Document:

EX-10.3

 Exhibit 10.3 
  

 
 LENNAR CORPORATION 

2019 TARGET BONUS OPPORTUNITY 

CHIEF FINANCIAL OFFICER 
  

 
  

							
				
	 NAME
	  	DEPARTMENT	  	ASSOCIATE ID#	  	TARGET AWARD OPPORTUNITY [1]
	 Diane Bessette
	  	Executive	  	100128	  	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:
	  	 	 	 	
2019 Outperformance Goals for Reference Below
	 
	 Based on Achievement of Outperformance Goals
	  	 
 
	Up to 100
 of salary
	% 
  
	 	 •  Focus on maximizing cash generation and lowering leverage

 
 •  Successful execution of
simplification initiatives
  

•  Successful execution of targeted technology investments

 
 •  Successful strategic
transaction with ancillary business
  

•  Other strategic transactions
	    
 

   
 

   
 

   
 

   

  

	[1]	 The 2019 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 the quantitative and
qualitative performance of the associate. 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 CEO may adjust the weightings for the performance criteria at his sole discretion. 

PAYMENTS 
  

	 	•	 	 The payment of any bonus earned under this Agreement 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. 

  

	 	•	 	 Associate must be a full-time active employee of the Company in good standing on the date of payment to earn any
bonus compensation under this Agreement. No bonus will be paid or earned after Associate’s employment ends (for any reason), regardless of whether termination was voluntary or involuntary. 

Participation in this 2019 Target Bonus Opportunity program or receipt of any Target Bonus or other compensation, shall not entitle Associate to remain in the
employ of the Company. Employment of Associate is at-will. 
 Associate affirms that the Alternative Dispute Resolution Policy (the “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 Associate’s employment. The Policy is incorporated herein in its entirety. 

Associate also understands and agrees that for twelve (12) months following termination of Associate’s employment with Lennar, Associate 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 Target Bonus Opportunity will be adjusted
annually to be in alignment with Company goals. The Company and Associate acknowledge and agree that bonuses are not automatic, but are awarded for 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 Associate will
receive, or will be entitled to, any additional bonus compensation at any time. 
 This document constitutes the entire agreement between the Company and
Associate with respect to bonus compensation and other matters stated herein; and supersedes and replaces all other agreements and negotiations, whether written or oral, pertaining to 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. 
 Associate will remain obligated to comply with all
Company rules, policies, practices and procedures, including any and all Policies contained in the Company’s Associate Reference Guide (“ARG”) as amended from
time-to-time. In the event of a conflict between this Agreement and the ARG, the ARG shall govern. 

 

									
	Signature:                                  
                                   	 		 	 
			
	Date:                              
                                         
      	 	                	 	Rick Beckwitt
	Please sign and return, hard copy or scan, to the Total Rewards Department in Miami or at totalrewards@lennar.com	 		 	 Chief Executive Officer
 Lennar
Corporation

 

 
 LENNAR CORPORATION 

2019 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:
	  	 	 	 	 	 
	 Based on Achievement of Outperformance Goals
	  	 	Up to +80	% 	 	 •  Exceeding Business Plan Profitability [3]
  

•  Accomplish goals as per Legal 2019 Goals memo

 
 •  Other strategic
transactions
	    
 

   
 

   

  

	[1]	 The 2019 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 their assessment of the quantitative and
qualitative performance of the department. 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 CEO and CFO may adjust the weightings for the performance criteria by department, at their sole discretion.

	[3]	 Pretax income shall take into account and adjust for goodwill charges, losses or expenses on early retirement
of debt, impairment charges, and acquisition costs related to the purchase or merger of a public company. Such determinations will be made at the Company’s sole discretion and shall be final and binding. Pretax Income is calculated as Net
Earnings attributable to Lennar plus/minus income tax expense/benefit. 

 PAYMENTS 

 

	 	•	 	 The payment of any bonus earned under this Agreement 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. 

  

	 	•	 	 Associate must be a full-time active employee of the Company in good standing on the date of payment to earn any
bonus compensation under this Agreement. No bonus will be paid or earned after Associate’s employment ends (for any reason), regardless of whether termination was voluntary or involuntary. 

Participation in this 2019 Target Bonus Opportunity program or receipt of any Target Bonus or other compensation, shall not entitle Associate to remain in the
employ of the Company. Employment of Associate is at-will. 
 Associate affirms that the Alternative Dispute Resolution Policy (the “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 Associate’s employment. The Policy is incorporated herein in its entirety. 

