New Horizon Aircraft (NASDAQ: HOVR) executive vests 103,734 PSUs
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
New Horizon Aircraft’s Head of People and Strategy, Lee Stewart Murray, had 103,734 Performance Share Units vest on May 26, 2026 based on market‑capitalization performance, converting into an equal number of Class A ordinary shares. To cover tax obligations, 26,047 shares were withheld at $3.68 per share with no cash proceeds, leaving him holding 269,433 Class A shares directly. These PSUs vest under performance hurdles tied to a US$250,000,000 market‑capitalization target and share returns versus the Russell Microcap Index.
Positive
- None.
Negative
- None.
Insider Trade Summary
103,734 shares exercised/converted
Mixed
3 txns
Insider
Lee Stewart Murray
Role
Head of People and Strategy
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Performance Share Units | 103,734 | $0.00 | -- |
| Exercise | Class A Ordinary Shares without par value | 103,734 | -- | -- |
| Tax Withholding | Class A Ordinary Shares without par value | 26,047 | $3.68 | $96K |
Holdings After Transaction:
Performance Share Units — 146,266 shares (Direct);
Class A Ordinary Shares without par value — 269,433 shares (Direct)
Footnotes (1)
- 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"). 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. 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. 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.
Key Figures
PSUs vested: 103,734 units
Shares withheld for taxes: 26,047 shares
Withholding price per share: $3.68 per share
+4 more
7 metrics
PSUs vested
103,734 units
Performance Share Units vested on May 26, 2026 based on market-cap criteria
Shares withheld for taxes
26,047 shares
Class A shares disposed solely to cover tax withholding
Withholding price per share
$3.68 per share
Price used for tax-withholding disposition of 26,047 shares
Shares held after transactions
269,433 shares
Direct Class A ordinary share holdings following May 26, 2026 transactions
Target market capitalization
US$250,000,000
PSU vesting tied to achieving percentages of this market-cap target
Remaining PSUs
146,266 units
Performance Share Units remaining outstanding after the reported vesting
PSU expiry date
2029-12-15
Expiration date for the Performance Share Units
Key Terms
Performance Share Units, market capitalization, total return, Russell Microcap Index
4 terms
market capitalization financial
"50% of the PSUs shall vest based on the Company's market capitalization"
Market capitalization is the total market value of a company’s outstanding shares, calculated by multiplying the current share price by the number of shares issued. It gives a quick snapshot of a company’s size and how investors value it, influencing perceived risk, index membership, and roughly how much it might cost to buy the whole company — like using a sticker price to compare the relative size and price of different houses.
total return financial
"the remaining fifty percent shall vest if the Common Shares have achieved a higher total return"
Total return measures how much an investment grows over a period by combining changes in its market price with any income it pays (like dividends or interest), usually shown as a percentage. It matters to investors because it gives a complete picture of performance—similar to looking at your paycheck plus any year-end bonus rather than just the hourly wage—so you can compare investments more fairly and judge real wealth change.
Russell Microcap Index financial
"based on the Common Shares achieving a higher total return than the Russell Microcap Index"
A broad market index that tracks the performance of the smallest publicly traded U.S. companies by market value, the Russell Microcap Index measures how tiny, often early-stage or niche firms are doing overall. Investors use it like a thermometer: it shows the health and trends of the micro-cap segment, helps compare fund performance, and guides decisions about risk, diversification and potential for high growth or volatility.
FAQ
What insider transaction did HOVR report for Lee Stewart Murray?
New Horizon Aircraft reported that Lee Stewart Murray had 103,734 Performance Share Units vest on May 26, 2026, converting into the same number of Class A ordinary shares, with a portion withheld to satisfy tax obligations and no cash proceeds received.
How many HOVR PSUs remain outstanding for Lee Stewart Murray?
Following the vesting of 103,734 PSUs, the derivative table shows 146,266 Performance Share Units remaining. These units, expiring on December 15, 2029, are still subject to the award’s specified performance‑vesting conditions and timing.