Document:

EX-10.1

 Exhibit 10.1 
  

 
 LENNAR CORPORATION 

2021 TARGET BONUS OPPORTUNITY 

EXECUTIVE CHAIRMAN 
  

 
  

 

					
	 NAME
	  	 ASSOCIATE ID#
	  	 TARGET AWARD OPPORTUNITY [1]

	 Stuart Miller
	  	100003	  	0.58% of Lennar Corporation Pretax Income [2] after a 7.3% capital charge [3]

  

	[1]	 The 2021 Target Bonus Opportunity Program, under the 2016 Incentive Compensation Plan, is intended to
encourage superior performance and achievement of the Company’s strategic business objectives. The bonus (if any) awarded under this plan may be adjusted downward at the sole discretion of the Compensation Committee of the Board of Directors,
based on its assessment of quantitative and qualitative performance. Factors that may cause an adjustment include, but are not limited to, a comparison of the Company’s actual results (sales, closings, starts, etc.) to budget, inventory
management, corporate governance, customer satisfaction, and peer/competitor comparisons. 

	[2]	 Pretax income shall take into account and adjust for goodwill charges, losses or expenses on early retirement
of debt, impairment charges, and acquisition or deal costs related to the purchase or merger of a public company. Pretax Income is calculated as Net Earnings attributable to Lennar plus/minus income tax expense/benefit. 

	[3]	 Capital charge is calculated as follows: Tangible Capital = Stockholders’ Equity - Intangible Assets +
Homebuilding Debt. 

  

	•	 	 BONUS PAYMENTS: To earn a bonus pursuant to this Agreement, Associate must, in addition to all other
requirements herein, comply with all legal and ethical standards set forth in the Company’s Associate Reference Guide (“ARG”) and Code of Business Ethics and Conduct. A bonus otherwise earned under this Agreement shall be paid no
later than February 28th of the year following the fiscal year for which the bonus is due, or if such day is not a business day, the next business day. Any bonus under this Agreement must be fully earned within the fiscal year stated above, subject
to proration described below. A bonus for periods after this fiscal year is paid at the sole discretion of the Company, and in amounts determined at the sole discretion of the Company. Associate must be a full-time active employee with the Company
on the date of payment (or on a leave of absence approved pursuant to the ARG) to earn a bonus, and no bonus will be paid or earned after Associate’s employment with the Company ends, regardless of whether the termination is voluntary or
involuntary. 

  

	•	 	 PRORATION: Unless otherwise provided by law, bonuses tied to accomplishing objectives over a specific
period of time will be prorated based on the number of calendar days Associate was a full-time active employee with the Company during that period. This proration applies to all types of leave, including medical and
non-medical. 

  

	•	 	 NO PRIOR AGREEMENTS: Associate represents that Associate has no agreements, relationships, or commitments
to any other person or entity that conflict with or would prevent Associate from performing any of Associate’s obligations to the Company. Associate has not disclosed and will not disclose to the Company and/or any affiliates and/or
subsidiaries (“Affiliate Companies”), and will not use or induce the Company and/or any Affiliate Companies to use, any confidential or proprietary information or trade secrets belonging to others. Associate represents and warrants that
Associate has returned all property and confidential or trade secret information belonging to others and is not in possession of any such confidential or trade secret information. Associate agrees to indemnify, defend and hold harmless the Company
and Affiliate Companies, and their officers, members, directors and employees, from any and all claims, damages, costs, expenses or liability, including reasonable attorneys’ fees, incurred in connection with or resulting from any breach or
default of the representations and warranties contained in this provision. 

  

	•	 	 AT-WILL EMPLOYMENT: Associate’s employment is at-will. Associate may resign from Associate’s employment at any time with or without cause or notice and the Company may terminate Associate’s employment at any time with or without cause or notice.

  

	•	 	 CONFIDENTIALITY AND NON-DISPARAGEMENT: By virtue of
Associate’s employment with the Company, Associate will have access to and become familiar with various confidential and/or proprietary information, as described in Section 5.2 of the ARG, and Associate specifically agrees to comply with
Section 5.2 of the ARG. Also, in accordance with Section 5.34 of the ARG, Associate agrees that Associate will not make any inaccurate, disparaging, or defamatory statements concerning the Company or the Company’s products, services,
officers or employees, during or following Associate’s employment with the Company, subject to Associate’s right to communicate with governmental bodies or agencies and/or to engage in activity protected by the National Labor Relations Act
or any other applicable federal, state or local law. 

  

	•	 	 NO SOLICITATION: Associate agrees that during Associate’s employment with the Company and for twelve
(12) months following the termination of Associate’s employment with the Company (“Non-Solicitation Period”), Associate will not directly or indirectly, on Associate’s own behalf or
through others, employ, suggest employment, or offer employment to any Applicable Associate of the Company and/or its Affiliate Companies, nor will Associate solicit, recruit, influence, or encourage any Applicable Associate to terminate his or her
employment with the Company or Affiliate Companies. For purposes of this Agreement, “Applicable Associate” shall mean any person who is or was employed by the Company or Affiliate Companies at the time of Associate’s termination or at
any time during the three months preceding the Associate’s termination of employment with the Company; or who is or was employed by the Company or Affiliate Companies at any time during the
Non-Solicitation Period. Associate must disclose these obligations regarding solicitation to any employer with whom Associate becomes employed during the
Non-Solicitation Period prior to commencing such employment. 

  

	•	 	 CLAWBACK: 

[FOR ASSOCIATES NOT BASED IN CALIFORNIA, CONNECTICUT, OR MASSACHUSETTS: Associate acknowledges and agrees that, to the extent permitted by
governing law, Section 2.11 of the ARG applies to any bonus under this Agreement. Associate acknowledges and agrees that in addition to all other requirements in this Agreement to earn a bonus, Associate’s eligibility to earn a bonus is
directly related to, and dependent on, compliance with the sections in this Agreement relating to confidential information, disparaging statements, and non-solicitation (all collectively,
“Restrictions”). In the event the Company reasonably believes that Associate has violated any of the Restrictions at any time the applicable Restriction applied to Associate, the Company shall be entitled to seek all injunctive relief and
recover all damages available to it under any legal theory; and Associate will forfeit, and if previously paid, repay any bonus previously paid by the Company to Associate. In accordance with applicable law, Associate authorizes the Company to
directly deduct any sums claimed by the Company under this clawback provision from any wages owed to Associate by the Company.] 

 [IF IN CALIFORNIA: Associate acknowledges and agrees that, to the extent permitted by
governing law, Section 2.11 of the ARG applies to any bonus under this Agreement. Associate acknowledges and agrees that in addition to all other requirements in this Agreement to earn a bonus, Associate’s eligibility to earn a bonus is
directly related to, and dependent on, compliance with the sections in this Agreement relating to confidential information, disparaging statements, and non-solicitation (all collectively,
“Restrictions”). In the event the Company reasonably believes that Associate has violated any of the Restrictions at any time the applicable Restriction applied to Associate, the Company shall be entitled to seek all injunctive relief and
recover all damages available to it under any legal theory.] 
 [IF IN CONNECTICUT: Associate acknowledges and agrees that, to the extent
permitted by governing law, Section 2.11 of the ARG applies to any bonus under this Agreement. Associate acknowledges and agrees that in addition to all other requirements in this Agreement to earn a bonus, Associate’s eligibility to earn
a bonus is directly related to, and dependent on, compliance with the sections in this Agreement relating to confidential information, disparaging statements, and non-solicitation (all collectively,
“Restrictions”). In the event the Company reasonably believes that Associate has violated any of the Restrictions at any time the applicable Restriction applied to Associate, the Company shall be entitled to seek all injunctive relief and
recover all damages available to it under any legal theory; and Associate will forfeit any bonus. In accordance with applicable law, Associate authorizes the Company to directly deduct any sums claimed by the Company under this clawback provision
from any wages owed to Associate by the Company.] 
 [IF IN MASSACHUSETTS: Associate acknowledges and agrees that, to the extent permitted by
governing law, Section 2.11 of the ARG applies to any bonus under this Agreement. Associate acknowledges and agrees that in addition to all other requirements in this Agreement to earn a bonus, Associate’s eligibility to earn a bonus is
directly related to, and dependent on, compliance with the sections in this Agreement relating to confidential information, disparaging statements, and non-solicitation (all collectively,
“Restrictions”). In the event the Company reasonably believes that Associate has violated any of the Restrictions at any time the applicable Restriction applied to Associate, the Company shall be entitled to seek all injunctive relief and
recover all damages available to it under any legal theory. In accordance with applicable law, Associate authorizes the Company to directly deduct any sums claimed by the Company under this clawback provision from any wages owed to Associate by the
Company.] 
  

	•	 	 ARBITRATION AND EQUITABLE RELIEF: Associate affirms that the Company’s Dispute Resolution –
Mediation & Arbitration Policy (“ADR Policy”) set forth in Section 1.8 of the ARG will apply to and govern all disputes related to Associate’s employment (including, but not limited to, this Agreement), in accordance
with the ADR Policy. 

  

	•	 	 ENTIRE AGREEMENT; AMENDMENT; SURVIVING PROVISIONS; ASSIGNMENT: This Agreement constitutes the entire
agreement between the parties with respect to Associate’s bonus and other matters stated herein, and supersedes and replaces all other agreements and negotiations, whether written or oral, pertaining to Associate’s bonus or any other
matter stated herein. This Agreement may not be amended unless done so in writing and signed by Associate and an authorized representative of the Company. The following provisions of this Agreement survive the termination of this Agreement and/or
the termination of Associate’s employment with the Company, irrespective of the grounds or reasons for such termination: “No Prior Agreements;” “Confidentiality and Non-Disparagement;”
“Non-Solicitation;” “Clawback;” “Arbitration and Equitable Relief;” “Severability; ARG;” and this provision. This Agreement and all rights under this Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective personal or legal representatives, executors, administrators, heirs, distributees, devisees, legatees, successors and assigns. Associate shall
not, without the prior written approval (by a writing which does not include an electronic communication) of the Company, assign or transfer this Agreement or any right or obligation under this Agreement to any other person or entity.

