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EXHIBIT
10.3

AMENDED AND RESTATED



CENTEX CORPORATION 2001 STOCK PLAN



(Last Amended on October 11, 2006)




1. Purpose




     The purpose of the Plan is to assist the Company in attracting and retaining as officers and
key employees of the Company and its Affiliates, and as Directors of the Company, individuals of
training, experience and ability, and to furnish additional incentive to such individuals by
encouraging them to become owners of Shares, by granting to such individuals Options or Restricted
Stock.



2. Definitions




     Unless the context otherwise requires, the following words as used herein shall have the
following meanings:



     “Affiliate” — Any corporation or other entity that is a direct or indirect parent or
subsidiary (including, without limitation, partnerships and limited liability companies) of the
Company.



     “Agreement” — The written agreement, whether delivered on paper or by electronic medium,
between the Company and the Optionee or holder of Restricted Stock evidencing the Option or
Restricted Stock granted by the Company, which shall be in such form and contain such provisions as
the Committee may prescribe.



     “Board” — The Board of Directors of the Company, as the same may be constituted from time to
time.



     “Code” — The Internal Revenue Code of 1986, as amended from time to time.



     “Committee” — The Compensation and Stock Option Committee of the Board, composed solely of two
or more Directors who are appointed by the Board from time to time and who satisfy the requirements
of Rule 16b-3(b)(3) promulgated under the Securities Exchange Act of 1934, or any successor
provision.



     “Company” — Centex Corporation, a Nevada corporation.



     “Director” — An individual who is a member of the Board.



     “Disability” — Total and permanent disability as set forth in Section 22(e)(3) of the Code, or
any successor provision.



     “Employer” — The Company and any Affiliate.



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     “Fair Market Value” — As of a particular date, (A) if Shares are listed on a national
securities exchange, the closing price per Share, as reported on the consolidated transaction
reporting system for the New York Stock Exchange or such other national securities exchange on
which Shares are listed that is at the applicable time the principal market for the Shares, or any
other source selected by the Committee, or, if there shall have been no such sales so reported on
that date, on the last preceding date on which such a sale was so reported, (B) if Shares are not
so listed, the mean between the closing bid and asked price of Shares on that date, or, if there
are no quotations available for such date, on the last preceding date on which such a quotation was
reported, as reported on a recognized quotation system selected by the Committee, or, if not so
reported, then as reported by The Pink Sheets LLC (or a similar organization or agency succeeding
to its functions of reporting prices), or (C) at the discretion of the Committee, the value of
Shares determined in good faith by the Committee.



     “Full Time Employee” means a person actively and regularly engaged in work at least 40 hours a
week.



     “Option” — A nonqualified option to purchase one or more Shares granted under and pursuant to
the Plan. A nonqualified option does not satisfy the requirements of Section 422 of the Code, or
any successor provision.



     “Optionee” — An individual who has been granted an Option under the Plan.



     “Participant” — An individual who has been granted Restricted Stock or an Option under the
Plan.



     “Plan” — This Centex Corporation 2001 Stock Plan.



     “Restricted Stock” — Shares issued pursuant to Section 17 of the Plan.



     “Retirement” — The Participant’s voluntary termination of employment from the Employer
including, where the context indicates, Vested Retirement with respect to Options or Restricted
Stock granted prior to April 1, 2006.



     “Share” — A share of the Company’s present twenty-five cents ($0.25) par value common stock
and any share or shares of capital stock or other securities of the Company hereafter issued or
issuable upon, in respect of or in substitution or in exchange for each present share. Such Shares
may be unissued or reacquired Shares, as the Board, in its sole and absolute discretion, shall from
time to time determine.



     “Vested Retirement” — The voluntary termination of all employment of an Optionee or a
Participant (excluding a Non-employee Director) who is a Full Time Employee from the Employer at
any time after he or she (1) is age 55 or older, (2) has at least 10 Years of Service and (3) the
combination of age and Years of Service equal at least 70. Calculation of eligibility for Vested
Retirement shall be based on whole years of age and Years of Service on the date as of which the
calculation is being made. Any partial years shall be disregarded. In no event will the
Plan’s Vested Retirement provisions apply to Options or Restricted Stock granted on or after
April 1, 2006.



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     “Years of Service” — The Optionee’s or Participant’s years of employment with an Employer. An
Optionee or Participant shall be credited with a Year of Service on each anniversary of the date on
which he or she was first employed with an Employer, provided that the Optionee or Participant
continues to be employed by an Employer on such anniversary date.



