LENLennar
Deals with insiders in the proxy filed 2026-02-26
Deals between LEN and its directors, executives, owners of more than 5% or their families: a relative on the payroll, a plane the company charters from its CEO, a director's company that buys from it. SEC rules (Item 404) make the company list every such deal over $120,000 in its proxy statement.
New this year
Paragraphs about a deal, a person or a relative with nothing like them in the proxy filed 2025-02-28.
Certain Relationships and Related Transactions“In connection with the Millrose Spin-Off, we distributed approximately 80% of Millrose’s total outstanding stock (Class A common stock and Class B common stock) to all Lennar stockholders as of the record date of the Millrose Spin-Off. Although no Lennar employees or directors serve in any officer or director position at Millrose, Mr. Miller, our Executive Chairman and Chief Executive Officer, holds a significant amount (but less than a majority) of the aggregate voting power of total outstanding Millrose Class A common stock and Class B common stock, voting together without regard to class. On November 21, 2025, Lennar’s offer to exchange the approximately 20% it owned of the total outstanding Class A Common Stock of Millrose for outstanding shares of Lennar Class A Common Stock (the “Exchange Offer”) expired. Pursuant to the Exchange Offer, Lennar exchanged 33,298,754 shares of Millrose Class A Common Stock for 8,049,594 shares of Lennar Class A Common Stock at an exchange ratio of 4.1367 shares of Millrose Class A Common Stock per share of Lennar Class A Common Stock.”
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Certain Relationships and Related Transactions“Brad Miller, Mr. Miller’s son, is employed by Lennar as a Division Manager. For fiscal 2025, Brad Miller received a salary of $300,000, a cash bonus of $438,660, a grant of restricted Class A common stock with a value of $90,132, and other benefits totaling approximately $ 17,227 (including matching contributions to his 401(k) plan and a car allowance).”
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Certain Relationships and Related Transactions“Lennar provides certain administrative (including payroll and office space) services to the Miller Family Office as part of an ongoing arrangement. Pursuant to the arrangement, all expenses in connection with such services are fully reimbursed by the Miller Family Office to the Company. For fiscal 2025, the Miller Family Office reimbursed the Company an aggregate total of $761,721 for all administrative services provided during fiscal 2025. Lennar expects that the Miller Family Office will continue to reimburse Lennar for such administrative services in fiscal year 2026.”
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No longer reported 3 paragraphs of the proxy filed 2025-02-28 with nothing like them this year
Certain Relationships and Related Transactions“In addition, anyone who wishes to communicate with our Board, a committee of the Board, the independent directors as a group, or any individual director, may send correspondence to the Office of the General Counsel at Lennar Corporation, 5505 Waterford District Drive, Miami, Florida 33126. The General Counsel will compile and submit on a periodic basis all stockholder correspondence as addressed.”
Read it in last year's proxy ↗
Certain Relationships and Related Transactions“In all cases, items that are unrelated to the duties and responsibilities of the Board, such as communications relating to ordinary business, business solicitation or advertisements, junk mail or mass mailings, resumes or other job-related inquiries, spam, or items related to legal or administrative matters will not be compiled and submitted.”
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65,696 and other benefits totaling approximately“16,628 (including matching contributions to his 401(k) plan and a car allowance).”
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The whole section
11 paragraphs quoted as filed
Certain Relationships and Related Transactions“All “related person transactions” (as defined by SEC rules) must be approved by our Audit Committee. Directors and executive officers are specifically asked to disclose such transactions annually. Directors must recuse themselves from any discussion or decision affecting their personal, business, or professional interests.”
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Certain Relationships and Related Transactions“Current SEC rules require disclosure of any transaction, arrangement, or relationship in which (i) Lennar or one of its subsidiaries is a participant, (ii) the amount involved exceeds $120,000, and (iii) any executive officer, director, director nominee, beneficial owner of more than 5% of Lennar’s common stock, or any immediate family member of any such person, has or will have a direct or indirect material interest. Except as described below, since December 1, 2024, we have not had any such transactions, arrangements, or relationships.”
