LENNAR CORPORATION 2013 TARGET BONUS OPPORTUNITY CHIEF EXECUTIVE OFFICER NAMETARGET AWARD OPPORTUNITY [1]Stuart Miller2.0% of Lennar Corporation Pretax Income [2]
EX-10.19 2 len-2013x1030x10kxexh1019.htm EXHIBIT 10.19 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 | |