3. Administration




     Subject to the provisions hereof, the Committee shall have full and exclusive power and
authority to administer this Plan and to take all actions that are specifically contemplated hereby
or are necessary or appropriate in connection with the administration hereof. The Committee shall
also have full and exclusive power to interpret this Plan and to adopt such rules, regulations and
guidelines for carrying out this Plan as it may deem necessary or proper, all of which powers shall
be exercised in the best interests of the Company and in keeping with the objectives of this Plan.
The Committee may, in its discretion, provide for the extension of the exercisability of an Option,
accelerate the vesting or exercisability of an Option or Restricted Stock award, eliminate or make
less restrictive any restrictions applicable to an Option or Restricted Stock award, waive any
restriction or other provision of this Plan or an Option or Restricted Stock award or otherwise
amend or modify an Option or Restricted Stock award in any manner that is either (i) not adverse to
the Optionee or holder of Restricted Stock to whom such Option or Restricted Stock was granted or
(ii) consented to by the Optionee or holder of Restricted Stock. The Committee may correct any
defect or supply any omission or reconcile any inconsistency in this Plan or in any award in the
manner and to the extent the Committee deems necessary or desirable to further the Plan purposes.
Any decision of the Committee in the interpretation and administration of this Plan shall lie
within its sole and absolute discretion and shall be final, conclusive and binding on all parties
concerned.



4. Shares Subject to Plan




     (a) A maximum of 3,888,482 Shares shall be subject to grants of Options or awards of
Restricted Stock under the Plan; provided, however, that of such number of Shares, no more than
350,000 Shares shall be subject to awards of Restricted Stock; and provided further, that such
maximum shall be increased or decreased as provided in Section 12 hereof. The Shares subject to
the Plan shall consist of unissued Shares or previously issued Shares reacquired and held by the
Company or any Affiliate.



     (b) At any time and from time to time after the Plan takes effect, the Committee, pursuant to
the provisions herein set forth, may grant Options and award Restricted Stock until the maximum
number of Shares shall be exhausted or the Plan shall be sooner terminated.



     (c) If any Option expires or is canceled without being fully exercised or is settled in cash,
or if any Restricted Stock previously awarded is reacquired by the Company, the number of Shares
with respect to which such Option shall not have been exercised prior to its expiration or
cancellation and the number of Shares of such Restricted Stock so reacquired may again be
optioned or awarded pursuant to the provisions hereof.



     (d) If the option price or any applicable tax withholding obligation payable upon exercise of
an Option is satisfied by the tender or withholding of Shares to or by the Company



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(by either
actual delivery or attestation), the number of Shares so tendered or withheld shall be eligible for
reissuance under the Plan.



5. Eligibility




     Eligibility for receipt of a grant of Options under the Plan shall be confined to (a) a
limited number of persons who are employed by the Company or an Affiliate and hold key positions in
and for the Company or an Affiliate and (b) Directors.



6. Granting of Options




     (a) From time to time while the Plan is in effect, the Committee may in its absolute
discretion select from among the persons eligible to receive a grant of Options under the Plan
(including persons who have already received such grants of Options) such one or more of them as in
the opinion of the Committee should be granted Options. The Committee shall thereupon, likewise in
its absolute discretion, determine the number of Shares to be allotted for option to each person so
selected.



     (b) Each person so selected shall be granted an Option to purchase the number of Shares so
allotted to him, upon such terms and conditions, consistent with the provisions of the Plan, as the
Committee may specify.



     (c) Each Option granted under the Plan shall be evidenced by an Agreement setting forth the
terms and conditions of the Option. The date that the Committee specifies to be the grant date of
an Option to an individual shall constitute the date on which the Option covered by such Agreement
is granted. In no event, however, shall an Optionee gain any rights in addition to those specified
by the Committee in its grant, regardless of the time that may pass between the grant of the Option
and the actual execution of the Agreement by the Company and the Optionee.



     (d) No person may be granted Options under this Plan for more than 250,000 Shares in any
one-year period.



7. Option Price




     The option price for each Share covered by each Option shall not be less than 100% of the Fair
Market Value of the Share at the time the Option is granted. Notwithstanding the foregoing, if
there occurs any transaction of a type described in Section 12(a), (b) or (c) hereof, the option
price of the Shares subject to each existing Option adjusted pursuant to such provisions or any new
Option or assumed option issued pursuant to such provisions may be different than the Fair Market
Value of the Shares at the time the Option is granted; provided, however, in no event shall –



     (a) the excess of the aggregate Fair Market Value of the Shares subject to the Option
immediately after the transaction over the aggregate option price of such Shares be more than the
excess of the aggregate Fair Market Value of all shares subject to the other option immediately
prior to the transaction over the aggregate option price of shares subject to the other option; and



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     (b) the ratio of the option price to the Fair Market Value of the Shares subject to the Option
immediately after the transaction be more favorable to the Optionee than the ratio of the option
price to the Fair Market Value of the shares subject to the other option immediately prior to such
transaction, determined on a share-by-share basis.