  

	•	 	 SEVERABILITY; ARG: The provisions of this Agreement are severable, and if any part of this Agreement is
found to be invalid or unenforceable, the remainder of this Agreement will not be affected and shall continue in full force and effect. If the scope of any restriction or covenant contained herein should be or become too broad or extensive to permit
enforcement thereof to its full extent, then the Court or Arbitrator (as applicable, per the ADR Policy) is specifically authorized by the parties to enforce any such restriction or covenant to the maximum extent permitted by law, and Associate
hereby consents and agrees that the scope of any such restriction or covenant may be modified accordingly in any proceeding brought to enforce such restriction or covenant. Associate will remain obligated to comply with all Company rules, policies,
practices, and procedures, including any and all policies contained in the ARG as amended from time to time. In the event of a conflict between this Agreement and the ARG, the ARG shall govern. 

 

	•	 	 COUNTERPARTS AND ELECTRONIC SIGNATURE: This Agreement may be executed in multiple counterparts. If this
Agreement is electronically executed, it shall be deemed an electronic record, as the term is defined in the Electronic Signatures in Global and National Commerce Act and applicable state law (collectively, the “Applicable Law”). Clicking
or otherwise activating any button associated with this Agreement demonstrates Associate’s intent to sign the Agreement and/or and represents Associate’s electronic signature, as the term is defined in the Applicable Law. Additionally, by
Associate’s review of this Agreement and/or clicking on any button, Associate and the Company agree to use and accept electronic records and electronic signatures. 

The Company and Associate acknowledge and agree that bonuses are not automatic, but are awarded for individual performance, not just excellent market
conditions. The Company shall make the final and binding determination of any amount payable under this Agreement; whether and/or when a bonus payment is quantifiable; whether an adjustment to any bonus is appropriate; and all standards, goals,
targets, plans, deliveries, and benchmarks and whether they were met. Associate’s receipt of any bonus under this Agreement does not indicate or suggest that Associate will be eligible for any additional bonus at any time. 

 

							
	Signature:	 	  
	 		 	  

	  
 Date:
	 	  
	 		 	  

		 	 Stuart Miller
 Executive Chairman

Lennar Corporation
	 		 	 Steven Gerard
 Chairman, Compensation
Committee
 Lennar Corporation

 

 
 LENNAR CORPORATION 

2021 TARGET BONUS OPPORTUNITY 

CO-CHIEF EXECUTIVE OFFICER & CO-PRESIDENT 

 
  

 
  

					
	 NAME
	  	 ASSOCIATE ID#
	  	 TARGET AWARD OPPORTUNITY [1]

	 Rick Beckwitt
	  	168230	  	0.51% of Lennar Corporation Pretax Income [2] after a 7.3% capital charge [3]

  

	[1]	 The 2021 Target Bonus Opportunity Program, under the 2016 Incentive Compensation Plan, is intended to
encourage superior performance and achievement of the Company’s strategic business objectives. The bonus (if any) awarded under this plan may be adjusted downward at the sole discretion of the Compensation Committee of the Board of Directors,
based on its assessment of quantitative and qualitative performance. Factors that may cause an adjustment include, but are not limited to, a comparison of the Company’s actual results (sales, closings, starts, etc.) to budget, inventory
management, corporate governance, customer satisfaction, and peer/competitor comparisons. 

	[2]	 Pretax income shall take into account and adjust for goodwill charges, losses or expenses on early retirement
of debt, impairment charges, and acquisition or deal costs related to the purchase or merger of a public company. Pretax Income is calculated as Net Earnings attributable to Lennar plus/minus income tax expense/benefit. 

	[3]	 Capital charge is calculated as follows: Tangible Capital = Stockholders’ Equity - Intangible Assets +
Homebuilding Debt. 

  

	•	 	 BONUS PAYMENTS: To earn a bonus pursuant to this Agreement, Associate must, in addition to all other
requirements herein, comply with all legal and ethical standards set forth in the Company’s Associate Reference Guide (“ARG”) and Code of Business Ethics and Conduct. A bonus otherwise earned under this Agreement shall be paid no
later than February 28th of the year following the fiscal year for which the bonus is due, or if such day is not a business day, the next business day. Any bonus under this Agreement must be fully earned within the fiscal year stated above, subject
to proration described below. A bonus for periods after this fiscal year is paid at the sole discretion of the Company, and in amounts determined at the sole discretion of the Company. Associate must be a full-time active employee with the Company
on the date of payment (or on a leave of absence approved pursuant to the ARG) to earn a bonus, and no bonus will be paid or earned after Associate’s employment with the Company ends, regardless of whether the termination is voluntary or
involuntary. 

  

	•	 	 PRORATION: Unless otherwise provided by law, bonuses tied to accomplishing objectives over a specific
period of time will be prorated based on the number of calendar days Associate was a full-time active employee with the Company during that period. This proration applies to all types of leave, including medical and
non-medical. 

  

	•	 	 NO PRIOR AGREEMENTS: Associate represents that Associate has no agreements, relationships, or commitments
to any other person or entity that conflict with or would prevent Associate from performing any of Associate’s obligations to the Company. Associate has not disclosed and will not disclose to the Company and/or any affiliates and/or
subsidiaries (“Affiliate Companies”), and will not use or induce the Company and/or any Affiliate Companies to use, any confidential or proprietary information or trade secrets belonging to others. Associate represents and warrants that
Associate has returned all property and confidential or trade secret information belonging to others and is not in possession of any such confidential or trade secret information. Associate agrees to indemnify, defend and hold harmless the Company
and Affiliate Companies, and their officers, members, directors and employees, from any and all claims, damages, costs, expenses or liability, including reasonable attorneys’ fees, incurred in connection with or resulting from any breach or
default of the representations and warranties contained in this provision. 

  

	•	 	 AT-WILL EMPLOYMENT: Associate’s employment is at-will. Associate may resign from Associate’s employment at any time with or without cause or notice and the Company may terminate Associate’s employment at any time with or without cause or notice.

  

	•	 	 CONFIDENTIALITY AND NON-DISPARAGEMENT: By virtue of
Associate’s employment with the Company, Associate will have access to and become familiar with various confidential and/or proprietary information, as described in Section 5.2 of the ARG, and Associate specifically agrees to comply with
Section 5.2 of the ARG. Also, in accordance with Section 5.34 of the ARG, Associate agrees that Associate will not make any inaccurate, disparaging, or defamatory statements concerning the Company or the Company’s products, services,
officers or employees, during or following Associate’s employment with the Company, subject to Associate’s right to communicate with governmental bodies or agencies and/or to engage in activity protected by the National Labor Relations Act
or any other applicable federal, state or local law. 

  

	•	 	 NO SOLICITATION: Associate agrees that during Associate’s employment with the Company and for twelve
(12) months following the termination of Associate’s employment with the Company (“Non-Solicitation Period”), Associate will not directly or indirectly, on Associate’s own behalf or
through others, employ, suggest employment, or offer employment to any Applicable Associate of the Company and/or its Affiliate Companies, nor will Associate solicit, recruit, influence, or encourage any Applicable Associate to terminate his or her
employment with the Company or Affiliate Companies. For purposes of this Agreement, “Applicable Associate” shall mean any person who is or was employed by the Company or Affiliate Companies at the time of Associate’s termination or at
any time during the three months preceding the Associate’s termination of employment with the Company; or who is or was employed by the Company or Affiliate Companies at any time during the
Non-Solicitation Period. Associate must disclose these obligations regarding solicitation to any employer with whom Associate becomes employed during the
Non-Solicitation Period prior to commencing such employment. 

  

	•	 	 CLAWBACK: 

[FOR ASSOCIATES NOT BASED IN CALIFORNIA, CONNECTICUT, OR MASSACHUSETTS: Associate acknowledges and agrees that, to the extent permitted by
governing law, Section 2.11 of the ARG applies to any bonus under this Agreement. Associate acknowledges and agrees that in addition to all other requirements in this Agreement to earn a bonus, Associate’s eligibility to earn a bonus is
directly related to, and dependent on, compliance with the sections in this Agreement relating to confidential information, disparaging statements, and non-solicitation (all collectively,
“Restrictions”). In the event the Company reasonably believes that Associate has violated any of the Restrictions at any time the applicable Restriction applied to Associate, the Company shall be entitled to seek all injunctive relief and
recover all damages available to it under any legal theory; and Associate will forfeit, and if previously paid, repay any bonus previously paid by the Company to Associate. In accordance with applicable law, Associate authorizes the Company to
directly deduct any sums claimed by the Company under this clawback provision from any wages owed to Associate by the Company.] 

 [IF IN CALIFORNIA: Associate acknowledges and agrees that, to the extent permitted by
governing law, Section 2.11 of the ARG applies to any bonus under this Agreement. Associate acknowledges and agrees that in addition to all other requirements in this Agreement to earn a bonus, Associate’s eligibility to earn a bonus is
directly related to, and dependent on, compliance with the sections in this Agreement relating to confidential information, disparaging statements, and non-solicitation (all collectively,
“Restrictions”). In the event the Company reasonably believes that Associate has violated any of the Restrictions at any time the applicable Restriction applied to Associate, the Company shall be entitled to seek all injunctive relief and
recover all damages available to it under any legal theory.] 
 [IF IN CONNECTICUT: Associate acknowledges and agrees that, to the extent
permitted by governing law, Section 2.11 of the ARG applies to any bonus under this Agreement. Associate acknowledges and agrees that in addition to all other requirements in this Agreement to earn a bonus, Associate’s eligibility to earn
a bonus is directly related to, and dependent on, compliance with the sections in this Agreement relating to confidential information, disparaging statements, and non-solicitation (all collectively,
“Restrictions”). In the event the Company reasonably believes that Associate has violated any of the Restrictions at any time the applicable Restriction applied to Associate, the Company shall be entitled to seek all injunctive relief and
recover all damages available to it under any legal theory; and Associate will forfeit any bonus. In accordance with applicable law, Associate authorizes the Company to directly deduct any sums claimed by the Company under this clawback provision
from any wages owed to Associate by the Company.] 
 [IF IN MASSACHUSETTS: Associate acknowledges and agrees that, to the extent permitted by
governing law, Section 2.11 of the ARG applies to any bonus under this Agreement. Associate acknowledges and agrees that in addition to all other requirements in this Agreement to earn a bonus, Associate’s eligibility to earn a bonus is
directly related to, and dependent on, compliance with the sections in this Agreement relating to confidential information, disparaging statements, and non-solicitation (all collectively,
“Restrictions”). In the event the Company reasonably believes that Associate has violated any of the Restrictions at any time the applicable Restriction applied to Associate, the Company shall be entitled to seek all injunctive relief and
recover all damages available to it under any legal theory. In accordance with applicable law, Associate authorizes the Company to directly deduct any sums claimed by the Company under this clawback provision from any wages owed to Associate by the
Company.] 
  

