Executive pay reset as Hovnanian Enterprises (NYSE: HOV) names President, COO

Rhea-AI Filing Summary

Hovnanian Enterprises, Inc. filed a current report describing updated compensation arrangements for two senior executives. As previously disclosed, Alexander Hovnanian will become President and Michael Wyatt will become Chief Operating Officer effective November 1, 2025. On September 17, 2025, the Board’s Compensation Committee approved for each executive a new base salary of $750,000, effective on that date. They also set each executive’s target under the company’s Long-Term Incentive Program at 1.25 times base salary, aligning future award payouts with this multiple. Both executives will continue to be eligible for additional cash and equity awards to be determined later by the Compensation Committee.

8-K Event Classification

Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers

1 item

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

Understanding 8-K Material Events →

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

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): September 17, 2025

HOVNANIAN ENTERPRISES, INC.
(Exact Name of Registrant as Specified in its Charter)

Delaware (State or Other Jurisdiction of Incorporation) 1-8551 (Commission File Number) 22-1851059 (IRS Employer Identification No.)

90 Matawan Road, Fifth Floor

Matawan, New Jersey 07747
(Address of Principal Executive Offices) (Zip Code)

(732) 747-7800
(Registrant’s telephone number, including area code)

Not Applicable
(Former Name or Former Address, if Changed Since
Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act.

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Class A Common Stock $0.01 par value per share	HOV	New York Stock Exchange
Preferred Stock Purchase Rights (1)	N/A	New York Stock Exchange
Depositary Shares each representing 1/1,000th of a share of 7.625% Series A Preferred Stock	HOVNP	The Nasdaq Stock Market LLC

(1) Each share of Class A Common Stock includes an associated Preferred Stock Purchase Right. Each Preferred Stock Purchase Right initially represents the right, if such Preferred Stock Purchase Right becomes exercisable, to purchase from the Company one ten-thousandth of a share of its Series B Junior Preferred Stock for each share of Common Stock. The Preferred Stock Purchase Rights currently cannot trade separately from the underlying Common Stock.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As previously disclosed in the Quarterly Report on Form 10-Q for the quarterly period ended January 31, 2025 filed by Hovnanian Enterprises, Inc. (the “Company”) on February 28, 2025 (the “First Quarter 10-Q”), the Company’s Board of Directors (the “Board”) appointed Alexander Hovnanian to the position of President and Michael Wyatt to the position of Chief Operating Officer, each effective November 1, 2025. At the time of the First Quarter 10-Q and as previously disclosed, no determinations had been made with respect to any changes to the compensation arrangements of Messrs. Hovnanian and Wyatt in connection with their respective appointments.

On September 17, 2025, in connection with Mr. Hovnanian’s promotion to President and Mr. Wyatt’s promotion to Chief Operating Officer, the Compensation Committee of the Board of the Company approved the following compensation package for each of Messrs. Hovnanian and Wyatt: (1) a base salary of $750,000, effective November 1, 2025; and (2) a target multiple of base salary of 1.25 with respect to award payouts made under the Company’s Long-Term Incentive Program.

In addition, each of Messrs. Hovnanian and Wyatt will remain eligible to receive other cash and equity awards as to be determined by the Compensation Committee in the future.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	HOVNANIAN ENTERPRISES, INC. (Registrant)
	By:	/s/ Brad G. O’Connor
		Name: Brad G. O’Connor Title: Chief Financial Officer

Date: September 23, 2025

FAQ

What executive compensation changes did Hovnanian Enterprises (HOVVB) disclose in this 8-K?

The company approved for each of Alexander Hovnanian and Michael Wyatt a base salary of $750,000, effective November 1, 2025, and set a 1.25x base salary target for payouts under the Long-Term Incentive Program.

When do the new salaries for Hovnanian Enterprises’ President and COO become effective?

The new base salaries of $750,000 for Alexander Hovnanian as President and Michael Wyatt as Chief Operating Officer become effective on November 1, 2025.

How is the Long-Term Incentive Program structured for Hovnanian’s top executives?

For each of Messrs. Hovnanian and Wyatt, the Compensation Committee set a Long-Term Incentive Program target equal to a 1.25 multiple of base salary for award payouts.

Will Alexander Hovnanian and Michael Wyatt receive other forms of compensation from Hovnanian Enterprises?

Yes. Each of Messrs. Hovnanian and Wyatt will remain eligible to receive other cash and equity awards as determined in the future by the Compensation Committee.

What positions are Alexander Hovnanian and Michael Wyatt assuming at Hovnanian Enterprises?

Effective November 1, 2025, Alexander Hovnanian will serve as President and Michael Wyatt will serve as Chief Operating Officer of Hovnanian Enterprises, Inc.