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: MILLER STUART A (Director, President/CEO, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-11-30	Class A Common Stock	A	500000	$0.00	Acquired	1935963	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	36850	Indirect
Class A Common Stock	18280	Indirect
Class B Common Stock	96827	Direct
Class B Common Stock	1857	Indirect
Class B Common Stock	21207996	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (Right to Buy)	$18.32	2011-03-06	Class A Common Stock (9030)	9030	Direct
Stock Option (Right to Buy)	$26.32	2012-01-25	Class A Common Stock (16202)	16202	Direct
Stock Option (Right to Buy)	$62.675	2011-01-05	Class A Common Stock (196810)	196810	Direct
Stock Option (Right to Buy)	$68.9425	2011-01-05	Class A Common Stock (3190)	3190	Direct
Stock Option (Right to Acquire)	$0.00	2011-03-06	Class B Common Stock (903)	903	Direct
Stock Option (Right to Acquire)	$0.00	2012-01-25	Class B Common Stock (1620)	1620	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 the event of failure to achieve performance goals established in connection with the grant, in equal intervals on each of the first three anniversaries of the grant date.

F2: Mr. Miller has sole voting and investment power with respect to these shares, even though he has only limited pecuniary interest in these shares. Mr. Miller disclaims beneficial ownership of these shares except to the extent of such pecuniary interest.

F3: Represents shares of Class B Common Stock to be issued upon the exercise of certain options to purchase Class A Common Stock.