Document:

Exhibit

Exhibit 10.23
Executive Compensation Notification 
Chairman, Chief Executive Officer and Chief Operating Officer

Fiscal 2020 Compensation Program of Chairman, Chief Executive Officer and Chief Operating Officer

Fiscal 2020 Base Salaries and Annual Incentive Bonus: The table below sets forth the fiscal 2020 base salaries and bonuses for Mr. Horton, Mr. Auld and Mr. Murray.
	
							
	 
	 
	 
	 
	Annual Base Salary
	 
	Annual Incentive Bonus

	Name 
	 
	Office 
	 
	Fiscal 2020
	 
	Fiscal 2020

	Donald R. Horton
	 
	Chairman of the Board
	 
	$1,000,000
	 
	See Below

	David V. Auld
	 
	President and CEO
	 
	$700,000
	 
	See Below

	Michael J. Murray
	 
	Executive Vice President and COO
	 
	$500,000
	 
	See Below

Fiscal 2020 Annual Incentive Bonus: On November 6, 2019, the Compensation Committee approved performance-based goals for measuring short-term performance bonuses that may be earned by Mr. Horton, Mr. Auld and Mr. Murray during fiscal 2020. The fiscal 2020 performance goals were established under the Company’s 2018 Incentive Bonus Plan. The fiscal 2020 performance goals for Mr. Horton, Mr. Auld and Mr. Murray relates to achieving positive consolidated pre-tax income as set forth below.

Annual Incentive Bonus – Performance Related to Pre-Tax Income:

Mr. Horton. Under the fiscal 2020 incentive bonus program, Mr. Horton has the opportunity to earn the following performance-based bonus: 

		
	(1)
	Up to 0.6% of Pre-Tax Income of the Company for the six-month period ending March 31, 2020, and

		
	(2)
	Up to 0.6% of Pre-Tax Income of the Company for the six-month period ending September 30, 2020.

Mr. Auld. Under the fiscal 2020 incentive bonus program, Mr. Auld has the opportunity to earn the following performance-based bonus:

		
	(1)
	Up to 0.4% of Pre-Tax Income of the Company for the six-month period ending March 31, 2020, and

		
	(2)
	Up to 0.4% of Pre-Tax Income of the Company for the six-month period ending September 30, 2020.

Mr. Murray. Under the fiscal 2020 incentive bonus program, Mr. Murray has the opportunity to earn the following performance-based bonus:

		
	(1)
	Up to 0.15% of Pre-Tax Income of the Company for the six-month period ending March 31, 2020, and

		
	(2)
	Up to 0.15% of Pre-Tax Income of the Company for the six-month period ending September 30, 2020.

“Pre-Tax Income” shall mean income before income taxes, as publicly reported by the Company in its quarterly or annual financial statements, as applicable, prepared in accordance with generally accepted accounting principles. The financial statements shall mean the consolidated financial statements of the Company.

At the end of fiscal 2020, based on the performance of the Company, the Compensation Committee may use its sole discretion to adjust downward, in part or in whole, the Annual Incentive Bonus earned by the participant. Provided that, for the fiscal year ending September 30, 2020 no more than 0.6% of Pre-Tax Income for the year shall be paid to Mr. Horton, no more than 0.4% of Pre-Tax Income for the year shall be paid to Mr. Auld and no more than 0.15% of Pre-Tax Income for the year shall be paid to Mr. Murray.

