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Lennar Corp/New – ‘10-K’ for 11/30/13 – ‘EX-10.19’

On:  Monday, 1/27/14, at 6:55pm ET   ·   As of:  1/28/14   ·   For:  11/30/13   ·   Accession #:  1445305-14-129   ·   File #:  1-11749

Previous ‘10-K’:  ‘10-K/A’ on 8/1/13 for 11/30/12   ·   Next:  ‘10-K’ on 1/23/15 for 11/30/14   ·   Latest:  ‘10-K/A’ on 4/25/24 for 11/30/23

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 1/28/14  Lennar Corp/New                   10-K       11/30/13  130:36M                                    Workiva Inc

Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   2.32M 
 2: EX-10.19    Material Contract                                   HTML     79K 
 3: EX-10.20    Material Contract                                   HTML     79K 
 4: EX-21       Subsidiaries List                                   HTML    223K 
 5: EX-23       Consent of Experts or Counsel                       HTML     39K 
 6: EX-31.1     Certification -- §302 - SOA'02                      HTML     45K 
 7: EX-31.2     Certification -- §302 - SOA'02                      HTML     45K 
 8: EX-32       Certification -- §906 - SOA'02                      HTML     41K 
87: R1          Document And Entity Information                     HTML     67K 
66: R2          Consolidated Balance Sheets                         HTML    173K 
82: R3          Consolidated Balance Sheets (Parenthetical)         HTML     93K 
91: R4          Consolidated Statements Of Operations               HTML    143K 
118: R5          Consolidated Statements Of Operations               HTML     56K  
                (Parenthetical)                                                  
69: R6          Consolidated Statements Of Equity                   HTML    131K 
81: R7          Consolidated Statements Of Cash Flows               HTML    365K 
60: R8          Summary Of Significant Accounting Policies          HTML    195K 
49: R9          Operating And Reporting Segments                    HTML    324K 
120: R10         Lennar Homebuilding Receivables                     HTML     56K  
93: R11         Lennar Homebuilding Investments In Unconsolidated   HTML    136K 
                Entities                                                         
92: R12         Lennar Homebuilding Operating Properties And        HTML     56K 
                Equipment                                                        
100: R13         Lennar Homebuilding Senior Notes And Other Debts    HTML    147K  
                Payable                                                          
101: R14         Lennar Financial Services Segment                   HTML     78K  
97: R15         Rialto Investment Segment                           HTML    326K 
102: R16         Lennar Multifamily Segment                          HTML    101K  
83: R17         Income Taxes                                        HTML    150K 
88: R18         Earnings Per Share                                  HTML     82K 
95: R19         Comprehensive Income (Loss)                         HTML     47K 
129: R20         Capital Stock                                       HTML     61K  
111: R21         Share-Based Payments                                HTML    110K  
75: R22         Financial Instruments and Fair Value Disclosure     HTML    260K 
94: R23         Consolidation Of Variable Interest Entities         HTML    104K 
78: R24         Commitments And Contingent Liabilities              HTML     57K 
37: R25         Supplemental Financial Information                  HTML    799K 
112: R26         Quarterly Data (Unaudited)                          HTML     87K  
125: R27         Schedule II-Valuation And Qualifying Accounts       HTML     95K  
54: R28         Summary Of Significant Accounting Policies          HTML    291K 
                (Policy)                                                         
53: R29         Summary Of Significant Accounting Policies          HTML     93K 
                (Tables)                                                         
58: R30         Operating And Reporting Segments (Tables)           HTML    312K 
59: R31         Lennar Homebuilding Receivables (Tables)            HTML     52K 
61: R32         Lennar Homebuilding Investments In Unconsolidated   HTML    118K 
                Entities (Tables)                                                
25: R33         Lennar Homebuilding Operating Properties And        HTML     54K 
                Equipment (Tables)                                               
109: R34         Lennar Homebuilding Senior Notes And Other Debts    HTML     74K  
                Payable (Tables)                                                 
73: R35         Lennar Financial Services Segment (Tables)          HTML     79K 
76: R36         Rialto Investment Segment (Tables)                  HTML    294K 
42: R37         Lennar Multifamily Segment (Tables)                 HTML    104K 
128: R38         Income Taxes (Tables)                               HTML    130K  
15: R39         Earnings Per Share (Tables)                         HTML     76K 
63: R40         Share-Based Payments (Tables)                       HTML    103K 
116: R41         Financial Instruments and Fair Value Disclosure     HTML    256K  
                (Tables)                                                         
39: R42         Consolidation Of Variable Interest Entities         HTML     64K 
                (Tables)                                                         
52: R43         Commitments And Contingent Liabilities (Tables)     HTML     47K 
57: R44         Supplemental Financial Information Supplemental     HTML    787K 
                Financial Information (Tables)                                   
67: R45         Quarterly Data (Unaudited) (Tables)                 HTML     84K 
24: R46         Summary Of Significant Accounting Policies          HTML    175K 
                (Narrative) (Details)                                            
48: R47         Summary Of Significant Accounting Policies Summary  HTML     46K 
                Of Significant Accounting Policies (Unobservable                 
                inputs) (Details)                                                
18: R48         Summary Of Significant Accounting Policies          HTML     52K 
