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.
(c)Appointment of Principal Operating Officer. On June 11, 2018, KB Home announced the appointment of Matthew W. Mandino, 53, as executive vice president and chief operating officer, effective as of June 1, 2018. Since 2016, Mr.Mandino has served as the regional president of KB Home’s Colorado, Las Vegas and Arizona operations. From 2011 to 2016, Mr.Mandino served as the president of KB Home’s Colorado division.
As executive vice president and chief operating officer, Mr.Mandino will be entitled to the following compensatory arrangements: an initial base salary of $750,000 per year; eligible to participate in the annual incentive program for executive officers, on a pro-rated basis for the 2018 fiscal year; eligible to receive long-term incentive awards, to be made with annual grants to other employees later in the year, with a target value of approximately $1,750,000; and eligible to participate in KBHome’s executive benefits and life insurance programs. For descriptions and copies of the above-referenced plans and programs, please refer to KB Home’s most recent annual report on Form 10-K and most recent proxy statement. Mr. Mandino will also be reimbursed for certain relocation expenses to KB Home’s relocation policy.
Other than as described herein, there are no arrangements or understandings between Mr. Mandino and any other person to which he was appointed as executive vice president andchief operating officer. Mr. Mandino does not have any family relationship with any director or other executive officer of KB Home or any person nominated or chosen by KB Home to become a director or executive officer. There are no transactions in which Mr. Mandino has an interest requiring disclosure under Item 404(a) of Regulation S-K currently contemplated or since the beginning of the last fiscal year.
A copy of the press release announcing Mr. Mandino’s appointment is attached as Exhibit 99.1 to this report and is incorporated herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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99.1 |
Press release dated June 11, 2018.
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EXHIBIT INDEX
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ExhibitNo. |
Description |
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99.1 |
Press release dated June 11, 2018.
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KB HOME ExhibitEX-99.1 2 mandinorelease.htm EXHIBIT 99.1 Exhibit Exhibit 99.1FOR IMMEDIATE RELEASEFor Further Information: Susan Martin,…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.