Hovnanian Enterprises Comments on Executive's Option Exercises
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RED BANK, N.J., Oct. 28 /PRNewswire-FirstCall/ -- Hovnanian Enterprises, Inc. (NYSE: HOV) today announced that Ara K. Hovnanian, President and Chief Executive Officer, exercised expiring stock options to purchase 150,000 shares of Hovnanian Enterprises Class A common stock. Mr. Hovnanian surrendered to the Company approximately 121,000 shares of Class A common stock to pay the exercise price of the stock options and the related income taxes associated with the transaction. As a result of exercising these options, Mr. Hovnanian increased his holdings of the Company's Class A common stock by approximately 29,000 shares.
Mr. Hovnanian was granted these options under a shareholder approved stock option plan in October 1999. The options were granted with a ten year term, which expires in October 2009. The options were granted at the $3.00 per share market price, adjusted for stock split, prevailing on the grant date.
A Form 4 for this transaction will be filed shortly with the Securities and Exchange Commission.
About Hovnanian Enterprises
Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, Chairman, is headquartered in Red Bank, New Jersey. The Company is one of the nation's largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Kentucky, Maryland, Minnesota, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia. The Company's homes are marketed and sold under the trade names K. Hovnanian Homes, Matzel & Mumford, Brighton Homes, Parkwood Builders, Town & Country Homes, Oster Homes and CraftBuilt Homes. As the developer of K. Hovnanian's Four Seasons communities, the Company is also one of the nation's largest builders of active adult homes.
Additional information on Hovnanian Enterprises, Inc., including a summary investment profile and the Company's 2008 annual report, can be accessed through the "Investor Relations" section of the Hovnanian Enterprises' website at http://www.khov.com. To be added to Hovnanian's investor e-mail or fax lists, please send an e-mail to IR@khov.com or sign up at http://www.khov.com.
SOURCE Hovnanian Enterprises, Inc.
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