LENNAR CORP /NEW/ — Director's Dealing 2010

Jan 27, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LENNAR CORP /NEW/ (LEN, LEN.B)
CIK: 0000920760
Period of Report: 2010-01-26

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-01-26	Class A Common Stock	M	8000	$8.25	Acquired	1423963	Direct
2010-01-26	Class A Common Stock	M	12000	$9.075	Acquired	1435963	Direct
2010-01-26	Class B Common Stock	M	2000	$0.00	Acquired	96827	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-01-26	Stock Option (Right to Buy)	$8.25	M	8000	Disposed	2010-02-07	Class A Common Stock (8000)	Direct
2010-01-26	Stock Option (Right to Buy)	$9.075	M	12000	Disposed	2010-02-07	Class A Common Stock (12000)	Direct
2010-01-26	Stock Option (Right to Acquire)	$0.00	M	800	Disposed	2010-02-07	Class B Common Stock (800)	Direct
2010-01-26	Stock Option (Right to Acquire)	$0.00	M	1200	Disposed	2010-02-07	Class B Common Stock (1200)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	36850	Indirect
Class A Common Stock	18097	Indirect
Class B Common Stock	1834	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: 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.

F2: Stock Options granted become exercisable in four annual installments. 10% become exercisable on the first anniversary of the grant date and 30% of the stock options become exercisable on each of the next three anniversaries of the grant date.

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