Stewart Lee
About Stewart Lee
Stewart Lee (age 52) is Head of People & Strategy at New Horizon Aircraft Ltd. (HOVR), serving in this role since the January 2024 business combination and previously at Legacy Horizon since 2013; he holds a Bachelor of Commerce and an MBA (Royal Roads University) and has been a Chartered Professional in Human Resources since 2009 . The proxy designates him an executive officer for U.S. securities law disclosure purposes, but the company does not disclose Stewart-specific TSR, revenue, or EBITDA performance metrics tied to his pay; equity awards under HOVR’s plan can include performance share units with Board-defined criteria .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Legacy Horizon / New Horizon Aircraft (HOVR) | Head of People & Strategy | Since 2013 | Led people strategy through SPAC combination; continued executive leadership post‑closing |
| Private HR Consulting Firm | Founder/Principal | Not disclosed | Provided HR consulting services to multiple clients |
| Steel‑Craft Door Products | Director of Human Resources | 11 years | Led HR for a large Canadian national manufacturer |
| Canadian Armed Forces | Logistics Officer | 6 years | Military logistics leadership experience |
External Roles
No public company directorships or committee roles disclosed for Stewart Lee .
Fixed Compensation
| Component | Terms | Notes |
|---|---|---|
| Contractor Agreement | Services through 2195790 Alberta Inc.; effective Jan 12, 2024; automatic expiry Dec 31, 2025 (extendable by mutual agreement) | Executive services provided via a contractor structure |
| Hourly Rate | CAD$180.00 per hour | Fees paid to contractor entity |
| Termination | Company: 60 days’ prior written notice; Contractor: 90 days’ prior written notice; immediate termination for material breach | Upon expiration/termination, only accrued Fees are payable |
Performance Compensation
| Incentive Type | Metric/Target | Weighting | Target vs Actual | Payout | Vesting/Terms |
|---|---|---|---|---|---|
| Stock Options | Not individually disclosed | — | — | — | Company‑level policy: options typically 10‑year term, vest in 3 equal annual tranches; acceleration possible on change‑of‑control; blackout extensions for non‑U.S. taxpayers |
The proxy does not disclose Stewart‑specific targets or payouts (e.g., revenue, EBITDA, TSR) for FY2025; PSUs may be granted with Board‑defined vesting conditions, but none are individually described for Stewart .
Equity Ownership & Alignment
| Item | Amount / Status | Notes |
|---|---|---|
| Total beneficial ownership (as of Jan 27, 2025 record date) | 298,735 shares; 1.0% of class | Executive officer designated for disclosure |
| Options held | 35,455 options at CAD$0.76 strike; reflected on a fully vested basis | Footnote indicates options shown as vested for disclosure |
| Vested vs unvested breakdown | Not disclosed | — |
| Pledging / Hedging | Company policy prohibits pledging, margin, and hedging; 10b5‑1 plans permitted | |
| Ownership guidelines | Not disclosed | — |
Employment Terms
| Provision | Detail |
|---|---|
| Non‑Competition & Non‑Solicitation | Stewart Lee entered into non‑competition and non‑solicitation agreements on Jan 12, 2024, agreeing not to compete for 2 years post‑closing and not to solicit employees/customers; includes non‑disparagement and confidentiality provisions |
| Contract structure | Executive services via contractor agreement rather than employee employment agreement; no severance multiples or change‑of‑control cash severance disclosed; only accrued fees payable upon termination |
Insider Trading Activity (Stewart Lee)
| Date | Form 4 Code | Transaction | Shares | Price | Source | |---|---|---:|---:|---| | May 23, 2025 (filed Jun 11, 2025) | P (purchase) | Open‑market buys (weighted average) | Noted in multiple lots | $1.067–range | | | Oct 14, 2025 | S (sale) | Sale | 100,000 | ~$3.72 avg | |
Company policy allows use of Rule 10b5‑1 trading plans; the proxy does not state whether Stewart’s trades were under such a plan .
Compensation Structure Observations
- Equity heavy, performance‑linked potential but individual PSU metrics are not disclosed for Stewart; options are the primary disclosed long‑term incentive .
- Contractor model reduces guaranteed cash elements (no base salary in proxy; hourly fee structure) and omits severance/change‑of‑control cash multiples present in employee employment agreements for other NEOs .
Governance & Policy Notes
- Insider trading policy prohibits hedging, pledging, and margin transactions; permits 10b5‑1 plans to manage diversification and liquidity for executives .
- Equity plan includes options, RSUs, DSUs, PSUs; aggregate plan share limits and evergreen features; Board/Comp Committee administer awards and may set performance criteria .
Investment Implications
- Retention risk: Contractor agreement expires Dec 31, 2025, with only notice provisions and accrued fee payouts—no severance protections; non‑compete/non‑solicit may deter immediate departure to competitors but does not ensure retention beyond term .
- Alignment and selling pressure: Stewart held ~1.0% as of early 2025 with vested options; 2025 trading includes purchases near ~$1.07 and a later 100,000 share sale around ~$3.72, indicating potential liquidity management and realized gains—monitor for additional sales that could signal near‑term pressure .
- Pay‑for‑performance transparency: Lack of disclosed individual PSU metrics for Stewart limits assessment of pay‑performance rigor; option grants and company‑level PSU framework provide upside tied to equity value but without published targets for his role .
- Policy safeguards: Prohibition on pledging and hedging reduces alignment red flags; availability of 10b5‑1 plans may moderate timing risk around trades .
Sources: HOVR DEF 14A (Oct 27, 2025) for executive designation, bios, contractor and non‑compete terms, insider policy, and equity plan ; HOVR DEF 14A (Feb 4, 2025) for beneficial ownership and options ; SEC Form 4 and public filings for insider transactions .