On July 25, 2019, the Board of Directors of The New Home Company Inc. (the Company) approved the appointment of (i) H. Lawrence Webb, the Company's current Chief Executive Officer, as the Company's Executive Chairman, (ii) Leonard Miller, the Company's current President and Chief Operating Officer, as the Company's President and Chief Executive Officer, and (iii) John Stephens, the Company's current Chief Financial Officer, as the Company's Executive Vice President and Chief Financial Officer, in each case, effective August 30, 2019 (the Effective Date). Following the Effective Date, Mr. Webb will cease serving as the Company's Chief Executive Officer, but will continue to serve as Chairman of the Board, and Mr. Miller will cease serving as the Company's Chief Operating Officer, which position shall be eliminated. As Executive Chairman, a newly formed position, Mr. Webb will remain an executive officer and employee of the Company with continued responsibility to set strategic direction for the Company and interfacing with the investment community.

Mr. Webb has served as the Company's Chief Executive Officer since 2010 and as Chairman of the Board since the Company's initial public offering in 2014. Mr. Miller has served as the Company's Chief Operating Officer since joining the Company in March 2017. Mr. Stephens has served as the Company's Chief Financial Officer since joining the Company in June 2015.