8. Option Period




     Each Option shall run for such period of time as the Committee may specify, but in no event
for longer than seven (7) years from the date when the Option is granted, including the period of
time provided in the subsections of this Section 8; and subject to the following limits:



     (a) Except as provided below in this subsection (a) or in subsection (f), all rights to
exercise an Option shall terminate within four (4) months after the date the Optionee ceases to be
an employee of the Company or an Affiliate, or after the date the Optionee ceases to be a Director,
whichever may occur later, for any reason other than death or Disability (but in no event later
than the end of the original period of the Option); except that (i) in the case of an Optionee who
is a Director and, on the date the Optionee ceases to be a Director (and if also an employee ceases
to be an employee), has (A) at least ten (10) years of service as a Director, all Shares subject to
such Option will vest on such date and all rights to exercise such Option shall terminate three (3)
years after the date the Optionee ceases to be a Director (but in no event later than the end of
the original period of the Option), or (B) less than ten (10) years of service as a Director, all
Shares subject to such Option will continue to vest in accordance with its terms for a period of
three (3) years following such date, and all rights to exercise such Option shall terminate three
(3) years after such date; and (ii) if the Optionee’s employment or service as a Director is
terminated for cause, the entire Option, including both exercisable and unexercisable Shares, shall
immediately terminate and thereafter be null and void for all purposes.



     (b) In the case of an Optionee who satisfies the test for Vested Retirement, Options granted
prior to April 1, 2006 and held by such Optionee will automatically vest upon Vested Retirement.



     (c) If the Optionee ceases to be employed by the Company and its Affiliates, or ceases to be a
Director, whichever may occur later, by reason of his death, all rights to exercise any Option held
by such Optionee shall terminate fifteen (15) months after his death (but in no event later than
the end of the original period of the Option).



     (d) If the employment of the Optionee with the Company or any of its Affiliates shall
terminate as a result of a Disability, he may, within six (6) months following such date (but in no
event later than the end of the original period of the Option), exercise any Option held by such
Optionee, in each case, to the extent he was entitled to exercise such Option on the date of
termination of employment. To the extent that the Shares covered by his Option were
unexercisable as of such termination of employment, the Option shall terminate. If the
Optionee does not exercise such Option (which he was entitled to exercise as of such termination)
within the time specified herein, the Option shall thereupon terminate.



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     (e) If an Option is granted with a term shorter than seven (7) years, the Committee may extend
the term of the Option, but for not more than seven (7) years from the date when the Option was
originally granted.



     (f) Notwithstanding the foregoing, if an Option granted prior to April 1, 2006 is held by an
Optionee who retires and satisfies the test for Vested Retirement, then all rights to exercise any
and all Options will terminate 12 months following the date of the Vested Retirement. To the
extent that an Agreement provides for a longer time to exercise, then such Agreement will control.



9. Options Not Transferable




     Unless otherwise determined by the Committee and provided in the Agreement, no Option or
interest therein shall be transferable by an Optionee otherwise than by will, the applicable laws
of descent and distribution, or a domestic relations order. The Committee may prescribe and
include in an Agreement any applicable restrictions or conditions on transfer of Options. Any
attempted assignment in violation of this Section 9 shall be null and void.



10. Exercise of Options




     (a) During the lifetime of an Optionee, only he or his guardian or legal representative or
transferee may exercise an Option granted to him. In the event of his death, any then exercisable
portion of his Option may, within fifteen (15) months thereafter or earlier date of termination of
the original period of Option, be exercised in whole or in part by any person empowered to do so
under the deceased Optionee’s will or under the applicable laws of descent and distribution.



     (b) At any time, and from time to time, during the period when any Option, or a portion
thereof, is exercisable, such Option, or portion thereof, may be exercised in whole or in part;
provided, however, that the Committee may require in the Agreement that any Option which is
partially exercised be so exercised with respect to at least a stated minimum number of Shares.



