Document:

Exhibit 10.2

 

 

Sauer-Danfoss Inc.

Loan Agreement

(US $ 25,000,000.00)

 

Loan
Agreement (the “Agreement”), dated as of 12th of March, 2009, between Danfoss A/S, a Danish
corporation (“Lender”) and Sauer-Danfoss Inc., a Delaware corporation (“Borrower”).

 

Whereas,
Borrower is an affiliate of Lender; and

 

Whereas,
Borrower desires to borrow and Lender is willing to lend US $ 25,000,000.00.

 

Now
Therefore, it is agreed as follows:

 

1.             Loan. Upon and subject to the terms and conditions
set forth in this Agreement, Lender agrees to lend and Borrower agrees to
borrow US $ 25,000,000.00 as a bullet loan evidenced by the attached Promissory
Note (the “Loan”).

 

2.             Interest Rate; Interest Calculation. (a) Except
as provided in 2(b) below, the interest rate is the aggregate of 3.98% per
annum “Interest Rate”). Interest shall be calculated on the actual number of
days elapsed on a 360 days year basis.

 

(b)           From and after an event of default
under this Agreement as described in paragraph 5 below, the Borrower shall pay
to the Lender interest on such amount from the due date until payment is
received by the Lender at a rate of 1% p.a. above the Interest Rate.

 

3.             Term; Payment Dates; Prepayments. (a) The
principal together with all unpaid accrued interest shall be repaid in full at
the 25th March,
2009.

 

(b)           Interest on the outstanding principle
amount of the Loan shall be payable on the last day of each calendar quarter or
if any such date is not a business day, then the next succeeding business day
(each an “Interest Payment Date”).

 

(c)           The outstanding principal amount of
the Loan may be prepaid in whole or in part without premium or penalty on any
Interest Payment Date; provided that any partial prepayments of the principal
amount shall be in minimum amounts of US $ 5,000,000.00 and in integral
multiples of US $ 1,000,000.00. Upon termination of the Agreement as provided
for in paragraph 5 below, the entire principal amount of the Loan outstanding
together with any accrued but unpaid interest shall be paid by Borrower to Lender.
Any extra cost for the lender by unwinding the funding shall be reimbursed by
the borrower.

 

4.             Payment. Payments of interest and principal shall be
made by wire transfer on each Interest Payment Date and on the final maturity
date, such dates being banking days in New York and Copenhagen, to account of
Lender, Account no. / Iban no. DK7430004454008669 at Danske Bank, Copenhagen,
Denmark (swift: DABADKKK), or as otherwise designated by written notification
by Lender.

 

 

5.                                       Events of Default;
Termination. (a) Each of the
following shall be an event of default under this Agreement:

 

(i)                                     failure by Borrower to repay the entire
principal amount, or such lesser principal amount as Lender shall demand,
within five (5) business days of the date when such payment is due
hereunder; or

 

(ii)                                  failure by Borrower to pay interest on the
outstanding principle amount of the Loan within five (5) business days of
the date when such payment is due hereunder; or

 

(ii)                                  failure by Borrower to perform any other
material obligation of Borrower to Lender hereunder; or

 

(iv)                              Borrower shall execute an assignment for the
benefits of its creditors or resort to laws protecting insolvent companies.

 

(b)                                 In the event that Lender must employ
attorneys or file suit to collect hereunder, Borrower agrees to pay the
reasonable attorney fees and all court costs incurred by Lender.

 

6.                                       Assignment/Subrogation. Borrower shall not transfer or assign any or
all of its rights and obligations hereunder without the prior written consent
of Lender. Lender may, at any time, assign this Agreement and the Promissory
Note and its rights or obligations hereunder and thereunder in which case the
assignee shall be subrogated to the rights of Lender.

 

7.                                       Copies. This Agreement is made up in two (2) identical
copies of which one copy is for Lender and the other for Borrower.

 

8.                                       Notices. In the event that any written notice need be
given under this Agreement, it shall be given (a) by nationally recognized
over night carrier at the address of Borrower or Lender, as the case may be,
set forth below, or (b) by facsimile or e-mail as follows:

 

	
  (i)

  	
  To
  Borrower: 

  	
  250
  Parkway Drive, Suite 270

  
	
   

  	
   

  	
  Lincolnshire,
  Illinois 60069 USA

  
	
   

  	
   

  	
  Attention:
  Treasurer

  
	
   

  	
   

  	
  facsimile – +847-876-1799

  
	
   

  	
   

  	
  e-mail – ccohrs@sauer-danfoss.com

  
	
   

  	
   

  	
   

  
	
  (ii)

  	
  To
  Lender:

  	
  Danfoss
  A/S

  
	
