of Assets and Liabilities. New BBX Capital shall cause each New BBX Capital Employee who is covered under the Parent
Retirement Plan immediately prior the Effective Time to be covered under the New BBX Capital Retirement Plan immediately following the Effective Time. Parent shall cause to be transferred from the Parent Retirement Plan to the New BBX Capital
Retirement Plan the full cash value of the New BBX Capital Employees’ account balances under the Parent Retirement Plan (or in the case of New BBX Capital Employees that are Continuing Employees, such portion of each such Continuing
Employees’ respective account balance under the Parent Retirement Plan as determined by the Continuing Employee), including any outstanding participant loans, and New BBX Capital shall cause the New BBX Capital Retirement Plan to accept such
transfers. The transfers of Assets and the related Liabilities shall take place as soon as practicable following the Effective Time; provided, however, that in no event shall the transfers take place until New BBX Capital has provided
Parent with a favorable determination letter from the IRS with respect to the qualification of the New BBX Capital Retirement Plan under Section 401(a) of the Code (or other evidence of qualification acceptable to Parent). Parent and the Parent
Retirement Plan shall be relieved of the liability for the New BBX Capital Employees’ accounts under the Parent Retirement Plan following the transfer of assets and liabilities described in this paragraph (except with respect to any balance
retained with respect to a Continuing Employee). 
 Section 2.03 Health and Welfare Benefits. 

(a) Parent Health and Welfare Benefit Plans. Effective as of the Effective Time, New BBX Capital Employees (other than those that are
Continuing Employees, in their capacities as such) will cease to participate in the Parent Health and Welfare Benefit Plans and each member of the New BBX Capital Group shall cease to be a participating employer in the Parent Health and Welfare
Plans. The Parent Health and Welfare Benefit Plans shall continue to be responsible for the payments of any claims for benefits with respect to New BBX Capital Employees that occur prior to the Effective Time to the extent such claims are covered
under applicable insurance. 
 (b) Establishment of New BBX Capital Health and Welfare Benefit Plans. Prior to the Effective Time, New
BBX Capital shall or shall cause one of its Affiliates to take, or cause to be taken, or have taken, all action necessary and appropriate to establish or designate and administer a group welfare benefits plan for the benefit of all New BBX Capital
Employees effective as of the Effective Time (the “New BBX Capital Health and Welfare Benefit  

