X0202 4/A 2007-02-27 2005-03-01 0 0000038570 ORLEANS HOMEBUILDERS INC OHB 0001391430 Herdler Garry C/O ORLEANS HOMEBUILDERS, INC. 3333 STREET ROAD, SUITE 101 BENSALEM PA 19020 0 1 0 0 EVP and CFO Employee Stock Option (Right to Buy) 2007-02-27 4 J 0 0 A Common Stock 0 D See Remarks. The option to acquire 240,000 shares of the common stock of the Issuer reported on March 1, 2007 is subject to shareholder approval of the Second Amended and Restated Orleans Homebuilders, Inc. 2004 Omnibus Stock Incentive Plan at the Issuer's 2007 annual shareholder meeting, customarily held in December. If the Second Amended and Restated Orleans Homebuilders, Inc. 2004 Omnibus Stock Incentive Plan is approved by the shareholders of the Issuer at the Issuer's 2007 annual shareholder meeting, the Reporting Person's option to acquire 240,000 shares of the common stock of the Issuer will be reported on Form 4 within two business days following such approval. Heather Carmody by Power of Attorney 2007-03-13