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Prepared and filed by St Ives Financial
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font SIZE=4>SECURITIES AND EXCHANGE COMMISSION</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>WASHINGTON, D.C. 20549</font></b></p>

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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font SIZE=4>FORM 8-K</font></b></p>

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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font SIZE=2>CURRENT
  REPORT</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>PURSUANT
  TO SECTION 13 OR 15(d) OF THE</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>SECURITIES
  EXCHANGE ACT OF 1934</font></b></p>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font size=2>Date
  of report (Date of earliest event reported): April 7, 2006</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font size=5>Orleans Homebuilders, Inc.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Exact Name of Registrant as Specified in Charter)</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>
<table width="100%" cellspacing=0 cellpadding=0><tr><td width="50">&nbsp;</td><td align=center valign=top width="280"><b><font size=2>Delaware</font></b><br>
<font size=2>(State or Other Jurisdiction</font><br>
<font size=2>of Incorporation)</font><br></td>
<td align=center valign=top width="280"><b><font size=2>1-6830</font></b><br>
<font size=2>(Commission File Number)</font><br>
<font size=2>&nbsp;</font><br></td>
<td align=center valign=top width="280"><b><font size=2>59-0874323</font></b><br>
<font size=2>(IRS Employer Identification No.)</font><br>
<font size=2>&nbsp;</font><br></td><td width="50">&nbsp;</td></tr></table>
<table width="100%" cellspacing=0 cellpadding=0><tr><td width="50">&nbsp;</td><td align=center valign=top width="280"><font size=2>&nbsp;</font><br></td>
<td align=center valign=top width="280"><br></td>
<td align=center valign=top width="280"><br></td><td width="50">&nbsp;</td></tr></table>
<table width="100%" cellspacing=0 cellpadding=0><tr><td width="50">&nbsp;</td><td align=center valign=top width="280"><b><font size=2>One
          Greenwood Square, Suite 101</font></b><br>
<b><font size=2>3333 Street Road, Bensalem, PA</font></b><br>
<font size=2>(Address of Principal Executive Offices)</font><br></td>
<td align=center width="280">&nbsp;</td><td align=center valign=top width="280"><font size=2>&nbsp;</font><br>
<b><font size=2>19020</font></b><br>
<font size=2>(Zip Code)</font></td><td width="50">&nbsp;</td></tr></table>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font size=2>Registrant&#146;s
  telephone number, including area code: (215) 245-7500</font></b></p>

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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font size=2>Not
  Applicable</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Former Name or Former Address, if Changed Since Last Report)</font></p>

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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>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>



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      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>Written
        communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
    </td> </tr></table>






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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p> </td> </tr></table>






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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p> </td> </tr></table>






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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p> </td> </tr></table>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM
        1.01
</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 36.8pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Entry
        into a Material Definitive Agreement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        April
        7, 2006, Orleans Homebuilders, Inc. (the &#8220;Company&#8221;) entered into an Employment
        Agreement with Joel A. Armstrong, Executive Vice President of the Company,
        which
        became effective May 1, 2006 (the &#8220;Employment Agreement&#8221;). </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
        Armstrong&#8217;s Employment Agreement has a term of three years and does not provide
        for any automatic extensions. Either the Company or Mr. Armstrong may terminate
        Mr. Armstrong&#8217;s employment with or without &#8220;Cause&#8221; (as such term is defined in
        the Employment Agreement). If the Company terminates the Employment Agreement
        without Cause, Mr. Armstrong is entitled to continue to receive his base
        salary
        and any bonus to which he is entitled for the lesser of 12 months or the
        remaining term of the Employment Agreement. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to the Employment Agreement, Mr. Armstrong is entitled to a base salary of
        $600,000 per year, payable in accordance with the Company&#8217;s normal payroll
        practices, and a bonus of $500,000 per year, payable semi-annually. The
        Employment Agreement provides for four weeks of vacation during each calendar
        year of Mr. Armstrong&#8217;s employment with the Company. In addition, Mr.
        Armstrong&#8217;s Employment Agreement provides that he will be eligible to
        participate in the Company&#8217;s insurance and health benefit plans, subject to
        their respective requirements, terms and conditions, and to receive certain
        other benefits, including a vehicle allowance. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
        Armstrong&#8217;s Employment Agreement contains a noncompetition section pursuant to
        which Mr. Armstrong generally is precluded from engaging in or being financially
        interested in any business operating in the states of Arizona, Florida or
        Illinois engaged in the construction or marketing of homes or the acquisition
        or
        development of property for residential purposes so long as Mr. Armstrong
        is
        receiving post-termination payments from the Company. Mr. Armstrong&#8217;s Employment
        Agreement also contains confidentiality provisions relating to the Company's
        confidential information. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        foregoing description of the Employment Agreement is qualified in its entirety
        by reference to the Employment Agreement, a copy of which is included as
        Exhibit
        10.1 hereto and incorporated herein by reference. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM
        9.01. FINANCIAL STATEMENTS AND EXHIBITS.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 54pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)
        Exhibits</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 54pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        following exhibits are filed with this Current Report on Form 8-K:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div>
        <div align="left">

