Document:

EX-10.2

 Exhibit 10.2 

LENNAR CORPORATION 
 2020
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 [Target
Number] 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, 2019 and ending on November 30,
2022. 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	  	> 4.20
	 50% (threshold)
	  	25th Percentile	  	25th Percentile	  	25th Percentile	  	4.20
	 100% (target)
	  	50th Percentile	  	50th Percentile	  	50th Percentile	  	2.60
	 200% (maximum)
	  	75th Percentile	  	75th Percentile	  	75th Percentile	  	£ 2.30

  

	*	 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., Hovnanian Enterprises, 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, 2021
	  	 	1/3	 	 	
	 February 14, 2022
	  	 	1/3	 	 	
	 February 14, 2023
	  	 	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. 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 28, 2020	 		 		 	
		 		 		 	
		 		 		 	Steven L. Gerard
		 		 		 	Chairman, Compensation Committee
		 		 		 	Lennar CorporationEX-4.5

 EXHIBIT 4.5 

DESCRIPTION OF CAPITAL STOCK 
 General

 Our authorized capital stock consists of 500,000,000 shares of common stock, $0.001 par value per share, and 10,000,000 shares of
undesignated preferred stock, $0.001 par value per share. The following description summarizes the most important terms of our capital stock. Because it is only a summary, it does not contain all the information that may be important to you. For a
complete description, you should refer to our restated certificate of incorporation and restated bylaws, which are included as exhibits to our most recent Annual Report on Form 10-Kand to the applicable
provisions of Delaware law. 
 Common Stock 

Dividend Rights 

Subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of our common stock are entitled to
receive dividends out of funds legally available if our board of directors, in its discretion, determines to issue dividends and then only at the times and in the amounts that our board of directors may determine. 

Voting Rights 

Holders of our common stock are entitled to one vote for each share held on all matters submitted to a vote of stockholders. We have not
provided for cumulative voting for the election of directors in our restated certificate of incorporation. Accordingly, holders of a majority of the shares of our common stock are able to elect all of our directors. Our restated certificate of
incorporation establishes a classified board of directors, divided into three classes with staggered three-year terms. Only one class of directors will be elected at each annual meeting of our stockholders, with the other classes continuing for the
remainder of their respective three-year terms. 
 No Preemptive or Similar Rights 

Our common stock is not entitled to preemptive rights, and is not subject to conversion, redemption or sinking fund provisions. 

Right to Receive Liquidation Distributions 

Upon our liquidation, dissolution or winding-up, the assets legally available for
distribution to our stockholders would be distributable ratably among the holders of our common stock and any participating preferred stock outstanding at that time, subject to prior satisfaction of all outstanding debt and liabilities and the
preferential rights of and the payment of liquidation preferences, if any, on any outstanding shares of preferred stock. 
 Registration Rights 

Certain of our common stock holders are entitled to certain registration rights with respect to the sale of such shares under the Securities
Act. We refer to these shares as registrable securities. These rights are provided under the terms of an amended and restated investors’ rights agreement between us and the holders of these shares, which was entered into in connection with our
preferred stock financings, and include demand registration rights, short-form registration rights and piggyback registration rights. In any registration made pursuant to such amended and restated investors’ rights agreement, all fees, costs
and expenses of underwritten registrations, including fees and disbursements of one special counsel to the selling stockholders not to exceed $30,000, will be borne by us and all selling expenses, including estimated underwriting discounts and
selling commissions, will be borne by the holders of the shares being registered. 
 The registration rights terminate on July 21, 2020
or, with respect to any particular stockholder, at such time as such stockholder can sell all of its shares in a single transaction pursuant to Rule 144 promulgated under the Securities Act. 

