Company: LEN
Filing Date: 2025-02-28
Form Type: DEF 14A
Source: 0001193125-25-040938
Chunk: 57

Company: LENNAR CORP /NEW/
Filing Date: 2025-02-28
Form: DEF 14A
Chunk 57
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. The Company’s debt/EBITDA multiple was 0.694, which meant a 200.0% payout for that metric. The average weighting of the four performance metrics resulted in a 177.0% payout. As a result, the total number of shares that each of Messrs. Miller, Jaffe and McCall and Ms. Bessette were entitled to receive was 138,231, 120,912, 18,668, and 21,337 shares, respectively, of Class A common stock. Since Messrs. Miller, Jaffe and McCall and Ms. Bessette had already been issued 78,097, 68,312, 10,547, and 12,055 shares, respectively, at target, those shares vested, and Messrs. Miller, Jaffe and McCall and Ms. Bessette were issued an additional 60,134, 52,600, 8,121 and 9,282 shares, respectively, of Class A common stock in settlement of the performance-based restricted stock unit portion of the performance share award. In addition, Messrs. Miller, Jaffe and McCall and Ms. Bessette received accrued dividends on the 138,231, 120,912, 18,668, and 21,337 shares, respectively, of Class A common stock over the three-year performance period. Other Benefits Our NEOs are eligible to receive a match on their 401(k) contributions up to $17,250 for 2024 and $17,500 for 2025, and to participate in our active associate health and welfare benefits plans, which are available to all full-time associates. Under our flexible benefits plans, all associates are entitled to medical, vision, dental, life insurance, and long-term disability coverage. We also provide certain of our executive officers with a car allowance. Change in Control Effects Our 2016 Equity Plan provides for accelerated vesting of outstanding equity awards if there is a change in control together with certain employment termination events (i.e., a “double trigger”). You can find a summary of potential payments arising from a change in control in “Executive Compensation—Potential Payments Upon Termination after Change in Control” in this proxy statement. Executive Transitions Transition of Jeff McCall Effective as of June 20, 2024, and as disclosed in the Form 8-Kfiled by the Company with the SEC on June 24, 2024, Jeff McCall, who had