Company: LEN
Filing Date: 2025-02-28
Form Type: DEF 14A
Source: 0001193125-25-040938
Chunk: 64

Company: LENNAR CORP /NEW/
Filing Date: 2025-02-28
Form: DEF 14A
Chunk 64
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�- | Service-Based Restricted Shares, shares of restricted stock that vest in equal annual installments over three years |

| (1) | Pursuant to the terms of their award agreements, Messrs. Miller and Jaffe could receive 0.20% and 0.15%, respectively, of Lennar’s fiscal 2024 Pretax Income after a 7.3% capital charge on tangible capital, and subject to a cash bonus cap of $7,000,000 and $6,000,000, respectively. Based on our fiscal 2024 Pretax Income, and after taking into account the capital charge on tangible capital and the cash bonus cap, Messrs. Miller and Jaffe were entitled to cash bonus payments of $6,828,309 and $5,121,231, respectively. However, as described further in “Compensation Discussion and Analysis—2024 Compensation Decisions—Annual Cash Incentive Compensation—2024 Annual Cash Incentive Decisions—Messrs. Miller and Jaffe,” 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 bonus for each of Messrs. Miller and Jaffe for fiscal year 2024. 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. These final cash bonus amounts, which were paid in the first quarter of fiscal 2025, are also reflected in the Non-Equity Incentive Plan Compensation column of the Summary Compensation Table. There was no threshold and no target. |

| (2) | Ms. Bessette had the opportunity to earn a maximum award of up to