Company: LEN
Filing Date: 2025-02-28
Form Type: DEF 14A
Source: 0001193125-25-040938
Chunk: 73

Company: LENNAR CORP /NEW/
Filing Date: 2025-02-28
Form: DEF 14A
Chunk 73
---
 by more than 50 miles, if such relocation results in an increase in the participant’s daily commute by more than 10 miles each way.

54 | LENNAR CORPORATION2025 PROXY STATEMENT

Executive Compensation CEO Pay Ratio CEO Pay Ratio As required by SEC rules, we are providing the following information about the ratio of the annual total compensation of our Executive Chairman and Co-ChiefExecutive Officer, Stuart Miler, and our Co-ChiefExecutive Officer and President, Jonathan Jaffe, to that of our median associate. To determine the median of the annual total compensation of all our associates (other than our Executive Chairman and Co-ChiefExecutive Officer and our Co-ChiefExecutive Officer and President), we selected November 30, 2024, the last day of our fiscal year, as the determination date for identifying the median associate. For purposes of identifying the median compensation, we considered the W-2wages of all full-time, part time, seasonal and temporary associates of Lennar Corporation and its consolidated subsidiaries during the twelve-month period ended November 30, 2024. We analyzed the W-2wages of all associates, whether employed on a full-time, part-time, or temporary basis as of November 30, 2024. We annualized the wages of permanent full-or part-time associates who started after the beginning of the fiscal year. Using this methodology, we determined that the associate who received the median total compensation (excluding our Executive Chairman and Co-ChiefExecutive Officer and our Co-ChiefExecutive Officer and President) was a Construction Manager. That associate received total compensation of $96,548 for the year ended November 30, 2024, calculated in accordance with the requirements of Item 402(c)(2) (x) of SEC Regulation S-K,which includes base pay, cash bonus, and Lennar’s matching contribution to the associate’s 401(k) plan. This calculation is the same calculation used to determine total compensation for purposes of the 2024 Summary Compensation Table with respect to each of the named executive officers. Mr. Miller’s annual total compensation as reported in the 2024 Summary Compensation Table was $29,546,675. Accordingly, for 2024, the ratio of Mr. Miller’s compensation to the compensation of the median associate was 306 to 1. Mr. Jaffe’s annual total compensation as reported in the 2024 Summary Compensation Table was $25,086,806. Accordingly, for 2024, the ratio of Mr. J