EX-10.1







Exhibit 10.1



Summary of Compensation for Named Executive Officers




Chairman and Vice Chairman, President and Chief Executive Officer



The Compensation Committee of the Board sets the base salaries and performance bonus criteria of
the Executive Officers in Table I on an annual basis. For the Company’s fiscal year 2006 (ending on
September 30, 2006), the Compensation Committee approved the salaries and bonus criteria as set
forth below in Table I. For the 2006 fiscal year, the Compensation Committee did not change the
salary or change the bonus performance criteria or related bonus percentages applicable to Mr.
Horton or to Mr. Tomnitz beyond what was approved at the beginning of the prior fiscal year.



Table I



	 	 	 	 	 	 	 
	 	 	 	 	 	 	Performance Bonus
	 	 	 	 	 	 	Under the 2000
	 	 	 	 	 	 	Incentive Bonus
	 	 	 	 	Annual Base Salary	 	Plan
	Name	 	Office	 	(2006 Fiscal Year)	 	(2006 Fiscal Year)
	

Donald R. Horton

	 	

Chairman of the Board
	 	

$400,000
	 	

See Note 1-A
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	Donald J. Tomnitz

	 	Vice Chairman, President and CEO
	 	 $300,000
	 	See Note 1-A
	 

	 	 
	 	 
	 	 







Note 1-A: Under the Amended and Restated 2000 Incentive Bonus Plan, Mr.
Horton and Mr. Tomnitz will each receive a bonus payment based upon achieving certain
performance goals with respect to quarterly consolidated pre-tax income and the other
criteria that are factored into determining pre-tax income and performance of the Company.
These goals are set by the Compensation Committee and ratified and approved by the Board of
Directors at the beginning of each fiscal year.




In addition, Mr. Horton and Mr. Tomnitz may participate in two separate deferred
compensation plans. The first plan allows the executive to make voluntary income deferrals.
The second plan is a promise by the Company to pay retirement benefits to the executive. If
the executive is employed by the Company on the last day of the current fiscal year (for
example, September 30, 2006), then the Company will establish a liability to him equal to
10% of his annual base salary as of the first day of the current fiscal year (for example,
October 1, 2005). This liability will accrue earnings in future years at a rate established
by the administrative committee, which administers this second plan.



Other Named Executive Officers



The other named executive officers of the Company for our last fiscal year are listed in Table II
below. For the Company’s 2006 fiscal year (ending on September 30, 2006), the Compensation
Committee approved and the Board of Directors ratified annual base salaries and discretionary bonus
criteria for the other executive officers listed in Table II.



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Table II



	 	 	 	 	 	 	 
	 	 	 	 	 	 	Performance Bonus
	 	 	 	 	 	 	Under the 2000
	 	 	 	 	 	 	Incentive Bonus
	 	 	 	 	Annual Base Salary	 	Plan
	Name	 	Office	 	(2006 Fiscal Year)	 	(2006 Fiscal Year)
	

Thomas F. Noon


	 	

Executive Vice President &

COO — Western US Operations
	 	



$175,000
	 	



See Note 1-B
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	Gordon D. Jones

	 	Executive Vice President &

COO – Central US Operations
	 	

$175,000
	 	

See Note 1-B
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	George W. Seagraves

	 	Executive Vice President &

COO – Eastern US Operations
	 	

$175,000
	 	

See Note 1-B
	 

	 	 
	 	 
	 	 







Note 1-B: Under the Amended and Restated 2000 Incentive Bonus Plan, Mr. Noon,
Mr. Jones and Mr. Seagraves will each receive a bonus payment based upon achieving certain
performance goals with respect to quarterly consolidated pre-tax income and the other
criteria that are factored into determining pre-tax income as related to the performance of
their respective operating regions. These goals are set by the Compensation Committee and
ratified and approved by the Board of Directors at the beginning of each fiscal year.




In addition, Mr. Noon, Mr. Jones, and Mr. Seagraves may participate in two separate deferred
compensation plans. The first plan allows the executive to make voluntary income deferrals.
The second plan is a promise by the Company to pay retirement benefits to the executive. If
the executive is employed by the Company on the last day of the current fiscal year (for
example, September 30, 2006), then the Company will establish a liability to such officer
equal to 10% of his annual base salary as of the first day of the current fiscal year (for
example, October 1, 2005). This liability will accrue earnings in future years at a rate
established by the administrative committee, which administers this second plan.




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