	•	 	 ARBITRATION AND EQUITABLE RELIEF: Associate affirms that the Company’s Dispute Resolution –
Mediation & Arbitration Policy (“ADR Policy”) set forth in Section 1.8 of the ARG will apply to and govern all disputes related to Associate’s employment (including, but not limited to, this Agreement), in accordance
with the ADR Policy. 

  

	•	 	 ENTIRE AGREEMENT; AMENDMENT; SURVIVING PROVISIONS; ASSIGNMENT: This Agreement constitutes the entire
agreement between the parties with respect to Associate’s bonus and other matters stated herein, and supersedes and replaces all other agreements and negotiations, whether written or oral, pertaining to Associate’s bonus or any other
matter stated herein. This Agreement may not be amended unless done so in writing and signed by Associate and an authorized representative of the Company. The following provisions of this Agreement survive the termination of this Agreement and/or
the termination of Associate’s employment with the Company, irrespective of the grounds or reasons for such termination: “No Prior Agreements;” “Confidentiality and Non-Disparagement;”
“Non-Solicitation;” “Clawback;” “Arbitration and Equitable Relief;” “Severability; ARG;” and this provision. This Agreement and all rights under this Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective personal or legal representatives, executors, administrators, heirs, distributees, devisees, legatees, successors and assigns. Associate shall
not, without the prior written approval (by a writing which does not include an electronic communication) of the Company, assign or transfer this Agreement or any right or obligation under this Agreement to any other person or entity.

  

	•	 	 SEVERABILITY; ARG: The provisions of this Agreement are severable, and if any part of this Agreement is
found to be invalid or unenforceable, the remainder of this Agreement will not be affected and shall continue in full force and effect. If the scope of any restriction or covenant contained herein should be or become too broad or extensive to permit
enforcement thereof to its full extent, then the Court or Arbitrator (as applicable, per the ADR Policy) is specifically authorized by the parties to enforce any such restriction or covenant to the maximum extent permitted by law, and Associate
hereby consents and agrees that the scope of any such restriction or covenant may be modified accordingly in any proceeding brought to enforce such restriction or covenant. Associate will remain obligated to comply with all Company rules, policies,
practices, and procedures, including any and all policies contained in the ARG as amended from time to time. In the event of a conflict between this Agreement and the ARG, the ARG shall govern. 

 

	•	 	 COUNTERPARTS AND ELECTRONIC SIGNATURE: This Agreement may be executed in multiple counterparts. If this
Agreement is electronically executed, it shall be deemed an electronic record, as the term is defined in the Electronic Signatures in Global and National Commerce Act and applicable state law (collectively, the “Applicable Law”). Clicking
or otherwise activating any button associated with this Agreement demonstrates Associate’s intent to sign the Agreement and/or and represents Associate’s electronic signature, as the term is defined in the Applicable Law. Additionally, by
Associate’s review of this Agreement and/or clicking on any button, Associate and the Company agree to use and accept electronic records and electronic signatures. 

The Company and Associate acknowledge and agree that bonuses are not automatic, but are awarded for individual performance, not just excellent market
conditions. The Company shall make the final and binding determination of any amount payable under this Agreement; whether and/or when a bonus payment is quantifiable; whether an adjustment to any bonus is appropriate; and all standards, goals,
targets, plans, deliveries, and benchmarks and whether they were met. Associate’s receipt of any bonus under this Agreement does not indicate or suggest that Associate will be eligible for any additional bonus at any time. 

 

							
	Signature:	 	  
	 		 	  

	  
 Date:
	 	  
	 		 	  

		 	 Rick Beckwitt
 Co-Chief Executive Officer & Co-President
 Lennar Corporation
	 		 	 Stuart Miller
 Executive Chairman

Lennar Corporation

 

 
 LENNAR CORPORATION 

2021 TARGET BONUS OPPORTUNITY 

CO-CHIEF EXECUTIVE OFFICER & CO-PRESIDENT 

 
  

 
  

					
	 NAME
	  	 ASSOCIATE ID#
	  	 TARGET AWARD OPPORTUNITY [1]

	 Jon Jaffe
	  	103706	  	0.51% of Lennar Corporation Pretax Income [2] after a 7.3% capital charge [3]

  

	[1]	 The 2021 Target Bonus Opportunity Program, under the 2016 Incentive Compensation Plan, is intended to
encourage superior performance and achievement of the Company’s strategic business objectives. The bonus (if any) awarded under this plan may be adjusted downward at the sole discretion of the Compensation Committee of the Board of Directors,
based on its assessment of quantitative and qualitative performance. Factors that may cause an adjustment include, but are not limited to, a comparison of the Company’s actual results (sales, closings, starts, etc.) to budget, inventory
management, corporate governance, customer satisfaction, and peer/competitor comparisons. 

	[2]	 Pretax income shall take into account and adjust for goodwill charges, losses or expenses on early retirement
of debt, impairment charges, and acquisition or deal costs related to the purchase or merger of a public company. Pretax Income is calculated as Net Earnings attributable to Lennar plus/minus income tax expense/benefit. 

	[3]	 Capital charge is calculated as follows: Tangible Capital = Stockholders’ Equity - Intangible Assets +
Homebuilding Debt. 

  

	•	 	 BONUS PAYMENTS: To earn a bonus pursuant to this Agreement, Associate must, in addition to all other
requirements herein, comply with all legal and ethical standards set forth in the Company’s Associate Reference Guide (“ARG”) and Code of Business Ethics and Conduct. A bonus otherwise earned under this Agreement shall be paid no
later than February 28th of the year following the fiscal year for which the bonus is due, or if such day is not a business day, the next business day. Any bonus under this Agreement must be fully earned within the fiscal year stated above, subject
to proration described below. A bonus for periods after this fiscal year is paid at the sole discretion of the Company, and in amounts determined at the sole discretion of the Company. Associate must be a full-time active employee with the Company
on the date of payment (or on a leave of absence approved pursuant to the ARG) to earn a bonus, and no bonus will be paid or earned after Associate’s employment with the Company ends, regardless of whether the termination is voluntary or
involuntary. 

  

	•	 	 PRORATION: Unless otherwise provided by law, bonuses tied to accomplishing objectives over a specific
period of time will be prorated based on the number of calendar days Associate was a full-time active employee with the Company during that period. This proration applies to all types of leave, including medical and
non-medical. 

  

	•	 	 NO PRIOR AGREEMENTS: Associate represents that Associate has no agreements, relationships, or commitments
to any other person or entity that conflict with or would prevent Associate from performing any of Associate’s obligations to the Company. Associate has not disclosed and will not disclose to the Company and/or any affiliates and/or
subsidiaries (“Affiliate Companies”), and will not use or induce the Company and/or any Affiliate Companies to use, any confidential or proprietary information or trade secrets belonging to others. Associate represents and warrants that
Associate has returned all property and confidential or trade secret information belonging to others and is not in possession of any such confidential or trade secret information. Associate agrees to indemnify, defend and hold harmless the Company
and Affiliate Companies, and their officers, members, directors and employees, from any and all claims, damages, costs, expenses or liability, including reasonable attorneys’ fees, incurred in connection with or resulting from any breach or
default of the representations and warranties contained in this provision. 

  

	•	 	 AT-WILL EMPLOYMENT: Associate’s employment is at-will. Associate may resign from Associate’s employment at any time with or without cause or notice and the Company may terminate Associate’s employment at any time with or without cause or notice.

  

	•	 	 CONFIDENTIALITY AND NON-DISPARAGEMENT: By virtue of
Associate’s employment with the Company, Associate will have access to and become familiar with various confidential and/or proprietary information, as described in Section 5.2 of the ARG, and Associate specifically agrees to comply with
Section 5.2 of the ARG. Also, in accordance with Section 5.34 of the ARG, Associate agrees that Associate will not make any inaccurate, disparaging, or defamatory statements concerning the Company or the Company’s products, services,
officers or employees, during or following Associate’s employment with the Company, subject to Associate’s right to communicate with governmental bodies or agencies and/or to engage in activity protected by the National Labor Relations Act
or any other applicable federal, state or local law. 

  

	•	 	 NO SOLICITATION: Associate agrees that during Associate’s employment with the Company and for twelve
(12) months following the termination of Associate’s employment with the Company (“Non-Solicitation Period”), Associate will not directly or indirectly, on Associate’s own behalf or
through others, employ, suggest employment, or offer employment to any Applicable Associate of the Company and/or its Affiliate Companies, nor will Associate solicit, recruit, influence, or encourage any Applicable Associate to terminate his or her
employment with the Company or Affiliate Companies. For purposes of this Agreement, “Applicable Associate” shall mean any person who is or was employed by the Company or Affiliate Companies at the time of Associate’s termination or at
any time during the three months preceding the Associate’s termination of employment with the Company; or who is or was employed by the Company or Affiliate Companies at any time during the
Non-Solicitation Period. Associate must disclose these obligations regarding solicitation to any employer with whom Associate becomes employed during the
Non-Solicitation Period prior to commencing such employment. 

  

	•	 	 CLAWBACK: 

[FOR ASSOCIATES NOT BASED IN CALIFORNIA, CONNECTICUT, OR MASSACHUSETTS: Associate acknowledges and agrees that, to the extent permitted by
governing law, Section 2.11 of the ARG applies to any bonus under this Agreement. Associate acknowledges and agrees that in addition to all other requirements in this Agreement to earn a bonus, Associate’s eligibility to earn a bonus is
directly related to, and dependent on, compliance with the sections in this Agreement relating to confidential information, disparaging statements, and non-solicitation (all collectively,
“Restrictions”). In the event the Company reasonably believes that Associate has violated any of the Restrictions at any time the applicable Restriction applied to Associate, the Company shall be entitled to seek all injunctive relief and
recover all damages available to it under any legal theory; and Associate will forfeit, and if previously paid, repay any bonus previously paid by the Company to Associate. In accordance with applicable law, Associate authorizes the Company to
directly deduct any sums claimed by the Company under this clawback provision from any wages owed to Associate by the Company.] 

