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  <b><FONT size=4 face="Times New Roman, Times, serif">SECURITIES AND EXCHANGE COMMISSION<br>
  <font size="2">WASHINGTON, D.C. 20549</font></FONT></b></P>
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  <b><FONT size=4 face="Times New Roman, Times, serif">FORM 8-K </FONT></b></P>
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  <b><FONT size=2 face="Times New Roman, Times, serif">CURRENT REPORT<br>
  PURSUANT TO SECTION 13 OR 15(d) OF THE<br>
  SECURITIES EXCHANGE ACT OF 1934 </FONT></b></P>
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  <FONT size=2 face="Times New Roman, Times, serif"><b>Date of report (Date of earliest event reported): June 19, 2006</b></FONT></P>
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    <td align="center">&nbsp;</td>
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    <td align="center"><b><font size=5 face="Times New Roman, Times, serif">Orleans Homebuilders, Inc. </font></b></td>
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    <td align="center"><font size=2 face="Times New Roman, Times, serif">(Exact Name of Registrant as Specified in Charter)</font></td>
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    <td align="center">&nbsp;</td>
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    <td width="33%" align="center"><font size=2 face="Times New Roman, Times, serif"><b>Delaware</b></font></td>
    <td align="center"><font size=2 face="Times New Roman, Times, serif"><b>1-6830</b></font></td>
    <td width="33%" align="center"><FONT size=2 face="Times New Roman, Times, serif"><b>59-0874323</b></FONT></td>
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    <td align="center"><font size=2 face="Times New Roman, Times, serif">(State or Other Jurisdiction</font></td>
    <td align="center"><FONT size=2 face="Times New Roman, Times, serif">(Commission</FONT></td>
    <td align="center"><FONT size=2 face="Times New Roman, Times, serif">(IRS Employer</FONT></td>
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    <td align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;of Incorporation)</font></td>
    <td align="center"><FONT size=2 face="Times New Roman, Times, serif">File Number)</FONT></td>
    <td align="center"><FONT size=2 face="Times New Roman, Times, serif">Identification No.)</FONT></td>
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  <TD width="33%" align="center"><b><FONT size=2 face="Times New Roman, Times, serif">One Greenwood Square, Suite 101</FONT></b></TD>
   <TD width=0%>&nbsp;</TD>
   <TD width=33%>&nbsp;</TD>
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  <TD align="center"><b><FONT size=2 face="Times New Roman, Times, serif">3333 Street Road, Bensalem, PA</FONT></b></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="Times New Roman, Times, serif"><b>19020</b></FONT></TD>
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  <TD align="center"><font size=2 face="Times New Roman, Times, serif">(Address of Principal Executive Offices)</font></TD>
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  <TD align="center"><font size=2 face="Times New Roman, Times, serif">(Zip Code)</font></TD>
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    <td width="76%" colspan="3" align="center"><font size=2 face="Times New Roman, Times, serif"><b>Registrant&#146;s telephone number, including area code: (215) 245-7500</b></font></td>
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    <td colspan="3" align="center">&nbsp;</td>
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    <td colspan="3" align="center"><FONT size=2 face="Times New Roman, Times, serif"><b>Not Applicable</b></FONT></td>
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    <td colspan="3" align="center"><FONT size=2 face="Times New Roman, Times, serif">(Former Name or Former Address, if Changed Since Last Report)</FONT></td>
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    <td colspan="2"><font size=2 face="Times New Roman, Times, 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></td>
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    <td><font size=2 face="Times New Roman, Times, serif">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </font></td>
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    <td><FONT size=2 face="Times New Roman, Times, serif">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></td>
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    <td>&nbsp;</td>
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    <td><FONT size=2 face="Times New Roman, Times, serif">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></td>
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    <td><FONT size=2 face="Times New Roman, Times, serif">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></td>
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<p><FONT size=2 face="Times New Roman, Times, serif"><b>ITEM 1.01&nbsp;&nbsp;Entry into a Material Definitive Agreement. </b></FONT></p>


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;   <FONT size=2 face="Times New Roman, Times, serif">Effective June 19, 2006, Orleans Homebuilders, Inc. (the &#147;Company&#148;) entered into an At-Will Employment Agreement with C. Dean Amann, II, Executive Vice President of the Company (the &#147;Employment Agreement&#148;).</FONT></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  <FONT size=2 face="Times New Roman, Times, serif">Mr. Amann&#146;s Employment Agreement provides that Mr. Amann&#146;s employment with the Company is for an unspecified duration and that his employment may be terminated at any time by either the Company or Mr. Amann, for any or no reason.</FONT></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  <font size="2" face="Times New Roman, Times, serif">The Employment Agreement
