DIRECTOR INFORMATION
John R. Landon, 46, is co-chairman and
co-chief executive officer of Meritage Corporation. Mr. Landon founded Texas-based Legacy Homes in 1987, which became a part of Meritage Corporation in
1997. Prior to founding Legacy Homes, Mr. Landons experience included land acquisition and development operations for a large homebuilder, sales
and land development for the Trammel Crow Residential Group and public accounting with Ernst & Whinney. Mr. Landon received his undergraduate
degree in accounting from Louisiana State University.
Steven J. Hilton, 42, is co-chairman and
co-chief executive officer of Meritage Corporation. Mr. Hilton founded Arizona-based Monterey Homes in 1985. Under Mr. Hiltons leadership,
Monterey became publicly traded and combined with Legacy Homes in 1997, which thereafter became Meritage Corporation. Mr. Hilton received his Bachelor
of Science degree in accounting from the University of Arizona and is a director of Western Alliance Bancorporation, a $1.6 billion community
bank.
Robert G. Sarver, 42, has been a director
since December 1996, and is the chairman and chief executive officer of Western Alliance Bancorporation and a director of Skywest Airlines. He was the
chairman and chief executive officer of California Bank & Trust from 1998 to 2001. From 1995 to 1998, he served as chairman of Grossmont Bank. In
1990, Mr. Sarver co-founded and currently serves as the executive director of Southwest Value Partners and Affiliates, a real estate investment
company. Mr. Sarver founded the National Bank of Arizona and was its President until its acquisition by Zions Bancorporation in 1994. Mr. Sarver has
been a certified public accountant.
Raymond Oppel, 47, has been a director since
December 1997. He was the co-founder, chairman and chief executive officer of the Oppel Jenkins Group, a regional homebuilder in Texas and New Mexico,
which was sold to the public homebuilder KB Home. Mr. Oppel is a licensed real estate broker and currently is active as a private investor in real
estate development and land banking. Mr. Oppel has over 15 years of experience in the homebuilding business.
Peter L. Ax, 45, has been a director since
September 2000 and is the managing partner of Phoenix Capital Management, an investment banking and merchant banking firm. Mr. Ax is the former
chairman and chief executive officer of SpinCycle, Inc., a publicly held consolidator and developer of coin-operated Laundromats. Previously, Mr. Ax
served as head of the Private Equity Division and senior vice president of Lehman Brothers in New York. Mr. Ax is also on the board of directors of
CashX, Inc. and Medit Marketing, Inc. Mr. Ax holds an M.B.A. from the Wharton School at the University of Pennsylvania, a law degree from the
University of Arizona, and has been a certified public accountant. He has also been an accounting instructor at the Wharton School.
William G. Campbell, 45, has been a director
since May 2002. Mr. Campbell is a co-founder and managing director of Knightsbridge Realty Capital, Inc., an advisory firm that plans and implements
capitalization strategies for commercial real estate. Prior to forming Knightsbridge, Mr. Campbell was division manager of FINOVA Realty Capital, the
commercial real estate financing division of the FINOVA Group. From 1995 until its acquisition by FINOVA in 1997, Mr. Campbell was chief operating
officer of Belgravia Capital Corporation, a nationwide commercial mortgage-banking firm. Mr. Campbell holds an M.B.A. from Pepperdine University and
has been a certified public accountant.
C. Timothy White, 43, has been a director
since December 1996, and served as a director of Monterey Homes from February 1995 until December 1996. Mr. White is a partner in the national law firm
of Greenberg Traurig, LLP, where his practice focuses on representation of homebuilders. Greenberg Traurig provides legal services to Meritage. From
1989 to October 2002, Mr. White was an attorney with the law firm of Tiffany & Bosco, P.A., which also provided legal services to
Meritage.
3
SECURITY OWNERSHIP BY MANAGEMENT AND PRINCIPAL STOCKHOLDERS
Management. The following table summarizes,
as of March 15, 2004, the number and percentage of outstanding shares of our common stock beneficially owned by the following:
· |
|
each Meritage director and nominee for director; |
· |
|
each executive officer named in the compensation summary under
Executive Compensation; |
· |
|
all Meritage directors and executive officers as a
group. |
The address for our directors and executive officers
is c/o Meritage Corporation, 8501 East Princess Drive, Suite 290, Scottsdale, Arizona 85255. The number of shares includes shares of common stock owned
of record by such persons spouse and minor children and by other related individuals and entities over whose shares of common stock such person
has custody, voting control or the power of disposition.
Name
Of Beneficial Owner
|
|
|
|
Position
With
The Company
|
|
Number
Of Shares
Owned(1)
|
Right
To
Acquire By
May 15, 2004
|
|
Total
Beneficial
Shares
|
|
Percent
Of
Outstanding
Shares
|
|
John
R. Landon |
|
|
|
Director, Co-Chairman
and Co-CEO |
|
|
1,010,168 |
(2) |
97,200 |
|
1,107,368 |
|
8.3% |
|
Steven
J. Hilton |
|
|
|
Director, Co-Chairman
and Co-CEO |
|
|
1,100,616 |
(3) |
92,200 |
|
1,192,816 |
|
8.9% |
|
Robert
G. Sarver |
|
|
|
Director |
|
|
479,000 |
(4) |
32,500 |
|
511,500 |
|
3.8% |
|
Raymond
Oppel |
|
|
|
Director |
|
|
|
|
7,500 |
|
7,500 |
|
* |
|
Peter
L. Ax |
|
|
|
Director |
|
|
|
|
16,500 |
|
16,500 |
|
* |
|
William
G. Campbell |
|
|
|
Director |
|
|
|
|
2,500 |
|
2,500 |
|
* |
|
C.
Timothy White |
|
|
|
Director |
|
|
632 |
|
32,500 |
|
33,132 |
|
* |
|
Larry
W. Seay |
|
|
|
Chief Financial Officer,
VicePresident-Finance
and Secretary |
|
|
14,108 |
|
46,400 |
|
60,508 |
|
* |
|
Richard
T. Morgan |
|
|
|
Vice
President and
Treasurer |
|
|
5,152 |
|
24,200 |
|
29,352 |
|
* |
|
All
directors and executive officers as a group
(9 persons)
|
|
2,609,676 |
|
351,500 |
|
2,961,176 |
|
22.2% |
|
(1) |
|
The amounts shown include the shares of common stock actually
owned as of March 15, 2004, and the shares which the person or group had the right to acquire within 60 days of that date. In calculating the
percentage of ownership, all shares of common stock which the identified person had the right to acquire within 60 days of March 15, 2004 upon exercise
of options are considered as outstanding for computing the percentage of the shares owned by that person or group, but are not considered as
outstanding for computing the percentage of the shares of stock owned by any other person. |
(2) |
|
Mr. Landon owns 933,334 shares with his spouse, as
tenants-in-common. |
(3) |
|
Shares are held by family trusts. |
(4) |
|
Mr. Sarver is deemed to beneficially own 3,000 shares through
his spouse and 1,000 shares through a minor child. |
4
Certain Other Beneficial Owners. Based on
filings made under the Exchange Act, as of March 15, 2004, the only other known beneficial owners of more than 5% of Meritage common stock are shown in
the following table:
|
|
|
|
|
|
Shares Beneficially Owned At December 31, 2003
|
|
Certain Other Beneficial Owners
|
|
|
|
Address Of Beneficial Owner
|
|
Number
|
|
Percent
|
Capital
Growth Management LP (1) |
|
|
|
One
International Place, Boston, MA 02110 |
|
|
1,052,700 |
|
|
|
8.0 |
% |
FMR Corp.
(2) |
|
|
|
82
Devonshire Street, Boston, MA 02109 |
|
|
723,200 |
|
|
|
5.5 |
% |
Wasatch
Advisors, Inc. (3) |
|
|
|
150
Social Hall Avenue, Salt Lake City, UT 84111 |
|
|
724,709 |
|
|
|
5.5 |
% |
Wellington
Management Company, LLP (4) |
|
|
|
75
State Street, Boston, MA 02109 |
|
|
739,500 |
|
|
|
5.6 |
% |
(1) |
|
Based solely on Schedule 13G/A, filed with the SEC on February
6, 2004. Capital Growth Management LP (CGM) has sole voting power with respect to 1,052,700 shares and shared dispositive power with
respect to those 1,052,700 shares. The Schedule 13G/A also states that CGM disclaims any beneficial interest in the shares. |
(2) |
|
Based solely on Schedule 13G/A, filed with the SEC on February
17, 2004. FMR Corp. has sole voting power with respect to 23,200 shares and sole dispositive power with respect to 723,200 shares. The interest of
Fidelity Low Priced Stock Fund, an investment company registered under the Investment Company Act of 1940, in Meritage common stock amounted to 700,000
shares or 5.3% of total outstanding shares at December 31, 2003. The voting of these 700,000 shares is carried out under guidelines established by the
funds Boards of Trustees. |
(3) |
|
Based solely on Schedule 13G, filed with the SEC on February 18,
2004. Wasatch Advisors, Inc. has sole voting and dispositive power with respect to 724,709 shares. |
(4) |
|
Based solely on Schedule 13G/A, filed with the SEC on February
12, 2004. Wellington Management Company, LLP has shared voting power with respect to 479,300 shares and shared dispositive power with respect to
739,500 shares. |
CORPORATE GOVERNANCE PRINCIPLES AND BOARD MATTERS
The Board of Directors is elected by the
stockholders to oversee their interests in the health and overall success of our business. The Board serves as the ultimate decision-making body of the
Company, except for those matters reserved to or shared with our stockholders. The Board selects and oversees the members of senior management who are
charged by the Board with conducting the business of the Company. Meritage operates within a comprehensive plan of corporate governance for the purpose
of defining and setting high standards for ethical conduct. This plan provides an important framework within which the Board of Directors can pursue
the Companys strategic objectives and ensure long-term stockholder value.
Corporate Governance Principles and Practices
We have adopted Corporate Governance Principles and
Practices that define the key elements of our corporate governance framework and philosophy, including:
· |
|
director qualifications, |
· |
|
director responsibilities, |
· |
|
our committee structure, |
· |
|
director access to officers and employees, |
· |
|
our philosophy with respect to director
compensation, |
5
· |
|
director orientation and continuing education, and |
· |
|
our plans with respect to management succession. |
Our Corporate Governance Principles and Practices
are available on our website at www.meritagecorp.com. These principles are reviewed regularly by the Nominating/Governance Committee and changes are
made as appropriate.
Director Qualification and Independence
Determinations regarding the eligibility of director
candidates are made by the Nominating/Governance Committee, which considers the candidates qualifications as to age, skills, and experience in
the context of the needs of the Board of Directors. The Nominating/Governance Committee also evaluates the independence of each candidate. Consistent
with rules and regulations of the New York Stock Exchange (NYSE), at least a majority of the Board of Directors must be
independent.
No Director will be deemed to be independent unless
the Board of Directors affirmatively determines that the Director has no material relationship with the Company, directly or as an officer, shareowner
or partner of an organization that has a relationship with the Company. The Board observes all criteria established by the NYSE and other governing
laws and regulations. In its annual review of Director independence, the Board of Directors considers all commercial, banking, consulting, legal,
accounting, charitable or other business relationships any Director may have with the Company.
As a result of its annual review, the Board of
Directors has determined that a majority of Meritages Board members are independent. Our independent directors, which are identified by an
asterisk in the next table, are Robert Sarver, Raymond Oppel, Peter Ax and William Campbell. In making this determination, the Board of Directors
evaluated whether there exists any material relationships between these individuals and Meritage. The Board of Directors determined that there does not
exist any material relationships between the Company and Peter Ax and William Campbell. The Board identified and evaluated certain relationships that
exist between the Company and Robert Sarver and Raymond Oppel, but determined these relationships are not material and do not affect Messrs.
Sarvers nor Oppels independence.
