Company: HOVVB
Filing Date: 2025-02-07
Form Type: DEF 14A
Source: 0001140361-25-003579
Chunk: 64

Company: HOVNANIAN ENTERPRISES INC
Filing Date: 2025-02-07
Form: DEF 14A
Chunk 64
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1 LTIP and 2022 LTIP awards that vested on October 31, 2024, but which are subject to a mandatory two-year post-vesting delayed delivery period, calculated based upon the closing market price of the Company’s Class A Common Stock on the NYSE as of the date the awards vested. (2) “Aggregate Earnings in Last Fiscal Year” Column. This column represents, in the EDCP row for each NEO, both realized and unrealized earnings/(losses) on the EDCP’s total account balance. The portions of these earnings above the applicable federal interest rate for Messrs. Ara Hovnanian and O’Connor were $76,349 and $25,395, respectively, which are reflected in the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column of the Summary Compensation Table for fiscal 2024. For Mr. Ara Hovnanian, the LTI row under his name represents earnings/(losses) on the undelivered portions of the shares of Class B Common Stock underlying the share portion of his 2021 LTIP and 2020, 2021, 2022 and 2023 PSU awards and the phantom share portion of his 2019 LTIP award, which earnings/(losses) have been “realized” only to the extent of the shares delivered during fiscal 2024. For the other NEOs, the LTI row under their names represents earnings/(losses) on the undelivered portions of the shares of Class A Common Stock or Class B Common Stock, as applicable, underlying the share portion of their 2021 LTIP and 2021 PSU awards, which earnings/(losses) have been “realized” only to the extent of the shares delivered during fiscal 2024. No such earnings are considered above-market or preferential and, accordingly, are not included in the Summary Compensation Table. (3) “Aggregate Withdrawals/Distribution” Column. This column represents, in the EDCP row for each NEO, as applicable, the payouts or distributions to the NEOs of vested amounts of deferred compensation pursuant to their elections under the EDCP. For Mr. Ara Hovnanian, the LTI row under his name represents the value “realized” upon the delivery of cash in settlement of the phantom share portion of his 2019 LTIP award and the delivery of shares of Class B Common Stock underlying the share portion of his 2020 PSU award that