Associate also understands and agrees that for twelve (12) months following termination of Associate’s employment with Lennar, Associate 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 Target Bonus Opportunity will be adjusted
annually to be in alignment with Company goals. The Company and Associate acknowledge and agree that bonuses are not automatic, but are awarded for 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 Associate will
receive, or will be entitled to, any additional bonus compensation at any time. 
 This document constitutes the entire agreement between the Company and
Associate with respect to bonus compensation and other matters stated herein; and supersedes and replaces all other agreements and negotiations, whether written or oral, pertaining to 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. 
 Associate will remain obligated to comply with all
Company rules, policies, practices and procedures, including any and all Policies contained in the Company’s Associate Reference Guide (“ARG”) as amended from
time-to-time. In the event of a conflict between this Agreement and the ARG, the ARG shall govern. 

 

					
	
Signature:                        
                 
  

Date:                         
                        
	  	  

                          
                              

Rick Beckwitt
 Chief Executive Officer

Lennar Corporation
	  	
                          
                          

Diane Bessette
 Chief Financial Officer & Treasurer

Lennar Corporation

 

 
 LENNAR CORPORATION 

2019 BONUS OPPORTUNITY 

SR. CORPORATE MANAGEMENT ASSOCIATES 
  

							
	 NAME
	  	 DEPARTMENT
	  	ASSOCIATE
ID#	  	MAX AWARD OPPORTUNITY [1]
	 Jeff McCall
	  	LTS, Cyber Security, HR & Facilities Management	  	207613	  	200%
of
base
salary

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

 

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

	 	 THRESHOLD
	  	 % OF BASE SALARY

	 Departmental Budget Management:
  

Budget includes the sum of IT, HR and Cyber Security cost centers. Actual performance excludes non-recurring events,
establishment of Strategic JV, etc.
	 	Good
Very Good
Excellent	  	 25% of salary:            +/- $2M to budget

40% of salary:            $2 to $5M favorable to budget

50% of salary:            > $5M favorable to budget

	 Annual Cash Flow Improvement of the Lennar Healthcare Plans:

 
 Compare net Cash Flow from FY 2018 to FY 2019
	 	Good
Very Good
Excellent	  	 25% of salary:            20% Improvement

40% of salary:            40% Improvement

50% of salary:            60% Improvement

	Implementation of inaugural Inclusion and Diversity Program	 	Good
Very Good
Excellent	  	 25% of salary:            Design and launch program

40% of salary:            Complete 1 – 2 Company-wide activities

50% of salary:            Complete >2 Company-wide activities

		
	 ADDITIONAL BONUS POTENTIAL:
	 	 2019 Outperformance Goals for Reference
Below
 (up to 50% of salary)

	Based on Achievement of Outperformance Goals	 	 •  Overall Corporate Leadership

 
 •  Leading/tracking/prioritizing
SimpliFY19 initiatives
  

•  Operational Reporting Enhancements/improvements

 
 •  Contribution to other
strategic initiatives

		
	TOTAL [1]	 	Up to 200% of base salary

  

	[1]	 The 2019 Max Award 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 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 Associate. 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 CEO may adjust the weightings for the performance criteria at his sole discretion. 

PAYMENTS 
  

	 	•	 	 The payment of any bonus earned under this Agreement 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. 

  

	 	•	 	 Associate must be a full-time active employee of the Company in good standing on the date of payment to earn any
bonus compensation under this Agreement. No bonus will be paid or earned after Associate’s employment ends (for any reason), regardless of whether termination was voluntary or involuntary. 

Participation in this 2019 Bonus Opportunity program or receipt of any Bonus or other compensation, shall not entitle Associate to remain in the employ of the
Company. Employment of Associate is at-will. 
 Associate affirms that the Alternative Dispute Resolution Policy (the “Policy”) set forth in
Section 1.8 of the Associate Reference Guide shall apply to and govern all disputes 1) under this Bonus Opportunity and 2) related to Associate’s employment. The Policy is incorporated herein in its entirety. 

Associate also understands and agrees that for twelve (12) months following termination of Associate’s employment with Lennar, Associate 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 Bonus Opportunity will be adjusted annually to be
in alignment with Company goals. The Company and Associate acknowledge and agree that bonuses are not automatic, but are awarded for 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 Associate will receive, or
will be entitled to, any additional bonus compensation at any time. 
 This document constitutes the entire agreement between the Company and Associate with
respect to bonus compensation and other matters stated herein; and supersedes and replaces all other agreements and negotiations, whether written or oral, pertaining to 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. 
 Associate will remain obligated to comply with all Company rules,
policies, practices and procedures, including any and all Policies contained in the Company’s Associate Reference Guide (“ARG”) as amended from
time-to-time. In the event of a conflict between this Agreement and the ARG, the ARG shall govern. 

