Company: HOVVB
Filing Date: 2025-02-07
Form Type: DEF 14A
Source: 0001140361-25-003579
Chunk: 56

Company: HOVNANIAN ENTERPRISES INC
Filing Date: 2025-02-07
Form: DEF 14A
Chunk 56
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 as reflected on our consolidated audited balance sheet, less any debt that has an equity component such as debt convertible into equity, tangible equity units and/or exchangeable notes (not net debt). 100 The following table illustrates the percentage of the target award that would have been achieved at each performance level. Awards were interpolated on a linear basis between performance levels but were not extrapolated above the maximum performance levels listed below:

| Cumulative  
 Pre-tax     
 Profit for  
 Fiscal 2022 
 Through     
 Fiscal 2024 | Annualized Interest Incurred Based on Outstanding 
 Homebuilding Debt at October 31, 2024             |           |           |           |           |           |           |
|:------------|:--------------------------------------------------|----------:|----------:|----------:|----------:|----------:|:----------|
| millions    | $120.0 or                                         
 more                                              |    $110.0 |    $100.0 |     $90.0 |     $80.0 |     $70.0 | $60.0 or  
 less      |
| $775.0      
 or more     | 100%                                              
 of target                                         
 award                                             |      125% 
 of target 
     award |      150% 
 of target 
     award |      175% 
 of target 
     award |      200% 
 of target 
     award |      225% 
 of target 
     award | 250%      
 of target 
 award     |
| $650.0      | 75%                                               
 of target                                         
 award                                             |      100% 
 of target 
     award |      125% 
 of target 
     award |      150% 
 of target 
     award |      175% 
 of target 
     award |      200% 
 of target 
     award | 225%      
 of target 
 award     |
| $525.0      | 50%                                               
 of target                                         
 award                                             |       75% 
 of target 
     award |      100% 
 of target 
     award |      125% 
 of target 
     award |      150% 
 of target 
     award |      175% 
 of target 
     award | 200%      
 of target 
 award     |
| $400.0      | 0%                                                
 of target                                         
 award                                             |       15% 
 of target 
     award |       30% 
 of target 
     award