· |
|
In the case of Mr. Sarver, he indirectly owns a 5% beneficial
interest, through a partnership, in real property subject to a purchase contract with Meritage. Mr. Sarvers beneficial interest in this property
is estimated to be approximately $230,000. In addition, from time to time, we charter an aircraft from a company owned by Mr. Sarver. The Board of
Directors determined that these items are not material and do not affect Mr. Sarvers independence because these transactions and holdings are not
significant to Mr. Sarvers net worth or financial position. |
· |
|
In the case of Mr. Oppel, in 2001 he discontinued making
investments in transactions involving Meritage. Prior to this, Mr. Oppel made investments as a minority investor in several limited partnerships that
are party to option contracts that sell housing lots to Meritage. In addition, Mr. Oppel has a minority interest in an entity that
in 2001 entered into a contract with Hammonds Homes for the sale of housing lots. By virtue of our acquisition of Hammonds Homes in 2002, Meritage
became a party to this contract. The Board of Directors determined that these transactions are not material and do not affect Mr. Oppels
independence because the transactions are not significant to Mr. Oppels net worth or financial position. |
John Landon and Steven Hilton are not considered
independent because they are employed by the Company and C. Timothy White is not considered independent because he is a partner in a law firm that
provides legal services to the Company.
The Board has also determined that all governance
Committees of the Board are entirely composed of independent directors.
6
The Board and Board Committees
We currently have seven incumbent directors and the
following committees: Audit Committee, Executive Compensation Committee, and Nominating/Governance Committee.
During 2003, the Board held seven meetings. Each
director attended all of these meetings and the committee meetings of which he is a member, with the exception of Mr. Sarver who was unable to attend
two audit committee meetings. Directors are expected to attend the Meritage Annual Meeting of Stockholders. All directors attended our 2003 annual
meeting, which was held on May 21, 2003.
The following table summarizes the current members
of our Board of Directors and describes the current members of each of the Committees and the number of meetings held during 2003.
Board of Directors
|
|
|
|
Audit Committee
|
|
Executive Compensation Committee
|
|
Nominating/Governance Committee
|
John R.
Landon |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steven J.
Hilton |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Robert G.
Sarver* |
|
|
|
|
X |
|
|
|
X |
|
|
|
X |
** |
Raymond
Oppel* |
|
|
|
|
X |
|
|
|
X |
|
|
|
X |
|
Peter L. Ax*
+ |
|
|
|
|
X |
** |
|
|
X |
** |
|
|
|
|
William G.
Campbell* |
|
|
|
|
X |
|
|
|
|
|
|
|
X |
|
C. Timothy
White |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Meetings |
|
|
|
|
8 |
|
|
|
4 |
|
|
|
1 |
|
* |
|
Independent X =
Member ** = Chair + = Lead Independent Director |
Audit Committee
The Board of Directors has established an Audit
Committee in accordance with the Securities Exchange Act of 1934. The Audit Committee assists the Board of Directors:
· |
|
in fulfilling its oversight of the integrity of the
Companys financial statements, |
· |
|
in determining the Companys compliance with legal and
regulatory requirements, |
· |
|
in determining the independent auditors qualifications and
independence, and |
· |
|
in evaluating the performance of the Companys internal
audit function and independent auditors. |
The Audit Committee has the sole authority to
appoint or replace the independent accountants and approves all audit engagement fees and terms of all significant non-audit engagements with the
independent accountants in accordance with the pre-approval policies set forth in our Audit Committee charter. The Audit Committee has the authority to
obtain advice and assistance from, and receive appropriate funding from the Company for, outside legal, accounting or other advisors as it deems
necessary to carry out its duties.
The Audit Committee operates under a written charter
established by the Board. The restated charter is attached to this Proxy Statement as Exhibit A and is also available on our website at
www.meritagecorp.com. Each member of the Audit Committee meets the independence requirements of the NYSE and the Securities Exchange Act of 1934, and
is financially literate, knowledgeable and qualified to review our financial statements. The Board of Directors has designated each Peter Ax and Robert
Sarver an audit committee financial expert. Information about Messrs. Sarvers and Axs past business and educational experience
is included in their biographies in this Proxy Statement under the caption Director Information.
The report of the Audit Committee is included in
this Proxy Statement on page 17.
7
Executive Compensation Committee
The Board of Directors has established an Executive
Compensation Committee in accordance with the NYSEs rules and regulations. The Executive Compensation Committee reports regularly to the Board of
Directors and its responsibilities include:
· |
|
reviewing and approving goals and objectives relative to the
compensation of our Co-CEOs, evaluating our Co-CEOs performance in light of these goals and approving the compensation of our
Co-CEOs, |
· |
|
making recommendations to the Board of Directors with regard to
non-CEO compensation plans and equity-based plans, and |
· |
|
producing a report on executive compensation to be included in
our annual Proxy Statement. |
The Executive Compensation Committee operates under
a written charter, which is available on our website at www.meritagecorp.com. Each member of the Executive Compensation Committee meets the
independence requirements of the NYSE. The report of the Executive Compensation Committee is included in this Proxy Statement at page
12.
Nominating/Governance Committee
The Board of Directors has established a
Nominating/Governance Committee, which reports directly to the Board of Directors and is responsible for:
· |
|
identifying individuals qualified to become Board members and
recommending director nominees for the next annual meeting of stockholders, |
· |
|
developing and recommending Corporate Governance Principles and
Practices applicable to the Company, |
· |
|
leading the Board of Directors in its annual review of the
Boards performance, and |
· |
|
recommending nominees for the Executive Compensation Committee
and Audit Committee. |
The Nominating/Governance Committee has the sole
authority to retain and terminate any search firm used to identify director candidates, including sole authority to approve the search firms fees
and other retention terms. The Nominating/Governance Committee operates under a written charter, which is available on our website at
www.meritagecorp.com. Each member of the Nominating/Governance Committee meets the independence requirements of the NYSE.
Director Nomination Process
Stockholder Nominees. The policy of the
Nominating/Governance Committee is to consider properly submitted shareholder nominations for candidates for membership on the Board of Directors as
described below. In evaluating such nominations, the Nominating/Governance Committee seeks to achieve a balance of knowledge, experience and capability
on the Board and to address the membership qualifications and criteria described below. Any shareholder nominations proposed for consideration by the
Nominating/Governance Committee should include the nominees name and qualifications for Board membership and should be submitted
to:
Meritage Corporation
8501 E. Princess Drive
Suite 290
Scottsdale,
Arizona 85255
Attn: Corporate Secretary
The Secretary will forward all nominations to the
Nominating/Governance Committee. In addition, the Companys bylaws permit stockholders to nominate directors for consideration at an annual
shareholder meeting. For a description of the process for submitting such nominations, and the deadline to propose actions
8
for consideration at next years annual meeting, please see Stockholder
Proposals on page 24 of this Proxy Statement.
Director Qualifications. The
Nominating/Governance Committee will evaluate prospective nominees using the standards and qualifications set forth in the Companys Corporate
Governance Principles and Practices. Prospective nominees should have the highest professional and personal ethics and values, as well as broad
experience at the policy-making level in business, government, education, or public interest. They should be committed to enhancing stockholder value
and should have sufficient time to devote to carrying out their duties and to provide insight based upon experience, talent, skill and expertise
appropriate for the Board. Each prospective nominee must be willing and able to represent the interests of the stockholders of the
Company.
Identifying and Evaluating Nominees for
Directors. The Nominating/Governance Committee utilizes a variety of methods for identifying and evaluating nominees to serve as directors. The
Nominating/Governance Committee assesses the current composition of the Board of Directors, the balance of management and independent directors and the
need for Audit Committee expertise in its evaluation of prospective nominees. In the event that vacancies are anticipated, or otherwise arise, the
Nominating/Governance Committee may seek recommendations from current Board members, professional search firms, outside legal, accounting and other
advisors, or stockholders in order to locate qualified nominees. After completing its evaluation, the Nominating/Governance Committee will make a
recommendation to the full Board of Directors as to the persons who should be nominated by the Board of Directors, and the Board will determine the
nominees after considering such recommendations.
Executive Sessions of Independent Directors
Our Corporate Governance Principles and Practices
dictate that the non-management members of the Board of Directors will meet in executive session at least quarterly outside the presence of Directors
that are employees or officers of the Company. The non-management Directors met in executive session several times during 2003 and early 2004. Peter Ax
has been appointed the Lead Independent Director and presides over these executive session meetings.
Code of Ethics
Meritage Corporation is committed to conducting
business consistent with the highest ethical and legal standards. The Board of Directors has adopted a Code of Ethics, which is applicable to all
employees, including our Co-CEOs and our Chief Financial Officer. The Code is available on our website at www.meritagecorp.com.
Communications with the Board of Directors
Interested persons may communicate with the Board of
Directors, including the Lead Independent Director, by writing to our Corporate Secretary at the address set forth on page 8.
DIRECTOR COMPENSATION
Non-employee directors received an annual retainer
of $32,000 in 2003, plus expenses related to attending Board and Committee meetings. Beginning in 2004, our non-employee directors will receive an
annual retainer of $50,000, plus expenses. Our Lead Independent Director receives $55,000 in addition to his annual retainer. Non-employee directors
receive no additional cash compensation for attending Board or Committee meetings. In 2003, each non-employee director was granted options to acquire
2,500 shares of our common stock as additional consideration for their services. Beginning in 2004, each non-employee director will be granted options
to acquire 5,000 shares of our common stock. Non-employee director stock options vest in equal share increments on each of the first two anniversary
dates of the date of grant and have an exercise price equal to the closing price of our common stock on the grant date.
9
EXECUTIVE COMPENSATION
The following table summarizes the compensation we
paid in 2003, 2002 and 2001 to our co-chief executive officers and other most highly compensated executive officers who were paid in excess of $100,000
in 2003.
SUMMARY COMPENSATION TABLE
|
|
|
|
Annual
Compensation
|
|
Long-Term
Compensation
Awards
|
|
Name And Principal
Position
|
|
|
|
Year
|
|
Salary
($)
|
|
Bonus($)
|
|
Other
Annual
Compensation
($)
|
|
Securities
Underlying
Options (#)
|
|
All
Other
Compensation($)(4)
|
John R. Landon Co-
Chairman and Co-Chief
Executive Officer |
|
|
|
|
2003 |
|
|
$ |
712,500 |
|
|
$ |
2,582,856 |
|
|
|
|
|
|
|
40,000 |
|
|
|
$94,673 |
|
|
|
|
|
2002 |
|
|
|
425,000 |
|
|
|
1,935,043 |
|
|
|
|
|
|
|
40,000 |
|
|
|
58,575 |
|
|
|
|
|
2001 |
|
|
|
425,000 |
|
|
|
1,417,401 |
|
|
|
|
|
|
|
49,000 |
|
|
|
57,277 |
|
Steven J. Hilton Co-
Chairman and Co-Chief
Executive Officer |
|
|
|
|
2003 |
|
|
|
712,500 |
|
|
|
2,582,856 |
|
|
|
|
|
|
|
40,000 |
|
|
|
61,192 |
|
|
|
|
|
2002 |
|
|
|
425,000 |
|
|
|
1,935,043 |
|
|
|
|
|
|
|
40,000 |
|
|
|
23,026 |
|
|
|
|
|
2001 |
|
|
|
425,000 |
|
|
|
1,417,401 |
|
|
|
|
|
|
|
49,000 |
|
|
|
40,964 |
|
Larry W. Seay Chief
Financial Officer, Vice
President-Finance and
Secretary |
|
|
|
|
2003 |
|
|
|
262,019 |
|
|
|
786,784
|
(1) |
|
|
|
|
|
|
15,000 |
|
|
|
20,144 |
|
|
|
|
|
2002 |
|
|
|
224,678 |
|
|
|
600,130
|
(2) |
|
|
|
|
|
|
15,000 |
|
|
|
12,937 |
|
|
|
|
|
2001 |
|
|
|
195,346 |
|
|
|
270,000
|
(3) |
|
|
|
|
|
|
19,500 |
|
|
|
11,191 |
|
Richard T. Morgan Vice
President and Treasurer |
|
|
|
|
2003 |
|
|
|
165,000 |
|
|
|
180,000
|
(1) |
|
|
|
|
|
|
10,000 |
|
|
|
9,200 |
|
|
|
|
|
2002 |
|
|
|
150,000 |
|
|
|
165,455
|
(2) |
|
|
|
|
|
|
10,000 |
|
|
|
5,811 |
|
|
|
|
|
2001 |
|
|
|
150,000 |
|
|
|
130,000
|
(3) |
|
|
|
|
|
|
13,500 |
|
|
|
4,968 |
|
(1) |
|
Includes deferred compensation of $46,000 for each Messrs. Seay
and Morgan, payable in December 2006. |
(2) |
|
Includes deferred compensation of $45,455 for each Messrs. Seay
and Morgan, payable in December 2005. Mr. Morgan also received an award of 152 shares of Meritage stock in 2002. |
(3) |
|
Includes deferred compensation of $45,000 and $40,000 for
Messrs. Seay and Morgan, respectively, payable in December 2004. Mr. Seay also received an award of 108 shares of Meritage stock in 2001. |
(4) |
|
These amounts represent matching contributions by us to the
officers accounts under the 401(k) plan, group medical, long-term disability and life insurance plan premiums and automobile allowances paid by
us as follows: |
Name
|
|
|
|
Year
|
|
401(k) Match
|
|
Group, Long- Term Disability And Life Insurance
|
|
Vehicle Travel Allowance
|
|
Total Other Compensation
|
John R.
