Company: LEN
Filing Date: 2025-02-28
Form Type: DEF 14A
Source: 0001193125-25-040938
Chunk: 39

Company: LENNAR CORP /NEW/
Filing Date: 2025-02-28
Form: DEF 14A
Chunk 39
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4 also 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. 30 | LENNAR CORPORATION2025 PROXY STATEMENT

Compensation Discussion and Analysis Executive Summary Highlights of our fiscal 2024 compensation program, which have been developed based on the input from our stockholders in fiscal 2024 and in prior years, the results of the Company’s 2024 Say-on-Payvote, and consultations with the Compensation Committee’s independent compensation advisor, are listed below:

| • |     | 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 the alignment between executive compensation and the Company’s performance. |

| • |     | Target incentive pay mix for Messrs. Miller and Jaffe at approximately 20% cash and 80% equity. |

We Regularly Review the Compensation Program and Make Appropriate Changes We are committed to aligning with and being responsive to our stockholders. We take into account their feedback and regularly review and make changes to our executive compensation program accordingly. Below are the changes we made to our equity compensation and cash bonus programs for Messrs. Miller and Jaffe in the last five years. Equity-Based Compensation

|         |     | Performance Measures                                                                                                                                                                                      |     | Performance 
 Period      |     | Variable financial performance 
 objectives?                    |     | Approximate Equity Percentage of Total