LENNAR CORP /NEW/ — Director's Dealing 2018

May 11, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LENNAR CORP /NEW/ (LEN, LEN.B)
CIK: 0000920760
Period of Report: 2018-05-09

Reporting Person: McCall Jeffrey Joseph (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-05-09	Class A Common Stock	M	50888	$21.05	Acquired	190053	Direct
2018-05-09	Class A Common Stock	S	39567	$53.79	Disposed	150486	Direct
2018-05-09	Class A Common Stock	S	11321	$54.36	Disposed	139165	Direct
2018-05-09	Class B Common Stock	M	1017	$21.05	Acquired	3795	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-05-09	Stock Option (Right to Buy)	$21.47	M	50888	Disposed	2018-06-01	Class A common stock (50888)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$50.34	2020-04-01	Class A common stock (39224)	39224	Direct
Stock Appreciation Right	$46.51	2020-10-01	Class A common stock (12931)	12931	Direct

Footnotes

F1: This transaction occurred pursuant to a Rule 10b5-1 plan adopted by the reporting person.

F2: For each share of Class A common stock received by the Reporting Person by exercising the option, the Reporting Person will also receive .02 shares of Class B common stock.

F3: The price reflects the weighted average price of the shares sold. The prices of the shares sold pursuant to the transactions ranged from $53.26 to $54.25 per share. The reporting person, upon request, will provide the Securities and Exchange Commission staff, the issuer or a security holder of the issuer full information regarding the number of shares sold at each separate price.

F4: The price reflects the weighted average price of the shares sold. The prices of the shares sold pursuant to the transactions ranged from $54.26 to $54.50 per share. The reporting person, upon request, will provide the Securities and Exchange Commission staff, the issuer or a security holder of the issuer full information regarding the number of shares sold at each separate price.

F5: Appreciation is capped at $22.60 per stock appreciation right.

F6: For each share of Class A common stock received by the Reporting Person by exercising the stock appreciation right, the Reporting Person will also receive .02 shares of Class B common stock.