Landon |
|
|
|
|
2003 |
|
|
|
$3,125 |
|
|
|
$74,445 |
|
|
|
$17,103 |
|
|
|
$94,673 |
|
|
|
|
|
|
2002 |
|
|
|
3,087 |
|
|
|
39,816 |
|
|
|
15,672 |
|
|
|
58,575 |
|
|
|
|
|
|
2001 |
|
|
|
2,250 |
|
|
|
38,347 |
|
|
|
16,680 |
|
|
|
57,277 |
|
Steven J.
Hilton |
|
|
|
|
2003 |
|
|
|
3,553 |
|
|
|
25,595 |
|
|
|
32,044 |
|
|
|
61,192 |
|
|
|
|
|
|
2002 |
|
|
|
3,278 |
|
|
|
18,735 |
|
|
|
1,013 |
|
|
|
23,026 |
|
|
|
|
|
|
2001 |
|
|
|
3,130 |
|
|
|
15,115 |
|
|
|
22,719 |
|
|
|
40,964 |
|
Larry W.
Seay |
|
|
|
|
2003 |
|
|
|
3,408 |
|
|
|
4,436 |
|
|
|
12,300 |
|
|
|
20,144 |
|
|
|
|
|
|
2002 |
|
|
|
3,300 |
|
|
|
3,637 |
|
|
|
6,000 |
|
|
|
12,937 |
|
|
|
|
|
|
2001 |
|
|
|
3,150 |
|
|
|
3,391 |
|
|
|
4,650 |
|
|
|
11,191 |
|
Richard T.
Morgan |
|
|
|
|
2003 |
|
|
|
2,715 |
|
|
|
6,485 |
|
|
|
|
|
|
|
9,200 |
|
|
|
|
|
|
2002 |
|
|
|
2,475 |
|
|
|
3,336 |
|
|
|
|
|
|
|
5,811 |
|
|
|
|
|
|
2001 |
|
|
|
2,362 |
|
|
|
2,606 |
|
|
|
|
|
|
|
4,968 |
|
10
OPTION GRANTS IN 2003
The following table lists stock options granted in
2003 to the officers named in the Summary Compensation Table above. The amounts shown as potential realizable values rely on arbitrarily assumed share
price appreciation rates prescribed by the SEC over the five or seven-year term of the options. In assessing those values, please note that the
ultimate value of the options depends on actual future share values and do not necessarily reflect managements assessment of our future stock
price performance and are not intended to indicate our assessment of the value of the options.
|
|
|
|
Individual
Grants
|
|
|
Potential
Realizable Value
At Assumed Annual Rates
Of Stock Price
Appreciation
For Option Term
|
Name
|
|
|
|
Number
Of
Shares Underlying
Options
Granted (#)
|
|
Percent
of Total Options Granted to Employees In 2003
|
|
Exercise
Of
Base Price
($/Sh)
|
|
Expiration Date
|
|
|
5%
($)
|
|
|
|
10%
($)
|
John
R. Landon |
|
|
|
|
37,160 |
|
|
|
11.1 |
% |
|
|
32.00 |
|
|
|
3/12/10 |
|
|
|
484,091 |
|
|
|
1,128,138 |
John
R. Landon |
|
|
|
|
2,840 |
|
|
|
0.8 |
% |
|
|
35.20 |
|
|
|
3/12/08 |
|
|
|
27,619 |
|
|
|
61,031 |
Steven
J. Hilton |
|
|
|
|
37,160 |
|
|
|
11.1 |
% |
|
|
32.00 |
|
|
|
3/12/10 |
|
|
|
484,091 |
|
|
|
1,128,138 |
Steven
J. Hilton |
|
|
|
|
2,840 |
|
|
|
0.8 |
% |
|
|
35.20 |
|
|
|
3/12/08 |
|
|
|
27,619 |
|
|
|
61,031 |
Larry
W. Seay |
|
|
|
|
15,000 |
|
|
|
4.5 |
% |
|
|
32.00 |
|
|
|
3/12/10 |
|
|
|
195,408 |
|
|
|
455,384 |
Richard
T. Morgan |
|
|
|
|
10,000 |
|
|
|
3.0 |
% |
|
|
32.00 |
|
|
|
3/12/10 |
|
|
|
130,272 |
|
|
|
303,589 |
No options were granted at a below market price in
2003, and we do not have a stock appreciation rights program.
AGGREGATED OPTION EXERCISES IN 2003
AND 2003 YEAR-END OPTION
VALUES
The following table lists the number of shares
acquired and the value realized as a result of options exercised during 2003 for the listed officers. The table contains values for in the
money options, which are those with a positive spread between the exercise price and the December 31, 2003 share price of $66.31. The values are
the difference between the year-end price per share and the exercise price per share, multiplied by the number of applicable shares in the money. These
values may never be realized. The options may never be exercised, and the value, if any, will depend on the share price on the exercise
date.
|
|
|
|
|
|
|
Number
Of Securities
Underlying
Unexercised Options
At December 31, 2003 (#)
|
|
Value
of Unexercised In-
The-Money Options
At December 31, 2003 ($)
|
Name
|
|
|
Shares
Acquired On
Exercise (#)
|
|
Value
Realized
($)
|
|
Exercisable
|
|
Unexercisable
|
|
Exercisable
|
|
Unexercisable
|
John
R. Landon |
|
|
|
31,645 |
|
|
|
1,515,063 |
|
|
|
88,995 |
|
|
|
139,760 |
|
|
|
4,674,072 |
|
|
|
5,751,697 |
|
Steven
J. Hilton |
|
|
|
24,000 |
|
|
|
1,123,190 |
|
|
|
55,640 |
|
|
|
139,760 |
|
|
|
2,712,048 |
|
|
|
5,751,697 |
|
Larry
W. Seay |
|
|
|
14,000 |
|
|
|
789,666 |
|
|
|
32,600 |
|
|
|
64,400 |
|
|
|
1,733,828 |
|
|
|
2,902,622 |
|
Richard
T. Morgan |
|
|
|
34,000 |
|
|
|
1,372,585 |
|
|
|
10,800 |
|
|
|
40,200 |
|
|
|
511,984 |
|
|
|
1,760,426 |
|
11
REPORT OF THE EXECUTIVE COMPENSATION COMMITTEE
ON EXECUTIVE
COMPENSATION
The following Report of the Executive
Compensation Committee does not constitute soliciting material and should not be deemed filed or incorporated by reference into any Company filing
under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent the Company specifically incorporates this
Report.
It is the duty of the Executive Compensation
Committee to review and determine the salaries and bonuses of the Co-CEOs, and to establish the general compensation policies for executive officers.
The Committee believes that the compensation programs for each Co-CEO and the Companys other executive officers should reflect Meritages
performance and the value created for Meritage stockholders, and that compensation programs should support the goals and values of the Company. In
addition, the Executive Compensation Committee administers Meritages Annual Incentive Plan.
General Compensation Policy and Philosophy.
The Companys philosophy is to provide its executive officers with compensation that is based on their individual performance and the financial
performance of Meritage. Compensation is generally comprised of:
· |
|
performance bonuses designed to reward performance based on
financial results, and |
· |
|
stock-based incentives designed to tie the executive
officers overall compensation to the interests of Meritages stockholders by providing rewards to executives if stockholders benefit from
stock price appreciation. |
The Executive Compensation Committee attempts to set
executive compensation at levels that are competitive within the industry. The Companys philosophy is to set salaries at the industry medium and
provide for the opportunity to earn bonuses at the 75th percentile if the financial hurdles set by the Board of Directors are met. Each year
we review executive compensation against publicly available information for other homebuilders. Periodically, we engage outside consultants to evaluate
our compensation programs.
In 2001, the Board of Directors and stockholders
approved the Meritage Corporation Incentive Plan (the Annual Incentive Plan). The Annual Incentive Plan provides for annual incentive
awards to certain of our key executives. In determining awards to be made under the Annual Incentive Plan, the Executive Compensation Committee may
approve a formula that is based on one or more objective criteria, including performance criteria and performance goals. Performance criteria must
include one or more of the following: pre- or after-tax earnings, revenue growth, operating income, operating cash flow, return on net assets, return
on stockholders equity, return on assets, return on capital, share price growth, stockholder returns, gross or net profit margin, earnings per
share, price per share and market share, any of which may be measured either in absolute terms or as compared to any incremental increase, or as
compared to results of a peer group. It is our intent that awards made pursuant to the Annual Incentive Plan constitutes qualified
performance-based compensation satisfying the requirement of Section 162(m) of the Internal Revenue Code (the Code).
Compliance with Internal Revenue Code Section
162(m). Section 162(m) of the Code limits the deductibility of executive compensation paid by publicly held corporations to $1 million for each
executive officer named in this Proxy Statement. The $1 million limitation generally does not apply to compensation that is pursuant to a
performance-based plan approved by stockholders. Our policy is to comply with the requirements of Section 162(m) and maintain deductibility for all
executive compensation, except in circumstances where the Executive Compensation Committee concludes on an informed basis that it is in the best
interest of Meritage and our stockholders to take actions with regard to the payment of executive compensation which do not qualify for tax
deductibility.
CEO Compensation. Meritages two
co-chief executive officers, John R. Landon and Steven J. Hilton, were compensated during 2003 pursuant to employment agreements they have with the
Company. Mr. Landons and Mr. Hiltons employment agreements provide for a base salary, bonuses based on company
12
performance and stock options. Both agreements provide for an annual
performance-based bonus. In 2003, the bonus component for our Co-CEOs was based on a percentage of our pre-tax net earnings. In 2003, the objective
performance criteria used to determine whether our Co-CEOs were entitled to a bonus was based on (i) the achievement of certain budget targets as
determined by the Executive Compensation Committee and (ii) Meritages return on assets and return on equity relative to other peer homebuilder
companies. The Executive Compensation Committee believes that tying compensation to financial performance aligns the interests of executives with those
of our stockholders as determined by the Board of Directors. These agreements expire in 2005.
The performance bonus criteria in 2003 for each Mr.
Landon and Mr. Hilton was based on consolidated pre-tax net income and in meeting certain return on asset and return on equity goals. Based on the 2003
financial results, Messrs. Landon and Hilton each exceeded the minimum thresholds to qualify for a performance bonus. As a result, the Executive
Compensation Committee approved the following compensation for Messrs. Landon and Hilton:
· |
|
an annualized salary of $850,000, |
· |
|
a performance bonus of $2,582,856, and |
· |
|
a grant of 40,000 stock options vesting over five
years. |
The Co-CEOs also participate in various other
benefit plans generally available to all Meritage employees, including medical, 401(k) and life insurance plans.
