Company: LEN
Filing Date: 2025-02-28
Form Type: DEF 14A
Source: 0001193125-25-040938
Chunk: 53

Company: LENNAR CORP /NEW/
Filing Date: 2025-02-28
Form: DEF 14A
Chunk 53
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 above-target performance is granted in the form of performance-based restricted stock units. Together, these are referred to herein as the “performance share awards.” The Compensation Committee has assigned a threshold, target, and maximum performance goal to each of the metrics. If the threshold performance level for a particular metric is not achieved, no amount will be paid for that metric. Payouts for performance between threshold and target goals and between target and maximum goals will be calculated by linear interpolation. If the average weighting of the four performance metrics is below target, then only a portion of the shares granted at target will vest. If the average weighting of the four performance metrics is above target, then the target shares granted will vest and an additional number of fully vested shares (in settlement of all or a portion of the performance-based restricted stock unit portion of the performance share award) will be issued to grantee. The performance goals for the four metrics were as follows:

| Share Payout    |     | Relative Gross     
 Profit Percentage* |     | Relative Return on 
 Tangible Capital*  |     | Relative Total      
 Stockholder Return* |     | Debt/EBITDA Multiple |
| 0%              |     | <25th Percentile   |     | <25th Percentile   |     | <25th Percentile    |     |                >1.05 |
| 30% (threshold) |     | 25th Percentile    |     | 25th Percentile    |     | 25th Percentile     |     |                 0.85 |
| 100% (target)   |     | 65th Percentile    |     | 65th Percentile    |     | 65th Percentile     |     |                 0.65 |
| 200% (maximum)  |     | 75th Percentile    |     | 75th Percentile    |     | 75th Percentile     |     |                ≤0.45 |

| * | Relative metrics are determined by reference to Lennar’s Peer Group. |

LENNAR CORPORATION2025 PROXY STATEMENT | 43

Compensation Discussion and Analysis2024 Compensation Decisions

The Compensation Committee selected these performance metrics because as discussed below, they are effective long-term measures of performance, they align our executives’ interests with the interests of our stockholders, and they are important internal and external operating metrics. As noted in “Proxy Summary—Compensation Highlights” and elsewhere in this “Compensation