<PAGE> 1
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON AUGUST 27, 1999
Registration Nos. 333- ; 333- ; and 333-
===============================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----------------
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
-----------------
<TABLE>
<S> <C>
3333 HOLDING CORPORATION AND
CENTEX CORPORATION CENTEX DEVELOPMENT COMPANY, L.P.
(Exact name of registrant as specified in its charter) (Exact name of registrants as specified in their charters)
NEVADA NEVADA AND DELAWARE, RESPECTIVELY
(State or other jurisdiction of (State or other jurisdiction of
incorporation or organization) incorporation or organization)
75-0778259 75-2178860 and 75-2168471, RESPECTIVELY
(I.R.S. Employer (I.R.S. Employer Identification No.)
Identification No.)
2728 NORTH HARWOOD 3100 MCKINNON, SUITE 370
DALLAS, TEXAS 75201 DALLAS, TEXAS 75201
(Address of principal executive offices, including zip code) (Address of principal executive offices, including zip code)
</TABLE>
--------------------
SECOND AMENDED AND RESTATED 1998 CENTEX CORPORATION
EMPLOYEE NON-QUALIFIED STOCK OPTION PLAN
(Full title of the plan)
RAYMOND G. SMERGE
EXECUTIVE VICE PRESIDENT, CHIEF LEGAL OFFICER, GENERAL COUNSEL AND SECRETARY
2728 NORTH HARWOOD
DALLAS, TEXAS 75201
(Name and address of agent for service)
(214) 981-5000
(Telephone number, including area code, of agent for service)
<TABLE>
<CAPTION>
CALCULATION OF REGISTRATION FEE
=============================================================================================================================
Proposed maximum Proposed maximum
Title of Amount to be offering price per aggregate offering Amount of
securities to be registered registered share (1) price (1) registration fee
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stock, $.25 par value
per share 1,500,000 shares $ 29.59375 $ 44,390,625 $ 12,341
- -----------------------------------------------------------------------------------------------------------------------------
Beneficial Interests in 1,000 shares of
Common Stock of 3333 Holding --- $ --- $ --- $ ---
Corporation(2)
- -----------------------------------------------------------------------------------------------------------------------------
Beneficial Interests in 900 Warrants to
Purchase Class B Units of Limited --- $ --- $ --- $ ---
Partnership Interest in Centex
Development Company, L.P. (2)
=============================================================================================================================
</TABLE>
===============================================================================
<PAGE> 2
(1) Estimated solely for the purpose of calculating the registration fee
pursuant to Rule 457(h)(1), and computed on the basis of the average of
the high and low sales prices of the Common Stock included in the New
York Stock Exchange Composite Transactions Report for August 26, 1999 as
published by The Wall Street Journal, which was $29.59375 per share.
(2) On November 30, 1987, Centex Corporation ("Centex") distributed as a
dividend to its stockholders (through a nominee, the "Nominee") all the
issued and outstanding shares of common stock, $0.01 par value ("Holding
Common Stock"), of 3333 Holding Corporation ("Holding"), and 900 warrants
(the "Stockholder Warrants") to purchase Class B Units of limited
partnership interest in Centex Development Company, L.P., a Delaware
limited partnership ("CDC").
The Nominee holds the Stockholder Warrants and 1,000 shares of Holding
Common Stock on behalf of and for the benefit of persons who are from
time to time the holders of the common stock, $0.25 par value ("Centex
Common Stock"), of Centex ("Centex Stockholders"). Each Centex
Stockholder owns a beneficial interest in that portion of the 1,000
shares of Holding Common Stock and the Stockholder Warrants that the
total number of shares of Centex Common Stock held by such stockholder
bears to the total number of shares of Centex Common Stock outstanding
from time to time. This beneficial interest of the Holding stockholders
is not represented by a separate certificate or receipt. Instead, each
Centex Stockholder's pro rata portion of such beneficial interest is
represented by the certificate or certificates evidencing such Centex
Stockholder's Centex Common Stock, and is currently tradeable only in
tandem with, and as a part of, each such Centex Stockholder's Common
Stock.
EXPLANATORY NOTE
This Registration Statement is being filed to register an additional
1,500,000 shares of Centex Common Stock to be issued under the Second Amended
and Restated 1998 Centex Corporation Employee Non-Qualified Stock Option Plan
(the "Plan"). The 2,500,000 shares of Centex Common Stock currently issued or
to be issued under the Plan were registered pursuant to Registration Statement
on Form S-8 (Registration Nos. 333-55717, 333-55717-01 and 333-55717-02) and
Registration Statement on Form S-8 (Registration Nos. 333-74185, 333-74185-01
and 333-74185-02), which are incorporated by reference herein.