During 2002, the Executive Compensation Committee
commissioned a global consulting firm to conduct a study of the Companys executive compensation. As a result of this study, new employment
agreements with John R. Landon and Steven J. Hilton, Meritages Co-CEOs, were approved and entered into in 2003. These employment agreements are
described in the following section.
Peter L. Ax Chairman
Robert G.
Sarver
Raymond Oppel
13
EMPLOYMENT AGREEMENTS
In 2003, the Executive Compensation Committee
approved new employment agreements with John R. Landon and Steven J. Hilton, the Companys Co-CEOs.
General Provisions. The new employment
agreements were entered into in 2003 and expire on December 31, 2005, subject to one-year renewal options. The agreements provide for an annual base
salary of $850,000, increasing to $925,000 commencing January 1, 2005, an annual performance-based bonus, stock options and other
benefits.
Performance-Based Bonus. Our Co-CEOs are
entitled to a performance-based bonus if they meet or exceed certain defined performance criteria. The new employment agreements provide that the bonus
is based on a percentage of our pre-tax net earnings (2003) and earnings before interest, taxes, depreciation and amortization (EBITDA) (2004 and
2005). In 2003, the objective performance criteria used to determine whether Messrs. Landon and Hilton were entitled to a bonus was based on (i) the
achievement of certain budget targets as determined by the Executive Compensation Committee and (ii) Meritages return on assets and return on
equity relative to other peer homebuilder companies. In 2004 and 2005, the objective performance criteria that will be used to determine whether
Messrs. Landon and Hilton are eligible for a bonus is based on Meritages return on assets and return on equity relative to other peer homebuilder
companies (as determined in accordance with the employment agreements).
Stock Options. The new employment agreements
provide for an annual grant to each Co-CEO of options to acquire 40,000 shares of Meritage common stock. The options vest over five years and the
exercise price is equal to the fair market value on the date of grant, or if the options are incentive stock options, 110% of the fair market value of
the date of grant.
Other Benefits. The agreements also entitle
Mr. Landon and Mr. Hilton to participate in fringe and other benefits as are regularly provided by Meritage to its senior management, such as health
and long-term disability insurance and paid vacation. In addition, the agreements provide Messrs. Landon and Hilton with:
· |
|
payments to purchase additional life insurance coverage and
disability insurance coverage, |
· |
|
a supplemental savings plan enabling deferred compensation in
excess of current 401(k) limitations, |
· |
|
supplemental retirement benefits, and |
· |
|
charter aircraft services and the use of a Company
car. |
Non-Compete and Severance Provisions. The new
employment agreements contain non-compete provisions restricting Messrs. Landon and Hilton from engaging in the homebuilding and home sales business
(subject to certain defined exceptions), hiring Meritages employees, and soliciting its customers and suppliers for a competing business or
otherwise attempting to induce any customer or supplier to discontinue or materially modify its relationship with Meritage. The non-compete and
non-solicitation provisions of Messrs. Landons and Hiltons employment agreement continue for two years from their date of
termination.
If Mr. Landon or Mr. Hilton voluntarily terminates
his employment with the Company for any reason or the Company discharges him without cause, the Company will be obligated to pay:
· |
|
$10 million, in equal monthly installments over a period of two
years, which payment represents consideration for consulting, severance and non-competition, and |
· |
|
where the Company discharges him without cause during the last
three months of the Companys fiscal year, a pro rata bonus based on the Companys performance for that fiscal year. |
In addition, in the event the Company discharges
either Mr. Landon or Mr. Hilton without cause, any options granted to him after July 1, 2003 shall vest in full.
14
If Mr. Landon or Mr. Hiltons employment is
terminated by the Company for cause, the Company will be obligated to pay his base salary through the date of termination, but no severance payment or
other bonus will otherwise be payable.
Messrs. Landon and Hilton also have stock options
that were granted prior to July 1, 2003 that include certain acceleration provisions. If the Company discharges Mr. Landon or Mr. Hilton without cause,
or they resign for good reason, they may exercise any stock options granted prior to the new employment agreements to the extent already vested or to
the extent they vest within three months of termination.
The Company also has an employment agreement with
Larry W. Seay, its Chief Financial Officer, which will expire on December 31, 2005, subject to a one year renewal option. Mr. Seays agreement is
designed to provide for a base salary and an annual bonus based on the achievement of specific performance objectives, which are similar in nature and
scope to the performance criteria applied to our Co-Chief Executive Officers. If Mr. Seay is terminated without cause or he terminates his employment
for good reason, he will be entitled to receive:
· |
|
100% of his base salary and 100% of his average bonus for the
previous two fiscal years, which payment represents consideration for consulting, severance and non-competition, and |
· |
|
where the Company discharges him without cause during the last
three months of the Companys fiscal year, a pro rata bonus based on the Companys performance for that fiscal year. |
If Mr. Seays employment is terminated as a
result of his death or disability, the Company will pay a pro rated amount of his bonus for the year. In addition, upon such a termination, Mr.
Seays options granted shall accelerate and become vested and he will have a period of one year to exercise such options. If Mr. Seay terminates
his employment without good reason or the Company discharges him for cause, then the Company will be obligated to pay his base salary through the date
of termination, but no severance payment or bonus will otherwise be payable. The non-compete provisions of Mr. Seays employment agreement last
six months from his date of termination and the non-solicitation provisions last one year from his date of termination.
15
CHANGE OF CONTROL ARRANGEMENTS
We have senior executive severance agreements with
Messrs. Landon, Hilton, Seay and Morgan. Under these severance agreements, Messrs. Landon, Hilton and Seay are entitled to a severance payment if his
employment is terminated by us without cause within 90 days prior to, or within two years following, a change of control event. In the case of Mr.
Morgan, he is entitled to receive a severance payment if his employment is terminated by us without cause within two years following a change of
control event. In addition, the executive officer is entitled to the severance payment if he terminates his employment for good reason within two years
following a change in control event. The severance payment equals the sum of:
· |
|
for Messrs. Landon and Hilton, three times the highest of the
following (i) his average incentive compensation for the two years prior to the termination of his employment, (ii) his incentive compensation for the
year preceding the year in which the change of control occurred or (iii) the incentive compensation he would have been entitled if the year were to end
on the day on which the change of control occurs (based on performance up to that date), |
· |
|
for Mr. Seay, two times the highest of the following (i) his
average incentive compensation for the two years prior to the termination of his employment, (ii) his incentive compensation for the year preceding the
year in which the change of control occurred or (iii) the incentive compensation he would have been entitled if the year were to end on the day on
which the change of control occurs (based on performance up to that date), and |
· |
|
for Mr. Morgan, one times one times the average of the higher of
(i) his incentive compensation for the two years prior to the termination of his employment, or (ii) his incentive compensation on the date preceding
the change in control. |
In addition, each executive will receive
continuation of insurance benefits for a period of 24 months following termination of employment and immediate acceleration and vesting of all their
stock options.
16
REPORT OF THE AUDIT COMMITTEE
The following Report of the Audit Committee does
not constitute soliciting material and should not be deemed filed or incorporated by reference into any Company filing under the Securities Act of 1933
or the Securities Exchange Act of 1934, except to the extent the Company specifically incorporates this Report.
It is the duty of the Audit Committee to provide
independent, objective oversight of Meritages accounting functions and internal controls. The Audit Committee is composed of independent
directors and acts under a written charter that sets forth the audit related functions the committee is to perform. The Board of Directors has adopted
a written charter for the Audit Committee, a copy of which is located on our website and attached to this Proxy Statement at Exhibit A. The
audit functions of the Audit Committee are to:
· |
|
serve as an independent and objective party to monitor
Meritages financial reporting process and internal controls, |
· |
|
review and appraise the audit efforts of Meritages
independent accountants, and |
· |
|
provide an open avenue of communication among the independent
accountants, financial and senior management, and the Board of Directors. |
The Audit Committee meets with management
periodically to consider the adequacy of Meritages internal controls and the objectivity of its financial reporting. We discuss these matters
with our independent auditors and with appropriate company financial personnel. We regularly meet privately with the independent auditors, who have
unrestricted access to the Committee. We also recommend to the Board the appointment of the independent auditors and review periodically their
performance and independence from management. We have considered the provision of additional services by our independent auditors and believe that the
provision of such additional services does not adversely impact their independence.
Although the Committee reviews Meritages
financing plans and reports recommendations to the full Board for approval, management has primary responsibility for our financial statements and the
overall reporting process, including the Companys internal controls. The independent
auditors audit the annual consolidated financial statements prepared by management, express an opinion as to whether those consolidated financial
statements fairly present the financial position, results of operations and cash flows of Meritage in conformity with accounting principles generally
accepted in the United States of America and discuss with us any issues they believe should be raised with us.
This year, we reviewed Meritages audited
consolidated financial statements and met with both management and KPMG LLP, our independent auditors, to discuss those consolidated financial
statements. Management has represented to us that the consolidated financial statements were prepared in accordance with accounting principles
generally accepted in the United States of America. We have received from and discussed with KPMG LLP the written disclosure and the letter required by
Independence Standards Board Standard No. 1 (Independence Discussions with Audit Committees). These items relate to that firms independence from
Meritage. We also discussed with KPMG LLP those matters required to be discussed by Statement on Auditing Standards No. 61 (Communication with Audit
Committees). Based on these reviews and discussions, we recommended to the Board that Meritages audited financial statements be included in its
Annual Report on Form 10-K for the fiscal year ended December 31, 2003.
Peter L. AxChairman
Robert G. Sarver
Raymond Oppel
William G. Campbell
17
PERFORMANCE GRAPH
The following Performance Graph does not
constitute soliciting material and should not be deemed filed or incorporated by reference into any Company filing under the Securities Act of 1933 or
the Securities Exchange Act of 1934, except to the extent the Company specifically incorporates this information.
The chart below graphs our performance in the form
of cumulative total return to stockholders for the past five years. Our total return is compared to that of the Standard & Poors 500 Index
and the peer group reported in our last Proxy Statement. Our peer group is consistent with the group our Board of Directors uses for purposes of
calculating certain components of our Co-CEOs annual performance bonuses.
The comparison assumes $100 was invested on December
31, 1998 in Meritage common stock and in each of the other indices and assumes reinvestment of dividends.
|
|
|
|
As of December 31,
|
|
|
|
|
|
1998
|
|
1999
|
|
2000
|
|
2001
|
|
2002
|
|
2003
|
Meritage
Corporation |
|
|
|
|
100 |
|
|
|
89 |
|
|
|
306 |
|
|
|
421 |
|
|
|
552 |
|
|
|
1,088 |
|
S&P
500 |
|
|
|
|
100 |
|
|
|
120 |
|
|
|
107 |
|
|
|
93 |
|
|
|
72 |
|
|
|
90 |
|
Peer
Group(1) |
|
|
|
|
100 |
|
|
|
93 |
|
|
|
166 |
|
|
|
233 |
|
|
|
273 |
|
|
|
634 |
|
(1) |
The
Peer Group consists of the following companies: Beazer Homes USA, Inc., Dominion Homes,
Inc., Hovnanian Enterprises, Inc., MDC Holdings, Inc., Ryland Group, Inc., Toll
Brothers, Inc., Standard- Pacific Corporation, Technical Olympic USA, Inc., M/I
Schottenstein Homes, Inc., WCI Communities, Inc., and William Lyon Homes. |
18
SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE
Executive officers, directors and beneficial
owners of more than ten percent of our common stock must file initial reports of ownership and changes in ownership with the Securities and
Exchange Commission (SEC) under Section 16(a).
