As filed with the Securities and Exchange Commission on May 21, 2018
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
MERITAGE HOMES CORPORATION
(Exact name of registrant as specified in its charter)
Maryland | 86-0611231 | |
(State or other jurisdiction of incorporation or organization) |
(IRS Employer Identification No.) | |
8800 East Raintree Drive, Suite 300, Scottsdale, Arizona | 85260 | |
(Address of Principal Executive Offices) | (Zip Code) |
MERITAGE HOMES CORPORATION 2018 STOCK INCENTIVE PLAN
(Full title of the plan)
Copies to: | ||
Hilla Sferruzza Executive Vice President and Chief Financial Officer 8800 East Raintree Drive Suite 300 Scottsdale, Arizona 85260 480-515-8100 |
Jeffrey E. Beck Snell & Wilmer L.L.P. One Arizona Center 400 East Van Buren Phoenix, Arizona 85004 (602) 382-6000 | |
(Name, address and telephone number (including area code) of agent for service) |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☐ (Do not check if a smaller reporting company) | Smaller reporting company | ☐ | |||
Emerging Growth Company | ☐ |
CALCULATION OF REGISTRATION FEE
| ||||||||
Title of securities to be registered |
Amount to be registered (1) |
Proposed maximum offering price per share (2) |
Proposed maximum aggregate offering price (2) |
Amount of registration fee | ||||
Common Stock ($0.01 par value) |
1,250,000 | $43.15 | $53,937,500 | $6,715.22 | ||||
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(1) | In the event of a stock split, stock dividend, or similar transaction involving the Registrants Common Stock, in order to prevent dilution, the number of shares registered shall be automatically increased to cover the additional shares in accordance with Rule 416(a) under the Securities Act of 1933, as amended (the Securities Act). |
(2) | Estimated solely for the purpose of calculating the amount of the registration fee, pursuant to Rules 457(c) and 457(h) of the Securities Act, on the basis of the average of the high and low prices of the Registrants shares of Common Stock on May 17, 2018. |
TABLE OF CONTENTS
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PART I |
1 | |||||
Item 1. |
1 | |||||
Item 2. |
1 | |||||
PART II |
1 | |||||
Item 3. |
1 | |||||
Item 4. |
2 | |||||
Item 5. |
2 | |||||
Item 6. |
2 | |||||
Item 7. |
2 | |||||
Item 8. |
3 | |||||
Item 9. |
3 | |||||
5 | ||||||
6 |
INTRODUCTION
This Registration Statement on Form S-8 is filed by Meritage Homes Corporation, a Maryland corporation (Meritage or the Registrant), to register 1,250,000 shares of the Registrants common stock, par value $0.01 per share (Common Stock), which may be offered or sold under the Meritage Homes Corporation 2018 Stock Incentive Plan (the Plan).
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item 1. | Plan Information.* |
Item 2. | Registrant Information and Employee Plan Annual Information.* |
* | The documents containing the information specified in Part I of Form S-8 will be delivered to participants in the Plan, covered by this Registration Statement prepared by Meritage in accordance with Form S-8 and Rule 428(b)(1) under the Securities Act of 1933, as amended (the Securities Act). Such documents are not required to be, and are not, filed with the Securities and Exchange Commission (the Commission), either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act. These documents and the documents incorporated by reference into this Registration Statement pursuant to Item 3 of Part II of this Registration Statement, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act. These documents and the documents incorporated by reference into this Registration Statement pursuant to Item 3 of Part II of this Registration Statement are available, without charge, to participants upon written or oral request. Participants wishing to receive such documents should contact C. Timothy White, Executive Vice President and General Counsel, 8800 E. Raintree Drive, Suite 300, Scottsdale, Arizona 85260. |
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. | Incorporation of Documents by Reference. |
The following documents, which the Registrant has previously filed with the Commission, are incorporated herein by reference and made a part hereof:
a) | The Registrants Annual Report on Form 10-K for the fiscal year ended December 31, 2017; |
b) | The Registrants Quarterly Report on Form 10-Q for the quarter ended March 31, 2018; |
c) | The Registrants Current Reports on Form 8-K filed on January 26, 2018, March 2, 2018, March 16, 2018, March 26, 2018 and May 17, 2018 (in each case, other than information that is furnished but that is deemed not to have been filed); and |
d) | The description of the Registrants Common Stock contained the Form 8-A of Emerald Mortgage Investments Corporation (a predecessor of Meritage Homes Corporation) filed on July 7, 1988, including any amendment or report filed to update such description. |
All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act, subsequent to the date of this Registration Statement and prior to the filing of a post-effective amendment hereto that indicates that all securities offered hereunder have been sold or that deregisters all securities then remaining unsold shall be deemed to be incorporated by reference herein and to be a part hereof from the date of filing of such documents. Nothing in this Registration Statement shall be deemed to incorporate information furnished but not filed with the Commission.
For purposes of this Registration Statement, any statement contained in a document incorporated or deemed to be incorporated herein by reference shall be deemed to be modified or superseded to the extent that a statement contained herein or in any other subsequently filed document that also is or is deemed to be incorporated herein by reference modifies or supersedes such statement in such document. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
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Item 4. | Description of Securities. |
Not applicable.
Item 5. | Interests of Named Experts and Counsel. |
Not applicable.
