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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">As filed with the Securities and Exchange Commission on October&nbsp;27, 2005<BR>
Registration No.&nbsp;333-_____
</DIV>


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<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>






<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

</DIV>
<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

</DIV>
<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>KB Home</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Its Charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="47%">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>95-3666267</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or Other Jurisdiction of<BR>
Incorporation or Organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer<BR>
Identification No.)</TD>
</TR>
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</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>10990 Wilshire Boulevard<BR>
Los Angeles, California 90024</B><BR>
(Address of Principal Executive Offices)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>KB Home 1988 Employee Stock Plan<BR>
KB Home Performance-Based Incentive Plan for Senior Management<BR>
KB Home 1998 Stock Incentive Plan<BR>
KB Home 1999 Incentive Plan<BR>
KB Home 2001 Stock Incentive Plan<BR>
KB Home Non-Employee Directors Stock Plan<BR>
KB Home 401(k) Savings Plan<BR>
Stock Grants</B><BR>
(Full Title of the Plans)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>William A. Richelieu<BR>
Corporate Counsel and Assistant Corporate Secretary<BR>
KB HOME<BR>
10990 Wilshire Boulevard<BR>
Los Angeles, CA 90024<BR>
(310)&nbsp;231-4000</B><BR>
(Name, address and telephone number, including area code, of agent for service)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Copy to:<BR>
Michael J. O&#146;Sullivan<BR>
Munger, Tolles &#038; Olson LLP<BR>
355 South Grand Ave. #3500<BR>
Los Angeles, CA 90071<BR>
(213)&nbsp;683-9100</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CALCULATION OF REGISTRATION FEE
</DIV>

<DIV align="center">
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    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-bottom: 3px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed Maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed Maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount of</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">Title of Securities</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">To be</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Offering Price Per</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Aggregate Offering</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Registration</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">to be Registered</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Registered (1)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Share</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Price</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Fee</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000">Common Stock, par
value $1.00 per share,
including Series&nbsp;A
Participating Cumulative
Preferred Stock Purchase
Rights (2)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD style="border-top: 0px solid #000000"><DIV style="margin-left:45px; text-indent:-15px">KB Home 401(k)
Savings Plan</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 0px solid #000000">&nbsp;</TD>
    <TD style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 0px solid #000000">400,000</TD>
    <TD style="border-right: 2px solid #000000; border-top: 0px solid #000000">&nbsp;</TD>
    <TD style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 0px solid #000000">$64.48(3)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 0px solid #000000">&nbsp;</TD>
    <TD style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 0px solid #000000">$25,792,000(3)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 0px solid #000000">&nbsp;</TD>
    <TD style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 0px solid #000000">$3036</TD>
    <TD width="1%" style="border-top: 0px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:45px; text-indent:-15px">KB Home Non-Employee
Directors Stock Plan</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">400,000</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$64.48(3)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$25,792,000(3)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$3036</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:45px; text-indent:-15px">Previously Registered</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">35,501,136</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">N/A(4)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">N/A(4)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$0(4)</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 3px solid #000000">&nbsp;</TD>
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</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;416 under the Securities Act
of 1933, as amended, this Registration
Statement shall also cover additional shares of
Common Stock which may become issuable by
reason of any stock split, stock dividend,
recapitalization or other similar transactions
effected without consideration which results in
an increase in the number of the Registrant&#146;s
shares of outstanding Common Stock. Also
pursuant to Rule&nbsp;416 under the Securities Act
of 1933, this Registration Statement covers an
indeterminate amount of interests to be offered
or sold pursuant to the KB Home 401(k) Savings
Plan. In addition, this Registration Statement
covers the resale by certain Selling
Stockholders named in the Prospectus included
in and filed with this Form S-8 of certain of
the shares of Registrant&#146;s Common Stock subject
to this Registration Statement, for which no
additional registration fee is required
pursuant to Rule&nbsp;457(h)(3).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Each share of Common Stock includes one
preferred stock purchase right issued pursuant
to a Rights Agreement, dated as of February&nbsp;4,
1999, as amended, between the Registrant
(formerly known as Kaufman and Broad Home
Corporation) and Mellon Investor Services LLC
(formerly known as ChaseMellon Shareholder
Services, L.L.C.), as Rights Agent. The
preferred stock purchase rights are not
presently exercisable and do not trade
separately from the Common Stock. The
preferred stock purchase rights will be issued
for no additional consideration and, therefore,
no additional registration fee is required.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated pursuant to Rule&nbsp;457 under the Securities Act of 1933
solely for the purposes of calculating the amount of the
registration fee, based on the average of the high and low sales
prices of the Registrant&#146;s Common Stock on October&nbsp;20, 2005, as
reported on the New York Stock Exchange with respect to 400,000
shares of the Registrant&#146;s Common Stock issuable under the KB Home
Non-Employee Directors Stock Plan and 400,000 shares of the
Registrant&#146;s Common Stock issuable under the KB Home 401(k)
Savings Plan. These 800,000 shares of Common Stock are the only
new shares of Common Stock being registered by this Registration
Statement.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;429 under the Securities Act of 1933, this
Registration Statement is deemed to be a post-effective amendment
to the Registrant&#146;s Registration Statement on Form S-8 (File No.
333-122277) filed on January&nbsp;25, 2005, for which the Registrant
paid a registration fee of $124,397.13 to register 20,000,000
shares of Common Stock (which reflects a 2-for-1 stock split in
April&nbsp;2005); the Registrant&#146;s Registration Statement on Form S-8
(File No.&nbsp;333-49309) filed on April&nbsp;3, 1998, for which the
Registrant paid a registration fee of $26,520 to register
5,901,136 shares of Common Stock (which reflects the 2005 stock
split); the Registrant&#146;s Registration Statement on Form S-8 (File
No.&nbsp;333-49311) filed on April&nbsp;3, 1998, for which the Registrant
paid a registration fee of $9,180 to register 3,400,000 shares of
Common Stock (which reflects the 2005 stock split); the
Registrant&#146;s Registration Statement on Form S-8 (File No.
333-49307) filed on April&nbsp;3, 1998, for which the Registrant paid a
registration fee of $955 to register 200,000 shares of Common
Stock (which reflects the 2005 stock split); and the Registrant&#146;s
Registration Statement on Form S-8 (File No.&nbsp;33-28624) filed on
May&nbsp;11, 1989, for which the Registrant paid a registration fee of
$4,325 to register 6,000,000 shares of Common Stock (which
reflects the 2005 stock split).</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Rule&nbsp;429 under the Securities Act of 1933, this Registration Statement is
deemed to be a post-effective amendment to the Registrant&#146;s Registration Statement on Form S-8
(File No.&nbsp;333-122277) filed on January&nbsp;25, 2005, the Registrant&#146;s Registration Statement on Form
S-8 (File No.&nbsp;333-49309) filed on April&nbsp;3, 1998, the Registrant&#146;s Registration Statement on Form
S-8 (File No.&nbsp;333-49311) filed on April&nbsp;3, 1998, the Registrant&#146;s Registration Statement on Form
S-8 (File No.&nbsp;222-49307) filed on April&nbsp;3, 1998 and the Registrant&#146;s Registration Statement on Form
S-8 (File No.&nbsp;33-28624) filed May&nbsp;11, 1989.
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">








<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>REOFFER PROSPECTUS</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>KB Home</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>36,301,136 Shares of Common Stock<BR>
Acquired by the Selling Stockholders Under<BR>
Stock Grants<BR>
and<BR>
KB Home 1988 Employee Stock Plan<BR>
and<BR>
KB Home Performance-Based Incentive Plan for Senior Management<BR>
and<BR>
KB Home 1998 Stock Incentive Plan<BR>
and<BR>
KB Home 1999 Incentive Plan<BR>
and<BR>
KB Home 2001 Stock Incentive Plan<BR>
and<BR>
KB Home Non-Employee Directors Stock Plan<BR>
and<BR>
KB Home 401(k) Savings Plan</B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Prospectus relates to shares (the &#147;Shares&#148;) of Common Stock, par value $1.00 per
share (together with the Preferred Stock Purchase Rights associated therewith, the &#147;Common Stock&#148;),
of KB Home (formerly the Kaufman and Broad Home Corporation), a Delaware corporation (the
&#147;Company&#148;), which may be offered and sold from time to time by certain stockholders of the Company
(the &#147;Selling Stockholders&#148;) who have acquired or will acquire such Shares pursuant to stock
grants, the Company&#146;s 1988 Employee Stock Plan, the Company&#146;s Performance-Based Incentive Plan for
Senior Management, the Company&#146;s 1998 Stock Incentive Plan, the Company&#146;s 1999 Incentive Plan, the
Company&#146;s 2001 Stock Incentive Plan, the Company&#146;s Non-Employee Directors Stock Plan or the
Company&#146;s 401(k) Savings Plan (each, including the stock grants, a &#147;Plan&#148; and collectively, the
&#147;Plans&#148;). See &#147;Selling Stockholders.&#148; The Company&#146;s Common Stock is traded on the New York Stock
Exchange (&#147;NYSE&#148;) under the symbol &#147;KBH.&#148; On October&nbsp;26, 2005, the closing price of the Common
Stock, as reported in the consolidated reporting system, was $64.53 per share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will not receive any of the proceeds from sales of the Shares by any of the
Selling Stockholders. The Shares may be offered from time to time by any or all of the Selling
Stockholders through ordinary brokerage transactions, in negotiated transactions or in other
transactions, at such prices as he or she may determine, which may relate to market prices
prevailing at the time of sale or be a negotiated price. See &#147;Plan of Distribution.&#148; All costs,
expenses and fees in connection with the registration of the Shares have been borne by the Company.
Brokerage commissions and similar selling expenses, if any, attributable to the offer or sale of
the Shares will be borne by the Selling Stockholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Selling Stockholder and any broker executing selling orders on behalf of a Selling
Stockholder may be deemed to be an &#147;underwriter&#148; as defined in the Securities Act of 1933, as
amended (the &#147;Securities Act&#148;). If any broker-dealers are used to effect sales, any commissions
paid to broker-dealers and, if broker-dealers purchase any of the Shares as principals, any profits
received by such broker-dealers on the resale of the Shares, may be deemed to be underwriting
discounts or commissions under the Securities Act. In addition, any profits realized by the
Selling Stockholders may be deemed to be underwriting commissions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR
ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE
SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENSE.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">The date of this Prospectus is October&nbsp;27, 2005
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>AVAILABLE INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is subject to the information requirements of the Securities Exchange Act of 1934,
as amended (the &#147;Exchange Act&#148;), and, in accordance therewith, files reports, proxy statements and
other information with the Securities and Exchange Commission (the &#147;Commission&#148;). The reports,
proxy statements and other information filed by the Company with the Commission can be inspected
and copied at the Public Reference Room of the Commission at 100 F Street, N.E., Washington, D.C.
