SEC Form 4 · accession 0001225208-18-016823
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
Dec 14, 2018
Accepted (ET)
Dec 18, 2018 · 5:55 pm EST
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 StockF1,F2 | Dec 14, 2018 | A | 45,854 | $0.00 | A | 503,991 | 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 Units (Performance)F4,F3,F5,F6 | — | Dec 14, 2018 | A | 30,000 | A | — | Jun 10, 2021 | Class A Common Stock | 30,000 | 30,000 | D |
| Market Share Units (Performance)F4,F3,F5,F6 | — | Dec 14, 2018 | A | 30,000 | A | — | Jun 10, 2021 | Class A Common Stock | 30,000 | 60,000 | D |
Explanation of responses
- F1The date of the transaction represents the date on which the financial performance criteria of a previously granted long-term incentive plan ("LTIP") award were determined to have been satisfied
- F2Represents the number of shares determined to have been earned for the share portion of the LTIP. The share portion of the LTIP award vests as follows: (a) 26,885 shares vest on October 31, 2019, and (b) 18,969 shares vest on October 31, 2020.
- F3Converts to Class A Common Stock, par value $.01 per share, non-cumulative ("Class A Common Stock"), on a one-for-one basis
- F4The date of the transaction represents the date on which the financial performance criteria of previously granted Market Share Units were determined to have been satisfied
- 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 on the following vesting dates: January 1, 2019, June 10, 2019, June 10, 2020 and June 10, 2021
- F6The 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