                (Schedule Of Interest Expense) (Details)                         
114: R49         Summary Of Significant Accounting Policies          HTML     51K  
                (Schedule Of Warranty Reserve) (Details)                         
38: R50         Summary Of Significant Accounting Policies (Loan    HTML     47K 
                Origination Liabilities) (Details)                               
110: R51         Summary Of Significant Accounting Policies Summary  HTML     46K  
                of Significant Accounting Policies (Schedule of                  
                Accounts, Notes, Loans and Financing Receivable                  
                (Details)                                                        
43: R52         Operating And Reporting Segments (Disclosure Of     HTML    171K 
                Financial Information Relating To Company's                      
                Operations) (Details)                                            
64: R53         Operating And Reporting Segments (Disclosure Of     HTML    101K 
                Valuation Adjustments And Write-Offs Relating To                 
                Company's Homebuilding Operations) (Details)                     
17: R54         Operating And Reporting Segments (Schedule of       HTML    107K 
                interest expense depreciation & amortization                     
                additions & UE income (Loss)) (Details)                          
21: R55         Lennar Homebuilding Receivables (Schedule Of        HTML     60K 
                Lennar Homebuilding Receivables) (Details)                       
56: R56         Lennar Homebuilding Investments In Unconsolidated   HTML     88K 
                Entities (Narrative) (Details)                                   
29: R57         Lennar Homebuilding Investments In Unconsolidated   HTML     78K 
                Entities (Statements Of Operations) (Details)                    
121: R58         Lennar Homebuilding Investments In Unconsolidated   HTML     64K  
                Entities (Balance Sheets) (Details)                              
71: R59         Lennar Homebuilding Investments In Unconsolidated   HTML     48K 
                Entities (Summary Of Net Recourse Exposure To                    
                Unconsolidated Entities) (Details)                               
98: R60         Lennar Homebuilding Investments In Unconsolidated   HTML     45K 
                Entities (Summarized Balance Sheets Of                           
                Unconsolidated Entities With Recourse Debt)                      
                (Details)                                                        
46: R61         Lennar Homebuilding Investments In Unconsolidated   HTML     60K 
                Entities (Total Debt Of Unconsolidated Entities)                 
                (Details)                                                        
50: R62         Lennar Homebuilding Operating Properties And        HTML     55K 
                Equipment (Details)                                              
107: R63         Lennar Homebuilding Senior Notes And Other Debts    HTML    287K  
                Payable (Narrative) (Details)                                    
103: R64         Lennar Homebuilding Senior Notes And Other Debts    HTML     73K  
                Payable (Schedule Of Senior Notes And Other Debts                
                Payable) (Details)                                               
74: R65         Lennar Homebuilding Senior Notes And Other Debts    HTML     57K 
                Payable (Schedule Of Maturities Of Senior Notes                  
                And Other Debts Payable) (Details)                               
105: R66         Lennar Financial Services Segment (Narrative)       HTML     61K  
                (Details)                                                        
44: R67         Lennar Financial Services Segment (Financial        HTML    108K 
                Services Segment) (Details)                                      
79: R68         Lennar Financial Services Segment Lennar Financial  HTML     59K 
                Services Segment (Warehouse Repurchase Facilities)               
                (Details)                                                        
124: R69         Rialto Investment Segment (Narrative) (Details)     HTML    317K  
20: R70         Rialto Investment Segment (Assets And Liabilities   HTML    117K 
                Related To The Rialto Segment) (Details)                         
36: R71         Rialto Investment Segment (Operating Earnings       HTML     62K 
                Related To Rialto Segment) (Details)                             
65: R72         Rialto Investment Segment Rialto Investment         HTML     61K 
                Segment (Other income expense) (Details)                         
27: R73         Rialto Investment Segment (Loans Receivable By      HTML     50K 
                Aggregate Collateral Type) (Details)                             
127: R74         Rialto Investment Segment (Outstanding Balance And  HTML     47K  
                Carrying Value Of Loans) (Details)                               
40: R75         Rialto Investment Segment (Accretable Yield For     HTML     55K 
                The FDIC Portfolios And Bank Portfolios) (Details)               
31: R76         Rialto Investment Segment (Nonaccrual Loans)        HTML     58K 
                (Details)                                                        
35: R77         Rialto Investment Segment Rialto Investment         HTML     58K 
                Segment (Allowance on Loan Receivables) (Details)                
22: R78         Rialto Investment Segment (Risk Categories)         HTML     61K 
                (Details)                                                        
26: R79         Rialto Investment Segment (Changes In Real Estate   HTML     76K 
                Owned) (Details)                                                 
89: R80         Rialto Investment Segment (Condensed Financial      HTML     94K 
                Information By Equity Method Investment) (Details)               
33: R81         Lennar Multifamily Segment (Narrative) (Details)    HTML     43K 
