Document:

Exhibit 10.4

 

EXECUTION VERSION

 

 

REVOLVING LOAN NOTE

 

	$2,000,000	 	Chicago, Illinois

February 28, 2020

 

FOR VALUE RECEIVED, the undersigned THE JOINT CORP., a Delaware corporation
(herein, together with its successors and assigns, the “Borrower”), hereby promises to pay to JPMORGAN CHASE
BANK, N.A. (the “Lender”) or its registered assignees, in lawful money of the United States of America and in
immediately available funds, at 10 South Dearborn, Floor L2, Suite IL1-1145, Chicago, Illinois 60603-2300, the principal sum of
TWO MILLION AND 00/100 DOLLARS ($2,000,000.00) or, if less, the then unpaid principal amount of all Revolving Loans (such term
and certain other terms used herein without definition shall have the meanings ascribed thereto in the Credit Agreement referred
to below), made by the Lender (or any of its predecessors in interest with respect hereto) to the Borrower pursuant to the Credit
Agreement, on the Revolving Credit Maturity Date.

 

Notwithstanding the face amount of this Revolving Loan note (the
“Note”) and of all other Notes evidencing Revolving Commitments, in no case shall the aggregate principal amount
of this Note and all other Notes evidencing Revolving Commitments issued in connection with the Credit Agreement referred to below
exceed the Aggregate Revolving Exposure.

 

The Borrower promises also to pay interest in like currency and funds
at 10 South Dearborn, Floor L2, Suite IL1-1145, Chicago, Illinois 60603-2300, on the unpaid principal amount of each Revolving
Loan made by the Lender from the date of such Revolving Loan until paid at the rates and at the times provided in the Credit Agreement.

 

The Lender is hereby authorized to record on the schedule attached
hereto, or to otherwise record in accordance with its usual practice (including, without limitation in the Lender’s electronic
data processing system), the date and amount of each Revolving Loan and the date and amount of each principal payment hereunder,
but the Lender’s failure to do so shall not impair or otherwise affect the Borrower’s indebtedness and obligations
hereunder.

 

This Note is issued pursuant to the Credit Agreement, dated as of
the date hereof, among the Borrower, the Lenders party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent, (as amended,
restated or otherwise modified and as from time to time in effect, the “Credit Agreement”), and is entitled
to the benefits thereof and of the other Loan Documents. This Note is subject to voluntary and mandatory prepayment prior to the
Revolving Credit Maturity Date, in whole or in part, as provided in Section 2.11 of the Credit Agreement.

 

In case an Event of Default shall occur and be continuing, the principal
of and accrued interest on this Note may become or be declared to be due and payable in full in the manner and with the effect
provided in the Credit Agreement.

 

The Borrower hereby waives presentment, demand, protest or notice
of any kind in connection with this Note. No failure to exercise, or delay in exercising, any rights hereunder on the part of the
holder hereof shall operate as a waiver of any such rights.

 

    

    

    

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAW OF THE STATE OF ILLINOIS (INCLUDING, WITHOUT LIMITATION, 735 ILCS SECTION 105/5-1 ET SEQ), BUT GIVING EFFECT TO FEDERAL
LAWS APPLICABLE TO NATIONAL BANKS.

 

 

 

[Remainder of page intentionally left blank; signature page follows.]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    2

    

    

THE JOINT CORP.

 

By: /s/ Jake Singleton

Name: Jake Singleton

Title: CFO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Revolving Loan Note-JPMorgan/The Joint Corp.]

 

     

    

    

 

 

LOANS AND PAYMENTS OF PRINCIPAL

 

	Date of Notation	Amount of Loan	Type of Loan	Interest Period	Amount of Principal Paid or Prepaid	Unpaid Principal Balance	Made ByEX-10.1

 Exhibit 10.1 
  

 
 LENNAR CORPORATION 

2020 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 2020 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 2020 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 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 

2020 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 2020 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 2020 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 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 

2020 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 2020 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 2020 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 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 Corporation

 

 
 LENNAR CORPORATION 

2020 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]

	  	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:
	  	 	 	 2020 Outperformance Goals for Reference
Below

	Based on Achievement of Outperformance Goals	  	Up to 100%
 of salary
	 	 •   Be the Leader for Finance Transformation 2020 with the
goal to:
  
 •  Increase
Efficiencies with Accounting Processes for Corporate, Regions and Divisions
  

•  Decrease Month-End Closing Timeline

 
 •  Increase Efficiencies with
Planning Process for Corporate, Regions and Divisions
  

•  Decrease / Automate Deliverables

 
 •   Maximize Cash
Generation and Capital Opportunities
  

•   Successful Strategic Transactions with Ancillary Businesses, as appropriate

  

	[1]	 The 2020 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 2020 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

 

 
 LENNAR CORPORATION 

2020 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]

	  	 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
like severance, expansion of previously unbudgeted training programs, etc.
	  	Good
Very Good
Excellent	  	 25% of salary: 104% to 101% of aggregate budget spend

40% of salary: 101% to 99% of aggregate budget
 50% of salary:
< 99% of aggregate budget

			
	 Development and Implementation of strategic digital enhancement tools

 
 Examples of digital enhancement tools include: Common Data Model, Digital Lead
Conversion Funnel, Lead Scoring, etc.
	  	Good
Very Good
Excellent	  	 25% of salary: Hiring of Chief Growth Officer (or similar title/role)

40% of salary: Rollout of one digital engagement tool
 50% of
salary: Rollout of 2 or more digital enhancement tools

			
	Expansion of Inclusion and Diversity program/Launch of national training initiatives	  	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:
	  	 2020 Outperformance Goals for Reference Below (up
to 50% of salary)

	Based on Achievement of Outperformance Goals	  	 •   Overall corporate leadership

 

•   Leading/tracking/prioritizing Unify & Simplify initiatives

 
 •   Operational Reporting
Enhancements/improvements
  

•   Contribution to other strategic initiative

			
	TOTAL [1]	  		  	Up to 200% of base salary

  

	[1]	 The 2020 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 2020 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
 Chief Executive
Officer

		 		  		 	Lennar Corporation

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