Company: LEN
Filing Date: 2025-02-28
Form Type: DEF 14A
Source: 0001193125-25-040938
Chunk: 80

Company: LENNAR CORP /NEW/
Filing Date: 2025-02-28
Form: DEF 14A
Chunk 80
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entrenchment issue) and sits on 2 Lennar Board Committees.

Another Lennar director is age 81 and also sits on 2 Lennar Board Committees including Chairmanship of the Audit Committee, perhaps the most important Board Committee. Additionally, the age 81 director sits on 2 outside boards.

<div align='center'>Please vote yes:

Independent Board Chairman—Proposal 4</div>

64 | LENNAR CORPORATION2025 PROXY STATEMENT

Proposal 4: Independent Board Chairman

Board’s Statement in Opposition to Stockholder Proposal Our Board recommends a vote AGAINST this proposal for the reasons set forth below. The proposal’s rigid and prescriptive approach to board leadership is not the practice of many companies in the S&P 500. While a number of S&P 500 companies have separated the roles of Chief Executive Officer and Chairman, not all of those companies have adopted an inflexible policy mandating the separation of Chairman and Chief Executive Officer roles, no matter the situation. Furthermore, according to the 2024 Spencer Stuart Board Index, approximately 61% of companies in the S&P 500 do not have an independent Chairman and 40% combine the Chief Executive Officer and Chairman roles. A flexible leadership structure is most effective for Lennar and our stockholders. Lennar does not have a formal policy requiring that the positions of Chairman and Chief Executive Officer be separated or requiring that the position of Chairman be filled only by an independent director. Instead, our Board has the freedom to decide whether the roles of Chairman and Chief Executive Officer should be separate, based on what it believes is in the best interests of the Company and its stockholders. We believe that Lennar and its stockholders benefit from this flexibility, and that the Board is best positioned to make this determination, given its knowledge of our leadership team, strategic goals, opportunities, and challenges, as well as the expertise and experience of our directors. The Board believes that Lennar and its stockholders are best served when leadership choices are made by the Board on a case-by-casebasis, rather than be dictated by a predetermined policy. This approach provides the Board with the necessary flexibility to determine whether the positions should be held by the same person or by separate persons based on our leadership needs at any particular time. Adopting a policy to restrict the Board’s discretion in selecting the Chairman, as well as restricting the ability to combine the positions of Chairman and Chief Executive Officer, would deprive the Board of the ability to select the most qualified and