SECURITIES AND EXCHANGE COMMISSION
Securities Exchange Act of 1934
917 Chapin Road
Chapin, South Carolina 29036
(844) 766-4663
TO BE HELD ON MAY 15, 2024
Chairman and Chief Executive Officer
April 4, 2024
Proxy Statement
For the Annual Meeting of Stockholders
To Be Held on May 15, 2024
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917 Chapin Road
Chapin, South Carolina 29036
(844) 766-4663
2024 ANNUAL MEETING OF STOCKHOLDERS
United Homes Group, Inc.
917 Chapin Road
Chapin, South Carolina 29036
(844) 766-4663
[email protected]
Director Class
|
| |
Directors in the Class
|
| |
Annual Meeting at which
Term of Office Expires |
|
Class I | | |
Michael Bayles; Eric S. Bland; James P. Clements; Michael Nieri
|
| |
2024
|
|
Class II | | |
Robert Dozier; Alan Levine; Tom O’Grady; Robert Grove
|
| |
2025
|
|
Class III | | |
Jason Enoch; Nikki Haley; and David Hamamoto
|
| |
2026
|
|
Name
|
| |
Age
|
| |
Positions and Offices
Held with Company |
| |
Director
Since(1) |
| |
Other Public
Boards(2) |
|
James P. Clements | | |
60
|
| |
Director
|
| |
2023
|
| |
1
|
|
Michael Nieri | | |
59
|
| |
Director
|
| |
2023
|
| |
None
|
|
James P. Clements and Michael Nieri to the Board.
Name
|
| |
Age
|
| |
Positions and Offices
Held with Company |
| |
Director
Since(1) |
| |
Other
Boards(2) |
|
Robert Dozier | | |
56
|
| |
Director
|
| |
2023
|
| |
None
|
|
Alan Levine | | |
63
|
| |
Director
|
| |
2023
|
| |
None
|
|
Tom O’Grady | | |
69
|
| |
Chief Administrative
Officer and Director |
| |
2023
|
| |
None
|
|
Robert Grove | | |
32
|
| |
Director
|
| |
2023
|
| |
None
|
|
Jason Enoch | | |
57
|
| |
Director
|
| |
2023
|
| |
None
|
|
Nikki Haley | | |
52
|
| |
Director
|
| |
2023
|
| |
None
|
|
David Hamamoto | | |
64
|
| |
Director
|
| |
2023
|
| |
None
|
|
Committee
|
| |
Chair
|
| |
Other Members
|
|
Audit Committee | | |
Jason Enoch
|
| |
Michael Bayles(1); Robert Dozier; Alan Levine
|
|
Compensation Committee | | |
Alan Levine
|
| |
James P. Clements; Robert Dozier; Jason Enoch
|
|
Nominating and Corporate Governance Committee
|
| |
Robert Dozier
|
| |
James P. Clements; David Hamamoto; Nikki Haley
|
|
Related Party Transactions Committee
|
| |
Jason Enoch
|
| |
Alan Levine; Michael Bayles(1)
|
|
United Homes Group, Inc. Board Diversity Matrix as of April 4, 2024
|
| ||||||||||||||||||||||||
Total Number of Directors
|
| |
11
|
| |||||||||||||||||||||
| | |
Female
|
| |
Male
|
| |
Non-Binary
|
| |
Did Not
Disclose Gender |
| ||||||||||||
Part I: Gender Identity | | | | | | | | | | | | | | | | | | | | | | | | | |
Directors
|
| | | | 1 | | | | | | 10 | | | | | | 0 | | | | | | 0 | | |
Part II: Demographic Information | | | | | | | | | | | | | | | | | | | | | | | | | |
African American or Black
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Alaskan Native or Native American
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Asian
|
| | | | 1 | | | | | | 1 | | | | | | 0 | | | | | | 0 | | |
Hispanic or Latinx