 
Plans”) and to provide benefits thereunder for all eligible New BBX Capital Employees who choose to enroll in such Plans that are substantially comparable to those provided under the
Parent Health and Welfare Benefit Plans as of the Effective Time. New BBX Capital will cause such New BBX Capital Health and Welfare Benefit Plans to cover those New BBX Capital Employees and their dependents who immediately prior to the Effective
Time were participating in, or entitled to present or future benefits under, the corresponding Parent Health and Welfare Benefit Plans. Except as otherwise provided in Section 2.03(a), New BBX Capital will be responsible for all Liabilities
associated with claims incurred prior to the Effective Time by New BBX Capital Employees (other than Continuing Employees, in their capacities as Employees of Parent) and Former New BBX Capital Employees and their dependents under the Parent Health
and Welfare Benefit Plans, which are paid on or after the Effective Time, regardless of when such claims are incurred, filed and/or paid, and shall promptly reimburse Parent for any such amounts following receipt from Parent of adequate
documentation. 
 (c) Prior to the Effective Time, New BBX Capital shall establish or designate a dependent care spending account and a
medical care spending account (the “New BBX Capital FSAs”). The Parties shall take all steps reasonably necessary or appropriate so that the account balances (positive or negative) under the dependent care spending account and a
medical care spending account plans sponsored by Parent (the “Parent FSAs”) of each New BBX Capital Employee who has elected to participate therein in the year in which the Effective Time occurs shall be transferred on, or as soon
as practicable after, the Effective Time from the Parent FSAs to the corresponding New BBX Capital FSAs; provided that the account balances of each New BBX Capital Employee who is also a Continuing Employee may be transferred in such amount as the
applicable Continuing Employee may designate. The New BBX Capital FSAs shall assume responsibility as of the Effective Time for all outstanding dependent care and medical care claims under the Parent FSAs of each New BBX Capital Employee for the
year in which the Effective Time occurs and shall assume the rights of and agree to perform the obligations of the analogous Parent FSA from and after the day following the date of the Effective Time, in each case, other than in respect of claims
under the Parent FSAs of a Continuing Employee, in his or her capacity as an Employee of Parent. The Parties shall cooperate to provide that the contribution elections of each such New BBX Capital Employee as in effect immediately before the
Effective Time remain in effect under the New BBX Capital FSAs following the Effective Time. As soon as practicable after the Effective Time, Parent shall transfer to New BBX Capital an amount equal to the sum of (i) the total contributions
made to the Parent FSAs by New BBX Capital Employees who are not also Continuing Employees and (ii) the contributions made to the Parent FSAs by New BBX Capital Employees who are also Continuing Employees in proportion to the percentage of
their account balances are transferred to the New BBX Capital FSAs, in the case of each of clauses (i) and (ii), in respect of the plan year in which the Effective Time occurs, reduced by an amount equal to the total claims already paid in
respect of such plan year. From and after the Effective Time, Parent shall (subject to applicable Law) provide New BBX Capital with such information as New BBX Capital may reasonably request to enable it to verify any claims information pertaining
to a Parent FSA. 
 (d) Continuation Coverage. As of the Effective Time, New BBX Capital and the New BBX Capital Health and Welfare
Benefit Plans shall assume or retain and shall be solely responsible for providing and meeting the continuation coverage requirements imposed by Section 4980B of the Code and Sections 601 through 608 of ERISA (“COBRA”) or
similar state law for all New BBX Capital Employees (other than those that are also Continuing Employees, in their capacities as Employees of Parent) and all Former New BBX Capital Employees, as well as their “qualified beneficiaries” (as
defined under COBRA), regardless of whether such Liabilities arose before, on or after the Effective Time. 
 (e) 6055/6056 Reporting.
New BBX Capital shall be solely responsible for ensuring that New BBX Capital complies with the reporting obligations under Section 6056 of the Code (Reporting of Offers of Coverage) with respect to New BBX Capital Employees for the Closing
Plan Year (including while New BBX Capital was owned by Parent) and periods after the Effective Time, for which New BBX Capital has a reporting obligation, provided that Parent shall be responsible for complying with all reporting obligations with
respect to the year prior to the Closing Plan Year. In this regard, New BBX Capital shall be responsible for distributing IRS Form 1095-C to applicable individuals and filing IRS Forms 1094-C and 1095-C with the IRS, all according to the applicable rules and regulations governing such forms. New BBX Capital shall also be solely responsible for ensuring that
New BBX Capital complies with the reporting obligations under Section 6055 of the Code (Reporting of Enrollment in Minimum Essential Coverage) with respect to all New BBX Capital Employees who are enrolled in a self-insured medical plan under
the Parent Health and Welfare Benefit Plans. New BBX Capital may meet this obligation either through IRS Forms 1094-C and 1095-C or IRS Forms 1094-B and 1095-B, all in accordance with applicable rules 

 
and regulations. The reporting obligations under Section 6055 of the Code for New BBX Capital Employees who are enrolled in a fully insured medical plan under the Parent Health and Welfare
Benefit Plans shall be met by the applicable insurance carrier or HMO. Parent shall cooperate with New BBX Capital to provide all necessary, pre-Effective Time information for New BBX Capital to meet its
reporting obligation, which information shall be complete and accurate (in all material respects) and timely provided to New BBX Capital. 

(f) Credit for Benefits. New BBX Capital shall (i) waive for each New BBX Capital Employee and his or her dependents, any waiting
period provision, payment requirement to avoid a waiting period, pre-existing condition limitation, actively-at-work requirement
and any other restriction that would prevent immediate or full participation under the New BBX Capital Health and Welfare Benefit Plans to the extent such waiting period, pre-existing condition limitation, actively-at-work requirement or other restriction was satisfied by or would not have been applicable to such New BBX Capital Employee or dependent under the terms of the
welfare plans of New BBX Capital and its Affiliates (including Parent) immediately prior to the Effective Time, and (ii) give full credit under the New BBX Capital Health and Welfare Benefit Plans applicable to each New BBX Capital Employee and
his or her dependents for all co-payments and deductibles satisfied prior to the Effective Time in the Closing Plan Year, and for any lifetime maximums, as if there had been a single continuous employer. 

Section 2.05 Workers’ Compensation. Effective as of the Effective Time, New BBX Capital will be solely responsible for all
workers’ compensation claims of New BBX Capital Employees and Former New BBX Capital Employees with respect to all Workers’ Compensation Events regardless of whether they occurred before, on or following the date of the Effective Time,
other than to the extent the Workers’ Compensation Event occurred before the Effective Time and is covered by a Parent workers’ compensation insurance policy. The Parties shall cooperate with respect to any notification to appropriate
governmental agencies of the disposition and the issuance of new, or the transfer of existing, workers’ compensation insurance policies and contracts governing the handling of claims. 

