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<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt"><B>UNITED STATES</B></FONT></P>
<P id=PARA3 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>
<P id=PARA4 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt"><B>WASHINGTON, D.C. 20549</B></FONT></P>
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<P id=PARA6 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt"><B>FORM 8-K</B></FONT></P>
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<P id=PARA9 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt"><B>CURRENT REPORT</B></FONT></P>
<P id=PARA10 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt"><B>PURSUANT TO SECTION 13 OR 15(d) OF THE</B></FONT></P>
<P id=PARA11 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt"><B>SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>
<P id=PARA12 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt"><B>&nbsp;</B></FONT></P>
<P id=PARA13 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt">Date of Report (Date of Earliest Event Reported): February 3, 2016</FONT><FONT style="FONT-SIZE: 10pt"><B>&nbsp;</B></FONT></P>
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<TD style="WIDTH: 40%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center"><B>M.D.C. Holdings, Inc.</B></TD>
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<TD style="WIDTH: 40%; VERTICAL-ALIGN: top; TEXT-ALIGN: center">(Exact name of registrant as specified in its charter)</TD>
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<P id=PARA18 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt"><U>Delaware</U></FONT></P></TD>
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<P id=PARA19 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt"><U>1-8951</U></FONT></P></TD>
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<P id=PARA20 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt"><U>84-0622967</U></FONT></P></TD></TR>
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<P id=PARA21 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt">(State or other</FONT></P></TD>
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<P id=PARA22 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt">(Commission file number)</FONT></P></TD>
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<P id=PARA23 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt">(I.R.S. employer</FONT></P></TD></TR>
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<P id=PARA24 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt">jurisdiction of</FONT></P></TD>
<TD style="WIDTH: 34%; VERTICAL-ALIGN: top">&nbsp; </TD>
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<P id=PARA25 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt">identification no.)</FONT></P></TD></TR>
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<P id=PARA26 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt">incorporation)</FONT></P></TD>
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<TD style="WIDTH: 40%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center">4350 South Monaco Street, Suite 500, Denver, Colorado 80237</TD>
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<TD style="WIDTH: 40%; VERTICAL-ALIGN: top; TEXT-ALIGN: center">(Address of principal executive offices) (Zip code)</TD>
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<TD style="MARGIN-BOTTOM: 0px; WIDTH: 40%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-TOP: 0px">Registrant&#8217;s telephone number, including area code: (303) 773-1100</TD>
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<TD style="MARGIN-BOTTOM: 0px; WIDTH: 40%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-TOP: 0px">Not Applicable</TD>
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<TD style="MARGIN-BOTTOM: 0px; WIDTH: 40%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; MARGIN-TOP: 0px">(Former name or former address, if changed since last report)</TD>
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<P id=PARA37 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt">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:</FONT></P>
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<P id=PARA42 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P></TD></TR>
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<P id=PARA47 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P></TD></TR>
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<P id=PARA52 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P></TD></TR>
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<DIV id=PGNUM59  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">1</DIV>
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<P id=PARA62 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt">ITEM 5.02 </FONT></P></TD>
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<P id=PARA63 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt">DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS</FONT></P></TD></TR></TABLE>
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<P id=PARA67 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt">(e) <I></I></FONT></P></TD>
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<P id=PARA68 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt"><I>Compensatory Arrangements of Certain Officers</I></FONT></P></TD></TR></TABLE>
<P id=PARA69 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -36pt"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P>
<P id=PARA70 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: 42"></FONT><FONT style="FONT-SIZE: 10pt">Effective on February 3, 2016, the Compensation Committee (the "Committee") of M.D.C. Holdings, Inc. (the &#8220;Company&#8221;) took the actions described below with respect to compensation of certain executive officers of the Company.</FONT></P>
<P id=PARA71 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -36pt"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P>
<P id=PARA72 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt"><U>Executive Bonus for 2015</U></FONT></P>
<P id=PARA73 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -36pt"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P>
<P id=PARA74 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt">Two of the Company&#8217;s executive officers, Larry A. Mizel, Chief Executive Officer, and David D. Mandarich, Chief Operating Officer, are eligible for awards under the Company&#8217;s 2013 Executive Officer Performance-Based Compensation Plan approved by the Company&#39;s shareholders (the &#8220;2013 Performance-Based Plan&#8221;). </FONT></P>
