Document:

EX-10.1

 Exhibit 10.1 
  

 
 LENNAR CORPORATION 

AMENDED AND RESTATED 2022 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]
		  		  	(Total Award Opportunity not to exceed $7,000,000)

  

	[1]	 The 2022 Target Bonus Opportunity Program, under the 2016 Incentive Compensation Plan, as amended and restated
(the “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 not given or disclosed to the Company any property or confidential or trade secret information belonging to others. 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: Any award granted under this Agreement shall be and remain subject to the incentive compensation
clawback or recoupment policy currently in effect under the Plan or any such policy that may in the future be adopted with regard to the Plan. 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. 

 

	•	 	 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 amends and restates in its
entirety the Lennar Corporation 2022 Target Bonus Opportunity Agreement for Stuart Miller. 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	 		  	Teri P. McClure
		  	Executive Chairman	 		  	Chair, Compensation Committee
		  	Lennar Corporation	 		  	Lennar Corporation

 

 
 LENNAR CORPORATION 

AMENDED AND RESTATED 2022 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]
		  		  	(Total Award Opportunity not to exceed $6,000,000)

  

	[1]	 The 2022 Target Bonus Opportunity Program, under the 2016 Incentive Compensation Plan, as amended and restated
(the “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 not given or disclosed to the Company any property or confidential or trade secret information belonging to others. 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: Any award granted under this Agreement shall be and remain subject to the incentive compensation
clawback or recoupment policy currently in effect under the Plan or any such policy that may in the future be adopted with regard to the Plan. 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. 

 

	•	 	 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 amends and restates in its
entirety the Lennar Corporation 2022 Target Bonus Opportunity Agreement for Rick Beckwitt. 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	 		  	Stuart Miller
		  	Co-Chief Executive Officer & Co-President	 		  	Executive Chairman
		  	Lennar Corporation	 		  	Lennar Corporation

 

 
 LENNAR CORPORATION 

AMENDED AND RESTATED 2022 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]
		  		  	(Total Award Opportunity not to exceed $6,000,000)

  

	[1]	 The 2022 Target Bonus Opportunity Program, under the 2016 Incentive Compensation Plan, as amended and restated
(the “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 not given or disclosed to the Company any property or confidential or trade secret information belonging to others. 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: Any award granted under this Agreement shall be and remain subject to the incentive compensation
clawback or recoupment policy currently in effect under the Plan or any such policy that may in the future be adopted with regard to the Plan. 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. 

 

	•	 	 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 amends and restates in its
entirety the Lennar Corporation 2022 Target Bonus Opportunity Agreement for Jon Jaffe. 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	  		  	Stuart Miller
		  	Co-Chief Executive Officer & Co-President	  		  	Executive Chairman
		  	Lennar Corporation	  		  	Lennar CorporationEX-10.2

 Exhibit 10.2 

LENNAR CORPORATION 

AMENDED AND RESTATED 2022 RESTRICTED STOCK AGREEMENT 

On February 28, 2022, Lennar Corporation (“Lennar”) 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 were issued under the Lennar Corporation 2016 Equity Incentive Plan, as amended and restated (the “Plan”). In order to update
the relative level of performance necessary to achieve target performance in connection with the Performance Shares, this Agreement amends and restates the 2022 Restricted Stock Agreement pursuant to which the Grantee was granted the Shares. 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, 2021 and ending on November 30, 2024. 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	 	> 1.25
	 50% (threshold)
	  	25th Percentile	 	25th Percentile	 	25th Percentile	 	1.00
	 100% (target)
	  	60th Percentile	 	60th Percentile	 	60th Percentile	 	0.75
	 200% (maximum)
	  	75th Percentile	 	75th Percentile	 	75th Percentile	 	≤ .50

  

	*	 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. 
 Any cash dividends or other distributions on the Performance Shares are subject to the same
performance-based vesting criteria and paid, if at all, to the Grantee upon satisfaction of the performance-based vesting criteria applicable to the underlying Performance Shares with respect to which they were paid or distributed (without regard to
any time-based vesting criteria applicable thereto). In calculating the amount of cash dividends or other distributions to be paid, the total Performance Shares earned by the Grantee at the end of the Performance Period will be used, and those
Performance Shares will be considered to be outstanding for the whole Performance Period. 
 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, 2023
	  	 	1/3	 	 	 	#,###	 
	 February 14, 2024
	  	 	1/3	 	 	 	#,###	 
	 February 14, 2025
	  	 	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, including the Clawback/Recoupment Policy provision in Section 14.2 of 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
	  	 GRANTEE

			
	 November __, 2022
	  		  	
			
		  	 By:
                                
	  	 By:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00350-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00350-of-00352.parquet"}]]