Meritage Homes CORP
For the period ended Dec 31, 2023. Filed Apr 1, 2024.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Dec 31, 2023 · Filed Apr 1, 2024
Contents
2024 Developments
COMPENSATION DISCUSSION AND ANALYSIS
2024 Developments
The Compensation Committee annually reviews each NEO’s total compensation relative to market data while considering the responsibilities of their position, their individual performance and tenure. Based on this review of competitive market practices in the homebuilding industry and to reward our NEOs for achievement of extraordinary performance, the compensation changes noted below are effective January 1, 2024.
Base Salary Compensation
The base salary for each executive was increased as shown in the table below. Mr. Hilton's base salary was not increased.
| Executive Officer | Revised Base Salary |
|---|---|
| Phillippe Lord | $1,000,000 |
| Hilla Sferruzza | $775,000 |
| Clint Szubinski | $750,000 |
| Malissia Clinton | $540,000 |
| Javier Feliciano | $500,000 |
Performance-Based Cash Incentive and Equity (Non-Cash) Compensation
The target annual cash incentive bonus and target value of equity compensation (non-cash) increased to the amounts noted below. Mr. Hilton's target cash and equity incentive did not change.
| Executive Officer | Revised Annual Target Cash Incentive Compensation | Revised Annual Target (non-cash) Equity Incentive Compensation (1) |
|---|---|---|
| Phillippe Lord | $3,000,000 | $5,000,000 |
| Hilla Sferruzza | $1,356,250 | $1,743,750 |
| Clint Szubinski | $1,875,000 | $2,062,500 |
| Malissia Clinton | $540,000 | $918,000 |
| Javier Feliciano | $375,000 | $825,000 |
(1) 50% of the target award value is to be comprised of time-based restricted stock units and 50% of the target award value is to be comprised of performance-based awards.
MERITAGE HOMES| 2024 Proxy Statement 41
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