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Native Hawaiian or Pacific Islander
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
White
|
| | | | 0 | | | | | | 8 | | | | | | 0 | | | | | | 0 | | |
Two or More Races or Ethnicities
|
| | | | 0 | | | | | | 1 | | | | | | 0 | | | | | | 0 | | |
LGBTQ+
|
| |
0
|
| |||||||||||||||||||||
Did Not Disclose Demographic Background
|
| |
0
|
|
Name
|
| |
Fees Earned or
Paid in Cash |
| |
Stock
Awards |
| |
Option
Awards |
| |
Non-Equity
Incentive Plan Compensation |
| |
All Other
Compensation |
| |
Total
|
| ||||||||||||||||||
Michael Nieri(2)
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Michael Bayles
|
| | | $ | 68,250 | | | | | $ | — | | | | | $ | 267,000 | | | | | $ | — | | | | | $ | — | | | | | $ | 335,250 | | |
Eric Bland
|
| | | $ | 75,000 | | | | | $ | — | | | | | $ | 267,000 | | | | | $ | — | | | | | $ | — | | | | | $ | 342,000 | | |
James Clements
|
| | | $ | 87,000 | | | | | $ | — | | | | | $ | 267,000 | | | | | $ | — | | | | | $ | — | | | | | $ | 354,000 | | |
Robert Dozier
|
| | | $ | 99,000 | | | | | $ | — | | | | | $ | 267,000 | | | | | $ | — | | | | | $ | — | | | | | $ | 366,000 | | |
Jason Enoch
|
| | | $ | 146,000 | | | | | $ | — | | | | | $ | 267,000 | | | | | $ | — | | | | | $ | — | | | | | $ | 413,000 | | |
Robert Grove
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Nikki Haley
|
| | | $ | 81,000 | | | | | $ | — | | | | | $ | 267,000 | | | | | $ | — | | | | | $ | — | | | | | $ | 348,000 | | |
David Hamamoto
|
| | | $ | 60,750 | | | | | $ | — | | | | | $ | 267,000 | | | | | $ | — | | | | | $ | — | | | | | $ | 327,750 | | |
Alan Levine
|
| | | $ | 103,000 | | | | | $ | — | | | | | $ | 267,000 | | | | | $ | — | | | | | $ | — | | | | | $ | 370,000 | | |
Tom O’Grady
|
| | | $ | 78,750(3) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 78,750 | | |
PUBLIC ACCOUNTING FIRM
| | |
Year Ended December 31,
|
| |||||||||||||||||||||
| | |
2023(5)
|
| |
2023(6)
|
| |
2022(7)
|
| |
2022(8)
|
| ||||||||||||
Audit Fees(1)
|
| | | $ | 73,542 | | | | | $ | 1,389,000 | | | | | $ | 265,225 | | | | | $ | 2,604,957 | | |
Audit Related Fees(2)
|
| | | $ | — | | | | | $ | 586,000 | | | | | $ | — | | | | | $ | — | | |
Tax Fees(3)
|
| | | $ | 9,270 | | | | | $ | — | | | | | $ | 17,510 | | | | | $ | — | | |
All other fees(4)
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Total fees
|
| | | $ | 82,812 | | | | | $ | 1,975,000 | | | | | $ | 282,735 | | | | | $ | 2,604,957 | | |
Name and Address of Beneficial Owner(1)
|
| |
Number of
Class A Shares Beneficially Owned |
| |
% of
Class(1) |
| |
Number of
Class B Shares Beneficially Owned |
| |
% of
Class(1) |
| ||||||||||||
Directors and Named Executive Officers | | | | | | | | | | | | | | | | | | | | | | | | | |
Michael Nieri(2)
|
| | | | 37,223,872 | | | | | | 77.0% | | | | | | 36,973,876 | | | | | | 100% | | |
Michael Bayles
|
| | | | — | | | | | | * | | | | | | — | | | | | | —% | | |
Eric S. Bland
|
| | | | 123,750 | | | | | | 1.1% | | | | | | — | | | | | | —% | | |
