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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO SECTION 13 OR 15(d) OF THE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): January&nbsp;18, 2019 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>WILLIAM LYON HOMES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">001-31625</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">33-0864902</FONT></B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of Incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>4695 MacArthur Court, 8<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Newport Beach, California 92660 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices and zip code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(949) <FONT STYLE="white-space:nowrap">833-3600</FONT></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this
chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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&nbsp;13(a) of the Exchange
Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.02.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(e) On January&nbsp;18, 2019, William Lyon Homes, a Delaware corporation
(&#147;Parent&#148;) and William Lyon Homes, Inc., a California corporation and wholly-owned subsidiary of Parent (&#147;California Lyon&#148; and, together with Parent, the &#147;Company&#148;), entered into new employment agreements (the &#147;New
Agreements&#148;) with each of Matthew R. Zaist, President and Chief Executive Officer of the Company, and William H. Lyon, Executive Chairman of the Company, in each case providing for the executives&#146; continued service in such roles. The New
Agreements supersede and replace the Company&#146;s existing employment agreements with the executives. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>New Employment Agreements </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Zaist&#146;s and Mr.&nbsp;Lyon&#146;s New Agreements have three year and one year terms, respectively, that automatically renew for additional one
year periods at the end of the then-current term. The New Agreements provide for Messrs. Zaist and Lyon to receive a minimum base salary of $950,000 and $800,000, respectively, have an annual bonus targeted at a minimum of 200% of base salary, each
of which remain unchanged from the amounts and targets previously established by the Compensation Committee for such executives for the 2018 year, and receive benefits generally available to other senior executives. Mr.&nbsp;Zaist&#146;s New
Agreement also provides for Mr.&nbsp;Zaist to be granted shares of restricted stock and performance stock units, as described further below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each New
Agreement provides for severance benefits materially consistent with the executives&#146; prior employment agreements, except that Mr.&nbsp;Zaist&#146;s New Agreement provides him retirement benefits. If he voluntarily terminates his employment with
the Company without good reason after reaching the age of 55 and completing 25 years of cumulative service with the Company, then he will be entitled to (i)&nbsp;enter into a consulting agreement (the &#147;Consulting Agreement&#148;) with the
Company with a <FONT STYLE="white-space:nowrap">two-year</FONT> term, which will provide for annual consulting fees equal to his then-current annual salary; and (ii)&nbsp;receive a pro rata portion of the annual bonus earned for the fiscal year of
termination. Additionally, if Mr.&nbsp;Zaist provides services under the Consulting Agreement for the full <FONT STYLE="white-space:nowrap">two-year</FONT> term, and executes a general release of claims in favor of the Company at the end of that
term, he will be entitled to receive full acceleration of all his equity awards outstanding at the end of the consulting term (with any performance conditions deemed achieved at target level if the consulting termination date occurs before the end
of a performance period). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each New Agreement also includes standard confidentiality and inventions assignment provisions,
<FONT STYLE="white-space:nowrap">non-competition</FONT> and <FONT STYLE="white-space:nowrap">non-solicitation</FONT> restrictions and mutual <FONT STYLE="white-space:nowrap">non-disparagement</FONT> obligations materially consistent with the
executives&#146; prior employment agreements. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Equity Awards Under Mr.&nbsp;Zaist&#146;s New Employment Agreement </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with Mr.&nbsp;Zaist&#146;s New Agreement, on January&nbsp;18, 2019, the Compensation Committee of the Board of Directors granted Mr.&nbsp;Zaist
(i) 134,650 shares of restricted Parent common stock and (ii) 89,767 performance stock units (&#147;PSUs&#148;) under the William Lyon Homes Amended and Restated 2012 Equity Incentive Plan and subject to the award agreements attached as Exhibits A
