Amy Banse

About Amy Banse

Independent director of Lennar since 2021; age 65. Venture Partner at Mosaic, formerly Executive Vice President at Comcast and Managing Director/Head of Funds at Comcast Ventures (2011–2020); earlier President, Comcast Interactive Media (2005–2011) and associate at Drinker Biddle & Reath. Core credentials: digital media/technology, strategic and financial expertise, executive leadership; currently serves on Lennar’s Compensation and Nominating & Corporate Governance Committees. Other public boards: Adobe, Inc.; On Holding AG; previously The Clorox Company .

Past Roles

Organization	Role	Tenure	Committees/Impact
Comcast Corporation	Executive Vice President	2011–2020	Led Comcast Ventures; scaled portfolio across commerce, digital media, cybersecurity, SaaS, enterprise, autonomous vehicles .
Comcast Ventures LLC	Managing Director and Head of Funds	2011–2020	Built one of the most active corporate VC arms .
Comcast Interactive Media	President	2005–2011	Drove acquisitions (e.g., Fandango); oversaw Xfinity TV development .
Drinker, Biddle & Reath LLP	Associate	Early career	Legal foundation (content development/programming investments at Comcast thereafter) .

External Roles

Organization	Role	Status
Adobe, Inc.	Director	Current .
On Holding AG	Director	Current .
The Clorox Company	Director	Prior .

Board Governance

Committee assignments: Compensation Committee member; Nominating & Corporate Governance Committee member .
Independence: Board affirmatively determined independence; specifically reviewed her outside advisor/limited partner role at Mosaic, a third-party fund in which a Lennar subsidiary has an investment, and concluded it does not impair independence .
Attendance: Board met 7 times in fiscal 2024; each director attended at least 75% of Board and applicable committee meetings; all directors attended the 2024 annual meeting . Committee meetings FY2024: Audit 11; Compensation 4; Nominating & Corporate Governance 4; Executive 0; Independent Directors Transactions 0 .
Governance policies relevant to directors: Prohibition on hedging; pledging only beyond ownership guideline requirements . Stock ownership guidelines for directors: minimum equity equal to 5× the annual director retainer within five years; all directors compliant or on track .

Fixed Compensation

Component	Program Terms	FY2024 Amy Banse Actual
Annual Retainer	$140,000; 50% cash, 50% Class A stock .	Included within fees/stock awards below .
Annual Equity Grant	$135,000 in Class A shares; fully vested at grant; 50% subject to 2-year holding; grant date 4/10/2024 at $156.43 per share (863 shares) .	Included in $204,830 stock awards .
Committee Fees	Compensation member $15,000; NCG member $10,000; Audit chair $30,000; Audit member $25,000; Compensation chair $20,000; NCG chair $20,000; Lead Director $75,000 (cash) .	Included within $95,000 cash fees .
FY2024 Director Compensation (Total)	—	Cash fees: $95,000; Stock awards: $204,830; All other comp: $169 (cash in lieu of fractional shares); Total: $299,999 .

Performance Compensation

Performance Metrics Tied to Director Pay	Status
Performance-based components for non-management directors	None disclosed; director equity is time-based with holding requirements; no meeting fees; compensation program is retainer, committee fees, and annual stock grants .

Other Directorships & Interlocks

Area	Details
Public company boards	Adobe, Inc.; On Holding AG; previously The Clorox Company .
Potential related-party exposure	Outside advisor and limited partner in Mosaic; Lennar subsidiary has an investment in Mosaic; Board determined this does not impair independence .
Compensation Committee interlocks	None; directors serving on Lennar’s Compensation Committee were not Lennar officers; no related-party transactions requiring disclosure for Compensation Committee members in FY2024 .

Expertise & Qualifications

Qualifications cited by Lennar: experience in digital media and technology; strategic and financial expertise; executive leadership .
Functional expertise relevant to Lennar’s board skills matrix: technological innovation, corporate governance/compliance, financial/investment, strategic risk management (as per director experience chart; matrix summarized in proxy) .

Equity Ownership

Holder	Class A Shares	Class B Shares	% of Class	Pledging	Notes
Amy Banse	13,192	0	<1%	Not disclosed (no pledging noted for Banse) .	Directors must own ≥5× annual retainer within 5 years; all directors in compliance or on track .
Hedging/Pledging policy	—	—	—	Hedging prohibited; pledging only beyond ownership guideline requirements .	Insider trading policy applies to directors .

Governance Assessment

Signals of board effectiveness: Active participation on Compensation and NCG committees; independence affirmed despite Mosaic linkage; adherence to stock ownership guidelines and hedging prohibition support alignment with shareholders .
Compensation alignment: Director pay structure is standard—mix of cash retainer, committee fees, and equity grant with holding requirements; FY2024 total $299,999 indicates balanced cash/equity; no performance-linked director pay, reducing short-term bias .
Attendance/engagement: Board met 7 times; all directors ≥75% attendance; committee cadence suggests robust oversight (Audit 11; Compensation 4; NCG 4) .
Potential conflicts/RED FLAGS:
- Mosaic relationship: disclosed and assessed; independence not impaired—monitor ongoing transactions given Lennar subsidiary investment (Board oversight and related-party approval process via Audit Committee) .
- Dual-class control environment: Concentrated voting power with Executive Chairman (40.2% combined votes), which can constrain independent director influence; underscores importance of strong committee oversight and independent sessions .
Shareholder sentiment context: Say-on-pay support at 79% in 2024 reflects mixed-but-positive investor approval of executive compensation policies overseen by the Compensation Committee (of which Banse is a member) .