<PAGE> 3
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE
The following documents have been filed with the Commission by Centex,
Holding and CDC, as appropriate, and are incorporated herein by reference and
made a part hereof:
(a) Registration Statement on Form S-8 (Registration Nos. 333-55717,
333-55717-01 and 333-55717-02);
(b) Registration Statement on Form S-8 (Registration Nos. 333-74185,
333-74185-01 and 333-74185-02);
(c) Joint Annual Report on Form 10-K of Centex, Holding and CDC for
the fiscal year ended March 31, 1999;
(d) Amended Joint Annual Report on Form 10-K of Centex, Holding and
CDC for the fiscal year ended March 31, 1999;
(e) Joint Quarterly Report on Form 10-Q of Centex, Holding and CDC
for the quarter ended June 30, 1999;
(f) Current Report on Form 8-K of CDC dated April 29, 1999;
(g) Amendment No. 1 to Current Report on Form 8-K of CDC dated June
29, 1999;
(h) Description of the Centex Common Stock, $0.25 par value per
share, contained in the Registration Statement on Form 8-A dated
October 28, 1971 and Form 8 dated November 11, 1971;
(i) Description of the Holding Common Stock, $0.01 par value per
share, contained in the Registration Statement of Form 10 dated
July 12, 1987, as amended by Form 8 dated October 14, 1987, Form
8 dated November 12, 1987 and Form 8 dated November 23, 1987;
(j) Description of the Warrants to purchase Class B Units of limited
partnership of CDC contained in Registration Statement on Form
10 dated July 12, 1987, as amended by Form 8 dated October 14,
1987, Form 8 dated November 12, 1987 and Form 8 dated November
30, 1987; and
(k) Description of the Preferred Stock Purchase Rights contained in
the Form 8-A Registration Statement of Centex dated October 8,
1996.
All documents filed by Centex, Holding and CDC pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934 (the
"Exchange Act") subsequent to the effective date hereof and prior to the filing
of a post-effective amendment hereto that indicates that all securities offered
hereby have been sold or that deregisters all such securities then remaining
unsold, shall be deemed to be incorporated herein by reference and to be a part
hereof from the date of filing of such documents. Any statement contained
herein or in any document incorporated or deemed to be incorporated by
reference herein shall be deemed to be modified or superseded for purposes of
this Registration Statement to the extent that a statement contained herein or
in any other subsequently filed document which also is or is deemed to be
incorporated by reference herein modifies or supersedes such statement. Any
such statement so modified or superseded shall not be deemed to constitute a
part of this Registration Statement, except as so modified or superseded.
<PAGE> 4
EXPERTS
The financial statements and schedules incorporated by reference in this
Registration Statement have been audited by Arthur Andersen LLP, independent
public accountants, as indicated in their reports with respect thereto, and are
incorporated by reference herein in reliance upon the authority of said firm as
experts in accounting and auditing in giving said reports.
ITEM 8. EXHIBITS.
The information required by this Item 8 is set forth in the Index to
Exhibits accompanying this Registration Statement.
<PAGE> 5
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended,
the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Dallas, State of Texas, on August 27, 1999.
CENTEX CORPORATION
By: /s/ DAVID W. QUINN
-----------------------------------
David W. Quinn
Vice Chairman of the Board
and Chief Financial Officer
Pursuant to the requirements of the Securities Act of 1933, as amended,
this Registration Statement has been signed by the following persons in the
capacities and on the date indicated.
<TABLE>
<CAPTION>
Signature Title
--------- -----
<S> <C> <C>
/s/ LAURENCE E. HIRSCH Chairman of the Board, Chief August 27, 1999
------------------------------------------------ Executive Officer and Director
Laurence E. Hirsch (Principal Executive Officer)
/s/ DAVID W. QUINN Vice Chairman of the Board, Chief August 27, 1999
------------------------------------------------ Financial Officer and Director
David W. Quinn (Principal Financial Officer)
/s/ BARRY G. WILSON Controller (Principal Accounting August 27, 1999
------------------------------------------------ Officer)
Barry G. Wilson
Majority of the Board of Directors: August 27, 1999
By: /s/ LAURENCE E. HIRSCH Barbara T. Alexander, Dan W. Cook
---------------------------------------------- III, Juan L. Elek, Clint W.
Laurence E. Hirsch Murchison, III, Charles H. Pistor,
Individually and as Attorney in Fact* Paul R. Seegers and Paul T. Stoffel
</TABLE>
- --------------
*Pursuant to authority granted by powers of attorney, copies of which are
filed herewith
<PAGE> 6
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended,
the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Dallas, State of Texas, on August 27, 1999
3333 HOLDING CORPORATION
By: /s/ RICHARD C. DECKER
-----------------------------------
Richard C. Decker
Chairman of the Board, President
and Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, as amended,
this Registration Statement has been signed by the following persons in the
capacities and on the date indicated.
<TABLE>
<CAPTION>
Signature Title
--------- -----
<S> <C> <C>
/s/ RICHARD C. DECKER Chairman of the Board, President, August 27, 1999
------------------------------------------------ Chief Executive Officer and Director
Richard C. Decker (Principal Executive Officer)
/s/ KIMBERLY A. PINSON Vice President, Treasurer, Controller August 27, 1999
------------------------------------------------ and Assistant Secretary
Kimberly A. Pinson (Principal Financial Officer and
Principal Accounting Officer)
Majority of the Board of Directors: August 27, 1999
By: /s/ RICHARD C. DECKER Josiah O. Low, III and David M.
---------------------------------------------- Sherer
Richard C. Decker
Individually and as Attorney in Fact*
</TABLE>
- --------------
*Pursuant to authority granted by powers of attorney, copies of which are
filed herewith
<PAGE> 7
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended,
3333 Development Corporation, as general partner of, and on behalf of, the
Registrant certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Dallas, State of Texas, on August 27, 1999.
CENTEX DEVELOPMENT COMPANY, L.P.
By: 3333 Development Corporation, General Partner
By: /s/ RICHARD C. DECKER
-----------------------------------
Richard C. Decker
Chairman of the Board, President
and Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, as amended,
this Registration Statement has been signed by the following persons on behalf
of 3333 Development Corporation, as general partner of, and on behalf of, the
Registrant in the capacities and on the date indicated.