122: R82         Lennar Multifamily Segment Lennar Multifamily       HTML     79K  
                Segment (Assets and Liabilities Related to the                   
                Multifamily Segment) (Details)                                   
62: R83         Lennar Multifamily Segment (Operating Earnings      HTML     53K 
                Related to Multifamily Segment) (Details)                        
96: R84         Lennar Multifamily Segment Lennar Multifamily       HTML     80K 
                Segment (Condensed Financial Information by Equity               
                Method Investment) (Details)                                     
104: R85         Income Taxes (Narrative) (Details)                  HTML    133K  
32: R86         Income Taxes (Component Of Income Taxes Benefit     HTML     75K 
                (Provision)) (Details)                                           
34: R87         Income Taxes (Deferred Income Taxes Assets And      HTML     90K 
                Liabilities, Carrying Amount) (Details)                          
119: R88         Income Taxes (Reconciliation Of Statutory Rate And  HTML     70K  
                Effective Tax Rate) (Details)                                    
28: R89         Income Taxes (Summary Of Changes In Gross           HTML     56K 
                Unrecognized Tax Benefits) (Details)                             
90: R90         Earnings Per Share (Details)                        HTML    115K 
86: R91         Comprehensive Income (Loss) (Schedule Of            HTML     45K 
                Comprehensive Income (Loss)) (Details)                           
108: R92         Capital Stock (Details)                             HTML     82K  
85: R93         Share-Based Payments (Narrative) (Details)          HTML     80K 
70: R94         Share-Based Payments (Compensation Expense,         HTML     49K 
                Share-Based Payment Awards) (Details)                            
113: R95         Share-Based Payments (Schedule Of Option-Pricing    HTML     58K  
                Assumptions) (Details)                                           
68: R96         Share-Based Payments (Summary Of Stock Option       HTML     96K 
                Activity) (Details)                                              
41: R97         Share-Based Payments (Schedule Of Nonvested Shares  HTML     71K 
                Activity) (Details)                                              
77: R98         Financial Instruments and Fair Value Disclosure     HTML     80K 
                (Carrying Amounts And Estimated Fair Value Of                    
                Financial Instruments) (Details)                                 
72: R99         Financial Instruments and Fair Value Disclosure     HTML     72K 
                (Fair Value Measured On Recurring Basis) (Details)               
55: R100        Financial Instruments and Fair Value Disclosure     HTML     54K 
                (Schedule Of Gains And Losses Of Financial                       
                Instruments) (Details)                                           
130: R101        Financial Instruments and Fair Value Disclosure     HTML     68K  
                Financial Instruments and Fair Value Disclosure                  
                (Reconcilation of Beginning and Ending Balance of                
                the Company's Level 3 Recurring Fair Value                       
                Measurements (Details)                                           
106: R102        Financial Instruments and Fair Value Disclosure     HTML    112K  
                (Fair Value Assets Measured On Nonrecurring Basis)               
                (Details)                                                        
84: R103        Consolidation Of Variable Interest Entities         HTML    116K 
                (Narrative) (Details)                                            
23: R104        Consolidation Of Variable Interest Entities         HTML     75K 
                (Estimated Maximum Exposure To Loss) (Details)                   
115: R105        Commitments And Contingent Liabilities (Narrative)  HTML     51K  
                (Details)                                                        
123: R106        Commitments And Contingent Liabilities (Schedule    HTML     62K  
                Of Operating Leases) (Details)                                   
117: R107        Supplemental Financial Information (Narrative)      HTML     66K  
                (Details)                                                        
80: R108        Supplemental Financial Information (Condensed       HTML    171K 
                Consolidating Balance Sheet) (Details)                           
30: R109        Supplemental Financial Information (Condensed       HTML    233K 
                Consolidating Statement Of Operations) (Details)                 
99: R110        Supplemental Financial Information (Condensed       HTML    216K 
                Consolidating Statement Of Cash Flows) (Details)                 
45: R111        Quarterly Data (Unaudited) (Schedule Of Quarterly   HTML     71K 
                Financial Information) (Details)                                 
16: R112        Schedule II-Valuation And Qualifying Accounts       HTML     56K 
                (Schedule Of Valuation And Qualifying Accounts)                  
                (Details)                                                        
126: XML         IDEA XML File -- Filing Summary                      XML    213K  
19: EXCEL       IDEA Workbook of Financial Reports                  XLSX    663K 
51: EXCEL       IDEA Workbook of Financial Reports (.xls)            XLS   6.31M 
 9: EX-101.INS  XBRL Instance -- len-20131130                        XML   8.59M 
11: EX-101.CAL  XBRL Calculations -- len-20131130_cal                XML    393K 
12: EX-101.DEF  XBRL Definitions -- len-20131130_def                 XML   2.06M 
13: EX-101.LAB  XBRL Labels -- len-20131130_lab                      XML   3.24M 
14: EX-101.PRE  XBRL Presentations -- len-20131130_pre               XML   2.36M 
10: EX-101.SCH  XBRL Schema -- len-20131130                          XSD    417K 
47: ZIP         XBRL Zipped Folder -- 0001445305-14-000129-xbrl      Zip    682K 


