O'Neill Jason Michael 4

What Happened
Jason Michael O'Neill, Chief Operating Officer of New Horizon Aircraft Ltd. (HOVR), was granted 250,000 performance share units (PSUs) on February 10, 2026. The grant is recorded as a derivative award at an acquisition price of $0.00 (no cash paid). These PSUs do not represent immediate common-share ownership and will convert to shares only if vesting conditions are met.

Key Details

• Transaction date: 2026-02-10; Form 4 filed 2026-02-12 (appears timely).
• Security/amount: 250,000 performance share units (PSUs), reported as an Award/Grant (code A). Reported price: $0.00 (derivative award).
• Shares owned after transaction: not specified in the filing excerpt.
• Footnote highlights: vesting is contingent on (1) market capitalization targets tied to a $250,000,000 target and (2) relative total-return performance vs. the Russell Microcap Index over a two-year period. See Context below for vesting detail.
• No indication of a 10b5-1 plan, tax withholding, or cashless sale in this filing.

Context
Each PSU represents the contingent right to receive one Class A ordinary share if performance conditions are met. Vesting is split 50/50: half vests based on market-cap milestones (with a portion vesting at 80% of a $250M target and the remainder vesting pro rata up to 100% of the target), and the other half vests only if New Horizon’s Nasdaq-listed shares outperform the Russell Microcap Index over any two-year period beginning on the grant date. Because these are performance-contingent awards, they are not the same as an immediate purchase of stock and do not necessarily reflect imminent share ownership.