and B to the New Agreement. The restricted shares vest in a single installment on January&nbsp;2, 2022, subject to Mr.&nbsp;Zaist&#146;s continued service with the Company. The PSUs are eligible to vest upon the satisfaction of certain performance
conditions based on Parent&#146;s achievement of <FONT STYLE="white-space:nowrap">pre-established</FONT> relative total shareholder return (&#147;TSR&#148;) targets set by the Compensation Committee of the Board of Directors over two distinct, but
overlapping, performance periods that both start on January&nbsp;1, 2019 and end on December&nbsp;31, 2020 for the first performance period and December&nbsp;31, 2021 for the second performance period. Each PSU entitles Mr.&nbsp;Zaist to receive 0.5
shares, 1 share and 2 shares of Parent common stock in the event the Company&#146;s TSR is at the 35<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> percentile, 60<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> percentile or at or
above the 75<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> percentile, respectively, relative to the TSR of a peer group of 12 companies established by the Compensation Committee. Performance below these levels results in no shares being
issued, and the number of shares to be issued based on performance between these levels is determined using linear interpolation. If less than the maximum number of shares is earned for the first performance period, Mr.&nbsp;Zaist is eligible to
earn those shares based on performance in the second performance period. Generally, Mr.&nbsp;Zaist must remain in continuous service with us through the end of a performance period in order to earn any shares underlying the PSUs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing summary of the New Agreements is subject to, and qualified in its entirety by, the complete text of the New Agreements (including Exhibits A and
B of Mr.&nbsp;Zaist&#146;s New Agreement), which are attached hereto as Exhibits 10.1 and 10.2, and are incorporated herein by reference. </P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Financial Statements and Exhibits. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Exhibits: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Exhibit<BR>No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d684876dex101.htm">Employment Agreement by and among William Lyon Homes, William Lyon Homes, Inc. and Matthew R. Zaist, dated as of January&nbsp;18, 2019 </A></TD></TR>
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<TD VALIGN="top" NOWRAP>10.2</TD>
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<TD VALIGN="top"><A HREF="d684876dex102.htm">Employment Agreement by and among William Lyon Homes, William Lyon Homes, Inc. and William H. Lyon, dated as of January&nbsp;18, 2019 </A></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: January&nbsp;23, 2019 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"><B>WILLIAM LYON HOMES</B></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ JASON R. LILJESTROM</TD></TR>
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<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Jason R. Liljestrom</TD></TR>
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<TD VALIGN="top">Its:</TD>
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<TD VALIGN="bottom"><I>Senior Vice President, General Counsel and Corporate Secretary</I></TD></TR>
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8-K
UNITED 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): January 18, 2019
WILLIAM LYON HOMES
(Exact name of registrant as specified in its charter)
Delaware
001-31625
33-0864902
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
4695 MacArthur Court, 8
th
Floor
Newport Beach, California 92660
(Address of principal executive offices and zip code)
(949)
833-3600
(Registrant's telephone number, including area code)
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:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule
14a-12
under the Exchange Act (17
CFR
240.14a-12)
☐
Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
☐
Pre-commencement
communications pursuant to Rule
13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule
12b-2
of the Securities Exchange Act of 1934
(§240.12b-2
of this chapter).
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) On January 18, 2019, William Lyon Homes, a Delaware corporation
("Parent") and William Lyon Homes, Inc., a California corporation and wholly-owned subsidiary of Parent ("California Lyon" and, together with Parent, the "Company"), entered into new employment agreements (the "New
Agreements") with each of Matthew R. Zaist, President and Chief Executive Officer of the Company, and William H. Lyon, Executive Chairman of the Company, in each case providing for the executives' continued service in such roles. The New
Agreements supersede and replace the Company's existing employment agreements with the executives.
