Document:

exhibit1024.htm

    Exhibit
10.24

     

    
      Summary of Board of Director
Compensation

       

      On
February 7, 2005, the board of directors (the “board”) of Centene
Corporation (the “Corporation”) adopted a compensation arrangement for directors
who are not employees of the Corporation (the “Outside Directors”), effective as
of the date of the Corporation’s 2005 Annual Meeting of Stockholders. The
compensation arrangement provides for the following:

       

      (i) a
quarterly retainer fee of $18,750 for each Outside Director, all of which amount
shall be eligible, at the election of such Outside Director, for payment
pursuant to the Corporation’s Non-Employee Directors Deferred Stock Compensation
Plan;

       

      (ii) an
additional quarterly retainer fee of $2,500 for the Chairman of the Audit
Committee of the board, all of which amount shall be eligible, at the election
of such Outside Director, for payment pursuant to the Corporation’s Non-Employee
Directors Deferred Stock Compensation Plan;

       

      (iii) an
additional quarterly retainer fee of $1,250 for the Chairman of the Compensation
Committee or Nominating and Governance Committee (or any successor committee to
either of such committees) of the board, all of which amount shall be eligible,
at the election of such Outside Director, for payment pursuant to the
Corporation’s Non-Employee Directors Deferred Stock Compensation Plan;
and

       

      (iv) a
grant of restricted shares of common stock to each Outside Director, which
(a) shall be granted as of the date of each of the Corporation’s Annual
Meeting of Stockholders, beginning in 2005, (b) shall be granted in a
number equal to $75,000 divided by the last reported sale price of the common
stock of the Corporation on the New York Stock Exchange on the trading day
immediately preceding the grant date, rounded to the nearest whole number, and
(c) shall vest in full as of the immediately succeeding Annual Meeting of
Stockholders, provided
that, with respect to such grant as of any such Annual Meeting, the Compensation
Committee of the board may determine that the Corporation shall, in lieu of
granting such restricted shares as of any such Annual Meeting of Stockholders,
grant common stock options, restricted stock units, stock appreciation rights or
other equity-based incentives payable in common stock having a deemed value (as
determined by such Committee) of $75,000.

       

      In
addition, the board adopted a policy, effective February 7, 2005, under which
the Corporation shall grant each Outside Director who is first elected to the
board, as of the date on which such Outside Director is first elected to the
board and without the need for any further action by the board or any committee
thereof, a non-qualified stock option under the Corporation’s 2003 Stock
Incentive Plan to purchase 10,000 shares of common stock of the Corporation,
which option (i) shall have an exercise price equal to the last reported
sale price of the common stock of the Corporation on the New York Stock Exchange
on the trading day immediately preceding the grant date and (ii) shall vest
in three installments, with 3,334 shares vesting on the first anniversary of the
grant date and an additional 3,333 shares vesting on each of the second and
third anniversaries of the grant date.

       

      
        

      

      Amendment #1

       

      
        On
February 6, 2006, the board amended this policy, effective May 1,
2006, to increase the quarterly retainer discussed in point (i) above to
$25,000, provided that the Outside Director elect 100% payment pursuant to the
Corporation’s Non-Employee Directors Deferred Stock Compensation
Plan.

         

          

        

      

      Amendment #2

       

      On
February 4, 2008, the board amended this policy, effective April 22, 2008,
to the following:

       

      
        	 	
                1.
      To increase the quarterly retainer discussed in Amendment
      #1 above to $31,250, provided that the Outside Director elect 100%
      payment pursuant to the Corporation’s Non-Employee Directors Deferred
      Stock Compensation Plan.  The quarterly retainer discussed in point
      (i) above will be increased to $25,000 for Outside Directors not
      electing 100% payment pursuant to the Corporation's Non-Employee Directors
      Deferred Stock Compensation Plan. 

                 

              
	 	
                2. To
      increase the quarterly retainer fee for the Chairman of the Audit
      Committee of the board discussed in point (ii) above
      to $7,500. 

                 

              
	 	
                3. To
      increase the quarterly retainder fee for the Chairman of the Compensation
      Committee or Nominating and Governance Committee or Government and
      Regulatory Affairs Committee discussed in point (iii) above to
      $3,750.

                 

              
	 	4. To
      increase the annual grant discussed in point (iv) above to have a value of
      $100,000.exhibit1025.htm

    Exhibit
10.25

     

    Summary
of Compensatory Arrangements with Executive Officers

     

    Our board
of directors periodically reviews the base salary of our Chairman and Chief
Executive Officer.  The compensation committee periodically reviews the
base salary of each of our other Named Executive Officers.  The board
of directors or the compensation committee approved a schedule of the
following fiscal year 2008 base salaries for each of our named executive
officers:

     

    
      	 
      	 	 	 
	
              Name
      and Principal Position

            	 	
              2008

              Base Salary

            	 
	
              Michael
      F. Neidorff

                  Chairman
      and Chief Executive Officer

            	 	$	1,000,000	 
	
              
                Carol
      E. Goldman

                    Executive
      Vice President and Chief Administrative Officer

              

