On September 20, 2023, Lennar Corporation announced that the Board of Directors of the company, upon the recommendation of the Board's Nominating and Corporate Governance Committee, had elected Dacona Smith to serve as a director, effective September 22, 2023, for a term of office expiring at the company's 2024 Annual Meeting of Stockholders, at which time his continued Board service will be subject to stockholder approval. In connection with Mr. Smith's election, the Board approved aresolution to increase the number of Board members from ten to 11. Mr. Smith has not been assigned to any committees of the Board.

Mr. Smith retired from Walmart Inc. (Walmart) earlier this year after a career there spanning over 30 years. Mr. Smith began as an hourly associate at a Walmart store and eventually held several executive positions, including roles in store management, regional management, and corporate operations. Most recently, he served as Executive Vice President and Chief Operations Officer, Walmart U.S. Stores.

The Board has determined that Mr. Smith qualifies as independent under the independence standards in the corporate governance listing standards of the New York Stock Exchange. There are no arrangements or understandings between Mr. Smith and any other persons with respect to his election as a director. Neither Mr. Smith nor any immediate family member of Mr. Smith has been a participant in any transaction or currently proposed transaction with the Company that is reportable under Item 404(a) of Regulation S-K.