Company: LEN
Filing Date: 2025-02-28
Form Type: DEF 14A
Source: 0001193125-25-040938
Chunk: 62

Company: LENNAR CORP /NEW/
Filing Date: 2025-02-28
Form: DEF 14A
Chunk 62
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 — |     |             |          — |
| Jeff McCall       |     |               |   265,440 |     |            |    884,800 |     |             |  1,769,600 |

| (2) | The amounts in this column reflect cash incentive compensation earned under our incentive compensation program on the basis of performance in fiscal 2024, 2023, and 2022. We make payments under this program in the first quarter of the fiscal year following the fiscal year in which they are earned. |

LENNAR CORPORATION2025 PROXY STATEMENT | 49

Executive Compensation Grants of Plan-Based Awards

| Messrs. Miller and Jaffe were entitled to cash bonus payments of $6,828,309 and $5,121,231, respectively. However, as described further in “Compensation Discussion and Analysis—2024 Compensation Decisions—Annual Cash Incentive Compensation—2024 Annual Cash Incentive Decisions—Messrs. Miller and Jaffe,” after careful review and discussion of the Company’s fiscal 2024 performance with management, the Compensation Committee exercised its negative discretion to reduce the cash bonus for each of Messrs. Miller and Jaffe for fiscal year 2024. The amount of reduction was calculated for each of Mr. Miller and Mr. Jaffe by deducting from the amount that would have been payable had there been no such reduction (the “Pre-Reduction Bonus”), the product of (a) 15% and (b) the sum of the Pre-Reduction Bonus (i.e., $6,828,309 for Mr. Miller and $5,121,231 for Mr. Jaffe) plus the aggregate grant date fair value of the service-based and performance-based restricted stock awards that were granted to Mr. Miller and Mr. Jaffe, as applicable, on January 8, 2024 ($26,500,472 for Mr. Miller and $23,200,671 for Mr. Jaffe). This resulted in final earned bonuses of $1,828,992 for Mr. Miller and $872,946 for Mr. Jaffe. |

| (3) | As disclosed in the Form 8-K filed with the SEC on June 24, 2024, Jeff McCall, who had served as the Executive Vice President of the Company since January 2020, transitioned to a non-executive role as of June 20, 2024 and will remain at the Company for a