SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
JAFFE JONATHAN M

(Last) (First) (Middle)
700 NW 107TH AVENUE
SUITE 400

(Street)
MIAMI FL 33172

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
LENNAR CORP /NEW/ [ LEN, LEN.B ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
Vice President/COO
3. Date of Earliest Transaction (Month/Day/Year)
02/02/2011
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class A Common Stock 02/02/2011 M 20,000 A $18.32 357,500 D
Class A Common Stock 02/02/2011 S 297 D $19.69 357,203 D
Class A Common Stock 02/02/2011 S 1,147 D $19.68 356,056 D
Class A Common Stock 02/02/2011 S 1,156 D $19.67 354,900 D
Class A Common Stock 02/02/2011 S 600 D $19.66 354,300 D
Class A Common Stock 02/02/2011 S 7,500 D $19.65 346,800 D
Class A Common Stock 02/02/2011 S 1,300 D $19.64 345,500 D
Class A Common Stock 02/02/2011 S 7,500 D $19.63 338,000 D
Class A Common Stock 02/02/2011 S 500 D $19.62 337,500 D
Class A Common Stock 757,143 I See Footnote(1)
Class B Common Stock 02/02/2011 M 2,000 A $0.00(2) 2,000 D
Class B Common Stock 02/02/2011 S 200 D $16.29 1,800 D
Class B Common Stock 02/02/2011 S 100 D $16.28 1,700 D
Class B Common Stock 02/02/2011 S 100 D $16.27 1,600 D
Class B Common Stock 02/02/2011 S 100 D $16.26 1,500 D
Class B Common Stock 02/02/2011 S 100 D $16.15 1,400 D
Class B Common Stock 02/02/2011 S 400 D $16.13 1,000 D
Class B Common Stock 02/02/2011 S 200 D $16.1 800 D
Class B Common Stock 02/02/2011 S 300 D $16.09 500 D
Class B Common Stock 02/02/2011 S 100 D $16.06 400 D
Class B Common Stock 02/02/2011 S 100 D $16.05 300 D
Class B Common Stock 02/02/2011 S 300 D $16.04 0 D
Class B Common Stock 50,505 I See Footnote(3)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy) $18.32 02/02/2011 M 20,000 03/06/2005 03/06/2011 Class A Common Stock 20,000 $0.00 0 D
Stock Option (Right to Buy) $26.32 01/25/2006 01/25/2012 Class A Common Stock 4,000 4,000 D
Stock Option (Right to Buy) $13.54 07/23/2009(4) 07/23/2013 Class A Common Stock 500,000 500,000 D
Stock Option (Right to Acquire) $0.00 02/02/2011 M 2,000 03/06/2005 03/06/2011 Class B Common Stock 2,000(5) $0.00(2) 0 D
Stock Option (Right to Acquire) $0.00 01/25/2006 01/25/2012 Class B Common Stock 400(5) 400 D
Explanation of Responses:
1. 754,602 shares are held in a family trust. 2,516 shares are held through an ESOP trust and 25 shares are owned by Mr. Jaffe's son of which Mr. Jaffe disclaims beneficial ownership.
2. The Class B Common Stock was issued as a result of anti-dilution provisions with regard to certain exercises of options that relate to Class A Common Stock.
3. 50,250 shares are held in a family trust. 255 shares are held through an ESOP trust.
4. These stock options become exercisable in installments of 25% on each of the first four anniversaries of the grant date.
5. Represents shares of Class B Common Stock to be issued upon the exercise of certain options to purchase Class A Common Stock.
Remarks:
Mark Sustana as Attorney-in-fact for Jonathan Jaffe 02/04/2011
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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