Robinson Eric Brandon 4

What Happened Robinson Eric Brandon, the Chief Executive Officer of New Horizon Aircraft Ltd. (HOVR), was granted 500,000 performance share units (PSUs) on February 10, 2026. The Form 4 reports the award as a derivative grant at $0.00 per unit (total reported cash value $0). This is a compensation award (not an open-market purchase or sale) and represents a contingent right to receive common shares only if performance and vesting conditions are met.

Key Details

• Transaction date: 2026-02-10; Form 4 filed 2026-02-12 (timely filing).
• Instrument: 500,000 performance share units (PSUs) granted; reported price $0.00 (derivative award).
• Shares owned after transaction: Not disclosed in this filing.
• Footnotes / vesting conditions:
  • F1–F2: PSUs convert to common shares only if performance targets are met: 50% vest based on company market capitalization tied to a $250M target (with partial vesting at 80% of target and straight-line vesting up to 100%); the other 50% vest if the company’s total shareholder return outperforms the Russell Microcap Index over any two-year period starting on the grant date.
• No indication of tax withholding, 10b5-1 plan, or late filing penalties in this Form 4.

Context PSUs are performance-based equity awards and do not represent immediate ownership of common shares; they only become actual shares if specified performance/vesting conditions are satisfied. Such grants are typically part of executive compensation and should be viewed as contingent incentives rather than direct bullish purchases.