Kelpy Matthew B. 4

What Happened

• Matthew B. Kelpy, Vice President and Chief Accounting Officer of NVR, was granted an equity award on 2026-05-14 covering 272 shares. The Form 4 reports this as a derivative grant (code A) with a reported acquisition price of $0.00, indicating stock options rather than an open-market purchase or sale.

Key Details

• Transaction date: 2026-05-14; Filing date: 2026-05-18 (filed on time under the 2-business-day Form 4 rule).
• Reported amount: options covering 272 shares; reported price: $0.00 (derivative grant).
• Shares owned after the transaction: not specified in the filing.
• Footnote: Mr. Kelpy received time‑based stock options under NVR’s 2018 Equity Incentive Plan and an equal number of performance‑based options. The performance options vest on the same schedule as the time‑based options but are additionally conditioned on the Company’s return on capital performance for 2026–2028.
• Transaction type: Award/grant of options (not an immediate purchase or sale).

Context

• These are option grants (future rights to acquire shares if vesting and exercise conditions are met), so they do not represent immediate cash proceeds or share sales. Performance‑based options will only vest if the specified return‑on‑capital targets for 2026–2028 are met; time‑based options vest per the plan schedule. This is routine executive equity compensation and not a direct buy/sell signal.