Form 4: Lee Stewart Murray Disposes 20,000 HOVRW Shares to Cover Taxes

Rhea-AI Filing Summary

Lee Stewart Murray, Head of People & Strategy and an officer/director of New Horizon Aircraft Ltd. (symbol HOVRW), reported two sales of Class A Ordinary Shares.

The Form 4 discloses dispositions of 10,000 Class A shares on 07/22/2025 at $1.70 and 10,000 Class A shares on 08/06/2025 at $1.75. The filing shows his direct beneficial ownership following those transactions as 238,194 shares after the first sale and 228,194 shares after the second sale.

The filer explains the proceeds are intended to satisfy tax liabilities arising from the vesting of share awards. No derivative securities were reported on this form, and the filing is a routine disclosure of insider dispositions rather than acquisitions.

Positive

• Timely disclosure of insider transactions under Section 16
• Stated purpose for proceeds: to satisfy tax liabilities from vested awards
• No derivative transactions reported on this Form 4

Negative

• Reduction in direct beneficial ownership by 20,000 Class A shares (from 238,194 to 228,194 after the second sale)
• Insider dispositions may be viewed unfavorably by some investors despite the stated tax purpose

Insights

Financial Analyst

TL;DR: Insider sold 20,000 Class A shares in two transactions to cover taxes; disclosures are transparent and routine.

The filing reports two direct dispositions totaling 20,000 Class A shares on 07/22/2025 and 08/06/2025 at prices of $1.70 and $1.75 respectively. The reported beneficial ownership decreased to 238,194 and then 228,194 shares. The filer states proceeds will cover tax liabilities from vested awards, which is a common, non-operational reason for insider sales. There are no derivative transactions listed, limiting complexity. From a financial perspective, this is routine insider liquidity and a transparent Section 16 disclosure.

Corporate Governance Expert

TL;DR: The insider complied with reporting rules and disclosed the stated purpose; the trades appear administrative, not strategic.

The Form 4 identifies the reporting person as an officer and director and records two sales of Class A Ordinary Shares, with explicit explanation that proceeds satisfy tax liabilities from vesting. The clear statement of purpose and timely reporting reflect adherence to disclosure obligations. No additional governance concerns, such as related-party transactions or derivative exercises, are indicated on this filing. This disclosure is governance-compliant and informative for shareholders monitoring insider activity.

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
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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)
07/22/2025

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	07/22/2025		S(1)		10,000	D	$1.7	238,194	D
Class A Ordinary Shares without par value	08/06/2025		S(1)		10,000	D	$1.75	228,194	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

Explanation of Responses:

1. The proceeds from the reported transaction are intended to satisfy tax liabilities arising from the vesting of share awards.

	/s/ Stewart Murray Lee	08/08/2025
	** 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 transactions does the HOVRW Form 4 report?

The Form 4 reports two dispositions: 10,000 Class A shares on 07/22/2025 at $1.70 and 10,000 Class A shares on 08/06/2025 at $1.75.

Who filed the Form 4 for New Horizon Aircraft (HOVRW)?

Lee Stewart Murray, identified as Head of People & Strategy and an officer/director of the issuer, is the reporting person.

How did the insider's beneficial ownership change after the sales?

The filing shows direct beneficial ownership of 238,194 shares after the first sale and 228,194 shares after the second sale.

What reason did the insider give for the sales in the Form 4?

The filer states the proceeds are intended to satisfy tax liabilities arising from the vesting of share awards.

Were any derivative securities reported on this Form 4 for HOVRW?

No derivative securities were reported in Table II of this filing.