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                                                                    EXHIBIT 10.3

                              AMENDED AND RESTATED

                               CENTEX CORPORATION

                                 2001 STOCK PLAN

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.

         "FAIR MARKET VALUE" -- The closing price per Share reported on the
consolidated

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transaction reporting system for the New York Stock Exchange as of a particular
date or, if there shall have been no such sale so reported on that date, on the
last preceding date on which such a sale was reported.

         "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.

         "PLAN" -- This Centex Corporation 2001 Stock Plan.

         "RESTRICTED STOCK" -- Shares issued pursuant to Section 17 of the Plan.

         "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.

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 1,750,000 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 175,000 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

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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 (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.

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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

         (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), 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) 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).

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         (c) 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.

         (d) 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.

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 or by the applicable laws of descent and distribution.
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 that have been acquired or held by the Optionee
for at least six months prior to the date the option is exercised, 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 in Shares, such Shares shall be valued at their Fair Market Value
on the date of exercise. Any Shares actually delivered in

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satisfaction of all or a portion of the option price shall be appropriately
endorsed for transfer and assignment to the Company.

         (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, the
Committee shall make proportionate adjustments 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.

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         (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 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.

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         (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 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.

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.

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         (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 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 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

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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), 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
Section 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.

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.

                                                                              11
<PAGE>

         (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

                                                                              12
<PAGE>

is necessary or required by the Board or Committee to perform their duties and
functions under the Plan.

         (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.

                                                                              13
<PAGE>

         (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.

         (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.

                                                                              14<PAGE>
                                                                   EXHIBIT 10.10

                              AMENDED AND RESTATED

                   CENTEX CORPORATION LONG TERM INCENTIVE PLAN

                            EFFECTIVE October 1, 2001

1.       OBJECTIVES

         The Centex Corporation Long Term Incentive Plan (the "Plan") is
designed to retain selected employees of Centex Corporation and all
subsidiaries, partnerships and affiliates of Centex Corporation with regard to
which Centex Corporation owns, directly or indirectly, at least 80% of the
ownership interest therein, and reward them for making significant contributions
to the success of Centex Corporation. These objectives are to be accomplished by
making awards under the Plan and thereby providing Participants with a financial
interest in the growth and performance of Centex Corporation. The Plan shall not
constitute a "qualified plan" subject to the limitations of Section 401(a) of
the Code, nor shall it constitute a "funded plan" for purposes of such
requirements. This Plan shall be exempt from the participation and vesting
requirements of Part 2 of Title I of ERISA, the funding requirements of Part 3
of Title I of ERISA, and the fiduciary requirements of Part 4 of Title I of
ERISA by reason of the exclusions afforded to plans which are unfunded and
maintained by an employer primarily for the purpose of providing deferred
compensation for a select group of highly compensated employees.

2.       DEFINITIONS

         As used herein, the terms set forth below shall have the following
respective meanings:

         "ACT" means the Securities Exchange Act of 1934, as amended.

         "ADMINISTRATOR" means the Compensation and Stock Option Committee of
the Board.

         "AFFILIATE" means any direct or indirect subsidiary or parent of Centex
Corporation and any partnership, joint venture, limited liability company or
other business venture or entity in which Centex Corporation owns directly or
indirectly at least 80% of the ownership interest in such entity, as determined
by the Administrator in its sole and absolute discretion (such determination by
the Administrator to be conclusively established by the grant of an Award by the
Administrator to an officer or employee of such an entity).

         "AWARD" means an award of Deferred Stock granted to a Participant
pursuant to any applicable terms, conditions and limitations as the
Administrator may establish in order to fulfill the objectives of the Plan.

         "AWARD AGREEMENT" means a written agreement between Centex Corporation
and a Participant that sets forth the terms, conditions and limitations
applicable to an Award.

