Ross Susan Williamson 4

What Happened

• Susan Williamson, a director of NVR (NVR), exercised 200 stock options on 2026-02-13 at a strike price of $1,700.00 per share (total cost $340,000) and sold 200 shares the same day in an open-market transaction at $7,922.06 per share (gross proceeds $1,584,412). The filing also shows a derivative disposition of 200 shares at $0, reflecting the conversion/cancellation of the underlying options. The sequence is consistent with a cashless exercise (exercise followed by immediate sale).

Key Details

• Transaction dates and prices:
  • 2026-02-13: Exercise (M) — acquired 200 shares @ $1,700.00 (total $340,000)
  • 2026-02-13: Sale (S) — disposed 200 shares @ $7,922.06 (gross proceeds $1,584,412)
  • 2026-02-13: Derivative disposition (M) — 200 shares @ $0.00 (reflects option conversion/cancellation)
• Shares owned after transaction: Not specified in the provided filing.
• Footnote: F1 — the stock 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 (i.e., the options were vested).
• Filing timeliness: Report filed 2026-02-17 for the 2026-02-13 transaction (filed within the required two business-day window).
• No 10b5-1 trading plan or tax-withholding details were disclosed in the reported lines.

Context

• This appears to be a routine cashless exercise where vested options were exercised and the resulting shares were sold immediately. Such transactions commonly cover the exercise cost and taxes; they do not, by themselves, indicate the insider’s long-term view of the company.