Document:

Amended and Restated Director 2013 Long Term Incentive Plan

 Exhibit 10.2 

First Amendment to the WCI Communities, Inc. 

Amended and Restated Director 2013 Long Term Incentive Plan 

This First Amendment to the WCI Communities, Inc. Amended and Restated Director 2013 Long Term Incentive Plan (this
“Amendment”) is adopted as of September 22, 2016 (the “Amendment Date”) by WCI Communities, Inc. (the “Company”) for the purpose of amending the WCI Communities, Inc. Amended and Restated 2013
Director Long Term Incentive Plan (as it may be amended from time to time, the “Plan”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Plan. 

WHEREAS, the Company currently maintains the Plan; 

WHEREAS, the Company desires to amend the Plan pursuant to Article 9 of the Plan; and 

WHEREAS, this Amendment, together with the Plan (as of immediately prior to the Amendment Date), constitutes the entire Plan as amended
through the Amendment Date. 
 NOW, THEREFORE, effective as of the Amendment Date, the Plan is hereby amended as follows: 

1. Section 8.3 of the Plan is hereby removed and replaced in its entirety with the following: 

8.3 Form of Payment. Payment of LTIP Awards may be made in shares of Common Stock; provided, however, in the event the Payment
Event is due to a Change in Control of WCI, (a) pursuant to that certain Agreement and Plan of Merger between WCI and Lennar Corporation dated as of September 22, 2016 (the “Lennar MA”), payment shall be made as set forth
under the terms of the Lennar MA applicable to the treatment of LTIP Awards, or (b) other than pursuant to the Lennar MA, payment shall be made in cash based on the value of shares of Common Stock for purposes of calculation of consideration in
such Change in Control (as determined by the Committee in its discretion). 
 2. Except as set forth herein, the Plan shall remain in full
force and effect in accordance with its terms. 
 3. This Amendment shall be construed and enforced in accordance with and governed by the
laws of the State of Florida. 
 * * * * * 

 Executed and effective as of the Amendment Date. 

 

			
	WCI COMMUNITIES, INC.
	
	 /s/ Keith Bass

		
	By:	 	Keith Bass
		
	Its:	 	President and Chief Executive Officer

 Signature Page to First Amendment to the WCI Communities, Inc. 

Amended and Restated 2013 Director Long Term Incentive PlanLetter Agreement with Keith E Bass

 Exhibit 10.3 

September 22, 2016 
 Keith Bass

 CONFIDENTIAL 
 Dear
Keith, 
 As you know, WCI Communities, Inc. (the “Company”) has entered into an agreement pursuant to which it will be
acquired by Lennar Corporation (the transactions contemplated by such agreement, the “Transaction”). In connection with the Transaction, the Company has determined that you will be eligible to receive a retention and
transaction bonus. 
 In consideration for, among other things, your continued support through the date of the consummation of the
Transaction (the “Closing Date”), you will be eligible to receive a transaction bonus in an amount equal to $3,220,000 (the “Transaction Bonus”), subject to your continued employment with the Company through the
Closing Date; provided that the amount of the Transaction Bonus will in no event exceed the amount necessary to be paid so that the net amount retained by you, after deduction of all taxes under Section 4999 of the Internal Revenue Code of
1986, as amended (the “Code” and such taxes, the “Excise Taxes”), and income taxes imposed on all payments in connection with or otherwise related to the Transaction (including, without limitation, the Transaction
Bonus and the Retention Bonus (as defined below)) is equal to the net amount you would have retained absent any Excise Taxes (in each case, assuming termination of employment without Cause (as defined in that certain Employment Agreement, dated
November 29, 2012, by and between you, the Company, WCI Communities Management, LLC and WCI Communities, LLC (the “Employment Agreement”)) on the Closing Date). The Transaction Bonus, less applicable withholdings and deductions,
shall be payable by the Company to you in a cash lump sum on the Closing Date. The Company and you shall use commercially reasonable efforts to minimize the amount of payments under the Employment Agreement, this letter and any other written
agreement between the parties as of the date hereof that will constitute “parachute payments” within the meaning of Section 280G of the Code; provided that you will have no obligation to waive any right to any payment or benefit (or
to the acceleration of any payment or benefit) and the parties acknowledge and agree that, on and after the date hereof, Paragraph 7G of the Employment Agreement no longer applies and is of no force and effect.

