SEC Form 4 · accession 0001225208-18-010690
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, 2018
Accepted (ET)
Jun 14, 2018 · 5:07 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, 2018 | M | 9,133 | $0.00 | A | 457,459 | D | |
| Class A Common Stock | Jun 12, 2018 | M | 8,592 | $0.00 | A | 466,051 | D | |
| Class A Common Stock | Jun 12, 2018 | F | 3,832 | $2.01 | D | 462,219 | D | |
| Class A Common Stock | Jun 12, 2018 | F | 4,082 | $2.01 | D | 458,137 | 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 UnitsF5,F3,F4 | — | Jun 12, 2018 | M | 15,000 | D | — | Jun 12, 2020 | Class A Common Stock | 15,000 | 30,000 | D |
| Market Share Units (Performance)F5,F3,F7 | — | Jun 12, 2018 | M | 14,112 | D | — | Jun 12, 2020 | Class A Common Stock | 14,112 | 28,222 | D |
Explanation of responses
- F1On June 12, 2018, 15,000 Market Share Units vested and converted into 9,133 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 12, 2018, 14,112 Market Share Units vested and converted into 8,592 shares of Class A Common Stock, pursuant to the terms of the award granted on June 12, 2015 that was subject to additional financial performance criteria that was determined to have been satisfied on December 15, 2017
- F3Converts to Class A Common Stock on a one-for-one basis
- F4The 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
- F5The 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
- F6On June 12, 2018, 14,112 Market Share Units vested and converted into 8,592 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 that was subject to additional financial performance criteria that was determined to have been satisfied on December 15, 2017
- F7The 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, 2018, June 12, 2018, June 12, 2019 and June 12, 2020