LENNAR CORP /NEW/ — Director's Dealing 2012

Jul 3, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LENNAR CORP /NEW/ (LEN, LEN.B)
CIK: 0000920760
Period of Report: 2012-06-30

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-06-30	Class A Common Stock	F	29175	$27.39	Disposed	489309	Direct
2012-07-02	Class A Common Stock	A	125000	$0.00	Acquired	614309	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	591265	Indirect
Class B Common Stock	37818	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (Right to Buy)	$13.54	2013-07-23	Class A Common Stock (500000)	500000	Direct

Footnotes

F1: Surrendered shares to pay tax liability on vesting restricted stock pursuant to a 10b5-1 plan. The restricted stock was originally granted on November 30, 2011.

F2: 1/3 of the restricted shares granted on 7/2/2012 will vest on each of the first 3 anniversaries of the grant date, subject to forfeiture in accordance with the terms of the grant.

F3: 588,702 shares are held in a family trust, 2,538 shares are held through an ESOP trust and 25 shares are owned by Mr. Jaffe's son of which Mr. Jaffe disclaims beneficial ownership.

F4: 37,560 shares are held in a family trust and 258 shares are held through an ESOP trust.

F5: These stock options become exercisable in installments of 25% on each of the first four anniversaries of the grant date.