J. Larry Sorsby - 11 Jun 2021 Form 4 Insider Report for HOVNANIAN ENTERPRISES INC (HOV)

Role: Exec. VP and CFO, Director
Signature: Nancy A. Marrazzo Attorney-in-Fact
Issuer symbol: HOV
Transactions as of: 11 Jun 2021
Net transactions value: -$178,001
Form type: 4
Filing time: 15 Jun 2021, 18:54:52 UTC
Previous filing: 11 Jun 2021
Next filing: 01 Sep 2021
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	HOV	Class A Common Stock	Options Exercise	$0	+5,100	+13%	$0.000000	45,623	14 Jun 2021	Direct	F1
transaction	HOV	Class A Common Stock	Tax liability	$178,001	-2,007	-4.4%	$88.69	43,616	14 Jun 2021	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	HOV	Performance Share Units (2021)	Award	$0	+10,600		$0.000000	10,600	11 Jun 2021	Class A Common Stock	10,600		Direct	F2, F3, F4
transaction	HOV	Market Share Units	Options Exercise	$0	-2,550	-25%	$0.000000	7,650	14 Jun 2021	Class A Common Stock	2,550		Direct	F1, F5, F6, F7

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On June 14, 2021, 2,550 Market Share Units vested and converted into 5,100 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 14, 2019
F2	Vested Performance Share Units convert into Class A Common Stock on a one-for-one basis
F3	These Performance Share Units vest based on satisfaction of service vesting conditions through June 11, 2024 to the extent of the achievement of specified performance criteria over a performance period ending on April 30, 2022
F4	The number of shares of Class A Common Stock that would be received upon vesting of the Performance Share Units will vary from 50% to 200% of the number shown depending on the achievement of certain performance criteria during the relevant performance period
F5	Converts to Class A Common Stock on a one-for-one basis
F6	The 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 14, 2021
F7	The 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 200% of the number shown depending on the market performance of the Class A Common Stock over each relevant vesting period