X0202 4 2007-12-06 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 Common Stock 2007-12-06 4 A 0 240000 0 A 240000 D Employee Stock Option (right to buy) 15.60 2007-12-06 4 A 0 240000 A 2017-02-27 Common Stock 240000 240000 D Employee Stock Option (right to buy) 15.60 2007-12-06 4 D 0 240000 D 2017-02-27 Common Stock 240000 0 D Employee Stock Option (right to buy) 4.65 2007-12-06 4 A 0 240000 A 2017-02-27 Common Stock 240000 240000 D The option grant, awarded on February 27, 2007, was subject to stockholder approval of the Second Amended and Restated Orleans Homebuilders, Inc. 2004 Omnibus Stock Incentive Plan, under which the option was granted. The stockholders of the Issuer approved the Second Amended and Restated Orleans Homebuilders, Inc. 2004 Omnibus Stock Incentive Plan, as amended, on December 6, 2007. The three reported transactions involved an issuance of an option subject to stockholder approval (the "old option") and an amendment of the old option following stockholder approval, which resulted in the deemed cancellation of the old option and the grant of a replacement option. The deemed replacement option, which provides for the same vesting schedule as the old option, vests in five equal annual installments commencing on February 27, 2008 and ending on February 27, 2012. Heather Carmody by Power of Attorney 2007-12-10