J. Larry Sorsby - Dec 2, 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
Stock symbol
HOV
Transactions as of
Dec 2, 2021
Transactions value $
-$178,865
Form type
4
Date filed
1/5/2022, 03:25 PM
Previous filing
Sep 1, 2021
Next filing
Dec 15, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction HOV Class A Common Stock Gift $0 -15.9K -12.96% $0.00 107K Dec 2, 2021 Direct F1
transaction HOV Class A Common Stock Options Exercise $0 +2.55K +2.39% $0.00 109K Jan 3, 2022 Direct F2
transaction HOV Class A Common Stock Options Exercise $0 +2.55K +2.33% $0.00 112K Jan 3, 2022 Direct F2
transaction HOV Class A Common Stock Tax liability -$179K -1.48K -1.32% $121.10 110K Jan 3, 2022 Direct
holding HOV Class A Common Stock 15.9K Dec 2, 2021 Held by GRAT F1
holding HOV Class A Common Stock 15.9K Dec 2, 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 -1.28K -12.5% $0.00 8.93K Jan 3, 2022 Class A Common Stock 1.28K Direct F2, F3, F4, F5
transaction HOV Market Share Units (Performance) Options Exercise $0 -1.28K -14.29% $0.00 7.65K Jan 3, 2022 Class A Common Stock 1.28K 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.