Company: LEN
Filing Date: 2025-02-28
Form Type: DEF 14A
Source: 0001193125-25-040938
Chunk: 56

Company: LENNAR CORP /NEW/
Filing Date: 2025-02-28
Form: DEF 14A
Chunk 56
---
 of 78,097, 68,312, 10,547, and 12,055 shares, respectively, of performance-based restricted Class A common stock (“2021 Performance Shares”). The 2021 Performance Shares had a three-year performance period that ended on November 30, 2023. The number of 2021 Performance Shares that each grantee actually earned for the performance period was determined based on the level of achievement of the performance goals set forth in the table below.

| Payout          |     | Relative Gross     
 Profit Percentage* |     | Relative Return on 
 Tangible Capital*  |     | Relative Total      
 Shareholder Return* |     | Debt/EBITDA 
    Multiple |
| 0%              |     | <25th Percentile   |     | <25th Percentile   |     | <25th Percentile    |     |        >1.8 |
| 50% (threshold) |     | 25th Percentile    |     | 25th Percentile    |     | 25th Percentile     |     |         1.8 |
| 100% (target)   |     | 50th Percentile    |     | 50th Percentile    |     | 50th Percentile     |     |        1.25 |
| 200% (maximum)  |     | 75th Percentile    |     | 75th Percentile    |     | 75th Percentile     |     |        ≤1.0 |

| * | Relative metrics are determined by reference to Lennar’s Peer Group. |

In February 2024, the Compensation Committee reviewed the achievement of the performance goals over the three-year performance period. The Company’s relative gross profit percentage, relative return on tangible capital, and relative total shareholder return over the applicable performance period placed the Company’s final percentile rank achieved as compared to its peers at 78.7%, 67.9%, and 59.1%, respectively, which meant a final payout for each relative metric of 200.0%, 171.6% and 136.4%, respectively. Relative metrics are determined by reference to Lennar’s Peer Group: Beazer Homes USA, Inc., D.R. Horton, Inc., KB Home, M.D.C. Holdings, Inc., Meritage Homes Corporation, NVR, Inc., PulteGroup, Inc., Taylor Morrison, Toll Brothers, Inc. and TRI Pointe Homes