J. Larry Sorsby - 14 Jun 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: 14 Jun 2023
Net transactions value: -$396,843
Form type: 4
Filing time: 16 Jun 2023, 15:33:16 UTC
Previous filing: 13 Jun 2023
Next filing: 14 Dec 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	+5,100	+4.2%	$0.000000	126,664	14 Jun 2023	Direct	F1
transaction	HOV	Class A Common Stock	Options Exercise	$0	+5,100	+4.4%	$0.000000	121,564	14 Jun 2023	Direct	F2
transaction	HOV	Class A Common Stock	Tax liability	$396,843	-4,015	-3.2%	$98.84	122,649	14 Jun 2023	Direct
holding	HOV	Class A Common Stock						15,903	14 Jun 2023	Held by GRAT
holding	HOV	Class A Common Stock						6,363	14 Jun 2023	Held by Spouse
holding	HOV	Class A Common Stock						9,540	14 Jun 2023	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	Market Share Units	Options Exercise	$0	-2,550	-50%	$0.000000	2,550	14 Jun 2023	Class A Common Stock	2,550		Direct	F1, F3, F4, F5, F6
transaction	HOV	Market Share Units (Performance)	Options Exercise	$0	-2,550	-50%	$0.000000	2,550	14 Jun 2023	Class A Common Stock	2,550		Direct	F2, F3, 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, 2023, 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	On June 14, 2023, 2,550 Market Share Units vested and converted into 5,100 shares of Class A Common Stock pursuant to the terms of the award granted on June 14, 2019 that was subject to additional performance criteria that was determined to have been satisfied on October 31, 2021
F3	Converts 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 beginning on June 14, 2021
F5	On June 14, 2023, 2,550 Market Share Units vested and converted into 5,100 shares of Class A Common Stock pursuant to the terms of the award granted on June 14, 2019.
F6	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.
F7	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.