     (c) Each exercise of an Option or portion or part thereof shall be evidenced by a notice in
writing by or on behalf of the Optionee to the Company. The purchase price of the Shares for which
an Option is exercised must be paid prior to issuance of the Shares. The Exercise price of an
Option must be paid by cash, certified or cashiers’ check, wire transfer, delivery (either actually
or by attestation) of whole Shares owned by the Optionee, or through the withholding by the Company
from the Shares otherwise issuable pursuant to the Option of an appropriate number of Shares, or
any combination of the aforementioned methods of payment, prior to issuance of the Shares. For
purposes of determining the amount, if any, of the option price satisfied by delivery or
withholding of Shares, such Shares shall be valued at their Fair Market Value on the date of
exercise. Any Shares actually delivered in satisfaction of all or a
portion of the option price shall be appropriately endorsed for transfer and assignment to the
Company.



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     (d) No Shares shall be issued until full payment therefor has been made, and an Optionee shall
have none of the rights of a stockholder until Shares are issued to him.



     (e) Nothing herein or in any Agreement evidencing an Option granted hereunder shall require
the Company to issue any Shares upon exercise of an Option if such issuance would, in the opinion
of counsel for the Company, constitute a violation of the Securities Act of 1933, as amended, or
any similar or superseding statute or statutes, or any other applicable statute or regulation, as
then in effect. Upon the exercise of an Option or portion or part thereof, the Optionee shall give
to the Company satisfactory evidence that he is acquiring such Shares for the purpose of investment
only and not with a view to their distribution; provided, however, if or to the extent that the
Shares subject to the Option shall be included in a registration statement filed by the Company or
an Affiliate, such investment representation shall not be required.



11. Delivery of Shares Upon Exercise




     As promptly as may be practicable after an Option, or a portion or part thereof, has been
exercised as hereinabove provided, the Company shall make delivery of the Shares acquired upon
exercise of such Option to the Optionee or shall cause such Optionee’s interest in such Shares to
be evidenced by an entry on the Company’s books and records.



12. Changes in Company’s Shares and Certain Corporate Transactions




     (a) If at any time while the Plan is in effect there shall occur any subdivision or
consolidation of outstanding Shares, declaration of a dividend payable in Shares or other stock
split, then, and in each such event, proportionate adjustments shall be made to:




     (i) the maximum number of Shares then subject to being optioned or awarded as
Restricted Stock under the Plan, to the end that the same proportion of the Company’s issued
and outstanding Shares shall continue to be subject to being so optioned and awarded;




     (ii) the number of Shares and the option price per Share thereof then subject to
purchase pursuant to each Option previously granted, to the end that the same proportion of
the Company’s issued and outstanding Shares shall remain subject to purchase at the same
aggregate option price;




     (iii) the number of Shares of Restricted Stock previously awarded under the Plan, to
the end that each award represents the same proportion of the Company’s issued and
outstanding Shares; and




     (iv) the number of Shares subject to Options that may be granted to any person in any
one-year period pursuant to the limitation set forth in Section 6(d), to the end that each
such limitation represents the same proportion of the Company’s issued and outstanding
Shares.



     (b) If at any time while the Plan is in effect there shall occur any other recapitalization or
capital reorganization of the Company, any consolidation or merger of the



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Company with another
corporation or entity, the adoption by the Company of any plan of exchange affecting the Shares or
any distribution to holders of Shares of securities or property (other than normal cash dividends
or dividends payable in Shares), the Committee may make proportionate adjustments to:




     (i) the number of Shares and the option price per Share thereof then subject to
purchase pursuant to each Option previously granted;




     (ii) the number of Shares of Restricted Stock previously awarded under the Plan;




     (iii) the number of Shares subject to Options that may be granted to any person in any
one-year period pursuant to the limitation set forth in Section 6(d); and




     (iv) the maximum number of Shares then subject to being optioned or awarded as
Restricted Stock under the Plan;



     in each case, in order to reflect the transaction and (in the case of clauses (i) and (ii)
above) to the end of maintaining the proportionate interest of the holders of Options and Shares of
Restricted Stock; provided, however, that such adjustments shall only be made to the extent
necessary to preserve, without exceeding, the value of such Options and Shares of Restricted Stock.



     (c) In the event of a merger, consolidation, acquisition of property or stock, separation,
reorganization or liquidation, the Committee shall be authorized to issue or assume new Options or
Shares of Restricted Stock as it determines is appropriate in substitution for, or to reflect the
assumption of, any other option, restricted stock grant or other award, whether or not awarded
under this Plan.



