Company: LEN
Filing Date: 2025-02-28
Form Type: DEF 14A
Source: 0001193125-25-040938
Chunk: 49

Company: LENNAR CORP /NEW/
Filing Date: 2025-02-28
Form: DEF 14A
Chunk 49
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) 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 a final earned bonus of $1,828,992 for Mr. Miller and $872,946 for Mr. Jaffe. Despite the overall strong performance results in fiscal year 2024 (including surpassing the target number of homes delivered), our fiscal 2024 Pretax Income of $5.3 billion was lower than our goal by 0.5% and a continuation of the reduction experienced in fiscal year 2023, which we believe is partly due to external factors such as continuing rising interest rates and increases to material and labor costs.

38 | LENNAR CORPORATION2025 PROXY STATEMENT

Compensation Discussion and Analysis 2024 Compensation Decisions MS. BESSETTE Ms. Bessette had the opportunity to earn a cash bonus of up to a maximum of 400% of her base salary, which is consistent with Ms. Bessette’s maximum bonus opportunity for fiscal year 2023. Ms. Bessette’s fiscal year 2024 cash bonus opportunity was similar to her fiscal year 2023 cash bonus opportunity because it was designed to focus on her achievement of certain strategic, operational and financial objectives and was not directly tied to her individual annual performance appraisal review. The performance criteria and associated payout for Ms. Bessette’s award are shown below.

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |     |                                                    |     | Performance Levels/              
 Target/Maximum Bonus Opportunity |     |                     |
| Performance Criteria                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |     | Percent of Target/Maximum Award                    |     | Threshold                        |     | % of Target/Maximum |
| •  Meet or exceed FY 2024 business plan profitability   •  Maximize cash generation and allocate capital to create greater stockholder value   •  Enforce corporate governance, Company policy and procedure adherence, and strong internal controls   •  Leadership matters: drive change, build stronger teams, and facilitate new programs to improve Company