Company: LEN
Filing Date: 2025-02-28
Form Type: DEF 14A
Source: 0001193125-25-040938
Chunk: 66

Company: LENNAR CORP /NEW/
Filing Date: 2025-02-28
Form: DEF 14A
Chunk 66
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 dividends on, and can vote, unvested shares. |

| (7) | The performance share awards will vest, if at all, only to the extent Lennar meets specific performance goals with respect to relative gross profit percentage, relative return on tangible capital, relative total stockholder return, and debt/EBITDA multiple over a three-year performance period. For each performance goal, there is a threshold, target, and maximum performance level. |

| (8) | The shares of restricted stock granted to the NEO will vest in three equal annual installments on each of February 14, 2025, February 14, 2026, and February 14, 2027. The 53,245 shares granted to Mr. Miller, the 46,615 shares granted to Mr. Jaffe, the 10,884 shares granted to Ms. Bessette, and the 10,382 shares granted to Mr. Sustana include 19,992, 17,386, 3,326, and 3,132 shares of Class A common stock, respectively, that were surrendered to satisfy a withholding obligation due to the grant of the restricted stock. For a discussion of our equity plans’ retirement provisions and related withholding obligations, see “Compensation Discussion and Analysis—2024 Compensation Decision—Equity-Based Compensation.” |

| (9) | The amounts in this column include the grant date fair value of the January 8, 2024 grant of service-based restricted stock, the grant date fair value of the target number of performance shares, and cash paid in lieu of fractional shares. The Company’s practice is to determine a targeted dollar value of the applicable award, convert that dollar value into a number of shares, and, to the extent there is any fractional share, pay that amount in cash. Messrs. Miller, Jaffe, Sustana, Collins, and McCall and Ms. Bessette received cash in lieu of fractional shares in the amounts of $186.55, $136.15, $122.08, $112.35, $184.94, and $283.92, respectively. The table below shows the total grant date fair values of the performance share awards granted on January 8, 2024 if the threshold number of shares, or the maximum number of shares that potentially could be earned, were used instead of the target. |

| Name              |     | Threshold ($) |     | Target ($) |     | Maximum ($) |
| Stuart