Document:

[LETTERHEAD OF DEL WEBB CORPORATION]

July 20, 2000

LeRoy C. Hanneman
Chief Executive Officer
Del Webb Corporation

     RE:  2000/01 Executive Management Incentive Plan Award Agreement

Dear LeRoy:

     Del Webb  Corporation  (the "Company") has adopted the Del Webb Corporation
2000  Executive  Management  Incentive  Plan (the  "Plan")  pending  shareholder
approval in November 2000.  Under the Plan, the Human  Resources  Committee (the
"Committee") of the Company's Board of Directors is authorized to make awards of
performance-based compensation to you.

     The Committee has decided to make an award to you pursuant to which you may
become entitled to receive  performance-based  compensation.  The payment of the
performance-based  compensation  is subject to the terms and  provisions  of the
Plan and this letter, which is the "Award Agreement".

     1.  Performance  Compensation:  The  maximum  amount  of  your  Performance
Compensation  will  depend  on the  level at which  the  Performance  Goals  are
satisfied.  For fiscal year 2001  ("Performance  Period"),  this amount will not
exceed the lesser of $3,000,000 or 1.75% of pre-tax, pre-incentive earnings. The
Committee  will  evaluate  performance  under  one or  more  of  three  specific
performance  elements:  after  tax net  earnings,  return  on  invested  capital
percentage,  and  return on equity  relative  to return of the  comparator  peer
group.  The  Performance  Compensation  and  Performance  Goals  under which the
2000/01 Performance Award will be made are set forth on the attached performance
goals spreadsheet

     If the  Performance  Goal or Goals are  satisfied  during  the  Performance
Period, you will be entitled to receive the Performance Compensation provided by
this paragraph,  subject to the discretionary adjustment provisions of paragraph
3. If the Performance Goal evaluation is not satisfied at the minimum level, you
will not be entitled to receive any performance-based compensation.

     Your  Performance  Compensation,  if  any,  will  be paid to you as soon as
administratively  feasible  following the date the Committee  certifies that the
Performance Goals for the Performance Period have been satisfied.

     2. Target Bonus:  Solely for purposes of  limitation  under SERP your bonus
target is deemed to be 120% of base salary.
<PAGE>
Mr. LeRoy C. Hanneman
July 20, 2000
Page 2

     3. Discretionary Adjustments: We have set the Performance Compensation that
could  be  payable  to you  upon  attainment  of  the  Performance  Goals  at an
intentionally high level. We have followed this approach because under the terms
of the Plan the  Committee has the  discretion  to reduce or eliminate  (but not
increase) the amount of your Performance Compensation on the basis of subjective
factors the Committee determines to be appropriate.  The Committee reserves this
right.

     4. Status of Plan:  This Award Agreement is made pursuant to the provisions
of the Plan. The Plan is  incorporated  herein and a copy is attached as Exhibit
B. In the event of any  conflict  between  the  provisions  of the Plan and this
Award Agreement, the provisions of the Plan control.

     5.  Deferral  of  Payments:  You may elect to defer all or a portion of the
Performance  Compensation payable to you pursuant to the terms and provisions of
the Del Webb Corporation  Deferred  Compensation Plan. Any such election must be
made on or before December 15, 2000.

     6.  Amendments:  This  Award  Agreement  may be  amended  only by a written
agreement  executed  by the Company  and you.  Any changes  required in order to
qualify the Performance  Compensation as performance-based  compensation for the
purposes of Section 162(m) of the Internal Revenue Code of 1986, however, may be
unilaterally adopted by the Company without your consent.

     Please execute the acknowledgment in the enclosed extra copy of this letter
and return it in the enclosed self-addressed, stamped envelope.

                                        DEL WEBB CORPORATION

                                        By: /s/ Peter A. Nelson
                                           -------------------------------------
                                           Chairman, Human Resources Committee

                                 ACKNOWLEDGMENT

     I acknowledge  receipt of a copy of the Del Webb Corporation 2000 Executive
Management Incentive Plan. I also acknowledge that no amounts will be payable to
me  pursuant  to the  Plan or this  Award  Agreement  if the  Performance  Goals
referred  to above  are not  attained  within  the  Performance  Period.  I also
acknowledge  that  the  Committee  has  the  right  to  reduce  the  Performance
Compensation  in the  exercise  of its  discretion  . I  accept  the  terms  and
provisions of this Award Agreement and the Plan.

