Term Sheet for Non-Executive Chairman Compensation

Summary

This agreement outlines the compensation for the Non-Executive Chairman of the company. The Chairman will receive an annual retainer of $100,000, paid quarterly, in addition to a regular director retainer of $40,000 per year. For the remainder of 2005, the Chairman will receive a pro-rated cash payment. Starting January 1, 2006, the Chairman may choose to receive the annual retainer in cash, WCI common stock, restricted stock units, stock appreciation rights, or a combination of these options.

EX-10.1 2 dex101.htm TERM SHEET Term Sheet

Exhibit 10.1

Term Sheet

Term Sheet for Non-Executive Chairman Compensation

Annual Retainer:

$100,000/year

To be Paid:

Quarterly ($25,000/quarter), in addition to regular director retainer of $40,000/year.

Balance of 2005:

Will receive the pro-rata amount of the Annual Retainer in cash for service as non-executive Chairman.

Commencing January 1, 2006:

Will be paid the Annual Retainer in four quarterly installments and shall be entitled to receive, in lieu of cash and at his option, the Annual Retainer in the form of WCI common stock, restricted stock units and/or stock appreciation rights paid in shares of WCI common stock, or any combination thereof.