     (d) Except as is otherwise expressly provided herein, the issuance by the Company of shares of
its capital stock of any class or securities convertible into shares of capital stock of any class,
either in connection with a direct sale or upon the exercise of rights or warrants to subscribe
therefor, or upon conversion of shares or obligations of the Company convertible into such shares
or other securities, shall not affect, and no adjustment by reason thereof shall be made with
respect to, the number of or option price of Shares then subject to outstanding Options granted
under the Plan. Furthermore, the presence of outstanding Options granted under the Plan shall not
affect in any manner the right or power of the Company to make, authorize or consummate (i) any or
all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital
structure or its business; (ii) any merger or consolidation of the Company; (iii) any issuance by
the Company of debt securities or preferred or preference stock that would rank above the Shares
subject to outstanding Options or Shares of Restricted Stock granted under the Plan; (iv) the
dissolution or liquidation of the Company; (v) any sale, transfer or assignment of all or any part
of the assets or business of the Company; or (vi) any other corporate act or proceeding, whether of
a similar character or otherwise.



     (e) Notwithstanding anything to the contrary above, a dissolution or liquidation of the
Company, a merger (other than a merger effecting a reincorporation of the Company in another



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state)
or consolidation in which the Company is not the surviving corporation (or survives only as a
subsidiary of another corporation in a transaction in which the stockholders of the parent of the
Company and their proportionate interests therein immediately after the transaction are not
substantially identical to the stockholders of the Company and their proportionate interests
therein immediately prior to the transaction) or a change in control (as specified below) shall
cause every Option then outstanding to become exercisable in full and shall cause every restriction
with respect to any Shares of Restricted Stock to terminate immediately prior to such dissolution,
liquidation, merger, consolidation or change in control, to the extent not theretofore exercisable
or free of restrictions, without regard to the determination as to the periods and installments of
exercisability or termination of restrictions contained in the Agreements if, and only if, such
Options have not at that time theretofore expired or been terminated or such Shares of Restricted
Stock have not at that time theretofore been cancelled or forfeited. For purposes of this Section
12(c), a change in control shall be deemed to have taken place if (i) a third person, including a
“group” as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, becomes the
beneficial owner of Shares of the Company having 50% or more of the total number of votes that may
be cast for the election of directors of the Company or (ii) as a result of, or in connection with,
a contested election for directors, the persons who were directors of the Company immediately
before such election shall cease to constitute a majority of the Board. Notwithstanding the
foregoing provisions of this paragraph, in the event of any such dissolution, merger, consolidation
or change in control, the Board may completely satisfy all obligations of the Company and its
Affiliates with respect to any Options or Shares of Restricted Stock outstanding on the date of
such event and cancel such Options or Shares of Restricted Stock by (A) in the case of Options,
delivering to the Optionee cash in an amount equal to the difference between the aggregate option
price for Shares under the Options and the Fair Market Value of such Shares on the date of such
event and (B) in the case of Shares of Restricted Stock, delivering to the holder of such Shares
cash in an amount equal to the Fair Market Value of such Shares on the date of such event, which
payment shall in either case be made within a reasonable time after such event.



     (f) As of March 31, 2006 the number of shares available for issuance of Options or awards of
Restricted Stock is 668,592, and there shall be no more awards of Restricted Stock.



13. Effective Date




     The Plan shall be effective on May 17, 2001, the date of its adoption by the Board, but shall
be submitted to the stockholders of the Company for approval at the next regular or special meeting
thereof to be held within twelve (12) months after the Board shall have adopted the Plan. If, at
such a meeting of the stockholders of the Company, the Plan is not approved by the affirmative vote
of a majority of the $0.25 par value common stock of the Company present and entitled to vote at
such meeting, then, and in such event, the Plan and all Options granted under the Plan and all
awards of Restricted Stock under the Plan shall become null and void and of no further force or
effect.



14. Amendment, Suspension or Termination of the Plan




     The Board may amend, suspend or terminate this Plan for the purpose of meeting or addressing
any changes in legal requirements or for any other purpose permitted by law, except



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that (a) no
amendment or alteration that would adversely affect the rights of any holder under any award
previously granted to such person shall be made without the consent of such person and (b) after
the stockholders of the Company have ratified the Plan, no amendment or alteration that would
increase the maximum number of Shares subject to the Plan (as provided in Section 4(a)) or decrease
the option price of an Option below 100% of the Fair Market Value as of the date such Option was
granted (as provided in Section 7) may be made without obtaining approval of the stockholders.