20549. Information regarding the operation of the Public Reference Room may be obtained by calling
the Commission at 1-800-SEC-0330. Additionally, the Commission maintains an Internet site that
contains reports, proxy and information statements and other information regarding registrants that
file electronically with the Commission and that is located at http://www.sec.gov.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Prospectus constitutes part of a Registration Statement on Form S-8 filed on the date
hereof (herein, together with all amendments and exhibits, referred to as the &#147;Registration
Statement&#148;) by the Company with the Commission under the Securities Act. This Prospectus does not
contain all of the information set forth in the Registration Statement, certain parts of which are
omitted in accordance with the rules and regulations of the Commission. For further information
with respect to the Company and the Common Stock, reference is hereby made to the full Registration
Statement. Statements contained herein concerning the provisions of any contract, agreement or
other document are not necessarily complete, and in each instance reference is made to the copy of
such contract, agreement or other document filed as an exhibit to the Registration Statement or
otherwise filed with the Commission. Each such statement is qualified in its entirety by such
reference. Copies of the Registration Statement together with exhibits may be inspected at the
offices of the Commission as indicated above without charge and copies thereof may be obtained
therefrom upon payment of a prescribed fee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No person is authorized to give any information or to make any representations, other than
those contained in this Prospectus, in connection with the offering described herein, and, if given
or made, such information or representations must not be relied upon as having been authorized by
the Company or any Selling Stockholder. This Prospectus does not constitute an offer to sell, or a
solicitation of an offer to buy, nor shall there be any sale of these securities by any person in
any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale.
Neither the delivery of this Prospectus nor any sale made hereunder shall under any circumstances
create an implication that the information contained herein is correct as of any time subsequent to
the date hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PRIVATE SECURITIES LITIGATION REFORM ACT SAFE HARBOR STATEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You are cautioned that certain statements contained or incorporated or deemed to be
incorporated by reference in this Prospectus, as well as some statements by the Company in periodic
press releases and some oral statements by Company officials to securities analysts and
stockholders during presentations about the Company, are &#147;forward-looking statements&#148; within the
meaning of the Private Securities Litigation Reform Act of 1995 (the &#147;Act&#148;). Statements which are
predictive in nature, which depend upon or refer to future events or conditions, or which include
words such as &#147;expects,&#148; &#147;anticipates,&#148; &#147;intends,&#148; &#147;plans,&#148; &#147;believes,&#148; &#147;estimates,&#148; &#147;hopes,&#148; and
similar expressions constitute forward-looking statements. In addition, any statements concerning
future financial or operating performance (including future revenues, unit deliveries, expenses,
margins, earnings or earnings per share or growth rates), future market conditions, future interest
rates and other economic conditions, ongoing business strategies or prospects, future dividends and
changes in dividend levels, the value of backlog, including amounts that we expect to realize upon
delivery of units included in backlog and the timing of those deliveries, potential future
acquisitions and the impact of completed acquisitions, future share repurchases and possible future
actions, which may be provided by us, are also forward-looking statements as defined by the Act.
Forward-looking statements are based on current expectations and projections about future events
and are subject to risks, uncertainties, and assumptions about the Company, economic and market
factors and the homebuilding industry, among other things. These statements are not guarantees of
future performance, and the Company has no specific intention to update these statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual events and results may differ materially from those expressed or forecasted in the
forward-looking statements made by the Company or Company officials due to a number of factors. The
principal important risk factors that could cause the Company&#146;s actual performance and future
events and actions to differ materially from such forward-looking statements include, but are not
limited to, changes in general economic conditions, material prices and availability, labor costs
and availability, interest rates and the Company&#146;s debt levels, consumer confidence, competition,
currency exchange rates (insofar as they affect the Company&#146;s operations in France), environmental
factors and significant natural disasters (including the effects of recent hurricanes on the U.S.
housing market and the U.S. economy in general), government regulations affecting the Company&#146;s
operations, the availability and cost of land in desirable areas and the continued impact of
terrorist activities and United States response, unanticipated violations of Company policy,
unanticipated legal or regulatory proceedings or claims, and conditions in the capital, credit and
homebuilding markets. See the Company&#146;s Annual Report on Form 10-K for the year ended November&nbsp;30,
2004, the Company&#146;s Quarterly Reports on Form 10-Q for the quarters ended February&nbsp;28, 2005, May
31, 2005 and August&nbsp;31, 2005, and the Company&#146;s other filings with the Commission for a further
discussion of these and other risks and uncertainties applicable to the Company&#146;s business.
</DIV>

<P align="center" style="font-size: 10pt">2
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>BUSINESS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is one of America&#146;s leading homebuilders with domestic operating divisions in the
following regions and states: West Coast &#151; California; Southwest &#151; Arizona, Nevada and New
Mexico; Central &#151; Colorado, Illinois, Indiana and Texas; Southeast &#151; Florida, Georgia, North
Carolina and South Carolina; and Mid-Atlantic &#151; Maryland and Virginia. Kaufman &#038; Broad S.A., the
Company&#146;s publicly-traded French subsidiary, is one of the largest homebuilders in France based on
revenues. In fiscal 2004, the Company delivered 31,646 homes in the United States and France. The
Company also offers complete mortgage services through Countrywide KB Home Loans, a joint venture
with Countrywide Financial Corporation. Founded in 1957 and winner of the 2004 American Business
Award for Best Overall Company, the Company is a Fortune 500 company listed on the NYSE under the
ticker symbol &#147;KBH.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is a Delaware corporation and maintains its principal executive offices at 10990
Wilshire Boulevard, Los Angeles, California 90024. Its telephone number is (310)&nbsp;231-4000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents of the Company heretofore filed with the Commission are hereby
incorporated in this Prospectus by reference:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(a)&nbsp;The Company&#146;s Annual Report on Form 10-K for the year ended November&nbsp;30, 2004;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(b)&nbsp;The Company&#146;s Quarterly Reports on Form 10-Q for the quarters ended February&nbsp;28, 2005, May
31, 2005 and August&nbsp;31, 2005;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(c)&nbsp;The Company&#146;s Current Reports on Form 8-K filed December&nbsp;15, 2004, May&nbsp;13, 2005, June&nbsp;2,
2005 and June&nbsp;27, 2005; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(d)&nbsp;The description of the Common Stock, par value $1.00 per share, in the Company&#146;s
Registration Statement on Form 8-A filed June&nbsp;30, 1986 pursuant to Section 12(b) of the
Exchange Act, and the description of the Company&#146;s Rights to Purchase Series&nbsp;A Participating
Cumulative Preferred Stock in the Company&#146;s Registration Statement on Form 8-A filed February
23, 1999 pursuant to Section 12(b) of the Exchange Act, in each case together with any
amendment or report filed with the Commission for the purpose of updating such descriptions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All reports and other documents subsequently filed by the Company pursuant to Sections&nbsp;13(a),
13(c), 14 and 15(d) of the Exchange Act after the date of this Registration Statement and prior to
the filing of a post-effective amendment to this Registration Statement which indicates that all
securities offered have been sold or which deregisters all securities then remaining unsold shall
be deemed to be incorporated by reference in this Registration Statement and to be a part hereof
from their respective dates of filing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement contained herein or in a document incorporated or deemed to be incorporated by
reference herein shall be deemed to be modified or superseded for purposes of this Prospectus to
the extent that a statement contained herein or in any other subsequently filed document which also
is or is deemed to be incorporated by reference herein modifies or supersedes such earlier
statement. Any statement so modified or superseded shall not be deemed, except as so modified or
superseded, to constitute a part of this Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information relating to the Company contained in this Prospectus should be read together
with the information in the documents incorporated by reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>This Prospectus incorporates by reference documents which are not presented herein or
delivered herewith. Such documents (other than exhibits to such documents unless such exhibits are
specifically incorporated by reference) are available without charge to any person to whom this
Prospectus is delivered, upon written or oral request. Requests for such documents should be
directed to KB Home, 10990 Wilshire Boulevard, Los Angeles, California 90024, Attention: Corporate
Secretary, Telephone: (310)&nbsp;231-4000.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>USE OF PROCEEDS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will not receive any proceeds from the sale of the Shares by the Selling
Stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SELLING STOCKHOLDERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Prospectus relates to Shares that are being registered for reoffers and resales by
Selling Stockholders who have acquired or may acquire Shares pursuant to any of the Plans. The
Selling Stockholders may resell any or all of the Shares at any time they choose while this
Prospectus is effective. Executive officers and directors, certain of their family members, trusts
for their benefit, and entities that they own, that acquire Shares under the Plans may be added to
the Selling Stockholder list below by a supplement to this Prospectus supplement filed with the
Commission. The number of Shares to be sold by any Selling Stockholder under this Prospectus also
may be increased or decreased by a supplement to this Prospectus. Non-affiliates holding
restricted securities issued under any of the Plans and who are not named below may use this
Prospectus for the offer or sale of their Shares, provided they hold 1,000 or fewer
Shares.