<TABLE>
<CAPTION>
Signature Title
--------- -----
<S> <C> <C>
/s/ RICHARD C. DECKER Chairman of the Board, President, August 27, 1999
- ------------------------------------------------- Chief Executive Officer and Director
Richard C. Decker (Principal Executive Officer)
/s/ KIMBERLY A. PINSON Vice President, Treasurer, Controller August 27, 1999
- ------------------------------------------------- and Assistant Secretary
Kimberly A. Pinson (Principal Financial Officer and
Principal Accounting Officer)
Majority of the Board of Directors: August 27, 1999
By: /s/ RICHARD C. DECKER Josiah O. Low, III and David M.
- ------------------------------------------------- Sherer
Richard C. Decker
Individually and as Attorney in Fact*
</TABLE>
- --------------
*Pursuant to authority granted by powers of attorney, copies of which are
filed herewith
<PAGE> 8
INDEX TO EXHIBITS
CENTEX CORPORATION
AND SUBSIDIARIES
<TABLE>
<CAPTION>
EXHIBIT FILED HEREWITH OR
NUMBER EXHIBIT INCORPORATED BY REFERENCE
- ------- ------- -------------------------
<S> <C> <C>
4 Second Amended and Restated 1998 Centex Corporation Filed herewith.
Employee Non-Qualified Stock Option Plan.
5 Opinion of Raymond G. Smerge. Filed herewith.
23.1 Consent of Independent Public Accountants. Filed herewith.
23.2 Consent of Raymond G. Smerge (included in his opinion Filed herewith.
filed as Exhibit 5 hereto).
24a Powers of Attorney. Filed herewith.
</TABLE>
<PAGE> 9
INDEX TO EXHIBITS
3333 HOLDING CORPORATION
AND SUBSIDIARY
<TABLE>
<CAPTION>
EXHIBIT FILED HEREWITH OR
NUMBER EXHIBIT INCORPORATED BY REFERENCE
- ------- ------- -------------------------
<S> <C> <C>
5 Opinion of Raymond G. Smerge. Exhibit 5 of Centex Exhibits filed herewith.
23.1 Consent of Independent Public Accountants. Exhibit 23.1 of Centex Exhibits filed herewith.
23.2 Consent of Raymond G. Smerge. Exhibit 5 of Centex Exhibits filed herewith.
24b Powers of Attorney. Filed herewith.
</TABLE>
<PAGE> 10
INDEX TO EXHIBITS
CENTEX DEVELOPMENT COMPANY, L.P.
<TABLE>
<CAPTION>
EXHIBIT FILED HEREWITH OR
NUMBER EXHIBIT INCORPORATED BY REFERENCE
- ------- ------- -------------------------
<S> <C> <C>
5 Opinion of Raymond G. Smerge. Exhibit 5 of Centex Exhibits filed herewith.
23.1 Consent of Independent Public Accountants. Exhibit 23.1 of Centex Exhibits filed herewith.
23.2 Consent of Raymond G. Smerge. Exhibit 5 of Centex Exhibits filed herewith.
24c Powers of Attorney. Filed herewith.
</TABLE>
<PAGE> 1
EXHIBIT 4
SECOND AMENDED AND RESTATED
1998 CENTEX CORPORATION
EMPLOYEE NON-QUALIFIED STOCK OPTION PLAN
1. PURPOSE OF THE PLAN.
This 1998 Centex Corporation Employee Non-Qualified Stock Option Plan
(the "PLAN") is intended as an employment incentive to retain in the employ of
Centex Corporation (the "COMPANY"), and any Affiliate (including any entity that
becomes an Affiliate), persons of training, experience and ability, to attract
new employees whose services are considered valuable, to encourage the sense of
proprietorship of such persons, and to stimulate the active interest of such
persons in the development and financial success of the Company. For purposes of
the Plan, "AFFILIATE" shall mean any direct or indirect subsidiary or parent of
the Company and any partnership, joint venture, limited liability company or
other business venture or entity in which the Company owns at least 50% of the
ownership interest in such entity, as determined by the Committee in its sole
and absolute discretion (such determination by the Committee to be conclusively
established by the grant of options by the Committee to an officer or employee
of such an entity). It is further intended each option granted pursuant to the
Plan (herein, an "OPTION") shall constitute non-qualified stock options within
the meaning of Section 83 of the Code.
2. ADMINISTRATION OF THE PLAN.
The Board of Directors shall appoint and maintain a Stock Option
Committee (hereinafter called the "COMMITTEE") of the Board of Directors to
administer the Plan. Subject to the terms and conditions of the Plan, the
Committee shall have full power and authority to designate persons to whom
Options will be granted, to determine the terms and provisions of respective
option agreements (which need not be identical), and to interpret the provisions
and supervise the administration of the Plan. The Committee shall have the
authority, exercisable in its sole discretion, to grant Options containing such
terms and conditions, consistent with the provisions of the Plan, as the
Committee shall determine.
3. DESIGNATION OF PARTICIPANTS.
The persons eligible for participation in the Plan as recipients of
Options shall include all employees of the Company or of any Affiliate,
including employees of any entity that becomes an Affiliate after the date that
the Plan is adopted, other than any of the following persons (herein, an
"INELIGIBLE PERSON"):
-1-
<PAGE> 2
(a) any person who is an officer or director of the Company;
(b) any "officer" of the Company as defined by Rule 16a-1(f)
promulgated under the Securities Exchange Act of 1934, as
amended; or
(c) any "covered employee" of the Company as defined by Section
162(m)(3) of the Internal Revenue Code.
