J. Larry Sorsby - 06 Jan 2023 Form 4 Insider Report for HOVNANIAN ENTERPRISES INC (HOV)

Role
Exec. VP and CFO, Director
Signature
Elizabeth D. Tice Attorney-in-Fact
Issuer symbol
HOV
Transactions as of
06 Jan 2023
Net transactions value
-$770,350
Form type
4
Filing time
10 Jan 2023, 18:14:58 UTC
Previous filing
16 Jun 2022
Next filing
06 Jun 2023
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 +14,571 +12% $0.000000 131,966 06 Jan 2023 Direct F1
transaction HOV Class A Common Stock Tax liability $117,861 -2,632 -2% $44.78 129,334 06 Jan 2023 Direct
transaction HOV Class A Common Stock Disposed to Issuer $652,489 -14,571 -11% $44.78 114,763 06 Jan 2023 Direct F1
holding HOV Class A Common Stock 15,903 06 Jan 2023 Held by GRAT
holding HOV Class A Common Stock 6,363 06 Jan 2023 Held by Spouse F2
holding HOV Class A Common Stock 9,540 06 Jan 2023 Held by Spouse's GRAT F2

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 -14,571 -50% $0.000000 14,569 06 Jan 2023 Class A Common Stock 14,571 Direct F1, F3, F4
* 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 award agreement.
F2 Reflects a distribution from the Reporting Person's spouse's grantor retained annuity trust to the Reporting Person's spouse.
F3 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.
F4 The remaining Phantom Shares vest on October 31, 2023 and settle in cash in the following January.