Kelpy Matthew B. 4

What Happened

• Matthew B. Kelpy, VP and Chief Accounting Officer of NVR, exercised 500 stock options at $4,475.53 per share (total exercise cost $2,237,765) on Feb 10, 2026 and sold 500 common shares the same day in an open-market transaction at $8,100.00 per share for proceeds of $4,050,000. The nominal gain before taxes and fees on the lot is approximately $1,812,235.
• The Form 4 lists an additional derivative line showing 500 shares disposed at $0.00, which corresponds to the conversion/exercise mechanics reported alongside the acquisition and sale.

Key Details

• Transaction date: 2026-02-10 (Filed on 2026-02-11 — timely filing)
• Exercise: 500 shares @ $4,475.53 = $2,237,765 (code M — option exercise)
• Sale: 500 shares @ $8,100.00 = $4,050,000 (open-market sale, code S)
• Derivative entry: 500 shares @ $0.00 reported as disposed (reflects conversion/settlement of the derivative)
• Shares owned after transaction: Not specified in the provided filing summary
• Footnote: Options were granted under the NVR, Inc. 2014 Equity Incentive Plan and vest in 25% increments on 12/31/24, 12/31/25, 12/31/26, and 12/31/27 (per footnote F1)

Context

• This was an exercise of vested options followed by an immediate sale of the resulting shares (a cashless exercise/sale pattern). Such transactions commonly convert compensation-related options into cash and do not necessarily indicate a change in insider sentiment.
• The filing appears timely (reported the next day). The activity is routine executive option exercise and sale reporting rather than an acquisition indicating added insider ownership.