KB HOME (NYSE:KBH) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

KB HOME (NYSE:KBH) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 9.01 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e)Long-Term Incentive Awards.

On October 5, 2017, the management development and compensation committee (“Committee”) of the board of directors of KB Home (“Company”) approved grants of long-term incentive awards to the Amended KB Home 2014 Equity Incentive Plan to the Company’s named executive officers — Jeffrey T. Mezger, the Company’s president and chief executive officer; Jeff J. Kaminski, the Company’s executive vice president and chief financial officer; Brian J. Woram, the Company’s executive vice president and general counsel; and Albert Z. Praw, the Company’s executive vice president, real estate and business development — and to the other executive officers and certain other senior executives of the Company.

The long-term incentive awards granted to all of the Company’s executive officers on October 5, 2017 consisted solely of performance-based restricted stock units (each, a “PSU”) corresponding to a target award amount of shares of KBHome common stock (“Award Shares”) for each recipient. The terms of the PSU awards are further described below and qualified by reference to the form award agreement that is attached as an exhibit to this report.

Each PSU granted on October 5, 2017 entitles a recipient to receive between 0% to 200% of the recipient’s Award Shares based on the Company’s achieving over the three-year performance period commencing on December 1, 2017 and ending on November 30, 2020 specified levels of (a) cumulative adjusted earnings per share; (b)average adjusted return on invested capital; and (c)revenue growth performance relative to a peer group of high-production public homebuilding companies. The earnings per share performance measure will determine 50%, the average return on invested capital performance measure will determine 20%, and the relative revenue growth performance measure will determine 30%, of the final number of shares of KBHome common stock that may be issued to each PSU. If performance over the performance period for the three performance measures is below specific thresholds, each PSU recipient will receive no shares of KBHome common stock.

The PSUs granted to the Company’s named executive officers on October 5, 2017 are as follows:

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

KB HOME ExhibitEX-10.54 2 ex1055.htm EXHIBIT 10.54 Exhibit Exhibit 10.54AMENDED KB HOME 2014 EQUITY INCENTIVE PLAN PERFORMANCE-BASED RESTRICTED STOCK UNIT AWARD AGREEMENT This Performance-Based Restricted Stock Unit Award Agreement (“Agreement”) is made on [DATE] (“Grant Date”) by and between KB Home,…To view the full exhibit click here
About KB HOME (NYSE:KBH)
KB Home is a homebuilding company in the United States. The Company constructs and sells a range of new homes designed primarily for first-time, move-up and active adult homebuyers, including attached and detached single-family residential homes, townhomes and condominiums. Its segments include the West Coast, Southwest, Central and Southeast homebuilding segments, and financial services segment. Its homebuilding segments are engaged in the acquisition and development of land primarily for residential purposes. The financial services segment offers property and casualty insurance and, in certain instances, earthquake, flood and personal property insurance to its homebuyers in the same markets as its homebuilding segments, and also provides title services in various markets located within its Central and Southeast homebuilding segments. Its financial services operations also provide mortgage banking services, including residential consumer mortgage loan originations.