Company: HOVVB
Filing Date: 2025-02-07
Form Type: DEF 14A
Source: 0001140361-25-003579
Chunk: 66

Company: HOVNANIAN ENTERPRISES INC
Filing Date: 2025-02-07
Form: DEF 14A
Chunk 66
---
 that was included as compensation in the Summary Compensation Table in fiscal 2022 was $1,516,026, based upon the probable outcome of the performance conditions on the grant date. The grant date fair value of 2023 PSU award that was included as compensation in the Summary Compensation Table in fiscal 2023 was $2,274,002, based upon the probable outcome of the performance conditions on the grant date. In the LTI row for Messrs. O’Connor, Wyatt and Alexander Hovnanian, this column represents the market value of their 2021 LTIP awards that vested on October 31, 2023 and October 31, 2024 and the market value of their 2021 PSU and 2022 LTIP awards that vested on June 11, 2024 and October 31, 2024, respectively, but which are subject to a mandatory two-year 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 value of the 2021 LTIP award that was included as compensation in the Summary Compensation Table in fiscal 2021 was $280,754 for Mr. O’Connor, 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 $139,962 for Mr. O’Connor, based upon the probable outcome of the performance conditions on the grant date. The grant date fair value of the 2022 LTIP award that was included as compensation in the Summary Compensation Table in fiscal 2022 was $363,205 for Mr. O’Connor, based upon the probable outcome of the performance conditions on the grant date. 125 Narrative to the Nonqualified Deferred Compensation for Fiscal 2024 Table The EDCP’s total account balance is equal to the “Company Contribution Account” balance. The “Company Contribution Account” balance consists of the annual Company “make-whole” contribution amounts under the plan. During calendar years 2023 and 2024, amounts in the “Company Contribution Account” balances were credited with earnings based on the weighted average yield on the Company’s then outstanding senior secured and unsecured notes as of the preceding December 1st, or 9.5% for calendar year 2023 and 10.0% for calendar year 2024.