15. Requirements of Law




     Notwithstanding anything contained herein to the contrary, the Company shall not be required
to sell or issue Shares under any Option if the issuance thereof would constitute a violation by
the Optionee or the Company of any provisions of any law or regulation of any governmental
authority or any national securities exchange. As a condition of any sale or issuance of Shares
under an Option, the Company may require such agreements or undertakings, if any, as the Company
may deem necessary or advisable to ensure compliance with any such law or regulation.



16. Modification of Options




     Except as provided in Section 12, notwithstanding any other provision of this Plan to the
contrary, (i) after an Option has been awarded, the price at which Shares may be purchased upon
exercise of such Option shall not be amended and (ii) no Option shall be granted in exchange for a
previously granted Option if the option price of such previously granted Option is greater than the
option price of such replacement Option. Notwithstanding the foregoing provisions of this Section
16, no modification or cancellation of an Option granted hereunder shall, without the consent of
the Optionee, alter or impair any rights or obligations under any Option theretofore granted
hereunder to such Optionee under the Plan.



17. Restricted Stock




     (a) Subject to the terms and conditions of, and within the limitations of, the Plan, Shares of
Restricted Stock may be awarded by the Committee to such individuals as are eligible for grants of
Options, as the Committee may determine at any time and from time to time before the termination of
the Plan. Each award of Restricted Stock shall be evidenced by an Agreement setting forth the
terms and conditions of the award.



     (b) A Share of Restricted Stock is a Share that does not irrevocably vest in the holder or
that may not be sold, exchanged, pledged, transferred, assigned or otherwise encumbered or disposed
of until the terms and conditions set by the Committee at the time of the award of the Restricted
Stock have been satisfied. A Share of Restricted Stock shall be subject to such other
restrictions, terms and conditions as the Committee may establish, which may include, without
limitation, the rendition of services to the Company or its Affiliates for a specified time or
the achievement of specific goals.



     (c) If an individual receives Shares of Restricted Stock, whether or not escrowed as provided
below, the individual shall be the record owner of such Shares and shall have all the



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rights of a
stockholder with respect to such Shares (unless the escrow agreement, if any, specifically provides
otherwise), including the right to vote and the right to receive dividends or other distributions
made or paid with respect to such Shares. Any certificate or certificates representing Shares of
Restricted Stock may bear a legend similar to the following:




     The shares represented by this certificate have been issued
pursuant to the terms of the Centex Corporation 2001 Stock Plan and
may not be sold, pledged, transferred, assigned or otherwise
encumbered in any manner except as set forth in the terms of such
award dated ___, 20___.



     (d) In order to enforce the restrictions, terms and conditions that may be applicable to an
individual’s Shares of Restricted Stock, the Committee may require the individual, upon the receipt
of a certificate or certificates representing such Shares, or at any time thereafter, to deposit
such certificate or certificates, together with stock powers and other instruments of transfer,
appropriately endorsed in blank, with the Company or an escrow agent designated by the Company
under an escrow agreement in such form as shall be determined by the Committee.



     (e) After the satisfaction of the terms and conditions set by the Committee at the time of an
award of Restricted Stock to an individual, if the original certificate was legended, a new
certificate, without the legend set forth above, for the number of Shares that are no longer
subject to such restrictions, terms and conditions shall be delivered to the individual, either by
delivery of a physical certificate or an electronic transfer to a broker.



     (f) The Committee may cancel all or any portion of any outstanding restrictions prior to the
expiration of such restrictions with respect to any or all of the Shares of Restricted Stock
awarded to an individual hereunder on such terms as the Committee may deem appropriate.



     (g) Subject to the other provisions of this Section 17, including paragraph (i) below, and
unless otherwise determined by the Committee, if an individual to whom Restricted Stock has been
awarded ceases to be employed by the Company or an Affiliate, or ceases to be a director of the
Company, whichever may occur later, for any reason prior to the satisfaction of any terms and
conditions of an award, any Restricted Stock remaining subject to restrictions shall thereupon be
forfeited by the individual and transferred to, and reacquired by, the Company or an Affiliate at
no cost to the Company or the Affiliate. In such event, the individual, or in the event of his
death, his personal representative, shall forthwith deliver to the Secretary of the Company the
certificates for the Shares of Restricted Stock remaining subject to such restrictions, accompanied
by such instruments of transfer, if any, as may reasonably be required by the Secretary of the
Company.