‘EX-10.19’   —   Material Contract


This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]



 <!   C:   C: 
  LEN-2013-10.30-10K-Exh10.19  


Exhibit 10.19
LENNAR CORPORATION
2013 TARGET BONUS OPPORTUNITY
CHIEF EXECUTIVE OFFICER
NAME
TARGET AWARD OPPORTUNITY [1]
Stuart Miller
2.0% of Lennar Corporation Pretax Income [2]
[1] The 2013 Target Bonus Opportunity program, under the 2012 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] Per our 2012 Incentive Compensation Plan (the “Plan”), Pretax income shall take into account and adjust for goodwill charges, losses or expenses on early retirement of debt, and impairment charges, in accordance with the Plan. Pretax Income is calculated as Net Earnings attributable to Lennar plus/minus income tax expense/benefit.
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.
Your participation in this 2013 Target Bonus Opportunity program shall not constitute a contract of employment or for wages between you and the Company or otherwise entitle you to remain in the employ of the Company. The Target Bonus Opportunity will be adjusted annually to be in alignment with Company goals.
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 Company and associate acknowledge and agree that bonuses are not automatic, but are awarded for excellent individual performance, not just excellent market conditions. Therefore, the Compensation Committee of the Board of Directors may reduce any bonus amount at its sole discretion under any circumstance, and all such decisions will be final and binding.
/S/    STUART A. MILLER        
 