 [IF IN CALIFORNIA: Associate acknowledges and agrees that, to the extent permitted by
governing law, Section 2.11 of the ARG applies to any bonus under this Agreement. Associate acknowledges and agrees that in addition to all other requirements in this Agreement to earn a bonus, Associate’s eligibility to earn a bonus is
directly related to, and dependent on, compliance with the sections in this Agreement relating to confidential information, disparaging statements, and non-solicitation (all collectively,
“Restrictions”). In the event the Company reasonably believes that Associate has violated any of the Restrictions at any time the applicable Restriction applied to Associate, the Company shall be entitled to seek all injunctive relief and
recover all damages available to it under any legal theory.] 
 [IF IN CONNECTICUT: Associate acknowledges and agrees that, to the extent
permitted by governing law, Section 2.11 of the ARG applies to any bonus under this Agreement. Associate acknowledges and agrees that in addition to all other requirements in this Agreement to earn a bonus, Associate’s eligibility to earn
a bonus is directly related to, and dependent on, compliance with the sections in this Agreement relating to confidential information, disparaging statements, and non-solicitation (all collectively,
“Restrictions”). In the event the Company reasonably believes that Associate has violated any of the Restrictions at any time the applicable Restriction applied to Associate, the Company shall be entitled to seek all injunctive relief and
recover all damages available to it under any legal theory; and Associate will forfeit any bonus. In accordance with applicable law, Associate authorizes the Company to directly deduct any sums claimed by the Company under this clawback provision
from any wages owed to Associate by the Company.] 
 [IF IN MASSACHUSETTS: Associate acknowledges and agrees that, to the extent permitted by
governing law, Section 2.11 of the ARG applies to any bonus under this Agreement. Associate acknowledges and agrees that in addition to all other requirements in this Agreement to earn a bonus, Associate’s eligibility to earn a bonus is
directly related to, and dependent on, compliance with the sections in this Agreement relating to confidential information, disparaging statements, and non-solicitation (all collectively,
“Restrictions”). In the event the Company reasonably believes that Associate has violated any of the Restrictions at any time the applicable Restriction applied to Associate, the Company shall be entitled to seek all injunctive relief and
recover all damages available to it under any legal theory. In accordance with applicable law, Associate authorizes the Company to directly deduct any sums claimed by the Company under this clawback provision from any wages owed to Associate by the
Company.] 
  

	•	 	 ARBITRATION AND EQUITABLE RELIEF: Associate affirms that the Company’s Dispute Resolution –
Mediation & Arbitration Policy (“ADR Policy”) set forth in Section 1.8 of the ARG will apply to and govern all disputes related to Associate’s employment (including, but not limited to, this Agreement), in accordance
with the ADR Policy. 

  

	•	 	 ENTIRE AGREEMENT; AMENDMENT; SURVIVING PROVISIONS; ASSIGNMENT: This Agreement constitutes the entire
agreement between the parties with respect to Associate’s bonus and other matters stated herein, and supersedes and replaces all other agreements and negotiations, whether written or oral, pertaining to Associate’s bonus or any other
matter stated herein. This Agreement may not be amended unless done so in writing and signed by Associate and an authorized representative of the Company. The following provisions of this Agreement survive the termination of this Agreement and/or
the termination of Associate’s employment with the Company, irrespective of the grounds or reasons for such termination: “No Prior Agreements;” “Confidentiality and Non-Disparagement;”
“Non-Solicitation;” “Clawback;” “Arbitration and Equitable Relief;” “Severability; ARG;” and this provision. This Agreement and all rights under this Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective personal or legal representatives, executors, administrators, heirs, distributees, devisees, legatees, successors and assigns. Associate shall
not, without the prior written approval (by a writing which does not include an electronic communication) of the Company, assign or transfer this Agreement or any right or obligation under this Agreement to any other person or entity.

  

	•	 	 SEVERABILITY; ARG: The provisions of this Agreement are severable, and if any part of this Agreement is
found to be invalid or unenforceable, the remainder of this Agreement will not be affected and shall continue in full force and effect. If the scope of any restriction or covenant contained herein should be or become too broad or extensive to permit
enforcement thereof to its full extent, then the Court or Arbitrator (as applicable, per the ADR Policy) is specifically authorized by the parties to enforce any such restriction or covenant to the maximum extent permitted by law, and Associate
hereby consents and agrees that the scope of any such restriction or covenant may be modified accordingly in any proceeding brought to enforce such restriction or covenant. Associate will remain obligated to comply with all Company rules, policies,
practices, and procedures, including any and all policies contained in the ARG as amended from time to time. In the event of a conflict between this Agreement and the ARG, the ARG shall govern. 

 

	•	 	 COUNTERPARTS AND ELECTRONIC SIGNATURE: This Agreement may be executed in multiple counterparts. If this
Agreement is electronically executed, it shall be deemed an electronic record, as the term is defined in the Electronic Signatures in Global and National Commerce Act and applicable state law (collectively, the “Applicable Law”). Clicking
or otherwise activating any button associated with this Agreement demonstrates Associate’s intent to sign the Agreement and/or and represents Associate’s electronic signature, as the term is defined in the Applicable Law. Additionally, by
Associate’s review of this Agreement and/or clicking on any button, Associate and the Company agree to use and accept electronic records and electronic signatures. 

The Company and Associate acknowledge and agree that bonuses are not automatic, but are awarded for individual performance, not just excellent market
conditions. The Company shall make the final and binding determination of any amount payable under this Agreement; whether and/or when a bonus payment is quantifiable; whether an adjustment to any bonus is appropriate; and all standards, goals,
targets, plans, deliveries, and benchmarks and whether they were met. Associate’s receipt of any bonus under this Agreement does not indicate or suggest that Associate will be eligible for any additional bonus at any time. 

 

							
	Signature:	 	  
	 		 	  

	  
 Date:
	 	  
	 		 	  

		 	 Jon Jaffe

Co-Chief Executive Officer & Co-President

Lennar Corporation
	 		 	 Stuart Miller
 Executive Chairman

Lennar Corporation

 

 
 LENNAR CORPORATION 

2021 TARGET BONUS OPPORTUNITY 

CHIEF FINANCIAL OFFICER 
  

 
  

 

							
	 NAME
	 	 DEPARTMENT
	 	 ASSOCIATE ID#
	 	
TARGET AWARD OPPORTUNITY [1]

	Diane Bessette	 	Executive	 	100128	 	180% of base salary

 The following are measured to determine % of target paid out: 

 

							
	 PERFORMANCE CRITERIA
[2]
(see definitions section for more detail)
	 	 PERCENT
OF
TARGET
AWARD
	    	 PERFORMANCE LEVELS/
TARGET BONUS
OPPORTUNITY

	    	 THRESHOLD
	 	 % OF TARGET

	Individual Performance — Based on annual Performance Appraisal review determined at the end of the fiscal year by current supervisor.	 	60%	    	Good
Very Good
Excellent	 	 20%

40%
 60%

				
	Corporate Governance, Company Policy and Procedure Adherence, and Internal Audit Evaluation — As determined by the Corporate Governance Committee	 	40%	    	Good
Very Good
Excellent	 	 10%

25%
 40%

				
	TOTAL [1]	 	100%	    		 	
			
	UPSIDE POTENTIAL:	 		    	2021 Outperformance Goals for Reference Below
			
	Based on Achievement of Outperformance Goals	 	Up to 50% of Target	    	 •   Be the Leader for Finance Transformation 2021:

 
 •   Continue to Increase
Efficiencies within the Accounting Organization
  

•   Recreate the Planning Organization’s Forecast Process 
& Deliverables
  

•   Begin the transformation process of the Treasury organization to increase efficiencies

 
 •   Maximize Cash
Generation & Develop Strategies for Capital Allocation
  

•   Successful Strategic Transactions with Ancillary Businesses

  

	[1]	 The 2021 Target Bonus Opportunity is intended to encourage superior performance and achievement of the
Company’s strategic business objectives. The bonus (if any) awarded under this plan may be adjusted downward at the sole discretion of the Compensation Committee of the Board of Directors, based on its assessment of quantitative and qualitative
performance. Factors that may cause an adjustment include, but are not limited to, a comparison of the associate’s performance to others in the program, economic or market considerations, etc. 

	[2]	 The Co-CEOs may adjust the weightings for the performance criteria at
their sole discretion. 

  

	•	 	 BONUS PAYMENTS: To earn a bonus pursuant to this Agreement, Associate must, in addition to all other
requirements herein, comply with all legal and ethical standards set forth in the Company’s Associate Reference Guide (“ARG”) and Code of Business Ethics and Conduct. A bonus otherwise earned under this Agreement shall be paid no
later than February 28th of the year following the fiscal year for which the bonus is due, or if such day is not a business day, the next business day. Any bonus under this Agreement must be fully earned within the fiscal year stated above, subject
to proration described below. A bonus for periods after this fiscal year is paid at the sole discretion of the Company, and in amounts determined at the sole discretion of the Company. Associate must be a full-time active employee with the Company
on the date of payment (or on a leave of absence approved pursuant to the ARG) to earn a bonus, and no bonus will be paid or earned after Associate’s employment with the Company ends, regardless of whether the termination is voluntary or
involuntary. 

  

	•	 	 PRORATION: Unless otherwise provided by law, bonuses tied to accomplishing objectives over a specific
period of time will be prorated based on the number of calendar days Associate was a full-time active employee with the Company during that period. This proration applies to all types of leave, including medical and
non-medical. 

  

	•	 	 NO PRIOR AGREEMENTS: Associate represents that Associate has no agreements, relationships, or commitments
to any other person or entity that conflict with or would prevent Associate from performing any of Associate’s obligations to the Company. Associate has not disclosed and will not disclose to the Company and/or any affiliates and/or
subsidiaries (“Affiliate Companies”), and will not use or induce the Company and/or any Affiliate Companies to use, any confidential or proprietary information or trade secrets belonging to others. Associate represents and warrants that
Associate has returned all property and confidential or trade secret information belonging to others and is not in possession of any such confidential or trade secret information. Associate agrees to indemnify, defend and hold harmless the Company
and Affiliate Companies, and their officers, members, directors and employees, from any and all claims, damages, costs, expenses or liability, including reasonable attorneys’ fees, incurred in connection with or resulting from any breach or
default of the representations and warranties contained in this provision. 

