D.R. Horton said on October 28, 2024 that it entered into an Amended and Restated Stockholder’s Agreement with Forestar Group Inc., raising the two Approval Thresholds from $20,000,000 to $45,000,000.

1. 01

   D.R. Horton said on October 28, 2024 that it entered into an Amended and Restated Stockholder’s Agreement with Forestar Group Inc., raising the two Approval Thresholds from $20,000,000 to $45,000,000.

2. 02

   The company said the original Stockholder’s Agreement, dated June 29, 2017, gave Forestar’s Investment Committee sole responsibility over investment decisions involving Capital Expenditures of $20,000,000 or less, and required D.R. Horton’s prior written consent for acquisitions, investments or loans above that level.

3. 03

   The company said the Approval Thresholds will increase annually on the last Tuesday of September, reflecting the 1-year change in the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index through July 31. If the change is negative, there will be no adjustment, and adjustments will be rounded to the nearest $100,000.

4. 04

   The company said Forestar plans to submit a charter amendment for stockholder approval at its 2025 Annual Meeting of Stockholders, and that the current charter provisions remain in effect until that approval. As of October 28, 2024, D.R. Horton owned approximately 62% of Forestar’s outstanding common stock.

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