EMPLOYMENT SEPARATION AGREEMENT
AND RELEASE OF LIABILITY
This Employment Separation Agreement and Release of Liability ("Agreement") is made on January 17, 2003
between Michael A. O'Brien ("Executive") and Pulte Homes, Inc., a Michigan corporation ("Pulte"). As used in
this Agreement, "Employer" means Pulte, its successors, assigns, parents, subsidiaries, divisions and/or affiliates
(whether incorporated or unincorporated), and all of the past and present directors, officers, trustees, employees
and agents (in their individual and representative capacities) of each and any and all persons acting by, through, or
in concert with any of them.
A. Executive has worked in the employ of Employer since 1994; his most recent position was Pulte's Senior Vice
President - Corporate Development.
B. Executive resigned from his employment, effective December 30, 2002 (the "Termination Date").
C. In consideration of payments to be made, and benefits to be provided, by Employer to Executive, Executive
and Employer have each agreed to release the other from any liability to the other and to the other matters set
forth in this Agreement.
Therefore, Executive and Employer agree as follows:
1. Executive resigned from all of his positions with Employer (including all directorships and similar positions with
any Pulte subsidiaries), effective on the Termination Date.
2. The following will be Executive's sole and exclusive payments and benefits with respect to the termination of
Executive's employment with Employer and Executive's other obligations under this Agreement:
(a) Executive will receive a performance bonus of $900,000 with respect to the year ending December 31, 2002.
Such performance bonus will be payable at the time that 2002 performance bonuses are paid to Pulte executives
(which will be paid on or before March 1, 2003). The bonus referred to in this paragraph 2(a) will be paid in
accordance with Employer's normal payroll procedures and policies.
(b) In return for