Company: LEN
Filing Date: 2025-02-28
Form Type: DEF 14A
Source: 0001193125-25-040938
Chunk: 46

Company: LENNAR CORP /NEW/
Filing Date: 2025-02-28
Form: DEF 14A
Chunk 46
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 by the following publicly traded homebuilders, which are listed with their exchange ticker symbols, that the Compensation Committee views as our peer group (the “Peer Group”). The Company’s Peer Group was revised for fiscal 2024 in response to feedback from FW Cook. Beazer Homes USA, Inc. was removed as it was the smallest peer in the Peer Group across all key financial metrics, and M.D.C. Holdings, Inc. was removed as it was acquired in April 2024 and is no longer publicly traded. The Compensation Committee approved these changes at its meeting on June 19, 2024.

| D.R. Horton, Inc. (DHI)          |     | PulteGroup, Inc. (PHM)                  |
| KB Home (KBH)                    |     | Taylor Morrison Home Corporation (TMHC) |
| Meritage Homes Corporation (MTH) |     | Toll Brothers, Inc. (TOL)               |
| NVR, Inc. (NVR)                  |     | TRI Pointe Group, Inc. (TPH)            |

Given that only one company in the Peer Group approaches Lennar in terms of revenue, profitability, and market capitalization, the Compensation Committee also reviewed information about compensation levels generally paid by other Fortune 500 companies. The Compensation Committee does not design our executive compensation programs to fit within a specific percentile of the executive compensation programs of the Peer Group companies, the Fortune 500 companies or any other peer group or survey. Rather, the Compensation Committee compares numerous elements of executive compensation, including base salaries, annual incentive compensation, and long-term cash and equity-based incentives, to assist in determining whether proposed compensation programs are competitive, and then uses its experience and judgment to make final compensation decisions. 2024 Compensation Decisions Base Salaries Why we pay base salaries. The Compensation Committee believes that competitive base salaries are an important element in attracting, retaining, and motivating our executives. In addition, the Compensation Committee believes that having a reasonable level of fixed compensation allows our executives to dedicate their undivided business attention to Lennar. How base salaries are determined.The Compensation Committee considers a number of factors when setting base salaries for the NEOs, including:

| • |     | level of experience and responsibility; |

| • |     | the scope and complexity of the role; |

| • |     | ability to contribute to our meeting annual operating objectives; |

| • |     | level of pay required to retain the executive’s services in light of market conditions;