UNITED STATES

SECURITIES AND EXHANGE COMMISSION

Washington, D.C. 20549

 

SCHEDULE 14A

 

Proxy Statement Pursuant to Section 14(a) of

the Securities Exchange Act of 1934 (Amendment No.   )

 

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Preliminary Proxy Statement

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Definitive Proxy Statement

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Definitive Additional Materials

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Soliciting Material Pursuant to 240.14a-12

 

 M.D.C. Holdings, Inc.

 

(Name of Registrant as Specified In Its Charter)

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Explanatory Note

 

The second and third paragraphs under “Outcomes Reflect Alignment with Performance” on page 37 of our Proxy Statement filed on February 25, 2020, did not note that the Adjusted Pre-Tax Diluted EPS target goal was adjusted to reflect the 2019 stock dividend and that the targets represent performance at or above the actual 2018 performance. The second and third paragraphs, as clarified, are set forth below:

 

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Adjusting for the 2019 stock dividend, the targets set forth below represent performance at or above our actual 2018 performance.

 

 

Home Sale Revenues  

Bonus

(thousands)

    

Goal

(billions)

    

Adjusted Pre-Tax

EPS

 

  

Bonus

(thousands)

     Goal  

Target

 

   $1,300     $2.981     Target   $1,300     $4.74  

Threshold

 

   $800     $2.700     Threshold   $800     $3.07  

 

Net New Orders  

Bonus

(thousands)

 

    

Goal

(homes)

    

Adjusted

EBITDA

  

Bonus

(thousands)

    

Goal

($ in millions)

  
Target   $1,300    

6,200

 

     Target   $1,500     $398  
Threshold   $800    

5,974

 

     Threshold   $1,000     $284  

 

 

The appropriateness of the categories selected for 2019, along with target and threshold goal amounts, were carefully considered by the Compensation Committee given the Company’s emphasis on prioritizing growth, risk management, financial stability and pursuit of long-term value. Specifically, with respect to the Home Sale Revenues, Adjusted Pre-Tax Diluted EPS, Net New Orders and EBITDA goals, the minimum and target performance criteria were established based on the prior year actual performance as well as the 2019 Business Plan. Adjusting for the 2019 stock dividend, the target goals represent performance at or above our actual 2018 performance. Bonuses earned for each metric were adjusted on a pro-rata basis if actual results were between Threshold and Target.

 

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