OLIVERA ARMANDO J 4

What Happened
Armando J. Olivera, a director of Lennar Corp (LEN / LEN.B), was granted 2,312 deferred stock units (DSUs) on 2026-04-08 as part of the outside directors' compensation program. The DSUs were awarded at $0 per unit (transaction coded as an award/grant), so the reported acquisition value is $0. This is a routine director compensation award, not an open-market purchase or sale.

Key Details

• Transaction date: 2026-04-08; Form filed on 2026-04-10 (timely filing).
• Transaction type/code: Award/Grant (A).
• Units granted: 2,312 DSUs; price per unit: $0; reported value: $0.
• Shares owned after transaction: not reported in this Form 4.
• Footnote: DSUs issued in lieu of an annual share grant; they vest either at the next annual meeting of stockholders or on the first anniversary of the grant (whichever comes first) and do not convert into Class A common stock until the director ceases board service. Fractional amounts, if any, were rounded down.

Context
DSUs are deferred-compensation units commonly used for non-employee directors. They represent future equity value but are not tradable shares now and do not increase outstanding shares until converted after the director leaves the board. Such awards are routine and reflect compensation policy rather than an immediate insider view on the stock.