Lennar (NYSE: LEN) director receives 501 deferred stock units in lieu of cash

Rhea-AI Filing Summary

Lennar Corporation director Armando J. Olivera reported a compensation-related equity award rather than a market trade. He received 501 deferred stock units of Class A common stock, valued at $89.78 per unit, issued in lieu of his quarterly cash retainer for board service.

The deferred stock units are fully vested upon grant but will not convert into Class A shares until he ceases to be a member of the Board of Directors. Following this grant, he directly holds 22,792 shares of Class A common stock and 142 shares of Class B common stock, reflecting his updated equity position in Lennar.

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	501	$89.78	$45K
holding	Class B Common Stock	--	--	--

Holdings After Transaction: Class A Common Stock — 22,792 shares (Direct, null); Class B Common Stock — 142 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Deferred stock units granted: 501 units Grant price per unit: $89.78 per unit Class A shares after grant: 22,792 shares +1 more

4 metrics

Deferred stock units granted 501 units Class A deferred stock units issued in lieu of quarterly cash retainer

Grant price per unit $89.78 per unit Value assigned to each deferred stock unit on grant date

Class A shares after grant 22,792 shares Total Lennar Class A common stock directly held after transaction

Class B shares held 142 shares Lennar Class B common stock directly held as of the reported date

Key Terms

deferred stock units ("DSUs"), quarterly cash retainer, fully vested upon grant, Board of Directors

4 terms

deferred stock units ("DSUs") financial

"Represents deferred stock units ("DSUs") issued in lieu of quarterly cash retainer payment"

quarterly cash retainer financial

"issued in lieu of quarterly cash retainer payment for service as a director"

fully vested upon grant financial

"These DSUs are fully vested upon grant but do not convert into shares"

Board of Directors financial

"do not convert into shares of Class A common stock until the reporting person ceases to be a member of the Board of Directors"

The Board of Directors is a group of people chosen by a company's owners to help make big decisions and oversee how the company is run. They act like a team of advisors or managers, making sure the company stays on track and meets its goals. Their choices can influence the company's success and how it grows.

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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)
05/29/2026

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	05/29/2026		A		501(1)	A	$89.78	22,792	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 lieu of quarterly cash retainer payment for service as a director. These DSUs are fully vested upon grant but do not 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.

	/s/ Mark Liberman as attorney-in-fact for Armando J. Olivera	06/02/2026
	** 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 in this Form 4?

Armando J. Olivera reported receiving 501 deferred stock units of Lennar Class A common stock as part of his director compensation. These units were granted instead of a quarterly cash retainer for board service and are recorded as a non-market acquisition.

How many Lennar Class A shares does Armando J. Olivera hold after this transaction?

After this grant, Armando J. Olivera directly holds 22,792 shares of Lennar Class A common stock. This figure reflects his updated ownership position following the 501 deferred stock units issued in lieu of cash compensation for his role as a director.

What are the terms of the deferred stock units granted to the Lennar director?

The deferred stock units are fully vested upon grant but do not convert into Lennar Class A common stock until the director ceases to be a Board member. They were issued in lieu of a quarterly cash retainer and fractional amounts were rounded down.

What price per share is associated with the Lennar deferred stock unit grant?

The deferred stock unit grant to the Lennar director is recorded at $89.78 per unit. This price reflects the value per share used for the 501 Class A common stock units issued as compensation instead of a cash retainer.

Does Armando J. Olivera hold any Lennar Class B common stock after this filing?

Yes. The Form 4 shows that Armando J. Olivera directly holds 142 shares of Lennar Class B common stock. This holding is reported as a position entry and not tied to a new transaction in this particular filing.