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MTH > SEC Filings for MTH > Form 8-K on 18-Feb-2014All Recent SEC Filings

Show all filings for MERITAGE HOMES CORP | Request a Trial to NEW EDGAR Online Pro

Form 8-K for MERITAGE HOMES CORP


18-Feb-2014

Change in Directors or Principal Officers


ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OR CERTAIN OFFICERS

On February 12, 2014, Meritage Homes Corporation (the "Company") approved equity awards for certain of its executive officers as follows:

Restricted Stock Units



            Steven J. Hilton, Chief Executive Officer     21,930 units
            Larry W. Seay, Chief Financial Officer         9,868 units
            C. Timothy White, General Counsel              9,320 units
            Steven Davis, Chief Operating Officer         10,965 units

All of the restricted stock unit awards cliff vest three years from the date of grant and when vested each unit entitles the executive to one share of Meritage Homes Corporation common stock.

Performance Share Awards



        Steven J. Hilton, Chief Executive Officer   21,930 units (target)
        Larry W. Seay, Chief Financial Officer       9,868 units (target)
        C. Timothy White, General Counsel            9,320 units (target)
        Steven Davis, Chief Operating Officer       10,965 units (target)

Each performance unit entitles the executive to one share of Meritage Homes Corporation common stock and cliff vests three years from the date of grant subject to the achievement of three defined performance objectives as follows:

Performance Criteria/Objective                                Percentage of Total Award
Three year cumulative total shareholder return
(2014-2016)                                                              40%
Three year cumulative return on assets
(2014-2016)                                                              30%
Three year cumulative earnings per share
(2014-2016)                                                              30%

Total                                                                   100%

The number of performance shares listed above represents the payout that would be achieved at the target level for each of the three performance objectives. In order to qualify for the three performance objectives, the Company's three year cumulative total shareholder return, three year cumulative return on assets and three year cumulative earnings per share, respectively, must meet a threshold target level. For results below the threshold level for each performance objective, no award will be earned for that criteria/objective; for results at the threshold level, the executive will earn the award for that criteria/objective at the 50% of target level; for results above the threshold level of each criteria/objective, the executive will earn the award up to a maximum of 150% of the respective target level. For results falling between the threshold and maximum levels, the performance objective results will be interpolated to determine the actual number of units awarded for that criteria/objective.


The restricted stock unit awards and performance share awards were issued under the Company's 2006 Stock Incentive Plan (the "Stock Incentive Plan"). In connection with the awards described in this Form 8-K, the Board of Directors also approved certain non-material amendments to the Stock Incentive Plan, including amending the plan to allow for the award of restricted stock units, which is a type of award similar to the restricted stock and performance share awards currently contemplated by the Stock Incentive Plan.


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