Further, in consideration for, among other things, your continued support following the Closing Date, you will be eligible to receive a
retention bonus in an amount equal to $930,000 (the “Retention Bonus”). The Retention Bonus, less applicable withholdings and deductions, shall be payable by the Company to you in a cash lump sum on the first payroll date of the
Company following the earlier of (a) the one hundred twentieth (120th) day following the Closing Date and (b) the date of termination of your employment by the Company other than for Cause, by you for Good Reason (as defined in the Employment
Agreement) or due to death or disability (such earlier date, the “Retention Date”), subject to your continued employment through the Retention Date; provided that, for the avoidance of doubt, if your employment with the
Company is terminated by the Company for Cause or by you without Good Reason prior to the Retention Date, you shall have no right to receive the Retention Bonus. 

 Notwithstanding the foregoing or anything to the contrary in the Employment Agreement, (i) the
parties agree that any change in your title, duties or responsibilities to another senior executive position of Lennar Corporation as a result of the consummation of the Transaction and any reallocation of duties or responsibilities, respectively,
amongst executive officers of the Company and Lennar Corporation in connection with the Transaction, or any change in your annual cash bonus opportunity (either such change, a “CIC Adjustment”) may, prior to the 120th day following
the consummation of the Transaction, constitute Good Reason to terminate your employment pursuant to Paragraph 6D(ii) or (iv) of the Employment Agreement but, regardless of any CIC Adjustment, during the 120-day period following the consummation of
the Transaction, you will help facilitate the Transaction and the related integration in a manner commensurate with your senior executive position, (ii) the parties agree that any required notice of intention to terminate for Good Reason may be
provided at any time within 90 days following the occurrence of the event constituting Good Reason (including, without limitation, the occurrence of a CIC Adjustment on or following the consummation of the Transaction) and any cure period shall
commence on the Company’s receipt of such notice and end on the later of (a) the 30th day after the Company’s receipt of such notice and (b) the 120th day following the consummation of the Transaction, and the termination due to an event
constituting Good Reason (including, without limitation, the occurrence of a CIC Adjustment on or following the consummation of the Transaction) may occur at any time within two (2) years of the occurrence of such event (subject to any required
notice and cure periods), (iii) any bonus under the 2016 Management Incentive Compensation Plan to which you are currently eligible shall constitute Accrued Bonus (as defined in the Employment Agreement) in connection with any termination of
employment on or following the Closing Date, and (iv) you hereby waive all rights to payment of any Pro-Rated Bonus or Change in Control Pro-Rated Bonus (each as defined in the Employment Agreement) in connection with any termination of employment
on or following the Closing Date. For the avoidance of doubt, “Base Salary” as referenced in Paragraph 6D(i) of the Employment Agreement refers to your then-current base salary as in effect before any applicable reduction (or, if greater,
your base salary as in effect immediately prior to the Closing Date).
 Payment of the Transaction Bonus and Retention Bonus hereunder is
subject to the consummation of the Transaction and the terms and conditions set forth in this letter and, in the event the Transaction does not occur, this letter shall be void ab initio.

The Transaction Bonus and Retention Bonus reflects the importance of your contributions and our desire to reward you as a key member of our
team. Thank you for your dedication.

  
 2 

 This letter shall be governed in all respects by, and construed, interpreted and
enforced in accordance with, the internal laws of the State of Delaware, without giving effect to the choice of law principles thereof. This letter may be executed in several counterparts, each of which shall be deemed to be an original, but all of
which together shall constitute one and the same agreement.
  
  

					
	 Yours truly,
	 	
		
	 /s/ John McGoldrick
	 	
		
	 WCI Communities, Inc.
	 	
	
	 By: John McGoldrick

	
	Title: Senior Vice President, Human Resources
		
	 /s/ John McGoldrick
	 	
	
	 WCI Communities Management, LLC

	
	 By: John McGoldrick

	
	Title: Senior Vice President, Human Resources
		
	 /s/ John McGoldrick
	 	
		
	 WCI Communities, LLC
	 	
	
	 By: John McGoldrick

	
	Title: Senior Vice President, Human Resources

  
 [Signature Page to Letter
Agreement] 

 Acknowledged and agreed as of the first date set forth above 

 

