UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
February 28, 2022
Date of Report (Date of earliest event reported)
LENNAR CORPORATION
(Exact name of registrant as specified in its charter)
Delaware | 1-11749 | 95-4337490 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
700 Northwest 107th Avenue, Miami, Florida 33172
(Address of principal executive offices) (Zip Code)
(305) 559-4000
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Class A Common Stock, par value $.10 | LEN | New York Stock Exchange | ||
Class B Common Stock, par value $.10 | LEN.B | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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, 2022, the Compensation Committee (the “Committee”) of the Board of Directors of Lennar Corporation (the “Company”) approved 2022 award agreements under the Company’s 2016 Incentive Compensation Plan, as amended, 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 28, 2022, the Committee approved 2022 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 105,260, 92,390, 92,390, 12,520 and 9,740 shares of Class A common stock, respectively, that are subject to performance-based vesting conditions, and 105,260, 92,390, 92,390, 12,520 and 9,740 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 15,025 shares of Class A common stock, one-third of which vest on each of February 14, 2023, February 14, 2024, and February 14, 2025. 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 | Description of Document | |
10.1 | 2022 Award Agreements under the Company’s 2016 Incentive Compensation Plan, as amended, for Mr. Miller, Mr. Beckwitt, Mr. Jaffe, Ms. Bessette, Mr. McCall and Mr. Sustana. | |
10.2 | Form of 2022 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 (embedded with in the inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: March 4, 2022 | Lennar Corporation | |||||
By: | /s/ Diane Bessette | |||||
Name: | Diane Bessette | |||||
Title: | Vice President, Chief Financial Officer and Treasurer |