Item 6. | Indemnification of Directors and Officers. |
Under the provisions of the Maryland General Corporation Law (the MGCL), a corporations charter may, with certain exceptions, include any provision expanding or limiting the liability of its directors and officers to the corporation or its stockholders for money damages, but may not include any provision that restricts or limits the liability of its directors or officers to the corporation or its stockholders to the extent that (1) it is proved that the person actually received an improper benefit or profit in money, property, or services for the amount of the benefit or profit in money, property, or services actually received or (2) a judgment or other final adjudication adverse to the person is entered in a proceeding based on a finding in the proceeding that the persons action, or failure to act, was the result of active and deliberate dishonesty and was material to the cause of action adjudicated in the proceeding. Meritages charter contains a provision limiting the personal liability of officers and directors to Meritage and its stockholders to the fullest extent permitted under Maryland law.
In addition, the provisions of the MGCL permit a corporation to indemnify its present and former directors and officers, among others, against liability incurred, unless it is established that (1) the act or omission of the director or officer was material to the matter giving rise to the proceeding and was committed in bad faith or was the result of active and deliberate dishonesty, or (2) the director or officer actually received an improper personal benefit in money, property, or services, or (3) in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. However, under the MGCL, a Maryland corporation may not indemnify for an adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on the basis that personal benefit was improperly received, unless in either case a court orders indemnification and then only for expenses. In addition, the MGCL permits a corporation to advance reasonable expenses to a director or officer upon the corporations receipt of (a) a written affirmation by the director or officer of his good faith belief that he has met the standard of conduct necessary for indemnification by the corporation and (b) a written undertaking by him or on his behalf to repay the amount paid or reimbursed by the corporation if it shall ultimately be determined that the standard of conduct was not met. Meritages charter provides that it will indemnify and advance expenses to its directors, officers and others so designated by the board of directors to the full extent permitted under Maryland law.
Meritage also maintains, for the benefit of its and its subsidiaries directors and officers, insurance against certain asserted or incurred liabilities, including certain liabilities under the Securities Act.
Item 7. | Exemption From Registration Claimed. |
Not applicable.
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Item 8. | Exhibits. |
Exhibit Number |
Description |
Page or Method of Filing | ||
5.1 | Opinion of Venable LLP | Filed herewith | ||
23.1 | Consent of Deloitte & Touche LLP | Filed herewith | ||
23.2 | Consent of Venable LLP | Included as part of Exhibit 5.1 | ||
24.1 | Power of Attorney | See Signature Page | ||
99.1 | Meritage Homes Corporation 2018 Stock Incentive Plan | Incorporated by reference to Appendix A to the Proxy Statement for the Registrants 2018 Annual Meeting of Stockholders filed on March 26, 2018 |
Item 9. | Undertakings. |
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the provisions described in Item 6 above, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
The undersigned registrant hereby undertakes:
(1) | To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: |
(i) | To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933; |
(ii) | To reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the Calculation of Registration Fee table in the effective registration statement; |
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(iii) | To include any material information with respect to the plan of distribution not previously disclosed in this registration statement or any material change to such information in this registration statement; |
provided, however, that paragraphs (1)(i) and (1)(ii) of this section do not apply if the registration statement is on Form S-8, and the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C 78m or 78 o (d)) that are incorporated by reference in this registration statement.
(2) | That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
(3) | To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. |
(4) | That, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrants annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act (and, where applicable, each filing of an employee benefit plans annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
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Exhibit Number |
Description |
Page or Method of Filing | ||
5.1 | Opinion of Venable LLP | Filed herewith | ||
23.1 | Consent of Deloitte & Touche LLP | Filed herewith | ||
23.2 | Consent of Venable LLP | Included as part of Exhibit 5.1 | ||
24.1 | Power of Attorney | See Signature Page | ||
99.1 | Meritage Homes Corporation 2018 Stock Incentive Plan | Incorporated by reference to Appendix A of the Proxy Statement for the Registrants 2018 Annual Meeting of Stockholders filed on March 26, 2018. |
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Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Scottsdale, State of Arizona, on this 21st day of May, 2018.
MERITAGE HOMES CORPORATION | ||||
By: | /s/ Hilla Sferruzza | |||
Hilla Sferruzza | ||||
Executive Vice President and Chief Financial Officer (Principal Accounting Officer) |
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Steven J. Hilton, C. Timothy White and Hilla Sferruzza, and each of them, his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments to this registration statement, and to file the same, with all exhibits thereto, and other documents in connection therewith with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully and to all intents and purposes as he might or could do in person hereby ratifying and confirming all that said attorneys-in-fact and agents, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicate
Signature |
Title |
Date | ||||
By: | /s/ Steven J. Hilton |
Chairman, Chief Executive Officer and Director | May 21, 2018 | |||
Steven J. Hilton | (Principal Executive Officer) | |||||
By: | /s/ Hilla Sferruzza |
Executive Vice President and Chief Financial Officer | May 21, 2018 | |||
Hilla Sferruzza | (Principal Financial and Accounting Officer) | |||||
By: | /s/ Peter L. Ax |
Director | May 21, 2018 | |||
Peter L. Ax | ||||||
By: | /s/ Raymond Oppel |
Director | May 21, 2018 | |||
Raymond Oppel | ||||||
By: | /s/ Robert G. Sarver |
Director | May 21, 2018 | |||
Robert G. Sarver | ||||||
By: | /s/ Richard T. Burke, Sr. |
Director | May 21, 2018 | |||
Richard T. Burke, Sr. | ||||||
By: | /s/ Gerald W. Haddock |
Director | May 21, 2018 | |||
Gerald W. Haddock |
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By: | /s/ Dana Bradford |
Director | May 21, 2018 | |||
Dana Bradford | ||||||
By: | /s/ Michael R. Odell |
Director | May 21, 2018 | |||
Michael R. Odell | ||||||
By: | /s/ Deb Henretta |
Director | May 21, 2018 | |||
Deb Henretta |
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