Each Option granted hereunder shall be evidenced by an agreement
between the Company and the Optionee, which shall contain such terms and
conditions as the Committee shall determine in its sole and absolute discretion.
Any person who has been granted an Option hereunder (herein, an "OPTIONEE") may
be granted an additional Option or Options, if the Committee shall so determine.
Participation in the Plan shall not preclude an Optionee from participating in
any other stock option, benefit, bonus, or other compensation plan which the
Company or any Affiliate has adopted, or may, from time to time, adopt for the
benefit of its employees.
4. STOCK RESERVED FOR THE PLAN.
Subject to any adjustment provided in Paragraph 9 hereof, a total of
4,000,000 shares of common stock, $0.25 par value, of the Company (the "STOCK")
shall be subject to the Plan. The shares of Stock subject to the Plan shall
consist of unissued shares or previously issued shares reacquired and held by
the Company, or any Affiliate, and such amount of shares shall be and hereby is
reserved for delivery under the Plan. Any of such shares which may remain unsold
and which are not subject to outstanding Options at the termination of the Plan
shall cease to be reserved for the purpose of the Plan, but until termination of
the Plan the Company shall at all times reserve a sufficient number of shares of
Stock to meet the requirements of the Plan. Should any Option expire or be
canceled prior to its exercise or relinquishment in full, the shares theretofore
subject to such Option may again be subjected to an Option under the Plan. If
the purchase price or tax withholding is permitted to be satisfied by the tender
or withholding of shares of Stock to the Company (by either actual delivery or
attestation), the number of shares of Stock tendered or withheld shall be
eligible for reissuance under the Plan.
5. PURCHASE PRICE.
(a) The purchase price of each share placed under option
pursuant to the Plan (a "SHARE") shall be determined by the Committee,
but in no event shall be less than 100% of the Fair Market Value of
such Share on the date the Option is granted. If an Option is granted
as part of an Optionee's compensation package at the
-2-
<PAGE> 3
commencement of an Optionee's employment by the Company or an
Affiliate, the Option shall be deemed to have been granted on the date
of commencement of such Optionee's employment by the Company or any
Affiliate (the "COMMENCEMENT DATE") and the purchase price of a Share
shall be equal to the Fair Market Value of such Share on the
Commencement Date, so long as such Option is not granted more than
ninety (90) days following the Commencement Date.
(b) "FAIR MARKET VALUE" of a share of Stock means, as of a
particular date, the mean between the highest and lowest sales price
per share of Stock 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 so reported.
6. OPTION PERIOD.
The Options granted under the Plan shall be for any term set by the
Committee, but not more than ten (10) years from the date of granting of each
Option. All rights to exercise an Option shall terminate within three (3) months
after the date the Optionee ceases to be an employee of the Company or any
Affiliate, except that
(a) the Committee, in its discretion, may provide in new
option grants or amend outstanding Options to provide an extended
period of time during which an Optionee can exercise an Option up to
the maximum permissible period which such Optionee's Option would have
been exercisable in the absence of the Optionee ceasing to be an
employee of the Company or an Affiliate;
(b) if an Optionee ceases to be employed by the Company or an
Affiliate by reason of such Optionee's death, all rights to exercise
such Option shall terminate fifteen (15) months after such death; and
(c) if the Optionee is terminated for cause, as determined by
the Committee in its sole and absolute discretion, any Option granted
to such Optionee hereunder shall terminate on the date of such
termination.
7. EXERCISE OF OPTIONS.
(a) Any Option granted hereunder shall be exercisable from
time to time under the terms specified in the Plan, by the Committee,
or in the agreement relating to the grant of such Option.
-3-
<PAGE> 4
(b) Each exercise of an Option or a portion of an Option shall
be evidenced by a notice in writing to the Company, stating the number
of shares with respect to which the Option is being exercised.
(c) Options may be exercised solely by the Optionee or a
Permitted Transferee (hereafter defined).
(d) The purchase price of the Shares for which an Option is
exercised shall be paid in full at the time of the exercise. Such
purchase price shall be payable in cash, or at the option of the holder
of such Option, in Stock theretofore owned by such holder for at least
six (6) months by either actual delivery of shares or by attestation
(or in a combination of cash and such Stock). For purposes of
determining the amount, if any, of the purchase price satisfied by
payment in Stock, such Stock shall be valued at its Fair Market Value
on the date of exercise in accordance with subparagraph (b) of
Paragraph 5. Any Stock delivered in satisfaction of all or a portion of
the purchase price shall be appropriately endorsed for transfer and
assignment to the Company. No holder of an Option shall be, or have any
of the rights or privileges of, a shareholder of the Company in respect
of any Shares unless and until certificates representing such Shares
shall have been delivered by the Company to such holder.
(e) If any law or regulation requires the Company to take any
action with respect to the Shares specified in such notice, the time
for delivery thereof, which would otherwise be as promptly as possible,
shall be postponed for the period of time necessary to take such
action.
8. ASSIGNABILITY.
Unless otherwise permitted by the Committee, no Option or interest
therein shall be transferable by the Optionee otherwise than by will or by the
applicable laws of descent and distribution. Any person to whom an Option is
transferred in accordance with this Section 8 is referred to herein as a
"PERMITTED TRANSFEREE".
