Lee Stewart Murray 4

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.