Company: LEN
Filing Date: 2025-02-28
Form Type: DEF 14A
Source: 0001193125-25-040938
Chunk: 58

Company: LENNAR CORP /NEW/
Filing Date: 2025-02-28
Form: DEF 14A
Chunk 58
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 served as the Executive Vice President of the Company since January 2020, transitioned to a non-executiverole as of June 20, 2024. As a result, as of June 20, 2024, Mr. McCall was no longer an executive officer of the Company or an officer for purposes of Section 16 of the Exchange Act. Mr. McCall is remaining at the Company for a transition period through March 1, 2025, during which time he is assisting with the transition of his duties and responsibilities to other members of management and is also working on special projects. During the transition period, Mr. McCall continues to be eligible to receive the same level of compensation and benefits that LENNAR CORPORATION2025 PROXY STATEMENT | 45

Compensation Discussion and Analysis Other Compensation Practices were in effect as of June 20, 2024. Mr. McCall’s previously granted equity awards remain outstanding and continue to vest in accordance with their existing terms. For further information, see “Compensation Discussion and Analysis—2024 Compensation Decisions—Equity-Based Compensation” and “Executive Compensation—Outstanding Equity Awards at Fiscal Year-End”in this proxy statement. Mr. McCall’s annual cash incentive award for fiscal 2024 is described in “Compensation Discussion and Analysis—2024 Compensation Decisions—Annual Cash Incentive Compensation” in this proxy statement. Other Compensation Practices Stock Ownership Guidelines Our Board has adopted stock ownership guidelines that set minimum equity ownership requirements for our executive officers. The guidelines are designed to align the interests of our executives with the interests of stockholders and further promote our commitment to sound corporate governance. Under our stock ownership guidelines, an executive is expected to own, by a date not later than five years after being appointed to his or her position as an executive officer, shares of our common stock with a value equal to a multiple (shown below) of the executive’s annual base salary. Until the required stock ownership level is achieved, an executive is required to retain at least 50% of the shares of restricted stock that become vested, other than shares sold to pay taxes resulting from the vesting. If the required level is not achieved within the five-year compliance period, an executive will be required to retain 100% of the restricted shares that become vested (other than shares sold to pay taxes resulting from the vesting) until the required level is achieved. As of January 31, 2025, all of our named executive officers had stock ownership