Item 9A. Controls and Procedures
Item 9A.
Controls and Procedures
Evaluation of Disclosure Controls and Procedures . The Companys Chief Executive Officer (principal executive officer) and Chief Financial Officer
(principal financial officer) have evaluated the effectiveness of the Companys disclosure controls and procedures (as such term is defined in Rules 13a15(e) and 15d15(e) under the Securities Exchange Act of 1934, as amended (the
Exchange Act)) as of the end of the period covered by this report (the Evaluation Date). Based on their evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that the Companys disclosure
controls and procedures were effective as of the Evaluation Date.
Managements Annual Report on Internal Control over Financial Reporting.
The Companys management is responsible for establishing and maintaining adequate and effective internal control over financial reporting in order to provide reasonable assurance of the reliability of the Companys financial reporting
and preparation of financial statements for external reporting purposes in accordance with accounting principles generally accepted in the United States of America. Internal control over financial reporting involves policies and procedure that
(i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and disposition of assets of the issuer; (ii) provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the issuer are being made in accordance with authorizations of management and directors of the issuer; and
(iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the issuer Company assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
The Companys management assessed the effectiveness of its internal control over financial reporting as of October 31, 2020 based on criteria
established in Internal Control Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and determined that its internal controls were effective.
This annual report does not include an attestation report of the Companys registered public accounting firm regarding internal control over financial
reporting.
Changes in internal control over financial reporting. There were no changes in our internal controls over financial reporting that
occurred during the fourth quarter of fiscal 2020 that have materially affected, or are reasonably likely to materially affect, the Companys internal controls over financial reporting.
Item 9B.
Other Information
None.
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Table of Contents
PART III
Item 10.
Directors, Executive Officers and Corporate Governance
Information is incorporated by reference pursuant to Instruction G of Form 10-K from its definitive proxy statement for
the 2021 annual meeting of shareholders.
The following table provides the names, ages and business experience for the past five years for each of
Nobilitys executive officers. Executive officers are each elected for one year terms.
Executive Officers
Terry E. Trexler (81)
Chairman of the Board and President of Nobility since 1967; Mr. Trexler is also President of TLT, Inc.
Thomas W. Trexler (57)
Executive Vice President and Chief Financial Officer of Nobility since December 1994; President of Prestige Home Centers, Inc. since June 1995; Director of Prestige since 1993 and Vice President from 1991 to June 1995; President of
Mountain Financial, Inc. since August 1992; Vice President of TLT, Inc. since September 1991.
Jean Etheredge (75)
Secretary since 1967.
Lynn J. Cramer, Jr. (75)
Treasurer since 1980.
Thomas W. Trexler, Executive Vice President, Chief Financial Officer and a director, is the son of Terry E. Trexler,
Nobilitys President and Chairman of the Board. There are no other family relationships between any directors or executive officers.
Code of
Ethics
We have adopted a code of ethics that applies to the principal executive officer, principal financial officer, executive vice presidents and
controller. The code has been designed in accordance with provisions of the Sarbanes-Oxley Act of 2002, to promote honest and ethical conduct.
Our code
of ethics is available on our website at www.nobilityhomes.com. You may also obtain a copy of the Nobility Homes, Inc. Code of Ethics, at no cost, by forwarding a written request to the Secretary, Nobility Homes, Inc., 3741 SW 7 th Street, Ocala, Florida 34474.
Item 11.
Executive Compensation
Information concerning executive compensation is incorporated by reference pursuant to Instruction G of Form 10-K from
Nobilitys definitive proxy statement for the 2021 annual meeting of shareholders.
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Information concerning security ownership of certain beneficial owners and management is incorporated by reference pursuant to
Instruction G of Form 10-K from Nobilitys definitive proxy statement for the 2021 annual meeting of shareholders.
Item 13.
Certain Relationships and Related Transactions, and Director Independence
Information concerning certain relationships and related transactions is incorporated by reference pursuant to Instruction G of Form 10-K from Nobilitys definitive proxy statement for the 2021 annual meeting of shareholders.
Item 14.
Principal Accounting Fees and Services
Information concerning principal accountant fees and services is incorporated by reference pursuant to Instruction G of Form
10-K from Nobilitys definitive proxy statement for the 2021 annual meeting of shareholders.
32
Table of Contents
PART IV
Item 15.
Exhibits and Financial Statement Schedules
(a)
Consolidated Financial Statements and Schedules
Report of Daszkal Bolton LLP
Consolidated Balance Sheets at October 31, 2020 and November 2, 2019
Consolidated Statements of Comprehensive Income for the Years Ended October 31, 2020 and November 2, 2019
Consolidated Statements of Changes in Stockholders Equity for the Years Ended October 31, 2020 and November 2, 2019
Consolidated Statements of Cash Flows for the Years Ended October 31, 2020 and November 2, 2019
Notes to Consolidated Financial Statements
(b)
Exhibits:
In reviewing the agreements included as exhibits to this report, please remember they are included to provide you with information regarding
their terms and are not intended to provide any other factual or disclosure information about the Company, its subsidiaries or other parties to the agreements. The agreements contain representations and warranties by each of the parties to the
applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and:
should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the
risk to one of the parties if those statements prove to be inaccurate;
have been qualified by disclosures that were made to the other party in connection with the negotiation of the
applicable agreement, which disclosures are not necessarily reflected in the agreement;
may apply standards of materiality in a way that is different from what may be viewed as material to you or other
investors; and
were made only as of the date of the applicable agreement or such other date or dates as may be specified in the
agreement and are subject to more recent developments.
