Company: HOVVB
Filing Date: 2025-02-07
Form Type: DEF 14A
Source: 0001140361-25-003579
Chunk: 51

Company: HOVNANIAN ENTERPRISES INC
Filing Date: 2025-02-07
Form: DEF 14A
Chunk 51
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 Ara K. Hovnanian       |                   15,601 |                            15,601 |
| Mr. Brad G. O’Connor       |                    1,441 |                             1,441 |
| Mr. Michael P. Wyatt       |                      961 |                               961 |
| Mr. Alexander A. Hovnanian |                    3,087 |                             3,087 |

The number of PSUs tied to absolute EBIT levels which become earned PSUs shall equal the product of the target number of PSUs multiplied by the applicable Performance Multiplier set forth below. For a definition of “EBIT” used in relation to our 2023 PSUs please see our proxy statement relating to our 2024 annual shareholder meeting filed with the SEC on February 2, 2024. 95

| EBIT for the 4 Quarters Ending   
 April 30, 2024                   | Performance                                                                                                      
 Multiplier*                                                                                                      |
|:---------------------------------|:-----------------------------------------------------------------------------------------------------------------|
| $300 million or less (Threshold) | 50%                                                                                                              |
| $325 million (Target)            | 100%                                                                                                             |
| $375 million or more (Maximum)   | 200%                                                                                                             |
|                                  | * The applicable Performance Multiplier is interpolated on a linear basis between the points shown in the table. |

The Company’s EBIT for the four quarters ending April 30, 2024 was $563.9 million, resulting in a payout of 200% of the target award. The earned PSUs vest on the third anniversary of the grant date and are further subject to a mandatory two-year post-vesting delayed delivery such that the PSU awards will not be completely distributed until five years following the grant date, or June 9, 2028. The number of PSUs tied to EBIT Return on Investment rank relative to the Peer Group which become earned PSUs shall equal the product of the target number of PSUs multiplied by the applicable Performance Multiplier as set forth below. For a definition of “EBIT Return on Investment” used in relation to our 2023 PSUs please see our proxy statement relating to our 2024 annual shareholder meeting filed with the SEC on February 2, 2024.

| Relative EBIT Return on Investment Rank 
 Compared to Peers for Each Company’s 4  
 Most Recently Completed Fiscal Quarters 
 as of April 30, 2024                    | Performance                                                                                                     
 Multiplier