Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
(e) On February 28, 2020, the Compensation Committee (the "Committee") of the
Board of Directors of Lennar Corporation (the "Company") approved 2020 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 Chief Executive Officer and a Director, Jonathan Jaffe,
the Company's President and a Director, Diane Bessette, the Company's Vice
President, Chief Financial Officer and Treasurer, and Jeff McCall, the Company's
Executive Vice President. 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 28, 2020, the Committee approved 2020 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 106,934, 94,795, 83,214, 14,501, 12,429 shares of Class A common stock,
respectively, that are subject to performance-based vesting conditions, and
106,934, 94,795, 83,214, 14,501, 12,429 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.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
No. Description of Document
10.1 2020 Award Agreements under the Company's 2016 Incentive
Compensation Plan for Mr. Miller, Mr. Beckwitt, Mr. Jaffe,
Ms. Bessette and Mr. McCall.
10.2 Form of 2020 Award Agreement under the Company's 2016 Equity
Incentive Plan for Mr. Miller, Mr. Beckwitt, Mr. Jaffe, Ms. Bessette
and Mr. McCall.
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