Management Change/Compensation (Form 8-K)

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.