James P. Clements
|
| | | | 37,739 | | | | | | * | | | | | | — | | | | | | —% | | |
Robert Dozier
|
| | | | 58,068 | | | | | | * | | | | | | — | | | | | | —% | | |
Jason Enoch
|
| | | | 36,239 | | | | | | * | | | | | | — | | | | | | —% | | |
Robert Grove
|
| | | | — | | | | | | * | | | | | | — | | | | | | —% | | |
Nikki R. Haley
|
| | | | 53,406 | | | | | | * | | | | | | — | | | | | | —% | | |
David Hamamoto(2)(3)
|
| | | | 3,134,826 | | | | | | 25.1% | | | | | | — | | | | | | —% | | |
Alan Levine(2)
|
| | | | 896,739 | | | | | | 7.9% | | | | | | — | | | | | | —% | | |
Tom O’Grady(3)
|
| | | | 746,947 | | | | | | 6.2% | | | | | | — | | | | | | —% | | |
Jack Micenko
|
| | | | — | | | | | | —% | | | | | | — | | | | | | —% | | |
All executive officers and directors as a group (19 individuals)
|
| | | | 43,163,204 | | | | | | 85.3% | | | | | | 36,973,876 | | | | | | 100% | | |
Name and Address of Beneficial Owner(1)
|
| |
Number of
Class A Shares Beneficially Owned |
| |
% of
Class(1) |
| |
Number of
Class B Shares Beneficially Owned |
| |
% of
Class(1) |
| ||||||||||||
Greater than Five Percent Holders: | | | | | | | | | | | | | | | | | | | | | | | | | |
Antara Capital(3)(4)
|
| | | | 3,205,317 | | | | | | 25.4% | | | | | | — | | | | | | —% | | |
PWN Trust 2018(5)
|
| | | | 6,058,908 | | | | | | 34.9% | | | | | | 5,975,576 | | | | | | 16% | | |
MEN Trust 2018(6)
|
| | | | 6,058,908 | | | | | | 34.9% | | | | | | 5,975,576 | | | | | | 16% | | |
PMN Trust 2018(7)
|
| | | | 6,058,908 | | | | | | 34.9% | | | | | | 5,975,576 | | | | | | 16% | | |
MPN Grandchildrens’ Trust 2023(8)
|
| | | | 725,215 | | | | | | 6.0% | | | | | | 725,215 | | | | | | 2% | | |
The Conversant Opportunity Master Fund LP(9)
|
| | | | 1,193,540 | | | | | | 9.9% | | | | | | — | | | | | | —% | | |
Dendur Master Fund Ltd.(10)
|
| | | | 1,237,003 | | | | | | 9.9% | | | | | | — | | | | | | —% | | |
Jasper Lake Ventures One LLC(11)
|
| | | | 1,046,537 | | | | | | 8.4% | | | | | | — | | | | | | —% | | |
Liminality Partners RV LP(12)
|
| | | | 1,000,000 | | | | | | 8.0% | | | | | | — | | | | | | —% | | |
Hazelview Securities Inc.(13)
|
| | | | 1,023,268 | | | | | | 8.3% | | | | | | — | | | | | | —% | | |
Name
|
| |
Age
|
| |
Position
|
|
Michael Nieri | | | 59 | | | Chairman, Chief Executive Officer, and Director | |
John G. Micenko Jr. | | | 49 | | | President | |
Shelton Twine | | | 51 | | | Chief Operating Officer | |
Keith Feldman | | | 47 | | | Chief Financial Officer | |
Tom O’Grady | | | 69 | | | Chief Administrative Officer and Director | |
Erin Reeves McGinnis | | | 39 | | | General Counsel and Corporate Secretary | |
Kookie McGuire | | | 51 | | | Vice President — Finance | |
Pennington Nieri | | | 31 | | |
Co-Executive Vice President — Construction Services
|
|
Jeremy Pyle | | | 46 | | |
Co-Executive Vice President — Construction Services
|
|
Rob Penny | | | 49 | | | Executive Vice President — Sales | |
Name and Principal Position
|
| |
Year
|
| |
Salary
|
| |
Bonus
|
| |
Option
Awards(1) |
