Company: HOVVB
Filing Date: 2025-02-07
Form Type: DEF 14A
Source: 0001140361-25-003579
Chunk: 57

Company: HOVNANIAN ENTERPRISES INC
Filing Date: 2025-02-07
Form: DEF 14A
Chunk 57
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 |       45% 
 of target 
     award |       60% 
 of target 
     award |       75% 
 of target 
     award | 90%       
 of target 
 award     |
| Less than   
 $400.0      | 0%                                                
 of target                                         
 award                                             |        0% 
 of target 
     award |        0% 
 of target 
     award |        0% 
 of target 
     award |        0% 
 of target 
     award |        0% 
 of target 
     award | 0%        
 of target 
 award     |

For the period from fiscal 2022 through fiscal 2024, the Company achieved $1.1 billion in cumulative Pre-tax Profit, and Annualized Interest Incurred at October 31, 2024 was $98.9 million, resulting in a payout of 152.74% of the target award. 101 OTHER EMPLOYEE BENEFITS The Company provides additional employee benefits that the Committee believes enhance executive safety, efficiency and time that the executive is able to devote to Company affairs. We do not believe that special perquisites or other personal benefits should play a major role in our executive compensation program. However, some NEOs are provided one or more of the following items: Auto allowance, including car maintenance and fuel expense; Personal use of the Company’s automobiles and of the Company’s fractional aircraft share (limited to Messrs. Hovnanian); Executive term life insurance; Golf membership or country club fee reimbursement for personal use (limited to the CEO); and Personal income tax preparation services (limited to the CEO). 102 There are no tax gross-ups on any of the executive perquisites. The Committee annually reviews the elements and level of executive perquisites for the NEOs. In particular, in evaluating the appropriateness of these benefits for the CEO, the Committee takes into consideration the CEO’s security, health and safety and the degree to which he is required to travel to various Company locations and business functions on a daily basis. Based on its review, the Committee has requested that the CEO use Company-provided transportation to enhance his security and the efficient use of his time. The Company makes a matching contribution to all participants, including the NEOs, in the Company’s 401(k) plans of up to 6% of eligible employee compensation, based on tenure. The Company also makes contributions to the executive deferred compensation plan (“EDCP”) for the participating NEOs and certain other