         "BENEFICIARY" means such person or persons, or the trustee of an inter
vivos trust for the benefit of natural persons, designated by the Participant in
a written election filed with the

                                                                               1
<PAGE>

Administrator as entitled to receive the Participant's Award(s) in the event of
the Participant's death, or if no such election shall have been so filed, or if
no designated Beneficiary survives the Participant or can be located by the
Administrator, the person or persons entitled thereto under the last will of
such deceased Participant, or if such decedent left no will, to the legal heirs
of such decedent determined in accordance with the laws of intestate succession
of the state of the decedent's domicile.

         "BOARD" means the Board of Directors of Centex Corporation as the same
may be constituted from time to time.

         "CENTEX CORPORATION" means Centex Corporation, a Nevada corporation, or
any successor thereto.

         "CODE" means the Internal Revenue Code of 1986, as amended.

         "COMPANY" means each of Centex Corporation and every Affiliate.

         "DEFERRED STOCK" means a right to receive at Payout the number of
Shares covered by an Award, subject to the terms of this Plan and the Award
Agreement. Deferred Stock does not represent any actual legal or beneficial
interest in Centex Corporation.

         "DISABILITY" means a disability that entitles the Participant to
benefits under the long-term disability plan sponsored by Centex Corporation
which covers the Participant.

         "EMPLOYMENT" means employment with a Company.

         "EXPIRATION DATE" means, as to an Award, that date which is seven years
past the Grant Date of such Award or such other period (not beyond ten years) as
the Administrator may determine.

         "FAIR MARKET VALUE" means the closing price per Share as of a
particular date reported on the consolidated transaction reporting system for
the New York Stock Exchange or, if there shall have been no such sale so
reported on that date, on the last preceding date on which such a sale was
reported.

         "GRANT DATE" means the date an Award is made to a Participant
hereunder, which will be April 1 of the year in which such Award is made, or any
other date selected by the Administrator.

         "PARTICIPANT" means an employee of a Company to whom an Award has been
made under this Plan.

         "PAYOUT" means the distribution of vested Deferred Stock under the
Plan.

         "PAYOUT DATE" means the date an Award becomes payable pursuant to
Section 8.

                                                                               2
<PAGE>

         "PLAN" means this Centex Corporation Long Term Incentive Plan, as set
forth herein and as may be amended from time to time.

         "RETIREMENT" means the termination of a Participant's Employment due to
retirement on or after age 62 provided that the Participant has at least ten
years of service with one or more Companies.

         "SHARE" means a share of Centex Corporation's present twenty-five cents
($0.25) par value common stock and any share or shares of capital stock or other
securities of Centex Corporation 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.

         "TERMINATION DATE" means the last date on which the Participant is
carried on a Company's payroll as an employee.

3.       ELIGIBILITY

         Only highly compensated employees of a Company are eligible for Awards
under this Plan, as determined in the sole discretion of the Administrator. The
Administrator shall select the Participants in the Plan from time to time as
evidenced by the grant of Awards under the Plan.

4.       PLAN ADMINISTRATION

         The Plan shall be administered by the Administrator, which shall 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 appropriate in its sole discretion. The Administrator shall determine all
terms and conditions of the Awards. The Administrator may, in its discretion,
accelerate the vesting or Payout of an Award, eliminate or make less restrictive
any restrictions contained in an Award Agreement, waive any restriction or other
provision of this Plan or an Award Agreement or otherwise amend or modify an
Award in any manner that is either (i) not materially adverse to the Participant
holding the Award or (ii) consented to by such Participant. The Administrator
may delegate to one or more employees of Centex Corporation the performance of
non-discretionary functions under this Plan, including distributions of Payouts.

5.       AWARDS

         (a) The granting of Awards under this Plan shall be entirely
discretionary, and nothing in this Plan shall be deemed to give any employee of
a Company any right to participate in this Plan or to be granted an Award.

         (b) Awards shall be granted to Participants at such times, and subject
to paragraph 5.(d) below, in such amounts as the Administrator, in its sole and
absolute discretion, shall determine. No credit for cash dividends on Deferred
Stock will be allowed (or accrued) prior to Payout.

