NVR INC — Director's Dealing 2014

May 16, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NVR INC (NVR)
CIK: 0000906163
Period of Report: 2014-05-14

Reporting Person: JOHNSON MANUEL H (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-05-14	Employee stock option (right to buy)	$1094.22	A	1300	Acquired	2024-05-13	common stock (1300)	Direct

Footnotes

F1: Stock options were granted under the NVR, Inc. 2014 Equity Incentive Plan and vest in 25% increments on December 31, 2016, 2017, 2018 and 2019.

F2: Time-based stock options granted under the NVR, Inc. 2014 Equity Incentive Plan. The director also received a performance-based option for an equal number of shares. The performance-based options will vest on the same terms as the time-based options, subject to an additional requirement that vesting of the options is based on the Company's return on capital performance during 2014 to 2016.