Amendment to the Executive Officer Performance-Based Compensation Plan
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Human Resources
- Bonus & Incentive Agreements
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
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. |
