Document:

Amendment to Severance and Nonsolicitation Agreement with Albert F. Moscato, Jr.

 Exhibit 10.5 
 Execution Copy 
 AMENDMENT TO SEVERANCE AND NONSOLICITATION AGREEMENT 
 with ALBERT F. MOSCATO, JR. 
 THIS
AMENDMENT (this “Amendment”), effective as of August 10, 2007, by and between WCI Communities, Inc., a Delaware corporation (the “Company”), and Albert F. Moscato, Jr. (“Employee”), amends that certain Severance
and Nonsolicitation Agreement, dated as of March 26, 2007, by and between the Company and Employee, as heretofore amended (the “Severance Agreement”). 
 In consideration of the mutual covenants contained herein and the continued employment of Employee by the Company, the parties agree as follows: 
 1. The Severance Agreement is hereby amended by deleting Section 1(e) thereof in its entirety and substituting therefor the following: 
 “‘Good Reason’ means, following a Change in Control: (i) any material reduction in Employee’s salary below the level of
Base Salary or (ii) any material adverse change in Employee’s duties, title or responsibilities; provided, however, that Good Reason shall not be deemed to have occurred unless Employee gives WCI thirty (30) days written notice, and
within such thirty (30) day period, the Company does not restore Employee’s Base Salary or restore Employee to the prior position, in which event Good Reason shall be deemed to have occurred at the time of the giving of such written
notice. Good Reason shall cease to exist for an event or condition described in clauses (i) or (ii) above on the 90th day following its occurrence, unless Employee has given the Company written notice thereof prior to such date.”

 2. The Severance Agreement is hereby amended by adding the following sentence immediately after the first sentence of Section 2(b)
thereof: 
 “For purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), the right to
receive such installments shall be treated as the right to receive a series of separate payments, as defined in Treas. Reg. Section 1.409A-2(b)(2)(iii).” 
 3. The Severance Agreement is hereby amended by deleting Section 12 thereof in its entirety and substituting therefor the following: 
 “12. Legal Fees and Expenses. The prevailing party in any litigation to enforce the terms of this Agreement shall be entitled to recover reasonable costs and expenses, including attorneys’ fees. If
Employee is awarded the right to recover costs and expenses hereunder, the amount reimbursable in any one calendar year shall not affect the amount reimbursable in any other calendar year, and the reimbursement of an eligible expense must be made no
later than December 31 of 

 
the year after the year in which the expense was incurred. Employee’s rights pursuant to this Section 12 shall expire at the end of 20 years after
the effective date of this Agreement and shall not be subject to liquidation or exchange for another benefit.” 
 4. The Severance
Agreement is hereby amended by deleting Section 17 thereof in its entirety and substituting therefor the following: 
 “17. Code
Section 409A. Notwithstanding anything in this Agreement to the contrary, if any amount or benefit that would constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code would otherwise be payable
or distributable under this Agreement by reason of Employee’s separation from service during a period in which he is a Specified Employee (as defined below), then, subject to any permissible acceleration of payment by the Company under Treas.
Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes): 
  

	 	(a)	if the payment or distribution is payable in a lump sum, Employee’s right to receive payment or distribution of such non-exempt deferred compensation will be delayed until the
earlier of Employee’s death or the first day of the seventh month following Employee’s separation from service; and 

  

	 	(b)	if the payment or distribution is payable over time, the amount of such non-exempt deferred compensation that would otherwise be payable during the six-month period immediately
following Employee’s separation from service will be accumulated and Employee’s right to receive payment or distribution of such accumulated amount will be delayed until the earlier of Employee’s death or the first day of the seventh
month following Employee’s separation from service, whereupon the accumulated amount will be paid or distributed to Employee and the normal payment or distribution schedule for any remaining payments or distributions will resume.

 For purposes of this Agreement, the term “Specified Employee” has the meaning given such term in Code
Section 409A and the final regulations thereunder (“Final 409A Regulations”), provided, however, that, as permitted in the Final 409A Regulations, the Company’s Specified Employees and its application of the six-month
delay rule of Code Section 409A(a)(2)(B)(i) shall be determined in accordance with rules adopted by the Board of Directors or a committee thereof, which shall be applied consistently with respect to all nonqualified deferred compensation
arrangements of the Company, including this Agreement.” 
 5. All other provisions of the Agreement shall remain the same. 

(signatures on following page) 
  

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 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written.

  

			
	WCI COMMUNITIES, INC.
		
	By:	 	 /s/ Jerry L. Starkey

		 	Jerry L. Starkey
		 	Chief Executive Officer
	
	EMPLOYEE
	
	 /s/ Albert F. Moscato, Jr.

	Albert F. Moscato, Jr.