SEC regulations require these reporting persons to
furnish us with copies of all Forms 3, 4 and 5, and amendments thereto, that they file with the SEC. Based solely on our review of the copies of such
forms furnished to us, or representations that no forms were required, we believe that during 2003 all Section 16(a) filing requirements applicable to
our officers, directors and greater than ten percent beneficial owners were complied with.
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Since 1997, we have leased office space in Plano,
Texas from a Texas partnership owned by John Landon and his spouse. The lease expires in May 2005. Rents paid to the partnership were $241,825 in 2003
and $225,182 in 2002. Scheduled rent payments in 2004 are approximately $256,000.
We paid legal fees of approximately $1,032,000 in
2003 and $432,000 in 2002 to law firms of which C. Timothy White was a partner.
During 2003 and 2002, we chartered an aircraft from
a company in which Steven J. Hilton has an ownership interest. The total amounts paid for the charter service were approximately $202,000 and $128,000,
respectively.
In 2002, we entered into a contract with a limited
partnership to acquire a parcel of land in Tucson, Arizona. The purchase price of the land is approximately $4.6 million. One of our directors, Robert
G. Sarver, has an indirect 5% beneficial interest in this parcel of land through his investment in a partnership. The company anticipates it will
acquire this parcel of land in 2004. In addition, during 2002, we chartered an aircraft from a company owned by Mr. Sarver. The total amounts paid for
these charter services during 2002 was $27,604.
Prior to becoming a Meritage director, Raymond Oppel
made various investments in partnerships that conducted business with the Company. By the end of 2001, Mr. Oppel discontinued making new investments in
landbanking transactions that involved sales to Meritage. Mr. Oppel has minority investments in several limited partnerships that have
entered into landbanking transactions with us. As of December 31, 2003, Mr. Oppels investment amounts had been returned to him. Mr. Oppel also
has a 7.5% limited partnership interest in a joint venture that sells lots to Hammonds Homes, which agreement was made prior to our acquisition of
Hammonds. During 2002, we acquired 175 lots at a cost of approximately $14.1 million from these partnerships and in 2003 we acquired 243 lots at a cost
of approximately $17.7 million. We anticipate that in 2004 we will acquire additional lots from these partnerships pursuant to the existing option
contracts and agreements. However, as the amount and timing of acquisitions is subject to a number of factors, including factors within and outside the
control of Meritage, the exact amount of purchases in a given period that will be made by the partnerships Mr. Oppel has invested in cannot be
reasonably estimated.
Management believes that the terms and fees
negotiated for all transactions listed above are no less favorable than those that could be negotiated in arms length
transactions.
19
PROPOSAL TO APPROVE AMENDMENT TO THE MERITAGE CORPORATION
STOCK OPTION
PLAN
(Proposal No. 2)
On December 12, 2003, our Board of Directors
adopted, subject to shareholder approval, amendments to the Meritage Corporation Stock Option Plan (the Plan) that would increase the
number of shares of common stock reserved for issuance under the plan from 2,150,000 to 2,950,000 and change the maximum number of shares that can be
granted to any one person from 300,000 shares in the aggregate to 100,000 shares per year. Certain material features of the plan are discussed below,
however, the description is subject to, and qualified by the full text of the plan, attached as Exhibit B, which includes the proposed amendment
highlighted in bold. The closing price for our common stock on March 15, 2004, as reported on the New York Stock Exchange, was $74.02 per
share.
The affirmative vote of a majority of the shares of
common stock present at the annual meeting, in person or by proxy, and entitled to vote is required to approve the proposal. Broker non-votes and
abstentions will not be considered votes for this proposal.
The Board believes the plan promotes success and
enhances our value, as it ties the personal interests of the participants to those of stockholders and provides the participants with an incentive for
outstanding performance. The Board of Directors administers the plan, and has exclusive authority over it, including the power to determine a
participants eligibility, the types of awards to be granted, the timing of the awards and the exercise price of awards.
General Description of Available Awards
Incentive Stock Options. An Incentive Stock
Option (ISO) is a stock option that satisfies the requirements specified in Section 422 of the Internal Revenue Code of 1986, as amended
(the Code). Under the Code, ISOs may only be granted to employees. In order for an option to qualify as an ISO, the price payable to
exercise the option must be equal or greater than the fair market value of the stock at the date of the grant, the option must expire no later than 10
years from the date of the grant, and the stock subject to ISOs that are first exercisable by an employee in any calendar year must not have a value of
more than $100,000 as of the grant date. Certain other requirements must also be met. The Board determines the amount of consideration to be paid to us
upon exercise of any options. Payment may be made in cash, common stock or other property.
An optionee is not treated as receiving taxable
income upon either the grant or the exercise of an ISO. However, the difference between the exercise price and the fair market value of the stock at
the time of exercise is an item of tax preference in determining liability for the alternative minimum tax, assuming that the common stock is either
transferable or is not subject to a substantial risk of forfeiture under Section 83 of the Code. If at the time of exercise, the common stock is both
nontransferable and is subject to a substantial risk of forfeiture, the difference between the exercise price and the fair market value of the common
stock (determined at the time the stock becomes either transferable or not subject to a substantial risk of forfeiture) will be a tax preference item
in the year in which the stock becomes either transferable or not subject to a substantial risk of forfeiture.
If common stock acquired by the exercise of an ISO
is not sold or otherwise disposed of within two years from the date of its grant and is held for at least one year after the date the stock is
transferred to the optionee upon exercise, any gain or loss resulting from its disposition is treated as long-term capital gain or loss. If such common
stock is disposed of before the expiration of the above-mentioned holding periods, a disqualifying disposition occurs. If a disqualifying
disposition occurs, the optionee realizes ordinary income in the year of the disposition in an amount equal to the difference between the fair market
value of the common stock on the date of exercise and the exercise price, or the selling price of the common stock and the exercise price, whichever is
less. The balance of the optionees gain on a disqualifying disposition, if any, is taxed as a capital gain.
20
We are not entitled to any tax deduction as a result
of the grant or exercise of an ISO, or on a later disposition of the common stock received, except in the event of a disqualifying disposition. In such
case, we are entitled to a deduction equal to the amount of ordinary income realized by the optionee.
Non-Qualified Stock Options. A Non-Qualified
Stock Option (NQSO) is any stock option other than an Incentive Stock Option. These options are referred to as non-qualified
because they do not meet the requirements of, and are not eligible for, the favorable tax treatment provided by Section 422 of the
Code.
The optionee realizes no taxable income upon the
grant of an NQSO, nor are we entitled to a tax deduction by reason of such grant. Upon the exercise of an NQSO, the optionee realizes ordinary income
in an amount equal to the excess of the fair market value of the common stock on the exercise date over the exercise price, and we are entitled to a
corresponding tax deduction.
Upon subsequent sale or disposition of common stock
acquired through exercise of an NQSO, the optionee realizes a short-term or long-term capital gain or loss to the extent of any intervening
appreciation or depreciation. Such a resale by the optionee has no tax consequence to us.
Change of Control
Upon the occurrence of a Corporate Transaction (as
defined in the Plan), if the surviving corporation or the purchaser does not assume Meritages obligation under the Plan, all outstanding options
shall become immediately exercisable in full and each option holder shall be given the opportunity to exercise their options before the consummation of
the Corporation Transaction so that the option holder can participate in the Corporate Transaction. The Plan defines a Corporate
Transaction to include:
· |
|
a merger or consolidation in which the Company is not the
surviving entity, |
· |
|
the sale, transfer or other disposition of all or substantially
all of the assets of the Company in a liquidation or dissolution of the company, or |
· |
|
any reverse merger in which the Company is the surviving entity
but in which the beneficial ownership of securities possessing more than 50% of the total combined voting power of the Companys outstanding
securities are transferred to holders different from those who held such securities immediately prior to such merger. |
To the extent that the Plan is unaffected and
assumed by the successor corporation or its parent company, a Corporate Transaction will have no effect on the outstanding options and the options
shall continue in effect according to their terms. Options which continue in effect shall be appropriately adjusted to account for the number and class
of securities which would have been issued to the option holder in connection with the consummation of the Corporate Transaction had the option holder
exercised the option immediately prior to the Corporate Transaction. Appropriate adjustments also shall be made to the exercise price of such options,
provided that the aggregate exercise price shall remain the same.
21
Plan Benefits
The following table sets forth grants of options
made under the current plan during 2003 to (i) each of the executive officers named on page 5, (ii) all current executive officers, as a group; (iii)
all current directors and director nominees who are not executive officers, as a group; (iv) all employees, including all current officers who are not
executive officers, as a group; and (v) all non-employees. Grants under the current plan and the new plan are made at the discretion of the Board of
Directors.
Individual Or Group Name
|
|
|
|
Number Of Shares Subject To Options Granted
|
|
Weighted Average Exercise Price Per Share
|
Executive
Officers
|
|
|
|
|
|
|
|
|
|
|
John R.
Landon |
|
|
|
|
40,000 |
|
|
$ |
32.23 |
|
Steven J.
Hilton |
|
|
|
|
40,000 |
|
|
$ |
32.23 |
|
Larry W.
Seay |
|
|
|
|
15,000 |
|
|
$ |
32.00 |
|
Richard T.
Morgan |
|
|
|
|
10,000 |
|
|
$ |
32.00 |
|
Executive
Officer Group (4 persons) |
|
|
|
|
105,000 |
|
|
$ |
32.17 |
|
Non-Executive
Officer Director Group (5 persons) |
|
|
|
|
12,500 |
|
|
$ |
32.00 |
|
Non-Executive
Officer Employee Group (55 persons) |
|
|
|
|
230,500 |
|
|
$ |
32.89 |
|
Non-Employee
Group (1 person) |
|
|
|
|
1,000 |
|
|
$ |
39.40 |
|
Amendments to Plan
The Board of Directors has reviewed the options
currently remaining in the option pool for the Plan and has determined that it is appropriate to increase the maximum number of shares authorized for
issuance under the Plan and to change the maximum number of shares that can be issued to any one person. As of March 15, 2004, (i) 851,763 shares have
been issued upon exercise of options and are included in the total number of shares outstanding Common Stock, and (ii) option grants representing
1,256,697 shares were outstanding under the Plan. The total number of shares of common stock available for awards under the Plan currently is 41,540.
The Board believes that an increase in the number of authorized shares is necessary for the continued optimal use of the Plan, thus increasing the
Plans success and its impact on our value. In addition, Messrs. Landon and Hilton, our co-chief executive officers, have each been issued 260,400
options under the Plan. Therefore, the Board is asking the stockholders to approve amendments to the Plan that would increase the number of shares
authorized for issuance under the Plan from 2,150,000 to 2,950,000 and change the maximum number of shares that could be issued to any one person from
300,000 shares in the aggregate to 100,000 shares per year.
22
EQUITY COMPENSATION PLAN INFORMATION
The following presents information as of December
31, 2003 about the number of shares of our common stock to be issued upon exercise of outstanding options and the number of shares of our common stock
remaining available for future issuance under existing equity compensation plans for (1) plans approved by stockholders and (2) plans not approved by
stockholders. We have no outstanding warrants or stock appreciation rights.
|
|
|
|
(a)
|
|
(b)
|
|
(c)
|
Plan category
|
|
|
|
Number of securities to be issued upon exercise of outstanding
options, warrants and rights
|
|
Weighted-average exercise price of outstanding options,
warrants and rights
|
|
Number of securities remaining available for future issuance
under equity compensation plans (excluding securities reflected in column (a))
|
Equity
compensation plans approved by security holders |
|
|
|
|
1,346,512 |
|
|
$ |
22.74 |
|
|
|
57,540 |
|
Equity
compensation plans not approved by security holders |
|
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
Total |
|
|
|
|
1,346,512 |
|
|
$ |
22.74 |
|
|
|
57,540 |
|
At December 31, 2003, we did not have any equity
compensation plans that had been adopted without stockholder approval.
Securities Act Registration
We intent to register the additional shares of
common stock available for issuance under a Registration Statement on Form S-8 to be filed with the Securities and Exchange
Commission.
