Company: LEN
Filing Date: 2025-02-28
Form Type: DEF 14A
Source: 0001193125-25-040938
Chunk: 47

Company: LENNAR CORP /NEW/
Filing Date: 2025-02-28
Form: DEF 14A
Chunk 47
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| • |     | average base salary of comparable executives in our Peer Group; and |

| • |     | market changes and the economic and business conditions affecting Lennar at the time of the evaluation. |

The Compensation Committee does not assign a specific weight to any individual factor or apply a formula for how an NEO’s base salary should compare to that of persons holding similar positions with members of our Peer Group. 2024 base salary decisions.The NEOs’ base salaries for fiscal 2024 are shown below.

| Name              |     | 2024 Base Salary ($) |     | Change in Base Salary (%) |
| Stuart Miller     |     |            1,000,000 |     | unchanged since 2003      |
| Jonathan M. Jaffe |     |              800,000 |     | unchanged since 2010      |
| Diane Bessette    |     |              750,000 |     | unchanged since 2018      |
| Mark Sustana      |     |              500,000 |     | unchanged since 2022      |
| David Collins     |     |              325,000 |     | unchanged since 2021      |
| Jeff McCall       |     |              750,000 |     | unchanged since 2018      |

LENNAR CORPORATION2025 PROXY STATEMENT | 37

Compensation Discussion and Analysis2024 Compensation Decisions

Annual Cash Incentive Compensation

Why we pay annual cash incentive compensation.The Compensation Committee believes that annual cash incentive compensation encourages executive officers to contribute to Lennar’s profitability. Our 2024 annual cash incentive awards were made under our 2016 Incentive Compensation Plan.

2024 Annual Cash Incentive Decisions

MESSRS. MILLER AND JAFFE

The cash bonuses for Messrs. Miller and Jaffe are based on percentages of our pretax income, which is net earnings attributable to Lennar plus/minus income tax expense/benefit (“Pretax Income”), after a capital charge equal to 7.3% of tangible capital and subject to a maximum payout cap. Pretax Income is calculated after eliminating goodwill charges, losses or expenses on early retirement of debt, impairment charges, and acquisition or deal costs related to the purchase or merger of a public company. Tangible capital is calculated as stockholders’ equity less intangible assets plus homebuilding debt. We believe that our executives’ pay should be linked to Lennar’s performance, and that linking the