HOVR insider: 57,143 PSUs settle; 22,515 shares disposed at $3.42

Rhea-AI Filing Summary

New Horizon Aircraft (HOVR) insider activity: An officer reported acquiring 57,143 Class A ordinary shares on 09/26/2025 via a transaction coded “M,” reflecting settlement of performance share units. The filing notes each unit represented a right to one share and vested in full when the company reached a market capitalization of $100,000,000.

On 10/09/2025, the officer reported a disposition of 22,515 shares at $3.42 per share under transaction code “F.” Following these transactions, the officer directly owned 262,822 Class A ordinary shares. The derivative balance related to the reported performance share units was 0 after settlement.

Insider Trade Summary

57,143 shares exercised/converted

Mixed 3 txns

Insider Lee Stewart Murray

Role Head of People and Strategy

Type	Security	Shares	Price	Value
Tax Withholding	Class A Ordinary Shares, without par value	22,515	$3.42	$77K
Exercise	Performance Share Units	57,143	$0.00	--
Exercise	Class A Ordinary Shares, without par value	57,143	$0.00	--

Holdings After Transaction: Class A Ordinary Shares, without par value — 262,822 shares (Direct); Performance Share Units — 0 shares (Direct)

Footnotes (1)

1. [object Object]

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Lee Stewart Murray

(Last) (First) (Middle)

C/O NEW HORIZON AIRCRAFT LTD.

3187 HIGHWAY 35

(Street)

LINDSAY A6 K9V 4R1

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
New Horizon Aircraft Ltd. [ HOVR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Head of People and Strategy

3. Date of Earliest Transaction (Month/Day/Year)
09/26/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Ordinary Shares, without par value	09/26/2025		M		57,143	A	(1)	285,337	D
Class A Ordinary Shares, without par value	10/09/2025		F		22,515	D	$3.42	262,822	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Performance Share Units	(1)	09/26/2025		M			57,143	(1)	12/15/2028	Class A Ordinary Shares, without par value	57,143	$0	0	D

Explanation of Responses:

1. Each performance share unit represents a contingent right to receive one Class A ordinary share, without par value, of New Horizon Aircraft Ltd. (the "Company"). The performance share units vested in full on the date the Company achieved a market capitalization of $100,000,000.

	/s/ Stewart Murray Lee	10/14/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did HOVR report?

An officer acquired 57,143 Class A shares on 09/26/2025 via code M, and disposed of 22,515 shares on 10/09/2025 via code F.

How many HOVR shares does the officer own after the transactions?

The officer directly owned 262,822 Class A shares after the reported transactions.

What triggered the vesting of the performance share units at HOVR?

The units vested in full when the company achieved a $100,000,000 market capitalization.

What was the sale price for the disposed HOVR shares?

The 22,515 shares were disposed at $3.42 per share on 10/09/2025.

What do the Form 4 transaction codes mean here?

Code M indicates settlement of a derivative into shares; code F indicates a disposition related to payment obligations under SEC rules.

Were any derivative securities left after settlement?

The filing shows 0 derivative securities remaining related to the reported performance share units after settlement.

Who is the reporting person at HOVR?

The filing was signed by Stewart Murray Lee, identified as Head of People and Strategy.