Lee Stewart Murray 4
4 · New Horizon Aircraft Ltd. · Filed Jul 15, 2026
Research Summary
AI-generated summary of this filing
New Horizon (HOVR) Head of People Lee Murray Receives 103,734 Shares
What Happened Lee Stewart Murray, Head of People and Strategy at New Horizon Aircraft Ltd. (HOVR), had 103,734 performance share units (PSUs) vest on May 26, 2026. Those PSUs converted into 103,734 common shares (reported as derivative exercises). To satisfy tax withholding obligations, 26,047 of those shares were withheld/disposed at an effective withholding price of $3.68 per share, totaling $95,853. The filing shows no cash proceeds were received by Murray in connection with the withheld shares.
Key Details
- Transaction date: May 26, 2026. Form filed: July 15, 2026 (late filing).
- Vesting/conversion: 103,734 PSUs converted to common shares (reported as code M; exercise price $0.00 for conversion).
- Tax withholding: 26,047 shares withheld/disposed (code F) at $3.68 per share, totaling $95,853; footnote indicates this was solely to cover tax withholding and no cash proceeds were received by the reporting person.
- Shares owned after transaction: not specified in the Form 4 (filing does not disclose total post-transaction holdings).
- Relevant filing notes: F1–F4 describe PSU mechanics, vesting criteria, ESPP holdings since prior Form 4, and that the withholding transaction was only for taxes.
Context The 103,734 PSUs vested based on achievement of the company’s market-capitalization performance criteria (see footnote F2 for the vesting formula). This was not an open-market sale; the disposition was a standard cashless-type tax withholding where shares are retained by the company or broker to satisfy employer tax obligations. Because the Form 4 was filed late (transaction occurred 5/26/2026; Form filed 7/15/2026), disclosure was delayed — this affects timeliness but not the substance of the transaction.
Insider Transaction Report
- Exercise/Conversion
Class A Ordinary Shares without par value
[F1][F2][F3]2026-05-26+103,734→ 269,433 total - Tax Payment
Class A Ordinary Shares without par value
[F4]2026-05-26$3.68/sh−26,047$95,853→ 243,386 total - Exercise/Conversion
Performance Share Units
[F1][F2]2026-05-26−103,734→ 146,266 totalExp: 2029-12-15→ Class A Ordinary Shares without par value (103,734 underlying)
Footnotes (4)
- [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").
- [F2]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; 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. On May 26, 2026, 103,734 PSUs vested based on the achievement of the applicable market capitalization performance criteria.
- [F3]Includes shares acquired under the Company's employee share purchase plan since the reporting person's last Form 4 filing reporting holdings of Class A ordinary shares on October 16, 2025.
- [F4]Reflects a transaction solely to cover withholding payments to applicable taxing authorities. No cash proceeds were received by the reporting person in connection with the disposition of securities disclosed in this row.