Company: LEN
Filing Date: 2025-02-28
Form Type: DEF 14A
Source: 0001193125-25-040938
Chunk: 40

Company: LENNAR CORP /NEW/
Filing Date: 2025-02-28
Form: DEF 14A
Chunk 40
---
 Pretax Income after a 7.3% capital charge – subject to a maximum payout cap of $7.0 million |     | 0.51% of Pretax Income after a 7.3% capital charge – subject to a maximum payout cap of $6.0 million |
| 2021 |     | 0.58% of Pretax Income after a 7.3% capital charge                                                   |     | 0.51% of Pretax Income after a 7.3% capital charge                                                   |
| 2020 |     | 0.73% of Pretax Income after a 7.3% capital charge                                                   |     | 0.55% of Pretax Income after a 7.3% capital charge                                                   |

As further described in “Compensation Discussion and Analysis—2024 Compensation Decisions—Annual Cash Incentive Compensation” of this proxy statement, after careful review and discussion of the Company’s fiscal 2024 performance with management, the Compensation Committee exercised its negative discretion to reduce the cash bonuses of Messrs. Miller and Jaffe. The amount of reduction was calculated for each of Mr. Miller and Mr. Jaffe by deducting from the amount that would have been payable had there been no such reduction (the “Pre-Reduction Bonus”), the product of (a) 15% and (b) the sum of the Pre-Reduction Bonus (i.e., $6,828,309 for Mr. Miller and $5,121,231 for Mr. Jaffe) plus the aggregate grant date fair value of the service-based and performance-based restricted stock awards that were granted to Mr. Miller and Mr. Jaffe, as applicable, on January 8, 2024 ( $26,500,472 for Mr. Miller and $23,200,671 for Mr. Jaffe). This resulted in final earned bonuses of $1,828,992 for Mr. Miller and $872,946 for Mr. Jaffe. The Compensation Committee has otherwise only used its negative discretion to reduce the cash bonus once in the last five years, reducing the 2020 cash bonuses of Messrs. Miller and Jaffe. Base Salaries In contrast to the regular changes that we make to the at-riskportion of executive compensation, with respect to Messrs. Miller and Jaffe, no changes have been made to their base compensation since 2003 and 2010, respectively. Key Operating and Financial Highlights KEY FINANCIAL METRICS