Company: LEN
Filing Date: 2025-02-28
Form Type: DEF 14A
Source: 0001193125-25-040938
Chunk: 3

Company: LENNAR CORP /NEW/
Filing Date: 2025-02-28
Form: DEF 14A
Chunk 3
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 under the Hart-Scott-Rodino Antitrust Improvement Act of 1976 in connection with our equity grants and related expenses   •  No supplemental company-paid retirement benefits not available to all employees   •  No employment contracts with our NEOs   •  No excessive severance or change in control benefits |     |                  |

LENNAR CORPORATION2025 PROXY STATEMENT | 5

Proxy Summary Compensation Highlights In a continued effort to be responsive to the feedback we received from extensive outreach to our stockholders in fiscal 2023, the Compensation Committee in fiscal 2024 consulted with an independent compensation advisor to obtain additional input on how we could continue to improve on the progress we made in fiscal 2023 in aligning our executive compensation programs with stockholder interests. The Compensation Committee reports that approximately 79% of the votes cast at our 2024 Annual Meeting were voted in favor of our executive compensation. This strong rate of stockholder approval of our executive compensation nonetheless represents a slight decrease in support relative to fiscal 2023. Therefore, the Compensation Committee continues to put forth consistent efforts to engage and align with, and be responsive to, our stockholders to bolster future stockholder voting results. Highlights of our compensation program, which incorporates changes made in response to stockholder feedback from fiscal 2024 and prior years, include:

| • |     | With respect to annual cash incentive compensation, a Pretax Income (as defined in the “Compensation Discussion and Analysis—2024 Compensation Decisions—Annual Cash Incentive Compensation” section of this proxy statement) profit-sharing percentage of 0.20% for Mr. Miller and 0.15% for Mr. Jaffe, which incentivizes growth in Pretax Income to strengthen the link between short-term incentive payouts and the Company’s performance. |

| • |     | An equity pay mix of 70% performance-based and 30% time-based awards for each of Messrs. Miller and Jaffe to ensure alignment with long-term value creation for our stockholders. |

| • |     | Performance share awards target payouts for Messrs. Miller and Jaffe in the 65th percentile to require greater outperformance to earn target payouts relative to our peers, which further strengthens the alignment between executive compensation and the Company’s performance. |

| • |     | Performance share award threshold payouts for Messrs. Miller and Jaffe at 30% of target, which maintains a reduced level of compensation for underperformance and strengthens