    <table cellpadding="0" cellspacing="0" width="100%">
      <tr>
        <td align="left" valign="top" width="10%">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
            No. </font></div>
        </td>
        <td align="left" valign="top" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
        <td align="left" valign="top" width="80%" >
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Description</font></div>
        </td>
      </tr>
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        <td align="left" valign="top" width="10%">
          <hr noshade align="center" width="100%" size="2">
        </td>
        <td align="left" valign="top" width="1%">&nbsp;</td>
        <td align="left" valign="top" width="80%">
          <hr noshade align="center" width="100%" size="2">
        </td>
      </tr>
      <tr>
        <td align="left" valign="top" width="10%">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</font></div>
        </td>
        <td align="left" valign="top" width="1%">&#160;</td>
        <td align="left" valign="top" width="80%">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Employment
            Agreement between the Company and Joel A. Armstrong, dated April 7,
            2006.</font></div>
        </td>
      </tr>
    </table>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Signatures</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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        <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

            <tr valign="top" bgcolor="#ffffff">
              <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
              <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
              <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">ORLEANS
                HOMEBUILDERS, INC.</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Dated:
                June 1, 2006 </font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">BENJAMIN
                D. GOLDMAN</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td colspan="2"><font style="FONT-FAMILY: " size="1">&#160;</font></td>
              <td align="left">

        <hr style="COLOR: gray" align="left" noshade size="2" width="100%">
        <font size="2">Benjamin
                D. Goldman</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Vice
                Chairman </font></td>
            </tr>

        </table>
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{"company-data": {"conformed-name": "ORLEANS HOMEBUILDERS INC", "cik": "0000038570", "assigned-sic": "1531", "irs-number": "590874323", "state-of-incorporation": "DE", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-06830", "film-number": "06879510"}, "business-address": {"street1": "ONE GREENWOOD SQUARE", "street2": "3333 STREET ROAD SUITE 101", "city": "BENSALEM", "state": "PA", "zip": "19020", "phone": "2152457500"}, "mail-address": {"street1": "ONE GREENWOOD SQUARE", "street2": "3333 STREET RD STE 101", "city": "BENSALEM", "state": "PA", "zip": "19020"}, "former-company": [{"former-conformed-name": "FPA CORP /DE/", "date-changed": "19920703"}, {"former-conformed-name": "FLORIDA PALM AIRE CORP", "date-changed": "19720106"}, {"former-conformed-name": "FLORIDA PLAN AIRE CORP", "date-changed": "19700217"}]}
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): April 7, 2006
Orleans Homebuilders, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware
(State or Other Jurisdiction
of Incorporation)
1-6830
(Commission File Number)
59-0874323
(IRS Employer Identification No.)
One
          Greenwood Square, Suite 101
3333 Street Road, Bensalem, PA
(Address of Principal Executive Offices)
19020
(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
        April
        7, 2006, Orleans Homebuilders, Inc. (the "Company") entered into an Employment
        Agreement with Joel A. Armstrong, Executive Vice President of the Company,
        which
        became effective May 1, 2006 (the "Employment Agreement").
Mr.
        Armstrong's Employment Agreement has a term of three years and does not provide
        for any automatic extensions. Either the Company or Mr. Armstrong may terminate
        Mr. Armstrong's employment with or without "Cause" (as such term is defined in
        the Employment Agreement). If the Company terminates the Employment Agreement
        without Cause, Mr. Armstrong is entitled to continue to receive his base
        salary
        and any bonus to which he is entitled for the lesser of 12 months or the
        remaining term of the Employment Agreement.
Pursuant
        to the Employment Agreement, Mr. Armstrong is entitled to a base salary of
        $600,000 per year, payable in accordance with the Company's normal payroll
        practices, and a bonus of $500,000 per year, payable semi-annually. The
        Employment Agreement provides for four weeks of vacation during each calendar
        year of Mr. Armstrong's employment with the Company. In addition, Mr.
        Armstrong's Employment Agreement provides that he will be eligible to
        participate in the Company's insurance and health benefit plans, subject to
        their respective requirements, terms and conditions, and to receive certain
        other benefits, including a vehicle allowance.
Mr.
        Armstrong's Employment Agreement contains a noncompetition section pursuant to
        which Mr. Armstrong generally is precluded from engaging in or being financially
        interested in any business operating in the states of Arizona, Florida or
        Illinois engaged in the construction or marketing of homes or the acquisition
        or
        development of property for residential purposes so long as Mr. Armstrong
        is
        receiving post-termination payments from the Company. Mr. Armstrong's Employment
        Agreement also contains confidentiality provisions relating to the Company's
        confidential information.
The
        foregoing description of the Employment Agreement is qualified in its entirety
        by reference to the Employment Agreement, a copy of which is included as
        Exhibit
        10.1 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
Employment
            Agreement between the Company and Joel A. Armstrong, dated April 7,
            2006.
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 1, 2006
By:
BENJAMIN
                D. GOLDMAN
Benjamin
                D. Goldman
Vice
                Chairman