Section 2.06 Vacation and Sick Pay Liabilities. On and after the Effective Time, (i) New BBX Capital shall provide the New
BBX Capital Employees with the same vested and unvested balances of vacation and sick leave as credited to the New BBX Capital Employees on Parent’s or its Affiliate’s payroll system immediately prior to the Effective Time and
(ii) New BBX Capital shall continue to accrue vacation and sick leave in respect of each New BBX Capital Employee according to Parent’s accrual schedule as in effect immediately prior to the Effective Time. 

Section 2.07 Severance. Effective as of the Effective Time, New BBX Capital shall assume all severance obligations under any
Parent Benefit Plan with respect to any Former New BBX Capital Employee. 
 Section 2.08 Preservation of Right To Amend or Terminate
Plans. Except as otherwise expressly provided in this Agreement or the Separation Agreement, no provisions of this Agreement shall be construed as a limitation on the right of Parent or New BBX Capital or any Affiliate thereof to amend any Plan
or terminate its participation therein which Parent or New BBX Capital or any Affiliate thereof would otherwise have under the terms of such Plan or otherwise, and no provision of this Agreement shall be construed to create a right in any Employee
or former Employee, or dependent or beneficiary of such Employee or former Employee, or any Plan Payee under a Plan which such person would not otherwise have under the terms of the Plan itself. 

Section 2.09 No Right to Continued Employment or Engagement or Acceleration of Benefits. Notwithstanding anything to the contrary
set forth in this Agreement, no provision of this Agreement or the Separation Agreement shall be deemed to guarantee any employee, independent contractor or individual service provider continued employment or engagement (or any terms or benefits of
employment or engagement) for any period of time or to grant any such person any rights as a third party beneficiary hereunder, including any right to any compensation or benefit whatsoever under any Parent Benefit Plan or New BBX Capital Benefit
Plan or otherwise. 
 Section 2.10 Cash Incentives. At the Effective Time, the participation by each New BBX Capital Employee
(other than those who are also Continuing Employees, in their capacities as Employees of Parent) in any cash annual bonus, commission, sign-on, retention, stay bonus, transaction bonus or similar plan or
agreement of Parent or a Parent Group member shall end, and New BBX Capital shall assume all Liabilities with respect to such cash incentives provided to such New BBX Capital Employees. 

 Section 2.11 Equity Awards and Plans. 

(a) Parent Restricted Shares Unaffected. Parent Restricted Shares shall remain outstanding in accordance with their terms following the Spin-Off. On and after the Distribution Date, Parent shall remain responsible for such Parent Restricted Shares and Parent’s equity compensation plans, including, without limitation, Parent’s Amended and
Restated 2014 Incentive Plan, as amended, and all obligations and Liabilities related thereto. 
 (b) New BBX Capital Restricted
Shares. Holders of Parent Restricted Shares will be entitled to receive in the Spin-Off one (1) restricted share of New BBX Capital Class A Common Stock for each Parent Restricted Share in the
form of Parent Class A Common Stock and one (1) restricted share of New BBX Capital Class B Common Stock for each Parent Restricted Share in the form of Parent Class B Common Stock. Such restricted shares of New BBX Capital
Class A Common Stock and Class B Common Stock shall be issued under and pursuant to (i) the New BBX Capital 2020 Incentive Plan, in the form attached as an exhibit to the New BBX Capital Registration Statement, which shall be adopted
by New BBX Capital effective as of the Effective Time, and (ii) restricted stock award agreements thereunder which New BBX Capital shall seek to enter into as of the Effective Time (or as soon as practicable thereafter) with the holder of the
restricted share, so that each such restricted share will, following the Spin-Off, be subject to the same terms and conditions, including, without limitation, vesting conditions, as were applicable to the
Parent Restricted Share with respect to which the new restricted share of New BBX Capital Class A Common Stock or Class B Common Stock, as the case may be, was issued. On and after the Distribution Date, New BBX Capital shall be solely
responsible for its equity compensation plans, including the New BBX Capital 2020 Incentive Plan, and all awards granted thereunder, including the restricted shares of New BBX Capital Class A Common Stock and Class B Common Stock granted
in respect of the Parent Restricted Shares as contemplated by this paragraph (b), and, in each case, all obligations and Liabilities related thereto. 

