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<TITLE>Filed by Bowne Pure Compliance</TITLE>
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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): November 20, 2008</B>

<P align="center">

<P align="center" style="font-size: 24pt"><B>D.R. Horton, Inc.<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

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    <TD style="border-bottom: 1px solid #000000"><B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>1-14122</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>75-2386963</B></TD>
</TR>
<TR valign="top">
    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
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    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
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    <TD style="border-bottom: 1px solid #000000"><B>301 Commerce Street, Suite 500, Fort Worth, Texas<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>76102</B></TD>
</TR>
<TR valign="top">
    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
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<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(817) 390-8200</B>


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    <TD nowrap style="border-bottom: 1px solid #000000"><B>Not Applicable<BR></B></TD>
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    <TD nowrap>(Former name or former address if changed since last report.)</TD>
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<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P align="center" style="font-size: 10pt; display: none">1
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    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;5.02.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></TD>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Compensatory Arrangements of Certain Officers</TD>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>2008 Fiscal Year Compensation of Chairman and Chief Executive Officer</B></U><B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On November&nbsp;20, 2008, the Compensation Committee of the Board of Directors
determined and approved the performance compensation to be paid to Donald R. Horton, Chairman, and
to Donald J. Tomnitz, President and Chief Executive Officer, for the fiscal year ended September
30, 2008 <I>(&#147;2008 fiscal year&#148;). </I>Under the 2008 fiscal year performance bonus program, Mr.&nbsp;Horton
and Mr.&nbsp;Tomnitz each had the opportunity to earn a performance bonus based on (i)&nbsp;a <I>First Cash
Component, </I>related to a performance goal of generating adjusted pre-tax income, and (ii)&nbsp;a <I>Second
Cash and Equity Component, </I>related to performance goals of generating cash flow, and achieving
selling, general and administrative expense <I>(&#147;SG&#038;A&#148;) </I>containment, both relative to the Company&#146;s
peer group. The approved performance bonuses, set forth below, were within the limits of the
compensation program established by the Compensation Committee in the first quarter of the 2008
fiscal year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>First Cash Component: </I>Under the First Cash Component, Mr.&nbsp;Horton and Mr.&nbsp;Tomnitz were each
paid $848,482 related to adjusted pre-tax income achieved during the first quarter of the 2008
fiscal year (based on 6% of adjusted pre-tax income for the month of December). No bonuses were
paid based on adjusted pre-tax income for the remaining three quarters in the 2008 fiscal year
because no positive adjusted pre-tax income was achieved.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Second Cash and Equity Component: </I>Under the Second Cash and Equity Component, Mr.&nbsp;Horton and
Mr.&nbsp;Tomnitz were each awarded a $1&nbsp;million performance bonus. Approximately 59% of the bonus was
related to the cash flow performance goal and approximately 41% was related to the SG&#038;A containment
performance goal. The Compensation Committee determined that Mr.&nbsp;Horton and Mr.&nbsp;Tomnitz achieved
levels of performance related to the cash flow and SG&#038;A containment goals to earn a maximum
performance bonus of $8&nbsp;million under the terms of their performance bonus programs established at
the beginning of the 2008 fiscal year. However, the Compensation Committee decided to exercise its
discretion and reduced the $8&nbsp;million potential bonus to $1&nbsp;million for each of Mr.&nbsp;Horton and Mr.
Tomnitz. In deciding to reduce the bonus, the Compensation Committee took into consideration the
consolidated financial results of the Company and the continued difficulties facing the
homebuilding industry.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>2009 Fiscal Year Compensation Program of Chairman and Chief Executive Officer</B></U><B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On November&nbsp;20, 2008, the Compensation Committee of the Board of Directors established and
approved the base salaries, performance-based bonus criteria, performance periods and other
long-term compensation and benefits <I>(&#147;2009 Compensation Program&#148;) </I>for Donald R. Horton and Donald
J. Tomnitz for our 2009 fiscal year ending September&nbsp;30, 2009 <I>(&#147;2009 fiscal year&#148;). </I>Mr.&nbsp;Horton and
Mr.&nbsp;Tomnitz are expected to be two of our &#147;named
executive officers&#148; (as defined in Item&nbsp;402(a)(3) of Regulation&nbsp;S-K) in our 2009 fiscal year. A
summary of the 2009 Compensation Program for each of Mr.&nbsp;Horton and Mr.&nbsp;Tomnitz is set forth in
Exhibit&nbsp;10.1 to this Form 8-K and Exhibit&nbsp;10.1 is hereby incorporated by reference into this Item
5.02.
</DIV>
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<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>2008 Fiscal Year Compensation of Other Named Executive Officers</B></U><B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For the year ended September&nbsp;30, 2008 <I>(&#147;2008 fiscal year&#148;), </I>the Board of Directors on
recommendation of the Compensation Committee, approved annual discretionary bonuses to the
executive officers listed below consistent with past practices. All of the executive officers set
forth below were &#147;named executive officers&#148; (as defined in Item&nbsp;402(a)(3) of Regulation&nbsp;S-K) of the
Company as of the end of the Company&#146;s 2008 fiscal year. There have been no changes to the
discretionary bonus plans of the below listed named executive officers as previously approved by
the Board of Directors. A summary of the bonuses is attached as Exhibit&nbsp;10.2 to this Form 8-K
and Exhibit&nbsp;10.2 is hereby incorporated by reference into this Item&nbsp;5.02.
</DIV>
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    <TD width="3%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Annual</B></TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Discretionary Bonus</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>for the Year Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Office</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>September 30, 2008</B></TD>
    <TD>&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">Bill W. Wheat</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President and Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">350,000</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">Stacey H. Dwyer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President and Treasurer</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">350,000</TD>
    <TD>&nbsp;</TD>
</TR>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>2009 Fiscal Year Compensation of Other Named Executive Officers</B></U><B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Board of Directors also established and approved the 2009 fiscal year annual base salaries
and 2009 fiscal year compensation programs for each of Bill W. Wheat and Stacey H. Dwyer. A
summary of the 2009 compensation program for each of Mr.&nbsp;Wheat and Ms.&nbsp;Dwyer is set forth in
Exhibit&nbsp;10.2 to this Form 8-K and Exhibit&nbsp;10.2 is hereby incorporated by reference into this Item
5.02.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Board and Committee Compensation</B></U><B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On November&nbsp;20, 2008, the Board of Directors of the Company approved director fees,
committee member fees and committee chairperson fees to be paid to non-management directors of the
Company in the current fiscal year. There was no increase or decrease in board, committee or chairperson fees from the fees
paid in the prior fiscal year. Director fees, committee fees and chairperson fees are only paid to
non-management directors. A summary of the non-management director, committee and chairperson fees
is set forth in Exhibit&nbsp;10.3 to this Form 8-K and Exhibit&nbsp;10.3 is hereby incorporated by reference
into this Item&nbsp;5.02.
</DIV>
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<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;9.01.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Financial Statements and Exhibits.</B></TD>
</TR>
</TABLE>
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Exhibits.</I></TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form and Summary of Executive Compensation Notification &#151; Chairman and Chief Executive Officer</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form and Summary of Executive Compensation Notification &#151; Other Executive Officers</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form and Summary of Director, Committee and Chairperson Compensation</TD>
</TR>
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    <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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Performance Unit Plan Award</TD>
</TR>
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<P align="center" style="font-size: 10pt">&nbsp;

