Document:

EX-10.1

 Exhibit 10.1 
  

 
 LENNAR CORPORATION 

2019 TARGET BONUS OPPORTUNITY 

EXECUTIVE CHAIRMAN 
  

 
  

 

					
	 NAME
	  	 ASSOCIATE ID#
	  	 TARGET AWARD OPPORTUNITY [1]

	Stuart Miller	  	100003	  	0.73% of Lennar Corporation Pretax Income [2] after a 7.3% capital charge [3]

  

	[1]	 The 2019 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 the quantitative and qualitative performance of the Executive Chairman. 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. 

 PAYMENTS 
  

	•	 	 The payment of any bonus shall be made no later than April 15th of the year following the fiscal year to which
the bonus calculation applies, or if such day is not a business day, the next business day. 

  

	•	 	 100% of the bonus payment is contingent on the recipient being employed with the Company on the applicable
payment date. No bonus will be earned or paid unless the participant remains employed in good standing through such date. 

 My
participation in this 2019 Target Bonus Opportunity Program shall not entitle me to remain in the employ of the Company. My employment is at-will. The Target Bonus Opportunity will be adjusted annually to be
in alignment with Company goals. 
 This document constitutes the entire agreement between the Company and me with respect to my bonus compensation and
other matters stated herein; and supersedes and replaces all other agreements and negotiations, whether written or oral, pertaining to my bonus compensation or any other matter stated herein. This document may not be amended unless done so in
writing and signed by all signatories to this document. 
 I affirm that the Alternative Dispute Resolution Policy set forth in Section 1.8 of the
Associate Reference Guide shall apply to and govern all disputes 1) under this Target Bonus Opportunity and 2) related to my employment. 
 I also
understand and agree that for twelve (12) months following termination of my employment with Lennar, I will not, directly or indirectly, employ or offer employment to any Lennar Associate or solicit, recruit, influence or encourage any Lennar
Associate to terminate his or her employment with Lennar. Lennar Associate shall mean any person who is, or who during the three (3) month period prior to such time had been, an employee of Lennar. 

The compensation awarded under this agreement is subject to clawback, reimbursement and/or cancellation pursuant to the terms of the Lennar Compensation
Clawback Policy. 
 The Company and Associate acknowledge and agree that bonuses are not automatic, but are awarded for excellent individual performance,
not just excellent market conditions. Therefore, the Compensation Committee of the Board of Directors may reduce any bonus amount at its sole discretion under any circumstance, and all such decisions will be final and binding. Receiving bonus
compensation under this agreement does not indicate or suggest that I will receive, or will be entitled to, any additional bonus compensation at any time. 
  

							
	Signature:	 	  
	  		 	  

				
	Date:	 	  
	  		 	  

		 	 Stuart Miller
 Executive Chairman

Lennar Corporation
	  		 	 Steven Gerard
 Chairman, Compensation
Committee
 Lennar Corporation

 

 
 LENNAR CORPORATION 

2019 TARGET BONUS OPPORTUNITY 

CHIEF EXECUTIVE OFFICER 
  

 
  

 

					
	 NAME
	  	 ASSOCIATE ID#
	  	 TARGET AWARD OPPORTUNITY [1]

	Rick Beckwitt	  	168230	  	0.63% of Lennar Corporation Pretax Income [2] after a 7.3% capital charge [3]

  

	[1]	 The 2019 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 the quantitative and qualitative performance of the CEO. 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. 

 PAYMENTS 
  

	•	 	 The payment of any bonus shall be made no later than April 15th of the year following the fiscal year to which
the bonus calculation applies, or if such day is not a business day, the next business day. 

  

	•	 	 100% of the bonus payment is contingent on the recipient being employed with the Company on the applicable
payment date. No bonus will be earned or paid unless the participant remains employed in good standing through such date. 

 My
participation in this 2019 Target Bonus Opportunity Program shall not entitle me to remain in the employ of the Company. My employment is at-will. The Target Bonus Opportunity will be adjusted annually to be
in alignment with Company goals. 
 This document constitutes the entire agreement between the Company and me with respect to my bonus compensation and
other matters stated herein; and supersedes and replaces all other agreements and negotiations, whether written or oral, pertaining to my bonus compensation or any other matter stated herein. This document may not be amended unless done so in
writing and signed by all signatories to this document. 
 I affirm that the Alternative Dispute Resolution Policy set forth in Section 1.8 of the
Associate Reference Guide shall apply to and govern all disputes 1) under this Target Bonus Opportunity and 2) related to my employment. 
 I also
understand and agree that for twelve (12) months following termination of my employment with Lennar, I will not, directly or indirectly, employ or offer employment to any Lennar Associate or solicit, recruit, influence or encourage any Lennar
Associate to terminate his or her employment with Lennar. Lennar Associate shall mean any person who is, or who during the three (3) month period prior to such time had been, an employee of Lennar. 