| |
All Other
Compensation |
| |
Total
|
| ||||||||||||||||||
Michael Nieri,
Chairman of the Board and Chief Executive Officer |
| | | | 2023 | | | | | $ | 1,115,782 | | | | | $ | 414,638 | | | | | $ | 3,493,640 | | | | | $ | 25,909(2) | | | | | $ | 5,049,789 | | |
| | | 2022 | | | | | $ | 1,300,000 | | | | | $ | 666,667 | | | | | $ | — | | | | | $ | 48,210(3) | | | | | $ | 2,014,877 | | | ||
Jack Micenko,
President(4) |
| | | | 2023 | | | | | $ | 275,000 | | | | | $ | 180,375 | | | | | $ | 1,689,422 | | | | | $ | — | | | | | $ | 2,144,797 | | |
Tom O’Grady,
Chief Administrative Officer(4) |
| | | | 2023 | | | | | $ | 231,250 | | | | | $ | 114,563 | | | | | $ | 698,691 | | | | | $ | 800,000(5) | | | | | $ | 1,844,504 | | |
| | |
Option Awards
|
| |||||||||||||||||||||||||||||||||
Name
|
| |
Grant Date(1)
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Equity
incentive plan awards: number of securities underlying unexercised unearned options (#) |
| |
Option
Exercise Price |
| |
Option
Expiration Date |
| ||||||||||||||||||
Michael Nieri
|
| | | | 05/25/2023 | | | | | | — | | | | | | 654,206 | | | | | | — | | | | | | 11.64 | | | | | | 05/25/2033 | | |
Jack Micenko
|
| | | | 07/17/2023 | | | | | | — | | | | | | 314,019 | | | | | | — | | | | | | 11.68 | | | | | | 07/17/2033 | | |
Tom O’Grady
|
| | | | 05/25/2023 | | | | | | — | | | | | | 130,841 | | | | | | — | | | | | | 11.64 | | | | | | 05/25/2033 | | |
Executive Officer
|
| |
Base Salary
|
| |
Cash Bonus
Potential for Quantitative Targets |
| |
Cash Bonus
Potential for Qualitative Targets |
| |||||||||
Michael Nieri, Chairman and Chief Executive Officer
|
| | | $ | 1,033,907 | | | | | $ | 1,628,406 | | | | | $ | 697,887 | | |
Jack Micenko, President
|
| | | $ | 650,000 | | | | | $ | 682,500 | | | | | $ | 195,000 | | |
Tom O’Grady, Chief Administrative Officer
|
| | | $ | 325,000 | | | | | $ | 250,250 | | | | | $ | 97,500 | | |
Executive Officer
|
| |
Stock
Options |
| |
Performance
Stock Units |
| ||||||
Michael Nieri, Chairman and Chief Executive Officer
|
| | | | 337,500 | | | | | | 112,500 | | |
Jack Micenko, President
|
| | | | 161,250 | | | | | | 53,750 | | |
Tom O’Grady, Chief Administrative Officer
|
| | | | 67,500 | | | | | | 22,500 | | |
Plan category
|
| |
Number of
securities to be issued upon exercise of outstanding options, warrants and rights |
| |
Weighted-average
exercise price of outstanding options, warrants and rights |
| |
Number of securities
remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) |
| |||||||||
| | |
(a)
|
| |
(b)
|
| |
(c)
|
| |||||||||
Equity compensation plans approved by security holders
|
| | | | 4,017,873 | | | | | $ | 9.72(1) | | | | | | 1,626,005 | | |
Equity compensation plans not approved by security holders
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Total
|
| | | | 4,017,873 | | | | | $ | 9.72(1) | | | | | | 1,626,005 | | |
United Homes Group, Inc.
917 Chapin Road
Chapin, South Carolina 29036
(844) 776-4663
[email protected]