[Form 4] Lennar Corporation Insider Trading Activity

Rhea-AI Filing Summary

Lennar director Teri P. McClure received 131 Class A common shares as outside-director compensation on 08/29/2025, issued based on the last reported sale price of $133.14 per share on that date. After the issuance, Ms. McClure beneficially owned 29,526 Class A shares and 275 Class B shares. The newly issued Class A shares are subject to transfer restrictions and are not transferable until August 31, 2028, except for specified exceptions. The Form 4 was signed by an attorney-in-fact on behalf of Ms. McClure on 09/02/2025.

Positive

• Director alignment: 131 Class A shares awarded as compensation ties director pay to shareholder value via equity
• Clear valuation: Award was quantified using the market price of $133.14 per share on the grant date

Negative

• Transfer restrictions: Shares are not transferable until August 31, 2028, limiting the director's liquidity

Insights

Corporate Governance Expert

TL;DR: A routine director equity award aligns compensation with shareholders but is restricted until 2028, limiting immediate economic liquidity.

The filing documents a standard outside-director equity grant of 131 Class A shares tied to the quarter-end share price of $133.14. Such awards are common to align director incentives with shareholder outcomes. The transfer restriction through August 31, 2028 creates a multi-year retention device, supporting long-term alignment but restricting the director's ability to monetize the award. The filing shows modest total holdings (29,526 Class A and 275 Class B) which remain largely unchanged aside from this grant. There is no indication of derivative transactions, sales, or other material changes.

Securities Compliance Analyst

TL;DR: Disclosure is complete for the reported grant; issuance price referencing market value is documented and restrictions are specified.

The Form 4 properly reports the non-derivative acquisition code and quantity, cites the valuation method (last reported sale price $133.14) and states transfer restrictions until August 31, 2028. Filing was executed by an attorney-in-fact and signed on 09/02/2025, consistent with Section 16 reporting. No amendments or additional transactions are reported. There are no indications of trading plan reliance (no 10b5-1 box checked) within the provided text.

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
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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^*

McClure Teri P

(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(1)	A	$0.00	29,526	D
Class B Common Stock								275	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 Teri P. McClure	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 Teri P. McClure report on Form 4 for LEN?

The Form 4 reports acquisition of 131 Class A common shares as outside-director compensation on 08/29/2025.

At what price were the awarded Lennar (LEN) shares valued?

The shares were issued based on the last reported sale price of $133.14 per Class A share on August 29, 2025.

How many Lennar shares does Teri P. McClure beneficially own after the grant?

After the reported transaction, she beneficially owns 29,526 Class A shares and 275 Class B shares.

Are there any restrictions on the awarded LEN shares?

Yes, the awarded Class A shares are not transferable until August 31, 2028, subject to specified exceptions.

Was the Form 4 filed or signed by the reporting person?

The Form 4 was signed by an attorney-in-fact, Diane Bessette, on behalf of Teri P. McClure on 09/02/2025.