  provides that Mr. Amann&#146;s initial annual base salary is $525,000 per year,
  payable in accordance with the Company&#146;s normal payroll practices. Subject
  to the adoption by the Company&#146;s Compensation Committee of an appropriate
  cash incentive plan and the approval thereof by the Company&#146;s stockholders
  on or before June 5, 2007, Mr. Amann is entitled to receive a bonus equal to
  3% of the profit of the Company&#146;s Northern Division and Chicago Division,
  determined on a pre-tax basis and after accrual and/or payment of bonuses,
  provided that he is employed by the Company on the date of payment. Mr. Amann&#146;s
  base salary and bonus based on profits is subject to review and revision by
  the Company from time to time. Mr. Amann is also entitled to receive a one-time
  bonus payable over three years in the aggregate amount of $1,100,000, provided
  that he is employed by the Company on each scheduled payment date. In addit

ion, the Employment Agreement provides that he will be eligible to participate
  in the Company&#146;s insurance and health benefit plans, supplemental executive
  retirement plan and executive compensation deferral plan, subject to their
  respective requirements, terms and conditions, and to receive certain other
  benefits, including a vehicle allowance, reimbursement of relocation expenses
  and price protection with respect to the sale of his current residence.</font></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  <font size="2" face="Times New Roman, Times, serif">In addition to the above, the Employment Agreement provides that Mr. Amann is entitled to receive an option to acquire 250,000 shares of Company common stock with an exercise price equal to the fair market value of the Company&#146;s common stock on June 19, 2006, provided that on or before June 5, 2007 the Company&#146;s shareholders approve an amendment to the Company&#146;s 2004 Omnibus Stock Incentive Plan increasing the number of shares of Company common stock available under the plan to an amount sufficient to allow the issuance of the shares of common stock subject to the option. The option will vest in four equal installments on each of the first four anniversaries of the effective date of the Employment Agreement and be issued in the form approved by the Company&#146;s Compensation Committee.</font></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  <font size="2" face="Times New Roman, Times, serif">The foregoing description of the Employment Agreement is qualified in its entirety by reference to the Employment Agreement and the form of Stock Option, copies of which are included as Exhibits 10.1 and 10.2 hereto and incorporated herein by reference.</font></P>
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<p><b><FONT size=2 face="Times New Roman, Times, serif">ITEM 9.01.	&nbsp;Financial Statements and Exhibits. </FONT></b></p>


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman, Times, serif">(d)&nbsp;&nbsp;Exhibits </FONT></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman, Times, serif"> The following exhibits are filed with this Current Report on Form 8-K: </FONT></P>
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   <TD width=5%><b><FONT size=1 face="Times New Roman, Times, serif">Exhibit</FONT></b></TD>
   <TD width=2%>&nbsp;</TD>
   <TD>&nbsp;</TD>
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   <TD><b><FONT size=1 face="Times New Roman, Times, serif">No.</FONT></b></TD>
   <TD><font size="1">&nbsp;</font></TD>
   <TD><b><FONT size=1 face="Times New Roman, Times, serif">Description</FONT></b></TD>
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   <TD align="center"><FONT size=2 face="Times New Roman, Times, serif">10.1</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="Times New Roman, Times, serif">At-Will Employment Agreement between the Company and C. Dean Amann, II, effective June 19, 2006.</FONT></TD>
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   <TD align="center"><FONT size=2 face="Times New Roman, Times, serif">10.2</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="Times New Roman, Times, serif">Form of Non-Qualified Stock Option.</FONT></TD>
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<P align="center"><FONT size=2 face="Times New Roman, Times, serif">Signatures</FONT></P>
<P><FONT size=2 face="Times New Roman, Times, 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="Times New Roman, Times, serif">ORLEANS HOMEBUILDERS, INC.</FONT></td>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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    <td><FONT size=2 face="Times New Roman, Times, serif">Dated: June 23, 2006</FONT></td>
    <td><font size=2 face="Times New Roman, Times, serif">By:</font></td>
    <td><font size=2 face="Times New Roman, Times, serif">BENJAMIN D. GOLDMAN </font></td>
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    <td>&nbsp;</td>
    <td><FONT size=2 face="Times New Roman, Times, serif">Benjamin D. Goldman<br>
    Vice Chairman</FONT></td>
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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): June 19, 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.
