J. Larry Sorsby - 02 Dec 2021 Form 4 Insider Report for HOVNANIAN ENTERPRISES INC (HOV)

Role: Exec. VP and CFO, Director, 10%+ Owner
Signature: Elizabeth D. Tice Attorney-in-Fact
Issuer symbol: HOV
Transactions as of: 02 Dec 2021
Net transactions value: -$178,865
Form type: 4
Filing time: 05 Jan 2022, 15:25:24 UTC
Previous filing: 01 Sep 2021
Next filing: 15 Dec 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	Gift	$0	-15,903	-13%	$0.000000	106,810	02 Dec 2021	Direct	F1
transaction	HOV	Class A Common Stock	Options Exercise	$0	+2,550	+2.4%	$0.000000	109,360	03 Jan 2022	Direct	F2
transaction	HOV	Class A Common Stock	Options Exercise	$0	+2,550	+2.3%	$0.000000	111,910	03 Jan 2022	Direct	F2
transaction	HOV	Class A Common Stock	Tax liability	$178,865	-1,477	-1.3%	$121.10	110,433	03 Jan 2022	Direct
holding	HOV	Class A Common Stock						15,903	02 Dec 2021	Held by GRAT	F1
holding	HOV	Class A Common Stock						15,903	02 Dec 2021	Held by Spouse's GRAT	F1

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	Market Share Units (Performance)	Options Exercise	$0	-1,275	-12%	$0.000000	8,925	03 Jan 2022	Class A Common Stock	1,275		Direct	F2, F3, F4, F5
transaction	HOV	Market Share Units (Performance)	Options Exercise	$0	-1,275	-14%	$0.000000	7,650	03 Jan 2022	Class A Common Stock	1,275		Direct	F2, F3, F4, F5

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

Explanation of Responses:

Id	Content
F1	In connection with the long-term estate planning of the reporting person, 15,903 shares of Class A Common Stock, par value $.01 per share, non-cumulative ("Class A Common Stock"), were transferred to the reporting person's spouse and the reporting person and his spouse each contributed 15,903 shares of Class A Common Stock into separate grantor retained annuity trusts, of which the reporting person and his spouse are each the respective sole trustee and sole annuitant.
F2	On January 3, 2022, 1,275 Market Share Units converted into 2,550 shares of Class A Common Stock, pursuant to the terms of the award granted on June 14, 2019 that was subject to additional financial performance criteria that was determined to have been satisfied on December 13, 2021.
F3	Convers to Class A Common stock on a one-for-one basis.
F4	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 on the following vesting dates: January 1, 2022, June 14, 2022, June 14, 2023, and June 14, 2024.
F5	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.