Company: HOVVB
Filing Date: 2025-02-07
Form Type: DEF 14A
Source: 0001140361-25-003579
Chunk: 65

Company: HOVNANIAN ENTERPRISES INC
Filing Date: 2025-02-07
Form: DEF 14A
Chunk 65
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 had been considered vested in fiscal 2021, due to his retirement eligibility, based upon the closing trading price of the Company’s Class A Common Stock on the NYSE on the dates of delivery. For Mr. Ara Hovnanian, this row also represents the value “realized” upon the delivery of cash in settlement of the portion of the 2020 LTIP award that had been considered vested in fiscal 2022. (4) “Aggregate Balance at Last Fiscal Year” Column. This column represents, in the EDCP row for each NEO, the net balance of the NEOs’ EDCP accounts. The majority of such balances reflect executive and Company contributions that were included in Summary Compensation tables in previous years. In the LTI row for Mr. Ara Hovnanian, this column represents (1) the cash value of his 2020 LTIP award and the market value of his 2021 LTIP award and 2020, 2021, 2022 and 2023 PSU awards that are deemed vested due to retirement eligibility but which will not be delivered until future years, calculated based upon the closing market price of the Company’s Class A Common Stock on the NYSE as of October 31, 2024 plus (2) the market value of his 2022 LTIP award that vested on October 31, 2024, but which is 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 October 31, 2024. The grant date fair values of the share portions of the 2021 LTIP and 2022 LTIP awards that were included as compensation in the Summary Compensation Table in fiscal 2021 and fiscal 2022 were $1,814,050 and $1,552,466, respectively, based upon the probable outcome of the performance conditions on the grant date. The grant date fair value of the 2020 PSU award that was included as compensation in the Summary Compensation Table in fiscal 2020 was $1,076,588, based upon the probable outcome of the performance conditions on the grant date. The grant date fair value of the 2021 PSU award that was included as compensation in the Summary Compensation Table in fiscal 2021 was $1,516,032, based upon the probable outcome of the performance conditions on the grant date. The grant date fair value of the 2022 PSU award