LENNAR CORP /NEW/ — Director's Dealing 2010

Dec 2, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LENNAR CORP /NEW/ (LEN, LEN.B)
CIK: 0000920760
Period of Report: 2010-11-30

Reporting Person: SUSTANA MARK (General Counsel/Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-11-30	Class A Common Stock	A	30000	$0.00	Acquired	114002	Direct
2010-11-30	Class A Common Stock	F	3968	$15.19	Disposed	110034	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (Right to Buy)	$62.675	2011-01-05	Class A Common Stock (30000)	30000	Direct
Stock Option (Right to Buy)	$13.54	2013-07-23	Class A Common Stock (30000)	30000	Direct

Footnotes

F1: 25% of the restricted shares granted on 11/30/10 vested on 11/30/10 and the remaining shares vest, subject to forfeiture, in equal intervals on each of the first three anniversaries of the grant date.

F2: Surrendered shares to pay tax liability on vesting restricted stock pursuant to a 10b5-1 plan.

F3: These stock options become exercisable in installments of 25% on each of the first four anniversaries of the grant date.