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KBH > SEC Filings for KBH > Form 8-K on 28-Jan-2014All Recent SEC Filings

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Form 8-K for KB HOME


Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) Director Retirement. On January 22, 2014, Ms. Barbara T. Alexander informed KB Home of her decision to not seek re-election to KB Home's Board of Directors (the "Board") at KB Home's 2014 Annual Meeting of Stockholders in April, and to retire from the Board after nearly four years of service effective as of the date of the 2014 Annual Meeting, when her current term as a director expires.

(d) Election of Director. On January 22, 2014, the Board elected Mr. Michael M. Wood as a director for a term ending on the date of KB Home's 2014 Annual Meeting. Mr. Wood was also appointed to the Board's audit and compliance committee. Mr. Wood will receive the same compensation as KB Home's other independent directors. Mr. Wood is the Chairman of Redwood Investments LLC, an investment company. With Mr. Wood's election to the Board, the Board has eleven members, ten of which are independent.

(e) Annual Incentive Awards; Bonus Payment. On January 23, 2014, the Board's management development and compensation committee (the "Compensation Committee") determined the amount of incentive compensation payable to each of KB Home's eligible executive officers under its 2013 fiscal year annual incentive compensation program, with the amount payable to the President and Chief Executive Officer also approved by the Board. The final annual incentive amounts for KB Home's named executive officers are set forth in the table below. In addition, the Compensation Committee approved a $100,000 bonus to Mr. Praw in recognition of his significant contribution to the achievement of an important strategic objective.

Name                  Annual Incentive Amount
William R. Hollinger $                 503,728
Jeff J. Kaminski     $                 952,200
Jeffrey T. Mezger    $               2,725,500
Albert Z. Praw       $                 780,675
Brian J. Woram       $                 800,820

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