J. Larry Sorsby - 07 Jan 2022 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
07 Jan 2022
Net transactions value
-$3,814,188
Form type
4
Filing time
11 Jan 2022, 15:45:40 UTC
Previous filing
15 Dec 2021
Next filing
02 Jun 2022
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 +33,015 +30% $0.000000 143,448 07 Jan 2022 Direct F1
transaction HOV Class A Common Stock Tax liability $102,311 -910 -0.63% $112.43 142,538 07 Jan 2022 Direct
transaction HOV Class A Common Stock Disposed to Issuer $3,711,876 -33,015 -23% $112.43 109,523 07 Jan 2022 Direct F1
holding HOV Class A Common Stock 15,903 07 Jan 2022 Held by GRAT
holding HOV Class A Common Stock 15,903 07 Jan 2022 Held by Spouse's GRAT

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 Phantom Shares Options Exercise $0 -33,015 -53% $0.000000 29,140 07 Jan 2022 Class A Common Stock 33,015 Direct F1, F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents the settlement of Phantom Shares in an amount of cash equal to the value of a share of Class A Common Stock, par value $.01 per share, non-cumulative ("Class A Common Stock") at the time of payout, as calculated pursuant to the applicable aware agreement.
F2 Phantom Shares represent the right to payment in the future solely of an amount of cash based on the future stock price of the Class A Common Stock. Following vesting, each Phantom Share will be paid in an amount of cash equal to the value of a share of Class A Common Stock at the time of payout, as calculated pursuant to the applicable award agreement.
F3 The remaining Phantom Shares vest as follows: (a) 14,571 shares vest on October 31, 2022 and (b) 14,569 shares vest on October 31, 2023 and settle in cash in the January following vesting.