Lennar (LEN) director receives 393 deferred stock units in lieu of cash

Rhea-AI Filing Summary

Lennar Corporation director Armando J. Olivera reported an acquisition of deferred stock units tied to Class A common stock. On February 27, 2026, he received 393 deferred stock units valued at $114.36 per unit as a grant in lieu of his quarterly cash retainer for board service.

The footnote explains these deferred stock units are fully vested at grant but will not convert into Class A shares until he leaves the Board of Directors. Following this grant, his reported direct holdings were 19,964 shares of Class A common stock and 142 shares of Class B common stock.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider OLIVERA ARMANDO J

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Class A Common Stock	393	$114.36	$45K
holding	Class B Common Stock	--	--	--

Holdings After Transaction: Class A Common Stock — 19,964 shares (Direct); Class B Common Stock — 142 shares (Direct)

Footnotes (1)

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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 FL 33126

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
02/27/2026

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

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

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

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	02/27/2026		A		393(1)	A	$114.36	19,964	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 to the nearest whole number.

	/s/ Mark Liberman as attorney-in-fact for Armando J. Olivera	03/03/2026
	** 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.

FAQ

What insider transaction did Lennar (LEN) director Armando J. Olivera report?

Armando J. Olivera reported receiving 393 deferred stock units tied to Lennar Class A common stock. The units were granted in lieu of a quarterly cash retainer for his service on the Board of Directors and are treated as a non-cash equity award.

How are the deferred stock units granted to Lennar (LEN) director Olivera structured?

The deferred stock units granted to Olivera are fully vested at the time of grant. However, they do not convert into actual shares of Lennar Class A common stock until he ceases to be a member of the Board of Directors, according to the filing’s footnote disclosure.

What price was used to value the Lennar (LEN) deferred stock unit grant?

The 393 deferred stock units were valued at $114.36 per unit. This price is used in the Form 4 to reflect the grant’s per-unit value for reporting purposes, even though the award represents deferred stock units rather than an immediate open-market purchase.

What are Armando J. Olivera’s reported Lennar (LEN) Class A and Class B holdings after the grant?

After the reported grant, Olivera’s direct holdings were 19,964 shares of Lennar Class A common stock and 142 shares of Class B common stock. These totals reflect his ownership following the addition of the 393 deferred stock units described in the Form 4 filing.

Is the Lennar (LEN) director’s deferred stock unit grant considered a stock purchase?

No, the grant is reported as an acquisition coded as a grant or award, not an open-market purchase. The deferred stock units are issued instead of a cash retainer and become actual Class A shares only when the director leaves Lennar’s Board of Directors.

Does the Lennar (LEN) Form 4 show any stock sales by director Olivera?

The Form 4 does not report any stock sales by Olivera. It shows one acquisition transaction for 393 deferred stock units and a separate holding entry for Class B common stock, with no disposal or sale transactions indicated in the summarized data.