The compensation awarded under this agreement is subject to clawback, reimbursement and/or cancellation pursuant to the terms of the Lennar Compensation
Clawback Policy. 
 The Company and Associate acknowledge and agree that bonuses are not automatic, but are awarded for excellent individual performance,
not just excellent market conditions. Therefore, the Compensation Committee of the Board of Directors may reduce any bonus amount at its sole discretion under any circumstance, and all such decisions will be final and binding. Receiving bonus
compensation under this agreement does not indicate or suggest that I will receive, or will be entitled to, any additional bonus compensation at any time. 
  

							
	Signature:	 	  
	  		 	  

				
	Date:	 	  
	  		 	  

		 	 Rick Beckwitt
 Chief Executive Officer

Lennar Corporation
	  		 	 Stuart Miller
 Executive Chairman

Lennar Corporation

 

 
 LENNAR CORPORATION 

2019 TARGET BONUS OPPORTUNITY 

PRESIDENT 
  

 
  

 

					
	 NAME
	  	 ASSOCIATE ID#
	  	 TARGET AWARD OPPORTUNITY [1]

	Jon Jaffe	  	103706	  	0.55% of Lennar Corporation Pretax Income [2] after a 7.3% capital charge [3]

  

	[1]	 The 2019 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 the quantitative and qualitative performance of the President. 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. 

 PAYMENTS 
  

	•	 	 The payment of any bonus shall be made no later than April 15th of the year following the fiscal year to which
the bonus calculation applies, or if such day is not a business day, the next business day. 

  

	•	 	 100% of the bonus payment is contingent on the recipient being employed with the Company on the applicable
payment date. No bonus will be earned or paid unless the participant remains employed in good standing through such date. 

 My
participation in this 2019 Target Bonus Opportunity Program shall not entitle me to remain in the employ of the Company. My employment is at-will. The Target Bonus Opportunity will be adjusted annually to be
in alignment with Company goals. 
 This document constitutes the entire agreement between the Company and me with respect to my bonus compensation and
other matters stated herein; and supersedes and replaces all other agreements and negotiations, whether written or oral, pertaining to my bonus compensation or any other matter stated herein. This document may not be amended unless done so in
writing and signed by all signatories to this document. 
 I affirm that the Alternative Dispute Resolution Policy set forth in Section 1.8 of the
Associate Reference Guide shall apply to and govern all disputes 1) under this Target Bonus Opportunity and 2) related to my employment. 
 I also
understand and agree that for twelve (12) months following termination of my employment with Lennar, I will not, directly or indirectly, employ or offer employment to any Lennar Associate or solicit, recruit, influence or encourage any Lennar
Associate to terminate his or her employment with Lennar. Lennar Associate shall mean any person who is, or who during the three (3) month period prior to such time had been, an employee of Lennar. 

The compensation awarded under this agreement is subject to clawback, reimbursement and/or cancellation pursuant to the terms of the Lennar Compensation
Clawback Policy. 
 The Company and Associate acknowledge and agree that bonuses are not automatic, but are awarded for excellent individual performance,
not just excellent market conditions. Therefore, the Compensation Committee of the Board of Directors may reduce any bonus amount at its sole discretion under any circumstance, and all such decisions will be final and binding. Receiving bonus
compensation under this agreement does not indicate or suggest that I will receive, or will be entitled to, any additional bonus compensation at any time. 
  

							
	Signature:	 	  
	  		 	  

				
	Date:	 	  
	  		 	  

		 	 Jon Jaffe
 President

Lennar Corporation
	  		 	 Stuart Miller
 Executive Chairman

Lennar CorporationEX-10.2

 Exhibit 10.2 

LENNAR CORPORATION 
 2019
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, 2018 and ending on November 30, 2021. 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, 2020
	  	 	1/3	 	 	 	                            	 
	 February 14, 2021
	  	 	1/3	 	 			
	 February 14, 2022
	  	 	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 of any Shares. The Grantee may either pay the withholding tax by cash or through the use of shares becoming vested. The Grantee will receive additional information
regarding the payment of the tax at the time any Shares are scheduled to vest. If no election is made by the Grantee, the default election is to use shares for satisfying the tax liability. 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
			
	  
	 		 	Steven L. Gerard
		 		 	Chairman, Compensation Committee Lennar Corporation

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