  

 - 3 -Amendment to the 2004 Stock Incentive Plan of WCI Communities, Inc.

 Exhibit 10.6 
 Execution Copy 
 AMENDMENT TO THE WCI COMMUNITIES, INC. 
 2004 STOCK INCENTIVE PLAN 
 This Amendment to the WCI Communities, Inc. 2004
Stock Incentive Plan (the “Plan”), was adopted on August 10, 2007 by the Board of Directors (the “Board”) of WCI Communities, Inc. (the “Company”). 
 The Plan is hereby amended, effective as of August 10, 2007, in the following particulars: 
 1. By adding the following sentences to the end of Section 9(b)(ii) of the Plan: 
 “Good Reason shall cease to exist for an event or condition described in clauses (i) or (ii) above on the 90th day following its
occurrence, unless the Participant has given the Company written notice thereof prior to such date. Any resignation by the Participant for Good Reason must occur no later than two (2) years after the occurrence of the particular event of Good
Reason.” 
 2. By adding a new Section 17 to the Plan as follows: 
 “17. Special Provisions related to Section 409A of the Code 
 (a) Notwithstanding anything in the Plan or in any Award agreement to the contrary, to the extent that any amount or benefit that would
constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code would otherwise be payable or distributable under the Plan or any Award agreement by reason of the occurrence of a Change in Control, or the
Participant’s disability or separation from service, such amount or benefit will not be payable or distributable to the Participant by reason of such circumstance unless (i) the circumstances giving rise to such Change in Control,
disability or separation from service meet any description or definition of “change in control event”, “disability” or “separation from service”, as the case may be, in Section 409A of the Code and applicable final
regulations (without giving effect to any elective provisions that may be available under such definition), or (ii) the payment or distribution of such amount or benefit would be exempt from the application of Section 409A of the Code by
reason of the short-term deferral exemption or otherwise. This provision does not prohibit the vesting of any Award. If this provision prevents the payment or distribution of any amount or benefit, such payment or distribution shall be made on the
next earliest payment or distribution date or event specified in the Award agreement that is permissible under Section 409A. In addition, other provisions of the Plan or any Award Agreements thereunder notwithstanding, the Company shall have no
right to accelerate any payment in respect of an Award or to make any such payment as the result of an event if such payment would, as a result, be subject to the tax imposed by Section 409A of the Code. 

 (b) If any one or more Awards granted under the Plan to a Participant could qualify for
any separation pay exemption described in Treas. Reg. Section 1.409A-1(b)(9), but such Awards in the aggregate exceed the dollar limit permitted for the separation pay exemptions, the Company (acting through the Committee or the Head of Human
Resources) shall determine which Awards or portions thereof will be subject to such exemptions. 
 (c) Notwithstanding
anything in Plan or in any Award agreement to the contrary, if any amount or benefit that would constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code would otherwise be payable or distributable under
this Plan or any Award agreement by reason of a Participant’s separation from service during a period in which the Participant is a Specified Employee (as defined below), then, subject to any permissible acceleration of payment by the Committee
under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes): 
 (i) if the payment or distribution is payable in a lump sum, the Participant’s right to receive payment or distribution of such
non-exempt deferred compensation will be delayed until the earlier of the Participant’s death or the first day of the seventh month following the Participant’s separation from service (subject to exceptions specified in the final
regulations under Code Section 409A); and 
 (ii) if the payment or distribution is payable over time, the amount of such
non-exempt deferred compensation that would otherwise be payable during the six-month period immediately following the Participant’s separation from service will be accumulated and the Participant’s right to receive payment or distribution
of such accumulated amount will be delayed until the earlier of the Participant’s death or the first day of the seventh month following the Participant’s separation from service (subject to exceptions specified in the final regulations
under Code Section 409A), whereupon the accumulated amount will be paid or distributed to the Participant and the normal payment or distribution schedule for any remaining payments or distributions will resume. 
 For purposes of this Plan, the term “Specified Employee” has the meaning given such term in Code Section 409A and the final regulations
thereunder, provided, however, that, as permitted in such final regulations, the Company’s Specified Employees and its application of the six-month delay rule of Code Section 409A(a)(2)(B)(i) shall be determined in accordance with
rules adopted by the Board, which shall be applied consistently with respect to all nonqualified deferred compensation arrangements of the Company, including this Plan.” 
  

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 3. All other provisions of the Plan shall remain the same. 
 IN WITNESS WHEREOF, WCI Communities, Inc., by a duly authorized officer, has executed this Amendment to the Plan, this 10th day of August, 2007.

 WCI COMMUNITIES, INC. 
  

			
	By:	 	 /s/ Paul D. Appolonia

		 	Senior Vice President

  

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