Amendment No. 3 to D.R. Horton, Inc. 1991 Stock Incentive Plan

Summary

D.R. Horton, Inc. amended its 1991 Stock Incentive Plan to reflect a three-for-two stock split declared by its Board of Directors. Effective December 1, 2003, the amendment increases the total number of shares available under the plan to 17,752,206, subject to further adjustments. All other terms of the plan remain unchanged. This amendment was executed by company officers on January 12, 2004.

EX-10.2C 4 d12671exv10w2c.htm AMENDMENT NO. 3 TO 1991 STOCK INCENTIVE PLAN exv10w2c  

Exhibit 10.2c

D.R. HORTON, INC.

1991 STOCK INCENTIVE PLAN

(As Restated February 21, 2002)

AMENDMENT NO. 3

     As of December 1, 2003, the Board of Directors of D.R. Horton, Inc. declared a three-for-two stock split payable in shares of its common stock on January 12, 2004. To give effect to such stock split the Committee amended the D.R. Horton, Inc. 1991 Stock Incentive Plan, as amended and restated (the “Plan”), as follows:

     1. The first sentence of Paragraph 3 of the Plan is hereby amended to read in its entirety as follows:

     The shares of Common Stock and any other Company Security which may be (a) sold upon the exercise of Option Rights, (b) delivered upon the exercise of Appreciation Rights, (c) granted or sold as Restricted Stock and released from substantial risks of forfeiture and restrictions on transfer thereof or (d) delivered in payment of any Performance Units or as Performance Shares (or in lieu thereof), shall not exceed in the aggregate 17,752,206 shares, subject to adjustment as provided in Paragraph 10 of this Plan.

     2. In all other respects, the Plan as previously approved is hereby ratified and confirmed.

Dated January 12, 2004.

         
  D.R. Horton, Inc.
 
 
  By:   /s/ Bill W. Wheat    
    Bill W. Wheat,   
    Executive Vice President and Chief Financial Officer   
 
  Attest:
 
 
  /s/ Thomas B. Montano    
  Thomas B. Montano, Assistant Secretary