Company: LEN
Filing Date: 2025-02-28
Form Type: DEF 14A
Source: 0001193125-25-040938
Chunk: 42

Company: LENNAR CORP /NEW/
Filing Date: 2025-02-28
Form: DEF 14A
Chunk 42
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 regulatory compliance should have a larger percentage of their direct compensation from their base salary and from annual incentive awards based on factors like whether Lennar adheres to fundamental policies and procedures and avoids undue risk-taking. The chart below shows how total direct compensation was allocated for each of our NEOs in fiscal 2024 (other than Mr. McCall due to his transition to a non-executiverole within the Company, effective as of June 20, 2024). In order to provide greater alignment with stockholders, we compensate significantly more in equity-based awards than in cash. This is consistent with the Compensation Committee’s decision described above to target the fiscal 2024 incentive pay mix for Messrs. Miller and Jaffe at approximately 20% cash and 80% equity and with our compensation objectives to align executive compensation with the Company’s performance and to provide long-term value for our stockholders. For fiscal 2024, due to the reduction in annual cash bonus for Messrs. Miller and Jaffe described elsewhere in this “Compensation Discussion and Analysis” section, approximately 90% of Mr. Miller’s and Mr. Jaffe’s total incentive compensation came in the form of equity and approximately 10% came in the form of cash. 34 | LENNAR CORPORATION2025 PROXY STATEMENT

Compensation Discussion and Analysis Our Compensation Practices Our Compensation Practices We designed our executive compensation program to:

| • |     | attract, retain and motivate highly qualified and experienced executives; |

| • |     | recognize valuable individual performance and motivate executives to maximize Lennar’s short-term and long-term achievements without taking undue risk; |

| • |     | maintain flexibility to ensure that awards remain competitive within our peer group of homebuilders and Fortune 500 companies; |

| • |     | align the interests of our executives with those of our stockholders; and |

| • |     | promote adherence to good corporate governance and company policies and values. |

We pursue these objectives while adhering to the governance practices and company policies discussed below. We Tie Executive Compensation to Performance We believe that one of the best ways to align the interests of our senior executives with those of our stockholders is to tie a significant portion of executive compensation to Lennar’s financial and operational performance. With respect to our Executive Chairman and Co-ChiefExecutive Officer and our Co-ChiefExecutive Officer and President—the two named executive officers whose responsibilities are to manage the growth of our business—this means that approximately 97% of total direct compensation (base