(c) Registration. Upon or as soon as reasonably practicable after the Effective Time and subject to applicable Law, New BBX Capital
shall prepare and file with the SEC a registration statement on Form S-8 (or another appropriate form) registering under the Securities Act the offering of the shares of New BBX Capital Common Stock available
for issuance pursuant to awards granted under the New BBX Capital 2020 Incentive Plan, in the form attached as an exhibit to the New BBX Capital Registration Statement, which in any event shall include such number of shares as necessary to satisfy
New BBX Capital’s obligations pursuant to the preceding paragraph (b). New BBX Capital shall use commercially reasonable best efforts to cause any such registration statement to be kept effective (and the current status of the prospectus or
prospectuses required thereby to be maintained) as long as any awards thereunder remain outstanding. 
 ARTICLE III 

LABOR AND EMPLOYMENT MATTERS 

Notwithstanding any other provision of this Agreement or any other agreement between New BBX Capital and Parent to the contrary, the Parties
understand and agree as follows: 
 Section 3.01 WARN Obligations. Before and after the Effective Time, each Party shall comply
in all material respects with the Worker Adjustment and Retraining Notification Act and similar state and local laws (“WARN”). As of the Effective Time, New BBX Capital and its Affiliates shall be responsible for all obligations and
liabilities under WARN relating to the New BBX Capital Employees arising from mass layoffs or plant closings (each as defined under WARN) occurring on or after the Effective Time, and Parent shall be responsible for all obligations and liabilities
under WARN arising from mass layoff or plant closings (each as defined under WARN) occurring prior to the Effective Time. 

Section 3.02 Last Payroll; Payroll Taxes and Reporting. 

(a) On the applicable Parent Group member’s first ordinary payroll date occurring on or after the Effective Time, Parent shall cause to be
paid to all New BBX Capital Employees all unpaid wages and other compensation due and payable through the Effective Time. 

 (b) Parent and New BBX Capital (i) shall, to the extent practicable, treat New BBX
Capital (or a New BBX Capital Group member designated by New BBX Capital) as a “successor employer” and Parent (or the appropriate Parent Group member) as a “predecessor,” within the meaning of Sections 3121(a)(1) and 3306(b)(1)
of the Code, with respect to New BBX Capital Employees for purposes of taxes imposed under the United States Federal Unemployment Tax Act or the United States Federal Insurance Contributions Act, and (ii) hereby agree to use commercially
reasonable efforts to implement the alternate procedure described in Section 5 of Revenue Procedure 2004-53. Without limiting in any manner the obligations and Liabilities of the Parties under the Tax
Matters Agreement, New BBX Capital and each New BBX Capital Group member shall bear its responsibility for payroll tax obligations and for the proper reporting to the appropriate governmental authorities of compensation of New BBX Capital Employees
earned after the Effective Time. 
 ARTICLE IV 

OTHER MATTERS 

Section 4.01 Sharing of Information; Audit Rights with Respect to Information Provided; Privilege. 

(a) Subject to applicable Law, Parent and New BBX Capital shall share, and shall cause each member of its respective Group to reasonably
cooperate with the other Party hereto to (i) share, with each other and their respective agents and vendors all participant information reasonably necessary for the efficient and accurate administration of each of the Parent Benefit Plans and
the New BBX Capital Benefit Plans, (ii) facilitate the transactions and activities contemplated by this Agreement and (iii) resolve any and all employment-related claims regarding Employees. 

(b) Each of Parent and New BBX Capital, and their duly authorized representatives, shall have the right to conduct reasonable audits with
respect to all information provided to it by the other Party. The Parties shall cooperate to determine the procedures and guidelines for conducting audits under this Section 4.01, which shall require reasonable advance written notice by the
auditing Party. The auditing Party shall have the right to make copies of any records at its expense, subject to applicable Law. 
 (c) The
foregoing paragraphs (a) and (b) and the other provisions herein requiring the Parties to cooperate shall not be deemed to be a waiver of the attorney-client privilege for the Parties nor shall it require the Parties to waive their
attorney-client privilege. In the event of any conflict between the applicable terms of the Separation Agreement and the terms of this Agreement with respect to matters relating to attorney-client privilege, the work product doctrine and all other
evidentiary privileges and nondisclosure doctrines, the applicable terms of the Separation Agreement, as applicable (including Section 6.8 of the Separation Agreement), shall prevail. 

