Document:

Exhibit 10.21

Executive Officer Summary
Compensation Sheet

The annual base salaries
for our executive officers for 2007 are as follows:

	
  Executive Officer

  	
   

  	
  Annual

  Base Salary

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Randall A. Lipps —
  President, Chief Executive Officer, and Chairman of the Board of Directors

  	
   

  	
  $

  	
  407,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Robin G. Seim — Vice
  President and Chief Financial Officer

  	
   

  	
  $

  	
  220,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  J. Christopher Drew —
  Senior Vice President, Operations

  	
   

  	
  $

  	
  280,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  John G. Choma — Vice
  President, Organizational Development, Learning and Performance

  	
   

  	
  $

  	
  175,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Dan S. Johnston — Vice
  President and General Counsel

  	
   

  	
  $

  	
  214,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Renee M. Luhr — Vice
  President of Sales

  	
   

  	
  $

  	
  200,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Brian Rodli — Chief Strategy Officer and Interim Vice President of
  Marketing

  	
   

  	
  $

  	
  200,000Exhibit
10.1

AMENDMENT

TO THE STEVEN J. HILTON

SECOND AMENDED AND
RESTATED EMPLOYMENT AGREEMENT

This Amendment is entered into
this 23rd day of March, 2007, between Meritage Homes Corporation. (the
“Company”) and Steven J. Hilton (“Executive”).

WHEREAS, the Company previously entered into the Second Amended and
Restated Employment Agreement with Executive effective as of January 1, 2007
(“Agreement”); and

WHEREAS, the parties desire to amend the Agreement to prohibit the
Executive from engaging in certain land banking transactions both during the
Executive’s employment and for a certain period of time after his termination
of employment with the Company.

NOW THEREFORE, the parties wish to amend the Agreement as follows:

1.             Unless as otherwise provided herein, this
Amendment shall be effective as of the effective date of the Agreement, which
was January 1, 2007.

2.             Section 1 of the
Agreement is hereby amended by adding the following sentence at the end
thereof: 

During the term of his employment under this Agreement
(as set forth in Section 2) Executive shall be prohibited in engaging in any
personal land banking or lot or land development without the prior written
consent of the Board.

3.             Section 7(c)(iv) of
the Agreement shall be amended and restated as follows:

(iv) any options previously granted to Executive
will become fully vested and exercisable and all restrictions on awards will
lapse;

4.             Section 7(e)(iv) of
the Agreement shall be amended and restated as follows:

(iv) any options previously granted to Executive
will become fully vested and exercisable and all restrictions on awards will
lapse and, to the extent permitted under the plan’s governing documents,
Executive (or Executive’s beneficiary(ies)) shall have a period of one year
from the Date of Termination of employment to exercise such options;

 

5.             Section 8(a)(1) of the Agreement is hereby
amended by replacing the first sentence thereof with the

following sentence:

(1)           engage
in any production homebuilding or home sales within 100 miles of any Company
project, provided,
that, for purposes of this Section 8(a)(1), Executive (a)
may own stock in the Company and less than 1% of any other publicly traded
homebuilder, and (b) may engage in custom homebuilding (up to 5 homes annually
for third parties and 2 for family members), land banking, lot development, and
land development; provided, however, that (x) Executive may not
land bank or develop lots or land with any former employee of the Company, and
(y) Executive may not directly or indirectly engage in the sale of finished
lots within the restricted area described above, unless at least 10 business
days prior to any offer to a third party, the lots are offered to the Company, and
if the Company (or its nominee) determines to purchase the property, the
applicable selling party negotiates a sale in good faith.

6.             This Amendment shall
amend only the provisions set forth herein and those provisions not amended
shall be considered in full force and effect.

	
  

  	
  Meritage Homes Corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Ray Oppel

  	
   

  
	
   

  	
  Its: 

  	
  Exec. Compensation Committee Chair

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Steven J. Hilton

  	
   

  
	
   

  	
  Steven J. Hilton

  
					

 

 2Exhibit
10.2

AMENDMENT

TO THE LARRY W. SEAY

SECOND AMENDED AND
RESTATED EMPLOYMENT AGREEMENT

This Amendment is entered into this 23rd day of March,
2007, between Meritage Homes Corporation. (the “Company”) and Larry Seay (“Executive”).