                                                                               3
<PAGE>

         (c) The term of an Award shall run from the Grant Date to the
Expiration Date, subject to early Payout as described in Section 8 below or
forfeiture as described in Section 7 below.

         (d) The maximum number of Shares that may be awarded under this Plan,
subject to Section 13 below, is 500,000.

         (e) If an Award is forfeited, the number of Shares with respect to
which such Award shall not have been exercised prior to its forfeiture may again
be awarded pursuant to the provisions hereof.

6.       VESTING OF AWARDS

         (a) Unless different terms are set by the Administrator, an Award shall
be immediately 25% vested on its Grant Date and shall become vested in
cumulative 25% increments on each of the first through third anniversaries of
such Grant Date, so that on the third anniversary of the Grant Date the Award
will be 100% vested; provided, however, that the Participant must be in
continuous Employment from the Grant Date through the date of the applicable
anniversary in order for the Award to vest.

         (b) A Participant's Award shall be fully vested, irrespective of the
limitations set forth in subparagraph (a) above, in the event of (i) a change in
control, as provided for in Section 13 below, provided that the Participant has
been in continuous Employment from the Grant Date until the date of such change
in control or (ii) Retirement of the Participant.

7.       FORFEITURE OF AWARDS

         If a Participant's Employment is terminated, the Participant shall
forfeit his or her Award(s) with respect to any portion that is not vested as of
such Participant's Termination Date.

8.       PAYOUTS OF AWARDS

         Payouts will occur as follows:

         (a) Automatic Payout on Expiration Date. To the extent that a
Participant's Award has vested, such Award shall have an automatic Payout on the
Expiration Date of such Award.

         (b) Early Payouts. In addition to automatic Payout on the Expiration
Date, there may be an early Payout of the vested portion of an Award as follows:

                  (i) Termination of Employment (whether voluntary or
         involuntary). The vested portion of each Award shall have an automatic
         Payout on the Participant's Termination Date.

                                                                               4
<PAGE>

                  (ii) Death. If a Participant dies prior to the Expiration
         Date, such Participant's Award, to the extent vested, shall have an
         automatic Payout as of the date of the Participant's death and be made
         to the Participant's Beneficiary.

                  (iii) Disability. Prior to the Expiration Date, an Award, with
         the approval of the Administrator, shall both be fully vested and have
         an automatic Payout on the date the Participant satisfies the
         definition of Disability.

                  (iv) Early Payout Request. A Participant may request that the
         Administrator consider an early Payout to him or her with respect to
         any vested portion of an Award. Such a request will be considered at
         the next semi-annual meeting of the Administrator (held in May and
         October of each calendar year). Such request shall be in writing and
         will set forth, in sufficient detail, the reasons for such early
         Payout. The Administrator will consider such request during said
         meeting and will, within thirty (30) days following said meeting,
         determine in its sole and absolute discretion whether to allow such
         early Payout, and then notify the Participant of its decision.

9.       FORM OF PAYOUT

         As soon as practicable following a determination that Payout of a
Participant's Award shall be made as described in Section 8, but not later than
five business days after the required Payout Date, Centex Corporation shall make
a Payout to the Participant. All Payouts shall be made in Shares except that no
fractional shares will be issued and in lieu thereof cash will be paid to the
Participant.

10.      DELIVERY OF SHARE CERTIFICATES

         As promptly as may be practicable following a Payout, Centex
Corporation shall make delivery of one or more Share certificates, either by
delivery of a physical certificate or an electronic transfer to a broker, for
the appropriate number of Shares.

11.      TAX WITHHOLDING

         Centex Corporation shall deduct applicable taxes with respect to any
Award or Payout and withhold, at the time of Award or Payout, as appropriate, a
number of Shares, based on the Fair Market Value on such date, for payment of
taxes required by law.