9. CAPITAL CHANGE OF THE COMPANY.
(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 Stock of the Company effected without receipt of consideration
therefor by the Company, through the declaration of a stock dividend or
stock split, or through any recapitalization, merger
-4-
<PAGE> 5
or other transaction in which the Company is the surviving corporation,
then and in each such event:
(i) An appropriate adjustment shall be made in the
maximum number of Shares then subject to being optioned under
the Plan, to the end that the same proportion of the Company's
issued and outstanding Stock shall continue to be subject to
being so optioned and awarded; and
(ii) An appropriate adjustment shall be made in the
number of Shares and the purchase 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 Stock in each such instance shall
remain subject to purchase at the same aggregate purchase
price.
(b) Except as is otherwise expressly provided herein, the
issue 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 purchase price of Shares.
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 issue by the Company of debt securities or
preferred or preference stock (whether or not such issue is prior to,
on a party with or junior to the Stock); (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.
(c) 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
-5-
<PAGE> 6
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 the Company, or a change in
control (as specified below), shall cause every Option then outstanding
to become exercisable in full 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 exercisability
contained in the Agreements if (and only if) such Options have not at
that time expired or been terminated. For purposes of this paragraph, a
change in control shall be deemed to have taken place if: a third
person, including a "group" as defined in Section 13(d)(3) of the Act,
becomes the beneficial owner of shares of the Company having fifty
percent (50%) or more of the total number of votes that may be cast for
the election of directors of the Company; or 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:
(i) an event, transaction, or corporate action shall
not have the effect of accelerating the exercisability of
Options if: (A) persons who were the directors of the Company
and persons who were the executive officers of the Company as
of six months prior to such event immediately after such event
constitute a majority of the directors and constitute a
majority of executive officers, respectively, for, and own in
the aggregate at least ten percent of the voting securities or
equity interests of, the Company or the surviving or resulting
corporation or the parent of such surviving or resulting
corporation; and (B) if the Company is not the surviving or
resulting corporation, such surviving or resulting corporation
or parent of such surviving or resulting corporation
substitutes substantially identical options for any
outstanding Options; and
(ii) in the event of any dissolution, merger,
consolidation, transaction, or change in control, the Board
may completely satisfy and extinguish all obligations of the
Company and its Affiliates with respect to any Option
outstanding on the date of such event by delivering to the
Optionee cash in an amount equal to the difference between the
aggregate purchase price for Shares under the Option and the
Fair Market Value of such Shares on the date of such event,
such payment to be made within a reasonable time after such
event.
-6-
<PAGE> 7
10. TAX WITHHOLDING.
The Company shall have the right to deduct applicable taxes from any
Option and withhold, at the time of delivery of Shares under the Plan, an
appropriate number of Shares for payment of taxes required by law or to take
such other action as may be necessary in the opinion of the Company to satisfy
all obligations for withholding of such taxes. The Committee may also permit
withholding to be satisfied by the transfer to the Company of Stock theretofore
owned by the holder of the Option with respect to which withholding is required.
If Shares or Stock are used to satisfy tax withholding, such Shares or Stock
shall be valued based on the Fair Market Value when the tax withholding is
required to be made.
11. EFFECTIVE DATE OF PLAN.
The effective date of the Plan shall be February 19, 1998. No Option
shall be granted pursuant to the Plan after February 19, 2001.
12. AMENDMENT, MODIFICATION, SUSPENSION OR TERMINATION.
The Board may amend, modify, 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, modification,
suspension or termination shall be made (i) that would impair the rights of any
Optionee under any Option previously granted to such Optionee without such
Optionee's written consent, (ii) prior to approval by the Company's shareholders
if such approval is then required thereby, or (iii) that would reduce the
purchase price of any outstanding Option, other than as provided by Section
9(a)(ii).
13. REQUIREMENTS OF LAW.
(a) The Plan, and the granting and exercise of Options
hereunder, and the obligation of the Company to sell and deliver shares
under such Options, shall be subject to all applicable laws, rules and
regulations, and to such approvals by any governmental agencies or
national securities exchanges as may be required.
(b) Nothing herein or in any Agreement executed or Option
granted hereunder shall require the Company to deliver any Shares upon
exercise of an Option if such delivery 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 may be
-7-
<PAGE> 8
required to 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 one of its Affiliates, such
investment representation shall be abrogated.
14. MISCELLANEOUS.
(a) Nothing contained in the Plan shall confer upon any
Optionee 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 his employment at any time.
(b) Any payment of cash or any delivery of Shares to the
Optionee, or to an Optionee's Permitted Transferee, in accordance with
the provisions hereof, shall, to the extent thereof, be in full
satisfaction of all claims of such person with respect to the Option
being exercised (or portion thereof). The Committee may require any
Optionee, or Permitted Transferee, as a condition precedent to such
payment or delivery, to execute a release and receipt therefor in such
form as it shall determine.
(c) Neither the Committee nor the Company guarantees the
Shares from loss or depreciation.
(d) Records of the Company and its Affiliates regarding an
individual's period of employment, termination of employment and the
reason therefor, leaves of absence, re-employment and other matters
shall be conclusive for all purposes hereunder, unless determined by
the Committee to be incorrect in its sole and absolute discretion.
(e) The Company assumes no obligation or responsibility to an
Optionee or any Permitted Transferee for any act of, or failure to act
on the part of, the Committee.
(f) If any provision of the Plan is held to be illegal or
invalid for any reason, the illegality or invalidity shall not affect
the remaining provisions of the Plan, but such provision shall be fully
severable and the Plan shall be construed and enforced as if the
illegal or invalid provision had never been included herein.
(g) The titles and headings of Sections are included for
convenience of reference only and are not to be considered in
construction of the provisions hereof.
-8-
<PAGE> 9
(h) 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.
(i) 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.
