8-KLeadership ChangesMaterial AgreementsExhibits & Filings

HORTON D R INC /DE/ 8-K Report, Material Agreement (Nov 23, 2005)

Filed November 23, 2005For Securities:DHI

Summary

This Form 8-K filing from D.R. Horton, Inc. (DHI) dated November 23, 2005, primarily details adjustments and approvals related to executive and director compensation, as well as a director's retirement announcement. The company's Board of Directors ratified actions establishing annual salaries and performance bonus criteria for named executive officers for fiscal years 2005 and 2006. Additionally, director fees for non-management directors were increased, with specific per-meeting, per-committee, and chairperson fees outlined. Management directors, however, do not receive director fees. The filing also includes details on the compensation structure for key executives, including CFO Bill W. Wheat, and mentions long-term benefit programs like the SERP 2 plan. Furthermore, the report announces the upcoming retirement of director Ms. Francine I. Neff, effective after the 2006 Annual Meeting of Stockholders. This filing provides transparency on executive and director remuneration policies and board composition changes.

Key Highlights

  • 1D.R. Horton's Board of Directors ratified compensation plans, including annual salaries and performance bonus criteria, for named executive officers for fiscal years 2005 and 2006.
  • 2An increase in director fees for non-management directors was approved, effective after November 17, 2005.
  • 3Non-management directors will receive $10,000 per Board meeting, an annual fee of $5,000 per committee served, and an additional $2,500 annually for committee chairperson roles.
  • 4Management directors (Donald R. Horton, Donald J. Tomnitz, Bill W. Wheat) do not receive director fees.
  • 5Details were provided on the compensation package for CFO Bill W. Wheat, including a $200,000 salary and discretionary bonus, along with participation in long-term benefit programs.
  • 6Director Francine I. Neff announced her retirement from the Board of Directors and its committees, effective after the 2006 Annual Meeting of Stockholders on January 26, 2006.

Frequently Asked Questions

The filing indicates that the Board of Directors ratified executive compensation structures for fiscal years 2005 and 2006, including annual salaries and performance bonus criteria. It also details an increase in fees for non-management directors for attending board meetings and serving on committees.

Non-management directors are compensated with a fee of $10,000 per Board meeting attended. They also receive an annual fee of $5,000 for each committee they serve on, and an additional $2,500 annually if they chair a committee. These fees are paid quarterly.

No, the three management directors (Donald R. Horton, Donald J. Tomnitz, and Bill W. Wheat) do not receive any director fees for their service on the Board of Directors.

Director Francine I. Neff has announced her retirement from the Board of Directors and its committees. Her retirement will be effective immediately following the company's 2006 Annual Meeting of Stockholders, scheduled for January 26, 2006.