</DIV>

<P align="center" style="font-size: 10pt">3
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth (a)&nbsp;the name and position or positions with the Company of each
Selling Stockholder; (b)&nbsp;the number of shares of Common Stock beneficially owned (as such term is
defined in Rule&nbsp;13d-3 under the Exchange Act) by each Selling Stockholder as of the date of this
Prospectus; (c)&nbsp;the number of shares of Common Stock that each Selling Stockholder may offer for
sale from time to time pursuant to this Prospectus, whether or not such Selling Stockholder has a
present intention to do so; and (d)&nbsp;the number of shares of Common Stock to be beneficially owned
by each Selling Stockholder following the sale of all shares that may be so offered, assuming no
other change in the beneficial ownership of the Company&#146;s Common Stock by such Selling Stockholder
after the date of this Prospectus. Unless otherwise indicated, beneficial ownership is direct and
the person indicated has sole voting and investment power. No Selling Stockholder owns more than 1%
of the Company&#146;s Common Stock, other than Bruce Karatz, who owns 4.1%, and Jeffrey T. Mezger, who
owns 1.7%. After the resale, assuming the sale of all shares that may be so offered and no other
changes in their beneficial ownership of the Company&#146;s Common Stock after the date of this
Prospectus, Mr.&nbsp;Karatz and Mr.&nbsp;Mezger will each own less than 1% of the Company&#146;s Common Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inclusion of an individual&#146;s name in the table below does not constitute an admission that
such individual is an &#147;affiliate&#148; of the Company.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Beneficially</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position(s)(1) with</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Beneficially</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares Offered</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Owned After the</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Selling Stockholder</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>the Company</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Owned (2-4)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>for Resale (5)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Resale (2)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bruce Karatz
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman and Chief
Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3,928,918</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4,738,919</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jeffrey T. Mezger
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice
President and Chief
Operating Officer
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,611,815</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,894,814</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Richard B. Hirst
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice
President and Chief
Legal Officer
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">89,667</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">186,600</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">21,400</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Domenico Cecere
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice
President and Chief
Financial Officer
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">189,272</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">223,538</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">William R. Hollinger
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice
President and
Controller
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">232,451</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">263,784</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Albert Z. Praw
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice
President, Asset
Management and
Acquisitions
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">234,094</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">245,716</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17,044</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gary A. Ray
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President,<BR> Human Resources
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">292,015</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">334,948</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kelly Masuda
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President,
Capital Markets and
Treasurer
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">27,573</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">49,072</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3,500</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Glen Barnard
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Regional General<BR>
Manager
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24,173</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">61,506</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Leah S.W. Bryant
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Regional General<BR>
Manager
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">165,095</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">203,360</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Steven M. Davis
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Regional General<BR>
Manager
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">179,365</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">205,658</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert Freed
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Regional General<BR>
Manager
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">118,814</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">154,580</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Beneficially</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position(s)(1) with</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Beneficially</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares Offered</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Owned After the</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Selling Stockholder</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>the Company</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Owned (2-4)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>for Resale (5)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Resale (2)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John E. &#147;Buddy&#148; Goodwin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Regional General<BR>
Manager
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">219,467</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">257,066</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jay L. Moss
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Regional General<BR>
Manager
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">175,154</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">211,020</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Larry E. Oglesby
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Regional General<BR>
Manager
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">83,231</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">113,764</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">James D. Widner
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Regional General<BR>
Manager
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">75,254</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">97,520</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Total
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7,646,358</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9,241,865</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">41,944</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>All positions described are with the Company, unless otherwise indicated.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Beneficial ownership is determined pursuant to Regulation&nbsp;13D/G under the Exchange Act.
Shares underlying options are reflected only to the extent that the option is exercisable as of,
or within 60&nbsp;days after, the date of this Prospectus. As a result, &#147;Shares Beneficially Owned&#148;
may not reflect all of the Shares that may be sold pursuant to this Registration Statement.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes an aggregate total of 4,572,319 shares of Common Stock subject to acquisition
within 60&nbsp;days of the date of this Prospectus through the exercise of stock options granted
under the Plans.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes shares of Common Stock held in certain trusts as follows: Mr.&nbsp;Karatz holds
1,727,467 shares in trust; Mr.&nbsp;Praw holds 8,522 shares in trust; Mr.&nbsp;Moss holds 107,754 shares
in trust; and Ms.&nbsp;Bryant holds 24,571 shares in trust.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes shares issued or issuable upon exercise of options (including options that are not
exercisable as of, or within 60&nbsp;days after, the date of this Prospectus) and shares granted to
such employees under the Plans. Some of these shares may have been sold prior to the date of
this Prospectus.</TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt">* * *
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may supplement this Prospectus from time to time as required by the rules of the
Commission to include certain information concerning the security ownership of the Selling
Stockholders or any new Selling Stockholders, the number of securities offered for resale and the
position, office or other material relationship which a Selling Stockholder has had within the past
three years with the Company or any of its predecessors or affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PLAN OF DISTRIBUTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of the Prospectus is to permit the Selling Stockholders, if they desire, to offer
for sale and sell the Shares they acquired or will acquire pursuant to the Plans at such times and
at such places as the Selling Stockholders choose.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The decision to exercise options for Shares, or to sell any Shares, is within the discretion
of the holders thereof, subject generally to the Company&#146;s policies affecting the timing and manner
of sale of Common Stock by certain individuals. There can be no assurance that any of the options
will be exercised or any Shares will be sold by the Selling Stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequent to exercise, if any, each Selling Stockholder is free to offer and sell his or her
Shares at such times, in such manner and at such prices as he or she shall determine. The Selling
Stockholders have advised the Company that sales of Shares may be effected from time to time in one
or more types of transactions (which may include block transactions) on the NYSE, in the
over-the-counter market, in negotiated transactions, through the writing of options on the Shares,
through settlement of short sales of Shares, or a combination of such methods of sale, at market
prices prevailing at the time of sale, or at negotiated prices. Such transactions may or may not
involve brokers or dealers. The Selling Stockholders have advised the Company that they have not
entered into any agreements, understandings or arrangements with any underwriters or broker-dealers
regarding the sale of their Shares, nor is there an underwriter or coordinating broker acting in
connection with the proposed sale of the Shares by the Selling Stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Selling Stockholders may effect such transactions by selling Shares directly to purchasers
or to or through broker-dealers, which may act as agents or principals. Such broker-dealers may
receive compensation in the form of discounts, concessions, or commissions from the Selling
Stockholders and/or the purchasers of Shares for whom such broker-dealers may act as agents or to
whom they sell as principal, or both (which compensation as to a particular broker-dealer might be
in excess of customary commissions).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Selling Stockholders and any broker-dealers that act in connection with the sale of Shares
might be deemed to be
</DIV>

<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;underwriters&#148; within the meaning of Section&nbsp;2(11) of the Securities Act, and any commissions
received by such broker-dealers and any profit on the resale of the Shares sold by them while
acting as principals might be deemed to be underwriting discounts or commissions under the
Securities Act. The Selling Stockholders may agree to indemnify any agent, dealer or broker-dealer
that participates in transactions involving sales of the Shares against certain liabilities,
including liabilities arising under the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because the Selling Stockholders may be deemed to be &#147;underwriters&#148; within the meaning of
Section&nbsp;2(11) of the Securities Act, the Selling Stockholders will be subject to the prospectus
delivery requirements of the Securities Act, which may include delivery through the facilities of
the NYSE pursuant to Rule&nbsp;153 under the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has informed the Selling Stockholders that the anti-manipulative provisions of
Regulation&nbsp;M promulgated under the Exchange Act may apply to their sales in the market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Selling Stockholders also may resell all or a portion of the Shares in open market
transactions in reliance upon Rule&nbsp;144 under the Securities Act, provided they meet the criteria
and conform to the requirements of such Rule.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>EXPERTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements of KB Home appearing in KB Home&#146;s Annual Report (Form
10-K) for the year ended November&nbsp;30, 2004, have been audited by Ernst &#038; Young LLP, independent
registered public accounting firm, as set forth in their report thereon included therein and
incorporated herein by reference. Such financial statements are, and audited financial statements
to be included in subsequently filed documents will be, incorporated herein in reliance upon the
reports of Ernst &#038; Young LLP pertaining to such financial statements (to the extent covered by
consents filed with the Securities and Exchange Commission) given on the authority of such firm as
experts in accounting and auditing.
</DIV>

<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NO DEALER, SALESMAN OR ANY
OTHER PERSON HAS BEEN AUTHORIZED
TO GIVE ANY INFORMATION OR TO
MAKE ANY REPRESENTATIONS OTHER
THAN THOSE CONTAINED IN THIS
PROSPECTUS, AND, IF GIVEN OR
MADE, SUCH INFORMATION OR
REPRESENTATIONS MUST NOT BE
RELIED UPON AS HAVING BEEN
AUTHORIZED BY THE COMPANY OR ANY
SELLING STOCKHOLDER. NEITHER
THE DELIVERY OF THIS PROSPECTUS
NOR ANY SALE MADE HEREUNDER
SHALL, UNDER ANY CIRCUMSTANCES,
IMPLY THAT THERE HAS BEEN NO
CHANGE IN THE AFFAIRS OF THE
COMPANY OR THAT THE INFORMATION
HEREIN IS CORRECT AS OF ANY TIME
SUBSEQUENT TO THE DATE AS OF
WHICH SUCH INFORMATION IS
GIVEN. THIS PROSPECTUS DOES NOT
CONSTITUTE AN OFFER TO SELL OR
THE SOLICITATION OF ANY OFFER TO
BUY ANY OF THE SECURITIES
OFFERED HEREBY TO ANYONE IN ANY
JURISDICTION IN WHICH SUCH OFFER
OR SOLICITATION IS NOT
AUTHORIZED OR IN WHICH THE
PERSON MAKING SUCH OFFER OR
SOLICITATION IS NOT QUALIFIED TO
DO SO OR TO ANYONE TO WHOM IT IS
UNLAWFUL TO MAKE SUCH OFFER OR
SOLICITATION.