 Demand Registration Rights 

Under the terms of the amended and restated investor rights agreement, if we receive a written request from the holders of at least 25% of the
registrable securities then outstanding that we file a registration statement under the Securities Act with an anticipated aggregate price to the public of at least $5.0 million, we will be obligated to notify all holders of registrable
securities of the written request and use commercially reasonable efforts to effect the registration of all registrable securities that holders request to be registered. We are required to effect no more than two registration statements that are
declared or ordered effective, subject to certain exceptions. We may postpone the filing of a registration statement for up to 90 days once in a 12-month period if in the good-faith judgment of our
board of directors such registration would be detrimental to us. 
 Piggyback Registration Rights 

If we register any of our securities for public sale in an offering pursuant to this prospectus, we are required to afford each holder of
registrable securities an opportunity to include all or part of the holder’s registrable securities in such registration. Each holder desiring to include all or any part of the registrable securities held by it in any such registration
statement is required to notify us within 10 business days of being notified by us in writing of the registration. This right does not apply to registration statements relating to demand registrations, for
Form S-3 registrations, employee benefit plans, a corporate reorganization or other transaction under Rule 145 of the Securities Act, or stock issued upon conversion of debt securities. The
underwriter of any underwritten offering will have the right to limit, due to marketing factors, the number of shares registered by these holders to 30% of the total shares covered by the registration statement. In no event will shares of any other
selling stockholder be included in such registration that would reduce the number of shares which may be included by these holders without the consent of the holders of at least two-thirds (66 2/3%)
of the registrable securities proposed to be sold in the offering. 

Form S-3 Registration Rights 

The holders of registrable securities can request that we register all or a portion of their shares on
Form S-3 if we are eligible to file a registration statement on Form S-3 and the aggregate price to the public of the shares offered is at least
$5.0 million. The holders of registrable securities may require us to effect at most two registration statements on Form S-3 in
any 12-month period. We may postpone the filing of a registration statement for up to 90 days once in a 12-month period if in the good-faith judgment
of our board of directors such registration would be detrimental to us or if we notify holders within 30 days of making the Form S-3 registration request that we intend to make a public offering
within 90 days. 
 Anti-Takeover Provisions 

The provisions of Delaware law, our restated certificate of incorporation and our restated bylaws could have the effect of delaying, deferring
or discouraging another person from acquiring control of our company. These provisions, which are summarized below, may have the effect of discouraging takeover bids. They are also designed, in part, to encourage persons seeking to acquire control
of us to negotiate first with our board of directors. We believe that the benefits of increased protection of our potential ability to negotiate with an unfriendly or unsolicited acquirer outweigh the disadvantages of discouraging a proposal to
acquire us because negotiation of these proposals could result in an improvement of their terms. 
 Delaware Law 

We are subject to the provisions of Section 203 of the Delaware General Corporation Law, or DGCL, regulating corporate takeovers. In
general, DGCL Section 203 prohibits a publicly-held Delaware corporation from engaging in a business combination with an interested stockholder for a period of three years following the date on which the person became an interested stockholder
unless: 
  

	 	•	 	 prior to the date of the transaction, the board of directors of the corporation approved either the business
combination or the transaction which resulted in the stockholder becoming an interested stockholder; 

  

	 	•	 	 the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the
transaction commenced, excluding for purposes of determining the voting stock outstanding, but not the outstanding voting stock owned by the interested stockholder, (1) shares owned by persons who are directors and also officers and
(2) shares owned by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or 

	 	•	 	 at or subsequent to the date of the transaction, the business combination is approved by the board of directors
of the corporation and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock that is not owned by the interested stockholder.

 Generally, a business combination includes a merger, asset or stock sale, or other transaction or series of
transactions together resulting in a financial benefit to the interested stockholder. An interested stockholder is a person who, together with affiliates and associates, owns or, within three years prior to the determination of interested
stockholder status, did own 15% or more of a corporation’s outstanding voting stock. We expect the existence of this provision to have an anti-takeover effect with respect to transactions our board of directors does not approve in advance. We
also anticipate that DGCL Section 203 may also discourage attempts that might result in a premium over the market price for the shares of common stock held by stockholders. 

Restated Certificate of Incorporation and Restated Bylaws Provisions 

Our restated certificate of incorporation and our restated bylaws include a number of provisions that could deter hostile takeovers or delay or
prevent changes in control of our company, including the following: 
  

	 	•	 	 Board of Directors Vacancies. Our restated certificate of incorporation and
restated bylaws authorize only our board of directors to fill vacant directorships, including newly created seats. In addition, the number of directors constituting our board of directors is permitted to be set only by a resolution adopted by a
majority vote of our entire board of directors. These provisions would prevent a stockholder from increasing the size of our board of directors and then gaining control of our board of directors by filling the resulting vacancies with its own
nominees. This makes it more difficult to change the composition of our board of directors but promotes continuity of management. 

