X0202 4 2006-09-29 0 0000038570 ORLEANS HOMEBUILDERS INC OHB 0001248616 VESEY MICHAEL T C/O ORLEANS HOMEBUILDERS, INC. 3333 STREET ROAD, SUITE 101 BENSALEM PA 19020 1 1 0 0 President and COO Common Stock 2006-09-29 4 M 0 200000 1.50 A 559454 D Common Stock 2006-09-29 4 F 0 25576 11.73 D 533878 D Common Stock 2006-09-29 4 F 0 72247 11.73 D 461631 D Common Stock 700 I As Custodian Employee Stock Option (Right to Buy) 1.50 2006-09-29 4 M 0 200000 1.50 D 2006-10-11 Common Stock 200000 0 D Shares already owned by reporting person tendered to the Issuer to pay option exercise price. Shares withheld by Issuer to pay the tax obligation arising from the option exercise. Held as custodian for minor children. The options became exercisable in annual increments of 30,000 shares on October 11 of each of the years 1997 through 2002, inclusive, and 20,000 shares on October 11, 2003. Michael E. Plunkett by Power of Attorney 2006-10-03