</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 18pt">36,301,136 SHARES
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>KB HOME</B>
</DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 18pt">COMMON STOCK
</DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 18pt">PROSPECTUS
</DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">October&nbsp;27, 2005
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>TABLE OF CONTENTS</U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Available Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Private Securities Litigation Reform Act Safe Harbor Statement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Incorporation of Certain Documents by Reference</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Use of Proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Selling Stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plan of Distribution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Experts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">6</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPLANATORY NOTE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement on Form S-8 is being filed by KB Home, a Delaware corporation (the
&#147;Registrant&#148;), relating to 36,301,136 shares of the Registrant&#146;s Common Stock, par value $1.00 per
share, and the related preferred stock purchase rights (the &#147;Common Stock&#148;), which may be offered
and sold pursuant to individual stock grants, the Registrant&#146;s 1988 Employee Stock Plan, the
Registrant&#146;s Performance-Based Incentive Plan for Senior Management, the Registrant&#146;s 1998 Stock
Incentive Plan, the Registrant&#146;s 1999 Incentive Plan, the Registrant&#146;s 2001 Stock Inventive Plan,
the Registrant&#146;s Non-Employee Directors Stock Plan and the Registrant&#146;s 401(k) Savings Plan (each,
including the stock grants, a &#147;Plan&#148; and collectively, the &#147;Plans&#148;). This Registration Statement
is intended to consolidate in one place the registration of 35,501,136 shares of Common Stock that
were previously registered for offer and sale pursuant to the Plans on five separate registration
statements on Forms S-8. This Registration Statement also revises and updates certain information
from the previous registration statements and registers an additional 400,000 shares of Common
Stock that may be offered and sold pursuant to the Company&#146;s 401(k) Savings Plan and 400,000 shares
of Common Stock that may be offered and sold pursuant to the Company&#146;s Non-Employee Directors Stock
Plan.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information required in Part&nbsp;I of this Registration Statement is included in the
prospectus for the Plans, which the Registrant has excluded from this Registration Statement in
accordance with the instructions to Form S-8.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KB Home (the &#147;Registrant&#148;) incorporates herein by reference the following documents filed with
the Securities and Exchange Commission (the &#147;Commission&#148;) (File No.&nbsp;001-09195):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(a)&nbsp;The Registrant&#146;s Annual Report on Form 10-K for the year ended November&nbsp;30, 2004;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(b)&nbsp;The Registrant&#146;s Quarterly Reports on Form 10-Q for the quarters ended February&nbsp;28, 2005,
May&nbsp;31, 2005 and August&nbsp;31, 2005;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(c)&nbsp;The Registrant&#146;s Current Reports on Form 8-K filed December&nbsp;15, 2004, May&nbsp;13, 2005, June&nbsp;2,
2005 and June&nbsp;27, 2005; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(d)&nbsp;The description of the Registrant&#146;s common stock, par value $1.00 per share, in the
Registrant&#146;s Registration Statement on Form 8-A filed June&nbsp;30, 1986 pursuant to Section 12(b) of
the Exchange Act, and the description of the Registrant&#146;s Rights to Purchase Series&nbsp;A
Participating Cumulative Preferred Stock in the Registrant&#146;s Registration Statement on Form 8-A
filed February&nbsp;23, 1999 pursuant to Section 12(b) of the Exchange Act, in each case, together
with any amendment or report filed with the Commission for the purpose of updating such
descriptions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All reports and other documents subsequently filed by the Registrant pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this Registration Statement and
prior to the filing of a post-effective amendment to this Registration Statement which indicates
that all securities offered have been sold or which deregisters all securities then remaining
unsold shall be deemed to be incorporated by reference in this Registration Statement and to be a
part hereof from their respective dates of filing (such documents, and the documents enumerated
above, being hereinafter referred to as &#147;Incorporated Documents&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement contained in an Incorporated Document shall be deemed to be modified or
superseded for purposes of this Registration Statement to the extent that a statement contained
herein or in any other subsequently filed Incorporated Document modifies or supersedes such
statement. Any such statement so modified or superseded shall not be deemed, except as so modified
or superseded, to constitute a part of this Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Description of Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145 of the Delaware General Corporation Law provides, among other things, that a
corporation may indemnify directors and officers as well as other employees and individuals against
expenses (including attorneys&#146; fees), judgments, fines and amounts paid in settlement actually and
reasonably incurred in connection with specified actions, suits or proceedings, whether civil,
</DIV>

<P align="center" style="font-size: 10pt">1
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">criminal, administrative or investigative (other than an action by or in the right of the
corporation &#151; a &#147;derivative action&#148;), if they acted in good faith and in a manner they reasonably
believed to be in or not opposed to the best interests of the corporation and, with respect to any
criminal action or proceeding, had no reasonable cause to believe their conduct was unlawful. A
similar standard is applicable in the case of derivative actions, except that indemnification only
extends to expenses (including attorneys&#146; fees) actually and reasonably incurred in connection with
the defense or settlement of such action, and the statute requires court approval before there can
be any indemnification where the person seeking indemnification has been found liable to the
corporation. The statute provides that it is not exclusive of other indemnification that may be
granted by a corporation&#146;s by-laws, disinterested director vote, stockholder vote, agreement or
otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;6(d) of the Registrant&#146;s certificate of incorporation provides that the Registrant
will indemnify its directors and officers and may indemnify any other employees or agents to the
full extent permitted by the Delaware General Corporation Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;6(c) of the Registrant&#146;s certificate of incorporation provides that its directors will
not be personally liable to the Registrant or its stockholders for monetary damages resulting from
breaches of their fiduciary duty as directors to the full extent permitted by the Delaware General
Corporation Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant has purchased directors&#146; and officers&#146; liability insurance policies which
insure against certain liabilities incurred by its directors and officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. Exemption from Registration Claimed.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. Exhibits.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See the Index to Exhibits attached hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Undertakings.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;The undersigned Registrant hereby undertakes:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(1)&nbsp;To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(i)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(ii)&nbsp;To reflect in the prospectus any facts or events arising after the effective date of the
Registration Statement (or the most recent post-effective amendment thereto) which,
individually or in the aggregate, represent a fundamental change in the information set forth
in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in
volume of securities offered (if the total dollar value of securities offered would not
exceed that which was registered) and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of prospectus filed with the Commission
pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no
more than 20&nbsp;percent change in the maximum aggregate offering price set forth in the
&#147;Calculation of Registration Fee&#148; table in the effective Registration Statement; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(iii)&nbsp;To include any material information with respect to the plan of distribution not
previously disclosed in the Registration Statement or any material change to such information
in the Registration Statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>provided</I>, <I>however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in
periodic reports filed with the Commission by the Registrant pursuant to Section&nbsp;13 or
Section 15(d) of the Exchange Act that are incorporated by reference in this Registration
Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(2)&nbsp;That, for the purpose of determining any liability under the Securities Act, each such
post-effective amendment shall be deemed to be a new Registration Statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to
be the initial <I>bona fide </I>offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(3)&nbsp;To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;The undersigned Registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act, each filing of the Registrant&#146;s annual report pursuant to Section 13(a)
or Section 15(d) of the Exchange Act that is incorporated by reference in this Registration
Statement shall be deemed to be a new Registration Statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona
fide </I>offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be permitted to
directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions,
or otherwise, the Registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the
</DIV>
<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">event that a claim for indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling person of the
Registrant in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being registered, the
Registrant will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.
</DIV>


<P align="center" style="font-size: 10pt">3

</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Los Angeles, State of California, on the 27th day of October, 2005.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">KB HOME<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/   William R. Hollinger
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">William R. Hollinger&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Senior Vice President and
Controller&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, the persons who administer the KB Home
401(k) Savings Plan have duly caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Los Angeles, State of California, on the
27th day of October, 2005.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">KB HOME 401(k) SAVINGS PLAN<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/   Cory F. Cohen
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Cory F. Cohen&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Member, Administrative Committee&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">4
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>POWER OF ATTORNEY</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes
and appoints Bruce Karatz, Richard B. Hirst, Kimberly N. King and Tony Richelieu, and each of them,
his or her true and lawful attorney-in-fact and agents with full and several power of substitution,
for him or her and in his or her name, place and stead, in any and all capacities, to sign any and
all amendments (including post-effective amendments) to this Registration Statement, and to file
the same, with all exhibits thereto, and all documents in connection therewith, with the Securities
and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them full
power and authority to do and perform each and every act and thing requisite and necessary to be
done in and about the premises, as fully to all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of
them, or their substitutes, may lawfully do or cause to be done.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed below by the following persons in the capacities indicated on the 27th day of October,
2005:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" nowrap valign="top"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/  Bruce Karatz
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Bruce Karatz</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chairman and Chief Executive Officer<BR>
(Principal Executive Officer)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/  Domenico Cecere
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Domenico Cecere</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Senior Vice President and Chief Financial
Officer <BR>(Principal Financial Officer and
Principal Accounting Officer)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/  Ronald W. Burkle
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Ronald W. Burkle</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/  Timothy W. Finchem
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Timothy W. Finchem</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/  Ray R. Irani
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Dr. Ray R. Irani</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/  Kenneth M. Jastrow, II
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Kenneth M. Jastrow, II</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/  James A. Johnson
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
James A. Johnson</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/  J. Terrence Lanni
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
J. Terrence Lanni</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/  Melissa Lora
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Melissa Lora</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/  Michael G. McCaffery
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Michael G. McCaffery</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/  Leslie Moonves
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Leslie Moonves</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/  Barry Munitz
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Dr. Barry Munitz</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/  Luis T. Nogales
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Luis G. Nogales</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">5
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INDEX TO EXHIBITS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended Certificate of Incorporation of the Registrant
(incorporated by reference to the Registrant&#146;s Registration
Statement on Form&nbsp;S-1 (File No.&nbsp;33-6471)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment to the Certificate of Incorporation of the
Registrant (incorporated by reference to the Registrant&#146;s
Registration Statement on Form&nbsp;S-1 (File No.&nbsp;33-30140)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Designation of Series&nbsp;A Participating
Cumulative Preferred Stock of the Registrant (incorporated
by reference to the Registrant&#146;s Registration Statement on
Form&nbsp;S-1 (File No.&nbsp;33-30140)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment to Certificate of Designation of Series&nbsp;A
Participating Cumulative Preferred Stock of the Registrant
(incorporated by reference to Exhibit&nbsp;2.2 to the
Registrant&#146;s Registration Statement on Form&nbsp;8-A filed
February&nbsp;23, 1999 (File No.&nbsp;001-09195)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Ownership and Merger effective January&nbsp;17,
2001 merging KB Home, Inc. into Kaufman and Broad Home
Corporation (incorporated by reference to Exhibit&nbsp;3.7 to
the Registrant&#146;s Annual Report on Form&nbsp;10-K for the year
ended November&nbsp;30, 2000 (File No.&nbsp;001-09195)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By-Laws, as amended and restated on January&nbsp;17, 2001, of
the Registrant (incorporated by reference to Exhibit&nbsp;3.8 to
the Registrant&#146;s Annual Report on Form&nbsp;10-K for the year
ended November&nbsp;30, 2000 (File No.&nbsp;001-09195)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights Agreement, dated as of February&nbsp;4, 1999, between the
Registrant and Mellon Investor Services LLC (formerly known
as ChaseMellon Shareholder Services, L.L.C.), as Rights
Agent (incorporated by reference to Exhibit&nbsp;4.1 to the
Registrant&#146;s Current Report on Form&nbsp;8-K filed February&nbsp;12,
1999 (File No.&nbsp;001-09195)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Amendment to Rights Agreement, dated as of April&nbsp;29,
2005, between the Registrant and Mellon Investor Services
LLC (f/k/a ChaseMellon Shareholder Services, L.L.C.), as
Rights Agent (incorporated by reference to Exhibit&nbsp;4.19 to
the Registrant&#146;s Quarterly Report on Form&nbsp;10-Q for the
quarter ended May&nbsp;31, 2005 (File No.&nbsp;001-9195)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">KB Home 2001 Stock Incentive Plan (incorporated by reference to Exhibit&nbsp;10.22 to the
Registrant&#146;s Annual Report on Form&nbsp;10-K for the year ended November&nbsp;30, 2001 (File No.