(d) The parties hereby agree that the confidentiality provisions of the Separation Agreement shall apply to all information and material
furnished by either Party or its representatives hereunder to the other Party or any of its representatives, including, without limitation, any information shared pursuant to this Section 4.01. 

Section 4.02 Fiduciary Matters. Each of Parent and New BBX Capital acknowledge that actions required to be taken pursuant to this
Agreement may be subject to fiduciary duties or standards of conduct under ERISA or other applicable Law, and no Party shall be deemed to be in violation of this Agreement if it fails to comply with any provisions hereof based upon its good faith
determination (as supported by advice from counsel experienced in such matters) that to do so would violate such a fiduciary duty or standard. Each Party shall be responsible for taking such actions as are reasonably deemed necessary and appropriate
to comply with its own fiduciary responsibilities and shall release and indemnify the other Party for any Liabilities caused by the failure to satisfy any such responsibility. 

Section 4.03 Consent of Third Parties. If any provision of this Agreement is dependent on the consent of any Third Party
(including any Governmental Authority) and such consent is withheld, Parent and New BBX Capital shall use commercially reasonable best efforts to implement the applicable provisions of this Agreement to the full extent practicable. If any provision
of this Agreement cannot be so implemented due to the failure of such Third Party to consent, Parent and New BBX Capital shall negotiate in good faith to implement the provision in a mutually satisfactory manner. The phrase “commercially
reasonable best efforts” as used herein shall not be construed to require the incurrence of any non-routine or unreasonable expense or Liability or the waiver of any right. 

 Section 4.04 Reimbursement. From time to time after the Effective Time, the
Parties shall promptly reimburse one another, upon reasonable request of the Party requesting reimbursement and the presentation by such Party of such substantiating documentation as the other Party shall reasonably request, for the cost of any
Liabilities satisfied or assumed by the Party requesting reimbursement or its Affiliates that are made, pursuant to this Agreement, the responsibility of the other Party or any of its Affiliates. 

ARTICLE V 
 MISCELLANEOUS

 Section 5.01 Relationship of Parties. Nothing in this Agreement shall be deemed or construed by the Parties or any third
party as creating the relationship of principal and agent, partnership or joint venture between the Parties, it being understood and agreed that no provision contained herein, and no act of the Parties pursuant hereto, shall be deemed to create any
relationship between the Parties other than the relationship set forth herein. 
 Section 5.02 Assignment; No Third-Party
Beneficiaries. This Agreement shall not be assigned by either Party without the prior written consent of the other Party, except that each Party may assign (a) any or all of its rights and obligations under this Agreement to any of its
Subsidiaries and (b) any or all of its rights and obligations under this Agreement in connection with a sale or disposition of any of its assets or entities or lines of business; provided, however, that, in each case, no such assignment shall
release such Party from any liability or obligation under this Agreement and any assignee shall agree in writing to be bound by the terms and conditions contained in this Agreement. Any attempted assignment or delegation in breach of this
Section 5.02 shall be null and void. This Agreement is for the sole benefit of the Parties to this Agreement and their respective Subsidiaries and their successors and permitted assigns and nothing in this Agreement, express or implied, is
intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

Section 5.03 Successors. This Agreement shall be binding on and inure to the benefit of any successor by merger, acquisition of
assets, or otherwise, to either of the Parties hereto to the same extent as if such successor had been an original party to this Agreement. 

Section 5.04 Survival of Covenants. The covenants and agreements of the Parties contained in this Agreement shall survive the
Distribution and remain in full force and effect in accordance with their applicable terms. 
 Section 5.05 Captions. The
captions in this Agreement are for convenience only and shall not be considered a part of or affect the construction or interpretation of any provision of this Agreement. 

Section 5.06 Counterparts. This Agreement may be executed in two or more counterparts (including by electronic or .pdf
transmission), each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of any signature page by facsimile, electronic or pdf. transmission shall be binding to the same extent as an
original signature page. 
 Section 5.07 Severability. If any term or other provision of this Agreement is invalid, illegal or
incapable of being enforced under any Law or as a matter of public policy, all other conditions and provisions of this Agreement shall remain in full force and effect. Upon such determination that any term or other provision is invalid, illegal or
incapable of being enforced, the Parties to this Agreement shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner. 