Performance Restricted Stock Units: On November 6, 2019, the Compensation Committee approved an award of performance restricted stock units (“Performance RSUs”) pursuant to the Company's 2006 Stock Incentive Plan, as amended and restated ("2006 Plan"), to the following executive officers and in the following amounts:
	
					
	Name 
	 
	Office 
	 
	Target Number of Performance
Restricted Stock Units

	Donald R. Horton
	 
	Chairman of the Board
	 
	200,000

	David V. Auld
	 
	President and CEO
	 
	100,000

	Michael J. Murray
	 
	Executive Vice President and COO
	 
	30,000

The Performance RSUs relate to a three-year performance period beginning on October 1, 2019 and ending on September 30, 2022 (the “2022 Performance Period”). The Performance RSUs will vest if four performance goals are satisfied. The four performance goals are relative total shareholder return (“TSR”), relative return on investment (“ROI”), relative selling, general and administrative expense containment (“SG&A”) and relative gross profit (“GP”) (collectively, the “Performance Goals”). Each Performance Goal is weighted twenty-five percent (25%) of the target number of Performance RSUs. The target number of Performance RSUs may be increased to a maximum number of 400,000 for Mr. Horton, 200,000 for Mr. Auld and 60,000 for Mr. Murray upon maximum achievement of each of the four Performance Goals and decreased to a minimum number of zero upon minimum achievement of each of the four Performance Goals based on relative performance to the Company's peer group or the S&P 500 Index TSR, as applicable.

Additional terms related to the Compensation Programs herewithin are consistent with the programs previously reported by the Company in the Proxy Statement for the Annual Meeting held in January 2019.

Other Long-Term Benefits.
Mr. Horton, Mr. Auld and Mr. Murray 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 benefits to the executive. If the executive is employed by the Company on the last day of the fiscal year (for example September 30, 2020), then the Company will establish a liability equal to 10% of his annual base salary as of the first day of the fiscal year (for example October 1, 2019). This liability will accrue earnings in future years at a rate established by the administrative committee.Exhibit

Exhibit 10.25
Executive Compensation Notification
Chief Financial Officer

Fiscal 2020 Compensation Program of Chief Financial Officer

Fiscal 2020 Base Salary and Other Compensation: The table below sets forth the fiscal 2020 base salary and bonus for Mr. Wheat.

	
							
	 
	 
	 
	 
	Annual Base Salary
	 
	Discretionary Bonus

	Name 
	 
	Office 
	 
	Fiscal 2020
	 
	Fiscal 2020

	Bill W. Wheat
	 
	Executive Vice President and CFO
	 
	$500,000
	 
	See Below

Discretionary Bonus and Other Long-Term Benefits:  The Board of Directors may award discretionary bonuses to Mr. Wheat based on his performance in fiscal 2020. In addition, Mr. Wheat 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 benefits to the executive. If the executive is employed by the Company on the last day of the fiscal year (for example September 30, 2020), then the Company will establish a liability equal to 10% of his annual base salary as of the first day of the fiscal year (for example October 1, 2019). This liability will accrue earnings in future years at a rate established by the administrative committee.

Performance Restricted Stock Units: On November 6, 2019, the Compensation Committee approved an award of performance restricted stock units (“Performance RSUs”) pursuant to the Company's 2006 Stock Incentive Plan, as amended and restated ("2006 Plan"), to Mr. Wheat in the following amount:
	
					
	Name 
	 
	Office 
	 
	Target Number of Performance
Restricted Stock Units

	Bill W. Wheat
	 
	Executive Vice President and CFO
	 
	30,000

The Performance RSUs relate to a three-year performance period beginning on October 1, 2019 and ending on September 30, 2022 (the “2022 Performance Period”). The Performance RSUs will vest if four performance goals are satisfied. The four performance goals are relative total shareholder return (“TSR”), relative return on investment (“ROI”), relative selling, general and administrative expense containment (“SG&A”) and relative gross profit (“GP”) (collectively, the “Performance Goals”). Each Performance Goal is weighted twenty-five percent (25%) of the target number of Performance RSUs. The target number of Performance RSUs may be increased to a maximum number of 60,000 for Mr. Wheat upon maximum achievement of each of the four Performance Goals and decreased to a minimum number of zero upon minimum achievement of each of the four Performance Goals based on relative performance to the Company's peer group or the S&P 500 Index TSR, as applicable.Exhibit

Exhibit 10.27
Summary of Director, Committee and Chairperson Compensation

On November 6, 2019, the Board of Directors of the Company approved cash director fees, committee member fees and chairperson fees to be paid to non-management directors of the Company in fiscal 2020. Director fees, committee fees and chairperson fees are only paid to non-management directors as summarized below: 

Each non-management director will receive a director fee of $15,000 per Board meeting attended in person or by teleconference, paid quarterly and not to exceed $60,000 per year. 

