MILLER STUART A 4

What Happened Stuart A. Miller, reported as a 10% owner of Lennar Corporation (LEN), disposed of two pools of Class A shares on March 16, 2026. He forfeited 55,490 performance-based shares back to the issuer (reported at $0) and surrendered 59,958 shares at $95.95 each (totaling $5,752,970) to satisfy a tax liability under a 10b5-1 plan.

These were dispositions (sales/forfeitures), not open-market purchases—largely routine actions tied to performance-vesting rules and tax withholding rather than an outright sale for investment reasons.

Key Details

• Transaction dates: March 16, 2026 (filed on March 18, 2026).
• Dispositions:
  • 55,490 shares surrendered to the issuer at $0.00 (forfeiture from a Feb 28, 2023 performance grant).
  • 59,958 shares disposed at $95.95 each = $5,752,970 (surrendered to pay tax liability per a 10b5-1 plan).
• Footnotes: shares forfeited due to partial satisfaction of performance goals (F1); tax withholding and surrender pursuant to a 10b5-1 plan (F3); several shares were recently distributed from GRATs and are now owned directly (F2–F6); some holdings reflect limited pecuniary interest and disclaimers (F4–F7); ESOP holdings noted (F8).
• Shares owned after the transactions are not specified in the provided excerpt of the filing.
• Filing timeliness: Reported on Mar 18, 2026 for transactions on Mar 16, 2026 (appears to be filed within the standard Form 4 reporting window).

Context

• The 59,958-share disposition was effectively a tax-withholding/cashless-type action under a prearranged 10b5-1 plan rather than an open-market sale; the 55,490-share transfer was a forfeiture tied to performance conditions of a 2023 grant. Both are common administrative transactions that don’t necessarily indicate a change in the insider’s view of the company.
• As a reported 10% owner, Miller’s filings reflect significant indirect and trust-related holdings (GRATs and ESOP), and he disclaims beneficial ownership of certain trust-held shares except to the extent of pecuniary interest.