            	 	$	400,000	 
	
              Jesse
      N. Hunter

                  Senior
      Vice President, Corporate Development

            	 	$	350,000	 
	
              William
      N. Scheffel

                  Executive
      Vice President, Specialty Business Unit

            	 	$	575,000	 
	
              Eric
      R. Slusser

                  Executive
      Vice President and Chief Financial Officer

            	 	$	525,000Exhibit
4.1

 

	
  HOLLYG    7-18-07

  	
   

  	
  MICHAEL / TS     ETHER 7     TSB27629

  
	
   

  	
   

  	
   

  
	
  PAR VALUE $.01

  	
   

  	
  COMMON STOCK

  
	
   

  	
   

  	
   

  
	
  INCORPORATED UNDER THE
  LAWS

  	
   

  	
  CUSIP 59001A 10 2

  
	
  OF THE STATE OF MARYLAND

  	
  [GRAPHIC]

  	
   

  
	
   

  	
   

  	
  SEE REVERSE FOR IMPORTANT
  NOTICE ON

  
	
  THIS CERTIFICATE IS TRANSFERABLE
  IN

  	
   

  	
  TRANSFER RESTRICTIONS AND
  OTHER

  
	
  JERSEY CITY, NJ, NEW YORK,
  NY AND

  	
   

  	
  INFORMATION

  
	
  PITTSBURGH, PA

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  NUMBER

  MHC

  	
   

  	
   

  	
  SHARES

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MERITAGE HOMES CORPORATION

  
	
   

  
	
  THIS CERTIFIES THAT

  
	
   

  
	
  [GRAPHIC]

  
	
   

  
	
   

  
	
  IS THE HOLDER OF

  
	
   

  
	
  CERTIFICATE OF STOCK

  
	
   

  
	
  Meritage Homes Corporation (the “Corporation”)
  transferable on the books of the Corporation by the holder hereof in person
  or by duly authorized attorney, upon surrender of this Certificate properly
  endorsed. This Certificate and the shares represented hereby are issued and
  shall be held subject to all of the provisions of the charter of the
  Corporation (the “Charter”) and the Bylaws of the Corporation and any
  amendments thereto. This Certificate is not valid unless countersigned and
  registered by the Transfer Agent and Registrar. 

   

  In Witness Whereof, the Corporation has caused
  this Certificate to be executed on its behalf by its duly authorized
  officers.

   

  Dated:

  
	
   

  	
   

  	
   

  	
   

  
	
  COUNTERSIGNED
  AND REGISTERED:

  MELLON INVESTOR SERVICES LLC

  TRANSFER AGENTAND REGISTRAR

  	
   

  	
   

  	
  

  
	
  BY

  	
   

  	
   

  
	
   

  	
  [SEAL]

  	
   

  
	
  AUTHORIZED SIGNATURE

  	
   

  	
   

  	
   

  
	
  

  	
   

  	
   

  	
  

  
	
  SECRETARY

  	
   

  	
   

  	
  CHAIRMAN AND

  
	
   

  	
   

  	
   

  	
  CHIEF EXECUTIVE OFFICER

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  American Bank Note Company

  	
   

  	
   

  	
   

  
											

 

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construed as though they were written out in full according to applicable  laws or
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  TEN COM

  	
  — 

  	
  as tenants in common

  	
  UNIF GIFT MIN ACT — 

  	
   

  	
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  TEN ENT

  	
   

  	
  as tenants by the
  entireties

  	
   

  	
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  JT TEN

  	
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  survivorship and not as
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  UNIF TRF MIN ACT — 

  	
   

  	
  Custodian

  	
  (until age

  	
  )

  
	
   

  	
   

  	
   

  	
   

  	
  (Cust)

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
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  (State)

  	
   

  

 

Additional
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Shares

of the common stock
represented by the within Certificate, and do hereby irrevocably constitute and
appoint

 

Attorney

to transfer the said stock on
the books of the within named Corporation with full power of substitution in
the premises.

 

Dated

 

 

	
   

  	
  X

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  X

  	
   

  
	
  NOTICE:

  	
  THE SIGNATURE(S) TO
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  CHANGE WHATEVER.

  

 

Signature(s) Guaranteed

 

 

	
  By

  	
   

  	
   

  
	
  THE
  SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
  (BANKS,

  	
   

  
	
  STOCKBROKERS, SAVINGS AND
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  AMERICAN BANK NOTE COMPANY

  711 ARMSTRONG LANE

  COLUMBIA, TENNESSEE 38401

  (931) 388-3003

  	
   

  	
  PRODUCTION
  COORDINATOR: HOLLY GRONER 931-490-1722

  PROOF OF: AUGUST 7, 2007

  MERITAGE HOMES CORPORATION

  TSB 27629 BK 

  
	
   

  	
   

  	
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  7
  / LIVE JOBS / M / Meritage 27629 BK

  	
   

  	
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