Lennar director receives restricted 131-share compensation award

Rhea-AI Filing Summary

Dacona Smith, a director of Lennar Corporation (LEN), received 131 shares of Class A common stock as outside director compensation. The shares were issued based on the issuer's last reported sale price of $133.14 per share on the transaction date. The grant increased the reporting person's beneficial ownership to 3,805 shares and was issued at no cash cost to the reporting person.

The issued shares are subject to transfer restrictions until August 31, 2028, except for specified exceptions, and were reported on a Form 4 indicating a routine director compensation award rather than an open-market trade.

Positive

• Director received equity under the outside directors' compensation program, aligning interests with shareholders
• Shares are restricted until August 31, 2028, promoting retention and long-term alignment
• Beneficial ownership increased to 3,805 shares, reflecting added insider stake

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine director equity award aligns executive incentives with shareholders; transfer restrictions indicate retention intent.

This Form 4 documents a non-cash issuance of 131 Class A shares to a Lennar director under the company’s outside directors’ compensation program, increasing beneficial ownership to 3,805 shares. The grant used the last reported sale price to determine share size and carries a transfer restriction until August 31, 2028, which supports long-term alignment and retention. The size of the grant appears modest relative to a large-cap issuer and is a standard corporate governance practice rather than a material corporate event.

Securities Analyst

TL;DR: Non-derivative award reported; immaterial in scale but reduces potential agency conflict through restricted equity.

The transaction code and zero cash price indicate shares were awarded as compensation rather than purchased. Beneficial ownership rose to 3,805 shares, which is unlikely to meaningfully affect share counts or valuation for investors. Transfer restrictions until 2028 limit near-term liquidity of these shares, reinforcing their role as compensation rather than a market transaction. Overall, the filing signals standard compensation governance with limited market impact.

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^*

Smith Dacona

(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	3,805	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 Dacona Smith	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.
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FAQ

What transaction is reported on the LEN Form 4?

The filing reports an award of 131 Class A common shares to director Dacona Smith as outside director compensation.

How many Lennar (LEN) shares does the reporting person own after the transaction?

3,805 shares of Class A common stock are reported as beneficially owned following the award.

Was any cash paid for the shares reported on the Form 4?

No cash was paid; the shares were issued at a price of $0.00 to the reporting person as compensation.

On what basis were the number of shares determined?

The shares were issued based on $133.14 per share, the issuer's last reported sale price on the transaction date.

Are there any transfer restrictions on the awarded Lennar shares?

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