The punctuation mark, parentheses ( ), is used to enclose additional or
extra information in a sentence, without influencing that sentence
grammatically (the single bracket is called parenthesis whereas in a
pair, ( ) is called parentheses). On the first use of an acronym "EVP" that might not be understood by the reader, the full term can be included in the sentence, enclosed in parentheses. Hence, "Executive Vice President" is the full form that requires the parentheses and option B is correct. Either of the two, the acronym and the full form can be enclosed in parentheses, but when the acronym EVP is to be enclosed, it should follow the full form, like this "The Executive Vice President (EVP) has been ..." and not before the full form as given here. Hence EVP does not require parentheses and option A is incorrect. When "to grace the occasion" is placed in the parentheses, it acts as a clarification, as to answer the question 'why was he invited?'. A clarification is enclosed in square brackets [ ] whereas parentheses ( ) are used to provide additional information. Similarly, "today" sounds like a clarification here, hence options C and D are incorrect.