SEC Contract Filing

Filing Date: 2016-07-27

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d195122dex101.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT
<TEXT>
<HTML><HEAD>
<TITLE>Employment Agreement</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EMPLOYMENT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS EMPLOYMENT AGREEMENT (the &#147;<B>Agreement</B>&#148;) is made and entered into as of the thirty-first (31st)&nbsp;day of May, 2016 (the
&#147;<B>Effective Date</B>&#148;), by and between WCI Communities Management, LLC, a Delaware limited liability company (the &#147;<B>Employer</B>&#148;), its parent WCI Communities, Inc., a Delaware corporation (&#147;<B>Parent</B>&#148;), WCI
Communities, LLC, a Delaware limited liability company (collectively with the Employer and Parent, the &#147;<B>Company</B>&#148;) and Jonathan F. Rapaport (the &#147;<B>Executive</B>&#148;). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>RECITALS </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A. The
Executive is currently an employee and a member of the senior management team of the Company, and the Company and the Executive desire that the terms of Executive&#146;s employment be governed by the terms of this Agreement commencing on the
Effective Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. In the course of employment with the Company, the Executive has had (and will continue to have) access to certain
confidential information that relates to or will relate to the business of the Company and its affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">C. The Company desires that
any such information not be disclosed to other parties or otherwise used for unauthorized purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">D. The Company previously provided
the Executive with that certain notice letter dated February&nbsp;26, 2016 (the &#147;<B>Compensation Letter</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE,
in consideration of the above premises and the following mutual covenants and conditions, the parties agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.
<U>Employment</U>. The Company shall employ the Executive as its Senior Vice President of Homebuilding and Development/President - East Region, and the Executive hereby accepts such employment on the following terms and conditions. Subject to the
terms and conditions set forth in this Agreement, the Company agrees to employ the Executive and the Executive agrees to be employed by the Company for a term starting on the Effective Date and initially ending on August&nbsp;31, 2017 (the
&#147;<B>Initial Term</B>&#148;); provided that sixty (60)&nbsp;days prior to the expiration of the Initial Term and sixty (60)&nbsp;days prior to the expiration of each renewal term thereafter, the Term shall be extended automatically for
successive one (1)&nbsp;year periods; provided further that either party may elect not to renew this Agreement by giving written notice thereof to the other party at least sixty (60)&nbsp;days prior to the end of the then current Term. The
employment term described in this Paragraph 1, including the Initial Term and any renewals thereafter, is referred to in this Agreement as the &#147;<B>Term</B>.&#148; The Executive understands and agrees that he is an at-will employee, and the
Executive and the Company can, and shall have the right to, terminate the employment relationship at any time for any or no reason, with or without notice, and with or without cause, subject to the payment provisions contained in Paragraph 7 of this
Agreement. Nothing contained in this Agreement or any other agreement shall alter the at-will relationship. In the event that the Executive ceases to be employed by the Company for any reason, the Executive shall tender his resignation from all
positions he holds with the Company, effective on the date his employment is terminated. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Duties</U>.&nbsp;The Executive shall work for the Company in a full-time capacity. The
Executive shall, during the Term, have the duties, responsibilities, powers, and authority customarily associated with the position of Senior Vice President of Homebuilding and Development/President - East Region. The Executive shall report to, and
follow the direction of, the President and Chief Executive Officer (the &#147;<B>CEO</B>&#148;), In addition to, or in lieu of, the foregoing, the Executive also shall perform such other and unrelated services and duties as may be assigned to him
from time to time by the CEO, consistent with his position as Senior Vice President of Homebuilding and Development/President - East Region. The Executive shall diligently, competently, and faithfully perform all duties, and shall devote his entire
business time, energy, attention, and skill to the performance of duties for the Company and its affiliates and will use his best efforts to promote the interests of the Company and its affiliates. It shall not be considered a violation of the
foregoing for the Executive to serve on indu