  

	 	•	 	 Classified Board. Our restated certificate of incorporation and restated bylaws
provide that our board of directors is classified into three classes of directors, each with staggered three-year terms. A third party may be discouraged from making a tender offer or otherwise attempting to obtain control of us as it is more
difficult and time consuming for stockholders to replace a majority of the directors on a classified board of directors. 

  

	 	•	 	 Stockholder Action; Special Meetings of Stockholders. Our restated certificate
of incorporation provides that our stockholders may not take action by written consent, but may only take action at annual or special meetings of our stockholders. As a result, a holder controlling a majority of our capital stock would not be able
to amend our restated bylaws or remove directors without holding a meeting of our stockholders called in accordance with our restated bylaws. Further, our restated bylaws and restated certificate of incorporation provide that special meetings of our
stockholders may be called only by a majority of our board of directors, the chairman of our board of directors, our Chief Executive Officer or our President, thus prohibiting a stockholder from calling a special meeting. These provisions might
delay the ability of our stockholders to force consideration of a proposal or for stockholders controlling a majority of our capital stock to take any action, including the removal of directors. 

 

	 	•	 	 Advance Notice Requirements for Stockholder Proposals and Director
Nominations. Our restated bylaws provide advance notice procedures for stockholders seeking to bring business before our annual meeting of stockholders or to nominate candidates for election as directors at our annual
meeting of stockholders. Our restated bylaws also specify certain requirements regarding the form and content of a stockholder’s notice. These provisions might preclude our stockholders from bringing matters before our annual meeting of
stockholders or from making nominations for directors at our annual meeting of stockholders if the proper procedures are not followed. We expect that these provisions might also discourage or deter a potential acquirer from conducting a solicitation
of proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of our company. 

  

	 	•	 	 No Cumulative Voting. The DGCL provides that stockholders are not entitled to
the right to cumulate votes in the election of directors unless a corporation’s certificate of incorporation provides otherwise. Our restated certificate of incorporation and restated bylaws do not provide for cumulative voting.

  

	 	•	 	 Directors Removed Only for Cause. Our restated certificate of incorporation
provides that stockholders may remove directors only for cause and only by the affirmative vote of the holders of at least two-thirds of our outstanding common stock. 

 

	 	•	 	 Amendment of Charter Provisions. Any amendment of the above provisions in our
restated certificate of incorporation requires approval by holders of at least two-thirds of our outstanding common stock. 

 

	 	•	 	 Issuance of Undesignated Preferred Stock. Our board of directors has the
authority, without further action by the stockholders, to issue up to 10,000,000 shares of undesignated preferred stock with rights and preferences, including voting rights, designated from time to time by our board of directors. The existence of
authorized but unissued shares of preferred stock would enable our board of directors to render more difficult or to discourage an attempt to obtain control of us by means of a merger, tender offer, proxy contest or other means.

	 	•	 	 Choice of Forum. Our restated certificate of incorporation provides that the
Court of Chancery of the State of Delaware will be the exclusive forum for: any derivative action or proceeding brought on our behalf; any action asserting a breach of fiduciary duty, any action asserting a claim against us arising pursuant to the
DGCL, restated certificate of incorporation or our restated bylaws; any action to interpret, apply, enforce or determine the validity of our restated certificate of incorporation or our restated bylaws; or any action asserting a claim against us
that is governed by the internal affairs doctrine. The enforceability of similar choice of forum provisions in other companies’ certificates of incorporation has been challenged in legal proceedings, and it is possible that a court could find
these types of provisions to be inapplicable or unenforceable. 

 Exchange Listing 

Our common stock is listed on The Nasdaq Global Market under the symbol “SRRA.” 

Transfer Agent and Registrar 
 The
transfer agent and registrar for our common stock is American Stock Transfer and Trust Company, LLC.

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