	
	 /s/ Keith Bass

	 Keith Bass

  
 [Signature Page to Letter
Agreement]Letter Agreement with Russell Devendorf

 Exhibit 10.4 

September 22, 2016 
 Russell
Devendorf 
 CONFIDENTIAL 

Dear Russell, 
 As you know, WCI
Communities, Inc. (the “Company”) has entered into an agreement pursuant to which it will be acquired by Lennar Corporation (the transactions contemplated by such agreement, the “Transaction”). In connection
with the Transaction, the Company has determined that you will be eligible to receive a retention bonus. 
 In consideration for, among
other things, your continued support following the date of the consummation of the Transaction (the “Closing Date”), you will be eligible to receive a retention bonus in an amount equal to $506,250 (the “Retention
Bonus”). The Retention Bonus, less applicable withholdings and deductions, shall be payable by the Company to you in a cash lump sum on the first payroll date of the Company following the earlier of (a) the one hundred twentieth
(120th) day following the Closing Date and (b) the date of termination of your employment by the Company other than for Cause (as defined in that certain Amended and Restated Employment Agreement, dated August 29, 2012, by and between you, the
Company, WCI Communities Management, LLC and WCI Communities, LLC (the “Employment Agreement”)), by you for Good Reason (as defined in the Employment Agreement) or due to death or disability (such earlier date, the
“Retention Date”), subject to your continued employment through the Retention Date; provided that, for the avoidance of doubt, if your employment with the Company is terminated by the Company for Cause or by you without Good
Reason prior to the Retention Date, you shall have no right to receive the Retention Bonus. 
 Notwithstanding the foregoing or anything to
the contrary in the Employment Agreement, (i) the parties agree that any change in your title, duties or responsibilities to another senior executive position of Lennar Corporation as a result of the consummation of the Transaction and any
reallocation of duties or responsibilities, respectively, amongst executive officers of the Company and Lennar Corporation in connection with the Transaction, or any change in your annual cash bonus opportunity (either such change, a “CIC
Adjustment”) may, prior to the 120th day following the consummation of the Transaction, constitute Good Reason to terminate your employment pursuant to Paragraph 6D(ii) or (iv) of the Employment Agreement but, regardless of any CIC
Adjustment, during the 120-day period following the consummation of the Transaction, you will help facilitate the Transaction and the related integration in a manner commensurate with your senior executive position, (ii) the parties agree that any
required notice of intention to terminate for Good Reason may be provided at any time within 90 days following the occurrence of the event constituting Good Reason (including, without limitation, the occurrence of a CIC Adjustment on or following
the consummation of the Transaction) and any cure period shall commence on the Company’s receipt of such notice and end on the later of (a) the 30th day after the Company’s receipt of such notice and (b) the 120th day following the
consummation of the Transaction, and the termination due to an event constituting Good Reason (including, without limitation, the 

 
occurrence of a CIC Adjustment on or following the consummation of the Transaction) may occur at any time within two (2) years of the occurrence of such event (subject to any required notice and
cure periods), (iii) any bonus under the 2016 Management Incentive Compensation Plan to which you are currently eligible shall constitute Accrued Bonus (as defined in the Employment Agreement) in connection with any termination of employment on or
following the Closing Date, and (iv) you hereby waive all rights to payment of any Pro-Rated Bonus or Change in Control Pro-Rated Bonus (each as defined in the Employment Agreement) in connection with any termination of employment on or following
the Closing Date. For the avoidance of doubt, “Base Salary” as referenced in Paragraph 6D(i) of the Employment Agreement refers to your then-current base salary as in effect before any applicable reduction (or, if greater, your base salary
as in effect immediately prior to the Closing Date).
 Payment of the Retention Bonus hereunder is subject to the consummation of the
Transaction and the terms and conditions set forth in this letter and, in the event the Transaction does not occur, this letter shall be void ab initio.

The Retention Bonus reflects the importance of your contributions and our desire to reward you as a key member of our team. Thank you for
your dedication.

  
 2 

 This letter shall be governed in all respects by, and construed, interpreted and
enforced in accordance with, the internal laws of the State of Delaware, without giving effect to the choice of law principles thereof. This letter may be executed in several counterparts, each of which shall be deemed to be an original, but
all of which together shall constitute one and the same agreement.
  
  

			
	 Yours truly,
	 	
		
	 /s/ Keith Bass
	 	
		
	 WCI Communities, Inc.
	 	
		
	 By: Keith Bass
	 	
	
	 Title: President and Chief Executive Officer

		
	 /s/ Keith Bass
	 	
	
	 WCI Communities Management, LLC

		
	 By: Keith Bass
	 	
	
	 Title: President and Chief Executive Officer

		
	 /s/ Keith Bass
	 	
		
	 WCI Communities, LLC
	 	
		
	 By: Keith Bass
	 	
	
	 Title: President and Chief Executive Officer

  
 [Signature Page to Letter
Agreement] 

 Acknowledged and agreed as of the first date set forth above 

 

	
	 /s/ Russell Devendorf

	 Russell Devendorf

  
 [Signature Page to Letter
Agreement]

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