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<P id=PARA2 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>
<P id=PARA5 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt"><B>&nbsp;</B></FONT></P>
<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>
<P id=PARA7 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt">________________</FONT></P>
<P id=PARA8 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<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): June 20, 2017</FONT></P>
<P id=PARA14 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt"><B>&nbsp;</B></FONT></P>
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<P id=PARA136 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">&nbsp;<B>M.D.C. Holdings, Inc.</B></P></TD>
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<TD style="TEXT-ALIGN: center; WIDTH: 40%">(Exact name of registrant as specified in its charter)</TD>
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<P id=PARA15 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><B></B><FONT style="FONT-SIZE: 10pt"></FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P>
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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="VERTICAL-ALIGN: top; WIDTH: 34%">&nbsp; </TD>
<TD style="VERTICAL-ALIGN: top; WIDTH: 33%">
<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>
<TD style="VERTICAL-ALIGN: top; WIDTH: 34%">&nbsp; </TD>
<TD style="VERTICAL-ALIGN: top; WIDTH: 33%">&nbsp; </TD></TR></TABLE>
<P id=PARA28 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P>
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<P id=PARA138 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
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<P id=PARA139 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">&nbsp;4350 South Monaco Street, Suite 500, Denver, Colorado 80237</P></TD>
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<P id=PARA140 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD></TR>
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<P id=PARA141 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
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<P id=PARA142 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">&nbsp;(Address of principal executive offices) (Zip code)</P></TD>
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<P id=PARA144 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
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<P id=PARA145 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
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<P id=PARA146 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD></TR>
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<TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 40%">Registrant&#8217;s telephone number, including area code: (303) 773-1100</TD>
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<TD style="WIDTH: 40%">&nbsp;</TD>
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<TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 40%">Not Applicable</TD>
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<TD style="TEXT-ALIGN: center; WIDTH: 40%">(Former name or former address, if changed since last report)</TD>
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<P id=PARA29 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt">&nbsp;</P>
<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>
<P id=PARA38 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P>
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<TD style="WIDTH: 2%">&nbsp;</TD>
<TD style="VERTICAL-ALIGN: top; WIDTH: 3%">
<P id=PARA41 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt">&#9744;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top; WIDTH: 95%">
<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></TABLE>
<P id=PARA43 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P>
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<TD style="WIDTH: 2%">&nbsp;</TD>
<TD style="VERTICAL-ALIGN: top; WIDTH: 3%">
<P id=PARA46 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt">&#9744;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top; WIDTH: 95%">
<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></TABLE>
<P id=PARA48 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P>
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<TD style="WIDTH: 2%">&nbsp;</TD>
<TD style="VERTICAL-ALIGN: top; WIDTH: 3%">
<P id=PARA51 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt">&#9744;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top; WIDTH: 95%">
<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></TABLE>
<P id=PARA53 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P>
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<TD style="WIDTH: 2%">&nbsp;</TD>
<TD style="VERTICAL-ALIGN: top; WIDTH: 3%">
<P id=PARA56 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt">&#9744;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top; WIDTH: 95%">
<P id=PARA57 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 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P></TD></TR></TABLE>
<P id=PARA58 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 14.4pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -1pt"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P>
<P id=PARA59 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &#167;240.12b-2).</FONT></P>
<P id=PARA60 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt">Emerging growth company &#9744;</FONT></P>
<P id=PARA61 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P>
