Company: LEN
Filing Date: 2025-02-28
Form Type: DEF 14A
Source: 0001193125-25-040938
Chunk: 70

Company: LENNAR CORP /NEW/
Filing Date: 2025-02-28
Form: DEF 14A
Chunk 70
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| (2) | This number does not include the 2022 Grant with a three-year performance period ending November 30, 2024, because those awards remain outstanding and unvested until peer group performance information necessary to determine our relative performance with respect to certain metrics is available in February 2025. The Compensation Committee is expected to certify the performance results and vesting in late February 2025. |

| (3) | Calculated based on the closing price of Class A common stock on the applicable vesting dates: January 8, 2024: 149.31; February 14, 2024: $153.87; and February 28, 2024: $153.80. |

Potential Payments upon Termination after Change in Control Our named executive officers do not have employment agreements or severance agreements and are not subject to any severance plans or policies. Consequently, the only potential payments and benefits they would receive upon a change in control would be the accelerated vesting of their restricted stock. Pursuant to the 2016 Equity Plan, unvested restricted stock will vest if there is a Change in Control (as defined in the 2016 Equity Plan) and, within twenty-four months after the Change in Control, (i) Lennar terminates the employment of the executive without Cause, or (ii) the executive terminates employment with Lennar for Good Reason (as such capitalized terms are defined in the 2016 Equity Plan and reproduced below). The value of accelerated vesting if a hypothetical Change in Control and qualifying termination had occurred on November 30, 2024, is set forth in the table below:

| Name              |     | Value of Acceleration as of 
    November 30, 2024 ($)(1) |
| Stuart Miller     |     |           104,299,171(2)(3) |
| Jonathan M. Jaffe |     |            91,293,863(2)(3) |
| Diane Bessette    |     |             9,955,228(2)(3) |
| Mark Sustana      |     |                2,924,172(2) |
| David Collins     |     |                   2,802,273 |
| Jeff McCall       |     |                6,940,024(3) |

| (1) | The value of the accelerated restricted stock is the product of the closing price of Lennar’s Class A common stock on