001-09195)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">KB Home 1999 Incentive Plan, as amended and restated July&nbsp;11, 2002 (incorporated by reference
to Exhibit&nbsp;10.24 to the Registrant&#146;s Annual Report on Form&nbsp;10-K for the year ended November
30, 2002 (File No.&nbsp;001-09195)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">KB Home 1988 Employee Stock Plan (incorporated by reference to the Joint Proxy Statement for
the Registrant&#146;s 1989 Special Meeting of Shareholders (File No.&nbsp;001-09195)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendments to the KB Home 1988 Employee Stock Plan dated January&nbsp;27, 1994 (incorporated by
reference to Exhibit&nbsp;10.12 to the Registrant&#146;s Annual Report on Form&nbsp;10-K for the year ended
November&nbsp;30, 1994 (File No.&nbsp;001-09195)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">KB Home Performance-Based Incentive Plan for Senior Management (incorporated by reference to
Exhibit&nbsp;10.18 to the Registrant&#146;s Annual Report on Form&nbsp;10-K for the year ended November&nbsp;30,
1995 (File No.&nbsp;001-09195)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.14
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">KB Home 1998 Stock Incentive Plan (incorporated by reference to Exhibit&nbsp;10.17 to the
Registrant&#146;s Annual Report on Form&nbsp;10-K for the year ended November&nbsp;30, 1998 (File No.
001-09195)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.15
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">KB Home Non-Employee Directors Stock Plan, as amended and restated as of July&nbsp;10, 2003
(incorporated by reference to Exhibit&nbsp;10.22 to the Registrant&#146;s Annual Report on Form&nbsp;10-K for
the year ended November&nbsp;20, 2003 (File No.&nbsp;001-09195)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Kimberly N. King, Esq. as to the legality of the securities being offered hereunder.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">6
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Registrant and the Registrant&#146;s 401(k) Saving Plan hereby undertake that they have
submitted and will submit the 401(k) Savings Plan and any amendments to the 401(k) Savings
Plan to the Internal Revenue Service in a timely manner and have made and will make all
changes required by the Internal Revenue Service in order to quality the 401(k) Savings Plan.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young LLP.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Kimberly N. King, Esq. (included in Exhibit&nbsp;5.1 hereto).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included on the signature page).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">7
</DIV>

</BODY>
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sv8
As filed with the Securities and Exchange Commission on October 27, 2005
Registration No. 333-_____
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
KB Home
(Exact Name of Registrant as Specified in Its Charter)
Delaware
95-3666267
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
10990 Wilshire Boulevard
Los Angeles, California 90024
(Address of Principal Executive Offices)
KB Home 1988 Employee Stock Plan
KB Home Performance-Based Incentive Plan for Senior Management
KB Home 1998 Stock Incentive Plan
KB Home 1999 Incentive Plan
KB Home 2001 Stock Incentive Plan
KB Home Non-Employee Directors Stock Plan
KB Home 401(k) Savings Plan
Stock Grants
(Full Title of the Plans)
William A. Richelieu
Corporate Counsel and Assistant Corporate Secretary
KB HOME
10990 Wilshire Boulevard
Los Angeles, CA 90024
(310) 231-4000
(Name, address and telephone number, including area code, of agent for service)
Copy to:
Michael J. O'Sullivan
Munger, Tolles & Olson LLP
355 South Grand Ave. #3500
Los Angeles, CA 90071
(213) 683-9100
CALCULATION OF REGISTRATION FEE
Amount
Proposed Maximum
Proposed Maximum
Amount of
Title of Securities
To be
Offering Price Per
Aggregate Offering
Registration
to be Registered
Registered (1)
Share
Price
Fee
Common Stock, par
value $1.00 per share,
including Series A
Participating Cumulative
Preferred Stock Purchase
Rights (2)
KB Home 401(k)
Savings Plan
400,000
$64.48(3)
$25,792,000(3)
$3036
KB Home Non-Employee
Directors Stock Plan
400,000
$64.48(3)
$25,792,000(3)
$3036
Previously Registered
35,501,136
N/A(4)
N/A(4)
$0(4)
(1)
Pursuant to Rule 416 under the Securities Act
of 1933, as amended, this Registration
Statement shall also cover additional shares of
Common Stock which may become issuable by
reason of any stock split, stock dividend,
recapitalization or other similar transactions
effected without consideration which results in
an increase in the number of the Registrant's
shares of outstanding Common Stock. Also
pursuant to Rule 416 under the Securities Act
of 1933, this Registration Statement covers an
indeterminate amount of interests to be offered
or sold pursuant to the KB Home 401(k) Savings
Plan. In addition, this Registration Statement
covers the resale by certain Selling
Stockholders named in the Prospectus included
in and filed with this Form S-8 of certain of
the shares of Registrant's Common Stock subject
to this Registration Statement, for which no
additional registration fee is required
pursuant to Rule 457(h)(3).
(2)
Each share of Common Stock includes one
preferred stock purchase right issued pursuant
to a Rights Agreement, dated as of February 4,
1999, as amended, between the Registrant
(formerly known as Kaufman and Broad Home
Corporation) and Mellon Investor Services LLC
(formerly known as ChaseMellon Shareholder
Services, L.L.C.), as Rights Agent. The
preferred stock purchase rights are not
presently exercisable and do not trade
separately from the Common Stock. The
preferred stock purchase rights will be issued
for no additional consideration and, therefore,
no additional registration fee is required.
(3)
Estimated pursuant to Rule 457 under the Securities Act of 1933
solely for the purposes of calculating the amount of the
registration fee, based on the average of the high and low sales
prices of the Registrant's Common Stock on October 20, 2005, as
reported on the New York Stock Exchange with respect to 400,000
shares of the Registrant's Common Stock issuable under the KB Home
Non-Employee Directors Stock Plan and 400,000 shares of the
Registrant's Common Stock issuable under the KB Home 401(k)
Savings Plan. These 800,000 shares of Common Stock are the only
new shares of Common Stock being registered by this Registration
Statement.
(4)
Pursuant to Rule 429 under the Securities Act of 1933, this
Registration Statement is deemed to be a post-effective amendment
to the Registrant's Registration Statement on Form S-8 (File No.
333-122277) filed on January 25, 2005, for which the Registrant
paid a registration fee of $124,397.13 to register 20,000,000
shares of Common Stock (which reflects a 2-for-1 stock split in
April 2005); the Registrant's Registration Statement on Form S-8
(File No. 333-49309) filed on April 3, 1998, for which the
Registrant paid a registration fee of $26,520 to register
5,901,136 shares of Common Stock (which reflects the 2005 stock
split); the Registrant's Registration Statement on Form S-8 (File
No. 333-49311) filed on April 3, 1998, for which the Registrant
paid a registration fee of $9,180 to register 3,400,000 shares of
Common Stock (which reflects the 2005 stock split); the
Registrant's Registration Statement on Form S-8 (File No.
333-49307) filed on April 3, 1998, for which the Registrant paid a
registration fee of $955 to register 200,000 shares of Common
Stock (which reflects the 2005 stock split); and the Registrant's
Registration Statement on Form S-8 (File No. 33-28624) filed on
May 11, 1989, for which the Registrant paid a registration fee of
$4,325 to register 6,000,000 shares of Common Stock (which
reflects the 2005 stock split).
Pursuant to Rule 429 under the Securities Act of 1933, this Registration Statement is
deemed to be a post-effective amendment to the Registrant's Registration Statement on Form S-8
(File No. 333-122277) filed on January 25, 2005, the Registrant's Registration Statement on Form
S-8 (File No. 333-49309) filed on April 3, 1998, the Registrant's Registration Statement on Form
S-8 (File No. 333-49311) filed on April 3, 1998, the Registrant's Registration Statement on Form
S-8 (File No. 222-49307) filed on April 3, 1998 and the Registrant's Registration Statement on Form
S-8 (File No. 33-28624) filed May 11, 1989.
REOFFER PROSPECTUS
KB Home
36,301,136 Shares of Common Stock
Acquired by the Selling Stockholders Under
Stock Grants
and
KB Home 1988 Employee Stock Plan
and
KB Home Performance-Based Incentive Plan for Senior Management
and
KB Home 1998 Stock Incentive Plan
and
KB Home 1999 Incentive Plan
and
KB Home 2001 Stock Incentive Plan
and
KB Home Non-Employee Directors Stock Plan
and
KB Home 401(k) Savings Plan
This Prospectus relates to shares (the "Shares") of Common Stock, par value $1.00 per
share (together with the Preferred Stock Purchase Rights associated therewith, the "Common Stock"),
of KB Home (formerly the Kaufman and Broad Home Corporation), a Delaware corporation (the
"Company"), which may be offered and sold from time to time by certain stockholders of the Company
(the "Selling Stockholders") who have acquired or will acquire such Shares pursuant to stock
grants, the Company's 1988 Employee Stock Plan, the Company's Performance-Based Incentive Plan for
Senior Management, the Company's 1998 Stock Incentive Plan, the Company's 1999 Incentive Plan, the
Company's 2001 Stock Incentive Plan, the Company's Non-Employee Directors Stock Plan or the
Company's 401(k) Savings Plan (each, including the stock grants, a "Plan" and collectively, the
"Plans"). See "Selling Stockholders." The Company's Common Stock is traded on the New York Stock
Exchange ("NYSE") under the symbol "KBH." On October 26, 2005, the closing price of the Common
Stock, as reported in the consolidated reporting system, was $64.53 per share.
The Company will not receive any of the proceeds from sales of the Shares by any of the
Selling Stockholders. The Shares may be offered from time to time by any or all of the Selling
Stockholders through ordinary brokerage transactions, in negotiated transactions or in other
transactions, at such prices as he or she may determine, which may relate to market prices
prevailing at the time of sale or be a negotiated price. See "Plan of Distribution." All costs,
expenses and fees in connection with the registration of the Shares have been borne by the Company.
Brokerage commissions and similar selling expenses, if any, attributable to the offer or sale of
the Shares will be borne by the Selling Stockholder.