/S/    STEVEN L. GERARD  
1/22/2013
 
 
Stuart Miller
Chief Executive Officer
Lennar Corporation
 
Steven Gerard
Chairman, Compensation Committee
Lennar Corporation





LENNAR CORPORATION
2013 TARGET BONUS OPPORTUNITY
PRESIDENT
NAME
TARGET AWARD OPPORTUNITY [1]
Rick Beckwitt
1.5% of Lennar Corporation Pretax Income [2]
[1] The 2013 Target Bonus Opportunity program, under the 2012 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 Associate. 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] Per our 2012 Incentive Compensation Plan (the “Plan”), Pretax income shall take into account and adjust for goodwill charges, losses or expenses on early retirement of debt, and impairment charges, in accordance with the Plan. Pretax Income is calculated as Net Earnings attributable to Lennar plus/minus income tax expense/benefit.
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.
Your participation in this 2013 Target Bonus Opportunity program shall not constitute a contract of employment or for wages between you and the Company or otherwise entitle you to remain in the employ of the Company. The Target Bonus Opportunity will be adjusted annually to be in alignment with Company goals.
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 Company and associate acknowledge and agree that bonuses are not automatic, but are awarded for excellent individual performance, not just excellent market conditions. Therefore, the Compensation Committee of the Board of Directors may reduce any bonus amount at its sole discretion under any circumstance, and all such decisions will be final and binding.
/S/    RICK BECKWITT
 
/S/    STUART A. MILLER        
1/22/2013
 
1/22/2013
Rick Beckwitt
President
Lennar Corporation
 
Stuart Miller
Chief Executive Officer
Lennar Corporation





LENNAR CORPORATION
2013 TARGET BONUS OPPORTUNITY
CHIEF OPERATING OFFICER
NAME
TARGET AWARD OPPORTUNITY [1]
Jon Jaffe
1.5% of Lennar Corporation Pretax Income [2]
[1] The 2013 Target Bonus Opportunity program, under the 2012 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 Associate. 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] Per our 2012 Incentive Compensation Plan (the “Plan”), Pretax income shall take into account and adjust for goodwill charges, losses or expenses on early retirement of debt, and impairment charges, in accordance with the Plan. Pretax Income is calculated as Net Earnings attributable to Lennar plus/minus income tax expense/benefit.
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.
Your participation in this 2013 Target Bonus Opportunity program shall not constitute a contract of employment or for wages between you and the Company or otherwise entitle you to remain in the employ of the Company. The Target Bonus Opportunity will be adjusted annually to be in alignment with Company goals.
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 Company and associate acknowledge and agree that bonuses are not automatic, but are awarded for excellent individual performance, not just excellent market conditions. Therefore, the Compensation Committee of the Board of Directors may reduce any bonus amount at its sole discretion under any circumstance, and all such decisions will be final and binding.
/S/    JON JAFFE
 
/S/    STUART A. MILLER        
1/25/2013
 
1/22/2013
Jon Jaffe
Chief Operating Officer
Lennar Corporation
 
Stuart Miller
Chief Executive Officer
Lennar Corporation





LENNAR CORPORATION
2013 TARGET BONUS OPPORTUNITY
SR. CORPORATE MANAGEMENTASSOCIATES
NAME
DEPARTMENT
TARGET AWARD OPPORTUNITY [1]
Bruce Gross
Executive
150% of base salary
(Adjusted pro-rata between Pretax Income achievement of 0% to 150% of Business Plan)2
The following are measured to determine % of target paid out:
 
PERCENT
PERFORMANCE LEVELS/
PERFORMANCE CRITERIA
OF
TARGET BONUS OPPORTUNITY
(see definitions section for more detail)
TARGET AWARD
THRESHOLD
% OF TARGET
Individual Performance — Based on annual Performance Appraisal review and current 5-point scale; determined at the end of the fiscal year by current supervisor.
60%
Good
20%
Very Good
40%
Excellent
60%
Corporate Governance, Company Policy and Procedure Adherence, and Internal Audit Evaluation — As determined by the Corporate Governance Committee
40%
Good
10%
Very Good
25%
Excellent
40%
LFS Pretax Income
50%
> $85M
50%
> $77M
40%
> $62M
30%
> $47M
20%
< $47M
0%
TOTAL
150%
 
