Company: LEN
Filing Date: 2025-02-28
Form Type: DEF 14A
Source: 0001193125-25-040938
Chunk: 24

Company: LENNAR CORP /NEW/
Filing Date: 2025-02-28
Form: DEF 14A
Chunk 24
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, and we expect to dispose of such shares through a subsequent spin-off, split-off, public offering, private sale or any combination of these potential transactions. We have entered into a registration rights agreement with Millrose to facilitate such future disposition(s) of this stock. To the extent any future agreements between Lennar and Millrose constitute related party transactions, these will be approved according to our standard procedures. In February 2015, Mr. Miller entered into a Time-Sharing Agreement with one of our subsidiaries that provides that Mr. Miller can sub-leaseaircraft leased by that subsidiary for non-businessor personal business purposes. Under the Time-Sharing Agreement, Mr. Miller pays the subsidiary, out of a prepayment fund established under the terms of the agreement, the aggregate incremental cost of each flight based on a list of expenses authorized by federal regulations. The subsidiary retains sole discretion to determine what flights Mr. Miller may schedule, and the Time-Sharing Agreement specifically provides that Lennar’s prior planned use of the aircraft takes precedence over Mr. Miller’s use. Mr. Miller paid our subsidiary $825,000 (calculated in accordance with Federal Aviation Administration regulations) for his personal use of the aircraft during fiscal 2024. In October 2017, Mr. Jaffe, our Co-ChiefExecutive Officer and President, also entered into a Time-Sharing Agreement with our subsidiary that has essentially the same terms as Mr. Miller’s agreement, including the establishment of a prepayment fund for the cost of each flight. Mr. Jaffe paid our subsidiary $330,000 for his personal use of the aircraft during fiscal 2024. In December 2023, Mr. Miller and Mr. Jaffe each entered into additional Time-Sharing Agreements with our subsidiary relating to the use of an additional Company aircraft for non-businessor personal business purposes that generally have the same terms as the February 2015 and October 2017 agreements, respectively, including (for each executive) the establishment of a prepayment fund for the cost of each flight. These Time-Sharing Agreements are in addition to the existing Time-Sharing Agreements that Mr. Miller and Mr. Jaffe entered into with our subsidiary in February 2015 and October 2017, respectively, which agreements continue in full force and effect. LENNAR CORPORATION2025 PROXY STATEMENT | 21

Corporate Governance Sustainability at Lennar In April 2019, Jeffrey Miller, Stuart Miller’s brother, entered into an agreement with one of our subsidiaries