<P id=PARA62 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt">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. &#9744;</FONT></P>
<P id=PARA63 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P>
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<DIV id=PGNUM64  style="FONT-SIZE: 10pt; TEXT-ALIGN: center; WIDTH: 100%">1</DIV>
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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">ITEM 5.02 </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">DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS</FONT></P></TD></TR></TABLE>
<P id=PARA69 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 72pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -72pt"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P>
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<TD style="VERTICAL-ALIGN: top; WIDTH: 36pt">
<P id=PARA72 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: 44">(e) </FONT><FONT style="FONT-SIZE: 10pt"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA73 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: 44"></FONT><FONT style="FONT-SIZE: 10pt">On June 20, 2017, the Compensation Committee (the "Committee") of M.D.C. Holdings, Inc. (the &#8220;Company&#8221;) took the action described below with respect to compensation of executive officers.</FONT></P></TD></TR></TABLE>
<P id=PARA74 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: 44">&nbsp;</FONT></P>
<P id=PARA75 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: 44"><U>Executive Long Term Performance Stock Unit Awards</U></FONT></P>
<P id=PARA76 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: 44">&nbsp;</FONT></P>
<P id=PARA77 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: 44">The Committee granted long term performance stock unit (PSU) awards to Larry A. Mizel, Chief Executive Officer, David D. Mandarich, Chief Operating Officer, and Robert N. Martin, Chief Financial Officer,</FONT><FONT style="FONT-SIZE: 10pt"> under the terms of the Company&#8217;s 2011 Equity Incentive Plan. The awards will be earned based upon the Company&#8217;s performance, over a three year period, measured by increasing home sale revenues over the corresponding base period, while maintaining a minimum average gross margin from home sales percentage (excluding impairments). The &#8220;Performance Period&#8221; for the awards is a three year period commencing April 1, 2017 and ending March 31, 2020. The &#8220;Base Period&#8221; for the awards is April 1, 2016 to March 31, 2017. The awards are conditioned upon the Company achieving an average gross margin from home sales percentage (excluding impairments) of at least fifteen percent (15%) over the Performance Period (the &#8220;Precondition&#8221;).</FONT></P>
<P id=PARA78 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=PARA79 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt">The Target Goal was established for each award based on the Company&#8217;s three year average increase in home sale revenues (&#8220;Revenue&#8221;) over the Base Period of at least 10%. The Threshold Goal was based on a three year average increase in Revenue over the Base Period of at least 5%. The Maximum Goal was based on a three year average increase in Revenue over the Base Period of 20% or more. </FONT></P>
<P id=PARA80 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=PARA81 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt">Upon the Company satisfying the Precondition, the following shares of Company stock would be awarded:</FONT></P>
<P id=PARA82 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -36pt"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA148 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">&nbsp;Target</P></TD>
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<P id=PARA149 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">&nbsp;Threshold</P></TD>
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<P id=PARA150 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">&nbsp;Maximum&nbsp;</P></TD></TR>
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<P id=PARA151 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD style="WIDTH: 20%">
<P id=PARA152 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD style="TEXT-ALIGN: center; WIDTH: 5%">&nbsp;</TD>
<TD style="WIDTH: 20%">
<P id=PARA153 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD style="TEXT-ALIGN: center; WIDTH: 5%">&nbsp;</TD>
<TD style="WIDTH: 20%">
<P id=PARA154 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">&nbsp;</P></TD></TR>
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<TD style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; WIDTH: 30%; BACKGROUND-COLOR: #cceeff">
<P id=PARA155 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px">Mr. Mizel</P></TD>
<TD style="WIDTH: 20%; BACKGROUND-COLOR: #cceeff">
<P id=PARA156 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">&nbsp;110,000 shares</P></TD>
<TD style="TEXT-ALIGN: center; WIDTH: 5%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
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<P id=PARA157 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">&nbsp;50% of Target&nbsp;</P></TD>
<TD style="TEXT-ALIGN: center; WIDTH: 5%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD style="WIDTH: 20%; BACKGROUND-COLOR: #cceeff">
<P id=PARA158 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">&nbsp;200% of Target</P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 30%; BACKGROUND-COLOR: #ffffff">
