LENNAR CORP /NEW/ — Director's Dealing 2010

Jun 30, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LENNAR CORP /NEW/ (LEN, LEN.B)
CIK: 0000920760
Period of Report: 2010-06-29

Reporting Person: JAFFE JONATHAN M (Vice President/COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-06-29	Class A Common Stock	P	71000	$14.14	Acquired	598677	Indirect
2010-06-29	Class A Common Stock	P	15000	$14.13	Acquired	613677	Indirect
2010-06-29	Class A Common Stock	P	5088	$14.12	Acquired	618765	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	237500	Direct
Class B Common Stock	50504	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (Right to Buy)	$18.32	2011-03-06	Class A Common Stock (20000)	20000	Direct
Stock Option (Right to Buy)	$26.32	2012-01-25	Class A Common Stock (4000)	4000	Direct
Stock Option (Right to Buy)	$62.675	2011-01-05	Class A Common Stock (100000)	100000	Direct
Stock Option (Right to Buy)	$13.54	2013-07-23	Class A Common Stock (500000)	500000	Direct
Stock Option (Right to Acquire)	$0.00	2011-03-06	Class B Common Stock (2000)	2000	Direct
Stock Option (Right to Acquire)	$0.00	2012-01-25	Class B Common Stock (400)	400	Direct

Footnotes

F1: 510,150 shares are held in a family trust. 106,088 shares are held through a financial intermediary. 2,502 shares are held through an ESOP trust and 25 shares are owned by Mr. Jaffe's son of which Mr. Jaffe disclaims beneficial ownership.

F2: 48,750 shares are held in a family trust. 1,500 shares are held through a financial intermediary and 254 shares are held through an ESOP trust.

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

F4: Represents shares of Class B Common Stock to be issued upon the exercise of certain options to purchase Class A Common Stock.