Each Selling Stockholder and any broker executing selling orders on behalf of a Selling
Stockholder may be deemed to be an "underwriter" as defined in the Securities Act of 1933, as
amended (the "Securities Act"). If any broker-dealers are used to effect sales, any commissions
paid to broker-dealers and, if broker-dealers purchase any of the Shares as principals, any profits
received by such broker-dealers on the resale of the Shares, may be deemed to be underwriting
discounts or commissions under the Securities Act. In addition, any profits realized by the
Selling Stockholders may be deemed to be underwriting commissions.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR
ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE
SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENSE.
The date of this Prospectus is October 27, 2005
AVAILABLE INFORMATION
The Company is subject to the information requirements of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"), and, in accordance therewith, files reports, proxy statements and
other information with the Securities and Exchange Commission (the "Commission"). The reports,
proxy statements and other information filed by the Company with the Commission can be inspected
and copied at the Public Reference Room of the Commission at 100 F Street, N.E., Washington, D.C.
20549. Information regarding the operation of the Public Reference Room may be obtained by calling
the Commission at 1-800-SEC-0330. Additionally, the Commission maintains an Internet site that
contains reports, proxy and information statements and other information regarding registrants that
file electronically with the Commission and that is located at http://www.sec.gov.
This Prospectus constitutes part of a Registration Statement on Form S-8 filed on the date
hereof (herein, together with all amendments and exhibits, referred to as the "Registration
Statement") by the Company with the Commission under the Securities Act. This Prospectus does not
contain all of the information set forth in the Registration Statement, certain parts of which are
omitted in accordance with the rules and regulations of the Commission. For further information
with respect to the Company and the Common Stock, reference is hereby made to the full Registration
Statement. Statements contained herein concerning the provisions of any contract, agreement or
other document are not necessarily complete, and in each instance reference is made to the copy of
such contract, agreement or other document filed as an exhibit to the Registration Statement or
otherwise filed with the Commission. Each such statement is qualified in its entirety by such
reference. Copies of the Registration Statement together with exhibits may be inspected at the
offices of the Commission as indicated above without charge and copies thereof may be obtained
therefrom upon payment of a prescribed fee.
No person is authorized to give any information or to make any representations, other than
those contained in this Prospectus, in connection with the offering described herein, and, if given
or made, such information or representations must not be relied upon as having been authorized by
the Company or any Selling Stockholder. This Prospectus does not constitute an offer to sell, or a
solicitation of an offer to buy, nor shall there be any sale of these securities by any person in
any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale.
Neither the delivery of this Prospectus nor any sale made hereunder shall under any circumstances
create an implication that the information contained herein is correct as of any time subsequent to
the date hereto.
PRIVATE SECURITIES LITIGATION REFORM ACT SAFE HARBOR STATEMENT
You are cautioned that certain statements contained or incorporated or deemed to be
incorporated by reference in this Prospectus, as well as some statements by the Company in periodic
press releases and some oral statements by Company officials to securities analysts and
stockholders during presentations about the Company, are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Statements which are
predictive in nature, which depend upon or refer to future events or conditions, or which include
words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," "hopes," and
similar expressions constitute forward-looking statements. In addition, any statements concerning
future financial or operating performance (including future revenues, unit deliveries, expenses,
margins, earnings or earnings per share or growth rates), future market conditions, future interest
rates and other economic conditions, ongoing business strategies or prospects, future dividends and
changes in dividend levels, the value of backlog, including amounts that we expect to realize upon
delivery of units included in backlog and the timing of those deliveries, potential future
acquisitions and the impact of completed acquisitions, future share repurchases and possible future
actions, which may be provided by us, are also forward-looking statements as defined by the Act.
Forward-looking statements are based on current expectations and projections about future events
and are subject to risks, uncertainties, and assumptions about the Company, economic and market
factors and the homebuilding industry, among other things. These statements are not guarantees of
future performance, and the Company has no specific intention to update these statements.
Actual events and results may differ materially from those expressed or forecasted in the
forward-looking statements made by the Company or Company officials due to a number of factors. The
principal important risk factors that could cause the Company's actual performance and future
events and actions to differ materially from such forward-looking statements include, but are not
limited to, changes in general economic conditions, material prices and availability, labor costs
and availability, interest rates and the Company's debt levels, consumer confidence, competition,
currency exchange rates (insofar as they affect the Company's operations in France), environmental
factors and significant natural disasters (including the effects of recent hurricanes on the U.S.
housing market and the U.S. economy in general), government regulations affecting the Company's
operations, the availability and cost of land in desirable areas and the continued impact of
terrorist activities and United States response, unanticipated violations of Company policy,
unanticipated legal or regulatory proceedings or claims, and conditions in the capital, credit and
homebuilding markets. See the Company's Annual Report on Form 10-K for the year ended November 30,
2004, the Company's Quarterly Reports on Form 10-Q for the quarters ended February 28, 2005, May
31, 2005 and August 31, 2005, and the Company's other filings with the Commission for a further
discussion of these and other risks and uncertainties applicable to the Company's business.
2
BUSINESS
The Company is one of America's leading homebuilders with domestic operating divisions in the
following regions and states: West Coast — California; Southwest — Arizona, Nevada and New
Mexico; Central — Colorado, Illinois, Indiana and Texas; Southeast — Florida, Georgia, North
Carolina and South Carolina; and Mid-Atlantic — Maryland and Virginia. Kaufman & Broad S.A., the
Company's publicly-traded French subsidiary, is one of the largest homebuilders in France based on
revenues. In fiscal 2004, the Company delivered 31,646 homes in the United States and France. The
Company also offers complete mortgage services through Countrywide KB Home Loans, a joint venture
with Countrywide Financial Corporation. Founded in 1957 and winner of the 2004 American Business
Award for Best Overall Company, the Company is a Fortune 500 company listed on the NYSE under the
ticker symbol "KBH."
The Company is a Delaware corporation and maintains its principal executive offices at 10990
Wilshire Boulevard, Los Angeles, California 90024. Its telephone number is (310) 231-4000.
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The following documents of the Company heretofore filed with the Commission are hereby
incorporated in this Prospectus by reference:
(a) The Company's Annual Report on Form 10-K for the year ended November 30, 2004;
(b) The Company's Quarterly Reports on Form 10-Q for the quarters ended February 28, 2005, May
31, 2005 and August 31, 2005;
(c) The Company's Current Reports on Form 8-K filed December 15, 2004, May 13, 2005, June 2,
2005 and June 27, 2005; and
(d) The description of the Common Stock, par value $1.00 per share, in the Company's
Registration Statement on Form 8-A filed June 30, 1986 pursuant to Section 12(b) of the
Exchange Act, and the description of the Company's Rights to Purchase Series A Participating
Cumulative Preferred Stock in the Company's Registration Statement on Form 8-A filed February
23, 1999 pursuant to Section 12(b) of the Exchange Act, in each case together with any
amendment or report filed with the Commission for the purpose of updating such descriptions.
All reports and other documents subsequently filed by the Company pursuant to Sections 13(a),
13(c), 14 and 15(d) of the Exchange Act after the date of this Registration Statement and prior to
the filing of a post-effective amendment to this Registration Statement which indicates that all
securities offered have been sold or which deregisters all securities then remaining unsold shall
be deemed to be incorporated by reference in this Registration Statement and to be a part hereof
from their respective dates of filing.
Any statement contained herein or in a document incorporated or deemed to be incorporated by
reference herein shall be deemed to be modified or superseded for purposes of this Prospectus to
the extent that a statement contained herein or in any other subsequently filed document which also
is or is deemed to be incorporated by reference herein modifies or supersedes such earlier
statement. Any statement so modified or superseded shall not be deemed, except as so modified or
superseded, to constitute a part of this Prospectus.
The information relating to the Company contained in this Prospectus should be read together
with the information in the documents incorporated by reference.
This Prospectus incorporates by reference documents which are not presented herein or
delivered herewith. Such documents (other than exhibits to such documents unless such exhibits are
specifically incorporated by reference) are available without charge to any person to whom this
Prospectus is delivered, upon written or oral request. Requests for such documents should be
directed to KB Home, 10990 Wilshire Boulevard, Los Angeles, California 90024, Attention: Corporate
Secretary, Telephone: (310) 231-4000.
USE OF PROCEEDS
The Company will not receive any proceeds from the sale of the Shares by the Selling
Stockholders.
SELLING STOCKHOLDERS
This Prospectus relates to Shares that are being registered for reoffers and resales by
Selling Stockholders who have acquired or may acquire Shares pursuant to any of the Plans. The
Selling Stockholders may resell any or all of the Shares at any time they choose while this
Prospectus is effective. Executive officers and directors, certain of their family members, trusts
for their benefit, and entities that they own, that acquire Shares under the Plans may be added to
the Selling Stockholder list below by a supplement to this Prospectus supplement filed with the
Commission. The number of Shares to be sold by any Selling Stockholder under this Prospectus also
may be increased or decreased by a supplement to this Prospectus. Non-affiliates holding
restricted securities issued under any of the Plans and who are not named below may use this
Prospectus for the offer or sale of their Shares, provided they hold 1,000 or fewer
Shares.
3
The following table sets forth (a) the name and position or positions with the Company of each
Selling Stockholder; (b) the number of shares of Common Stock beneficially owned (as such term is
defined in Rule 13d-3 under the Exchange Act) by each Selling Stockholder as of the date of this
Prospectus; (c) the number of shares of Common Stock that each Selling Stockholder may offer for
sale from time to time pursuant to this Prospectus, whether or not such Selling Stockholder has a
present intention to do so; and (d) the number of shares of Common Stock to be beneficially owned
by each Selling Stockholder following the sale of all shares that may be so offered, assuming no
other change in the beneficial ownership of the Company's Common Stock by such Selling Stockholder
after the date of this Prospectus. Unless otherwise indicated, beneficial ownership is direct and
the person indicated has sole voting and investment power. No Selling Stockholder owns more than 1%
of the Company's Common Stock, other than Bruce Karatz, who owns 4.1%, and Jeffrey T. Mezger, who
owns 1.7%. After the resale, assuming the sale of all shares that may be so offered and no other
changes in their beneficial ownership of the Company's Common Stock after the date of this
Prospectus, Mr. Karatz and Mr. Mezger will each own less than 1% of the Company's Common Stock.
Inclusion of an individual's name in the table below does not constitute an admission that
such individual is an "affiliate" of the Company.
