Item 9B. Other Information.
3K characters. Original on sec.gov ·
Item 9B. Other Information.
Eugene J. Bredow, age 48, has been named as Senior Vice President and Chief Administrative Officer of NVR effective March 1, 2018. Mr. Bredow has served as our Vice President and Controller since June 2012 and as our Chief Accounting Officer since February 2016. Mr. Bredow will continue to serve as an executive officer in his new position. Mr. Bredow will be paid a base salary of $425,000 annually effective March 1, 2018 and will continue to participate in the 2018 Executive Officer Annual Incentive Compensation Plan as described in Exhibit 10.36, attached to this Form 10-K and incorporated herein by reference. Mr. Bredow’s employment agreement will be amended effective March 1, 2018 to reflect his new base salary and title.
In connection with Mr. Bredow’s promotion, Matthew B. Kelpy, age 44, has been named as Vice President, Chief Accounting Officer and Controller of NVR effective March 1, 2018. Mr. Kelpy will serve as NVR’s principal accounting officer and an executive officer effective March 1, 2018. Mr. Kelpy joined NVR in January 2017 as Vice President and Controller. Prior to joining NVR, Mr. Kelpy was most recently Chief Accounting Officer for GoDaddy, Inc. during November 2014-December 2016. Prior to that position, Mr. Kelpy was employed by AOL, Inc. in various accounting management positions during June 2005-November 2014, culminating in Chief Accounting Officer during August 2011-November 2014.
Mr. Kelpy will be paid a base salary of $307,500 annually effective March 1, 2018. Mr. Kelpy will participate in the 2018 Executive Officer Annual Incentive Compensation Plan, effective March 1, 2018, as described in Exhibit 10.36, attached to this Form 10-K and incorporated herein by reference. Mr. Kelpy’s maximum potential payout under the 2018 Executive Officer Annual Incentive Compensation Plan is equal to 100% of his base salary. Mr. Kelpy will also receive a grant of 1,500 non-qualified fixed-priced stock options from the NVR, Inc. 2014 Equity Incentive Plan, which was filed as Exhibit 10.1 to NVR’s Form S-8 (No. 333-195756) filed on May 7, 2014 and is incorporated herein by reference. The grant consists of two options, each covering half of the total number of shares granted. One of the options is a time-based option which will vest in 25% increments on each of December 31, 2020, 2021, 2022 and 2023, based on continued employment with the Company 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 to 2020. The equity grants to Mr. Kelpy will be issued
pursuant to the Form of Non-Qualified Stock Option Agreement (Management time-based grants) filed as Exhibit 10.15 herein and the Form of Non-Qualified Stock Option Agreement (Management performance-based grants) filed as Exhibit 10.17 herein.
PART III
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