Each non-management director who serves on a committee of the Board of Directors will receive a fee of $1,250 per committee meeting attended in person or by teleconference, paid quarterly and not to exceed $5,000 per year. 

Each non-management director who serves as the chairperson of a committee of the Board of Directors shall receive a fee of $625 per committee meeting attended in person or by teleconference, paid quarterly and not to exceed $2,500 per year.Exhibit

Exhibit 10.44

SEVENTH AMENDMENT TO
SECOND AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT

THIS SEVENTH AMENDMENT TO SECOND AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT (this “Amendment”), dated as of March 26, 2019 is by and between DHI Mortgage Company, Ltd., a Texas limited partnership (the “Seller”), the Buyers party to the Repurchase Agreement (defined below) (the “Buyers”), and U.S. Bank National Association, a national banking association, as administrative agent for the Buyers (the “Administrative Agent”).
RECITALS
A.    The Seller, the Buyers, and the Administrative Agent are parties to a Second Amended and Restated Master Repurchase Agreement dated as of February 27, 2015, a First Amendment to Second Amended and Restated Master Repurchase Agreement dated as of February 26, 2016, a Second Amendment to Second Amended and Restated Master Repurchase Agreement dated as of June 24, 2016, a Third Amendment to Second Amended and Restated Master Repurchase Agreement dated as of September 23, 2016, a Fourth Amendment to Second Amended and Restated Master Repurchase Agreement dated as of February 24, 2017, a Fifth Amendment to Second Amended and Restated Master Repurchase Agreement dated as of February 23, 2018, and a Sixth Amendment to Second Amended and Restated Master Repurchase Agreement dated as of February 22, 2019 (as amended, restated, or otherwise modified from time to time, the “Repurchase Agreement”).
B.    The parties hereto desire to amend the Repurchase Agreement as provided herein.
AGREEMENT
In consideration of the premises herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
Section 1.Definitions.  Capitalized terms used and not otherwise defined in this Amendment have the meanings specified in the Repurchase Agreement.
Section 2.Amendments.
2.1    Transaction Sublimits.  Section 4.2(b) of the Repurchase Agreement is amended and restated in its entirety as follows:
(b) The outstanding Purchase Prices of all Purchased Loans that are Wet Loans shall not exceed (x) 65% of the Maximum Aggregate Commitment for the last five Business Days of March 2019 and the first five Business Days of April 2019; (y) 55% of the Maximum Aggregate Commitment on any of the first five and last five Business Days of any other months; or (z) 35% of the Maximum Aggregate Commitment on any other day (the “Wet Loans Sublimit”).
2.2    Schedules.  Schedule BC to the Repurchase Agreement is amended and restated to read in its entirety as set forth on Schedule BC hereto.
Section 3.Effectiveness.  This Amendment shall become effective as of the date first above written upon the Seller’s fulfillment of the following conditions precedent:
3.1    The Administrative Agent shall have received (or be satisfied that it will receive by such deadline as the Administrative Agent shall specify) the following, all of which must be satisfactory in form and content to the Administrative Agent:
(a)this Amendment, duly executed by the Seller, the Required Buyers, and the Administrative Agent; 
(b)a fee letter, duly executed by the Seller and the Administrative Agent; and

