secwatch.observer — SEC 8-K summary
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Issuer:     LENNAR CORP /NEW/ (LEN)
CIK:        0000920760
Form:       8-K
Filed at:   2023-03-06T23:59:59+00:00
Accession:  0001193125-23-061576
Event type: leadership
Sentiment:  neutral
Materiality: 0.50
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/920760/000119312523061576/0001193125-23-061576-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/920760/000119312523061576/d444988d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-061576

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer