OLIVERA ARMANDO J 4

What Happened Armando J. Olivera, a member of Lennar Corporation's Board of Directors, was granted 393 deferred stock units (DSUs) on February 27, 2026. The grant is reported at a per-unit value of $114.36, for a total reported value of $44,943. This was an award issued in lieu of a quarterly cash retainer and is not an open-market purchase or sale.

Key Details

• Transaction type: Award/Acquisition (Code A) — 393 DSUs
• Grant date and reporting period: 2026-02-27 (filed with SEC on 2026-03-03)
• Reported per-unit value: $114.36; total value: $44,943
• Shares owned after transaction: Not specified in the provided filing
• Footnote: DSUs were issued in lieu of a quarterly cash retainer, are fully vested upon grant, and convert into Class A common stock only when the director leaves the Board; fractional amounts were rounded
• Timeliness: Filing dated 2026-03-03, within the typical two-business-day Form 4 reporting window for a 2026-02-27 transaction

Context DSUs are a form of deferred compensation for directors. Although these units are valued like shares, they do not convert into actual Class A common stock until the director’s board service ends, so this award does not immediately increase voting shares outstanding. Awards like this are routine for non-employee directors and are different from outright purchases (which can be interpreted as a direct bullish signal) or sales.