<P id=PARA75 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -36pt"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P>
<P id=PARA76 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt">The bonus payment that could be earned for 2015 under the 2013 </FONT><FONT style="FONT-SIZE: 10pt">Performance-Based Plan was subject to a $5 million dollar cap established by the Committee. In addition, any bonus earned in excess of $4 million would be paid in restricted stock vesting in equal amounts on each of December 31, 2018, 2019 and 2020. A condition precedent for any bonus payment was that the consolidated adjusted pre-tax income (which excludes expenses derived from any equity compensation awarded to the two executives in 2015) on beginning equity exceeded 5.0% (the &#8220;ROE Condition&#8221;). The ROE Condition was met and, accordingly, each of Messrs. Mizel and Mandarich were eligible for a $2.4 million minimum bonus.</FONT></P>
<P id=PARA77 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -36pt"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P>
<P id=PARA78 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt">Once the ROE Condition was met, each executive also had the opportunity to earn additional bonuses, subject to a maximum of $2.6 million, based on the achievement of minimum, target or maximum goals in each of the following categories: home sales revenue, pre-tax diluted earnings per share (excluding expenses derived from any equity compensation awarded to the two executives in 2015), backlog and strategic goals. The additional bonus opportunity was subject to modification based on the Company&#8217;s 2015 total shareholder return compared to its homebuilder peer group (the &#8220;TSR Modifier&#8221;). Based on goals obtained in the foregoing categories, each executive earned an additional bonus of $2.6 million and the TSR Modifier did not apply.</FONT></P>
<P id=PARA79 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -36pt"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P>
<P id=PARA80 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt">Based on the elements described above, each executive earned a cash bonus of $4 million and was awarded restricted stock of $1 million.</FONT></P>
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<P id=PARA84 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt">SIGNATURES</FONT></P>
<P id=PARA85 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P>
<P id=PARA86 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 14.4pt"><FONT style="FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</FONT></P>
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<P id=PARA88 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt">________________</FONT></P>
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<P id=PARA106.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">M.D.C. HOLDINGS, INC.</FONT></P></TD>
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<P id=PARA106.12 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dated: February 4, 2016</FONT></P></TD>
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<P id=PARA106.14 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/&nbsp;Joseph H. Fretz</FONT></P></TD>
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<P id=PARA106.18 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joseph H. Fretz</FONT></P></TD>
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<P id=PARA106.22 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Secretary and Corporate Counsel</FONT></P></TD>
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mdc20160203_8k.htm
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): February 3, 2016
M.D.C. Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware
1-8951
84-0622967
(State or other
(Commission file number)
(I.R.S. employer
jurisdiction of
identification no.)
incorporation)
4350 South Monaco Street, Suite 500, Denver, Colorado 80237
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (303) 773-1100
Not Applicable
(Former name or former address, if changed since last report)
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))
1
ITEM 5.02
DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
(e)
Compensatory Arrangements of Certain Officers
Effective on February 3, 2016, the Compensation Committee (the "Committee") of M.D.C. Holdings, Inc. (the "Company") took the actions described below with respect to compensation of certain executive officers of the Company.
Executive Bonus for 2015
Two of the Company's executive officers, Larry A. Mizel, Chief Executive Officer, and David D. Mandarich, Chief Operating Officer, are eligible for awards under the Company's 2013 Executive Officer Performance-Based Compensation Plan approved by the Company's shareholders (the "2013 Performance-Based Plan").
The bonus payment that could be earned for 2015 under the 2013
Performance-Based Plan was subject to a $5 million dollar cap established by the Committee. In addition, any bonus earned in excess of $4 million would be paid in restricted stock vesting in equal amounts on each of December 31, 2018, 2019 and 2020. A condition precedent for any bonus payment was that the consolidated adjusted pre-tax income (which excludes expenses derived from any equity compensation awarded to the two executives in 2015) on beginning equity exceeded 5.0% (the "ROE Condition"). The ROE Condition was met and, accordingly, each of Messrs. Mizel and Mandarich were eligible for a $2.4 million minimum bonus.
Once the ROE Condition was met, each executive also had the opportunity to earn additional bonuses, subject to a maximum of $2.6 million, based on the achievement of minimum, target or maximum goals in each of the following categories: home sales revenue, pre-tax diluted earnings per share (excluding expenses derived from any equity compensation awarded to the two executives in 2015), backlog and strategic goals. The additional bonus opportunity was subject to modification based on the Company's 2015 total shareholder return compared to its homebuilder peer group (the "TSR Modifier"). Based on goals obtained in the foregoing categories, each executive earned an additional bonus of $2.6 million and the TSR Modifier did not apply.
Based on the elements described above, each executive earned a cash bonus of $4 million and was awarded restricted stock of $1 million.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
________________
M.D.C. HOLDINGS, INC.
Dated: February 4, 2016
By:
/s/ Joseph H. Fretz
Joseph H. Fretz
Secretary and Corporate Counsel
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