DATED: August 18, 2000                  /s/ LeRoy C. Hanneman
                                        ----------------------------------------
                                        Your signatureDEL WEBB CORPORATION

                  SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN NO. 2

                                 AMENDMENT NO. 5

     The Del Webb Corporation  Supplemental Executive Retirement Plan No. 2 (the
"Plan") is hereby amended as follows, effective as of July 22, 1999:

     Section 2.1 of the Plan is amended to read as follows:

2.1  ELIGIBILITY AND PARTICIPATION

     (a)  ELIGIBILITY.  Eligibility  to participate in the Plan shall be limited
          to key management  personnel approved by the CEO.  Participants in the
          Del Webb Corporation  Supplemental Executive Retirement Plan No. 1 are
          not eligible to participate in this Plan.

     (b)  PARTICIPATION.  An  employee's  participation  in the  Plan  shall  be
          effective  upon   notification  of  the  employee  of  eligibility  to
          participate   and  completion  by  the  employee  of  a  Participation
          Agreement.

     (c)  PARTICIPANT.  "Participant" means any individual who has satisfied the
          conditions  of  this  Section  and  includes  any   individual   whose
          employment  status has terminated or changed under Section 2.2 and who
          continues to have vested benefit rights.

     Except as  otherwise  provided  above,  the  provisions  of the Plan  shall
continue in full force and effect.

                                        DEL WEBB CORPORATION

                                        By:
                                           -------------------------------------
                                           Robertson C. Jones

                                        Its: Senior Vice PresidentAMENDMENT NUMBER TWO
                                       TO
                       EMPLOYMENT AND CONSULTING AGREEMENT

     This Amendment Number Two to Employment and Consulting Agreement is entered
into as of this 19th day of  November,  1999  between Del Webb  Corporation,  an
Arizona corporation (the "Company") and Philip 1. Dion ("Employee").

                                    RECITALS

     The Company and Employee have  previously  entered into an  Employment  and
Consulting  Agreement dated as of July 10, 1996 which  Employment and Consulting
Agreement was amended by an Amendment  Number One to Employment  and  Consulting
Agreement dated March 9, 1999.

     The Company and Employee now desire by this Amendment Number Two to further
amend the Employment and Consulting Agreement as set forth below:

     NOW  THEREFORE,   Company  and  Employee  agree  that  the  Employment  and
Consulting Agreement is amended as follows:

     1.   Pursuant to Paragraph 4(b) of the Employment and Consulting Agreement,
          Employee is a Beneficiary under Company's  Deferred  Compensation Plan
          (the  "Plan").  Under  the terms of the  Plan,  Employee  will have an
          accrued benefit as of November 30, 1999 of $1,432,209. Employee hereby
          agrees to forfeit and -forego  one-half (1/2) of this benefit,  or the
          sum of $716,105, effective immediately, and in consideration therefor,
          the Company  agrees to pay the maximum sum of  $1,715,277  in five (5)
          equal annual  payments,  in accordance  with the terms of that certain
          Split-Dollar  Agreement  between Company and the Dion 1999 Irrevocable
          Trust went (the "Trust") of even date herewith, in the form of Exhibit
          "W' attached hereto and incorporated herein by reference, with respect
          to the purchase of life insurance by the Trust on Employee's life.

     2.   Except as amended by this  Amendment  Number Two, the  Employment  and
          Consulting Agreement shall remain in full force and effect.

     IN WITNESS  WHEREOF,  this  Amendment  Number Two has been  executed by the
parties as of the date first above written.