     (h) The Committee may determine that an award of Restricted Stock will be subject to
restriction until one or more performance goals established by the Committee have been achieved.
With respect to such an award, the restrictions shall lapse and the award shall vest only upon
achievement of the attainment of one or more pre-established, objective performance goals
established by the Committee prior to the earlier to occur of (x) 90 days after the commencement of
the period of service to which the performance goal relates and (y) the lapse of 25% of the period
of service (as established in good faith at the time the goal is established),



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and in any event
while the outcome is substantially uncertain. A performance goal is objective if a third party
having knowledge of the relevant facts could determine whether the goal is met. Such a performance
goal may be based on one or more business criteria that apply to the individual, one or more
business units of the Company, or the Company as a whole, and may include one or more of the
following: operating income, operating margin, earnings before interest, taxes, depreciation and
amortization (EBITDA), pre-tax income, net income, net earnings per share, net earnings per share
growth, return on beginning stockholder’s equity, return on average net assets, total shareholder
return relative to other companies in Centex Corporation’s industry group, debt/capitalization
ratio and customer satisfaction. Unless otherwise stated, such a performance goal need not be
based upon an increase or positive result under a particular business criterion and could include,
for example, maintaining the status quo or limiting economic losses (measured, in each case, by
reference to specific business criteria). In interpreting Plan provisions applicable to
performance goals, it is the intent of the Plan to conform with the standards of Section 162(m) of
the Code and Treasury Regulation §1.162-27(e)(2)(i), and the Committee in establishing such goals
and interpreting the Plan shall be guided by such provisions. Prior to the payment of any
compensation based on the achievement of performance goals, the Committee must certify in writing
that applicable performance goals and any of the material terms thereof were, in fact, satisfied.
No individual may be granted Restricted Stock awards subject to performance goals designed to
comply with Section 162(m) of the Code having a value of more than $6,000,000 in any given one-year
period.



     (i) The restrictions set forth in an Agreement relative to Restricted Stock granted prior to
April 1, 2006 will terminate immediately if the Participant retires and at the time of Retirement
he or she qualifies for Vested Retirement under the Plan.



18. Tax Withholding




     The Company shall have the right to take whatever affirmative actions are required, in the
opinion of the Committee, to enable the Company or appropriate Affiliate to satisfy any applicable
payroll tax withholding requirements in connection with the exercise of Options granted or
Restricted Stock awarded under the Plan. Without limiting the generality of the foregoing
provision, the Company shall have the right to (a) withhold cash from a same-day-sale exercise of
an Option, (b) deduct applicable taxes from any Option or Restricted Stock award by withholding, at
the time of delivery and/or vesting of Shares under the Plan, an appropriate number of Shares for
payment of taxes required by law, (c) permit its withholding obligations to be satisfied by the
transfer to the Company of Shares theretofore owned by the holder of the Option or recipient of
Restricted Stock with respect to which withholding is required, in which case such Shares shall be
valued based on the Fair Market Value thereof when the tax withholding is required to be made, or
(d) take such other action as may be necessary in the opinion of the Company to satisfy all
applicable tax withholding obligations.



19. General




     (a) The proceeds received by the Company from the sale of Shares pursuant to Options shall be
used for general corporate purposes.



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     (b) Nothing contained in the Plan or in any Agreement shall confer upon any Optionee or
recipient of Restricted Stock the right to continue in the employ of the Company or any Affiliate
or interfere in any way with the rights of the Company or any Affiliate to terminate such
Optionee’s or recipient’s employment at any time.



     (c) Neither the members of the Board nor any member of the Committee shall be liable for any
act, omission or determination taken or made in good faith with respect to the Plan or any Option
or award of Restricted Stock granted under it, and the members of the Board and the Committee shall
be entitled to indemnification and reimbursement by the Company in respect of any claim, loss,
damage or expense (including counsel fees) arising therefrom to the full extent permitted by law
and under any directors and officers liability or similar insurance coverage that may be in effect
from time to time.



     (d) As partial consideration for the granting of each Option or award of Restricted Stock
hereunder, the Optionee or recipient shall agree with the Company that he will keep confidential
all information and knowledge that he has relating to the manner and amount of his participation in
the Plan; provided, however, that such information may be disclosed as required by law or given in
confidence to the individual’s spouse, tax or financial advisors or to a financial institution to
the extent that such information is necessary to secure a loan.



     (e) Participation in the Plan shall not preclude an individual from eligibility in any other
stock option plan of the Company or any Affiliate or any old-age benefit, insurance, pension,
profit sharing, retirement, bonus or other extra compensation plans that the Company or any
Affiliate has adopted or may, at any time, adopt for the benefit of its employees or directors.



