Lennar (NYSE: LEN) director granted DSUs from dividend adjustment

Rhea-AI Filing Summary

Lennar director Armando J. Olivera received a stock-based compensation adjustment tied to a dividend. He acquired 14 deferred stock units (DSUs) of Class A Common Stock at $94.45 per unit, the closing price on the April 22, 2026 record date, increasing his direct Class A holdings to 22,291 shares.

The DSUs include units issued for deferred quarterly director fees and for an unvested annual DSU grant under Lennar’s outside directors’ compensation program. These DSUs are either fully vested or will vest with the related annual grant but will not convert into Class A shares until he leaves the board. A separate entry shows he directly holds 142 shares of Class B Common Stock.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider OLIVERA ARMANDO J

Role null

Type	Security	Shares	Price	Value
Grant/Award	Class A Common Stock	14	$94.45	$1K
holding	Class B Common Stock	--	--	--

Holdings After Transaction: Class A Common Stock — 22,291 shares (Direct, null); Class B Common Stock — 142 shares (Direct, null)

Footnotes (1)

1. Represents deferred stock units ("DSUs") issued in respect of the Reporting Person's deferred quarterly cash director's fee (the "Director's Fee DSUs") and DSUs issued in respect of the Reporting Person's unvested annual DSU grant (the "Annual Grant DSUs"), each as a result of the dividend on the Issuer's common stock with a record date of April 22, 2026, in accordance with the Issuer's outside directors' compensation program. The Director's Fee DSUs are fully vested and the Annual Grant DSUs will vest at the same time as the annual DSU grant to which they relate, but neither will convert into shares of Class A Common Stock until the Reporting Person ceases to be a member of the Board of Directors. Fractional amounts have been rounded down to the nearest whole number. Represents the closing price per share of Issuer's common stock as of the record date.

Key Figures

Deferred stock units granted: 14 DSUs DSU reference price: $94.45 per share Class A shares after transaction: 22,291 shares +1 more

4 metrics

Deferred stock units granted 14 DSUs Class A Common Stock units issued from April 22, 2026 dividend

DSU reference price $94.45 per share Closing price of Lennar common stock on April 22, 2026 record date

Class A shares after transaction 22,291 shares Direct Class A Common Stock holdings following DSU-related grant

Class B shares held 142 shares Direct Class B Common Stock holdings reported as of April 22, 2026

Key Terms

deferred stock units ("DSUs"), outside directors' compensation program, record date, annual DSU grant

4 terms

deferred stock units ("DSUs") financial

"Represents deferred stock units ("DSUs") issued in respect of the Reporting Person's deferred quarterly cash director's fee"

outside directors' compensation program financial

"in accordance with the Issuer's outside directors' compensation program"

record date financial

"as a result of the dividend on the Issuer's common stock with a record date of April 22, 2026"

The record date is the specific day when a company determines which shareholders are eligible to receive a dividend or participate in an upcoming vote. It’s like a cutoff date; if you own the stock on that day, you get the benefits or voting rights. This date matters because it decides who qualifies for certain company benefits.

annual DSU grant financial

"DSUs issued in respect of the Reporting Person's unvested annual DSU grant"

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

OLIVERA ARMANDO J

(Last) (First) (Middle)

5505 WATERFORD DISTRICT DRIVE

(Street)

MIAMI FLORIDA 33126

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
LENNAR CORP /NEW/ [ LEN, LEN.B ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/22/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	04/22/2026		A		14(1)	A	$94.45(2)	22,291	D
Class B Common Stock								142	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents deferred stock units ("DSUs") issued in respect of the Reporting Person's deferred quarterly cash director's fee (the "Director's Fee DSUs") and DSUs issued in respect of the Reporting Person's unvested annual DSU grant (the "Annual Grant DSUs"), each as a result of the dividend on the Issuer's common stock with a record date of April 22, 2026, in accordance with the Issuer's outside directors' compensation program. The Director's Fee DSUs are fully vested and the Annual Grant DSUs will vest at the same time as the annual DSU grant to which they relate, but neither will convert into shares of Class A Common Stock until the Reporting Person ceases to be a member of the Board of Directors. Fractional amounts have been rounded down to the nearest whole number.

2. Represents the closing price per share of Issuer's common stock as of the record date.

	/s/ Mark Liberman as attorney-in-fact for Armando J. Olivera	04/24/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Lennar (LEN) director Armando J. Olivera report on this Form 4?

He reported receiving 14 deferred stock units (DSUs) of Class A Common Stock at $94.45 per unit, issued as a dividend-related adjustment under Lennar’s outside directors’ compensation program, and updated his direct holdings in both Class A and Class B shares.

Are the new Lennar (LEN) DSUs for Armando J. Olivera immediately convertible to shares?

No, the DSUs will not convert into Class A Common Stock until Olivera ceases serving on Lennar’s board. Some DSUs are already fully vested, while others vest on the same schedule as the related annual DSU grant under the compensation program.

How were the new Lennar (LEN) DSUs for director Olivera determined?

The 14 DSUs were issued in respect of deferred quarterly cash director fees and an unvested annual DSU grant, based on the dividend on Lennar’s common stock with an April 22, 2026 record date, using the $94.45 closing price per share on that date.

What are Armando J. Olivera’s Lennar (LEN) share holdings after this Form 4?

After the reported transactions, Olivera directly holds 22,291 shares of Lennar Class A Common Stock and 142 shares of Class B Common Stock. The DSUs are separate from these share counts and will only convert into Class A shares when he leaves the board.

What is the role of Lennar’s outside directors’ compensation program in these DSUs?

The compensation program grants DSUs for deferred quarterly director fees and annual awards. The reported DSUs reflect dividend-related adjustments to those amounts, with fee-related DSUs fully vested and annual grant DSUs vesting alongside the original annual DSU grant schedule.