On the terms and conditions and subject to the restrictions, including forfeiture, hereinafter set forth, the Company hereby grants to the Participant a target number of Performance RSUs equal to ​ (the “Target RSU Award”). The actual number of Performance RSUs which the Participant will earn under this Agreement will be finally determined based upon the Company’s Relative Total Shareholder Return and Free Cash Flow achievements for the period commencing on January 1, 2015 and ending on December 31, 2017 (the “Performance Period”), in accordance with the provisions of [Exhibit A] attached to this Agreement and made a part hereof.

Grant of RSUs. Participant has been granted RSUs subject to the terms, restrictions and conditions of the Notice, this Agreement and the Plan.

Grant of RSUs. Subject to the relevant terms of the Plan and this Agreement, as of the Grant Date, [[Organization A:Organization]] has granted [[Person A:Person]] the number of RSUs set forth in the Award Letter.

Grant of RSUs. On the Grant Date, you were awarded the number of RSUs set forth in the Award Notice.

Grant of RSUs. Subject to and upon the terms, conditions and restrictions set forth in this Agreement and in the Plan, the Company hereby grants to Grantee ​ Restricted Stock Units (the “RSUs”). Each RSU shall represent the right of Grantee to receive one share of Common Stock subject to and upon the terms and conditions of this Agreement.

Grant of RSUs. For valuable consideration, receipt of which is hereby acknowledged, Hovnanian Enterprises, Inc., a Delaware Corporation (the "Company"), hereby grants the number of restricted share units ("RSUs") listed above to the Participant, on the terms and conditions hereinafter set forth. This grant is made pursuant to the terms and conditions of the 2012 Company Amended and Restated Stock Incentive Plan (the "Plan"), which Plan, as amended from time to time, is incorporated herein by reference and made a part of this Agreement. Each RSU represents the unfunded, unsecured right of the Participant to receive a Share on the date(s) specified herein. Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan.

Grant Conditioned Upon Performance. Your grant of Restricted Stock Units is conditioned upon Arrow meeting certain performance criteria established by the Compensation Committee of Arrow’s Board of Directors (the “Committee”). The Committee has determined that your Award will be conditioned upon the Company having Net Income, as determined in accordance with U. S. General Accounting Principles, greater than zero dollars during the fiscal year in which the Grant Date occurs. Immediately following the end of the fiscal year in which the Grant Date occurs, but prior to the first anniversary of the Grant Date, the Committee will certify whether or not the performance measure has been met. If the Committee fails to certify whether the performance measure was satisfied or determines that the performance measure has not been met, your Restricted Stock Units will be forfeited in its entirety effective as of immediately prior to the first anniversary of the grant Date and there will be no payment or delivery of Shares to you related to such forfeited Restricted Stock Units.

Grant of Performance Shares. The Committee may make grants of Performance Shares to Participants. Each Performance Share Award shall be evidenced by an Award Agreement setting forth the number of Performance Shares granted and the terms and conditions to which the Performance Share Award is subject.

Grant of Performance Units. Subject to the provisions of Sections 5 and 6, Performance Units may be granted to Participants at any time and from time to time as shall be determined by the Committee. The Committee shall have complete discretion in determining the number of Performance Units granted to each Participant. Such entitlements of a Participant with respect to his or her outstanding Performance Units shall be reflected by a bookkeeping entry in the records of the Company, unless otherwise provided by the Award Agreement.

Grant of Performance Units. Subject to the terms and provisions of the Plan, the Committee, at any time and from time to time, may grant Performance Units under the Plan to such Key Employees and Non-Employee Directors and in such amounts as it shall determine. Participants receiving such Awards are not required to pay the Company therefor (except for applicable tax withholding) other than the rendering of services. The Committee is expressly authorized to grant Performance Units that are deferred compensation covered by Code Section 409A, as well as Performance Units that are not deferred compensation covered by Code Section 409A.