Director Armando Olivera adds 2,312 DSUs at Lennar (LEN)

Rhea-AI Filing Summary

Lennar Corporation director Armando J. Olivera received a grant of 2,312 deferred stock units (DSUs) of Class A common stock on April 8, 2026 as part of the outside directors' compensation program. These DSUs vest on the earlier of the next annual stockholders' meeting or the first anniversary of the grant date.

The DSUs will not convert into shares of Class A common stock until Olivera ceases to serve on the Board of Directors. After this award, he directly holds 22,276 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	2,312	$0.00	--
holding	Class B Common Stock	--	--	--

Holdings After Transaction: Class A Common Stock — 22,276 shares (Direct); Class B Common Stock — 142 shares (Direct)

Footnotes (1)

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Key Figures

DSUs granted: 2,312 units Class A shares after grant: 22,276 shares Class B shares reported: 142 shares +1 more

4 metrics

DSUs granted 2,312 units Deferred stock units granted on April 8, 2026

Class A shares after grant 22,276 shares Direct Class A common stock holdings after transaction

Class B shares reported 142 shares Direct Class B common stock holdings reported

Grant price per DSU $0.0000 per unit Reported transaction price for DSU award

Key Terms

deferred stock units, outside directors' compensation program, annual meeting of stockholders, Class A common stock

4 terms

deferred stock units financial

"Represents deferred stock units ("DSUs") issued in lieu of annual share grant"

Deferred stock units are promises from a company to give an employee shares of stock at a future date, often after certain conditions are met or after leaving the company. They function like a form of delayed compensation, allowing employees to earn shares over time. For investors, they represent potential future ownership in the company, but do not provide immediate voting rights or dividends until the shares are actually received.

outside directors' compensation program financial

"for service as a director in accordance with the Issuer's outside directors' compensation program"

annual meeting of stockholders financial

"shall vest on either the date of the next annual meeting of stockholders or the first anniversary"

Class A common stock financial

"do not convert into shares of Class A common stock until the reporting person ceases"

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

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)
04/08/2026

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	04/08/2026		A		2,312(1)	A	$0.00	22,276	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 annual share grant for service as a director in accordance with the Issuer's outside directors' compensation program. The DSUs shall vest on either the date of the next annual meeting of stockholders or the first anniversary of the grant date, whichever comes first, 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	04/10/2026
	** 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 Olivera report on this Form 4?

Armando J. Olivera reported receiving 2,312 deferred stock units (DSUs) of Lennar Class A common stock as director compensation. The award increases his direct Class A holdings to 22,276 shares, alongside 142 Class B shares reported as directly owned.

How will Armando Olivera’s 2,312 Lennar DSUs vest and settle?

The 2,312 DSUs vest on the earlier of Lennar’s next annual stockholders’ meeting or the first anniversary of the grant date. They do not convert into Class A common shares until Olivera ceases serving on the Board of Directors.

Are Armando Olivera’s reported Lennar shares held directly or indirectly?

All holdings in this Form 4 are shown as directly owned. After the DSU grant, Olivera directly holds 22,276 Class A shares and 142 Class B shares. The filing does not list any indirect ownership entities for these positions.

Was Armando Olivera’s Lennar Form 4 a market purchase or sale?

The Form 4 shows a grant/award acquisition, not an open-market trade. Olivera received 2,312 DSUs at a reported price of $0.0000 per unit as compensation for Board service, with no reported shares bought or sold in the market.

What is the significance of the $0.0000 price on Lennar’s DSU grant?

The $0.0000 price reflects that the 2,312 DSUs were a compensation award, not a purchase. They were issued under Lennar’s outside directors’ compensation program, so Olivera did not pay cash consideration for the units reported in this Form 4.