Lee Stewart Murray 4

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.