ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS OnDecember 17, 2021 ,Meritage Homes Corporation (the "Company") increased certain components of compensation forPhillippe Lord , CEO,Hilla Sferruzza , Executive Vice President and CFO,Clinton Szubinski , Executive Vice President and COO, andJavier Feliciano , Executive Vice President andChief People Officer as allowed by each of their respective employment agreements. Following is a description of the changes in compensation for each executive. The descriptions contained in this Form 8-K are qualified in their entirety by the terms of the actual agreements filed herewith as exhibits to this Form 8-K and incorporated by reference herein. Base Salary Compensation The base salary forMr. Lord ,Ms. Sferruzza and Messrs. Szubinski and Feliciano will be increased effectiveJanuary 1, 2022 . Executive Officer Revised Base SalaryPhillippe Lord $900,000 Hilla Sferruzza $725,000 Clinton Szubinski $650,000 Javier Feliciano $430,000
Performance-Based Compensation
In addition, the target annual cash incentive bonus and the target value of performance-based equity compensation (non-cash) for each ofMr. Lord ,Ms. Sferruzza and Messrs. Szubinski and Feliciano will also increase, as noted below. Revised Annual Target Revised Annual Target Cash (non-cash) Equity Incentive Executive Officer Incentive Compensation Compensation Phillippe Lord$2,250,000 $1,800,000 Hilla Sferruzza$906,250 $725,000 Clinton Szubinski$1,300,000 $650,000 Javier Feliciano$322,500 $268,750 Additionally, the value of time-based equity compensation for each ofMr. Lord ,Ms. Sferruzza and Messrs. Szubinski and Feliciano will increase to mirror the adjusted target value of performance-based equity compensation noted above. In addition, onDecember 14, 2021 , the Company announced that, effective as ofJanuary 1, 2022 (the "Effective Date"),Alison L. Sasser , who has been serving as the Company's Vice President and Corporate Controller, has been appointed to the additional position of Principal Accounting Officer. Also onDecember 14, 2021 , the Company announced thatHilla Sferruzza , the Company's Executive Vice President and Chief Financial Officer will relinquish the Principal Accounting Officer position as of the Effective Date. In connection withMs. Sasser's appointment, her annual base salary and target value of annual equity grants was each increased by approximately$40,000 . In addition, she is eligible to receive an annual cash bonus, based on company discretion and her performance, with a target value equal to 60% of her base salary as a result of this appointment.Ms. Sasser , 45, first joined the Company inDecember 2002 , and has served as Vice President and Corporate Controller sinceMarch 2016 . -------------------------------------------------------------------------------- ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (d) Exhibits Exhibit Number Description 10.1 Phillippe Lord - Notice of Approved 202 2 Compensation 10.2 Hilla Sferruzza - Notice of Approved 2022 Compensation 10.3 Clinton Szubinski - Notice of Approved 2022 Compensation 10.4 Javier Felic iano - Notice of Approved 2022 Compensation 104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.
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