Lee Stewart Murray 4

4 · New Horizon Aircraft Ltd. · Filed Feb 12, 2026

AI-generated summary of this filing

Updated Feb 13, 2026

New Horizon (HOVR) Head of People Lee Stewart Murray Receives Award

What Happened

Lee Stewart Murray, Head of People and Strategy at New Horizon Aircraft Ltd. (HOVR), received an award of 250,000 performance share units (PSUs) on 2026-02-10. The grant was recorded at $0.00 per unit (no cash paid); the PSUs are contingent (derivative) rights to receive Class A ordinary shares if vesting conditions are met.

Key Details

Transaction date: 2026-02-10; Form 4 filed 2026-02-12 (filed timely based on the reported dates).
Grant: 250,000 PSUs; acquisition price: $0.00; recorded value at grant: $0.
Vesting structure (from filing footnotes):
- 50% (125,000 PSUs) vest based on market-cap targets tied to a $250,000,000 target: 80% of that 50% (100,000 PSUs) vest when market cap reaches 80% of target (~$200M); the remaining 25,000 vest pro rata as market cap increases from 80% to 100% of target.
- 50% (125,000 PSUs) vest if the company’s Nasdaq-listed common shares achieve a higher total return than the Russell Microcap Index over any two-year period starting on the grant date and ending on the PSUs’ expiry date.
Shares owned after the transaction: not specified in the provided filing excerpt.
Type of transaction code: A = Award/Grant (derivative instrument / PSU). No sale or purchase occurred.

Context

These PSUs are compensation-based, contingent awards — they do not deliver actual shares until vesting conditions are satisfied. Such grants are common executive compensation tools and should not be interpreted alone as an immediate bullish or bearish market signal.

Form 4

Period: 2026-02-10

Head of People and Strategy

Transactions

Award
Performance Share Units
[F1][F2]
2026-02-10+250,000→ 250,000 total
Exp: 2029-12-15→ Class A Ordinary Shares without par value (250,000 underlying)

Footnotes (2)

[F1]Each performance share unit ("PSU") represents a contingent right to receive one Class A ordinary share, without par value (the "Common Shares"), of New Horizon Aircraft Ltd. (the "Company"). The PSUs vest as follows: (i) fifty percent (50%) of the PSUs shall vest based on the Company's market capitalization, such that: (A) 80% of such fifty percent (50%) portion shall vest upon the Company achieving a market capitalization equal to 80% of the target market capitalization of US$250,000,000;
[F2]and (B) the remaining portion shall vest proportionately on a straight-line basis as the Company's market capitalization increases from 80% to 100% of the target market capitalization, with 100% of such portion vesting upon achievement of the full target; and (ii) the remaining fifty percent (50%) of the PSUs shall vest if the Company's Common Shares, as listed on The Nasdaq Capital Market, have achieved a higher total return than the Russell Microcap Index over any two-year period commencing on the date of grant and ending on the expiry date of such PSUs.

Signature

/s/ Stewart Murray Lee|2026-02-12

1 file