Honors Day/Honors Week 2015

My DS is a freshman and I wanted more information on Honors Day/Honors Week. I saw on the school calendar that there aren’t any classes on Friday, April 3rd (Honors Day). Does that mean all classes are cancelled that day? I searched this forum and it looks like most of the awards given on Honors Day are for Upper Classmen. Can an experienced parent give me a bit more information?