WHEREAS, the Company previously entered into the
Second Amended and Restated Employment Agreement with Executive effective as of
January 1, 2007 (“Agreement”); and

WHEREAS, the parties desire to amend the Agreement to
prohibit the Executive from engaging in certain land banking transactions both
during the Executive’s employment and for a certain period of time after his
termination of employment with the Company.

NOW THEREFORE, the parties wish to amend the Agreement
as follows:

1.             Unless as otherwise provided herein, this
Amendment shall be effective as of the effective date of the Agreement, which
was January 1, 2007.

2.             Section 1 of the
Agreement is hereby amended by adding the following sentence at the end
thereof:

During the term of this Agreement (as set forth in
Section 2) Executive shall be prohibited in engaging in any personal land
banking or lot or land development without the prior written consent of the
Board.

3.             Section 6.B. of the
Agreement are hereby amended by adding the following sentence to the end
thereof:

If the Company requests Executive to provide
consulting services to the company pursuant to clause (iv) above, the Executive
provides or makes himself available to provide such consulting services, any
options previously granted to Executive shall continue to vest as if Executive
remained employed by the Company.

 

4.             Section 6.C. of the Agreement are hereby
amended by adding the following sentence to the end thereof:

If the Company requests Executive to provide
consulting services to the company pursuant to clause (v) above, the Executive
provides or makes himself available to provide such consulting services, any
options previously granted to Executive shall continue to vest as if Executive
remained employed by the Company.

5.             Section 7.A. of the
Agreement is hereby amended by replacing the last sentence thereof with the
following sentence:

But nothing in this Agreement shall prohibit Executive
from engaging in land banking or lot or land development, provided, however,
that Executive may not engage in any land banking or lot or land development
directly or indirectly with any former employee of the Company or any
affiliate.

6.             This Amendment shall
amend only the provisions set forth herein and those provisions not amended
shall

be considered in full
force and effect.

	
  

  	
  Meritage Homes Corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Ray Oppel

  	
   

  
	
   

  	
   

  	
  Its: 

  	
  Exec. Compensation Committee Chair

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Larry W. Seay

  	
   

  
	
   

  	
  Larry W. Seay

  
					

 

 2EXHIBIT
10.1

GREENE COUNTY BANCSHARES, INC.

2004 LONG-TERM INCENTIVE PLAN

Stock Appreciation Right
Award Agreement

Award No.         

You (the “Participant”) are hereby awarded the
following stock appreciation right (the “SAR”), to be settled in cash, subject
to the terms and conditions set forth in this Stock Appreciation Right Award
Agreement (the “Award Agreement”) and in the Greene County Bancshares, Inc.
2004 Long-Term Incentive Plan (the “Plan”), which is attached hereto as Exhibit A.  A summary of the Plan appears in its
Prospectus, which is attached as Exhibit B.  You should carefully review these documents,
and consult with your personal financial advisor, in order to fully understand
the implications of this Award, including your tax alternatives and their
consequences.

By executing this Award Agreement, you agree to be
bound by all of the Plan’s terms and conditions as if they had been set out
verbatim in this Award Agreement. In addition, you recognize and agree that all
determinations, interpretations, or other actions respecting the Plan and this
Award Agreement shall be made by the Board of Directors (the “Board”) of Greene
County Bancshares, Inc. (the “Company”) or any Committee appointed by the Board
to administer the Plan, and shall be final, conclusive and binding on all
parties, including you and your successors in interest. Capitalized terms are
defined in the Plan or in this Award Agreement.

1.             Variable
Terms.  This SAR shall have, and be interpreted
according to, the following terms, subject to the provisions of the Plan in all
instances:

	
  Name of Participant:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Number of Shares Subject to SAR

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Grant Price per Share:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Grant Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Expiration Date:

  	
   

  	
  o

  	
   

  	
  _____ years after Grant Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  o

  	
   

  	
  10 years after Grant Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Vesting Schedule:    (Establishes the Participant’s rights to exercise this SAR with
  respect to the Number of Shares stated above.)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  o

  	
   

  	
  _____% on Grant Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  o

  	
   

  	
  _____% on each of the first ___(#) annual
  (_quarterly/_monthly) anniversary dates of the Participant’s Continuous
  Service after the Grant Date.

  

 

Stock Appreciation Right Award Agreement 

Greene County Bancshares, Inc.