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Certain Relationships and Related Transactions“On February 7, 2025, we successfully completed the previously announced taxable spin-off transaction (the “Millrose Spin-Off”) of a wholly owned subsidiary of Lennar, Millrose Properties Inc. (“Millrose”). Immediately following the Millrose Spin-Off, we entered into certain contractual arrangements with Millrose, pursuant to which Millrose provides ongoing financing of land acquisition and homesite development and will deliver fully developed homesites on a just-in-time basis for Lennar, in consideration of option deposit and monthly option payments to maintain the purchase options on such acquired land and homesites (such arrangement, the “Millrose HOPP’R Arrangement”). In connection with the Millrose Spin-Off, we contributed to Millrose, in exchange for all outstanding shares of its common stock, $5.6 billion of our land assets (the “Transferred Assets”) and $1.0 billion in cash. The Transferred Assets are subject to purchase options under the Millrose HOPP’R Arrangement. Pursuant to the terms of the Millrose HOPP’R Arrangement, we will continue to pay monthly option payments to maintain our purchase options on the Transferred Assets, until we exercise or forfeit the purchase options. We also expect to engage Millrose for additional land purchases, horizontal development, and homesite option purchase transactions under the Millrose HOPP’R Arrangement going forward.”
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Certain Relationships and Related Transactions“In connection with the Millrose Spin-Off, we distributed approximately 80% of Millrose’s total outstanding stock (Class A common stock and Class B common stock) to all Lennar stockholders as of the record date of the Millrose Spin-Off. Although no Lennar employees or directors serve in any officer or director position at Millrose, Mr. Miller, our Executive Chairman and Chief Executive Officer, holds a significant amount (but less than a majority) of the aggregate voting power of total outstanding Millrose Class A common stock and Class B common stock, voting together without regard to class. On November 21, 2025, Lennar’s offer to exchange the approximately 20% it owned of the total outstanding Class A Common Stock of Millrose for outstanding shares of Lennar Class A Common Stock (the “Exchange Offer”) expired. Pursuant to the Exchange Offer, Lennar exchanged 33,298,754 shares of Millrose Class A Common Stock for 8,049,594 shares of Lennar Class A Common Stock at an exchange ratio of 4.1367 shares of Millrose Class A Common Stock per share of Lennar Class A Common Stock.”
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Certain Relationships and Related Transactions“To the extent any future agreements between Lennar and Millrose constitute related party transactions, these will be approved according to our standard procedures.”
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Certain Relationships and Related Transactions“In February 2015, Mr. Miller entered into a Time-Sharing Agreement with one of our subsidiaries that provides that Mr. Miller can sub-lease aircraft leased by that subsidiary for non-business or 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 $1,015,387 (calculated in accordance with Federal Aviation Administration regulations) for his personal use of the aircraft during fiscal 2025.”
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Certain Relationships and Related Transactions“In October 2017, Mr. Jaffe, our Former Co-Chief Executive 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 $439,119 for his personal use of the aircraft during fiscal 2025.”
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Certain Relationships and Related Transactions“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-business or 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.”
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Certain Relationships and Related Transactions“In April 2019, Jeffrey Miller, Mr. Miller’s brother, entered into an agreement with one of our subsidiaries that provides that Jeffrey Miller can sub-lease an aircraft leased by that subsidiary for personal purposes. The arrangement helps to offset the cost of the aircraft when it is not being used by Lennar. Lennar retains sole discretion to determine what flights may be scheduled. Jeffrey Miller pays for use of the aircraft based on a fee structure similar to that used by third-party charter companies. Jeffrey Miller did not use the aircraft in fiscal 2025, and therefore, did not make any payments for his use of the aircraft during fiscal 2025.”
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Certain Relationships and Related Transactions“Brad Miller, Mr. Miller’s son, is employed by Lennar as a Division Manager. For fiscal 2025, Brad Miller received a salary of $300,000, a cash bonus of $438,660, a grant of restricted Class A common stock with a value of $90,132, and other benefits totaling approximately $ 17,227 (including matching contributions to his 401(k) plan and a car allowance).”
Read it in the proxy ↗
Certain Relationships and Related Transactions“Lennar provides certain administrative (including payroll and office space) services to the Miller Family Office as part of an ongoing arrangement. Pursuant to the arrangement, all expenses in connection with such services are fully reimbursed by the Miller Family Office to the Company. For fiscal 2025, the Miller Family Office reimbursed the Company an aggregate total of $761,721 for all administrative services provided during fiscal 2025. Lennar expects that the Miller Family Office will continue to reimburse Lennar for such administrative services in fiscal year 2026.”
Read it in the proxy ↗
Paragraphs are compared by their words, not read by AI: one counts as new when no paragraph last year shares half of its words, or when it names a person or company last year's section did not. A deal reported again with a new amount is not new. Always check the filing. Open the proxy ↗ · Last year's proxy ↗