Meritage Homes (MTH) 10-Q2004 Q2 Quarterly report

Filed: 5 Aug 04, 12:00am

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New words: budget, Colorado, compel, compression, condensed, conform, deferred, delivered, Denver, evidenced, family, found, frequently, fully, healthy, larger, law, liability, member, methodology, obligor, Occasionally, ordinary, organized, policy, predominantly, produce, properly, prospective, rapid, standard, twelve, undeveloped, upswing, venture

Removed: addition, analyze, Austin, classify, comparable, compare, dependent, EBIT, exceed, expended, extent, external, fairly, generate, Hancock, Houston, immateriality, indenture, leverage, measure, Operational, previously, reconciliation, significantly, structure, substantial, table, widely

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Exhibit 10.1

EXHIBIT A

INCENTIVE COMPENSATION SCHEDULE

CEO BONUS COMPENSATION

PART I – BONUS

2004/05

For 2004 and 2005 (and any Renewal Term), Executive shall be entitled to a bonus equal to .825% of EBITDA if Company’s ROA is in the top ½ of public homebuilders having revenues of $500 million or more per year, and an additional .825% of EBITDA if the Company’s ROE is in the top one-half of these public builders. If either measurement falls within the 33% to 49% percentile, the bonus shall be .5363% of EBITDA for the applicable measurement. If either measurement falls below the 33% threshold, then there will not be any formula bonus paid with respect to such measurement.

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