   

  	
   

  	
  Nordborgvej
  81

  
	
   

  	
   

  	
  DK-6430
  Nordborg

  
	
   

  	
   

  	
  Denmark

  
	
   

  	
   

  	
  Attention:
  Ole Albertsen

  
	
   

  	
   

  	
  E-mail:
  Albertsen@danfoss.com

  

 

 

9.             Authority. Each Party represents that (a) it has
the legal capacity, corporate or otherwise, to enter into this Agreement and/or
the Promissory Note, as the case may be and (b) the execution and delivery
of this Agreement and the Promissory Note are not in violation of (i) applicable
laws, (ii) its certificate of incorporation, by-laws or other such
documentation or (iii) any other agreement by which it or its property is
bound.

 

10.           Applicable
Law. This
Agreement shall be governed by the laws of Denmark.

 

Agreed
upon as of the day first above written.

 

	
  Danfoss
  A/S

  	
   

  	
  Sauer-Danfoss
  Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Flemming Aaskov Jørgensen  

  	
   

  	
  By:

  	
  /s/ Karl Schmidt

  
	
  Name:

  	
  Flemming Aaskov Jørgensen

  	
   

  	
  Name:

  	
  Karl Schmidt

  
	
  Title:

  	
  Group
  Treasurer - Danfoss A/S

  	
   

  	
  Title:

  	
  Executive Vice President and Chief Financial OfficerExhibit 10.1

 

EMPLOYMENT
AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT, made as of this 10th day of March, 2009, and effective as
of January 1, 2009 (the “Effective Date”), is between Orleans Homebuilders, Inc.,
a Delaware corporation with offices at 3333 Street Road, Bensalem, Pennsylvania
19020 (hereinafter the “Company”) and
Michael T. Vesey, an individual (hereinafter the “Employee”).

 

BACKGROUND

 

Employee has
been employed by the Company on an “at-will” basis as President and Chief
Operating Officer, and Employee and the Company desire that Employee continue
working for the Company in this capacity.

 

Employee and
the Company further desire to enter into this written Employment Agreement (“Agreement”) and to be bound by the terms and conditions
herein.

 

NOW THEREFORE,
in consideration of the promises and the mutual covenants and agreements
contained herein, and intending to be legally bound hereby, the parties hereto
agree as follows:

 

SECTION 1.  CAPACITY AND DUTIES

 

1.1                               At-Will
Employment.  The Company has
employed and shall continue to employ Employee pursuant to this Agreement on an
“at-will” basis.”  Employee’s employment
hereunder with the Company is for an unspecified duration and may be terminated
at any time by either Employee or the Company, for any or no reason, with or
without prior notice, except as described in Sections 3.4 and 3.6.

 

1.2                               Capacity
and Duties.  Employee shall be
employed by the Company as President and Chief Operating Officer, and, subject
to the supervision and control of the Company’s Chairman of the Board and Chief
Executive Officer and the Board of Directors, agrees to perform such duties and
responsibilities normally associated with the position of President and Chief
Operating Officer and as may reasonably be assigned to Employee from time to
time by the Company’s Chairman of the Board and Chief Executive Officer  or by the Company’s Board of Directors.  Employee is required to work those hours
necessary to perform properly such duties and responsibilities normally
associated with the position of President and Chief Operating Officer and as
may reasonably be assigned to Employee from time to time pursuant to this
Agreement.  Notwithstanding the foregoing
in this Section 1.2, after a Closing Date, Employee shall have such title,
duties and responsibilities and be subject to the supervision and control of
such persons as may be, after taking into account the fact that a Change of
Control has occurred and other relevant facts and circumstances, determined by
the Company in its sole discretion from time to time.

 

1

 

SECTION 2.  COMPENSATION AND FRINGE BENEFITS

 

2.1                               Compensation.

 

(a)                                  Base
Salary.  As base compensation for
Employee’s services hereunder, the Company shall pay to Employee an initial
salary at an annual rate of $535,000 (the “Base Salary”).  Employee’s Base Salary will be payable in
accordance with the Company’s regular payroll practices in effect from time to
time during Employee’s employment; but not less than monthly.  Employee’s Base Salary shall be reviewed by
the Company no less often than annually and shall be adjusted (upward, and with
the consent of Employee, downward) upon review as determined by the Company.

 

(b)                                 Bonus.

 

(i)                                     Incentive
Bonus.  Employee shall be eligible to
receive an annual incentive bonus pursuant to and in accordance with the
Orleans Homebuilders, Inc. Incentive Compensation Plan (the “Plan”) and subject to the Plan’s eligibility requirements
and other terms, conditions and restrictions (the “Incentive Bonus”);
provided, however, that the Plan and its terms are subject to change and the
Plan may be modified or eliminated in accordance with the terms of the Plan.