-9-
<PAGE> 1
EXHIBIT 5
[CENTEX LETTERHEAD]
August 27, 1999
Securities and Exchange Commission
450 5th Street, N.W., Judiciary Plaza
Washington, DC 20549
RE: Centex Corporation: Registration of an Additional 1,500,000
Shares of Common Stock of Centex Corporation under the Second
Amended and Restated 1998 Centex Corporation Employee
Non-Qualified Stock Option Plan
Ladies and Gentlemen:
As Executive Vice President, Chief Legal Officer, General Counsel and
Secretary of Centex Corporation (the "Corporation"), I am familiar with the
Second Amended and Restated 1998 Centex Corporation Employee Non-Qualified Stock
Option Plan (the "Plan") and the proposed offer and sale of an additional
1,500,000 shares (the "Shares") of Common Stock, $0.25 par value per share, of
the Corporation pursuant to the Plan, which Shares trade in tandem with
beneficial interests in 1,000 shares (the "Holding Shares") of Common Stock of
3333 Holding Corporation and beneficial interests in 900 warrants (the "CDC
Warrants") to purchase Class B units of limited partnership of Centex
Development Company, L.P.
I have also made such further investigations as I have deemed necessary
to express the opinions herein stated.
I am of the opinion that the Shares (and the beneficial interests in
the Holding Shares and the CDC Warrants) which are hereafter issued upon
exercise of options duly granted under and in accordance with the terms of the
Plan will, upon the payment of the consideration therefor required by the terms
of the Plan, be duly and validly issued, fully paid and non-assessable.
I consent to the use of this opinion as an Exhibit to the Registration
Statement on Form S-8 being filed with the Securities and Exchange Commission
under the Securities Act of 1933, as amended, with respect to the Shares and the
beneficial interests in the Holding Shares and the CDC Warrants issuable
thereunder, and to any references to me in such Registration Statement.
Very truly yours,
/s/ RAYMOND G. SMERGE
Raymond G. Smerge
Executive Vice President, Chief
Legal Officer, General Counsel and
Secretary
<PAGE> 1
EXHIBIT 23.1
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation by
reference in the Registration Statement on Form S-8 of Centex Corporation, 3333
Holding Corporation ("Holding") and Centex Development Company, L.P. ("CDC")
registering the issuance and sale of up to an additional 1,500,000 shares of the
common stock of Centex Corporation (and corresponding beneficial interests in
the 1,000 outstanding shares of Holding common stock and the 900 outstanding
warrants to purchase Class B Units of limited partnership interest in CDC, as
described in the Registration Statement on Form S-8) pursuant to the Second
Amended and Restated 1998 Centex Corporation Employee Non-Qualified Stock Option
Plan of our reports which are incorporated by reference in the Joint Annual
Report on Form 10-K of Centex Corporation, Holding and CDC for their fiscal
years ended March 31, 1999 filed with the Securities and Exchange Commission.
ARTHUR ANDERSEN LLP
Dallas, Texas,
August 27, 1999
<PAGE> 1
EXHIBIT 24a
CENTEX CORPORATION
POWER OF ATTORNEY
THE UNDERSIGNED hereby constitutes and appoints Laurence E. Hirsch and
David W. Quinn, or either of such individuals, with full power of substitution
in the premises, as the undersigned's true and lawful agents and
attorneys-in-fact (the "Attorneys-in-Fact"), with full power and authority in
the name and on behalf of the undersigned, in her capacity as a Director of
Centex Corporation (the "Company"), to execute and file with the Securities and
Exchange Commission the Company's Registration Statement on Form S-8 (and
related reoffer prospectus) relating to the issuance by the Company of up to
1,500,000 additional shares of Common Stock, par value $0.25 per share, of the
Company under the Second Amended and Restated 1998 Centex Corporation Employee
Non-Qualified Stock Option Plan, together with any and all amendments to such
Registration Statement.
This Power of Attorney and all authority granted and conferred hereby
shall continue indefinitely and, unless waived by the Attorneys-in-Fact, may not
be revoked until the Attorneys-in-Fact have received five days written notice of
such revocation.
IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 27th day of August, 1999.
/s/ BARBARA T. ALEXANDER
--------------------------------
Barbara T. Alexander
Director
Centex Corporation
<PAGE> 2
CENTEX CORPORATION
POWER OF ATTORNEY
THE UNDERSIGNED hereby constitutes and appoints Laurence E. Hirsch and
David W. Quinn, or either of such individuals, with full power of substitution
in the premises, as the undersigned's true and lawful agents and
attorneys-in-fact (the "Attorneys-in-Fact"), with full power and authority in
the name and on behalf of the undersigned, in his capacity as a Director of
Centex Corporation (the "Company"), to execute and file with the Securities and
Exchange Commission the Company's Registration Statement on Form S-8 (and
related reoffer prospectus) relating to the issuance by the Company of up to
1,500,000 additional shares of Common Stock, par value $0.25 per share, of the
Company under the Second Amended and Restated 1998 Centex Corporation Employee
Non-Qualified Stock Option Plan, together with any and all amendments to such
Registration Statement.
This Power of Attorney and all authority granted and conferred hereby
shall continue indefinitely and, unless waived by the Attorneys-in-Fact, may not
be revoked until the Attorneys-in-Fact have received five days written notice of
such revocation.
IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 27th day of August, 1999.
