LENNAR CORP /NEW/ — Director's Dealing 2018

Jan 16, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LENNAR CORP /NEW/ (LEN, LEN.B)
CIK: 0000920760
Period of Report: 2018-01-11

Reporting Person: MILLER STUART A (Director, Chief Executive Officer, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-01-11	Class A Common Stock	F	38828	$69.57	Disposed	1089215	Direct
2018-01-11	Class B Common Stock	F	819	$56.10	Disposed	121323	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	36850	Indirect
Class A Common Stock	18885	Indirect
Class B Common Stock	2350	Indirect
Class B Common Stock	21632892	Indirect

Footnotes

F1: The reporting person surrendered shares to pay a tax liability on restricted stock pursuant to a 10b5-1 plan. The restricted stock, which was subject to performance-based vesting conditions, was originally granted on June 27, 2017. On January 11, 2018, the Compensation Committee determined that the performance-based vesting conditions were met, and, because the reporting person is eligible for "retirement", as defined in the Lennar Corporation 2016 Equity Incentive Plan, the restricted stock was deemed taxable under applicable tax rules. The reporting person has no intention to retire.

F2: The reporting person surrendered shares to pay a tax liability on restricted stock pursuant to a 10b5-1 plan. On November 27, 2017, shares of Class B common stock were issued as a dividend to holders of the Company's common stock. The shares of Class B common stock were subject to the same performance-based vesting conditions as the Class A common stock with regard to which they were issued. On January 11, 2018, the Compensation Committee determined that the performance-based vesting conditions were met, and, because the reporting person is eligible for "retirement", as defined in the Lennar Corporation 2016 Equity Incentive Plan, the restricted stock was deemed taxable under applicable tax rules. The reporting person has no intention to retire.

F3: 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.