[Form 4] Lennar Corporation Insider Trading Activity

Rhea-AI Filing Summary

Katherine Lee Martin, Chief Legal Officer/Secretary of Lennar Corporation (LEN), was granted a total of 45,219 shares of Class A common stock on 09/02/2025. The grants are split into three awards: 30,147 shares vesting in four installments (Oct 2, 2025; Feb 14, 2026; Feb 14, 2027; Feb 14, 2028), 7,536 shares vesting in three installments (Feb 14, 2026; Feb 14, 2027; Feb 14, 2028), and 7,536 shares subject to three-year performance-based vesting. All awards are subject to forfeiture under their terms.

Positive

• Total grant of 45,219 Class A shares to the Chief Legal Officer/Secretary aligns executive compensation with shareholder interests
• Majority of shares vest over multiple years through 2028, supporting multi-year retention

Negative

• Portion of the grant (7,536 shares) is performance-based with undisclosed targets, limiting transparency about achievable value
• All awards are subject to forfeiture, meaning actual future ownership depends on meeting vesting conditions

Insights

Financial Analyst

TL;DR: Insider equity awards totaling 45,219 Class A shares were granted, with mixed time- and performance-based vesting.

The filing reports non-derivative stock grants to a senior executive on 09/02/2025 totaling 45,219 Class A shares. Most of the award vests on time-based schedules through 2028, while a portion is tied to a three-year performance period. Such grants are typical for executive compensation and align the officer's incentives with shareholder outcomes, but the filing does not disclose grant-date valuation or performance targets, limiting assessment of potential dilution or executive pay magnitude.

Corporate Governance Expert

TL;DR: The report documents standard equity-based compensation with forfeiture and performance conditions; disclosure is routine.

The Form 4 shows standard governance practices: time-vested awards and a performance-conditioned tranche, with forfeiture provisions noted. The filing is procedural and provides vesting dates but omits performance metric details and grant values, which are often disclosed in proxy statements rather than Form 4s. For governance review, the key items are the mix of time- and performance-based vesting and the multi-year vesting horizon that retains executive alignment.

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^*

Lee Martin Katherine

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Legal Officer/Secretary

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2025

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	09/02/2025		A		30,147(1)	A	$0.00	30,147	D
Class A Common Stock	09/02/2025		A		7,536(2)	A	$0.00	37,683	D
Class A Common Stock	09/02/2025		A		7,536(3)	A	$0.00	45,219	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. The shares of Class A common stock granted vest in four equal amounts on each of October 2, 2025, February 14, 2026, February 14, 2027, and February 14, 2028. The grant is subject to forfeiture in accordance with its terms.

2. The shares of Class A common stock granted vest in three equal amounts on each of February 14, 2026, February 14, 2027, and February 14, 2028. The grant is subject to forfeiture in accordance with its terms.

3. The shares of Class A common stock granted are subject to performance-based vesting conditions over a three-year performance period. The grant is subject to forfeiture in accordance with its terms.

	/s/ Mark Liberman as attorney-in-fact for Katherine Lee Martin	09/04/2025
	** 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 did Katherine Lee Martin receive in the Form 4 for LEN?

She was granted a total of 45,219 Class A common shares on 09/02/2025 split across three awards.

How do the awarded LEN shares vest?

30,147 shares vest in four installments (Oct 2, 2025; Feb 14, 2026; Feb 14, 2027; Feb 14, 2028), 7,536 shares vest in three equal installments (Feb 14, 2026; Feb 14, 2027; Feb 14, 2028), and 7,536 shares are subject to three-year performance-based vesting.

Are the granted LEN shares immediately owned outright?

No. The grants are subject to vesting schedules and are subject to forfeiture under the terms of the awards.

When was the Form 4 signed and filed?

The signature block shows the form signed by an attorney-in-fact on 09/04/2025 reporting transactions dated 09/02/2025.

Does the Form 4 disclose the monetary value of the grants?

No. The filing lists share amounts and vesting but does not disclose grant-date dollar values or performance targets.