Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) On February 26, 2021, the Compensation Committee (the "Committee") of the
Board of Directors of Lennar Corporation (the "Company") approved 2021 award
agreements under the Company's 2016 Incentive Compensation Plan relating to
incentive compensation for Stuart Miller, the Company's Executive Chairman, Rick
Beckwitt, the Company's Co-Chief Executive Officer and Co-President, and a
Director, Jonathan Jaffe, the Company's Co-Chief Executive Officer and
Co-President, and a Director, Diane Bessette, the Company's Vice President,
Chief Financial Officer and Treasurer, Jeff McCall, the Company's Executive Vice
President, and Mark Sustana, the Company's Vice President, General Counsel and
Secretary. The award agreements describe cash bonus opportunities based on the
achievement of specified performance goals. Copies of the award agreements are
filed as Exhibit 10.1 hereto.
In addition, on February 26, 2021, the Committee approved 2021 award agreements
under the Company's 2016 Equity Incentive Plan under which Mr. Miller,
Mr. Beckwitt, Mr. Jaffe, Ms. Bessette and Mr. McCall were granted target awards
of 78,097, 68,312, 68,312, 12,055 and 10,547 shares of Class A common stock,
respectively, that are subject to performance-based vesting conditions, and
78,097, 68,312, 68,312, 12,055 and 10,547 shares of Class A common stock,
respectively, that are subject to service-based vesting conditions. A copy of
the form of award agreement is filed as Exhibit 10.2 hereto. In addition,
Mr. Sustana was granted 14,345 shares of Class A common stock, one-third of
which vest on each of February 14, 2022, February 14, 2023, and February 14,
2024. Mr. Sustana's award agreement is in the form generally used under the 2016
Equity Incentive Plan.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description of Document
10.1 2021 Award Agreements under the Company's 2016 Incentive
Compensation Plan for Mr. Miller, Mr. Beckwitt, Mr. Jaffe,
Ms. Bessette, Mr. McCall and Mr. Sustana.
10.2 Form of 2021 Award Agreement under the Company's 2016 Equity
Incentive Plan for Mr. Miller, Mr. Beckwitt, Mr. Jaffe,
Ms. Bessette and Mr. McCall.
104 Cover Page Interactive Data File-the cover page XBRL tags are
embedded within the Inline XBRL document.
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