Lennar adjusts FY2023 executive comp: caps bonuses, reduces PTI %, raises performance targets

LENNAR CORP /NEW/

Cash bonus caps: $7M for Executive Chairman, $6M each for Co-CEOs (same as FY2022).
PTI payout % reduced: Executive Chairman to 0.20% (from 0.58%), Co-CEOs to 0.15% (from 0.51%).
Performance-based equity increased to ~70% of long-term incentives; performance target raised to 65th percentile.
Threshold payout lowered to 30% of target (from 50%) for all performance goals.
Equity grants: Miller 191,755 performance shares + 82,180 restricted shares; similar for other NEOs.

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