 

(ii)                                  Additional
Bonuses.  While Employee shall not be
entitled to receive any other bonuses from the Company; provided, however, that
the Company may award Employee additional bonuses as it determines are
appropriate in its sole discretion (the “Additional Bonuses”).

 

2.2                               Fringe
Benefits.

 

(a)                                  Insurance
and Retirement Benefits.  Employee (and his eligible
dependents, where applicable) shall be eligible to participate in the Company’s
insurance and health benefit plans to the extent and upon the terms offered to
the Company’s other senior executive officers, including but not limited to,
any 401(k) plans, supplemental executive retirement plans (SERP), savings
plans, incentive plans, stock purchase plans, stock incentive plans, retirement
plans and/or deferred compensation plans, subject to the plans’ respective
eligibility requirements and other terms, conditions, restrictions and
exclusions.  To the extent applicable,
Employee shall be entitled to participate in such plans as a Tier 1 employee.  Nothing herein shall preclude or otherwise
restrict the Company’s right to modify or terminate any insurance or other
benefit plan, policy or program as it deems appropriate in its sole discretion.

 

(b)                                 Vacation.  Employee shall be entitled to four (4) weeks
of paid vacation during each full calendar year of his employment in accordance
with the terms and provisions of the Company’s policies and practices in effect
from time to time.

 

(c)                                  Expense
Reimbursement.  The Company shall
reimburse Employee for all reasonable expenses incurred by him in connection
with the performance of his duties hereunder 

 

2

 

in accordance with the Company’s regular reimbursement policies as in
effect from time to time and upon receipt of itemized vouchers therefor and
such other supporting information as the Company may reasonably require.  The reimbursement of any such eligible
expense shall be made on or before the last day of the calendar year next
following the calendar year in which the expense was incurred.

 

(d)                                 Transportation
Allowance.  Employee shall receive a
monthly transportation allowance in the amount of Seven Hundred Thirty Dollars
($730.00) (the “Transportation Allowance”).  The Transportation Allowance shall be payable
in accordance with the Company’s regular payroll practices in effect from time
to time.

 

(e)                                  Additional
Benefits.  Employee shall be eligible
to participate in such other fringe benefits upon the terms offered to the
Company’s other senior executive officers and subject to the terms, conditions,
restrictions and exclusions of any such fringe benefit plans or programs.

 

(f)                                    Indemnification.

 

(i)                                     The Company shall maintain a directors
and officers liability insurance policy while Employee is employed by the
Company pursuant to this Agreement to the extent such a policy is available at
commercially reasonable rates as determined by the Board of Directors.  Employee shall be entitled to coverage under
such policy as an officer of the Company, subject to the policy’s terms,
conditions, restrictions and exclusions.

 

(ii)                                  In addition to the Company’s obligation
to maintain said insurance, the Company shall, to the fullest extent permitted
by and in accordance with applicable law as it may be amended from time to
time, indemnify Employee in connection with any claim, action, suit,
investigation or proceeding arising out of or relating to performance by
Employee of services for, or any action of Employee as a director, officer,
member, manager or employee of, the Company, or of any other person or
enterprise for whom Employee is serving at the request of the Company as an a
director, officer, member, manager or employee. 
Expenses reasonably incurred by Employee in defending such a claim,
action, suit, investigation or proceeding shall, to the extent permitted by
applicable law, be paid by the Company in advance of the final disposition
thereof upon receipt of a written undertaking by or on behalf of Employee to
repay such amounts if it shall ultimately be determined that Employee is not
entitled to indemnification by the Company as provided in this Section 2.2(f).  Notwithstanding anything in the foregoing to
the contrary, in no event will Employee be entitled to any indemnification
(including without limitation any advancement of fees or expenses) pursuant to
this Section 2.2(f) with respect to any action, suit or proceeding
brought or made by Employee against the Company or any of its affiliates or
officers, directors, employees or agents. 
The provisions of this Section 2.2(f) shall be in addition to
any indemnification rights Employee may have by law, contract, charter, by-law,
policy of insurance or otherwise.

 

3

 

2.3                               Payments
After Termination of Employment.

 

(a)                                  Termination
for Any Reason.  Regardless of the
reason for the termination of Employee’s employment, whether by Employee or the
Company, whether or not due to Employee’s death or Disability (as that term is
defined in Section 3.2), and whether or not for Cause (as that term is
defined in Section 3.3) or for Good Reason (as that term is defined in Section 3.5),
Employee (or his estate) will receive unpaid Base Salary for any days actually
worked by Employee prior to the termination of his employment, expense
reimbursement for all reasonable expenses incurred by him in connection with
the performance of his duties prior to the termination of his employment and
payment for accrued but unused vacation pay to the extent Employee may be
eligible for such payment under the Company’s policies.

