Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(d) Election of Directors
On February 18, 2021, the Board of Directors of Lennar Corporation (the
"Company"), upon the recommendation of the Board's Nominating and Corporate
Governance Committee, elected Amy Banse to serve as a director for a term of
office expiring at the Company's 2021 Annual Meeting of Stockholders, at which
time her continued Board service will be subject to stockholder approval. Ms.
Banse has not been assigned to any committees of the Board.
Ms. Banse has served as senior adviser to the executive committee of Comcast
Corporation, a global media and technology company (including Comcast Ventures,
LLC, its venture capital arm), since September 2020. She previously served as
executive vice president, Comcast Corporation, from January 2020 to September
2020 and as managing director and head of funds at Comcast Ventures LLC from
August 2011 to September 2020. From 2005 to 2011, Ms. Banse was senior vice
president, Comcast Corporation and president, Comcast Interactive Media, a
division of Comcast responsible for developing online strategy and operating the
company's digital properties. Since joining Comcast in 1991, Ms. Banse has held
various positions at the company, including content development, programming
investments and overseeing the development and acquisition of Comcast's cable
network portfolio. Earlier in her career, Ms. Banse was an associate at Drinker
Biddle & Reath LLP.
The Board has determined that Ms. Banse qualifies as independent under the
independence standards set forth in the NYSE corporate governance listing
standards. There are no arrangements or understandings between Ms. Banse and any
other persons with respect to her appointment as a director. Neither Ms. Banse
nor any immediate family member of Ms. Banse has been a participant in any
transaction or currently proposed transaction with the Company that is
reportable under Item 404(a) of Regulation S-K.
Ms. Banse will participate in the Company's outside director compensation
program, which provides that directors receive an annual equity grant of the
Company's Class A common stock, an outside director retainer of $140,000 payable
quarterly, half in stock and half in cash, and committee fees, as applicable.
Ms. Banse will receive the prorated portions of the annual equity grant of the
Company's Class A common stock and the outside director retainer based on her
period of service until the next annual meeting.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description of Document
104 Cover Page Interactive Data File--the cover page XBRL tags are embedded
within the Inline XBRL document.
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