THE BOARD RECOMMENDS THAT YOU VOTE FOR APPROVAL OF THIS
PROPOSAL
TO AMEND THE MERITAGE CORPORATION STOCK OPTION PLAN.
23
INDEPENDENT AUDITORS
KPMG LLP served as our principal independent
auditors for the fiscal years ended December 31, 2002 and 2003. We expect representatives of KPMG LLP to be present at our Annual Meeting to respond to
appropriate questions, and they will be given an opportunity to make a statement if they wish to.
The following table presents fees for professional
audit services rendered by KPMG LLP for the audit of our annual financial statements for 2003 and 2002, and fees billed for other services rendered by
KPMG LLP.
|
|
|
|
2003
|
|
2002
|
Audit fees
(1) |
|
|
|
$ |
459,089 |
|
|
$ |
361,319 |
|
Audit related
fees (2) |
|
|
|
|
12,000 |
|
|
|
11,000 |
|
Audit and
audit related fees |
|
|
|
|
471,089 |
|
|
|
372,319 |
|
Tax fees
(3) |
|
|
|
|
528,491 |
|
|
|
119,893 |
|
All other
fees |
|
|
|
|
|
|
|
|
|
|
Total
fees |
|
|
|
$ |
999,580 |
|
|
$ |
492,212 |
|
(1) |
|
Audit fees consisted principally of fees for audit and review
services, services related to various SEC filings and related research and the 2003 senior note add-ons. In 2002, audit fees consisted primarily of
fees for audit and review services, services related to the acquisitions of Hammonds Homes and Perma-Bilt Homes, and our equity offering. |
(2) |
|
Audit related fees consisted of fees related to the audit of our
401(k) Plan. |
(3) |
|
Tax fees consisted of fees for income tax consulting and tax
(including state and local tax procurement) compliance, including preparation of original and amended state and federal income tax returns, refund
claims, and IRS tax audit assistance. |
Each year, the Audit Committee
approves the annual audit engagement in advance. The Audit Committee also has established procedures to pre-approve all non-audit services provided by
the principal accountants. All 2003 non-audit services listed above were pre-approved.
STOCKHOLDER PROPOSALS
The Board of Directors and Nominating/Governance
Committee will consider nominations from stockholders for the class of directors whose terms expire at the year 2005 Annual Meeting. Nominations must
be made in writing to our Secretary, received at least 90 days prior to the 2005 Annual Meeting, and contain sufficient background information
concerning the nominees qualifications. Our Corporate Secretary must receive any other stockholder proposals for the 2005 Annual Meeting by
December 12, 2004 to be considered for inclusion in our 2005 Proxy Statement. Proposals to be presented at the 2005 Annual Meeting that are not
intended for inclusion in the Proxy Statement must be submitted in accordance with our Bylaws. A nomination or other proposal will be disregarded if it
does not comply with the above procedures.
OTHER MATTERS
The Board of Directors is not aware of any other
matters to be presented at the meeting. If any other business should properly come before the meeting, the proxy holders will vote according to their
best judgment.
24
ELECTRONIC DELIVERY OF FUTURE ANNUAL MEETING MATERIALS
We are offering our stockholders the opportunity to
consent to receiving our future proxy materials and annual reports electronically by providing the appropriate information when voting via the
Internet. Electronic delivery could save us a significant portion of the costs associated with printing and mailing annual meeting materials, and we
hope that our stockholders find this service convenient and useful. If you consent and Meritage elects to deliver future proxy materials and/or annual
reports to you electronically, then we will send you a notice (either by electronic mail or regular mail) explaining how to access these materials but
will not send you paper copies of these materials unless you request them. We may also choose to send one or more items to you in paper form despite
your consent to receive them electronically. Your consent will be effective until you revoke it by terminating your registration at the website
www.InvestorDelivery.com if you hold shares at a brokerage firm or bank participating in the ADP program, or by contacting Mellon Investor
Services if you hold shares in your own name.
By consenting to electronic delivery, you are
stating to Meritage that you currently have access to the Internet and expect to have access in the future. If you do not have access to the Internet,
or do not expect to have access in the future, please do not consent to electronic delivery because we may rely on your consent and not deliver paper
copies of future annual meeting materials. In addition, if you consent to electronic delivery, you will be responsible for your usual Internet charges
(e.g., online fees) in connection with the electronic delivery of the proxy materials and annual report.
Meritage Corporation
Larry W. Seay
Chief Financial Officer, Vice
President-Finance
and Secretary
April 9, 2004
25
EXHIBIT A
MERITAGE CORPORATION
AUDIT COMMITTEE
OF THE BOARD OF
DIRECTORS CHARTER
The primary purpose of the Audit Committee is to
prepare an Audit Committee report as required by the SEC to be included in the Corporations annual proxy statement and to assist the Board of
Directors in fulfilling its oversight of the integrity of the Corporations financial statements, the Corporations compliance with legal and
regulatory requirements, the independent auditors qualifications and independence, and the performance of the Corporations internal audit
function and independent auditors. Consistent with this purpose, the Audit Committee should encourage continuous improvement of, and should foster
adherence to the Corporations policies, procedures and practices at all levels. The Audit Committee shall have the sole authority to appoint or
replace the independent accountants and shall approve all audit engagement fees and terms and all significant non-audit engagements with the
independent accountants. The Audit Committee shall consult with management but shall not delegate these responsibilities.
The Audit Committees primary duties and
responsibilities are to:
· |
|
Receive and review reports received from independent auditors,
and review any audit problems. |
· |
|
Prepare audit committee reports for Corporation proxy
statements. |
· |
|
Conduct periodic, separate meetings with each of the outside
auditors, internal auditors and management. |
· |
|
Discuss earnings releases and analyst guidance with
management. |
· |
|
Establish policies of the Corporation with respect to risk
assessment and risk management. |
· |
|
Establish clear hiring policies with regard to current or past
employees of the outside auditor that the Corporation may be seeking to hire as an employee of the Corporation. |
· |
|
Perform annual evaluations of the Audit Committee
itself. |
· |
|
Make regular reports to the Board. |
The Audit Committee will primarily fulfill these
responsibilities by carrying out the activities enumerated in Section IV of this Charter.
The Audit Committee shall have the authority and
resources, to the extent it deems necessary or appropriate, to retain special legal, accounting or other consultants to advise the Audit Committee. The
Audit Committee may request any officer or employee of the Corporation or the Corporations outside counsel or independent auditor to attend a
meeting of the Audit Committee or to meet with any members of, or consultants to, the Audit Committee.
The Audit Committee shall be comprised of three or
more directors. The members of the Audit Committee shall meet the independence and experience requirements of the NYSE and the SEC.
All members of the Committee shall have a working
familiarity with basic finance and accounting practices, and the Chair shall be a financial expert. Audit Committee members may enhance
their familiarity with finance and accounting by participating in educational programs conducted by the Corporation or an outside consultant. No member
of the Audit Committee may serve simultaneously on the audit committees of more than three public companies.
A-1
Unless a Chair is elected by the full Board, the
members of the Committee may designate a Chair by majority vote of the full Committee membership.
The Committee shall meet at least four times
annually, or more frequently as circumstances dictate. As part of its job to foster open communication, the Committee should meet periodically with
management and the internal and outside auditors in separate executive sessions to discuss any matters that the Committee or each of these groups
believe should be discussed privately. In addition, the Committee or at least its Chair should meet with the independent accountants, internal auditors
and management quarterly to review the Companys financial statements consistent with IV.3 below.
IV. |
|
RESPONSIBILITIES AND DUTIES |
To fulfill its responsibilities and duties the Audit
Committee shall:
Documents/Reports Review
1. |
|
Review and update this Charter periodically, at least annually,
as conditions dictate. The Audit Committee shall annually review the Committees own performance. |
2. |
|
Review the organizations annual audited financial
statements and any reports or other financial information submitted to any governmental body, or the public, including the Corporations
disclosures and MD&A, any certification, report, opinion or review rendered by the independent accountants, and recommend whether the audited
financial statements shall be included in the Corporations Form 10-K. |
3. |
|
Review the Corporations Form 10-Q and quarterly financial
statements with financial management and the independent accountants, if necessary, prior to its filing. The Chair of the Committee may represent the
entire Committee for purposes of this review. |
Independent Accountants
4. |
|
Select the independent accountants, considering independence and
effectiveness and approve the fees and other compensation to be paid to the independent accountants. |
5. |
|
Review the performance of the independent accountants and
approve any proposed discharge of the independent accountants when circumstances warrant. |
6. |
|
Meet in separate sessions with management, the independent
auditors and those responsible for the internal audit function to enable a productive identification of any issues that would warrant the Audit
Committees attention. |
7. |
|
Review the experience and qualifications of the senior members
of the independent accountant team and the internal audit team. |
8. |
|
Obtain and review a report from the independent auditor at least
annually regarding (a) all critical accounting policies and practices to be used, (b) all alternative treatments of financial information within
generally accepted accounting principles that have been discussed with management, ramifications of the use of such alternative disclosures and
treatments, and the treatment preferred by the Corporation, and (c) other material written communications between the independent accountant and
management, such as any management letter or schedule of unadjusted differences. Evaluate the qualifications, performance and independence of the
independent accountant, including considering whether the accountants quality controls are adequate and the provision of non-audit services is
compatible with maintaining the accountants independence, and taking into account the opinions of management and the internal auditor. The Audit
Committee shall present its conclusions to the Board and, as necessary, recommend that the Board take additional action to satisfy itself of the
qualifications, performance and independence of the accountants. |
A-2
9. |
|
At least annually, obtain and review a report on the outside
auditor that addresses: the firms internal quality-control procedures; any material issues raised by the most recent internal quality-control
review, or peer review, of the firm, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years,
respecting one of more independent audits carried out by the firm, and any steps taken to deal with any issues; and all relationships between the
independent auditor and the Corporation. |
10. |
|
Obtain and review the Corporations signing
officer(s) disclosures regarding (a) all significant deficiencies in the design or operation of internal controls which could adversely affect
the Corporations ability to record, process, summarize and report financial data and any material weaknesses in internal controls, and (b) any
fraud whether or not material, that involves management or other employees who have a significant role in the Corporations internal
controls. |
11. |
|
Consider whether, in order to assure continuing auditor
independence, it is appropriate to adopt a policy of rotating the lead audit partner or even the independent accounting firm itself on a regular
basis. |
12. |
|
Ensure that the lead audit partner of the independent auditor
has not performed audit services for the Corporation in each of the five (5) previous fiscal years of that Corporation. |
13. |
|
Recommend to the Board policies for the Corporations
hiring of employees or former employees of the independent accountant who were engaged on the Corporations account. |
14. |
|
Discuss with the independent accountant any communications
between the audit team and the firms national office with respect to auditing or accounting issues presented by the engagement. |
15. |
|
Meet with the independent accountant prior to the audit to
discuss the planning and staffing of the audit and discuss budget and staffing of the Corporations internal audit function. |
16. |
|
Pre-approve all audit and non-audit services provided by the
independent auditor, unless these services are de minimis. |
Financial Reporting Processes
17. |
|
Discuss with management and the independent accountants
significant financial reporting issues and judgments made in connection with the preparation of the Corporations financial statements, including
any significant changes in the Corporations selection or application of accounting principles, any major issues as to the adequacy of the
Corporations internal controls, the development, selection and disclosure of critical accounting estimates, and analyses of the effect of
alternative assumptions, estimates or GAAP methods on the Corporations financial statements. |
18. |
|
Discuss with management the Corporations earnings press
releases, including the use of pro forma or adjusted non-GAAP information, as well as financial information and earnings
guidance provided to analysts and rating agencies. |
19. |
|
Discuss with management and the independent accountants the
effect of regulatory and accounting initiatives as well as off-balance sheet structures on the Corporations financial statements. |
20. |
|
Discuss with management the Corporations major financial