Effective June 19, 2006, Orleans Homebuilders, Inc. (the "Company") entered into an At-Will Employment Agreement with C. Dean Amann, II, Executive Vice President of the Company (the "Employment Agreement").
Mr. Amann's Employment Agreement provides that Mr. Amann's employment with the Company is for an unspecified duration and that his employment may be terminated at any time by either the Company or Mr. Amann, for any or no reason.
The Employment Agreement
  provides that Mr. Amann's initial annual base salary is $525,000 per year,
  payable in accordance with the Company's normal payroll practices. Subject
  to the adoption by the Company's Compensation Committee of an appropriate
  cash incentive plan and the approval thereof by the Company's stockholders
  on or before June 5, 2007, Mr. Amann is entitled to receive a bonus equal to
  3% of the profit of the Company's Northern Division and Chicago Division,
  determined on a pre-tax basis and after accrual and/or payment of bonuses,
  provided that he is employed by the Company on the date of payment. Mr. Amann's
  base salary and bonus based on profits is subject to review and revision by
  the Company from time to time. Mr. Amann is also entitled to receive a one-time
  bonus payable over three years in the aggregate amount of $1,100,000, provided
  that he is employed by the Company on each scheduled payment date. In addit

ion, the Employment Agreement provides that he will be eligible to participate
  in the Company's insurance and health benefit plans, supplemental executive
  retirement plan and executive compensation deferral plan, subject to their
  respective requirements, terms and conditions, and to receive certain other
  benefits, including a vehicle allowance, reimbursement of relocation expenses
  and price protection with respect to the sale of his current residence.
In addition to the above, the Employment Agreement provides that Mr. Amann is entitled to receive an option to acquire 250,000 shares of Company common stock with an exercise price equal to the fair market value of the Company's common stock on June 19, 2006, provided that on or before June 5, 2007 the Company's shareholders approve an amendment to the Company's 2004 Omnibus Stock Incentive Plan increasing the number of shares of Company common stock available under the plan to an amount sufficient to allow the issuance of the shares of common stock subject to the option. The option will vest in four equal installments on each of the first four anniversaries of the effective date of the Employment Agreement and be issued in the form approved by the Company's Compensation Committee.
The foregoing description of the Employment Agreement is qualified in its entirety by reference to the Employment Agreement and the form of Stock Option, copies of which are included as Exhibits 10.1 and 10.2 hereto and incorporated herein by reference.
ITEM 9.01.	 Financial Statements and Exhibits.
(d)  Exhibits
The following exhibits are filed with this Current Report on Form 8-K:
Exhibit
No.
Description
10.1
At-Will Employment Agreement between the Company and C. Dean Amann, II, effective June 19, 2006.
10.2
Form of Non-Qualified Stock Option.
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: June 23, 2006
By:
BENJAMIN D. GOLDMAN
Benjamin D. Goldman
Vice Chairman