[Form 4] Lennar Corporation Insider Trading Activity

Rhea-AI Filing Summary

Serena Wolfe, a director of Lennar Corporation (LEN), acquired 131 shares of Class A common stock on 08/29/2025 as part of the company outside directors' compensation program. The shares were issued based on a reference price of $133.14 per share and are subject to transfer restrictions until 08/31/2028 except for specified exceptions. After the grant, Ms. Wolfe directly beneficially owns 3,875 Class A shares.

This filing reports a routine non-cash equity award to a director under the issuer compensation program; the grant was recorded with a transaction code indicating acquisition with a reported price of $0.00 and explanatory disclosure of the reference price used for grant valuation.

Insights

Corporate Governance Expert

Routine director equity grant with standard transfer restrictions; governance controls appear typical.

The reported 131-share award reflects customary outside director compensation delivered in equity rather than cash, using the last reported market price of $133.14 as the valuation reference. The presence of transfer restrictions through 08/31/2028 aligns with standard long-term retention and alignment practices for non-employee directors. The disclosure is concise and complies with Section 16 reporting norms; there are no unusual vesting conditions or indications of accelerated transferability disclosed.

Securities/Insider Transactions Analyst

Non-material insider acquisition disclosed; transaction likely immaterial to shareholders.

The change increases the reporting person's direct holdings to 3,875 Class A shares. The small size of the award (131 shares) and the issuance under a director compensation program suggest limited market impact and no immediate liquidity event given transfer restrictions. The form properly notes the basis for share issuance and the restriction period, meeting disclosure expectations for insider trading transparency.

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

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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^*

Wolfe Serena

(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)
08/29/2025

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	08/29/2025		A		131	A	$0.00(1)	3,875	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. These shares were issued in accordance with the Issuer's outside directors' compensation program based on $133.14 per share which was the last reported sale price of the Issuer's Class A common stock on August 29, 2025, the last trading day of the Issuer's fiscal quarter. The shares are not transferable until August 31, 2028, subject to specified exceptions.

	/s/ Diane Bessette as attorney-in-fact for Serena Wolfe	09/02/2025
	** 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 transaction did Serena Wolfe report for LEN?

She acquired 131 Class A shares of Lennar (LEN) on 08/29/2025 under the outside directors' compensation program.

How many Lennar shares does Serena Wolfe own after the reported transaction?

3,875 Class A shares beneficially owned following the reported acquisition.

What price was used to value the director award reported on the Form 4?

$133.14 per share was the last reported sale price used to determine the number of shares issued.

Are there any transfer restrictions on the shares Serena Wolfe received?

Yes; the shares are not transferable until 08/31/2028 except for specified exceptions.

Was cash used to purchase the shares reported by Serena Wolfe?

No; the Form 4 indicates an acquisition coded as issuance under the compensation program with a reported price of $0.00 and explanatory valuation note.