risk exposures and the steps management has taken to monitor and control such exposures, including the Corporations risk assessment and risk
management policies. |
Process Improvement
21. |
|
Establish regular and separate systems of reporting to the Audit
Committee by each of management and the independent accountants regarding any significant judgments made in managements preparation of the
financial statements and the view of each as to appropriateness of such judgments. |
A-3
22. |
|
Following completion of the annual audit, review separately with
each of management and the independent accountants any significant difficulties encountered during the course of the audit, including any restrictions
on the scope of work or access to required information. |
23. |
|
Review any significant disagreements among management and the
independent accountants in connection with the preparation of the financial statements and managements response. |
24. |
|
Review with the independent accountants and management the
extent to which changes or improvements in financial or accounting practices, as approved by the Audit Committee, have been implemented. (This review
should be conducted at an appropriate time subsequent to implementation of changes or improvements, as decided by the Audit Committee.) |
Ethical and Legal Compliance
25. |
|
Review and update periodically the Corporations employee
handbook and Code of Ethics and ensure that management has established a system to enforce these policies. |
26. |
|
Review managements monitoring of the Corporations
compliance with the organizations conduct policies, and ensure that management has the proper review system in place to ensure that
Corporations financial statements, reports and other financial information disseminated to governmental organizations, and the public, satisfy
legal requirements. |
27. |
|
Establish procedures for the submission, receipt, retention and
treatment of complaints and concerns regarding internal accounting controls, accounting matters or auditing matters and the confidential, anonymous
submission by employees of concerns regarding questionable accounting or auditing matters. |
28. |
|
Review, with the organizations counsel, legal compliance
matters including corporate securities trading policies. |
29. |
|
Review, with the organizations counsel, any legal matter
that could have a significant impact on the Corporations financial statements. |
30. |
|
Perform any other activities consistent with this Charter, the
Corporations Bylaws and governing law, as the Audit Committee or the Board deems necessary or appropriate. |
A-4
EXHIBIT B
MERITAGE CORPORATION
STOCK OPTION PLAN
1. |
|
ESTABLISHMENT, PURPOSE AND DEFINITIONS |
a. |
|
The Stock Option Plan (the Option Plan) of Meritage
Homes (the Company) is hereby adopted. The Option Plan shall provide for the issuance of incentive stock options (ISOs) and
nonqualified stock options (NSOs). |
b. |
|
The purpose of this Option Plan is to promote the long-term
success of the Company by attracting, motivating and retaining key executives, consultants and directors (the Participants) through the use
of competitive long-term incentives which are tied to stockholder interests by providing incentives to the Participants in the form of stock options
which offer rewards for achieving the long-term strategic and financial objectives of the Company. |
c. |
|
The Option Plan is intended to provide a means whereby
Participants may be given an opportunity to purchase shares of Stock (as defined herein) of the Company pursuant to (i) options which may qualify as
ISOs under Section 422 of the Internal Revenue Code of 1986, as amended (the Internal Revenue Code), or (ii) NSOs which may not so
qualify. |
d. |
|
The term Affiliates as used in this Option Plan
means parent or subsidiary corporations, as defined in Section 424(e) and (f) of the Code (but substituting the Company for employer
corporation), including parents or subsidiaries which become such after adoption of the Option Plan. |
2. |
|
ADMINISTRATION OF THE PLAN |
a. |
|
The Option Plan shall be administered by members of the Board of
Directors of the Company (the Board) qualifying as non-employee directors as such term is defined in Rule 16b-3 promulgated by
the Securities and Exchange Commission (the Commission). |
b. |
|
The Board may from time to time determine which employees of the
Company or its Affiliates or other individuals or entities (each an option holder) shall be granted options under the Option Plan, the
terms thereof (including without limitation determining whether the option is an incentive stock option and the times at which the options shall become
exercisable), and the number of shares of Stock for which an option or options may be granted. |
c. |
|
If rights of the Company to repurchase Stock are imposed, the
Board may, in its sole discretion, accelerate, in whole or in part, the time for lapsing of any rights of the Company to repurchase shares of such
Stock or forfeiture restrictions. |
d. |
|
If rights of the Company to repurchase Stock are imposed, the
certificates evidencing such shares of Stock awarded hereunder, although issued in the name of the option holder concerned, shall be held by the
Company or a third party designated by the Board in escrow subject to delivery to the option holder or to the Company at such times and in such amounts
as shall be directed by the Board under the terms of this Option Plan. Share certificates representing Stock that is subject to repurchase rights shall
have imprinted or typed thereon a legend or legends summarizing or referring to the repurchase rights. |
e. |
|
The Board shall have the sole authority, in its absolute
discretion, to adopt, amend and rescind such rules and regulations, consistent with the provisions of the Option Plan, as, in its opinion, may be
advisable in the administration of the Option Plan, to construe and interpret the Option Plan, the rules and regulations, and the instruments
evidencing options granted under the Option Plan and to make all other determinations deemed necessary or advisable for the administration of the
Option Plan. All decisions, determinations and interpretations of the Board shall be binding on all option holders under the Option Plan. |
B-1
3. |
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STOCK SUBJECT TO THE PLAN |
a. |
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Stock shall mean Common Stock of the Company or such
stock as may be changed as contemplated by Section 3(c) below. Stock shall include shares drawn from either the Companys authorized but unissued
shares of Common Stock or from reacquired shares of Common Stock, including without limitation shares repurchased by the Company in the open market.
The maximum number of shares of Common Stock that can be issued under this Option Plan is 2,950,000 shares, and the maximum number of shares of
Common Stock that can be issued to any one person under this Option Plan is 100,000 shares per year. |
b. |
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Options may be granted under the Option Plan from time to time
to eligible persons. Stock options awarded pursuant to the Option Plan which are forfeited, terminated, surrendered or canceled for any reason prior to
exercise shall again become available for grants under the Option Plan (including any option canceled in accordance with the cancellation regrant
provisions of Section 6(f) herein). |
c. |
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If there shall be any changes in the Stock subject to the Option
Plan, including Stock subject to any option granted hereunder, through merger, consolidation, recapitalization, reorganization, reincorporation, stock
split, reverse stock split, stock dividend, combination or reclassification of the Companys Stock or other similar events, an appropriate
adjustment shall be made by the Board in the number of shares of Stock. Consistent with the foregoing, in the event that the outstanding Stock is
changed into another class or series of capital stock of the Company, outstanding options to purchase Stock granted under the Option Plan shall become
options to purchase such other class or series and the provisions of this Section 3(c) shall apply to such new class or series. |
d. |
|
The aggregate number of shares of Stock approved by the Option
Plan may not be exceeded without amending the Option Plan and obtaining stockholder approval within twelve months of such amendment. |
Persons who shall be eligible to receive stock
options granted under the Option Plan shall be those individuals and entities as the Board in its discretion determines should be awarded such
incentives given the best interests of the Company; provided, however, that (i) ISOs may only be granted to employees of the Company and its Affiliates
and (ii) any person holding capital stock possessing more than 10% of the total combined voting power of all classes of Stock of the Company or any
Affiliate shall not be eligible to receive ISOs unless the exercise price per share of Stock is at least 110% of the fair market value of the Stock on
the date the option is granted.
5. |
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EXERCISE PRICE FOR OPTIONS GRANTED UNDER THE PLAN |
(a) |
|
All ISOs and NSOs will have option exercise prices per option
share not less than the fair market value of a share of the Stock on the date the option is granted, except that in the case of ISOs granted to any
person possessing more than 10% of the total combined voting power of all classes of stock of the Company or any Affiliate the price shall be not less
than 110% of such fair market value. The price of ISOs or NSOs granted under the Option Plan shall be subject to adjustment to the extent provided in
Section 3(c) above. |
(b) |
|
The fair market value on the date of grant shall be determined
based upon the closing price on an exchange on that day or, if the Stock is not listed on an exchange, on the average of the closing bid and asked
prices in the Over the Counter Market on that day. |
6. |
|
TERMS AND CONDITIONS OF OPTIONS |
a. |
|
Each option granted pursuant to the Option Plan shall be
evidenced by a written stock option agreement (the Option Agreement) executed by the Company and the person to whom such option is granted.
The Option Agreement shall designate whether the option is an ISO or an NSO. |
B-2
b. |
|
The term of each ISO and NSO shall be no more than 10 years,
except that the term of each ISO issued to any person possessing more than 10% of the voting power of all classes of stock of the Company or any
Affiliate shall be no more than 5 years. Subsequently issued options, if Stock becomes available because of further allocations or the lapse of
previously outstanding options, will extend for terms determined by the Board or the Committee but in no event shall an ISO be exercised after the
expiration of 10 years from the date of its grant. |
c. |
|
In the case of ISOs, the aggregate fair market value (determined
as of the time such option is granted) of the Stock to which ISOs are exercisable for the first time by such individual during any calendar year (under
this Option Plan and any other plans of the Company or its Affiliates if any) shall not exceed the amount specified in Section 422(d) of the Internal
Revenue Code, or any successor provision in effect at the time an ISO becomes exercisable. |
d. |
|
The Option Agreement may contain such other terms, provisions
and conditions regarding vesting, repurchase or other provisions as may be determined by the Board. To the extent such terms, provisions and conditions
are inconsistent with this Option Plan, the specific provisions of the Option Plan shall prevail. If an option, or any part thereof, is intended to
qualify as an ISO, the Option Agreement shall contain those terms and conditions, which the Board determines, are necessary to so qualify under Section
422 of the Internal Revenue Code. |
e. |
|
The Board shall have full power and authority to extend the
period of time for which any option granted under the Option Plan is to remain exercisable following the option holders cessation of service as
an employee, director or consultant, including without limitation cessation as a result of death or disability; provided, however, that in no event
shall such option be exercisable after the specified expiration date of the option term. |
f. |
|
As a condition to option grants under the Option Plan, the
option holder agrees to grant the Company the repurchase rights as the Company may at its option require and as may be set forth in a separate
repurchase agreement. Any option granted under the Option Plan may be subject to a vesting schedule as provided in the Option Agreement and, except as
provided in this Section 6 herein, only the vested portion of such option may be exercised at any time during the Option Period. All rights to exercise
any option shall lapse and be of no further effect whatsoever immediately if the option holders service as an employee is terminated for
Cause (as hereinafter defined) or if the option holder voluntarily terminates the option holders service as an employee. The unvested
portion of the option will lapse and be of no further effect immediately upon any termination of employment of the option holder for any reason. In the
remaining cases where the option holders service as an employee is terminated due to death, permanent disability, or is terminated by the Company
(or its affiliates) without Cause at any time, unless otherwise provided by the Committee, the vested portion of the option will extend for a period of
three (3) months following the termination of employment and shall lapse and be of no further force or effect whatsoever only if it is not exercised
before the end of such three (3) month period. Cause shall be defined in an Employment Agreement between Company and option holder and if
none there shall be Cause for termination if (i) the option holder is convicted of a felony, (ii) the option holder engages in any
fraudulent or other dishonest act to the detriment of the Company, (iii) the option holder fails to report for work on a regular basis, except for
periods of authorized absence or bona fide illness, (iv) the option holder misappropriates trade secrets, customer lists or other proprietary
information belonging to the Company for the option holders own benefit or for the benefit of a competitor, (v) the option holder engages in any
willful misconduct designed to harm the Company or its stockholders, or (vi) the option holder fails to perform properly assigned duties. |
g. |
|
No fractional shares of Stock shall be issued under the Option
Plan, whether by initial grants or any adjustments to the Option Plan. |
B-3
Cash proceeds realized from the sale of Stock under
the Option Plan shall constitute general funds of the Company.