2004 Long-Term Incentive Plan

Page 2

 

2.             Term of SAR.  The SAR shall expire at 5:00 p.m. (E.D.T. or
E.S.T., as applicable) on the Expiration Date.

3.             Manner of Exercise.  The SAR is being granted in connection with a
non-qualified stock option award granted to the Participant on the same date as
this Award Agreement and may only be exercised at the same time and for the
same number of shares as such option is then being exercised.  The SAR shall be exercised in the manner set
forth in the Plan and as determined by the Committee.

4.             Payment Upon Exercise.  Upon exercise of this SAR, the Company shall
pay to you an amount in cash equal to the product of (i) the number of shares
with respect to which you are then exercising this SAR and (ii) the difference
between (x) the last sales price of the Company’s common stock on the Nasdaq
Global Select Market, or such other exchange as the Company’s common stock may
then trade and (y) the grant price of the SAR.

5.             Termination of Continuous Service.

5.1           If your Continuous
Service with the Company is terminated for any reason other than as a result of
your death, disability, retirement or termination for Cause, you shall have the
right to exercise this SAR, subject to the limitations of Section 3 hereof, at
any time within three months following your termination of Continuous Service
to the extent that you are entitled to exercise such SAR at the date of such
termination.

5.2           If your Continuous Service with the
Company is terminated because you retire or become disabled (each, as
contemplated in Section 6(h) of the Plan), you shall have the right to exercise
the SAR, subject to the limitations of Section 3 hereof, at any time within one
year following your termination of Continuous Service to the extent your are
entitled to exercise such SAR at the date of your termination.

5.3           If you die during your Continuous
Service with the Company (or within 30 days after termination of your
Continuous Service), then your estate or the person who has the right to
exercise the SAR may exercise the SAR, subject to the limitations of Section 3
hereof, at any time within one year of your death, but only to the extent that
you were entitled to exercise the SAR on the date of your death or, if earlier,
the date when your Continuous Service was terminated.

5.4           If your Continuous Service is
terminated due to Cause (as determined by the Committee in accordance with the
Plan), you shall immediately forfeit the right to exercise this SAR.

5.5           Notwithstanding the foregoing, any
unexercised SAR awarded to a Participant who terminates Continuous Service
(other than for Cause) after attaining age 55 and after completing 10 years of
employment with the Company, shall become fully vested and immediately
exercisable on and after the effective date of such termination of employment.

Stock Appreciation Right Award Agreement 

Greene County Bancshares, Inc.

2004 Long-Term Incentive Plan

Page 3

 

6.             Occurrence of a Change in Control.  In the event of a Change in Control, your SAR
shall fully vest and become fully exercisable, subject to the limitations of Section
3 hereof, as to the Shares then subject to the SAR. This shall occur
immediately prior to the effective date of the transaction giving rise to the
Change in Control.

7.             Designation of Beneficiary.  Notwithstanding anything to the contrary
contained herein or in the Plan, following the execution of this Award
Agreement, you may expressly designate a beneficiary (the “Beneficiary”) to
your interest in the SAR awarded hereby. You shall designate the Beneficiary by
completing and executing a designation of beneficiary agreement substantially
in the form attached hereto as Exhibit C (the “Designation of
Beneficiary”) and delivering an executed copy of the Designation of Beneficiary
to the Company.

8.             Notices.  Any notice or communication required or
permitted by any provision of this Award Agreement to be given to you shall be
in writing and shall be delivered personally or sent by certified mail, return
receipt requested, addressed to you at the last address that the Company had
for you on its records. Each party may, from time to time, by notice to the
other party hereto, specify a new address for delivery of notices relating to
this Award Agreement. Any such notice shall be deemed to be given as of the
date such notice is personally delivered or properly mailed.

9.             Binding Effect.  Except as otherwise provided in this Award
Agreement or in the Plan, every covenant, term, and provision of this Award
Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective heirs, legatees, legal representatives, successors,
transferees, and assigns.

10.          Modifications.  This Award Agreement may be modified or
amended at any time, provided that you must consent in writing to any
modification that adversely alters or impairs any rights or obligations under
this SAR.

11.          Headings.  Section and other headings contained in this
Award Agreement are for reference purposes only and are not intended to
describe, interpret, define or limit the scope or intent of this Award
Agreement or any provision hereof.