  

	•	 	 AT-WILL EMPLOYMENT: Associate’s employment is at-will. Associate may resign from Associate’s employment at any time with or without cause or notice and the Company may terminate Associate’s employment at any time with or without cause or notice.

  

	•	 	 CONFIDENTIALITY AND NON-DISPARAGEMENT: By virtue of
Associate’s employment with the Company, Associate will have access to and become familiar with various confidential and/or proprietary information, as described in Section 5.2 of the ARG, and Associate specifically agrees to comply with
Section 5.2 of the ARG. Also, in accordance with Section 5.34 of the ARG, Associate agrees that Associate will not make any inaccurate, disparaging, or defamatory statements concerning the Company or the Company’s products, services,
officers or employees, during or following Associate’s employment with the Company, subject to Associate’s right to communicate with governmental bodies or agencies and/or to engage in activity protected by the National Labor Relations Act
or any other applicable federal, state or local law. 

  

	•	 	 NO SOLICITATION: Associate agrees that during Associate’s employment with the Company and for twelve
(12) months following the termination of Associate’s employment with the Company (“Non-Solicitation Period”), Associate will not directly or indirectly, on Associate’s own behalf or
through others, employ, suggest employment, or offer employment to any Applicable Associate of the Company and/or its Affiliate Companies, nor will Associate solicit, recruit, influence, or encourage any Applicable Associate to terminate his or her
employment with the Company or Affiliate Companies. For purposes of this Agreement, “Applicable Associate” shall mean any person who is or was employed by the Company or Affiliate Companies at the time of Associate’s termination or at
any time during the three months preceding the Associate’s termination of employment with the Company; or who is or was employed by the Company or Affiliate Companies at any time during the
Non-Solicitation Period. Associate must disclose these obligations regarding solicitation to any employer with whom Associate becomes employed during the
Non-Solicitation Period prior to commencing such employment. 

	•	 	 CLAWBACK: 

[FOR ASSOCIATES NOT BASED IN CALIFORNIA, CONNECTICUT, OR MASSACHUSETTS: Associate acknowledges and agrees that, to the extent permitted by
governing law, Section 2.11 of the ARG applies to any bonus under this Agreement. Associate acknowledges and agrees that in addition to all other requirements in this Agreement to earn a bonus, Associate’s eligibility to earn a bonus is
directly related to, and dependent on, compliance with the sections in this Agreement relating to confidential information, disparaging statements, and non-solicitation (all collectively,
“Restrictions”). In the event the Company reasonably believes that Associate has violated any of the Restrictions at any time the applicable Restriction applied to Associate, the Company shall be entitled to seek all injunctive relief and
recover all damages available to it under any legal theory; and Associate will forfeit, and if previously paid, repay any bonus previously paid by the Company to Associate. In accordance with applicable law, Associate authorizes the Company to
directly deduct any sums claimed by the Company under this clawback provision from any wages owed to Associate by the Company.] 
 [IF IN
CALIFORNIA: Associate acknowledges and agrees that, to the extent permitted by governing law, Section 2.11 of the ARG applies to any bonus under this Agreement. Associate acknowledges and agrees that in addition to all other requirements in
this Agreement to earn a bonus, Associate’s eligibility to earn a bonus is directly related to, and dependent on, compliance with the sections in this Agreement relating to confidential information, disparaging statements, and non-solicitation (all collectively, “Restrictions”). In the event the Company reasonably believes that Associate has violated any of the Restrictions at any time the applicable Restriction applied to
Associate, the Company shall be entitled to seek all injunctive relief and recover all damages available to it under any legal theory.] 

[IF IN CONNECTICUT: Associate acknowledges and agrees that, to the extent permitted by governing law, Section 2.11 of the ARG applies to
any bonus under this Agreement. Associate acknowledges and agrees that in addition to all other requirements in this Agreement to earn a bonus, Associate’s eligibility to earn a bonus is directly related to, and dependent on, compliance with
the sections in this Agreement relating to confidential information, disparaging statements, and non-solicitation (all collectively, “Restrictions”). In the event the Company reasonably believes that
Associate has violated any of the Restrictions at any time the applicable Restriction applied to Associate, the Company shall be entitled to seek all injunctive relief and recover all damages available to it under any legal theory; and Associate
will forfeit any bonus. In accordance with applicable law, Associate authorizes the Company to directly deduct any sums claimed by the Company under this clawback provision from any wages owed to Associate by the Company.] 

[IF IN MASSACHUSETTS: Associate acknowledges and agrees that, to the extent permitted by governing law, Section 2.11 of the ARG applies to
any bonus under this Agreement. Associate acknowledges and agrees that in addition to all other requirements in this Agreement to earn a bonus, Associate’s eligibility to earn a bonus is directly related to, and dependent on, compliance with
the sections in this Agreement relating to confidential information, disparaging statements, and non-solicitation (all collectively, “Restrictions”). In the event the Company reasonably believes that
Associate has violated any of the Restrictions at any time the applicable Restriction applied to Associate, the Company shall be entitled to seek all injunctive relief and recover all damages available to it under any legal theory. In accordance
with applicable law, Associate authorizes the Company to directly deduct any sums claimed by the Company under this clawback provision from any wages owed to Associate by the Company.] 

 

	•	 	 ARBITRATION AND EQUITABLE RELIEF: Associate affirms that the Company’s Dispute Resolution –
Mediation & Arbitration Policy (“ADR Policy”) set forth in Section 1.8 of the ARG will apply to and govern all disputes related to Associate’s employment (including, but not limited to, this Agreement), in accordance
with the ADR Policy. 

  

	•	 	 ENTIRE AGREEMENT; AMENDMENT; SURVIVING PROVISIONS; ASSIGNMENT: This Agreement constitutes the entire
agreement between the parties with respect to Associate’s bonus and other matters stated herein, and supersedes and replaces all other agreements and negotiations, whether written or oral, pertaining to Associate’s bonus or any other
matter stated herein. This Agreement may not be amended unless done so in writing and signed by Associate and an authorized representative of the Company. The following provisions of this Agreement survive the termination of this Agreement and/or
the termination of Associate’s employment with the Company, irrespective of the grounds or reasons for such termination: “No Prior Agreements;” “Confidentiality and Non-Disparagement;”
“Non-Solicitation;” “Clawback;” “Arbitration and Equitable Relief;” “Severability; ARG;” and this provision. This Agreement and all rights under this Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective personal or legal representatives, executors, administrators, heirs, distributees, devisees, legatees, successors and assigns. Associate shall
not, without the prior written approval (by a writing which does not include an electronic communication) of the Company, assign or transfer this Agreement or any right or obligation under this Agreement to any other person or entity.

  

	•	 	 SEVERABILITY; ARG: The provisions of this Agreement are severable, and if any part of this Agreement is
found to be invalid or unenforceable, the remainder of this Agreement will not be affected and shall continue in full force and effect. If the scope of any restriction or covenant contained herein should be or become too broad or extensive to permit
enforcement thereof to its full extent, then the Court or Arbitrator (as applicable, per the ADR Policy) is specifically authorized by the parties to enforce any such restriction or covenant to the maximum extent permitted by law, and Associate
hereby consents and agrees that the scope of any such restriction or covenant may be modified accordingly in any proceeding brought to enforce such restriction or covenant. Associate will remain obligated to comply with all Company rules, policies,
practices, and procedures, including any and all policies contained in the ARG as amended from time to time. In the event of a conflict between this Agreement and the ARG, the ARG shall govern. 

 

	•	 	 COUNTERPARTS AND ELECTRONIC SIGNATURE: This Agreement may be executed in multiple counterparts. If this
Agreement is electronically executed, it shall be deemed an electronic record, as the term is defined in the Electronic Signatures in Global and National Commerce Act and applicable state law (collectively, the “Applicable Law”). Clicking
or otherwise activating any button associated with this Agreement demonstrates Associate’s intent to sign the Agreement and/or and represents Associate’s electronic signature, as the term is defined in the Applicable Law. Additionally, by
Associate’s review of this Agreement and/or clicking on any button, Associate and the Company agree to use and accept electronic records and electronic signatures. 

The Company and Associate acknowledge and agree that bonuses are not automatic, but are awarded for individual performance, not just excellent market
conditions. The Company shall make the final and binding determination of any amount payable under this Agreement; whether and/or when a bonus payment is quantifiable; whether an adjustment to any bonus is appropriate; and all standards, goals,
targets, plans, deliveries, and benchmarks and whether they were met. Associate’s receipt of any bonus under this Agreement does not indicate or suggest that Associate will be eligible for any additional bonus at any time. 

 

							
	Signature:	 	  
	 		 	
				
	Date:	 	  
	 	  
	 	  

		 		 	 Rick Beckwitt
 Co-Chief Executive Officer & Co-President
 Lennar Corporation
	 	 Jon Jaffe
 Co-Chief Executive Officer & Co-President
 Lennar
Corporation

 

 
 LENNAR CORPORATION 

2021 TARGET BONUS OPPORTUNITY 

EXECUTIVE VICE PRESIDENT 
  

 
  

 

							
	 NAME
	 	 DEPARTMENT
	 	 ASSOCIATE ID
	 	
TARGET AWARD OPPORTUNITY [1]

	 Jeff McCall
	 	LTS, Cyber Security, HR & Facilities Management	 	207613	 	270% of base salary

 The following are measured to determine % of target paid out: 

 

							
	 PERFORMANCE CRITERIA
[2]
(see definitions section for more detail)
	 	 PERFORMANCE LEVELS/
MAX BONUS
OPPORTUNITY

	 	  

	 	 Percentage of
Base Salary
	 	 Threshold
	 	 Scale

	Departmental Budget Management [3]:	 	Up to 70%	 	Good
Very Good
Excellent	 	 40%

55%
 70%

				
	 Associate development including, but not limited to:
  

Development and launch of company-wide learning and development platform, identify and hire new CHRO, and identify and hire senior IT positions
	 	Up to 100%	 	Good
Very Good
Excellent	 	 60%

80%
 100%

				
	 Leadership of Strategic Initiatives including:
  

Inclusion diversity counsel, digital tool enhancements, and company-wide data and analytics platform roll-out
	 	Up to 100%	 	Good
Very Good
Excellent	 	 60%

80%
 100%

  

	[1]	 The 2021 Target Bonus Opportunity is intended to encourage superior performance and achievement of the
Company’s strategic business objectives. The bonus (if any) awarded under this plan may be adjusted downward at the sole discretion of the Compensation Committee of the Board of Directors, based on its assessment of quantitative and qualitative
performance. Factors that may cause an adjustment include, but are not limited to, a comparison of the associate’s performance to others in the program, economic or market considerations, etc. 

