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                                                                    EXHIBIT 10.3

                               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 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

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         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 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.

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6.       GRANTING OF OPTIONS

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

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

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

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

7.       OPTION PRICE

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

         (a)      the excess of the aggregate Fair Market Value o 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 Marke 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:

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         (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).

         (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,

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                  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 to the Company, or by a
                  one-time notice to the broker, accompanied by payment in full
                  of the option price of the Shares then being purchased.
                  Payment in full shall mean payment of the full amount due,
                  either in cash, by check or wire transfer or, with the consent
                  of the Committee, with Shares owned by the Optionee, including
                  an actual or deemed multiple series of exchanges of such
                  Shares. For purposes of determining the amount, if any, of the
                  option price satisfied by payment in Shares, such Shares shall
                  be valued at their Fair Market Value on the date of exercise.
                  Any Shares delivered in 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 a 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 Option 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

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                           such limitation represents the same proportion of the
                           Company's issued and outstanding Shares.

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

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

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

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

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

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

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                  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 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

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

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

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                  Restricted Stock remaining subject to restrictions shall
                  thereupon be forfeited by the individual and transferred to,
                  and reacquired by, the Company at no cost to the Company. 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 th 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) days after the commencement of the period of service to
                  which the performance goal relates and (y) the lapse of 25% of
                  the period of service (as established in good faith at the
                  time the goal is established), 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 standard 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 lapse of
                  any applicable restrictions and the vesting of any award based
                  on the achievement of a performance goals, the Committee must
                  certify that applicable performance goals and any of the
                  material terms thereof were, in fact, satisfied. No individual
                  may be awarded Restricted Stock 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.

                                       9
<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 Compan guarantees the
                  Shares from loss or depreciation.

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

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

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

         (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.

                                       10
<PAGE>

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

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

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

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

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

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

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

         (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.

                                       11<PAGE>
                                                                   EXHIBIT 10.10

                   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.

                                        1

<PAGE>

                  "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 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.

                                        2

<PAGE>

                  "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.

                  "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

                                        3

<PAGE>

         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 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.

         (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.

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:

                                       4

<PAGE>

                  (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.

                  (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)      If at any time while the Plan is in effect there shall be an
                  increase or decrease in the number of issued and outstanding
                  Shares of Centex Corporation effected without receipt of
                  consideration therefor by Centex Corporation, through the
                  declaration of a stock dividend or through any
                  recapitalization or merger or otherwise in which Centex
                  Corporation is the surviving corporation, resulting in a stock
                  split-up, combination or exchange of Shares of Centex
                  Corporation, then and in each such event an appropriate
                  adjustment shall be made automatically in the amount of
                  Deferred Stock then subject to an Award, to the end that the
                  same proportion of Centex Corporation's Shares which would
                  have been issued and outstanding assuming full Payout of such
                  Award as of the date of such increase or decrease shall in
                  each such instance remain subject to such Award.

                  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

                                        6

<PAGE>

                  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 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.

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

                                        7

<PAGE>

         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.

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.

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.

                                        8

<PAGE>

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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