Accordingly, these representations and warranties may not
describe the actual state of affairs as of the date they were made or at any other time. Additional information about the Company may be found elsewhere in this report and the Companys other public files, which are available without charge
through the SECs website at http://www.sec.gov.
3.(a)
Nobilitys Articles of Incorporation, as amended (filed as an exhibit to Nobilitys Form 10-K for the fiscal year ended November 1, 1997 and incorporated herein by reference).(P)
(b)
Bylaws, as amended March 28, 1994 (filed as an exhibit to Nobilitys Form 10-KSB for the fiscal year ended October 29, 1994 and incorporated herein by reference.) (P)
4.1
Description of Securities (filed herewith)
10.(a)
Joint Venture Agreement with 21st Century Mortgage Corporation (filed as an exhibit to Nobilitys For 10-K for the fiscal year ended November 1, 1997 and incorporated herein by reference).(P)
(b)
2011 Stock Incentive
Plan (filed as part of Nobilitys definitive proxy statement filed on June 7, 2011 and incorporated herein by reference).
(c)
Agreement dated September 7,
2001 between Nobility and Terry E. Trexler relating to use of life insurance proceeds (filed as an exhibit to Nobilitys Form 10-K for the fiscal year ended November 3, 2001 and incorporated herein
by reference).
(d)
Finance Revenue Sharing Agreement
dated April 10, 2004 between 21st Mortgage Corporation, Prestige Home Centers, Inc. and Majestic Homes, Inc. (filed as an exhibit to Nobilitys Form 10-K for the fiscal year ended October 31,
2009 and incorporated herein by reference).
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Table of Contents
(e)
Seventh Amendment to the
Finance Revenue Sharing Agreement dated April 10, 2004 with 21st Mortgage Corporation (filed as an exhibit to Nobilitys Form 8-K filed November 14, 2011 and incorporated herein by
reference).
(f)
Loan and Security Agreement dated
May 20, 2009, by and among Clayton Bank & Trust, Majestic 21 Partnership, 21st Mortgage Corporation, Majestic Homes, Inc. and the Company, as guarantor (filed as an exhibit to Nobilitys Form
10-K for the fiscal year ended October 31, 2009 and incorporated herein by reference).
(g)
Term Note dated May
20, 2009 in favor of Clayton Bank & Trust (filed as an exhibit to Nobilitys Form 10-K for the fiscal year ended October 31, 2009 and incorporated herein by reference).
(h)
Assignment of Membership
Interest by and among Nobility Homes, Inc. and Thomas W. Trexler dated as of October 21, 2019 (filed as an exhibit to Nobilitys Form 10-K for the fiscal year ended November 2, 2019 and
incorporated herein by reference).
21.1
Subsidiaries of Nobility.
23.1
Consent of Daszkal Bolton LLP
31.(a)
Written Statement of Chief Executive Officer pursuant to Section
302 of the Sarbanes-Oxley Act and Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934.
(b)
Written Statement of Chief Financial Officer pursuant to Section
302 of the Sarbanes-Oxley Act and Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934.
32.(a)
Written Statement of Chief Executive Officer pursuant to 18 U.S.C. §1350.
(b)
Written Statement of Chief Financial Officer pursuant to 18 U.S.C. §1350.
101.
Interactive data filing formatted in XBRL.
Item 16.
Form 10-K Summary
None.
34
Table of Contents
Signatures
Pursuant to the requirements of Section 13 or 15(d) 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.
NOBILITY HOMES, INC.
DATE: January 29, 2021
By: /s/ Terry E. Trexler
Terry E. Trexler, Chairman,
President and Chief Executive Officer (Principal Executive Officer)
DATE: January 29, 2021
By: /s/ Thomas W. Trexler
Thomas W. Trexler, Executive Vice President
and Chief Financial Officer (Principal Financial Officer)
DATE: January 29, 2021
By: /s/ Lynn J. Cramer, Jr.
Lynn J. Cramer, Jr., Treasurer
and Principal Accounting Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following
persons on behalf of the Registrant and in the capacities and on the dates indicated:
DATE: January 29, 2021
By: /s/ Terry E. Trexler
Terry E. Trexler, Director
DATE: January 29, 2021
By: /s/ Thomas W. Trexler
Thomas W. Trexler, Director
DATE: January 29, 2021
By: /s/ Robert P. Saltsman
Robert P. Saltsman, Director
DATE: January 29, 2021
By: /s/ Arthur L. Havener
Arthur L. Havener, Director
35
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.