Boardroom Alpha
Start trial
8-K primary document
MTH · Current Report (Form 8-K) · Filed March 26, 2026

Meritage Homes Corp — 8-K exhibit

ex104-cpo2026compnotice.htm
Meritage Homes Corp on Boardroom Alpha
Document
Exhibit 10.4
TO:    Javier Feliciano
FROM:     Michael Odell, Chairman of the Compensation Committee (the “Committee”)        
DATE:    March 23, 2026
RE:    Notice of Approved 2026 Compensation (“Notice”)

Reference is made to that certain employment agreement effective January 1, 2021 (the “Employment Agreement”) concerning the employment and compensation of Javier Feliciano, the Company’s Executive Vice President, Chief People Officer (“Executive”). Capitalized terms in this Notice not otherwise defined herein have the meanings prescribed to those terms in the Executive’s Employment Agreement.
Base Salary
As provided in the Employment Agreement, the Executive’s Base Salary is subject to annual review and may, in the Committee’s discretion, be increased without the Executive’s consent. With respect to the Executive, the Committee has reviewed Executive’s Base Salary and concluded that no adjustments should be made at this time. Accordingly, Executive’s Base Salary for the Company’s 2026 fiscal year will remain unchanged at $515,000.
Moreover, and as provided in the Employment Agreement, any adjustments to the Executive’s Base Salary made at the Committee’s discretion shall be considered the Executive’s Base Salary for purposes of the Executive’s Employment Agreement. Accordingly, effective January 1, 2026, the term “Base Salary” under the Executive’s Employment Agreement shall mean $515,000.
Annual Bonus
As provided in the Employment Agreement, the Executive is entitled to an annual incentive bonus (the “Bonus”) based on a previously-established minimum Target Bonus or such greater amount as may be provided in a written notice to the Executive from the Committee. The Executive’s minimum Target Bonus amount for 2025 was $386,250.
Accordingly, this is to provide notice to the Executive that effective beginning with the Company’s 2026 fiscal year, Executive’s minimum Target Bonus is being adjusted to $412,000.
Equity Awards
As provided in the Employment Agreement, the Executive is entitled to an annual Performance Share Award (“PSA”) and an annual Restricted Stock Unit Award (“RSU”), based on a previously-established minimum combined Equity Award target amount (i.e., the “minimum combined Equity Award target amount,” which is the sum of a minimum PSA target plus a minimum RSU target), or such greater amount as may be provided to Executive in written notice from the Committee. The Executive’s minimum combined Equity Award target amount for 2025 was $849,750.
Accordingly, this is to provide notice to the Executive that, effective beginning with the Company’s 2026 fiscal year, Executive’s minimum combined Equity Award target amount is being adjusted to $901,250.
* * * * *


Except as specifically expressed in this Notice, the Employment Agreement shall remain in full force and effect. To the extent there is any contradiction or inconsistency between the terms of this Notice and the terms of the Employment Agreement, the terms and intended effect of this Notice shall control solely with respect to the meanings of the terms: (i) “Base Salary,” (ii) minimum “Target Bonus,” and (iii) minimum combined Equity Award target amount.
COMPENSATION COMMITTEE

/s/ Michael Odell__________________________________
By:    Michael Odell
    Chairman of the Compensation Committee

The undersigned Executive hereby acknowledges and agrees to the adjusted Base Salary, Target Bonus, and Equity Award grants as set forth herein for the fiscal year beginning January 1, 2026.

/s/ Javier Feliciano_____________________________        March 23, 2026__________________________
Executive                            Date

Disclaimer

The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but Boardroom Alpha cannot guarantee its accuracy and completeness, and that of the opinions based thereon.

This report contains opinions and is provided for informational purposes only – it does not constitute investment, legal or tax advice. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional before you make any investment.

None of the information contained in this report constitutes, or is intended to constitute a recommendation by Boardroom Alpha of any particular security or trading strategy or a determination by Boardroom Alpha that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person.

No representation or warranty, expressed or implied, is made on behalf of Boardroom Alpha as to the accuracy or completeness of the information contained herein. Boardroom Alpha does not accept any liability for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on all or any part of this research and any liability is expressly disclaimed.

Full disclaimer