New Horizon Aircraft (HOVR) CEO Eric Robinson Exercises PSUs, Sells Shares

What Happened

• Eric Brandon Robinson, CEO of New Horizon Aircraft Ltd. (HOVR), had 207,468 performance share units (PSUs) vest on May 26, 2026. Those PSUs converted into 207,468 Class A ordinary shares. To cover withholding obligations, 52,093 of those shares were surrendered (withheld) at an effective per-share tax value of $3.68, totaling $191,702. After withholding, Robinson received a net of 155,375 shares. The filing shows no cash proceeds were received by the reporting person in connection with the withheld shares.

Key Details

• Transaction date: May 26, 2026. Form 4 filed July 15, 2026 (appears late relative to the typical 2‑business‑day Form 4 deadline).
• Primary actions: 207,468 PSUs vested and converted to common shares (code M = exercise/conversion of derivative); 52,093 shares were disposed solely to cover tax withholding (code F).
• Withheld shares value: 52,093 × $3.68 = $191,702 (per filing).
• Net shares delivered to insider: 155,375 (207,468 vested − 52,093 withheld).
• Notable footnotes: F2 explains the PSUs vested based on market-cap performance criteria; F4 confirms the 52,093-share disposition was solely for tax withholding and produced no cash proceeds to Robinson; F5 notes the reporting person disclaims beneficial ownership except to the extent of pecuniary interest; F3 notes additional ESPP purchases since the prior Form 4.
• Shares owned after transaction: not explicitly reported in the provided filing excerpt.

Context

• These were not open‑market purchases or discretionary sales by the insider; they resulted from performance awards (PSUs) vesting. The withholding of shares to satisfy taxes is a routine, administrative step (often called a cashless or net settlement). The late filing means the market and investors learned of the transaction later than usual, which can delay transparency but does not itself indicate intent.