<P id=PARA159 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD style="WIDTH: 20%; BACKGROUND-COLOR: #ffffff">
<P id=PARA160 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD style="TEXT-ALIGN: center; WIDTH: 5%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 20%; BACKGROUND-COLOR: #ffffff">
<P id=PARA161 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD style="TEXT-ALIGN: center; WIDTH: 5%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 20%; BACKGROUND-COLOR: #ffffff">
<P id=PARA162 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">&nbsp;</P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; WIDTH: 30%; BACKGROUND-COLOR: #cceeff">
<P id=PARA163 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px">Mr. Mandarich</P></TD>
<TD style="WIDTH: 20%; BACKGROUND-COLOR: #cceeff">
<P id=PARA164 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">&nbsp;110,000 shares&nbsp;</P></TD>
<TD style="TEXT-ALIGN: center; WIDTH: 5%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD style="WIDTH: 20%; BACKGROUND-COLOR: #cceeff">
<P id=PARA165 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">&nbsp;50% of Target&nbsp;</P></TD>
<TD style="TEXT-ALIGN: center; WIDTH: 5%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD style="WIDTH: 20%; BACKGROUND-COLOR: #cceeff">
<P id=PARA166 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">&nbsp;200% of Target</P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 30%; BACKGROUND-COLOR: #ffffff">
<P id=PARA167 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD style="WIDTH: 20%; BACKGROUND-COLOR: #ffffff">
<P id=PARA168 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD style="TEXT-ALIGN: center; WIDTH: 5%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 20%; BACKGROUND-COLOR: #ffffff">
<P id=PARA169 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD style="TEXT-ALIGN: center; WIDTH: 5%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 20%; BACKGROUND-COLOR: #ffffff">
<P id=PARA170 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">&nbsp;</P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; WIDTH: 30%; BACKGROUND-COLOR: #cceeff">
<P id=PARA171 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px">Mr. Mart&#237;n</P></TD>
<TD style="WIDTH: 20%; BACKGROUND-COLOR: #cceeff">
<P id=PARA172 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">&nbsp;27,500 shares</P></TD>
<TD style="TEXT-ALIGN: center; WIDTH: 5%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD style="WIDTH: 20%; BACKGROUND-COLOR: #cceeff">
<P id=PARA173 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">&nbsp;50% of Target&nbsp;</P></TD>
<TD style="TEXT-ALIGN: center; WIDTH: 5%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD style="WIDTH: 20%; BACKGROUND-COLOR: #cceeff">
<P id=PARA174 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">&nbsp;200% of Target</P></TD></TR></TABLE>
<P id=PARA85 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -36pt"><FONT style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-SIZE: 10pt"></FONT></P>
<P id=PARA93 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt">The number of shares to be awarded shall be adjusted to be proportional to the partial performance between Threshold, Target and Maximum amounts. The awards are subject to the executive&#8217;s continuous employment through March 31, 2020. A pro rata portion of the PSU will vest upon the executive&#8217;s death or disability prior to such date, conditioned upon the Company&#8217;s performance during the Performance Period and satisfaction of the Precondition. If the executive's employment is terminated without cause, the PSU will vest to the same extent as if the executive had been employed through the Performance Period. The PSU will become 100% vested upon a &#8220;change of control event&#8221; of the Company, as defined in the respective executive&#8217;s employment or change of control agreement.</FONT></P>
<P id=PARA94 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P>
<P id=PARA95 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt">The awards are also subject to the Clawback Policy adopted by the Company&#8217;s Corporate Governance/Nominating Committee on January 14, 2015.</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P>
<P id=PARA108.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK108  style="MARGIN-LEFT: 0pt; WIDTH: 100%; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR108  style="TEXT-ALIGN: center; WIDTH: 100%">&nbsp;</DIV>
<DIV id=PGNUM108  style="FONT-SIZE: 10pt; TEXT-ALIGN: center; WIDTH: 100%">2</DIV>
<HR style="HEIGHT: 2px; PAGE-BREAK-AFTER: always; COLOR: #000000; WIDTH: 100%" noShade>

<DIV id=PGHDR108  style="TEXT-ALIGN: left; WIDTH: 100%">&nbsp;</DIV></DIV>
<P id=PARA108.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P>
<P id=PARA111 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt">SIGNATURES</FONT></P>
<P id=PARA112 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P>
<P id=PARA113 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>
<P id=PARA114 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P>
<P id=PARA115 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt">________________</FONT></P>
<P id=PARA116 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<TD vAlign=top width="38%" colSpan=2>
<P id=PARA177.2 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>
<TD vAlign=top width="12%">
<P id=PARA177.3 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD></TR>
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<TD vAlign=top width="50%">
<P id=PARA177.4 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD>
