New Horizon Aircraft Form 4 — 57,143 Performance Share Units Reported

Rhea-AI Filing Summary

Lee Stewart Murray, Head of People & Strategy at New Horizon Aircraft Ltd., filed a Form 4 reporting a grant of 57,143 performance share units on 08/27/2025. Each performance share unit represents a contingent right to one Class A ordinary share and vests in full if the company reaches a $100,000,000 market capitalization. The units are recorded with a deemed zero price and are shown as directly beneficially owned following the transaction, totaling 57,143 Class A ordinary shares underlying the units. The reported derivative shows an applicable date of exercisability/expiration of 12/15/2028. The Form 4 is signed by the reporting person on 08/29/2025.

Insights

Compensation & Corporate Governance Analyst

TL;DR: Executive received performance-based equity tied to a $100M market-cap target, reported as 57,143 PSUs.

The Form 4 discloses a time- and performance-contingent equity award: 57,143 performance share units that convert one-for-one into Class A ordinary shares if the company attains a $100,000,000 market capitalization. The grant is recorded with a $0 price and shown as directly beneficially owned by the reporting officer after the transaction. Such awards align executive pay with shareholder value milestones and include an exercisability/expiration date of 12/15/2028 as reported on the derivative schedule. The filing appears to be a routine disclosure of an equity award rather than a sale or transfer.

Securities Compliance Specialist

TL;DR: Form 4 properly reports a contingent equity grant by an officer; documentation shows required signature and dates.

The filing identifies the reporting person, role, issuer ticker, transaction date (08/27/2025) and signature date (08/29/2025). It specifies the nature of the award (performance share units) and the vesting condition (achievement of $100,000,000 market cap). The entry lists 57,143 underlying Class A shares and indicates direct beneficial ownership. From a compliance perspective, the form contains the key elements required for Section 16 reporting of a compensatory equity grant.

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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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 & Strategy

3. Date of Earliest Transaction (Month/Day/Year)
08/27/2025

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

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)	08/27/2025		A		57,143		(1)	12/15/2028	Class A Ordinary Shares without par value	57,143	$0	57,143	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 vest in full on the date the Company achieves a market capitalization of $100,000,000.

	/s/ Stewart Murray Lee	08/29/2025
	** 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 did Lee Stewart Murray report on the Form 4 for New Horizon Aircraft (HOVR)?

The Form 4 reports a grant of 57,143 performance share units to Lee Stewart Murray, reported on 08/27/2025.

What are the vesting conditions for the performance share units reported in the HOVR Form 4?

The performance share units vest in full if the company achieves a $100,000,000 market capitalization.

How many Class A ordinary shares do the reported PSUs represent?

Each performance share unit represents a contingent right to one Class A ordinary share, totaling 57,143 shares underlying the award.

When is the exercisability/expiration date shown on the Form 4 for these derivative securities?

The filing shows an exercisability/expiration-related date of 12/15/2028 for the reported derivative entry.

Was the Form 4 signed and when?

Yes. The Form 4 is signed by the reporting person on 08/29/2025.