/s/ DAN W. COOK III
--------------------------
Dan W. Cook III
Director
Centex Corporation
<PAGE> 3
CENTEX CORPORATION
POWER OF ATTORNEY
THE UNDERSIGNED hereby constitutes and appoints Laurence E. Hirsch and
David W. Quinn, or either of such individuals, with full power of substitution
in the premises, as the undersigned's true and lawful agents and
attorneys-in-fact (the "Attorneys-in-Fact"), with full power and authority in
the name and on behalf of the undersigned, in his capacity as a Director of
Centex Corporation (the "Company"), to execute and file with the Securities and
Exchange Commission the Company's Registration Statement on Form S-8 (and
related reoffer prospectus) relating to the issuance by the Company of up to
1,500,000 additional shares of Common Stock, par value $0.25 per share, of the
Company under the Second Amended and Restated 1998 Centex Corporation Employee
Non-Qualified Stock Option Plan, together with any and all amendments to such
Registration Statement.
This Power of Attorney and all authority granted and conferred hereby
shall continue indefinitely and, unless waived by the Attorneys-in-Fact, may not
be revoked until the Attorneys-in-Fact have received five days written notice of
such revocation.
IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 27th day of August, 1999.
/s/ JUAN L. ELEK
---------------------------
Juan L. Elek
Director
Centex Corporation
<PAGE> 4
CENTEX CORPORATION
POWER OF ATTORNEY
THE UNDERSIGNED hereby constitutes and appoints Laurence E. Hirsch and
David W. Quinn, or either of such individuals, with full power of substitution
in the premises, as the undersigned's true and lawful agents and
attorneys-in-fact (the "Attorneys-in-Fact"), with full power and authority in
the name and on behalf of the undersigned, in his capacity as a Director of
Centex Corporation (the "Company"), to execute and file with the Securities and
Exchange Commission the Company's Registration Statement on Form S-8 (and
related reoffer prospectus) relating to the issuance by the Company of up to
1,500,000 additional shares of Common Stock, par value $0.25 per share, of the
Company under the Second Amended and Restated 1998 Centex Corporation Employee
Non-Qualified Stock Option Plan, together with any and all amendments to such
Registration Statement.
This Power of Attorney and all authority granted and conferred hereby
shall continue indefinitely and, unless waived by the Attorneys-in-Fact, may not
be revoked until the Attorneys-in-Fact have received five days written notice of
such revocation.
IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 27th day of August, 1999.
/s/ CLINT W. MURCHISON, III
---------------------------------
Clint W. Murchison, III
Director
Centex Corporation
<PAGE> 5
CENTEX CORPORATION
POWER OF ATTORNEY
THE UNDERSIGNED hereby constitutes and appoints Laurence E. Hirsch and
David W. Quinn, or either of such individuals, with full power of substitution
in the premises, as the undersigned's true and lawful agents and
attorneys-in-fact (the "Attorneys-in-Fact"), with full power and authority in
the name and on behalf of the undersigned, in his capacity as a Director of
Centex Corporation (the "Company"), to execute and file with the Securities and
Exchange Commission the Company's Registration Statement on Form S-8 (and
related reoffer prospectus) relating to the issuance by the Company of up to
1,500,000 additional shares of Common Stock, par value $0.25 per share, of the
Company under the Second Amended and Restated 1998 Centex Corporation Employee
Non-Qualified Stock Option Plan, together with any and all amendments to such
Registration Statement.
This Power of Attorney and all authority granted and conferred hereby
shall continue indefinitely and, unless waived by the Attorneys-in-Fact, may not
be revoked until the Attorneys-in-Fact have received five days written notice of
such revocation.
IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 27th day of August, 1999.
/s/ CHARLES H. PISTOR
-------------------------------
Charles H. Pistor
Director
Centex Corporation
<PAGE> 6
CENTEX CORPORATION
POWER OF ATTORNEY
THE UNDERSIGNED hereby constitutes and appoints Laurence E. Hirsch and
David W. Quinn, or either of such individuals, with full power of substitution
in the premises, as the undersigned's true and lawful agents and
attorneys-in-fact (the "Attorneys-in-Fact"), with full power and authority in
the name and on behalf of the undersigned, in his capacity as a Director of
Centex Corporation (the "Company"), to execute and file with the Securities and
Exchange Commission the Company's Registration Statement on Form S-8 (and
related reoffer prospectus) relating to the issuance by the Company of up to
1,500,000 additional shares of Common Stock, par value $0.25 per share, of the
Company under the Second Amended and Restated 1998 Centex Corporation Employee
Non-Qualified Stock Option Plan, together with any and all amendments to such
Registration Statement.
This Power of Attorney and all authority granted and conferred hereby
shall continue indefinitely and, unless waived by the Attorneys-in-Fact, may not
be revoked until the Attorneys-in-Fact have received five days written notice of
such revocation.
IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 27th day of August, 1999.
/s/ PAUL R. SEEGERS
------------------------
Paul R. Seegers
Director
Centex Corporation
<PAGE> 7
CENTEX CORPORATION
POWER OF ATTORNEY
THE UNDERSIGNED hereby constitutes and appoints Laurence E. Hirsch and
David W. Quinn, or either of such individuals, with full power of substitution
in the premises, as the undersigned's true and lawful agents and
attorneys-in-fact (the "Attorneys-in-Fact"), with full power and authority in
the name and on behalf of the undersigned, in his capacity as a Director of
Centex Corporation (the "Company"), to execute and file with the Securities and
Exchange Commission the Company's Registration Statement on Form S-8 (and
related reoffer prospectus) relating to the issuance by the Company of up to
1,500,000 additional shares of Common Stock, par value $0.25 per share, of the
Company under the Second Amended and Restated 1998 Centex Corporation Employee
Non-Qualified Stock Option Plan, together with any and all amendments to such
Registration Statement.
