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Prepared and filed by St Ives Financial
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<p align="center"><font size="2" face="serif">SECURITIES AND EXCHANGE COMMISSION</font></p>
<p align="center"><font size="2" face="serif">WASHINGTON, D.C. 20549</font></p>
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<p align="center"><font size="2" face="serif">FORM 8-K</font></p>
<p align="center"><font size="2" face="serif">CURRENT REPORT</font><br>
<font size="2" face="serif">PURSUANT TO SECTION 13 OR 15(d) OF THE</font><br>
<font size="2" face="serif">SECURITIES EXCHANGE ACT OF 1934</font></p>
<p align="center"><font size="2" face="serif">Date of report (Date of earliest event reported): September 7, 2006</font></p>
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<p align="center"><font size="2" face="serif"><u>Orleans Homebuilders, Inc.</u></font><br>
<font size="2" face="serif">(Exact Name of Registrant as Specified in Charter)</font></p>
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    <td width="33%"><font size="2" face="serif"><u>Delaware</u></font></td>
    <td width="33%"><font size="2" face="serif"><u>1-6830</u></font></td>
    <td><font size="2" face="serif"><u>59-0874323</u></font></td>
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    <td><font size="2" face="serif">(State or Other Jurisdiction</font></td>
    <td><font size="2" face="serif">(Commission</font></td>
    <td><font size="2" face="serif">(IRS Employer&nbsp;</font></td>
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    <td><font size="2" face="serif">of Incorporation)</font></td>
    <td><font size="2" face="serif">File Number)</font></td>
    <td><font size="2" face="serif">Identification No.)</font></td>
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    <td width="50%">&nbsp;</td>
    <td>&nbsp;</td>
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    <td><font size="2" face="serif">One Greenwood Square, Suite 101<br>
    <u>3333 Street Road, Bensalem, PA</u>    </font></td>
    <td><font size="2" face="serif"><u>19020</u></font></td>
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    <td><font size="2" face="serif">(Address of Principal Executive Offices)</font></td>
    <td><font size="2" face="serif">(Zip Code)</font></td>
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<p align="center"><font size="2" face="serif">Registrant's telephone number, including area code: (215) 245-7500</font></p>
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<p align="center"><font size="2" face="serif"><u>Not Applicable</u></font><br>
<font size="2" face="serif">(Former Name or Former Address, if Changed Since Last Report)</font></p>
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<p align="left"><font size="2" face="serif">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif" width="12" height="12">  Written communications pursuant
to Rule 425 under the Securities Act(17 CFR 230.425)</font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif" width="12" height="12"> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif" width="12" height="12"> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif" width="12" height="12"> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
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<p align="left"><font size="2" face="serif"><b>ITEM 1.01   Entry into a Material Definitive Agreement.</b></font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September 7, 2006, the Compensation Committee of the Board of Directors (the &#8220;Board&#8221;) of Orleans Homebuilders, Inc. (the &#8220;Company&#8221;), pursuant to the Orleans Homebuilders, Inc. Incentive Compensation Plan, approved the payment of incentive compensation with respect to the Company's fiscal year ended June 30, 2006 for various officers of the Company. Mr. Benjamin D. Goldman, Vice Chairman, was awarded a bonus of $525,000 and Mr. Kyle Upper, Vice President-Land Acquisition, was awarded a bonus of $600,000.  Neither Mr. Goldman nor Mr. Upper has a written employment agreement with the Company.  </font></p>
<p align="center"><font size="2" face="serif">Signatures</font></p>
<p align="left"><font size="2" face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
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    <td width="50%"><font size="2" face="serif">ORLEANS HOMEBUILDERS, INC.</font></td>
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    <td><font size="2" face="serif">Dated: September 13, 2006</font></td>
    <td><font size="2" face="serif"><u>By: JOSEPH A. SANTANGELO</u></font></td>
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    <td><font size="2" face="serif">Joseph A. Santangelo<br>
    Chief Financial Officer    </font></td>
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<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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Prepared and filed by St Ives Financial
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
––––––––––––––––––––
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): September 7, 2006
–––––––––––––––
Orleans Homebuilders, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware
1-6830
59-0874323
(State or Other Jurisdiction
(Commission
(IRS Employer
of Incorporation)
File Number)
Identification No.)
One Greenwood Square, Suite 101
3333 Street Road, Bensalem, PA
19020
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code: (215) 245-7500
–––––––––––––––
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
–––––––––––––––
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant
to Rule 425 under the Securities Act(17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
–––––––––––––––
ITEM 1.01   Entry into a Material Definitive Agreement.
On September 7, 2006, the Compensation Committee of the Board of Directors (the "Board") of Orleans Homebuilders, Inc. (the "Company"), pursuant to the Orleans Homebuilders, Inc. Incentive Compensation Plan, approved the payment of incentive compensation with respect to the Company's fiscal year ended June 30, 2006 for various officers of the Company. Mr. Benjamin D. Goldman, Vice Chairman, was awarded a bonus of $525,000 and Mr. Kyle Upper, Vice President-Land Acquisition, was awarded a bonus of $600,000.  Neither Mr. Goldman nor Mr. Upper has a written employment agreement with the Company.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ORLEANS HOMEBUILDERS, INC.
Dated: September 13, 2006
By: JOSEPH A. SANTANGELO
Joseph A. Santangelo
Chief Financial Officer