WILLIAM LYON HOMES (NYSE:WLH) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(c) On March31, 2017, the Board of Directors (the Board) of
William Lyon Homes, a Delaware corporation (the Company),
appointed Brian W. Doyle, the Companys current Executive Vice
President of Operations, to the position of Executive Vice
President and Chief Operating Officer, effective immediately.
Mr.Doyle joined the Company in 1999 when it acquired
substantially all of the assets of the former William Lyon Homes,
where Mr.Doyle had served as Director of Sales and Marketing for
the Southern California Division since November 1997. Prior to
his current position, the majority of Mr.Doyles 19 year tenure
with the company (and its predecessor) has been in operational
leadership roles including as Division Manager of the San Diego
Division, Division President of the Southern California Division,
and as the Regional President of California beginning in 2010.
Mr.Doyle was promoted to Executive Vice President and California
Regional President effective July 2015, and transitioned to the
corporate position of Executive Vice President of Operations in
July 2016. Mr.Doyle holds a B.A. from California State University
of Long Beach, and possesses more than 25 years of experience in
the real estate development and homebuilding industry.
Mr.Doyle is not a party to any transaction, or series of
transactions, required to be disclosed to Item404(a) of
Regulation S-K, and there are no family relationships between
Mr.Doyle and any other director or executive officer of the
Company.
The Compensation Committee of the Board has approved the
following compensation arrangements for Mr.Doyle in connection
with his promotion to the Chief Operating Officer position,
including a base salary, as well as a cash bonus opportunity and
long-term equity incentive awards, 1/3 of which are in the form
of time-based restricted stock awards and 2/3 of which are in the
form of performance-based restricted stock awards, in each case
vesting in equal annual installments on each of March1, 2018,
2019 and 2020, as part of the 2017 incentive program adopted to
the Companys 2012 Equity Incentive Plan, as amended, subject to
various performance and/or time conditions and payout multiples,
as applicable:
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2017 Base Salary |
2017 TargetCash BonusOpportunity | TargetEquityAward GrantDateFairValue | ||||||
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$425,000 |
$ | 850,000 | $ | 750,000 |
Mr.Doyle is party to an existing employment agreement, effective
as of April1, 2013 (the Employment Agreement), in the same form
of agreement as entered into with certain other senior executives
of the Company and as filed with the SEC as Exhibit 10.35 to the
Companys Registration Statement on Form S-1 dated April9, 2013
(File No.333-187819). The Employment Agreement provides for
severance and other benefits upon certain triggering events and
subject to certain conditions, as described therein. In addition,
Mr.Doyle is party to the Companys standard form indemnification
agreement for executive officers.
About WILLIAM LYON HOMES (NYSE:WLH)
William Lyon Homes is a regional homebuilder. The Company is engaged in the design, construction, marketing and sale of single-family detached and attached homes. It operates through six segments: California, Arizona, Nevada, Colorado, Washington and Oregon. Each of the segments has responsibility for the management of the Company’s homebuilding and development operations within its geographic boundaries. The California Segment consists of operations in Orange, Los Angeles, San Diego, Riverside, San Bernardino, Alameda, Contra Costa and San Joaquin counties. The Arizona Segment consists of operations in the Phoenix metropolitan area. The Nevada Segment consists of operations in Clark and Nye counties. The Colorado Segment consists of operations in Douglas, Grand, Jefferson, and Larimer counties. The Washington Segment consists of operations in King, Snohomish, and Pierce counties. The Oregon Segment consists of operations in Clackamas and Washington counties. WILLIAM LYON HOMES (NYSE:WLH) Recent Trading Information
WILLIAM LYON HOMES (NYSE:WLH) closed its last trading session up +0.31 at 20.28 with 303,892 shares trading hands.