Shares
Principal
Shares
Number of
Beneficially
Position(s)(1) with
Beneficially
Shares Offered
Owned After the
Selling Stockholder
the Company
Owned (2-4)
for Resale (5)
Resale (2)
Bruce Karatz
Chairman and Chief
Executive Officer
3,928,918
4,738,919
0
Jeffrey T. Mezger
Executive Vice
President and Chief
Operating Officer
1,611,815
1,894,814
0
Richard B. Hirst
Executive Vice
President and Chief
Legal Officer
89,667
186,600
21,400
Domenico Cecere
Senior Vice
President and Chief
Financial Officer
189,272
223,538
0
William R. Hollinger
Senior Vice
President and
Controller
232,451
263,784
0
Albert Z. Praw
Senior Vice
President, Asset
Management and
Acquisitions
234,094
245,716
17,044
Gary A. Ray
Senior Vice President,
Human Resources
292,015
334,948
0
Kelly Masuda
Vice President,
Capital Markets and
Treasurer
27,573
49,072
3,500
Glen Barnard
Regional General
Manager
24,173
61,506
0
Leah S.W. Bryant
Regional General
Manager
165,095
203,360
0
Steven M. Davis
Regional General
Manager
179,365
205,658
0
Robert Freed
Regional General
Manager
118,814
154,580
0
4
Shares
Principal
Shares
Number of
Beneficially
Position(s)(1) with
Beneficially
Shares Offered
Owned After the
Selling Stockholder
the Company
Owned (2-4)
for Resale (5)
Resale (2)
John E. "Buddy" Goodwin
Regional General
Manager
219,467
257,066
0
Jay L. Moss
Regional General
Manager
175,154
211,020
0
Larry E. Oglesby
Regional General
Manager
83,231
113,764
0
James D. Widner
Regional General
Manager
75,254
97,520
0
Total
7,646,358
9,241,865
41,944
(1)
All positions described are with the Company, unless otherwise indicated.
(2)
Beneficial ownership is determined pursuant to Regulation 13D/G under the Exchange Act.
Shares underlying options are reflected only to the extent that the option is exercisable as of,
or within 60 days after, the date of this Prospectus. As a result, "Shares Beneficially Owned"
may not reflect all of the Shares that may be sold pursuant to this Registration Statement.
(3)
Includes an aggregate total of 4,572,319 shares of Common Stock subject to acquisition
within 60 days of the date of this Prospectus through the exercise of stock options granted
under the Plans.
(4)
Includes shares of Common Stock held in certain trusts as follows: Mr. Karatz holds
1,727,467 shares in trust; Mr. Praw holds 8,522 shares in trust; Mr. Moss holds 107,754 shares
in trust; and Ms. Bryant holds 24,571 shares in trust.
(5)
Includes shares issued or issuable upon exercise of options (including options that are not
exercisable as of, or within 60 days after, the date of this Prospectus) and shares granted to
such employees under the Plans. Some of these shares may have been sold prior to the date of
this Prospectus.
* * *
The Company may supplement this Prospectus from time to time as required by the rules of the
Commission to include certain information concerning the security ownership of the Selling
Stockholders or any new Selling Stockholders, the number of securities offered for resale and the
position, office or other material relationship which a Selling Stockholder has had within the past
three years with the Company or any of its predecessors or affiliates.
PLAN OF DISTRIBUTION
The purpose of the Prospectus is to permit the Selling Stockholders, if they desire, to offer
for sale and sell the Shares they acquired or will acquire pursuant to the Plans at such times and
at such places as the Selling Stockholders choose.
The decision to exercise options for Shares, or to sell any Shares, is within the discretion
of the holders thereof, subject generally to the Company's policies affecting the timing and manner
of sale of Common Stock by certain individuals. There can be no assurance that any of the options
will be exercised or any Shares will be sold by the Selling Stockholders.
Subsequent to exercise, if any, each Selling Stockholder is free to offer and sell his or her
Shares at such times, in such manner and at such prices as he or she shall determine. The Selling
Stockholders have advised the Company that sales of Shares may be effected from time to time in one
or more types of transactions (which may include block transactions) on the NYSE, in the
over-the-counter market, in negotiated transactions, through the writing of options on the Shares,
through settlement of short sales of Shares, or a combination of such methods of sale, at market
prices prevailing at the time of sale, or at negotiated prices. Such transactions may or may not
involve brokers or dealers. The Selling Stockholders have advised the Company that they have not
entered into any agreements, understandings or arrangements with any underwriters or broker-dealers
regarding the sale of their Shares, nor is there an underwriter or coordinating broker acting in
connection with the proposed sale of the Shares by the Selling Stockholders.
The Selling Stockholders may effect such transactions by selling Shares directly to purchasers
or to or through broker-dealers, which may act as agents or principals. Such broker-dealers may
receive compensation in the form of discounts, concessions, or commissions from the Selling
Stockholders and/or the purchasers of Shares for whom such broker-dealers may act as agents or to
whom they sell as principal, or both (which compensation as to a particular broker-dealer might be
in excess of customary commissions).
The Selling Stockholders and any broker-dealers that act in connection with the sale of Shares
might be deemed to be
5
"underwriters" within the meaning of Section 2(11) of the Securities Act, and any commissions
received by such broker-dealers and any profit on the resale of the Shares sold by them while
acting as principals might be deemed to be underwriting discounts or commissions under the
Securities Act. The Selling Stockholders may agree to indemnify any agent, dealer or broker-dealer
that participates in transactions involving sales of the Shares against certain liabilities,
including liabilities arising under the Securities Act.
Because the Selling Stockholders may be deemed to be "underwriters" within the meaning of
Section 2(11) of the Securities Act, the Selling Stockholders will be subject to the prospectus
delivery requirements of the Securities Act, which may include delivery through the facilities of
the NYSE pursuant to Rule 153 under the Securities Act.
The Company has informed the Selling Stockholders that the anti-manipulative provisions of
Regulation M promulgated under the Exchange Act may apply to their sales in the market.
The Selling Stockholders also may resell all or a portion of the Shares in open market
transactions in reliance upon Rule 144 under the Securities Act, provided they meet the criteria
and conform to the requirements of such Rule.
EXPERTS
The consolidated financial statements of KB Home appearing in KB Home's Annual Report (Form
10-K) for the year ended November 30, 2004, have been audited by Ernst & Young LLP, independent
registered public accounting firm, as set forth in their report thereon included therein and
incorporated herein by reference. Such financial statements are, and audited financial statements
to be included in subsequently filed documents will be, incorporated herein in reliance upon the
reports of Ernst & Young LLP pertaining to such financial statements (to the extent covered by
consents filed with the Securities and Exchange Commission) given on the authority of such firm as
experts in accounting and auditing.
6
NO DEALER, SALESMAN OR ANY
OTHER PERSON HAS BEEN AUTHORIZED
TO GIVE ANY INFORMATION OR TO
MAKE ANY REPRESENTATIONS OTHER
THAN THOSE CONTAINED IN THIS
PROSPECTUS, AND, IF GIVEN OR
MADE, SUCH INFORMATION OR
REPRESENTATIONS MUST NOT BE
RELIED UPON AS HAVING BEEN
AUTHORIZED BY THE COMPANY OR ANY
SELLING STOCKHOLDER. NEITHER
THE DELIVERY OF THIS PROSPECTUS
NOR ANY SALE MADE HEREUNDER
SHALL, UNDER ANY CIRCUMSTANCES,
IMPLY THAT THERE HAS BEEN NO
CHANGE IN THE AFFAIRS OF THE
COMPANY OR THAT THE INFORMATION
HEREIN IS CORRECT AS OF ANY TIME
SUBSEQUENT TO THE DATE AS OF
WHICH SUCH INFORMATION IS
GIVEN. THIS PROSPECTUS DOES NOT
CONSTITUTE AN OFFER TO SELL OR
THE SOLICITATION OF ANY OFFER TO
BUY ANY OF THE SECURITIES
OFFERED HEREBY TO ANYONE IN ANY
JURISDICTION IN WHICH SUCH OFFER
OR SOLICITATION IS NOT
AUTHORIZED OR IN WHICH THE
PERSON MAKING SUCH OFFER OR
SOLICITATION IS NOT QUALIFIED TO
DO SO OR TO ANYONE TO WHOM IT IS
UNLAWFUL TO MAKE SUCH OFFER OR
SOLICITATION.
36,301,136 SHARES
KB HOME
COMMON STOCK
PROSPECTUS
October 27, 2005
TABLE OF CONTENTS
Page
Available Information
2
Private Securities Litigation Reform Act Safe Harbor Statement
2
Business
3
Incorporation of Certain Documents by Reference
3
Use of Proceeds
3
Selling Stockholders
3
Plan of Distribution
5
Experts
6
EXPLANATORY NOTE
This Registration Statement on Form S-8 is being filed by KB Home, a Delaware corporation (the
"Registrant"), relating to 36,301,136 shares of the Registrant's Common Stock, par value $1.00 per
share, and the related preferred stock purchase rights (the "Common Stock"), which may be offered
and sold pursuant to individual stock grants, the Registrant's 1988 Employee Stock Plan, the
Registrant's Performance-Based Incentive Plan for Senior Management, the Registrant's 1998 Stock
Incentive Plan, the Registrant's 1999 Incentive Plan, the Registrant's 2001 Stock Inventive Plan,
the Registrant's Non-Employee Directors Stock Plan and the Registrant's 401(k) Savings Plan (each,
including the stock grants, a "Plan" and collectively, the "Plans"). This Registration Statement
is intended to consolidate in one place the registration of 35,501,136 shares of Common Stock that
were previously registered for offer and sale pursuant to the Plans on five separate registration
statements on Forms S-8. This Registration Statement also revises and updates certain information
from the previous registration statements and registers an additional 400,000 shares of Common
Stock that may be offered and sold pursuant to the Company's 401(k) Savings Plan and 400,000 shares
of Common Stock that may be offered and sold pursuant to the Company's Non-Employee Directors Stock
Plan.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The information required in Part I of this Registration Statement is included in the
prospectus for the Plans, which the Registrant has excluded from this Registration Statement in
accordance with the instructions to Form S-8.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
KB Home (the "Registrant") incorporates herein by reference the following documents filed with
the Securities and Exchange Commission (the "Commission") (File No. 001-09195):
(a) The Registrant's Annual Report on Form 10-K for the year ended November 30, 2004;
(b) The Registrant's Quarterly Reports on Form 10-Q for the quarters ended February 28, 2005,
May 31, 2005 and August 31, 2005;
(c) The Registrant's Current Reports on Form 8-K filed December 15, 2004, May 13, 2005, June 2,
2005 and June 27, 2005; and
(d) The description of the Registrant's common stock, par value $1.00 per share, in the
Registrant's Registration Statement on Form 8-A filed June 30, 1986 pursuant to Section 12(b) of
the Exchange Act, and the description of the Registrant's Rights to Purchase Series A
Participating Cumulative Preferred Stock in the Registrant's Registration Statement on Form 8-A
filed February 23, 1999 pursuant to Section 12(b) of the Exchange Act, in each case, together
with any amendment or report filed with the Commission for the purpose of updating such
descriptions.