(c)a certificate of the General Partner’s corporate secretary or assistant secretary or other authorized officer dated as of the date hereof as to (i) the incumbency of the officers of the Seller executing this Amendment and all other Repurchase Documents executed or to be executed by or on behalf of the Seller, (ii) the authenticity of their signatures, and specimens of their signatures shall be included in such certificate or set forth on an exhibit attached to it (the Administrative Agent, the Buyers and the Custodian shall be entitled to rely on that certificate until the Seller has furnished a new certificate to the Administrative Agent), (iii) resolutions of the General Partner’s board of directors, authorizing the execution, delivery and performance by the Seller of this Amendment and all other Repurchase Documents to be delivered by the Seller pursuant to this Amendment and (iv) copies of the Seller’s (1) limited partnership agreement, (2) certificate of limited partnership issued by the state of Texas, (3) articles of incorporation certified by the Secretary of State of the State of the General Partner, and (4) bylaws and all amendments, or certification that there have been no changes to such documents since a true and correct copy thereof was delivered to the Administrative Agent and that such documents are in full force and effect.
3.2    Payment to the Administrative Agent or the Custodian, as applicable, of all fees and expenses (including the disbursements and reasonable fees of the Administrative Agent’s attorneys) of the Administrative Agent and the Buyers payable by Seller pursuant to Section 9 of the Repurchase Agreement accrued and billed for to the date of the Seller’s execution and delivery of this Agreement.
Section 4.Miscellaneous.
4.1    Ratifications.  This Amendment shall modify and supersede all terms and provisions set forth in the Repurchase Documents that are inconsistent with this Amendment, and the terms and provisions of the Repurchase Documents are ratified and confirmed and shall continue in full force and effect.
4.2    Seller Representations and Warranties.  The Seller hereby represents and warrants that the representations and warranties set forth in Section 15 of the Repurchase Agreement are true and correct in all material respects with the same force and effect on and as of the date hereof as though made as of the date hereof.
4.3    Survival.  The representations and warranties made by the Seller in this Amendment shall survive the execution and delivery of this Amendment.
4.4    Reference to Repurchase Agreement.  Each of the Repurchase Documents, including the Repurchase Agreement and any and all other agreements, documents, or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Repurchase Agreement as amended hereby, is hereby amended so that any reference in such Repurchase Document to the Repurchase Agreement shall refer to the Repurchase Agreement as amended and modified hereby.
4.5    Applicable Law.  This Amendment shall be governed by and construed in accordance with the laws of the State of New York as applicable to the Repurchase Agreement.
4.6    Successors and Assigns.  This Amendment is binding upon and shall inure to the benefit of the Seller, the Buyers, the Administrative Agent, and their respective successors and assigns, except that the Seller may not assign or transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and, to the extent required by the Repurchase Agreement, the Buyers.
4.7    Counterparts.  This Amendment may be executed in one or more counterparts, each of which when so executed shall be deemed an original, but all of which when taken together shall constitute one and the same instrument.
4.8    Headings.  The headings, captions, and arrangements used in this Amendment are for convenience only and shall not affect the interpretation of this Amendment.
4.9    ENTIRE AGREEMENT.  THIS AMENDMENT AND THE OTHER REPURCHASE DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.
[Signature Pages Follow]

2

IN WITNESS WHEREOF the parties have caused this Amendment to be executed as of the date first set forth above.
DHI MORTGAGE COMPANY, LTD., 
as Seller and Servicer

By:  DHI Mortgage Company GP, Inc.
Its General Partner

By:   /s/ MARK C. WINTER                 
Name:   Mark C. Winter
Title:   Executive Vice President

Seventh Amendment to Second Amended and Restated Master Repurchase Agreement

U.S. BANK NATIONAL ASSOCIATION, 
as Administrative Agent and a Buyer

By:   /s/ EDWIN D. JENKINS                
Name:   Edwin D. Jenkins            
Title:   Senior Vice President

Seventh Amendment to Second Amended and Restated Master Repurchase Agreement

ASSOCIATED BANK, N.A., as a Buyer

By:   /s/ THOMAS J. CONNALLY            
Name:   Thomas J. Connally            
Title:   Senior Vice President