8. |
|
AMENDMENT, SUSPENSION OR TERMINATION OF
PLAN |
a. |
|
The Board may at any time suspend or terminate the Option Plan,
and may amend it from time to time in such respects as the Board may deem advisable provided that (i) such amendment, suspension or termination
complies with all applicable state and federal requirements and requirements of any stock exchange on which the Stock is then listed, including any
applicable requirement that the Option Plan or an amendment to the Option Plan be approved by the stockholders, and (ii) the Board shall not amend the
Option Plan to increase the maximum number of shares of Stock subject to ISOs under the Option Plan or to change the description or class of persons
eligible to receive ISOs under the Option Plan without the consent of the stockholders of the Company sufficient to approve the Option Plan in the
first instance. The Option Plan shall terminate on the earlier of (i) tenth anniversary of the Plans approval or (ii) the date on which no
additional shares of Stock are available for issuance under the Option Plan. |
b. |
|
No option may be granted during any suspension or after the
termination of the Option Plan, and no amendment, suspension or termination of the Option Plan shall, without the option holders consent, alter
or impair any rights or obligation under any option granted under the Option Plan. |
d. |
|
Nothing contained herein shall be construed to permit a
termination, modification or amendment adversely affecting the rights of any option holder under an existing option theretofore granted without the
consent of the option holder. |
9. |
|
ASSIGNABILITY OF OPTIONS AND RIGHTS |
Each ISO and NSO granted pursuant to this Option
Plan shall, during the option holders lifetime, be exercisable only by the option holder, and neither the option nor any right to purchase Stock
shall be transferred, assigned or pledged by the option holder, by operation of law or otherwise, other than upon a beneficiary designation executed by
the option holder and delivered to the Company or the laws of descent and distribution.
10. PAYMENT UPON EXERCISE
Payment of the purchase price upon exercise of any
option or right to purchase Stock granted under this Option Plan shall be made by giving the Company written notice of such exercise, specifying the
number of such shares of Stock as to which the option is exercised. Such notice shall be accompanied by payment of an amount equal to the Option Price
of such shares of Stock. Such payment may be (i) cash, (ii) by check drawn against sufficient funds, (iii) such other consideration as the Board, in
its sole discretion, determines and is consistent with the Option Plans purpose and applicable law, or (iv) any combination of the foregoing. Any
Stock used to exercise options to purchase Stock (including Stock withheld upon the exercise of an option to pay the purchase price of the shares of
Stock as to which the option is exercised) shall be valued in accordance with procedures established by the Board. If accepted by the Committee in its
discretion, such consideration also may be paid through a broker-dealer sale and remittance procedure pursuant to which the option holder (i) shall
provide irrevocable written instructions to a designated brokerage firm to effect the immediate sale of the purchased Stock and remit to the Company,
out of the sale proceeds available on the settlement date, sufficient funds to cover the aggregate option price payable for the purchased Stock plus
all applicable Federal and State income and employment taxes required to be withheld by the Company in connection with such purchase and (ii) shall
provide written directives to the Company to deliver the certificates for the purchased Stock directly to such brokerage firm in order to complete the
sale transaction.
B-4
11. WITHHOLDING TAXES
a. |
|
Shares of Stock issued hereunder shall be delivered to an option
holder only upon payment by such person to the Company of the amount of any withholding tax required by applicable federal, state, local or foreign
law. The Company shall not be required to issue any Stock to an option holder until such obligations are satisfied. |
b. |
|
The Board may, under such terms and conditions as it deems
appropriate, authorize an option holder to satisfy withholding tax obligations under this Section 11 by surrendering a portion of any Stock previously
issued to the option holder or by electing to have the Company withhold shares of Stock from the Stock to be issued to the option holder, in each case
having a fair market value equal to the amount of the withholding tax required to be withheld. |
12. RATIFICATION
This Option Plan and all options issued under this
Option Plan shall be void unless this Option Plan is or was approved or ratified by (i) the Board; and (ii) a majority of the votes cast at a
stockholder meeting at which a quorum representing at least a majority of the outstanding shares of Stock is (either in person or by proxy) present and
voting on the Option Plan within twelve months of the date this Option Plan is adopted by the Board. No ISOs shall be exercisable prior to the date
such stockholder approval is obtained.
13. CORPORATE TRANSACTIONS
a. |
|
For the purpose of this Section 13, a Corporate
Transaction shall include any of the following stockholder-approved transactions to which the Company is a party: |
(i) |
|
a merger or consolidation in which the Company is not the
surviving entity, except for a transaction the principal purpose of which is to change the State of the Companys incorporation; |
(ii) |
|
the sale, transfer or other disposition of all or substantially
all of the assets of the Company in liquidation or dissolution of the Company; or |
(iii) |
|
any reverse merger in which the Company is the surviving entity
but in which beneficial ownership of securities possessing more than fifty percent (50%) of the total combined voting power of the Companys
outstanding securities are transferred to holders different from those who held such securities immediately prior to such merger. |
b. |
|
Upon the occurrence of a Corporate Transaction, if the surviving
corporation or the purchaser, as the case may be, does not assume the obligations of the Company under the Option Plan, then irrespective of the
vesting provisions contained in individual option agreements, all outstanding options shall become immediately exercisable in full and each option
holder will be afforded an opportunity to exercise their options prior to the consummation of the merger or sale transaction so that they can
participate on a pro rata basis in the transaction based upon the number of shares of Stock purchased by them on exercise of options if they so desire.
To the extent that the Option Plan is unaffected and assumed by the successor corporation or its parent company a Corporate Transaction will have no
effect on outstanding options and the options shall continue in effect according to their terms. |
c. |
|
Each outstanding option under this Option Plan which is assumed
in connection with the Corporate Transaction or is otherwise to continue in effect shall be appropriately adjusted, immediately after such Corporate
Transaction, to apply and pertain to the number and class of securities which would have been issued to the option holder in connection with the
consummation of such Corporate Transaction had such person exercised the option immediately prior to such Corporate Transaction. Appropriate
adjustments shall also be made to the option price payable per share, provided the aggregate option price payable for such securities shall remain the
same. In addition, the class and number of securities available for issuance under this Option Plan following the consummation of the Corporate
Transaction shall be appropriately adjusted. |
B-5
d. |
|
The grant of options under this Option Plan shall in no way
affect the right of the Company to adjust, reclassify, reorganize or otherwise change its capital or business structure or to merge, consolidate,
dissolve, liquidate or sell or transfer all or any part of its business or assets. |
The obligation of the Company with respect to Stock
issued under the Plan shall be subject to all applicable laws, rules and regulations and such approvals by any governmental agencies or stock exchanges
as may be required. The Company reserves the right to restrict, in whole or in part, the delivery of Stock under the Plan until such time as any legal
requirements or regulations have been met relating to the issuance of Stock, to their registration or qualification under the Securities Exchange Act
of 1934, if applicable, or any applicable state securities laws, or to their listing on any stock exchange at which time such listing may be
applicable.
15. |
|
NO EMPLOYMENT/SERVICE RIGHTS |
Neither the action of the Company in establishing
this Option Plan, nor any action taken by the Board or the Committee hereunder, nor any provision of this Option Plan shall be construed so as to grant
any individual the right to remain in the employ or service of the Company (or any parent, subsidiary or affiliated corporation) for any period of
specific duration, and the Company (or any parent, subsidiary or affiliated corporation retaining the services of such individual) may terminate or
change the terms of such individuals employment or service at any time and for any reason, with or without cause.
16. |
|
MISCELLANEOUS PROVISIONS |
a. |
|
The provisions of this Option Plan shall be governed by the laws
of the State of Arizona, as such laws are applied to contracts entered into and performed in such State, without regard to its rules concerning
conflicts of law. |
b. |
|
The provisions of this Option Plan shall insure to the benefit
of, and be binding upon, the Company and its successors or assigns, whether by Corporate Transaction or otherwise, and the option holders, the legal
representatives of their respective estates, their respective heirs or legatees and their permitted assignees. |
c. |
|
The option holders shall have no dividend rights, voting rights
or any other rights as a stockholder with respect to any options under the Option Plan prior to the issuance of a stock certificate for such
Stock. |
d. |
|
If there is a conflict between the terms of any employment
agreement pursuant to which options under this Plan are to be granted and the provisions of this Plan, the terms of the employment agreement shall
prevail. |
B-6
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Please
Mark Here
for Address
Change or
Comments |
£ |
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SEE
REVERSE SIDE |
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ELECTION OF CLASS II
DIRECTORS:
VOTE FOR nominees listed below |
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FOR |
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WITHHELD
FOR ALL |
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FOR |
AGAINST |
ABSTAIN |
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01
Steven J. Hilton |
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£ |
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£ |
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2. |
To approve amendment to
Companys
Stock Option Plan |
£ |
£ |
£ |
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02
Raymond Oppel |
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03
William G. Campbell |
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THIS PROXY, WHEN PROPERLY
EXECUTED WILL BE VOTED AS YOU SPECIFY ABOVE. IF NO SPECIFIC VOTING DIRECTIONS
ARE GIVEN BY YOU, THIS PROXY WILL BE VOTED FOR THE DIRECTOR NOMINEES LISTED
AND AND FOR THE AMENDMENT OF THE STOCK OPTION PLAN IN PROPOSAL 2, AND WITH
RESPECT TO SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING, IN
ACCORDANCE WITH THE DISCRETION OF THE APPOINTED PROXY. PLEASE SIGN, DATE AND
RETURN THIS PROXY PROMPTLY. |
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WITHHELD FOR: (Write that nominees name in the space
provided below.) |
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Signature |
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Signature |
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Date |
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Please sign exactly as name(s) appear herein. If acting as an executor, administrator, trustee, custodian, guardian, etc., you should
so indicate in signing. If the stockholder is a corporation, please sign the full corporate name, by a duly authorized officer. If
shares are held jointly, each stockholder named should sign.
|
p FOLD
AND DETACH HERE p |
Vote by Internet or Telephone or Mail
24 Hours a Day, 7 Days a Week
Internet and
telephone voting is available through 11:59 PM Eastern Time
the day prior to annual meeting day.
Your
Internet or telephone vote authorizes the named proxies to vote your shares in
the same manner
as if you marked, signed and returned your proxy card.
Internet
http://www.eproxy.com/mth |
OR
|
Telephone
1-800-435-6710 |
OR
|
Mail
Mark, sign and
date
your proxy card
and
return it in the
enclosed postage-paid
envelope. |
Use the Internet to
vote your proxy. Have your proxy card in hand when you access the web site. |
Use any touch-tone
telephone to vote your proxy. Have your proxy card in hand when you call. |
If you
vote your proxy by Internet or by telephone,
you do NOT need to mail back your proxy card.
|
MERITAGE CORPORATION |
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ANNUAL MEETING OF STOCKHOLDERS - May 12, 2004` |
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The undersigned hereby appoints each of John R. Landon or Steven J. Hilton or proxies with full power of substitution acting
unanimously and voting or if only one is present and voting then that one, to vote the shares of stock of Meritage Corporation, which
the undersigned is entitled to vote, at the Annual Meeting of Stockholders to be held at the The Crescent Club, 200 Crescent Court,
Dallas, Texas 75201 on Wednesday, May 12, 2004 at 10:00 a.m. local time, and at any adjournment or adjournments thereof, with all the
powers the undersigned would possess if present. |
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IF YOU RETURN YOUR PROPERLY EXECUTED PROXY, WE WILL VOTE YOUR SHARES AS YOU DIRECT. IF YOU DO NOT SPECIFY ON YOUR PROXY CARD HOW YOU
WANT TO VOTE YOUR SHARES, WE WILL VOTE THEM FOR THE ELECTION OF THE DIRECTOR NOMINEES LISTED IN PROPOSAL 1 AND FOR THE AMENDMENT OF
THE STOCK OPTION PLAN IN PROPOSAL 2 AND IN THE DISCRETION OF THE PROXIES ON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE
MEETING OR ANY ADJOURNMENTS THEREOF. |
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Please mark, sign and date the reverse side and return the proxy card promptly using the enclosed envelope.
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(Continued on reverse side) |
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Address Change/Comments (Mark the
corresponding box on the reverse side) |
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GRAPHIC
3
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