     (f) Any payment of cash or any issuance or transfer of Shares to the Optionee or to his legal
representative, heir, legatee or distributee in accordance with the provisions hereof shall, to the
extent thereof, be in full satisfaction of all claims of such persons hereunder. The Board or
Committee may require any Optionee or recipient of an award of Restricted Stock, legal
representative, heir, legatee or distributee, as a condition precedent to such payment, to execute
a release and receipt therefor in such form as it shall determine.



     (g) Neither the Committee, the Board nor the Company guarantees the Shares from loss or
depreciation.



     (h) All expenses incident to the administration of the Plan, including, but not limited to,
legal and accounting fees, shall be paid by the Company or its Affiliates.



     (i) Records of the Company and its Affiliates regarding an individual’s period of employment,
termination of employment and the reason therefor, leaves of absence, reemployment, tenure as a
Director and other matters shall be conclusive for all purposes hereunder, unless determined by the
Board or Committee to be incorrect.



     (j) The Company and its Affiliates shall, upon request or as may be specifically required
hereunder, furnish or cause to be furnished all of the information or documentation that is
necessary or required by the Board or Committee to perform their duties and functions under the
Plan.



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     (k) The Company assumes no obligation or responsibility to an Optionee or recipient of
Restricted Stock, or to such Optionee’s or recipient’s personal representatives, heirs, legatees or
distributees, for any act of, or failure to act on the part of, the Board or Committee.



     (l) Any action required of the Company shall be by resolution of the Board or by a person
authorized to act by resolution of the Board. Any action required of the Committee shall be by
resolution of the Committee or by a person authorized to act by resolution of the Committee.



     (m) If any provision of the Plan or any Agreement is held to be illegal or invalid for any
reason, the illegality or invalidity shall not affect the remaining provisions of the Plan or the
Agreement, as the case may be, but such provision shall be fully severable and the Plan or the
Agreement, as the case may be, shall be construed and enforced as if the illegal or invalid
provision had never been included herein or therein.



     (n) Whenever any notice is required or permitted hereunder, such notice must be in writing and
personally delivered or sent by mail. Any notice required or permitted to be delivered hereunder
shall be deemed to be delivered on the date on which it is personally delivered or, whether
actually received or not, on the third business day after it is deposited in the United States
mail, certified or registered, postage prepaid, addressed to the person who is to receive it at the
address that such person has theretofore specified by written notice delivered in accordance
herewith. The Company, an Optionee or a recipient of Restricted Stock may change, at any time and
from time to time, by written notice to the other, the address that it, he or she had theretofore
specified for receiving notices. Until changed in accordance herewith, the Company and each
Optionee and recipient of Restricted Stock shall specify as its and his address for receiving
notices the address set forth in the Agreement pertaining to the shares of Stock to which such
notice relates or otherwise provided to the other in accordance with the Company’s policies for
maintaining such information.



     (o) Any person entitled to notice hereunder may waive such notice.



     (p) The Plan shall be binding upon the Optionee or recipient of Restricted Stock, his heirs,
legatees and legal representatives, upon the Company, its successors and assigns, and upon the
Board and Committee and their successors.



     (q) The titles and headings of Sections and paragraphs are included for convenience of
reference only and are not to be considered in construction of the provisions hereof.



     (r) All questions arising with respect to the provisions of the Plan shall be determined by
application of the laws of the State of Nevada, except to the extent Nevada law is preempted by
federal law. The obligation of the Company to sell and deliver Shares hereunder is subject to
applicable laws and to the approval of any governmental authority required in connection with
the authorization, issuance, sale or delivery of such Shares.



     (s) Words used in the masculine shall apply to the feminine where applicable, and wherever the
context of the Plan dictates, the plural shall be read as the singular and the singular as the
plural.



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     (t) Transactions related to the Plan, including but not limited to the delivery and acceptance
of any Agreement and the exercise of any Option, whether in whole or in part, may be evidenced by
either signed documentation or on-line transactions through the Corporate Stock Benefit Services
web site of the Company’s designated broker, UBS PaineWebber Inc., or the successor thereof.



     (u) If any provision of this Plan has the effect of increasing the number of shares available
for Awards hereunder by adding back shares and such provision constitutes a “formula” under the
formula plan rules of the New York Stock Exchange, Inc. (“NYSE”) (including Section 303A.08 of the
NYSE’s Listed Company Manual), then the portion of such provision that constitutes a “formula”
shall be operative only until, and shall cease to be effective on, the date that is 10 years after
July 19, 2003 or, if later, the date of the most recent shareholder approval of the Plan.




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