By considering standard notations, for a depletion MOSFET, the SPICE parameter LAMBDA value is

The lambda () parameter in a SPICE model for MOSFETs is associated with the channel-length modulation effect, which accounts for the change in drain current with variations in the drain-source voltage due to the modulation of the channel length.

For a depletion-mode MOSFET, the lambda (λ) parameter is typically expressed as:

Where, V_a represents the Early voltage.

This relationship implies that as the Early voltage increases, the channel-length modulation effect (represented by lambda) decreases, and vice versa. The lambda value of signifies that the change in drain current concerning the drain-source voltage is inversely proportional to the Early voltage for a depletion-mode MOSFET in SPICE mode.

Here, option 4 is correct.