SEC Form 4 · accession 0001225208-17-011332
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 12, 2017
Accepted (ET)
Jun 14, 2017 · 5:22 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 12, 2017 | M | 11,168 | $0.00 | A | 472,529 | D | |
| Class A Common Stock | Jun 12, 2017 | F | 5,382 | $2.24 | D | 467,147 | D | |
| Class A Common Stock | Jun 13, 2017 | M | 7,782 | $0.00 | A | 474,929 | D | |
| Class A Common Stock | Jun 13, 2017 | M | 7,782 | $0.00 | A | 482,711 | D | |
| Class A Common Stock | Jun 13, 2017 | F | 7,350 | $2.25 | D | 475,361 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Share UnitsF4,F5 | — | Jun 12, 2017 | M | 15,000 | D | — | Jun 12, 2020 | Class A Common Stock | 15,000 | 45,000 | D |
| Market Share UnitsF7,F4,F6 | — | Jun 13, 2017 | M | 15,000 | D | — | — | Class A Common Stock | 15,000 | 30,000 | D |
| Market Share UnitsF7,F4,F8 | — | Jun 13, 2017 | M | 15,000 | D | — | Jun 13, 2019 | Class A Common Stock | 15,000 | 30,000 | D |
Explanation of responses
- F1On June 12, 2017, 15,000 Market Share Units vested and converted into 11,168 shares of Class A Common Stock, par value $.01 per share, non-cumulative ("Class A Common Stock"), pursuant to the terms of the award granted on June 12, 2015
- F2On June 13, 2017, 15,000 Market Share Units vested and converted into 7,782 shares of Class A Common Stock pursuant to the terms of the award granted on June 13, 2014
- F3On June 13, 2017, 15,000 Market Share Units vested and converted into 7,782 shares of Class A Common Stock pursuant to the terms of the award granted on June 13, 2014 that was subject to additional financial performance criteria that was determined to have been satisfied on December 15, 2016
- F4Converts to Class A Common Stock on a one-for-one basis
- F5The 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 12, 2017
- F6The 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 on the following vesting dates: January 1, 2017, June 13, 2017, June 13, 2018 and June 13, 2019
- F7This amount reflects the forfeiture of Market Share Units, without any vesting, that occurred in previous years pursuant to the terms of the award
- F8The 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 13, 2016