Termination of PSUs. Unless provided otherwise in [Schedule I], if the Participant ceases to be employed by, or provide service to, the Employer for any reason before all of the PSUs vest, any unvested PSUs shall automatically terminate and shall be forfeited as of the date of the Participant’s termination of employment or service. No payment shall be made with respect to any unvested PSUs that terminate as described in this [Section 4].

Grant of PSUs. Subject to the terms and conditions of this Agreement including but not limited to any adjustment for dividend equivalency as set forth in Paragraph 4 below, the Company hereby grants to the Participating Officer [INSERT #] PSUs (such number of PSUs is referred to hereinafter as the “Target Award”). Each PSU represents one share of the Company’s common stock, $0.001 par value (“Common Stock”). As further provided on Exhibit A, the Participating Officer may earn up to twenty five percent (25%) of the Target Award for each calendar year during the Full Performance Period as defined below. The actual number of PSUs earned by the Participating Officer shall be determined following the end of each calendar year (each such calendar year being referred to herein as an “Annual Performance Period”) over a four-year performance period coinciding with the Company’s fiscal years 2022 through 2025 (the “Full Performance Period”) based upon the satisfaction of the performance goals (the “Performance Goals”) set forth on Exhibit A attached hereto for each such Annual Performance Period. Following the completion of each such Annual Performance Period, and as soon as practicable following the date on which the Committee certifies the performance results for such Annual Performance Period (the “Certification Date”), but subject to applicable grace periods and other provisions as set forth on Exhibit A

Grant of PSUs. For valuable consideration, receipt of which is hereby acknowledged, Hovnanian Enterprises, Inc., a Delaware Corporation (the "Company"), hereby grants the target number (“Target Number”) of performance share units ("PSUs") 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 2020 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. The actual number of PSUs, if any, that the Participant will be eligible to earn with respect to this Agreement (the “Earned PSUs”), subject to meeting the applicable service and performance vesting requirements, will equal the Target Number multiplied by the applicable “Performance Multiplier” as defined in Exhibit A hereto. Each Earned PSU 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.

Following ​, the Committee will determine the level of achievement of the Performance Goals for the Performance Period. The number of PSUs, if any, that actually become earned for the Performance Period will be determined by the Committee in accordance with the Grant Notice (and any PSUs that do not become so earned shall be automatically forfeited). Unless and until the PSUs have become earned and been settled in accordance with [Section 3], Employee will have no right to receive any dividends or other distributions with respect to the PSUs. In the event of the termination of Employee’s employment prior to ​, except as otherwise provided in [Section 2(b)] and 2(c) below, all of the PSUs (and all rights arising from such PSUs and from being a holder thereof), will terminate automatically without any further action by the Company and will be automatically forfeited without further notice and at no cost to the Company.

Issuance of PSUs. To the extent that the Award has vested, the PSUs associated with such Award shall be settled based on the level of attainment of the “Performance Condition” (as detailed in this Agreement or Attachment A to this Agreement), determined by the Committee in accordance with and subject to the terms of this Award Agreement and the Plan.

Grant of PSUs. The Company has granted the PSUs to Participant effective as of the grant date set forth in the Grant Notice (the “Grant Date”). Each PSU represents the right to receive one share of Common Stock, as set forth in this Agreement. Participant will have no right to the distribution of any share of Common Stock underlying a PSU until the time (if ever) such PSU has Vested.

Grant of PSUs. Subject to the terms and conditions set forth in this Agreement and in the Plan, the Company hereby grants the Participant a target number of PSUs set forth in [Schedule I] (“Target PSUs”), assuming target performance, and, if applicable, up to a maximum number of PSUs set forth in [Schedule I], with the actual number of PSUs earned based upon achievement of performance goals over one or more Performance Periods (as defined in [Schedule I]) and the terms and conditions described herein and in [Schedule I]. The award of PSUs represents the right of the Participant to receive one share of Class A common stock of the Company (“Company Stock”), for each PSU that vests, on the applicable payment date set forth in [Section 5] below or [Schedule I], subject to the terms of this Agreement.

Settlement of PSUs. As soon as administratively practicable following the Committee’s determination of the level of achievement of the Performance Goals for the Performance Period, but in no event later than 60 days following ​, Employee (or Employee’s permitted transferee, if applicable) shall be issued a number of shares of Common Stock equal to the number of PSUs subject to this Award that become earned based on the level

If the PSUs vest in accordance with [Schedule I], the Company shall issue to the Participant one share of Company Stock for each vested PSU, subject to applicable tax withholding obligations. Payment shall be made within 60 days after the last day of the applicable Performance Period, except as provided in [Section 6] below or [Schedule I].

Forfeiture of PSUs. If Grantee terminates service with the Company and its Subsidiaries prior to the Conversion Date for any reason other than as set forth in [Section 2(c) or (d)])] hereof, then the Grantee shall, for no consideration, forfeit all [[Unknown Identifier]] PSUs.