Article: Hovnanian Enterprises Comments on Executive's Option Exercises.

RED BANK, N.J., Oct. 28 /PRNewswire-FirstCall/ -- Hovnanian Enterprises, Inc. 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 ...

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