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

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    <TD width="15%">&nbsp;</TD>
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<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>D. R. Horton, Inc.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: November 26, 2008&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ <FONT style="font-variant: SMALL-CAPS">Bill W. Wheat</FONT>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Bill W. Wheat&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Executive Vice President and<BR>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT INDEX</B>
</DIV>

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    <TD width="6%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
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<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

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</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form and Summary of Executive Compensation Notification &#151; Chairman and Chief Executive Officer</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form and Summary of Executive Compensation Notification &#151; Other Executive Officers</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form and Summary of Director, Committee and Chairperson Compensation</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Performance Unit Plan Award</TD>
</TR>
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</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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{"company-data": {"conformed-name": "HORTON D R INC /DE/", "cik": "0000882184", "assigned-sic": "1531", "irs-number": "752386963", "state-of-incorporation": "DE", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-14122", "film-number": "081217550"}, "business-address": {"street1": "D.R. HORTON TOWER", "street2": "301 COMMERCE STREET, SUITE 500", "city": "FORT WORTH", "state": "TX", "zip": "76102", "phone": "8173908200"}, "mail-address": {"street1": "D.R. HORTON TOWER", "street2": "301 COMMERCE STREET, SUITE 500", "city": "FORT WORTH", "state": "TX", "zip": "76102"}}
Filed by Bowne Pure Compliance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 20, 2008
D.R. Horton, Inc.
(Exact name of registrant as specified in its charter)
Delaware
1-14122
75-2386963
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
301 Commerce Street, Suite 500, Fort Worth, Texas
76102
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(817) 390-8200
Not Applicable
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e)
Compensatory Arrangements of Certain Officers
2008 Fiscal Year Compensation of Chairman and Chief Executive Officer
.
On November 20, 2008, the Compensation Committee of the Board of Directors
determined and approved the performance compensation to be paid to Donald R. Horton, Chairman, and
to Donald J. Tomnitz, President and Chief Executive Officer, for the fiscal year ended September
30, 2008
("2008 fiscal year").
Under the 2008 fiscal year performance bonus program, Mr. Horton
and Mr. Tomnitz each had the opportunity to earn a performance bonus based on (i) a
First Cash
Component,
related to a performance goal of generating adjusted pre-tax income, and (ii) a
Second
Cash and Equity Component,
related to performance goals of generating cash flow, and achieving
selling, general and administrative expense
("SG&A")
containment, both relative to the Company's
peer group. The approved performance bonuses, set forth below, were within the limits of the
compensation program established by the Compensation Committee in the first quarter of the 2008
fiscal year.
First Cash Component:
Under the First Cash Component, Mr. Horton and Mr. Tomnitz were each
paid $848,482 related to adjusted pre-tax income achieved during the first quarter of the 2008
fiscal year (based on 6% of adjusted pre-tax income for the month of December). No bonuses were
paid based on adjusted pre-tax income for the remaining three quarters in the 2008 fiscal year
because no positive adjusted pre-tax income was achieved.
Second Cash and Equity Component:
Under the Second Cash and Equity Component, Mr. Horton and
Mr. Tomnitz were each awarded a $1 million performance bonus. Approximately 59% of the bonus was
related to the cash flow performance goal and approximately 41% was related to the SG&A containment
