SEC Form 4 · accession 0001209191-18-003582

· LEN

Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗

Reporting owner

Stuart A Miller

Officer — Chief Executive Officer · Director · 10% Owner

Period of report

Jan 11, 2018

Accepted (ET)

Jan 16, 2018 · 4:35 pm EST

Rule 10b5-1 plan

unknown — predates the checkbox

Issuer CIK

0000920760

Table I — non-derivative securities

Security	Date	Code	Shares	Price	A/D	Owned after	D/I	Nature of ownership
Class A Common Stock^F1	Jan 11, 2018	F	38,828	$69.57	D	1,089,215	D
Class B Common Stock^F2	Jan 11, 2018	F	819	$56.10	D	121,323	D
Class A Common Stock^F3	holding	—	—		—	36,850	I	By Trust
Class A Common Stock	holding	—	—		—	18,885	I	By ESOP Trust
Class B Common Stock	holding	—	—		—	2,350	I	By ESOP Trust
Class B Common Stock^F3	holding	—	—		—	21,632,892	I	By Family Trust

Table II — derivative securities

No Table II lines on this filing.

Explanation of responses

F1The reporting person surrendered shares to pay a tax liability on restricted stock pursuant to a 10b5-1 plan. The restricted stock, which was subject to performance-based vesting conditions, was originally granted on June 27, 2017. On January 11, 2018, the Compensation Committee determined that the performance-based vesting conditions were met, and, because the reporting person is eligible for "retirement", as defined in the Lennar Corporation 2016 Equity Incentive Plan, the restricted stock was deemed taxable under applicable tax rules. The reporting person has no intention to retire.
F2The reporting person surrendered shares to pay a tax liability on restricted stock pursuant to a 10b5-1 plan. On November 27, 2017, shares of Class B common stock were issued as a dividend to holders of the Company's common stock. The shares of Class B common stock were subject to the same performance-based vesting conditions as the Class A common stock with regard to which they were issued. On January 11, 2018, the Compensation Committee determined that the performance-based vesting conditions were met, and, because the reporting person is eligible for "retirement", as defined in the Lennar Corporation 2016 Equity Incentive Plan, the restricted stock was deemed taxable under applicable tax rules. The reporting person has no intention to retire.
F3Mr. 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.