Company: LEN
Filing Date: 2025-02-28
Form Type: DEF 14A
Source: 0001193125-25-040938
Chunk: 55

Company: LENNAR CORP /NEW/
Filing Date: 2025-02-28
Form: DEF 14A
Chunk 55
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 of 10,382 shares of service-based restricted Class A common stock that will vest in equal installments on each of February 14, 2025, February 14, 2026, and February 14, 2027. The stock had a grant date fair value of $1,550,259.

In addition, in January 2024, the Compensation Committee approved a grant to Mr. Collins of 6,365 shares of service-based restricted Class A common stock that will vest in equal installments on each of February 14, 2025, February 14, 2026, and February 14, 2027. The stock had a grant date fair value of $950,471.

Effect of retirement on equity awards

Our 2016 Equity Plan provides that when an officer or associate retires, all restrictions on all restricted stock granted to that individual will immediately lapse and the restricted stock will no longer be subject to forfeiture. For this purpose, “retirement” is defined as a termination of service (other than for cause) on or after the date the grantee attains age 65 or on or after the date the grantee attains age 60 with 15 consecutive years of service with Lennar (“retirement-eligible”). Of our NEOs, Messrs. Miller, Jaffe and Sustana and Ms. Bessette are retirement-eligible. If any of them were to retire, his or her service-based restricted stock would immediately vest. In addition, when a retirement-eligible executive is granted shares of restricted stock that are subject to service-based vesting, these grants are taxable events subject to withholding. With respect to the 2022, 2023 and 2024 grants of performance-based share awards, if a retirement-eligible executive were to retire, he or she would receive the shares of performance-based share awards that he or she would have earned, based on actual performance, if he or she had remained employed for the entire performance period. The actual payout of shares would not occur until after the end of the three-year performance period, at which time the Company’s performance during the performance period would be used to determine how many shares the grantee would receive.

44 | LENNAR CORPORATION2025 PROXY STATEMENT

Compensation Discussion and Analysis 2021 Performance Share Awards – Results 2021 Performance Share Awards – Results In 2021, Messrs. Miller, Jaffe and McCall and Ms. Bessette were granted target awards