SEC Form 4 · accession 0001225208-16-035055
HOVNANIAN ENTERPRISES INC · HOV
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
J Larry Sorsby
Officer — Exec. VP and CFO · Director
Period of report
Jun 10, 2016
Accepted (ET)
Jun 14, 2016 · 6:03 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000357294
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Class A Common Stock | Jun 10, 2016 | F | 177 | $1.70 | D | 439,381 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Employee Stock Option (right to buy)F1 | $2.27 | Jun 10, 2016 | A | 250,000 | A | Jun 10, 2020 | Jun 9, 2026 | Class A Common Stock | 250,000 | 250,000 | D |
| Market Share UnitsF2,F3,F4 | — | Jun 10, 2016 | A | 60,000 | A | — | Jun 10, 2021 | Class A Common Stock | 60,000 | 60,000 | D |
Explanation of responses
- F1N/A
- F2Converts to Class A Common Stock, par value $.01 per share, non-cumulative ("Class A Common Stock"), on a one-for-one basis
- F3The Market Share Units vest, if at all and to the extent of specified market performance of the Class A Common Stock over each relevant vesting period, in four equal installments beginning on June 10, 2018
- F4The number of shares of Class A Common Stock that would be received upon vesting of the Market Share Units, if any, may vary from 50% to 175% of the number shown depending on the market performance of the Class A Common Stock over each relevant vesting period