LENNAR CORP /NEW/ — Director's Dealing 2025

Jan 15, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LENNAR CORP /NEW/ (LEN, LEN.B)
CIK: 0000920760
Period of Report: 2025-01-13

Reporting Person: MILLER STUART A (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-01-13	Class A Common Stock	A	140981	—	Acquired	1548857	Direct
2025-01-13	Class A Common Stock	A	60420	—	Acquired	1609277	Direct
2025-01-13	Class A Common Stock	F	22690	$131.58	Disposed	1586587	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class B Common Stock	121323	Direct
Class A Common Stock	6660	Indirect
Class A Common Stock	200000	Indirect
Class A Common Stock	14476	Indirect
Class A Common Stock	20255	Indirect
Class B Common Stock	2554	Indirect
Class B Common Stock	21619137	Indirect

Footnotes

F1: 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.

F2: 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 grants are subject to forfeiture in accordance with their terms.

F3: Surrendered shares to the Company pursuant to a 10b5-1 plan to satisfy a withholding obligation due to a grant of restricted stock on January 13, 2025.

F4: 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.

F5: 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.

F6: 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.

F7: 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 December 31, 2024.