12.          Severability.  Every provision of this Award Agreement and
of the Plan is intended to be severable. If any term hereof is illegal or
invalid for any reason, such illegality or invalidity shall not affect the
validity or legality of the remaining terms of this Award Agreement.

13.          Governing Law.  The laws of the State of Tennessee shall
govern the validity of this Award Agreement, the construction of its terms, and
the interpretation of the rights and duties of the parties hereto.

14.          Counterparts.  This Award Agreement may be executed by the
parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together
constitute one and the same instrument.

Stock Appreciation Right Award Agreement 

Greene County Bancshares, Inc.

2004 Long-Term Incentive Plan

Page 4

 

 

15.          Plan Governs.  By signing this Award Agreement, you
acknowledge that you have received a copy of the Plan and that your Award
Agreement is subject to all the provisions contained in the Plan, the
provisions of which are made a part of this Award Agreement and your Award is
subject to all interpretations, amendments, rules and regulations which from
time to time may be promulgated and adopted pursuant to the Plan. In the event
of a conflict between the provisions of this Award Agreement and those of the
Plan, the provisions of the Plan shall control.

16.          Restrictions on Transfer.  This Award Agreement may not be sold,
pledged, or otherwise transferred without the prior written consent of the
Committee. Notwithstanding the foregoing, you may transfer this SAR, but only
if you are also transferring the related option, (i) by instrument to an inter
vivos or testamentary trust (or other entity) in which each beneficiary is a
permissible transferee of yours pursuant to the list of persons identified in
clause (ii) of this Section, or (ii) by gift to charitable institutions or by
gift or transfer for consideration to any of the following relatives of yours
(or to an inter vivos trust, testamentary trust or other entity primarily for
the benefit of the following relatives of yours): any child, stepchild,
grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling,
niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, or sister-in-law, and shall include adoptive relationships. Any
transferee of your rights shall succeed and be subject to all of the terms of
this Award Agreement and the Plan.

17.          Taxes.  By signing this Award Agreement, you
acknowledge that you shall be solely responsible for the satisfaction of any
taxes that may arise (including taxes arising under Sections 409A or 4999 of
the Code), and that neither the Company nor the Administrator shall have any obligation
whatsoever to pay such taxes.

(Next
Page is Signature Page)

Stock Appreciation Right Award Agreement 

Greene County Bancshares, Inc.

2004 Long-Term Incentive Plan

Page 5

 

 

 

BY
YOUR SIGNATURE BELOW on the Grant Date identified above, along with the signature
of the Company’s representative, you and the Company agree that this SAR is
awarded under and governed by the terms and conditions of this Award Agreement
and the Plan.

	
  

  	
   

  	
  GREENE COUNTY BANCSHARES, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  PARTICIPANT

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The undersigned Participant hereby accepts the terms
  of this Award Agreement and the Plan.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name of Participant:

  	
   

  	
   

  

 

 

GREENE COUNTY BANCSHARES, INC.

2004 LONG-TERM INCENTIVE PLAN

Exhibit
A

Plan Document

 

GREENE COUNTY BANCSHARES, INC.

2004 LONG-TERM INCENTIVE PLAN

Exhibit
B

Plan Prospectus

 

GREENE COUNTY BANCSHARES, INC.

2004 LONG-TERM INCENTIVE PLAN

Exhibit
C

Designation of Beneficiary

In
connection with the         STOCK
APPRECIATION RIGHT AWARD AGREEMENT (the “Award Agreement”) entered into on
_________________, 200_ between Greene County Bancshares, Inc. (the “Company”)
and _________________, an individual residing at _________________ (the “Participant”),
you hereby designate the person specified below as the beneficiary of the
Participant’s interest in a stock appreciation right to be settled in cash and
awarded pursuant to the Award Agreement. This designation shall remain in
effect until revoked in writing by the Participant.

	
  Name of Beneficiary:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Social Security No.:

  	
   

  	
   

  

 

You
understand that this designation operates to entitle the above-named
beneficiary to the rights conferred by the Award Agreement from the date this
form is delivered to the Company until such date as this designation is revoked
in writing by you, including by delivery to the Company of a written
designation of beneficiary executed by you on a later date.

	
  

  	
   

  	
  Date:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  [Participant Name]

  	
   

  	
   

  

 

	
  Sworn to before me this

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ____ day of __________, 200_.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Notary Public

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  County of

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Sate of

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