UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01. Entry into a Material Definitive Agreement.
On December 4, 2023, each of Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar Corporation (“Lennar”), and Jonathan M. Jaffe, Co-Chief Executive Officer and President of Lennar, entered into Aircraft Time Sharing Agreements (each, an “Agreement” and together, the “Agreements”) with U.S. Home, LLC, a wholly owned subsidiary of Lennar (the “Company”), relating to the use by Mr. Miller and Mr. Jaffe of private aircraft, which are operated by the Company. The Agreements are in addition to the Aircraft Time Sharing Agreements that Mr. Miller and Mr. Jaffe entered into with US Home Corporation in February 2015 and October 2017, respectively, which agreements continue in full force and effect.
The Agreements state that the Company may provide the aircraft and their flight crews to Mr. Miller and Mr. Jaffe for non-business or personal business purposes. Under the Agreements, Mr. Miller and Mr. Jaffe will pay to the Company, out of prepayment funds established by each of them in connection with the Agreements, the direct operating costs of each flight based on a list of expenses authorized by federal aviation regulations. The Company retains sole discretion to determine what flights may be scheduled, and the Company’s prior planned use of the aircraft will take precedence over Mr. Miller’s or Mr. Jaffe’s non-business or personal business use. Each Agreement may be terminated by either party thereto at any time upon thirty (30) days’ prior written notice to the other party.
The foregoing summary of the Agreements does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreements, copies of which are filed as Exhibits 10.1 and 10.2 hereto and are incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
| (d) | Exhibits. |
| Exhibit No. |
Description of Document | |
| 10.1 | Aircraft Time Sharing Agreement, dated December 4, 2023, by and between U.S. Home, LLC and Stuart Miller. | |
| 10.2 | Aircraft Time Sharing Agreement, dated December 4, 2023, by and between U.S. Home, LLC and Jonathan M. Jaffe. | |
| 104 | Cover Page Interactive Data File—the cover page XBRL tags are embedded within the Inline XBRL document. | |
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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: December 5, 2023 | Lennar Corporation | |||
| By: | /s/ Diane Bessette | |||
| Name: | Diane Bessette | |||
| Title: | Vice President, Chief Financial Officer and Treasurer | |||
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