 
[1] The 2013 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] % of Target earned will be adjusted pro-rata from 0% up to 150% of Target (i.e. 50% Business Plan Achievement would result in 50% of Target Earned, 150% Business Plan Achievement would result in 150% of Target Earned, etc.). Per our 2012 Incentive Compensation Plan (the “Plan”), Pretax income shall take into account and adjust for goodwill charges, losses or expenses on early retirement of debt, and impairment charges, in accordance with the Plan. Pretax Income is calculated as Net Earnings attributable to Lennar plus/minus income tax expense/benefit.
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.
Your participation in this 2013 Target Bonus Opportunity shall not constitute a contract of employment or for wages between you and the Company or otherwise entitle you to remain in the employ of the Company. The Target Bonus Opportunity will be adjusted annually to be in alignment with Company goals.
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 Company and associate acknowledge and agree that bonuses are not automatic, but are awarded for excellent individual performance, not just excellent market conditions. Therefore, the Compensation Committee of the Board of Directors may reduce any bonus amount at its sole discretion under any circumstance, and all such decisions will be final and binding.





/S/    BRUCE GROSS
 
/S/    STUART A. MILLER        
2/1/2013
 
 
Bruce Gross
Chief Financial Officer
Lennar Corporation
 
Stuart Miller
Chief Executive Officer
Lennar Corporation





LENNAR CORPORATION
2013 TARGET BONUS OPPORTUNITY
SR. CORPORATE MANAGEMENTASSOCIATES
NAME
DEPARTMENT
TARGET AWARD OPPORTUNITY [1]
Mark Sustana
Legal
100% of base salary
(Adjusted pro-rata between Pretax Income achievement of 0% to 150% of Business Plan)2
The following are measured to determine % of target paid out:
 
PERCENT
PERFORMANCE LEVELS/
PERFORMANCE CRITERIA
OF
TARGET BONUS OPPORTUNITY
(see definitions section for more detail)
TARGET AWARD
THRESHOLD
% OF TARGET
Individual Performance — Based on annual Performance Appraisal review and current 5-point scale; determined at the end of the fiscal year by current supervisor.
60%
Good
20%
Very Good
40%
Excellent
60%
Corporate Governance, Company Policy and Procedure Adherence, and Internal Audit Evaluation — As determined by the Corporate Governance Committee
40%
Good
10%
Very Good
25%
Excellent
40%
TOTAL [1]
100%
 
 
[1] The 2013 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] % of Target earned will be adjusted pro-rata from 0% up to 150% of Target (i.e. 50% Business Plan Achievement would result in 50% of Target Earned, 150% Business Plan Achievement would result in 150% of Target Earned, etc.). Per our 2012 Incentive Compensation Plan (the “Plan”), Pretax income shall take into account and adjust for goodwill charges, losses or expenses on early retirement of debt, and impairment charges, in accordance with the Plan. Pretax Income is calculated as Net Earnings attributable to Lennar plus/minus income tax expense/benefit.
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.
Your participation in this 2013 Target Bonus Opportunity shall not constitute a contract of employment or for wages between you and the Company or otherwise entitle you to remain in the employ of the Company. The Target Bonus Opportunity will be adjusted annually to be in alignment with Company goals.
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 Company and associate acknowledge and agree that bonuses are not automatic, but are awarded for excellent individual performance, not just excellent market conditions. Therefore, the Compensation Committee of the Board of Directors may reduce any bonus amount at its sole discretion under any circumstance, and all such decisions will be final and binding.
/S/    MARK SUSTANA
 
/S/    BRUCE GROSS
1/22/2013
 
 
Mark Sustana
General Counsel
Lennar Corporation
 
Bruce Gross
Vice President & Chief Financial Officer
Lennar Corporation


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