performance goal. The Compensation Committee determined that Mr. Horton and Mr. Tomnitz achieved
levels of performance related to the cash flow and SG&A containment goals to earn a maximum
performance bonus of $8 million under the terms of their performance bonus programs established at
the beginning of the 2008 fiscal year. However, the Compensation Committee decided to exercise its
discretion and reduced the $8 million potential bonus to $1 million for each of Mr. Horton and Mr.
Tomnitz. In deciding to reduce the bonus, the Compensation Committee took into consideration the
consolidated financial results of the Company and the continued difficulties facing the
homebuilding industry.
2009 Fiscal Year Compensation Program of Chairman and Chief Executive Officer
.
On November 20, 2008, the Compensation Committee of the Board of Directors established and
approved the base salaries, performance-based bonus criteria, performance periods and other
long-term compensation and benefits
("2009 Compensation Program")
for Donald R. Horton and Donald
J. Tomnitz for our 2009 fiscal year ending September 30, 2009
("2009 fiscal year").
Mr. Horton and
Mr. Tomnitz are expected to be two of our "named
executive officers" (as defined in Item 402(a)(3) of Regulation S-K) in our 2009 fiscal year. A
summary of the 2009 Compensation Program for each of Mr. Horton and Mr. Tomnitz is set forth in
Exhibit 10.1 to this Form 8-K and Exhibit 10.1 is hereby incorporated by reference into this Item
5.02.
2
2008 Fiscal Year Compensation of Other Named Executive Officers
.
For the year ended September 30, 2008
("2008 fiscal year"),
the Board of Directors on
recommendation of the Compensation Committee, approved annual discretionary bonuses to the
executive officers listed below consistent with past practices. All of the executive officers set
forth below were "named executive officers" (as defined in Item 402(a)(3) of Regulation S-K) of the
Company as of the end of the Company's 2008 fiscal year. There have been no changes to the
discretionary bonus plans of the below listed named executive officers as previously approved by
the Board of Directors. A summary of the bonuses is attached as Exhibit 10.2 to this Form 8-K
and Exhibit 10.2 is hereby incorporated by reference into this Item 5.02.
Annual
Discretionary Bonus
for the Year Ended
Name
Office
September 30, 2008
Bill W. Wheat
Executive Vice President and Chief Financial Officer
$
350,000
Stacey H. Dwyer
Executive Vice President and Treasurer
$
350,000
2009 Fiscal Year Compensation of Other Named Executive Officers
.
The Board of Directors also established and approved the 2009 fiscal year annual base salaries
and 2009 fiscal year compensation programs for each of Bill W. Wheat and Stacey H. Dwyer. A
summary of the 2009 compensation program for each of Mr. Wheat and Ms. Dwyer is set forth in
Exhibit 10.2 to this Form 8-K and Exhibit 10.2 is hereby incorporated by reference into this Item
5.02.
Board and Committee Compensation
.
On November 20, 2008, the Board of Directors of the Company approved director fees,
committee member fees and committee chairperson fees to be paid to non-management directors of the
Company in the current fiscal year. There was no increase or decrease in board, committee or chairperson fees from the fees
paid in the prior fiscal year. Director fees, committee fees and chairperson fees are only paid to
non-management directors. A summary of the non-management director, committee and chairperson fees
is set forth in Exhibit 10.3 to this Form 8-K and Exhibit 10.3 is hereby incorporated by reference
into this Item 5.02.
3
Item 9.01.
Financial Statements and Exhibits.
(d)
Exhibits.
10.1
Form and Summary of Executive Compensation Notification — Chairman and Chief Executive Officer
10.2
Form and Summary of Executive Compensation Notification — Other Executive Officers
10.3
Form and Summary of Director, Committee and Chairperson Compensation
10.4
Form of Performance Unit Plan Award
4
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
D. R. Horton, Inc.
Date: November 26, 2008
By:
/s/
Bill W. Wheat
Bill W. Wheat
Executive Vice President and
Chief Financial Officer
5
EXHIBIT INDEX
Exhibit
Number
Description
10.1
Form and Summary of Executive Compensation Notification — Chairman and Chief Executive Officer
10.2
Form and Summary of Executive Compensation Notification — Other Executive Officers
10.3
Form and Summary of Director, Committee and Chairperson Compensation
10.4
Form of Performance Unit Plan Award