Form 8-K M.D.C. HOLDINGS, INC. For: Feb 03
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E-mailUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
_________________________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): February 3, 2022
(Exact name of registrant as specified in its charter) | ||||||||
| (State or other jurisdiction of incorporation) | (Commission file number) | (I.R.S. employer identification no.) | ||||||
(Address of principal executive offices) (Zip code) | ||||||||
Registrant’s telephone number, including area code: (303 ) 773-1100
Not Applicable
| (Former name or former address, if changed since last report) | ||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
(e) Compensatory Arrangements of Certain Officers
On February 3, 2022, the Compensation Committee (the "Committee") of M.D.C. Holdings, Inc. (the “Company”) took the actions described below with respect to compensation of the executive officers of the Company.
Executive Bonus for 2021 – Messrs. Mizel and Mandarich
Two of the Company’s executive officers, Larry A. Mizel, Executive Chairman, and David D. Mandarich, Chief Executive Officer, are eligible for awards under the Company’s 2018 Executive Officer Performance-Based Compensation Plan (as amended, the “2018 Performance-Based Plan”). The bonus payment established by the Committee that could be earned for 2021 under the 2018 Performance-Based Plan was subject to a $10.0 million dollar cap for Mr. Mizel and an $8.0 million cap for Mr. Mandarich. In addition, any bonus earned in excess of $8.0 million for Mr. Mizel and $6.0 million for Mr. Mandarich would be paid in restricted stock.
The Committee determined, based on the 2021 goal established under the 2018 Performance-Based Plan, that Mr. Mizel earned a cash bonus of $8.0 million and Mr. Mandarich earned a cash bonus of $6.0 million and each executive earned a restricted stock award of $2.0 million valued as of the date of the Committee’s action. The restricted stock will vest equally over three years, starting with the first anniversary of the date of the Committee’s action. The restricted stock award is evidenced by the form of Restricted Stock Agreement filed as Exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q dated June 30, 2021.
Executive Bonus for 2021 – Mr. Martin and Ms. Givens
The Committee determined that the Chief Financial Officer, Robert N. Martin, was entitled to an annual bonus for 2021 of a percentage of base pay based on his performance regarding Key Performance Indicators (“KPIs”) established for his position. Based on its evaluation of performance relative to the established KPIs, the Committee awarded Mr. Martin a performance bonus of $1.5 million.
The Compensation Committee also awarded Mr. Martin $2.0 million in restricted stock, valued as of the date of the Committee’s action. The restricted stock will vest equally over three years, starting with the first anniversary of the date of the Committee’s action. The restricted stock award is evidenced by the form of Restricted Stock Agreement filed as Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q dated June 30, 2021.
The Committee also determined that the Company’s General Counsel, Rebecca B. Givens, was entitled to an annual bonus for 2021 of a percentage of base pay based on her performance regarding KPIs established for her position. Based on its evaluation of performance relative to the established KPIs, the Committee awarded Ms. Givens a performance bonus of $450,000.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
| Exhibit Number | Description | |||||||
| 104 | Cover Page Interactive Data file (formatted in Inline XBRL) | |||||||
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
_________________________________
| M.D.C. HOLDINGS, INC. | ||||||||||||||
| Dated: | February 4, 2022 | By: | /s/ Joseph H. Fretz | |||||||||||
| Joseph H. Fretz | ||||||||||||||
| Vice President, Secretary and Corporate Counsel | ||||||||||||||
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