Ross Susan Williamson 4

What Happened
Ross Susan Williamson, a director of NVR, exercised 220 stock options and immediately sold the 220 resulting shares. The options were exercised at $1,700.00 per share (total cost $374,000) and the shares were sold that same day at $8,000.00 per share (total proceeds $1,760,000). The filing shows the derivative interest (the options) was converted/terminated in the exercise.

Key Details

• Transaction date: 2026-02-04; Filing date: 2026-02-05. No late-filing flag noted in the provided record.
• Exercise (M): 220 shares acquired at $1,700.00 each (total $374,000).
• Sale (S): 220 shares sold in an open-market/private sale at $8,000.00 each (total $1,760,000).
• Derivative disposition: 220 option units shown disposed at $0.00 (reflects the option conversion on exercise).
• Shares owned after transaction: not reported in the provided filing.
• Footnote: F1 — The options were granted under the 2014 Equity Incentive Plan and vest in 25% increments on 12/31/18, 12/31/19, 12/31/20 and 12/31/21.

Context
Because the exercise and sale occurred on the same day, this is effectively a cashless exercise (option exercise followed by immediate sale of the shares). Such transactions are common for insiders to realize gains or cover exercise costs and tax withholding; they are not, by themselves, a clear signal of a change in the insider’s view of the company. The M transaction code indicates option exercise; the S code indicates an open-market or private sale.