LENNAR CORP /NEW/ — Director's Dealing 2025

Mar 4, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LENNAR CORP /NEW/ (LEN, LEN.B)
CIK: 0000920760
Period of Report: 2025-02-27

Reporting Person: MILLER STUART A (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-02-27	Class A Common Stock	D	7597	—	Disposed	1574455	Direct
2025-02-27	Class A Common Stock	F	41011	$120.37	Disposed	1533444	Direct
2025-02-27	Class A Common Stock	D	6428	—	Disposed	1527016	Direct
2025-02-27	Class A Common Stock	F	35098	$120.37	Disposed	1491918	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	2635	Indirect
Class A Common Stock	200000	Indirect
Class A Common Stock	14476	Indirect
Class A Common Stock	20339	Indirect
Class B Common Stock	2565	Indirect
Class B Common Stock	21619137	Indirect

Footnotes

F1: On February 28, 2022, the reporting person was granted a target award of 105,260 shares of Class A common stock subject to performance-based vesting conditions over a three-year performance period, which ended on November 30, 2024. This grant was reported when it occurred. As a result of Company's failure to achieve certain financial performance goals, the 7,597 shares of Class A common stock were forfeited.

F2: Includes 3,965 shares previously held through GRAT 1 which were distributed to the reporting person on February 19, 2025 and are now owned directly.

F3: Pursuant to a 10b5-1 plan, the reporting person surrendered shares to pay tax liability on the shares of Class A common stock that were subject to performance criteria. The grant of shares subject to performance-based vesting conditions was originally made on February 28, 2022.

F4: On November 17, 2022, the reporting person was granted a target award of 89,064 shares of Class A common stock subject to performance-based vesting conditions over a three-year performance period, which ended on November 30, 2024. This grant was reported when it occurred. As a result of Company's failure to achieve certain financial performance goals, the 6,428 shares of Class A common stock were forfeited.

F5: Pursuant to a 10b5-1 plan, the reporting person surrendered shares to pay tax liability on the shares of Class A common stock that were subject to performance criteria. The grant of shares subject to performance-based vesting conditions was originally made on November 17, 2022.

F6: These shares are held by a Grantor Retained Annuity Trust ("GRAT 1") of which Mr. Miller is the sole beneficiary and sole annuitant, as well as the trustee. Mr. Miller continues to report beneficial ownership of all of the Lennar Class A common stock held by GRAT 1 but disclaims beneficial ownership except to the extent of his pecuniary interest therein.

F7: These shares are held by a Grantor Retained Annuity Trust ("GRAT 2") of which Mr. Miller is the sole beneficiary and sole annuitant, as well as the trustee. Mr. Miller continues to report beneficial ownership of all of the Lennar Class A common stock held by GRAT 2 but disclaims beneficial ownership except to the extent of his pecuniary interest therein.

F8: Mr. Miller has sole voting and investment power with respect to these shares, even though he has only limited pecuniary interest in these shares. Mr. Miller disclaims beneficial ownership of these shares except to the extent of such pecuniary interest.

F9: Represents the number of shares indirectly held by the Reporting Person, as reflected in the Reporting Person's Employee Stock Ownership Plan ("ESOP") account on February 28, 2025.