12.      NON-ASSIGNABILITY

         Unless otherwise determined by the Administrator, no Award or Payout or
any other benefit under this Plan shall be assignable or otherwise transferable
except to a Beneficiary or by will, the laws of descent and distribution or a
domestic relations order. The Administrator may prescribe other restrictions on
transfer. Any attempted assignment of an Award or any other benefit under this
Plan in violation of this Section 12 shall be null and void.

                                                                               5
<PAGE>

13.      CHANGES IN SHARES AND CERTAIN CORPORATE TRANSACTIONS

         (a) In the event of any subdivision or consolidation of outstanding
Shares, declaration of a dividend payable in Shares or other stock split, then
(i) the number of Shares available for Awards under this Plan, and (ii) the
number of Shares covered by outstanding Awards, shall each be proportionately
adjusted by the Board as appropriate to reflect such transaction. In the event
of any other recapitalization or capital reorganization of the Centex
Corporation, any consolidation or merger of the Centex Corporation with another
corporation or entity, the adoption by the Centex Corporation of any plan of
exchange affecting Shares or any distribution to holders of Shares of securities
or property (other than normal cash dividends or dividends payable in Shares),
the Board shall make appropriate adjustments to (i) the number of Shares
available for Awards under this Plan, and (ii) the number of Shares covered by
outstanding Deferred Awards, to reflect such transaction; provided that such
adjustment under (ii) shall only be such as are necessary to maintain the
proportionate interest of the holders of the Awards and preserve, without
increasing, the value of such Awards.

         Except as is otherwise expressly provided herein, the issuance by
Centex Corporation 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 Centex Corporation 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 Shares then subject
to outstanding Awards granted under the Plan. Furthermore, the presence of
outstanding Awards granted under the Plan shall not affect in any manner the
right or power of Centex Corporation to make, authorize or consummate (i) any or
all adjustments, recapitalizations, reorganizations or other changes in Centex
Corporation's capital structure or its business, including the issuance of
capital stock; (ii) any merger or consolidation of Centex Corporation; (iii) any
issuance by Centex Corporation of debt securities or preferred or preference
stock which would rank above the Shares subject to outstanding Awards granted
under the Plan; (iv) the dissolution or liquidation of Centex Corporation; (v)
any sale, transfer or assignment of all or any part of the assets or business of
Centex Corporation; or (vi) any other corporate act or proceeding, whether of a
similar character or otherwise.

         (b) Notwithstanding anything to the contrary above, a dissolution or
liquidation of Centex Corporation, a merger (other than a merger effecting a
reincorporation of Centex Corporation in another state) or consolidation in
which Centex Corporation 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 Centex Corporation and their proportionate interests therein
immediately after the transaction are not substantially identical to the
stockholders of Centex Corporation and their proportionate interests therein
immediately prior to the transaction), a transaction in which another
corporation becomes the owner of 50% or more of the total combined voting power
of all classes of stock of Centex Corporation, or a change in control (as
specified below), shall cause every Award then outstanding to become fully
vested immediately prior to such dissolution, liquidation, merger,
consolidation, transaction, or change in control, to the extent not theretofore
exercised, without regard to the determination as to the periods and
installments of vesting contained in the Agreements if (and only if) such Awards
have not at that

                                                                               6
<PAGE>

time expired or been terminated. For purposes of this Section 13, 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 Act, becomes the beneficial owner of Shares of Centex
         Corporation having 50% or more of total number of votes that may be
         cast for the election of Directors of Centex Corporation; or

                  (ii) as a result of, or in connection with, a contested
         election for Directors, persons who were Directors of Centex
         Corporation 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, transaction or change in
control, the Board may completely satisfy all obligations of Centex Corporation
and its Affiliates with respect to any Award outstanding on the date of such
event by delivering to the Participant cash in an amount equal to the Fair
Market Value of such Shares on the date of such event, such payment to be made
within reasonable time after such event.

14.      PLAN YEAR

         The Plan shall be effective as of October 1, 2001 and will continue in
effect until the Administrator terminates the same. The Plan year will be April
1 through March 31 while this Plan is in effect.