New Employment Agreements
Mr. Zaist's and Mr. Lyon's New Agreements have three year and one year terms, respectively, that automatically renew for additional one
year periods at the end of the then-current term. The New Agreements provide for Messrs. Zaist and Lyon to receive a minimum base salary of $950,000 and $800,000, respectively, have an annual bonus targeted at a minimum of 200% of base salary, each
of which remain unchanged from the amounts and targets previously established by the Compensation Committee for such executives for the 2018 year, and receive benefits generally available to other senior executives. Mr. Zaist's New
Agreement also provides for Mr. Zaist to be granted shares of restricted stock and performance stock units, as described further below.
Each New
Agreement provides for severance benefits materially consistent with the executives' prior employment agreements, except that Mr. Zaist's New Agreement provides him retirement benefits. If he voluntarily terminates his employment with
the Company without good reason after reaching the age of 55 and completing 25 years of cumulative service with the Company, then he will be entitled to (i) enter into a consulting agreement (the "Consulting Agreement") with the
Company with a
two-year
term, which will provide for annual consulting fees equal to his then-current annual salary; and (ii) receive a pro rata portion of the annual bonus earned for the fiscal year of
termination. Additionally, if Mr. Zaist provides services under the Consulting Agreement for the full
two-year
term, and executes a general release of claims in favor of the Company at the end of that
term, he will be entitled to receive full acceleration of all his equity awards outstanding at the end of the consulting term (with any performance conditions deemed achieved at target level if the consulting termination date occurs before the end
of a performance period).
Each New Agreement also includes standard confidentiality and inventions assignment provisions,
non-competition
and
non-solicitation
restrictions and mutual
non-disparagement
obligations materially consistent with the
executives' prior employment agreements.
Equity Awards Under Mr. Zaist's New Employment Agreement
In connection with Mr. Zaist's New Agreement, on January 18, 2019, the Compensation Committee of the Board of Directors granted Mr. Zaist
(i) 134,650 shares of restricted Parent common stock and (ii) 89,767 performance stock units ("PSUs") under the William Lyon Homes Amended and Restated 2012 Equity Incentive Plan and subject to the award agreements attached as Exhibits A
and B to the New Agreement. The restricted shares vest in a single installment on January 2, 2022, subject to Mr. Zaist's continued service with the Company. The PSUs are eligible to vest upon the satisfaction of certain performance
conditions based on Parent's achievement of
pre-established
relative total shareholder return ("TSR") targets set by the Compensation Committee of the Board of Directors over two distinct, but
overlapping, performance periods that both start on January 1, 2019 and end on December 31, 2020 for the first performance period and December 31, 2021 for the second performance period. Each PSU entitles Mr. Zaist to receive 0.5
shares, 1 share and 2 shares of Parent common stock in the event the Company's TSR is at the 35
th
percentile, 60
th
percentile or at or
above the 75
th
percentile, respectively, relative to the TSR of a peer group of 12 companies established by the Compensation Committee. Performance below these levels results in no shares being
issued, and the number of shares to be issued based on performance between these levels is determined using linear interpolation. If less than the maximum number of shares is earned for the first performance period, Mr. Zaist is eligible to
earn those shares based on performance in the second performance period. Generally, Mr. Zaist must remain in continuous service with us through the end of a performance period in order to earn any shares underlying the PSUs.
The foregoing summary of the New Agreements is subject to, and qualified in its entirety by, the complete text of the New Agreements (including Exhibits A and
B of Mr. Zaist's New Agreement), which are attached hereto as Exhibits 10.1 and 10.2, and are incorporated herein by reference.
Item 9.01.
Financial Statements and Exhibits.
(d) Exhibits:
Exhibit
No.
Description
10.1
Employment Agreement by and among William Lyon Homes, William Lyon Homes, Inc. and Matthew R. Zaist, dated as of January 18, 2019
10.2
Employment Agreement by and among William Lyon Homes, William Lyon Homes, Inc. and William H. Lyon, dated as of January 18, 2019
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: January 23, 2019
WILLIAM LYON HOMES
By:
/s/ JASON R. LILJESTROM
Name:
Jason R. Liljestrom
Its:
Senior Vice President, General Counsel and Corporate Secretary