Company: LEN
Filing Date: 2025-02-28
Form Type: DEF 14A
Source: 0001193125-25-040938
Chunk: 33

Company: LENNAR CORP /NEW/
Filing Date: 2025-02-28
Form: DEF 14A
Chunk 33
---
 50% in cash, and 50% in shares of Class A common stock |
| Audit Committee Chair          |     |    $30,000 |     | Cash                                                   |
| Audit Committee Members        |     |    $25,000 |     | Cash                                                   |
| Compensation Committee Chair   |     |    $20,000 |     | Cash                                                   |
| Compensation Committee Members |     |    $15,000 |     | Cash                                                   |
| NCG Committee Chair            |     |    $20,000 |     | Cash                                                   |
| NCG Committee Members          |     |    $10,000 |     | Cash                                                   |
| Lead Director                  |     |    $75,000 |     | Cash                                                   |

| (1) | Share value of $135,000 is based on the closing price of the stock on the date of grant, April 10, 2024 ($156.43). |

Annual Equity Grant At the time of each annual meeting, each non-managementdirector receives a grant of shares of our Class A common stock. Directors are permitted to sell 50% of that stock at any time but must hold the remaining stock until the second anniversary of the grant date. Retainer and Committee Fees Paid in Cash Fifty percent of the annual retainer, and the committee fees and lead director fee, are paid in quarterly cash installments. Non- management directors are also reimbursed for incidental expenses arising from their attendance at Board meetings and committee meetings. Compensation Deferral A director may elect to defer payment of both the cash and stock portion of the annual retainer and committee and lead director fees until the year the director ceases to serve on our Board or the director’s death. If a director makes this election, a number of phantom shares of Class A common stock with a value equal to the amount of the deferred retainer and fees is credited to the director’s deferred compensation account each quarter. These phantom shares accrue dividend-equivalents, which are credited to the director’s account and treated as though they were used to purchase additional shares of Class A common stock. When a director’s deferred compensation account terminates, the director will receive cash equal to the value of the number of phantom shares of Class A common stock and, if applicable, any phantom shares of Class B common stock credited to the director’s account. That value is determined by multiplying the number of phantom shares by the closing price of the applicable common stock on either the date of the director’s death or a specified date during the year of