DEL WEBB CORPORATION

By: /s/ Robertson C. Jones              /s/ Philip J. Dion
    -------------------------------     ----------------------------------------
Its Sr. Vice President                  Philip J. Dion<PAGE>   1
                                                                     EXHIBIT 4.1

   NUMBER                                                              SHARES

   _______                          LUMINENT                         __________

              INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

                                             SEE REVERSE FOR CERTAIN DEFINITIONS
                                                               CUSIP 55027R 10 3

THIS CERTIFIES THAT _________________________________________________________

                                    SPECIMEN

IS THE OWNER OF ______________________________________________________________

            FULLY PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK,
                       PAR VALUE OF $0.001 PER SHARE, OF

                                 LUMINENT, INC.

transferable on the books of the Corporation by the holder hereof, in person or
by duly authorized attorney, upon surrender of this Certificate properly
endorsed. This Certificate is not valid until countersigned by the Transfer
Agent and Registrar.

     WITNESS the facsimile seal of the Corporation and the facsimile signatures
of its duly authorized officers.

     Dated:

                                     [SEAL]

/s/                                               /s/
    ---------------------------                       --------------------------
             Secretary                                   Chairman of the Board

Countersigned and Registered:
    U.S. STOCK TRANSFER CORPORATION
             Transfer Agent and Registrar

By:
    -------------------------------------
                    Authorized Signature

<PAGE>   2
                                 LUMINENT, INC.

     The Corporation shall furnish without charge to each stockholder who so
requests a statement of the powers, designations, and relative, participating,
optional, or other special rights of each class of stock of the Corporation or
series thereof and the qualifications, limitations or restrictions of such
preferences and/or rights. Such requests shall be made to the Corporation's
Secretary at the principal of the Corporation.

     KEEP THIS CERTIFICATE IN A SAFE PLACE, IF IT IS LOST, STOLEN, OR DESTROYED
THE CORPORATION WILL REQUIRED A-BOND OF INDEMNITY AS A CONDITION TO THE
ISSUANCE OF A REPLACEMENT CERTIFICATE.

     The following abbreviations, when used i the inscription on the face of
this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations.

<TABLE>
<S>                                                              <C>
  TEN COM  - as tenants in common                                UNIF GIFT MIN ACT - _____________  Custodian ______________
  TEN ENT  - as tenants by the entireties                                               (Cust)                   (Minor)
  JT TEN   - as joint tenants with right of                                          under Uniform Gifts to Minors
             survivorship and not as tenants                                         Act ____________________________________
             in common                                                                                (State)
  COM PROP - as community property                               UNIF TRF MIN ACT -  __________ Custodian (until age) _______)
                                                                                     _________________ under Uniform Transfers
                                                                                          (Minor)
                                                                                     to Minors Act ___________________________
                                                                                                              (State)
</TABLE>

     Additional abbreviations may also be used though not in the above list

     FOR VALUE RECEIVED, ____________________________ hereby sell(s), assigns(s)
and transfer(s) unto

 PLEASE INSERT SOCIAL SECURITY OR OTHER
     IDENTIFYING NUMBER OF ASSIGNEE
________________________________________

________________________________________

________________________________________________________________________________
 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

________________________________________________________________________________

________________________________________________________________________________

_________________________________________________________________________ Shares
of the common stock represented by the within Certificate, and do hereby
irrevocably constitute and appoint

______________________________________________________________________ Attorney
to transfer the said stock on the books of the within named Corporation with
full power of substitution in the premises.

Dated ________________________

                                   X____________________________________________

                                   X____________________________________________
                                    THE SIGNATURE(S) TO THIS ASSIGNMENT MUST
                                    CORRESPOND WITH THE NAME(S) AS WRITTEN UPON
                           NOTICE:  THE FACE OF THE CERTIFICATE IN EVERY
                                    PARTICULAR, WITHOUT ALTERATION OR
                                    ENLARGEMENT OR ANY CHANGE WHATSOEVER.

Signature(s) Guaranteed

By__________________________________________
THE SIGNATURE(S) MUST BE GUARANTEED BY AN
ELIGIBLE GUARANTOR INSTITUTION (BANKS,
STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS
AND CREDIT UNIONS WITH MEMBERSHIP IN AN
APPROVED SIGNATURE GUARANTEE MEDALLION
PROGRAM), PURSUANT TO SEC RULE 17Ad-15.

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