HOVNANIAN ENTERPRISES INC — Director's Dealing 2015

Jun 16, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HOVNANIAN ENTERPRISES INC (HOV)
CIK: 0000357294
Period of Report: 2015-06-12

Reporting Person: HOVNANIAN ARA K (Director, Chairman of Bd., Pres. & CEO, 10% Owner)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-06-12	Market Share Units	$	A	300000.0000	Acquired	2020-06-12	Class A Common Stock (300000.0000)	Direct

Footnotes

F1: Shares of Class B Common Stock, par value $.01 per share, non-cumulative ("Class B Common Stock"), received upon vesting convert to Class A Common Stock, par value $.01 per share, non-cumulative ("Class A Common Stock"), on a one-for-one basis

F2: The Market Share Units vest, if at all and to the extent of specified market performance of the Class A Common Stock over each relevant vesting period, in four equal installments beginning on June 12, 2017

F3: Upon, and to the extent of, vesting of the Market Share Units, shares of Class B Common Stock would be received. Shares of Class B Common Stock are immediately convertible into an equal number of shares of Class A Common Stock.

F4: The number of shares of Class B Common Stock that would be received upon vesting of the Market Share Units, if any, may vary from 50% to 175% of the number shown depending on the market performance of the Class A Common Stock over each relevant vesting period