All reports and other documents subsequently filed by the Registrant pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this Registration Statement and
prior to the filing of a post-effective amendment to this Registration Statement which indicates
that all securities offered have been sold or which deregisters all securities then remaining
unsold shall be deemed to be incorporated by reference in this Registration Statement and to be a
part hereof from their respective dates of filing (such documents, and the documents enumerated
above, being hereinafter referred to as "Incorporated Documents").
Any statement contained in an Incorporated Document shall be deemed to be modified or
superseded for purposes of this Registration Statement to the extent that a statement contained
herein or in any other subsequently filed Incorporated Document modifies or supersedes such
statement. Any such statement so modified or superseded shall not be deemed, except as so modified
or superseded, to constitute a part of this Registration Statement.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
Section 145 of the Delaware General Corporation Law provides, among other things, that a
corporation may indemnify directors and officers as well as other employees and individuals against
expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and
reasonably incurred in connection with specified actions, suits or proceedings, whether civil,
1
criminal, administrative or investigative (other than an action by or in the right of the
corporation — a "derivative action"), if they acted in good faith and in a manner they reasonably
believed to be in or not opposed to the best interests of the corporation and, with respect to any
criminal action or proceeding, had no reasonable cause to believe their conduct was unlawful. A
similar standard is applicable in the case of derivative actions, except that indemnification only
extends to expenses (including attorneys' fees) actually and reasonably incurred in connection with
the defense or settlement of such action, and the statute requires court approval before there can
be any indemnification where the person seeking indemnification has been found liable to the
corporation. The statute provides that it is not exclusive of other indemnification that may be
granted by a corporation's by-laws, disinterested director vote, stockholder vote, agreement or
otherwise.
Article 6(d) of the Registrant's certificate of incorporation provides that the Registrant
will indemnify its directors and officers and may indemnify any other employees or agents to the
full extent permitted by the Delaware General Corporation Law.
Article 6(c) of the Registrant's certificate of incorporation provides that its directors will
not be personally liable to the Registrant or its stockholders for monetary damages resulting from
breaches of their fiduciary duty as directors to the full extent permitted by the Delaware General
Corporation Law.
The Registrant has purchased directors' and officers' liability insurance policies which
insure against certain liabilities incurred by its directors and officers.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
See the Index to Exhibits attached hereto.
Item 9. Undertakings.
(a) The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii) To reflect in the prospectus any facts or events arising after the effective date of the
Registration Statement (or the most recent post-effective amendment thereto) which,
individually or in the aggregate, represent a fundamental change in the information set forth
in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in
volume of securities offered (if the total dollar value of securities offered would not
exceed that which was registered) and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of prospectus filed with the Commission
pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no
more than 20 percent change in the maximum aggregate offering price set forth in the
"Calculation of Registration Fee" table in the effective Registration Statement; and
(iii) To include any material information with respect to the plan of distribution not
previously disclosed in the Registration Statement or any material change to such information
in the Registration Statement;
provided
,
however
, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in
periodic reports filed with the Commission by the Registrant pursuant to Section 13 or
Section 15(d) of the Exchange Act that are incorporated by reference in this Registration
Statement.
(2) That, for the purpose of determining any liability under the Securities Act, each such
post-effective amendment shall be deemed to be a new Registration Statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to
be the initial
bona fide
offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a)
or Section 15(d) of the Exchange Act that is incorporated by reference in this Registration
Statement shall be deemed to be a new Registration Statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial
bona
fide
offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to
directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions,
or otherwise, the Registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the
2
event that a claim for indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling person of the
Registrant in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being registered, the
Registrant will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.
3
SIGNATURES
Pursuant to the requirements of the Securities Act, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Los Angeles, State of California, on the 27th day of October, 2005.
KB HOME
By
/s/   William R. Hollinger
Name:
William R. Hollinger
Title:
Senior Vice President and
Controller
Pursuant to the requirements of the Securities Act, the persons who administer the KB Home
401(k) Savings Plan have duly caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Los Angeles, State of California, on the
27th day of October, 2005.
KB HOME 401(k) SAVINGS PLAN
By
/s/   Cory F. Cohen
Name:
Cory F. Cohen
Title:
Member, Administrative Committee
4
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes
and appoints Bruce Karatz, Richard B. Hirst, Kimberly N. King and Tony Richelieu, and each of them,
his or her true and lawful attorney-in-fact and agents with full and several power of substitution,
for him or her and in his or her name, place and stead, in any and all capacities, to sign any and
all amendments (including post-effective amendments) to this Registration Statement, and to file
the same, with all exhibits thereto, and all documents in connection therewith, with the Securities
and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them full
power and authority to do and perform each and every act and thing requisite and necessary to be
done in and about the premises, as fully to all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of
them, or their substitutes, may lawfully do or cause to be done.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed below by the following persons in the capacities indicated on the 27th day of October,
2005:
Signature
Title
/s/  Bruce Karatz
Bruce Karatz
Chairman and Chief Executive Officer
(Principal Executive Officer)
/s/  Domenico Cecere
Domenico Cecere
Senior Vice President and Chief Financial
Officer
(Principal Financial Officer and
Principal Accounting Officer)
/s/  Ronald W. Burkle
Ronald W. Burkle
Director
/s/  Timothy W. Finchem
Timothy W. Finchem
Director
/s/  Ray R. Irani
Dr. Ray R. Irani
Director
/s/  Kenneth M. Jastrow, II
Kenneth M. Jastrow, II
Director
/s/  James A. Johnson
James A. Johnson
Director
/s/  J. Terrence Lanni
J. Terrence Lanni
Director
/s/  Melissa Lora
Melissa Lora
Director
/s/  Michael G. McCaffery
Michael G. McCaffery
Director
/s/  Leslie Moonves
Leslie Moonves
Director
/s/  Barry Munitz
Dr. Barry Munitz
Director
/s/  Luis T. Nogales
Luis G. Nogales
Director
5
INDEX TO EXHIBITS
Exhibit
Number
Description
4.1
Amended Certificate of Incorporation of the Registrant
(incorporated by reference to the Registrant's Registration
Statement on Form S-1 (File No. 33-6471)).
4.2
Amendment to the Certificate of Incorporation of the
Registrant (incorporated by reference to the Registrant's
Registration Statement on Form S-1 (File No. 33-30140)).
4.3
Certificate of Designation of Series A Participating
Cumulative Preferred Stock of the Registrant (incorporated
by reference to the Registrant's Registration Statement on
Form S-1 (File No. 33-30140)).
4.4
Amendment to Certificate of Designation of Series A
Participating Cumulative Preferred Stock of the Registrant
(incorporated by reference to Exhibit 2.2 to the
Registrant's Registration Statement on Form 8-A filed
February 23, 1999 (File No. 001-09195)).
4.5
Certificate of Ownership and Merger effective January 17,
2001 merging KB Home, Inc. into Kaufman and Broad Home
Corporation (incorporated by reference to Exhibit 3.7 to
the Registrant's Annual Report on Form 10-K for the year
ended November 30, 2000 (File No. 001-09195)).
4.6
By-Laws, as amended and restated on January 17, 2001, of
the Registrant (incorporated by reference to Exhibit 3.8 to
the Registrant's Annual Report on Form 10-K for the year
ended November 30, 2000 (File No. 001-09195)).
4.7
Rights Agreement, dated as of February 4, 1999, between the
Registrant and Mellon Investor Services LLC (formerly known
as ChaseMellon Shareholder Services, L.L.C.), as Rights
Agent (incorporated by reference to Exhibit 4.1 to the
Registrant's Current Report on Form 8-K filed February 12,
1999 (File No. 001-09195)).
4.8
First Amendment to Rights Agreement, dated as of April 29,
2005, between the Registrant and Mellon Investor Services
LLC (f/k/a ChaseMellon Shareholder Services, L.L.C.), as
Rights Agent (incorporated by reference to Exhibit 4.19 to
the Registrant's Quarterly Report on Form 10-Q for the
quarter ended May 31, 2005 (File No. 001-9195)).
4.9
KB Home 2001 Stock Incentive Plan (incorporated by reference to Exhibit 10.22 to the
Registrant's Annual Report on Form 10-K for the year ended November 30, 2001 (File No.
001-09195)).
4.10
KB Home 1999 Incentive Plan, as amended and restated July 11, 2002 (incorporated by reference
to Exhibit 10.24 to the Registrant's Annual Report on Form 10-K for the year ended November
30, 2002 (File No. 001-09195)).
4.11
KB Home 1988 Employee Stock Plan (incorporated by reference to the Joint Proxy Statement for
the Registrant's 1989 Special Meeting of Shareholders (File No. 001-09195)).
4.12
Amendments to the KB Home 1988 Employee Stock Plan dated January 27, 1994 (incorporated by
reference to Exhibit 10.12 to the Registrant's Annual Report on Form 10-K for the year ended
November 30, 1994 (File No. 001-09195)).
4.13
KB Home Performance-Based Incentive Plan for Senior Management (incorporated by reference to
Exhibit 10.18 to the Registrant's Annual Report on Form 10-K for the year ended November 30,
1995 (File No. 001-09195)).
4.14
KB Home 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.17 to the
Registrant's Annual Report on Form 10-K for the year ended November 30, 1998 (File No.
001-09195)).
4.15
KB Home Non-Employee Directors Stock Plan, as amended and restated as of July 10, 2003
(incorporated by reference to Exhibit 10.22 to the Registrant's Annual Report on Form 10-K for
the year ended November 20, 2003 (File No. 001-09195)).
5.1
Opinion of Kimberly N. King, Esq. as to the legality of the securities being offered hereunder.
6
Exhibit
Number
Description
5.2
The Registrant and the Registrant's 401(k) Saving Plan hereby undertake that they have
submitted and will submit the 401(k) Savings Plan and any amendments to the 401(k) Savings
Plan to the Internal Revenue Service in a timely manner and have made and will make all
changes required by the Internal Revenue Service in order to quality the 401(k) Savings Plan.
23.1
Consent of Ernst & Young LLP.
23.2
Consent of Kimberly N. King, Esq. (included in Exhibit 5.1 hereto).
24.1
Power of Attorney (included on the signature page).
7