Seventh Amendment to Second Amended and Restated Master Repurchase Agreement

BRANCH BANKING & TRUST COMPANY, as a Buyer

By:   /s/ SAMUEL W. BRYAN            
Name:   Samuel W. Bryan    
Title:   Senior Vice President

Seventh Amendment to Second Amended and Restated Master Repurchase Agreement

COMERICA BANK, as a Buyer

By:   /s/ ART SHAFER                    
Name:   Art Shafer                
Title:   Senior Vice President

Seventh Amendment to Second Amended and Restated Master Repurchase Agreement

TIAA, FSB, formerly known as EVERBANK, as a Buyer

By:   /s/ E.R. MOORE                    
Name:   E.R. Moore                
Title:   Vice President

Seventh Amendment to Second Amended and Restated Master Repurchase Agreement

BMO HARRIS BANK N.A., as a Buyer

By:   /s/ BOB BOMBEN                    
Name:   Bob Bomben                
Title:   Director

Seventh Amendment to Second Amended and Restated Master Repurchase Agreement

STERLING NATIONAL BANK, as a Buyer

By:   /s/ EDDIE OTHMAN                    
Name:   Eddie Othman                
Title:   Senior Vice President

Seventh Amendment to Second Amended and Restated Master Repurchase Agreement

SCHEDULE BC TO SEVENTH AMENDMENT
TO SECOND AMENDED AND RESTATED
MASTER REPURCHASE AGREEMENT

SCHEDULE BC
TO SECOND AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT

THE BUYERS' COMMITTED SUMS
	
							
	Buyer
	Except as provided in the below chart, Committed Sum for each period from and including the following dates in any calendar year to and including the following dates in any calendar year:

January 21 - March 21
April 23 - June 20
July 23 - December 19
	Except as provided in the below chart, Committed Sum for each period from and including the following dates in any calendar year to and including the following dates in any calendar year:

June 21 - July 22
December 20 - January 20

	U.S. Bank National Association
	$
	206,250,000
	

	$
	249,218,750
	

	Associated Bank, N.A.
	$
	37,500,000
	

	$
	45,312,500
	

	Branch Banking & Trust Company
	$
	105,000,000
	

	$
	126,875,000
	

	Comerica Bank
	$
	105,000,000
	

	$
	126,875,000
	

	TIAA, FSB, f/k/a EverBank
	$
	90,000,000
	

	$
	108,750,000
	

	BMO Harris Bank N.A.
	$
	28,125,000
	

	$
	33,984,375
	

	Sterling National Bank
	$
	28,125,000
	

	$
	33,984,375
	

	Maximum Aggregate Commitment
	$
	600,000,000
	

	$
	725,000,000
	

	
				
	Buyer
	Committed Sum for March 22, 2019
through and including April 22, 2019

	U.S. Bank National Association
	$
	324,218,750
	

	Associated Bank, N.A.
	$
	45,312,500
	

	Branch Banking & Trust Company
	$
	126,875,000
	

	Comerica Bank
	$
	126,875,000
	

	TIAA, FSB, f/k/a EverBank
	$
	108,750,000
	

	BMO Harris Bank N.A.
	$
	33,984,375
	

	Sterling National Bank
	$
	33,984,375
	

	Maximum Aggregate Commitment
	$
	800,000,000
	

	
				
	Buyer
	Committed Sum for September 20, 2019
through and including November 5, 2019

	U.S. Bank National Association
	$
	275,000,000
	

	Associated Bank, N.A.
	$
	50,000,000
	

	Branch Banking & Trust Company
	$
	140,000,000
	

	Comerica Bank
	$
	140,000,000
	

	TIAA, FSB, f/k/a EverBank
	$
	120,000,000
	

	BMO Harris Bank N.A.
	$
	37,500,000
	

	Sterling National Bank
	$
	37,500,000
	

	Maximum Aggregate Commitment
	$
	800,000,000
	

Sch. BC

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