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Form and Summary of Executive
Compensation Notification
Chairman and Chief Executive Officer
2009 Fiscal
Year Compensation Program of Chairman and Chief Executive
Officer .
2009 Fiscal Year Base Salaries:
Table I below sets for the 2009
fiscal year base salaries for Mr. Horton and Mr. Tomnitz.
For the 2009 fiscal year, the Compensation Committee did not change
the base salaries of either Mr. Horton or Mr. Tomnitz
beyond the base salaries approved at the beginning of the prior
fiscal year.
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Annual Base Salary
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Performance Bonus
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Name
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Office
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(2009 Fiscal Year)
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(2009 Fiscal Year)
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Chairman of the
Board
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$
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400,000
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See Below
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Vice Chairman,
President and CEO
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$
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300,000
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See Below
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2000
Amended and Restated Incentive Bonus Plan.
2009 Fiscal Year (Annual) Performance
Bonus: The
Compensation Committee approved performance-based goals for
measuring short-term performance bonuses that may be earned by Mr.
Horton and Mr. Tomnitz during the 2009 fiscal year. The 2009
performance goals were established under the Company’s 2000
Amended and Restated Incentive Bonus Plan (the “2000
Restated Plan”) . The 2009 fiscal year performance goals
for Mr. Horton and Mr. Tomnitz relate to
(i) adjusted pre-tax income, (ii) operating cash flow,
and (iii) selling, general and administrative expense
(“SG&A”) containment. These performance
goals were further categorized into two components, referred to as
the “ First Cash Component” and the “
Second Cash and Equity Component” as described
below.
First
Cash Component — Performance related to Adjusted Pre-Tax
Income.
Under the First Cash Component, each of
Mr. Horton and Mr. Tomnitz shall have the opportunity to
earn the following cash performance-based bonus:
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(1)
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6.0% of Adjusted Pre-Tax Income of
the Company for the month of December 2008 (but not below
$0).
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(2)
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2.0% of Adjusted Pre-Tax Income of
the Company for the quarter ending March 31, 2009 (but not
below $0).
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(3)
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2.0% of Adjusted Pre-Tax Income of
the Company for the quarter ending June 30, 2009 (but not
below $0).
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(4)
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2.0% of Adjusted Pre-Tax Income of
the Company for the quarter ending September 30, 2009 (but not
below $0).
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“Adjusted Pre-Tax Income”
shall mean income before income
taxes, excluding inventory impairments and land option cost
write-offs and goodwill impairments, as publicly reported by the
Company in its financial statements prepared in accordance with
generally accepted accounting principles. The financial statements
shall mean the consoli
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