HOVNANIAN ENTERPRISES INC 4

4 · HOVNANIAN ENTERPRISES INC · Filed Sep 17, 2007

Insider Transaction Report

Form 4

Period: 2007-09-13

HOVNANIAN ENTERPRISES INCHOV

HOVNANIAN KEVORK S

DirectorChairman of the Board10% Owner

Transactions

Gift
Class B Common Stock
2007-03-09−23,576.2→ 27,476.54 total(indirect: By Partnership)
Exercise: $0.00→ Class A Common Stock (23,576.2 underlying)
Disposition to Issuer
Class A Common Stock
2007-09-13−395,873→ 7,040,710 total
Award
Class B Common Stock
2007-09-13+395,873→ 4,966,228 total
Exercise: $0.00→ Class A Common Stock (395,873 underlying)

Holdings

Class A Common Stock
(indirect: By Trust)
1,000,000
Class B Common Stock
(indirect: By Trust)
→ Class A Common Stock (1,000,000 underlying)
1,000,000
Class B Common Stock
(indirect: By Trust)
→ Class A Common Stock (2,504,521.6 underlying)
2,504,521.6
Class A Common Stock
(indirect: By Spouse)
190,000

Footnotes (7)

[F1]On September 13, 2007, in transactions approved in accordance with Rule 16b-3 under the Securities Exchange Act of 1934, as amended, the Issuer (i) exchanged 395,873 shares of Class B Common Stock held by Ara K. Hovnanian for an equal number of shares of Class A Common Stock and (ii) immediately thereafter exchanged the 395,873 shares of Class B Common Stock received from Ara K. Hovnanian for an equal number of shares of Class A Common Stock held by the Reporting Person. The aggregate Hovnanian family holdings of shares, both of Class A Common Stock and Class B Common Stock, remain unchanged by such exchanges.
[F2]On September 25, 2006, the Reporting Person transferred 1,000,000 shares of Class B Common Stock from his direct ownership to the Kevork S. Hovnanian 2006 Grantor Retained Annuity Trust. The Reporting Person's beneficial interest in such shares was not changed by such transfer.
[F3]The Class B Common Stock, par value $.01 per share, non-cumulative, is immediately converted into an equal number of shares of Class A Common Stock, per value $.01 per share, non-cumulative
[F4]No expiration date
[F5]N/A
[F6]On November 27, 2006, partnership interests in the Kevork S. Hovnanian Family Limited Partnership (the "Limited Partnership") representing 40,000 shares of Class B Common Stock were distributed to the Reporting Person's Spouse by the Marital Trust. The Reporting Person's Spouse's beneficial interest in such shares was not changed by such distribution
[F7]Held by the Marital Trust, including shares held through partnership interests the Limited Partnership

Documents

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