Section 5.08 Notices. All notices and other communications among the Parties shall be in writing and shall be deemed to have been
duly given (a) when delivered in person, (b) when delivered after posting in the United States mail having been sent registered or certified mail return receipt requested, postage prepaid, (c) when delivered by FedEx or other
nationally recognized overnight delivery service or (d) when delivered by facsimile (solely if receipt is confirmed) or email (so long as the sender of such email does not receive an automatic reply from the recipient’s email server
indicating that the recipient did not receive such email), addressed as follows: 

	
	 If to Parent:

	 401 East Las Olas Boulevard, Suite 800

	 Fort Lauderdale, FL 33301

	 Attn: Chairman

	 Email:

	 Fax:

	
	 with a copy (which will not constitute notice) to:

	
	 Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. 150 West Flagler Street, Suite 2200

	 Miami, FL 33130

	 Attn: Alison W. Miller

	 Fax:

	 Email:

  

	
	 If to New BBX Capital:

	
	 401 East Las Olas Boulevard, Suite 800

	 Fort Lauderdale, FL 33301

	 Attn: President

	 Email:

	 Fax:

	
	 with a copy (which will not constitute notice) to:

	
	 Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. 150 West Flagler Street, Suite 2200

	 Miami, FL 33130

	 Attn: Alison W. Miller

	 Fax:

	 Email:

 or, in each case, to such other address as the Parties hereto may from time to time designate in writing. 

Section 5.09 Further Assurances. Each Party hereto agrees that it will execute and deliver or cause its respective Affiliates to
execute and deliver such further instruments, and take (or cause their respective Affiliates to take) such other actions, as may be reasonably necessary to carry out the purposes and intents of this Agreement. 

Section 5.10 Amendment; Waiver. Subject to any limitations expressly set forth in the Information Statement, except as expressly
set forth to the contrary herein, prior to the Effective Time, this Agreement may be amended and any provision waived, in whole or in part, by Parent, in its sole discretion, by execution of a written document evidencing the same delivered to New
BBX Capital. Following the Effective Time, no provision of this Agreement shall be waived or amended unless in writing and, in the case of a waiver, signed by an authorized representative of the waiving Party and, in the case of an amendment, signed
by an authorized representative of each Party. No waiver by any of the Parties of any provision or breach hereunder, whether intentional or not, shall be deemed to extend to any prior or subsequent breach hereunder or affect in any way any rights
arising by virtue of any prior or subsequent such occurrence. 
 Section 5.11 Entire Agreement. This Agreement, the other
Ancillary Agreements and the Separation Agreement constitute the entire agreement among the Parties relating to the transactions contemplated hereby and supersede any other agreements, whether written or oral, that may have been made or entered into
by or among any of the Parties or any of their respective Subsidiaries relating to the transactions contemplated hereby. No representations, warranties, covenants, understandings, agreements, oral or otherwise, relating to the transactions
contemplated by this Agreement exist between the Parties, except as expressly set forth in this Agreement, the other Ancillary Agreements or the Separation Agreement. 

 Section 5.12 Expenses. Except as otherwise provided in this Agreement or the
Separation Agreement, whether or not the Distribution or the other transactions contemplated by the Separation Agreement are consummated, all costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby
shall be paid by the Party incurring such costs or expenses. 
 Section 5.13 Specific Performance. In the event of any actual or
threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the Party who is or is to be thereby aggrieved shall have the right to specific performance and injunctive or other equitable relief of its rights
under this Agreement, in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. The Parties agree that remedies at law for any breach or threatened breach, including monetary
damages, may be inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is waived. Any requirements for the securing or posting of any bond with such remedy are waived
by the Parties to this Agreement. 
 Section 5.14 Effectiveness; Termination. The effectiveness of this Agreement and the
obligations and rights created hereunder are subject to, and conditioned upon, the completion of the Distribution pursuant to the terms of the Separation Agreement and shall terminate automatically without any further action of the Parties upon a
termination of the Separation Agreement prior to the Effective Time. Once effective, this Agreement shall remain in force and be binding so long as any obligations hereunder remain applicable, unless earlier terminated upon mutual written consent of
the Parties. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed on the date
first written above by their respective duly authorized officers. 
  

			
	BBX CAPITAL CORPORATION
		
	By:	 	
                     

	Name:	 	Alan B. Levan
	Title:	 	Chairman and Chief Executive Officer
	
	BBX CAPITAL FLORIDA LLC
		
	By:	 	
                     

	Name:	 	Jarett S. Levan
	Title:	 	President and Chief Executive Officer

 Schedule 1 

Continuing Employees 
  

									
	 Name
	  	Position with Parent following Spin-Off	 	  	Employee of New BBX Capital
following Spin-Off (Yes or No)

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