LEN Form 4: Director Amy Banse receives 131 Class A shares; transfer restricted

Rhea-AI Filing Summary

Amy Banse, a director of Lennar Corporation (LEN), was issued 131 Class A common shares as outside director compensation on 08/29/2025 based on a $133.14 per-share valuation. The shares were issued at no cash price to the reporting person and are subject to transfer restrictions until 08/31/2028 except for specified exceptions. After the issuance, Ms. Banse beneficially owned 14,710 Class A shares directly and 165 Class A shares indirectly through a trust for her child, of which she is trustee. The Form 4 was signed by Diane Bessette as attorney-in-fact on 09/02/2025.

Positive

• Director compensation granted in equity aligns interests of the reporting person with shareholders
• Clear disclosure of direct and indirect beneficial ownership, including trust holdings

Negative

• Issued shares are nontransferable until 08/31/2028, limiting liquidity of the award

Insights

Corporate Governance Expert

TL;DR: Routine director compensation issuance with standard transfer restrictions; no material governance red flags evident.

The Form 4 reports a typical outside-director equity award tied to the last reported market price for the quarter, aligning director pay with shareholder value. The three-year transfer restriction is customary for long-term alignment and does not indicate unusual governance practices. Beneficial ownership is clearly disclosed, including indirect holdings via a family trust. The filing appears complete and timely based on the stated dates.

Securities Analyst

TL;DR: Small, non-cash equity issuance to a director increases insider holdings modestly; unlikely to move investor valuation.

The 131-share award, valued using the reported $133.14 closing price, represents a modest increase in insider ownership and is described as compensation rather than a market purchase or sale. The indirect holdings (165 shares) are held in a trust for a dependent, consistent with standard disclosure practices. No derivative transactions or dispositions are reported.

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^*

Banse Amy

(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	14,710	D
Class A Common Stock								165	I	By Trust(2)

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.

2. These shares are held in a trust, of which the reporting person is the trustee, for the benefit of the reporting person's child.

	/s/ Diane Bessette as attorney-in-fact for Amy Banse	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

Who filed the Form 4 for LEN and what was reported?

Amy Banse (a director) filed the Form 4 reporting the issuance of 131 Class A common shares as outside director compensation on 08/29/2025.

What price was used to value the shares in the LEN Form 4?

The shares were valued at $133.14 per share, the last reported sale price of LEN Class A common stock on 08/29/2025.

How many LEN shares does Amy Banse own after this transaction?

Following the issuance, Ms. Banse beneficially owned 14,710 Class A shares directly and 165 Class A shares indirectly through a trust.

Are there any restrictions on the LEN shares issued to Amy Banse?

Yes, the issued shares are not transferable until 08/31/2028, subject to specified exceptions noted in the filing.

Who signed the Form 4 on behalf of Amy Banse and when?

The Form 4 was signed by /s/ Diane Bessette as attorney-in-fact for Amy Banse on 09/02/2025.