Stuart Miller - Feb 28, 2023 Form 4 Insider Report for LENNAR CORP /NEW/ (LENB)

Role
Executive Chairman, Director, 10%+ Owner
Signature
/s/ Mark Sustana as attorney-in-fact for Stuart Miller
Stock symbol
LENB
Transactions as of
Feb 28, 2023
Transactions value $
-$11,001,079
Form type
4
Date filed
3/2/2023, 03:45 PM
Previous filing
Dec 28, 2022
Next filing
Dec 22, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction LENB Class A Common Stock Award $0 +274K +18.2% $0.00 1.78M Feb 28, 2023 Direct F1
transaction LENB Class A Common Stock Tax liability -$3.13M -32.3K -1.82% $96.74 1.75M Feb 28, 2023 Direct F2
transaction LENB Class A Common Stock Award $0 +99.9K +5.72% $0.00 1.85M Feb 28, 2023 Direct F3
transaction LENB Class A Common Stock Tax liability -$7.87M -81.4K -4.41% $96.74 1.77M Feb 28, 2023 Direct F4
holding LENB Class B Common Stock 121K Feb 28, 2023 Direct
holding LENB Class A Common Stock 14.5K Feb 28, 2023 By Trust F5
holding LENB Class A Common Stock 19.8K Feb 28, 2023 By ESOP Trust
holding LENB Class B Common Stock 2.49K Feb 28, 2023 By ESOP Trust
holding LENB Class B Common Stock 21.6M Feb 28, 2023 By Family Trust F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 191,755 of the shares of Class A common stock granted are subject to performance-based vesting conditions over a three-year performance period, and the other 82,180 of the shares of Class A common stock granted vest in three equal amounts on each of February 14, 2024, February 14, 2025 and February 14, 2026. The grants are subject to forfeiture in accordance with their terms.
F2 Surrendered shares to the Company pursuant to a 10b5-1 plan to satisfy a withholding obligation due to a grant of restricted stock on February 28, 2023.
F3 On February 28, 2020, the reporting person was granted a target award of 106,934 shares of Class A common stock subject to performance-based vesting conditions over a three-year performance period ended November 30, 2022. This grant was reported when it occurred. As a result of meeting specified performance criteria, on February 28, 2023, the 106,934 shares of Class A common stock vested and the reporting person was granted an additional 99,876 shares of Class A common stock.
F4 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, 2020.
F5 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.