	[2]	 The Co-CEOs may adjust the weightings for the performance criteria at
their sole discretion. 

	[3]	 Budget includes the sum of IT, HR, MarCom and Cybersecurity Cost Centers. 

 

	•	 	 BONUS PAYMENTS: To earn a bonus pursuant to this Agreement, Associate must, in addition to all other
requirements herein, comply with all legal and ethical standards set forth in the Company’s Associate Reference Guide (“ARG”) and Code of Business Ethics and Conduct. A bonus otherwise earned under this Agreement shall be paid no
later than February 28th of the year following the fiscal year for which the bonus is due, or if such day is not a business day, the next business day. Any bonus under this Agreement must be fully earned within the fiscal year stated above, subject
to proration described below. A bonus for periods after this fiscal year is paid at the sole discretion of the Company, and in amounts determined at the sole discretion of the Company. Associate must be a full-time active employee with the Company
on the date of payment (or on a leave of absence approved pursuant to the ARG) to earn a bonus, and no bonus will be paid or earned after Associate’s employment with the Company ends, regardless of whether the termination is voluntary or
involuntary. 

  

	•	 	 PRORATION: Unless otherwise provided by law, bonuses tied to accomplishing objectives over a specific
period of time will be prorated based on the number of calendar days Associate was a full-time active employee with the Company during that period. This proration applies to all types of leave, including medical and
non-medical. 

  

	•	 	 NO PRIOR AGREEMENTS: Associate represents that Associate has no agreements, relationships, or commitments
to any other person or entity that conflict with or would prevent Associate from performing any of Associate’s obligations to the Company. Associate has not disclosed and will not disclose to the Company and/or any affiliates and/or
subsidiaries (“Affiliate Companies”), and will not use or induce the Company and/or any Affiliate Companies to use, any confidential or proprietary information or trade secrets belonging to others. Associate represents and warrants that
Associate has returned all property and confidential or trade secret information belonging to others and is not in possession of any such confidential or trade secret information. Associate agrees to indemnify, defend and hold harmless the Company
and Affiliate Companies, and their officers, members, directors and employees, from any and all claims, damages, costs, expenses or liability, including reasonable attorneys’ fees, incurred in connection with or resulting from any breach or
default of the representations and warranties contained in this provision. 

  

	•	 	 AT-WILL EMPLOYMENT: Associate’s employment is at-will. Associate may resign from Associate’s employment at any time with or without cause or notice and the Company may terminate Associate’s employment at any time with or without cause or notice.

  

	•	 	 CONFIDENTIALITY AND NON-DISPARAGEMENT: By virtue of
Associate’s employment with the Company, Associate will have access to and become familiar with various confidential and/or proprietary information, as described in Section 5.2 of the ARG, and Associate specifically agrees to comply with
Section 5.2 of the ARG. Also, in accordance with Section 5.34 of the ARG, Associate agrees that Associate will not make any inaccurate, disparaging, or defamatory statements concerning the Company or the Company’s products, services,
officers or employees, during or following Associate’s employment with the Company, subject to Associate’s right to communicate with governmental bodies or agencies and/or to engage in activity protected by the National Labor Relations Act
or any other applicable federal, state or local law. 

  

	•	 	 NO SOLICITATION: Associate agrees that during Associate’s employment with the Company and for twelve
(12) months following the termination of Associate’s employment with the Company (“Non-Solicitation Period”), Associate will not directly or indirectly, on Associate’s own behalf or
through others, employ, suggest employment, or offer employment to any Applicable Associate of the Company and/or its Affiliate Companies, nor will Associate solicit, recruit, influence, or encourage any Applicable Associate to terminate his or her
employment with the Company or Affiliate Companies. For purposes of this Agreement, “Applicable Associate” shall mean any person who is or was employed by the Company or Affiliate Companies at the time of Associate’s termination or at
any time during the three months preceding the Associate’s termination of employment with the Company; or who is or was employed by the Company or Affiliate Companies at any time during the
Non-Solicitation Period. Associate must disclose these obligations regarding solicitation to any employer with whom Associate becomes employed during the
Non-Solicitation Period prior to commencing such employment. 

	•	 	 CLAWBACK: 

[FOR ASSOCIATES NOT BASED IN CALIFORNIA, CONNECTICUT, OR MASSACHUSETTS: Associate acknowledges and agrees that, to the extent permitted by
governing law, Section 2.11 of the ARG applies to any bonus under this Agreement. Associate acknowledges and agrees that in addition to all other requirements in this Agreement to earn a bonus, Associate’s eligibility to earn a bonus is
directly related to, and dependent on, compliance with the sections in this Agreement relating to confidential information, disparaging statements, and non-solicitation (all collectively,
“Restrictions”). In the event the Company reasonably believes that Associate has violated any of the Restrictions at any time the applicable Restriction applied to Associate, the Company shall be entitled to seek all injunctive relief and
recover all damages available to it under any legal theory; and Associate will forfeit, and if previously paid, repay any bonus previously paid by the Company to Associate. In accordance with applicable law, Associate authorizes the Company to
directly deduct any sums claimed by the Company under this clawback provision from any wages owed to Associate by the Company.] 
 [IF IN
CALIFORNIA: Associate acknowledges and agrees that, to the extent permitted by governing law, Section 2.11 of the ARG applies to any bonus under this Agreement. Associate acknowledges and agrees that in addition to all other requirements in
this Agreement to earn a bonus, Associate’s eligibility to earn a bonus is directly related to, and dependent on, compliance with the sections in this Agreement relating to confidential information, disparaging statements, and non-solicitation (all collectively, “Restrictions”). In the event the Company reasonably believes that Associate has violated any of the Restrictions at any time the applicable Restriction applied to
Associate, the Company shall be entitled to seek all injunctive relief and recover all damages available to it under any legal theory.] 

[IF IN CONNECTICUT: Associate acknowledges and agrees that, to the extent permitted by governing law, Section 2.11 of the ARG applies to
any bonus under this Agreement. Associate acknowledges and agrees that in addition to all other requirements in this Agreement to earn a bonus, Associate’s eligibility to earn a bonus is directly related to, and dependent on, compliance with
the sections in this Agreement relating to confidential information, disparaging statements, and non-solicitation (all collectively, “Restrictions”). In the event the Company reasonably believes that
Associate has violated any of the Restrictions at any time the applicable Restriction applied to Associate, the Company shall be entitled to seek all injunctive relief and recover all damages available to it under any legal theory; and Associate
will forfeit any bonus. In accordance with applicable law, Associate authorizes the Company to directly deduct any sums claimed by the Company under this clawback provision from any wages owed to Associate by the Company.] 

[IF IN MASSACHUSETTS: Associate acknowledges and agrees that, to the extent permitted by governing law, Section 2.11 of the ARG applies to
any bonus under this Agreement. Associate acknowledges and agrees that in addition to all other requirements in this Agreement to earn a bonus, Associate’s eligibility to earn a bonus is directly related to, and dependent on, compliance with
the sections in this Agreement relating to confidential information, disparaging statements, and non-solicitation (all collectively, “Restrictions”). In the event the Company reasonably believes that
Associate has violated any of the Restrictions at any time the applicable Restriction applied to Associate, the Company shall be entitled to seek all injunctive relief and recover all damages available to it under any legal theory. In accordance
with applicable law, Associate authorizes the Company to directly deduct any sums claimed by the Company under this clawback provision from any wages owed to Associate by the Company.] 

 

	•	 	 ARBITRATION AND EQUITABLE RELIEF: Associate affirms that the Company’s Dispute Resolution –
Mediation & Arbitration Policy (“ADR Policy”) set forth in Section 1.8 of the ARG will apply to and govern all disputes related to Associate’s employment (including, but not limited to, this Agreement), in accordance
with the ADR Policy. 

  

	•	 	 ENTIRE AGREEMENT; AMENDMENT; SURVIVING PROVISIONS; ASSIGNMENT: This Agreement constitutes the entire
agreement between the parties with respect to Associate’s bonus and other matters stated herein, and supersedes and replaces all other agreements and negotiations, whether written or oral, pertaining to Associate’s bonus or any other
matter stated herein. This Agreement may not be amended unless done so in writing and signed by Associate and an authorized representative of the Company. The following provisions of this Agreement survive the termination of this Agreement and/or
the termination of Associate’s employment with the Company, irrespective of the grounds or reasons for such termination: “No Prior Agreements;” “Confidentiality and Non-Disparagement;”
“Non-Solicitation;” “Clawback;” “Arbitration and Equitable Relief;” “Severability; ARG;” and this provision. This Agreement and all rights under this Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective personal or legal representatives, executors, administrators, heirs, distributees, devisees, legatees, successors and assigns. Associate shall
not, without the prior written approval (by a writing which does not include an electronic communication) of the Company, assign or transfer this Agreement or any right or obligation under this Agreement to any other person or entity.

  

	•	 	 SEVERABILITY; ARG: The provisions of this Agreement are severable, and if any part of this Agreement is
found to be invalid or unenforceable, the remainder of this Agreement will not be affected and shall continue in full force and effect. If the scope of any restriction or covenant contained herein should be or become too broad or extensive to permit
enforcement thereof to its full extent, then the Court or Arbitrator (as applicable, per the ADR Policy) is specifically authorized by the parties to enforce any such restriction or covenant to the maximum extent permitted by law, and Associate
hereby consents and agrees that the scope of any such restriction or covenant may be modified accordingly in any proceeding brought to enforce such restriction or covenant. Associate will remain obligated to comply with all Company rules, policies,
practices, and procedures, including any and all policies contained in the ARG as amended from time to time. In the event of a conflict between this Agreement and the ARG, the ARG shall govern. 