<TD vAlign=top width="3%">
<P id=PARA177.5 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD>
<TD vAlign=top width="35%">
<P id=PARA177.6 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD>
<TD vAlign=top width="12%">
<P id=PARA177.7 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="50%">
<P id=PARA177.8 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD>
<TD vAlign=top width="3%">
<P id=PARA177.9 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD>
<TD vAlign=bottom width="35%" noWrap align=left>
<P id=PARA177.10 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD>
<TD vAlign=top width="12%">
<P id=PARA177.11 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD></TR>
<TR>
<TD style="TEXT-ALIGN: left" vAlign=top width="50%" align=left>
<P id=PARA177.12 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dated: June 22, 2017</FONT></P></TD>
<TD style="TEXT-ALIGN: left" vAlign=top width="3%">
<P id=PARA177.13 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By: </FONT></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="35%" noWrap align=left>
<P id=PARA177.14 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/&nbsp;</FONT>Joseph H. Fretz</P></TD>
<TD vAlign=top width="12%">
<P id=PARA177.15 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD></TR>
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<TD vAlign=top width="50%">
<P id=PARA177.16 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD>
<TD vAlign=top width="3%">
<P id=PARA177.17 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD>
<TD vAlign=top width="35%">
<P id=PARA177.18 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joseph H. Fretz</FONT></P></TD>
<TD vAlign=top width="12%">
<P id=PARA177.19 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD></TR>
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<P id=PARA177.20 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD>
<TD vAlign=top width="3%">
<P id=PARA177.21 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD>
<TD vAlign=top width="35%">
<P id=PARA177.22 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Secretary and Corporate Counsel</FONT></P></TD>
<TD vAlign=top width="12%">
<P id=PARA177.23 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD></TR></TABLE>
<P id=PARA117 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P>
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mdc20170620_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): June 20, 2017
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))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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. ☐
1
ITEM 5.02
DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
(e)
On June 20, 2017, the Compensation Committee (the "Committee") of M.D.C. Holdings, Inc. (the "Company") took the action described below with respect to compensation of executive officers.
Executive Long Term Performance Stock Unit Awards
The Committee granted long term performance stock unit (PSU) awards to Larry A. Mizel, Chief Executive Officer, David D. Mandarich, Chief Operating Officer, and Robert N. Martin, Chief Financial Officer,
under the terms of the Company's 2011 Equity Incentive Plan. The awards will be earned based upon the Company's performance, over a three year period, measured by increasing home sale revenues over the corresponding base period, while maintaining a minimum average gross margin from home sales percentage (excluding impairments). The "Performance Period" for the awards is a three year period commencing April 1, 2017 and ending March 31, 2020. The "Base Period" for the awards is April 1, 2016 to March 31, 2017. The awards are conditioned upon the Company achieving an average gross margin from home sales percentage (excluding impairments) of at least fifteen percent (15%) over the Performance Period (the "Precondition").
The Target Goal was established for each award based on the Company's three year average increase in home sale revenues ("Revenue") over the Base Period of at least 10%. The Threshold Goal was based on a three year average increase in Revenue over the Base Period of at least 5%. The Maximum Goal was based on a three year average increase in Revenue over the Base Period of 20% or more.
Upon the Company satisfying the Precondition, the following shares of Company stock would be awarded:
Target
Threshold
Maximum
Mr. Mizel
110,000 shares
50% of Target
200% of Target
Mr. Mandarich
110,000 shares
50% of Target
200% of Target
Mr. Martín
27,500 shares
50% of Target
200% of Target
The number of shares to be awarded shall be adjusted to be proportional to the partial performance between Threshold, Target and Maximum amounts. The awards are subject to the executive's continuous employment through March 31, 2020. A pro rata portion of the PSU will vest upon the executive's death or disability prior to such date, conditioned upon the Company's performance during the Performance Period and satisfaction of the Precondition. If the executive's employment is terminated without cause, the PSU will vest to the same extent as if the executive had been employed through the Performance Period. The PSU will become 100% vested upon a "change of control event" of the Company, as defined in the respective executive's employment or change of control agreement.
The awards are also subject to the Clawback Policy adopted by the Company's Corporate Governance/Nominating Committee on January 14, 2015.
2
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: June 22, 2017
By:
/s/
Joseph H. Fretz
Joseph H. Fretz
Secretary and Corporate Counsel
3