NVR, Inc. (NYSE:NVR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May9, 2018, the Compensation Committee of the Board of Directors of NVR, Inc. approved the grant of non-qualified stock options to purchase NVR, Inc. common stock (“Shares”) on May 10, 2018 (the "Grant Date") to the following executive officers of NVR, Inc.:
|
Name and Principal Position |
Shares Granted |
|
Paul C. Saville, President and Chief Executive Officer |
50,000 |
|
Daniel D. Malzahn, Senior Vice President, Chief Financial Officer and Treasurer |
16,400 |
|
Jeffrey D. Martchek, President of Homebuilding Operations |
14,600 |
|
Robert W. Henley, President, NVR Mortgage |
14,100 |
|
Eugene J. Bredow, Senior Vice President and Chief Administrative Officer |
13,600 |
Consistent with the disclosure in the Company’s 2018 Proxy Statement, the grants represent four years of long-term incentive compensation to each executive officer. Each executive officer’s grant consisted of two options, each covering half of the number of Shares listed above. One of the options is a time-based option which will vest in 25% increments on each of December31, 2020, 2021, 2022 and 2023, provided that the executive officer remains employed by NVR, Inc. on the relevant vesting date. The other option is performance-based and will vest on the same terms as the time-based options, subject to an additional requirement that vesting of the options is based on the Company’s return on capital performance during 2018 through 2020.
The exercise price of each of the options is $3,022.99, which was the closing price of our common stock on the day preceding the Grant Date.
All of the options were granted under the NVR, Inc. 2018 Equity Incentive Plan (the “2018 Plan”), a copy of which is filed as Exhibit 10.1 to NVR, Inc.’s Registration Statement on Form S-8 filed with the Securities and Exchange Commission on May3, 2018.
Additional terms of the time-based options granted to our executive officers are set forth in the form of Non-Qualified Stock Option Agreement, filed herewith as Exhibit 10.1. Additional terms of the performance-based options granted to our executive officers are set forth in the form of Non-Qualified Stock Option Agreement, filed herewith as Exhibit 10.3.
Terms of the time-based and performance-based options granted to our Board members will be evidenced by the forms of agreement filed herewith as Exhibits 10.2 and 10.4, respectively.
Terms of the restricted share units that are available to be granted under the 2018 Plan to our executive officers or Board members will be evidenced by the forms of agreement filed herewith as Exhibits 10.5 and 10.6, respectively.
NVR INC ExhibitEX-10.1 2 exhibit10_1.htm EXHIBIT 10.1 Exhibit Exhibit 10.1NVR,…To view the full exhibit click here
About NVR, Inc. (NYSE:NVR)
NVR, Inc. is engaged in the construction and sale of single-family detached homes, townhomes and condominium buildings. The Company also operates a mortgage banking and title services business. The Company’s mortgage banking operations are operated primarily through a subsidiary, NVR Mortgage Finance, Inc. (NVRM). The Company operates in multiple locations in approximately 14 states and Washington, D.C., primarily in the eastern part of the United States. Its homebuilding business operates under four trade names, such as Ryan Homes, NVHomes, Fox Ridge Homes and Heartland Homes. The Ryan Homes and Fox Ridge Homes products are marketed primarily to first-time and first-time move-up buyers. The NVHomes and Heartland Homes products are marketed primarily to move-up and up-scale buyers. The Company’s homes combine traditional, transitional, cottage or urban exterior designs with interior designs and amenities, which include 2 to 4 bedrooms and range from 1,000 to 7,000 square feet.