 

	•	 	 COUNTERPARTS AND ELECTRONIC SIGNATURE: This Agreement may be executed in multiple counterparts. If this
Agreement is electronically executed, it shall be deemed an electronic record, as the term is defined in the Electronic Signatures in Global and National Commerce Act and applicable state law (collectively, the “Applicable Law”). Clicking
or otherwise activating any button associated with this Agreement demonstrates Associate’s intent to sign the Agreement and/or and represents Associate’s electronic signature, as the term is defined in the Applicable Law. Additionally, by
Associate’s review of this Agreement and/or clicking on any button, Associate and the Company agree to use and accept electronic records and electronic signatures. 

The Company and Associate acknowledge and agree that bonuses are not automatic, but are awarded for individual performance, not just excellent market
conditions. The Company shall make the final and binding determination of any amount payable under this Agreement; whether and/or when a bonus payment is quantifiable; whether an adjustment to any bonus is appropriate; and all standards, goals,
targets, plans, deliveries, and benchmarks and whether they were met. Associate’s receipt of any bonus under this Agreement does not indicate or suggest that Associate will be eligible for any additional bonus at any time. 

 

							
	Signature:	 	  
	 		 	
				
	Date:	 	  
	 	  
	 	  

		 		 	 Rick Beckwitt
 Co-Chief Executive Officer & Co-President
 Lennar Corporation
	 	 Jon Jaffe
 Co-Chief Executive Officer & Co-President
 Lennar
Corporation

 

 
 LENNAR CORPORATION 

2021 TARGET BONUS OPPORTUNITY 

SR. CORPORATE MANAGEMENT ASSOCIATES 
  

 
  

 

							
	 NAME
	  	 DEPARTMENT
	  	 ASSOCIATE ID
	  	
TARGET AWARD OPPORTUNITY [1]

	 Mark Sustana
	  	Legal	  	163237	  	Up to 100% of Base Salary

 The following are measured to determine % of target paid out: 

 

							
	 PERFORMANCE CRITERIA
[2]
(see definitions section for more detail)
	 	 PERCENT
OF TARGET
AWARD
	 	 PERFORMANCE LEVELS/
TARGET BONUS
OPPORTUNITY

	 	 THRESHOLD
	 	 % OF TARGET

	Individual Performance — Based on annual Performance Appraisal review determined at the end of the fiscal year by current supervisor.	 	60%	 	Good
Very Good
Excellent	 	 20%

40%
 60%

				
	Corporate Governance, Company Policy and Procedure Adherence, and Internal Audit Evaluation — As determined by the Corporate Governance Committee	 	40%	 	Good
Very Good
Excellent	 	 10%

25%
 40%

				
	TOTAL [1]	 	100%	 		 	
			
	UPSIDE POTENTIAL:	 		 	2021 Outperformance Goals for Reference Below
			
	Based on Achievement of Outperformance Goals	 	 Up to 120%

of Target
	 	 •   Litigation Management

 
 •   Regulatory
Compliance
  

•   Oversight of Risk Management

 
 •   Oversight of
Government Affairs
  

•   Successful Completion of Special Projects

  

	[1]	 The 2021 Bonus Opportunity program is intended to encourage superior performance and achievement of the
Company’s strategic business objectives. The bonus (if any) awarded under this plan may be adjusted downward at the sole discretion of the Compensation Committee of the Board of Directors, based on its assessment of quantitative and qualitative
performance. Factors that may cause an adjustment include, but are not limited to, a comparison of the Associate’s performance to others in the program, economic or market considerations, etc. 

	[2]	 The Co-CEOs and CFO may adjust the weightings for the performance
criteria at their sole discretion. 

  

	•	 	 BONUS PAYMENTS: To earn a bonus pursuant to this Agreement, Associate must, in addition to all other
requirements herein, comply with all legal and ethical standards set forth in the Company’s Associate Reference Guide (“ARG”) and Code of Business Ethics and Conduct. A bonus otherwise earned under this Agreement shall be paid no
later than February 28th of the year following the fiscal year for which the bonus is due, or if such day is not a business day, the next business day. Any bonus under this Agreement must be fully earned within the fiscal year stated above, subject
to proration described below. A bonus for periods after this fiscal year is paid at the sole discretion of the Company, and in amounts determined at the sole discretion of the Company. Associate must be a full-time active employee with the Company
on the date of payment (or on a leave of absence approved pursuant to the ARG) to earn a bonus, and no bonus will be paid or earned after Associate’s employment with the Company ends, regardless of whether the termination is voluntary or
involuntary. 

  

	•	 	 PRORATION: Unless otherwise provided by law, bonuses tied to accomplishing objectives over a specific
period of time will be prorated based on the number of calendar days Associate was a full-time active employee with the Company during that period. This proration applies to all types of leave, including medical and
non-medical. 

  

	•	 	 NO PRIOR AGREEMENTS: Associate represents that Associate has no agreements, relationships, or commitments
to any other person or entity that conflict with or would prevent Associate from performing any of Associate’s obligations to the Company. Associate has not disclosed and will not disclose to the Company and/or any affiliates and/or
subsidiaries (“Affiliate Companies”), and will not use or induce the Company and/or any Affiliate Companies to use, any confidential or proprietary information or trade secrets belonging to others. Associate represents and warrants that
Associate has returned all property and confidential or trade secret information belonging to others and is not in possession of any such confidential or trade secret information. Associate agrees to indemnify, defend and hold harmless the Company
and Affiliate Companies, and their officers, members, directors and employees, from any and all claims, damages, costs, expenses or liability, including reasonable attorneys’ fees, incurred in connection with or resulting from any breach or
default of the representations and warranties contained in this provision. 

  

	•	 	 AT-WILL EMPLOYMENT: Associate’s employment is at-will. Associate may resign from Associate’s employment at any time with or without cause or notice and the Company may terminate Associate’s employment at any time with or without cause or notice.

  

	•	 	 CONFIDENTIALITY AND NON-DISPARAGEMENT: By virtue of
Associate’s employment with the Company, Associate will have access to and become familiar with various confidential and/or proprietary information, as described in Section 5.2 of the ARG, and Associate specifically agrees to comply with
Section 5.2 of the ARG. Also, in accordance with Section 5.34 of the ARG, Associate agrees that Associate will not make any inaccurate, disparaging, or defamatory statements concerning the Company or the Company’s products, services,
officers or employees, during or following Associate’s employment with the Company, subject to Associate’s right to communicate with governmental bodies or agencies and/or to engage in activity protected by the National Labor Relations Act
or any other applicable federal, state or local law. 

  

	•	 	 NO SOLICITATION: Associate agrees that during Associate’s employment with the Company and for twelve
(12) months following the termination of Associate’s employment with the Company (“Non-Solicitation Period”), Associate will not directly or indirectly, on Associate’s own behalf or
through others, employ, suggest employment, or offer employment to any Applicable Associate of the Company and/or its Affiliate Companies, nor will Associate solicit, recruit, influence, or encourage any Applicable Associate to terminate his or her
employment with the Company or Affiliate Companies. For purposes of this Agreement, “Applicable Associate” shall mean any person who is or was employed by the Company or Affiliate Companies at the time of Associate’s termination or at
any time during the three months preceding the Associate’s termination of employment with the Company; or who is or was employed by the Company or Affiliate Companies at any time during the
Non-Solicitation Period. Associate must disclose these obligations regarding solicitation to any employer with whom Associate becomes employed during the
Non-Solicitation Period prior to commencing such employment. 

	•	 	 CLAWBACK: 

[FOR ASSOCIATES NOT BASED IN CALIFORNIA, CONNECTICUT, OR MASSACHUSETTS: Associate acknowledges and agrees that, to the extent permitted by
governing law, Section 2.11 of the ARG applies to any bonus under this Agreement. Associate acknowledges and agrees that in addition to all other requirements in this Agreement to earn a bonus, Associate’s eligibility to earn a bonus is
directly related to, and dependent on, compliance with the sections in this Agreement relating to confidential information, disparaging statements, and non-solicitation (all collectively,
“Restrictions”). In the event the Company reasonably believes that Associate has violated any of the Restrictions at any time the applicable Restriction applied to Associate, the Company shall be entitled to seek all injunctive relief and
recover all damages available to it under any legal theory; and Associate will forfeit, and if previously paid, repay any bonus previously paid by the Company to Associate. In accordance with applicable law, Associate authorizes the Company to
directly deduct any sums claimed by the Company under this clawback provision from any wages owed to Associate by the Company.] 
 [IF IN
CALIFORNIA: Associate acknowledges and agrees that, to the extent permitted by governing law, Section 2.11 of the ARG applies to any bonus under this Agreement. Associate acknowledges and agrees that in addition to all other requirements in
this Agreement to earn a bonus, Associate’s eligibility to earn a bonus is directly related to, and dependent on, compliance with the sections in this Agreement relating to confidential information, disparaging statements, and non-solicitation (all collectively, “Restrictions”). In the event the Company reasonably believes that Associate has violated any of the Restrictions at any time the applicable Restriction applied to
Associate, the Company shall be entitled to seek all injunctive relief and recover all damages available to it under any legal theory.] 

[IF IN CONNECTICUT: Associate acknowledges and agrees that, to the extent permitted by governing law, Section 2.11 of the ARG applies to
any bonus under this Agreement. Associate acknowledges and agrees that in addition to all other requirements in this Agreement to earn a bonus, Associate’s eligibility to earn a bonus is directly related to, and dependent on, compliance with
the sections in this Agreement relating to confidential information, disparaging statements, and non-solicitation (all collectively, “Restrictions”). In the event the Company reasonably believes that
Associate has violated any of the Restrictions at any time the applicable Restriction applied to Associate, the Company shall be entitled to seek all injunctive relief and recover all damages available to it under any legal theory; and Associate
will forfeit any bonus. In accordance with applicable law, Associate authorizes the Company to directly deduct any sums claimed by the Company under this clawback provision from any wages owed to Associate by the Company.] 

[IF IN MASSACHUSETTS: Associate acknowledges and agrees that, to the extent permitted by governing law, Section 2.11 of the ARG applies to
any bonus under this Agreement. Associate acknowledges and agrees that in addition to all other requirements in this Agreement to earn a bonus, Associate’s eligibility to earn a bonus is directly related to, and dependent on, compliance with
the sections in this Agreement relating to confidential information, disparaging statements, and non-solicitation (all collectively, “Restrictions”). In the event the Company reasonably believes that
Associate has violated any of the Restrictions at any time the applicable Restriction applied to Associate, the Company shall be entitled to seek all injunctive relief and recover all damages available to it under any legal theory. In accordance
with applicable law, Associate authorizes the Company to directly deduct any sums claimed by the Company under this clawback provision from any wages owed to Associate by the Company.] 

