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Exhibit 10.5
FY
2008 Stock Option Award
Dear
[Full Name] :
Effective May 7, 2008 you have
been granted a Non-qualified Option to purchase up to
[amount] shares of the common stock, par value $.25 per
share, of Centex Corporation (the “Company”) for
$[price] per share (the “Option”). This Option is
granted under the Centex Corporation 2001 Stock Plan (as such plan
may be amended from time to time, the “Plan”). A copy
of the Plan is available to you upon request to the Law Department
during the term of this Option. This Option will terminate upon the
close of business on May 7 2015, unless earlier terminated as
described herein or in the Plan.
This Award will vest at the rate of
33⅓% per year on each of March 31, 2009, March 31,
2010, and March 31, 2011.
If for any reason you cease to be an
employee of at least one of the employers in the group of employers
consisting of the Company and its Affiliates (i) this Option
will immediately terminate as to any unvested portion on the date
of such cessation and (ii) any p
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