15.      REQUIREMENTS OF LAW

         Notwithstanding anything herein to the contrary, Centex Corporation
shall not be required to issue Shares under any Award if the issuance thereof
would constitute a violation by the Participant or Centex Corporation of any
provisions of any law or regulation of any governmental authority or any
national securities exchange; and as a condition of any issuance of Shares under
any Award, Centex Corporation may require such agreements or undertakings, if
any, as Centex Corporation may deem necessary or advisable to ensure compliance
with any such law or regulation.

16.      AMENDMENT, SUSPENSION OR TERMINATION

         The Board may amend, suspend or terminate the Plan at any time for the
purpose of meeting or addressing any changes in legal requirements or for any
other purpose permitted by law, except that no amendment, suspension or
termination shall be made that would impair the rights of any Participant as to
a vested Award previously granted to such Participant without his or her written
consent.

                                                                               7
<PAGE>

17.      UNFUNDED PLAN

         This Plan shall be unfunded. Although bookkeeping accounts may be
established with respect to Participants representing Awards, any such accounts
shall be used merely as a bookkeeping convenience. Centex Corporation shall not
be required to segregate any assets that may at any time be represented by
Awards, nor shall this Plan be construed as providing for such segregation, nor
shall Centex Corporation, the Board or the Administrator be deemed to be a
trustee of any Awards to be granted under this Plan. Any liability or obligation
of Centex Corporation to any Participant with respect to a grant of Awards under
this Plan shall be based solely upon any contractual obligations that may be
created under this Plan, and no such liability or obligation of Centex
Corporation shall be deemed to be secured by any pledge or other encumbrance on
any property of Centex Corporation. None of Centex Corporation or any other
Company, the Board or the Administrator shall be required to give any security
or bond for the performance of any obligation that may be created by this Plan.

         Notwithstanding the foregoing, upon the occurrence of a change in
control, as described in Section 13(b), each Company whose employees are
Participants shall, as soon as possible, but in no event longer than 15 days
following the change in control, make an irrevocable contribution to a trust
established by Centex Corporation in an amount sufficient to fully pay the
entire benefit to which each Participant employed by such Company would be
entitled pursuant to the terms of this Plan as of the date on which such change
in control occurs. In its sole discretion, Centex Corporation may establish such
a trust at any time prior to a change in control and may make contributions to
such trust in Shares or in cash which would be used to acquire Shares to
transfer to Participant. Any such trust shall be designed to assist Centex
Corporation in satisfying its obligations under this Plan; but it shall remain
subject to the claims of its creditors.

18.      NO EMPLOYMENT GUARANTEED

         No provision of this Plan or any Award Agreement hereunder shall confer
any right upon any employee to continued employment with a Company.

19.      NO STOCKHOLDER RIGHTS

         A Participant shall have no rights as a holder of Shares with respect
to Awards granted hereunder. In particular, no Award shall entitle a Participant
to be considered a holder of Shares or to have any rights to dividends or other
distributions made to holders of Shares prior to the Payout of such Award.

20.      GOVERNING LAW

         This Plan and all determinations made and actions taken pursuant
hereto, to the extent not otherwise governed by mandatory provisions of the Act
or other securities laws of the United States, shall be governed by and
construed in accordance with the laws of the State of Texas, without reference
to any conflicts of law principles thereof that would require the application of
the laws of another jurisdiction.

                                                                               8
<PAGE>

21.      INDEMNIFICATION

         Neither the members of the Board nor any member of the Compensation and
Stock Option Committee, acting in the capacity of Administrator, shall be liable
for any act, omission or determination taken or made in good faith with respect
to the Plan or any Award granted under it, and the members of the Board and the
Compensation and Stock Option Committee shall be entitled to indemnification and
reimbursement by Centex Corporation 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.

22.      RELEASE

         Any issuance or transfer of Shares to a Participant 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 Administrator may require any Participant
or 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.

                                                                               9

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