 

	•	 	 ARBITRATION AND EQUITABLE RELIEF: Associate affirms that the Company’s Dispute Resolution –
Mediation & Arbitration Policy (“ADR Policy”) set forth in Section 1.8 of the ARG will apply to and govern all disputes related to Associate’s employment (including, but not limited to, this Agreement), in accordance
with the ADR Policy. 

  

	•	 	 ENTIRE AGREEMENT; AMENDMENT; SURVIVING PROVISIONS; ASSIGNMENT: This Agreement constitutes the entire
agreement between the parties with respect to Associate’s bonus and other matters stated herein, and supersedes and replaces all other agreements and negotiations, whether written or oral, pertaining to Associate’s bonus or any other
matter stated herein. This Agreement may not be amended unless done so in writing and signed by Associate and an authorized representative of the Company. The following provisions of this Agreement survive the termination of this Agreement and/or
the termination of Associate’s employment with the Company, irrespective of the grounds or reasons for such termination: “No Prior Agreements;” “Confidentiality and Non-Disparagement;”
“Non-Solicitation;” “Clawback;” “Arbitration and Equitable Relief;” “Severability; ARG;” and this provision. This Agreement and all rights under this Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective personal or legal representatives, executors, administrators, heirs, distributees, devisees, legatees, successors and assigns. Associate shall
not, without the prior written approval (by a writing which does not include an electronic communication) of the Company, assign or transfer this Agreement or any right or obligation under this Agreement to any other person or entity.

  

	•	 	 SEVERABILITY; ARG: The provisions of this Agreement are severable, and if any part of this Agreement is
found to be invalid or unenforceable, the remainder of this Agreement will not be affected and shall continue in full force and effect. If the scope of any restriction or covenant contained herein should be or become too broad or extensive to permit
enforcement thereof to its full extent, then the Court or Arbitrator (as applicable, per the ADR Policy) is specifically authorized by the parties to enforce any such restriction or covenant to the maximum extent permitted by law, and Associate
hereby consents and agrees that the scope of any such restriction or covenant may be modified accordingly in any proceeding brought to enforce such restriction or covenant. Associate will remain obligated to comply with all Company rules, policies,
practices, and procedures, including any and all policies contained in the ARG as amended from time to time. In the event of a conflict between this Agreement and the ARG, the ARG shall govern. 

 

	•	 	 COUNTERPARTS AND ELECTRONIC SIGNATURE: This Agreement may be executed in multiple counterparts. If this
Agreement is electronically executed, it shall be deemed an electronic record, as the term is defined in the Electronic Signatures in Global and National Commerce Act and applicable state law (collectively, the “Applicable Law”). Clicking
or otherwise activating any button associated with this Agreement demonstrates Associate’s intent to sign the Agreement and/or and represents Associate’s electronic signature, as the term is defined in the Applicable Law. Additionally, by
Associate’s review of this Agreement and/or clicking on any button, Associate and the Company agree to use and accept electronic records and electronic signatures. 

The Company and Associate acknowledge and agree that bonuses are not automatic, but are awarded for individual performance, not just excellent market
conditions. The Company shall make the final and binding determination of any amount payable under this Agreement; whether and/or when a bonus payment is quantifiable; whether an adjustment to any bonus is appropriate; and all standards, goals,
targets, plans, deliveries, and benchmarks and whether they were met. Associate’s receipt of any bonus under this Agreement does not indicate or suggest that Associate will be eligible for any additional bonus at any time. 

 

											
	Signature:	 	  
	  		 	  
	  		 	  

	  
 Date:
	 	  
  
	  		 	 Rick Beckwitt
 Co-Chief Executive Officer & Co-President
 Lennar Corporation
	  		 	 Jon Jaffe
 Co-Chief Executive Officer & Co-President
 Lennar
Corporation

  

			
	  
	 	
	 Diane Bessette
 VP, Chief Financial
Officer & Treasurer
 Lennar CorporationEX-10.2

 Exhibit 10.2 

LENNAR CORPORATION 
 2021
RESTRICTED STOCK AGREEMENT 
 This is to certify that Lennar Corporation (“Lennar”) has granted
             (the “Grantee”)              shares of Class A common stock, which are subject to the
performance-based vesting criteria set forth below (the “Performance Shares”), and              shares of Class A common stock, which are subject to the time-based
vesting criteria set forth below (the “Restricted Shares”, and together with the Performance Shares, the “Shares”). The Shares are being issued under the Lennar Corporation 2016 Equity Incentive Plan (the “Plan”). All
capitalized terms used herein without definition shall have the meanings ascribed to such terms in the Plan. 
 Performance Shares 

The number of Performance Shares that the Grantee actually earns for the Performance Period will be determined based on the level of achievement of the
performance goals set forth in the table below (the “Performance Goals”), with              Performance Shares to be earned if target performance levels are achieved. For
purposes of this Agreement, the term “Performance Period” shall be the period commencing on December 1, 2020 and ending on November 30, 2023. All determinations of whether the Performance Goals have been achieved, the number of
Performance Shares earned by the Grantee, and all other matters related to the Performance Shares shall be made by the Committee in its sole discretion. The Performance Shares are subject to forfeiture until they vest. Except as otherwise provided
herein, the Performance Shares will vest and become non-forfeitable, if at all, on the date the Committee certifies the achievement of the Performance Goals (the “Vesting Date”). Performance Shares
that have not vested by the Vesting Date shall be forfeited. Promptly following completion of the Performance Period (and no later than ninety (90) days following the end of the Performance Period), the Committee will review and certify in
writing (a) whether, and to what extent, the Performance Goals for the Performance Period have been achieved, and (b) the number of Performance Shares that the Grantee shall earn, if any. 

 

									
	 Payout
	 	Relative Gross
Profit Percentage*	 	Relative Return on
Tangible Capital*	 	Relative Total
Shareholder Return*	 	Debt/EBITDA
Multiple
	0%	 	< 25th Percentile	 	< 25th Percentile	 	< 25th Percentile	 	> 1.8
	50% (threshold)	 	25th Percentile	 	25th Percentile	 	25th Percentile	 	1.8
	100% (target)	 	50th Percentile	 	50th Percentile	 	50th Percentile	 	1.25
	200% (maximum)	 	75th Percentile	 	75th Percentile	 	75th Percentile	 	£ 1.0

  

	*	 Relative Gross Profit Percentage, Relative Return on Tangible Capital, and Relative Total Shareholder Return
are determined using Lennar’s Peer Group consisting of Beazer Homes USA, Inc., D.R. Horton, Inc., KB Home, M.D.C. Holdings, Inc., Meritage Homes Corporation, NVR, Inc., PulteGroup, Inc., Taylor Morrison Home Corporation, Toll Brothers, Inc.,
and TRI Pointe Group, Inc. In the event a company within the Peer Group is acquired by a company outside the Peer Group, the company would be removed from the Peer Group. In the event a company files for bankruptcy during the performance period, the
company’s gross profit percentage, return on tangible capital, and total shareholder return would be reduced to -100% (i.e., assumed as worst performer within the Peer Group on the respective metrics).

 Payouts for performance between threshold and target payout levels and between target and maximum payout levels will be calculated by
linear interpolation. The number of Performance Shares earned is determined independently for each component (e.g., maximum achievement for the relative gross profit percentage component, target achievement for the relative return on tangible
capital component, target achievement for the relative total shareholder return, and below-threshold achievement for debt/EBITDA multiple component results in 100% payout). 

In the event the Grantee has a Termination of Service on account of death or Disability prior to the Vesting Date, the Grantee will vest immediately on such
date in the target number of Performance Shares. 

 In the event the Grantee has a Termination of Service on account of Retirement prior to the Vesting Date,
the Grantee will vest in the number of shares that the Grantee would have earned if the Grantee had remained employed for the entire Performance Period. The actual payout will not occur until after the end of the Performance Period, at which time
Lennar’s performance during the Performance Period will be used to determine the number of shares that the Grantee would have earned if the Grantee had remained employed for the entire Performance Period. The payout to the Grantee who has a
Termination of Service on account of Retirement will be made at approximately the same time as payouts are made to other Grantees with similar awards who are still employed by Lennar. 

If within twenty-four months after a Change in Control, an event set forth in Section 13 of the Plan occurs, the Grantee will vest immediately on such
date in the target number of Performance Shares. 
 Restricted Shares 

The Restricted Shares subject to this Agreement shall be non-vested and subject to forfeiture as of the date of this
Agreement. The Restricted Shares will vest as follows: 
  

					
	 Vesting Date
	  	 % of Total

Award Vesting
	  	 Restricted Shares

	February 14, 2022	  	1/3	  	
	February 14, 2023	  	1/3	  	
	February 14, 2024	  	1/3	  	
	Total	  	100%	  	

 The Restricted Shares may be forfeited prior to vesting upon specified conditions as set forth in the Plan. 

General 
 Lennar, or a subsidiary of Lennar, is
required to collect from the Grantee and to pay withholding tax upon the vesting (or other income-recognition event) of any Shares. The Grantee will pay the withholding tax by the use of Shares becoming vested (or for which there was an
income-recognition event) with a value as set forth in the Plan. If the Grantee is required to pay withholding tax with regard to shares that have not vested, a number of shares with a value equal to the amount of the withholding tax will be deemed
immediately vested. Unless otherwise determined by the Committee, the Shares may not be assigned or transferred while they remain subject to possible forfeiture. 

The Plan contains additional provisions which will affect the Shares. The Shares are subject in all respects to the Plan’s terms and conditions as they
may be amended from time to time in accordance with the Plan, which terms and conditions are incorporated herein by reference and made a part hereof and shall control in the event of any conflict with any other terms of this Agreement. A copy of the
Plan is enclosed in this package in the “Award Information” section. 
  

									
	Dated:	  		 	LENNAR CORPORATION
					
	February 26, 2021	  		 		 		 	
		  		 	    	 	By:	 	  

		  		 		 		 	Stuart Miller
		  		 		 		 	Executive Chairman

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