Yes it support RAID 5 according to the specifications. See here: https://docs.broadcom.com/doc/12351983

Could it work in PCIe x16 slot running at x4?

Yes, it should work. The speed will be limited to x4 though.

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LSI LSI00407 MegaRAID SAS Controller (12Gbps SAS, 8X PCI-e 3.0, RAID 0/1/5/10/50/JBOD) Green

Product ID: 260013252

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Details

Brand
LSI
Hardware interface
SAS PCI x8
Style
Classic
Item weight
0.26 Kilograms
Compatible devices
Laptop

⚡12Gbps SAS speed

💾Supports RAID 0/1/5/10/50/JBOD

🔌PCIe 3.0 x8 interface

Description

🚀 Power your data fortress with MegaRAID speed and security!

VERSATILE RAID SUPPORT - Protect and optimize your data with comprehensive RAID levels tailored for every workload.
TRUSTED LSI RELIABILITY - Backed by industry-leading LSI technology, engineered for mission-critical environments.
COMPACT EFFICIENT DESIGN - Sleek 15.2 x 6.6 x 2.5 cm form factor with low 13W power draw—performance without compromise.
BLAZING 12 GBPS SAS THROUGHPUT - Experience ultra-fast data transfers that keep your enterprise running at full throttle.
NEXT GEN PC IE 3 0 X 8 CONNECTIVITY - Maximize bandwidth with cutting-edge PCIe 3.0 x8 interface for seamless integration.

The LSILSI00407 MegaRAID SAS Controller delivers blazing 12Gbps SAS data transfer speeds via a robust PCIe 3.0 x8 interface. Supporting multiple RAID configurations (0/1/5/10/50/JBOD), it ensures data integrity and performance for demanding enterprise workloads. Its compact design and efficient 13W power consumption make it an ideal choice for professional-grade server environments.

Specifications

Brand	LSI
Product Dimensions	15.2 x 6.6 x 2.5 cm; 259 g
Item model number	05-26106-00
Manufacturer	LSI
Series	SAS 9341-8i
Color	black
Standing screen display size	6 Inches
Graphics Card Interface	PCI-Express x8
Wattage	13 watts
Are Batteries Included	No
Item Weight	259 g

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€ 399.74

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