Amendment to M.D.C. Holdings, Inc. Executive Officer Performance-Based Compensation Plan

Contract Categories: Human Resources › Compensation Agreements
Summary

This amendment modifies the M.D.C. Holdings, Inc. Executive Officer Performance-Based Compensation Plan. It clarifies that the committee overseeing the plan cannot increase payments to covered employees beyond a set formula, but it may reduce payments at its discretion, provided the decision is made before the end of the fiscal year. The amendment ensures that executive compensation remains within predetermined limits, with the committee retaining the authority to lower payouts as needed.

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EX-10.1 2 d31792exv10w1.htm AMENDMENT TO THE EXECUTIVE OFFICER PERFORMANCE-BASED COMPENSATION PLAN exv10w1  

Exhibit 10.1
AMENDMENT
TO THE
M.D.C. HOLDINGS, INC.
EXECUTIVE OFFICER PERFORMANCE-BASED COMPENSATION PLAN
     Pursuant to Paragraph A of Article V of the M.D.C. Holdings, Inc. Executive Officer Performance-Based Compensation Plan approved by the Company’s shareowners in 1994 (the “Plan”), Paragraph C of Article III of the Plan is amended to read as follows:
  C.   The Committee shall have no discretion to make any payment to a Covered Employee under the Plan in excess of the amount determined under paragraph B of this Article III. However, the Committee may, in its sole discretion, reduce the amount otherwise payable to any Covered Employee under paragraph B for any fiscal year by determining, on or before the last day of the fiscal year, that the payment to such Covered Employee shall not exceed a dollar amount then specified by the Committee.