 

									
	Signature:                                  
                               	 		 	 
			
	Date:                              
                                         
  	 	                	 	Rick Beckwitt
			
	Please sign and return, hard copy or scan, to the Total Rewards Department in Miami or at totalrewards@lennar.com	 		 	 Chief Executive Officer
 Lennar
Corporation

 

 
 LENNAR CORPORATION 

2019 TARGET BONUS OPPORTUNITY 

LENNAR FINANCIAL SERVICES 
  

 
  

 

							
	 NAME
	 	 POSITION
	 	 ASSOCIATE ID#
	  	 TARGET AWARD OPPORTUNITY [1]

	 Bruce Gross
	 	CEO - LFS	 	104384	  	1% of Lennar Financial Services (LFS) Pretax Income [1]

  

	[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 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 - LFS. 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. 

 PAYMENTS 

 

	 	•	 	 The payment of any bonus earned under this Agreement 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. 

  

	 	•	 	 Associate must be a full-time active employee of the Company in good standing on the date of payment to earn any
bonus compensation under this Agreement. No bonus will be paid or earned after Associate’s employment ends (for any reason), regardless of whether termination was voluntary or involuntary. 

Participation in this 2019 Target Bonus Opportunity program or receipt of any Target Bonus or other compensation, shall not entitle Associate to remain in the
employ of the Company. Employment of Associate is at-will. 
 Associate affirms that the Alternative Dispute Resolution Policy (the “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 Associate’s employment. The Policy is incorporated herein in its entirety. 

Associate also understands and agrees that for twelve (12) months following termination of Associate’s employment with Lennar, Associate 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 Target Bonus Opportunity will be adjusted
annually to be in alignment with Company goals. The Company and Associate acknowledge and agree that bonuses are not automatic, but are awarded for 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 Associate will
receive, or will be entitled to, any additional bonus compensation at any time. 
 This document constitutes the entire agreement between the Company and
Associate with respect to bonus compensation and other matters stated herein; and supersedes and replaces all other agreements and negotiations, whether written or oral, pertaining to 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. 
 Associate will remain obligated to comply with all
Company rules, policies, practices and procedures, including any and all Policies contained in the Company’s Associate Reference Guide (“ARG”) as amended from
time-to-time. In the event of a conflict between this Agreement and the ARG, the ARG shall govern. 

 

					
	
Signature:                
                                       

	  	 	  	
	  

Date:                  
                                         
  
	  	 
	   Bruce Gross

  Chief Executive Officer

  Lennar Financial Services
	  	 Rick Beckwitt

Chief Executive Officer

Lennar CorporationEX-10.1

 Exhibit 10.1 

AMENDMENT NO. 2 TO THE 

CONSTELLIUM N.V. 
 2013
EQUITY INCENTIVE PLAN 
 (effective as of June 28, 2019) 

WHEREAS, Constellium N.V., a Netherlands naamloze vennootschap (the “Company”), has adopted the Constellium N.V. 2013 Equity
Incentive Plan (the “Plan”); 
 WHEREAS, pursuant to the approval of the Board of Directors of the Company (the
“Board”), the Plan was previously amended effective as of June 11, 2014 and May 24, 2018; 
 WHEREAS, as approved
by the Board and the shareholders of the Company, the Company has converted its corporate form from a naamloze vennootschap with its corporate seat in the Netherlands to a European company (Societas Europaea) with its corporate seat in
the Netherlands and changed its name to “Constellium SE”; and 
 WHEREAS, the Board desires to reflect such changes to the
corporate form and name of the Company in the Plan. 
 NOW, THEREFORE, pursuant to Section 12(c) of the Plan, the Plan is hereby
amended as follows: 
  

	1.	 Title. The title of the plan is hereby amended by replacing “Constellium N.V. 2013 Equity Incentive
Plan” with “Constellium SE 2013 Equity Incentive Plan.” 

  

	2.	 Definitions. 

  

	 	a)	 The definition of “Company” in Section 1(k) of the Plan is hereby amended by replacing
“Constellium N.V., a Netherlands naamloze vennootschap” with “Constellium SE, a European company (Societas Europaea) with a corporate seat in the Netherlands.” 

 

	 	b)	 The definition of “Plan” in Section 1(bb) of the Plan is hereby amended by replacing
“Constellium N.V. 2013 Equity Incentive Plan, as set forth herein and as hereinafter amended from time to time” with “Constellium SE 2013 Equity Incentive Plan, as set forth herein and as hereinafter amended from time to time.”

  

	3.	 Miscellaneous. 

 

	 	a)	 Full Force and Effect. Except as expressly amended by this Amendment, all terms and conditions of the
Plan and any awards thereunder shall remain in full force and effect. 

  

	 	b)	 Governing Law. This Amendment shall be governed by the substantive laws, but not the choice of law
rules, of the Netherlands. 

 Approved by the Board of Directors of Constellium SE

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