This Power of Attorney and all authority granted and conferred hereby
shall continue indefinitely and, unless waived by the Attorneys-in-Fact, may not
be revoked until the Attorneys-in-Fact have received five days written notice of
such revocation.
IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 27th day of August, 1999.
/s/ PAUL T. STOFFEL
-----------------------------
Paul T. Stoffel
Director
Centex Corporation
<PAGE> 1
EXHIBIT 24b
3333 HOLDING CORPORATION
POWER OF ATTORNEY
THE UNDERSIGNED hereby constitutes and appoints Richard C. Decker with
full power of substitution in the premises, as the undersigned's true and lawful
agent and attorney-in-fact (the "Attorney-in-Fact"), with full power and
authority in the name and on behalf of the undersigned, in his capacity as a
Director of 3333 Holding Corporation (the "Company"), to execute and file with
the Securities and Exchange Commission the Company's Registration Statement on
Form S-8 (and related reoffer prospectus) relating to the issuance by Centex
Corporation of up to 1,500,000 additional shares of Common Stock, par value
$0.25 per share, of Centex Corporation under the Second Amended and Restated
1998 Centex Corporation Employee Non-Qualified Stock Option Plan, together with
any and all amendments to such Registration Statement.
This Power of Attorney and all authority granted and conferred hereby
shall continue indefinitely and, unless waived by the Attorney-in-Fact, may not
be revoked until the Attorney-in-Fact has received five days written notice of
such revocation.
IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 27th day of August, 1999.
/s/ JOSIAH O. LOW, III
------------------------------
Josiah O. Low, III
Director
3333 Holding Corporation
<PAGE> 2
3333 HOLDING CORPORATION
POWER OF ATTORNEY
THE UNDERSIGNED hereby constitutes and appoints Richard C. Decker with
full power of substitution in the premises, as the undersigned's true and lawful
agent and attorney-in-fact (the "Attorney-in-Fact"), with full power and
authority in the name and on behalf of the undersigned, in his capacity as a
Director of 3333 Holding Corporation (the "Company"), to execute and file with
the Securities and Exchange Commission the Company's Registration Statement on
Form S-8 (and related reoffer prospectus) relating to the issuance by Centex
Corporation of up to 1,500,000 additional shares of Common Stock, par value
$0.25 per share, of Centex Corporation under the Second Amended and Restated
1998 Centex Corporation Employee Non-Qualified Stock Option Plan, together with
any and all amendments to such Registration Statement.
This Power of Attorney and all authority granted and conferred hereby
shall continue indefinitely and, unless waived by the Attorney-in-Fact, may not
be revoked until the Attorney-in-Fact has received five days written notice of
such revocation.
IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 27th day of August, 1999.
/s/ DAVID M. SHERER
------------------------------
David M. Sherer
Director
3333 Holding Corporation
<PAGE> 1
EXHIBIT 24c
CENTEX DEVELOPMENT COMPANY, L.P.
POWER OF ATTORNEY
THE UNDERSIGNED hereby constitutes and appoints Richard C. Decker with
full power of substitution in the premises, as the undersigned's true and lawful
agent and attorney-in-fact (the "Attorney-in-Fact"), with full power and
authority in the name and on behalf of the undersigned, in his capacity as a
Director of 3333 Development Corporation, general partner of Centex Development
Company, L.P. (the "Company"), to execute and file with the Securities and
Exchange Commission the Company's Registration Statement on Form S-8 (and
related reoffer prospectus) relating to the issuance by Centex Corporation of up
to 1,500,000 additional shares of Common Stock, par value $0.25 per share, of
Centex Corporation under the Second Amended and Restated 1998 Centex Corporation
Employee Non-Qualified Stock Option Plan, together with any and all amendments
to such Registration Statement.
This Power of Attorney and all authority granted and conferred hereby
shall continue indefinitely and, unless waived by the Attorney-in-Fact, may not
be revoked until the Attorney-in-Fact has received five days written notice of
such revocation.
IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 27th day of August, 1999.
/s/ JOSIAH O. LOW, III
--------------------------------
Josiah O. Low, III
Director
3333 Development Corporation
<PAGE> 2
CENTEX DEVELOPMENT COMPANY, L.P.
POWER OF ATTORNEY
THE UNDERSIGNED hereby constitutes and appoints Richard C. Decker with
full power of substitution in the premises, as the undersigned's true and lawful
agent and attorney-in-fact (the "Attorney-in-Fact"), with full power and
authority in the name and on behalf of the undersigned, in his capacity as a
Director of 3333 Development Corporation, general partner of Centex Development
Company, L.P. (the "Company"), to execute and file with the Securities and
Exchange Commission the Company's Registration Statement on Form S-8 (and
related reoffer prospectus) relating to the issuance by Centex Corporation of up
to 1,500,000 additional shares of Common Stock, par value $0.25 per share, of
Centex Corporation under the Second Amended and Restated 1998 Centex Corporation
Employee Non-Qualified Stock Option Plan, together with any and all amendments
to such Registration Statement.
This Power of Attorney and all authority granted and conferred hereby
shall continue indefinitely and, unless waived by the Attorney-in-Fact, may not
be revoked until the Attorney-in-Fact has received five days written notice of
such revocation.
IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 27th day of August, 1999.
/s/ DAVID M. SHERER
-------------------------------
David M. Sherer
Director
3333 Development Corporation
