ContractHovnanian Enterprises Inc • March 9th, 2018 • Operative builders • Delaware
Participant: Cash Percentage of Award: 50% Date of Grant: December 1, 2017 Stock Percentage of Award: 50% Maximum LTIP Award (total)1: Target LTIP Award (total)1: Maximum Cash Amount: Target Cash Amount: Maximum Number of Class [A/B] Shares: Target Number of Class [A/B] Shares:
December 14, 2017 Lucian Theon Smith III Dear Lou:Letter Agreement • March 9th, 2018 • Hovnanian Enterprises Inc • Operative builders
Reference is made to your letter agreement with us dated July 24, 2015 (the “Letter Agreement”). The Letter Agreement provides that beginning with our anticipated 2019 Long-Term Incentive Program, you would be eligible to receive an “LTIP” award with a target value equal to 2-times your base salary level in effect on December 16, 2017.
