Summary
This Form 8-K filing by D.R. Horton, Inc. (DHI) on December 7, 2007, reports on a compensatory arrangement for a newly appointed director. Specifically, on December 3, 2007, the Compensation Committee of the Board of Directors approved the grant of 10,000 stock options to Mr. Bob G. Scott, who was elected to the board on November 16, 2007. The stock options were granted with an exercise price of $12.34, which was the closing price of DHI's common stock on the New York Stock Exchange on the date of the grant. This award is consistent with the company's established practice of granting 10,000 stock options to new directors upon their appointment to the board.
Key Highlights
- 1D.R. Horton, Inc. (DHI) filed a Form 8-K on December 7, 2007.
- 2The filing primarily concerns a compensatory arrangement for a new director.
- 3Mr. Bob G. Scott, elected to the Board of Directors on November 16, 2007, received 10,000 stock options.
- 4The stock options were awarded on December 3, 2007, by the Compensation Committee.
- 5The exercise price for the stock options is $12.34, matching the closing price on December 3, 2007.
- 6This stock option grant aligns with DHI's standard practice for new board members.
- 7The award was made at the first Compensation Committee meeting after the filing of the company's annual report (Form 10-K) for the period ending September 30, 2007.
Frequently Asked Questions
The main purpose of this 8-K filing is to disclose the compensatory arrangement for a newly appointed director, specifically the grant of stock options to Mr. Bob G. Scott.
Mr. Bob G. Scott, a new member of D.R. Horton's Board of Directors, was granted 10,000 stock options.
The exercise price for the stock options granted to Mr. Scott is $12.34, which was the closing price of D.R. Horton's common stock on the NYSE on December 3, 2007.
Yes, the filing states that this award of 10,000 stock options to a new director is consistent with the company's standard practice.