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Chairman Donald Horton will receive a salary of $1 million in the company's 2010 fiscal year, which began Oct. 1. That's a $600,000 raise from 2009, according Thursday's disclosure with the Securities and Exchange Commission.
Donald Tomnitz, vice chairman, president and chief executive, will also receive a $600,000 raise, to $900,000.
Neither received a raise in 2009.
The salary increases for 2010 are accompanied by partly reduced terms for performance bonuses.
Horton and Tomnitz each received an $848,482 bonus in December 2008, which was based on 6 percent of the company's adjusted pretax income for that month. They also would have received 2 percent of the company's pretax income in each of the remaining three quarters of fiscal 2008, but received nothing as the company failed to hit profit levels, according to the company's proxy statement.
Each also received an additional $1 million performance bonus for fiscal 2008, which was reduced by the Compensation Committee from $8 million because of the continued difficulties facing the home-building industry.
In fiscal 2010, the executives are eligible for a performance bonus of 2 percent of the company's adjusted pretax income each quarter, as well as a second potential performance-based bonus, Thursday's filing shows. The company's Compensation Committee voted on the salaries Oct. 23.
The company is scheduled to release its fiscal 2009 fourth-quarter and year-end results to investors and analysts Nov. 20. The fiscal 2009 bonuses have not yet been made public.
The raises are being given as the industry remains in a tough spot. This week, the Commerce Department said sales of new homes unexpectedly dropped 3.6 percent in September to an annual pace of 402,000, below an anticipated 440,000 sales.
The company's shares (ticker: DHI | Quote | Chart | News | PowerRating) on Thursday rose 26 cents, or 2.3 percent, to close at $11.38.
SANDRA BAKER, 817-390-7727
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