 

(b)                                 Termination
by the Company Without Cause or due to Employee’s Death, Disability or by
Employee for Good Reason.  Subject to
the terms and conditions set forth in Section 2.3(d), (i) if Employee
is terminated by the Company without Cause (as that term is defined in Section 3.3)
or due to his Disability (as that term is defined in Section 3.2), (ii) if
Employee terminates his employment with the Company for Good Reason (as that
term is defined in Section 3.5), or (iii) his employment with the
Company terminates due to his death, then in addition to the payments described
in Section 2.3(a) above:

 

(i)                                     The
Company shall pay Employee any accrued but unpaid Incentive Bonus with respect
to any completed Plan Year (as that term is defined in the Plan) ending prior
to the date on which Employee’s employment terminates, to be paid in accordance
with the terms of the Plan.  Payment of
any such amount shall be made at the same time these amounts would have been
paid if Employee’s employment had not terminated.

 

(ii)                                  The
Company shall pay Employee a prorated bonus calculated by multiplying the higher
of (x) the sum of the Incentive Bonus and any Additional Bonuses Employee
received with respect to the last full Company fiscal year during which
Employee was employed by the Company (and for which bonus determinations have
been made), or (y) the average of the Incentive Bonuses and any Additional
Bonuses Employee received during each of the last two full fiscal years during
which Employee was employed by the Company, by a fraction, the numerator of
which is the number of days in the current fiscal year through Employee’s
termination date, and the denominator of which is 365; provided, however, that
the sum of any Incentive Bonuses and any Additional Bonuses Employee received
in respect of Fiscal 2007 shall be deemed to be $400,000 regardless of the actual
amount of such bonuses.  This amount will
be paid in a single lump sum as soon as practicable following Employee’s
termination of employment; provided, however, that if any portion of such
payment constitutes a payment of nonqualified deferred compensation for
purposes of Section 409A of the Internal Revenue Code, and the payment of
any portion of such payments would be in violation of Section 409A(a)(2)(B)(i) of
the Internal Revenue Code, then, to the extent required to avoid a violation of
Section 409A(a)(2)(B)(i) of the Internal Revenue Code, such payment
shall be deferred until the six (6) month anniversary date of Employee’s
termination.  Deferred benefits will be
paid with interest at the lesser of the prime rate and five percent (5%).

 

4

 

(iii)                               The
Company shall pay Employee a severance equal to the sum of (A) the higher
of (x) the Employee’s annual Base Salary (at the rate in effect on the
date of termination), or (y) the average of the annual Base Salary
Employee received during each of the last two full fiscal years during which
Employee was employed by the Company, and (B) the higher of (x) the
sum of the Incentive Bonus and any Additional Bonuses Employee received with
respect to the last full Company fiscal year during which Employee was employed
by the Company, or (y) the average of the Incentive Bonuses and any
Additional Bonuses Employee received during each of the last two full fiscal
years during which Employee was employed by the Company; provided, however,
that the sum of any Incentive Bonuses and any Additional Bonuses Employee
received in respect of Fiscal 2007 shall be deemed to be $400,000 regardless of
the actual amount of such bonuses and provided further that any amounts payable
to Employee or his estate, widow, eligible dependents or other beneficiaries as
a death or disability benefit under the Company’s SERP (the “SERP Payment”) shall be deducted from the amounts otherwise
payable pursuant to this Section 2.3(b)(iii).  This amount will be paid in a single lump sum
as soon as practicable following Employee’s termination of employment;
provided, however, that if any portion of such payment constitutes a payment of
nonqualified deferred compensation for purposes of Section 409A of the Internal
Revenue Code, and the payment of any portion of such payments would be in
violation of Section 409A(a)(2)(B)(i) of the Internal Revenue Code,
then, to the extent required to avoid a violation of Section 409A(a)(2)(B)(i) of
the Internal Revenue Code, such payment shall be deferred until the six (6) month
anniversary date of Employee’s termination. 
Deferred benefits will be paid with interest at the lesser of the prime
rate and five percent (5%).  In the event
that the full amount of the SERP Payment is not actually paid to Employee or
his estate, widow, eligible dependents or other beneficiaries within 75 days
after the termination of Employee’s employment giving rise to the right to
receive payment under this Section 2.3(b)(iii), then within 10 days
thereafter, the Company shall pay to Employee or his estate, widow, eligible
dependents or other beneficiaries an amount equal to the difference between the
full amount of the SERP Payment and any portion of the SERP Payment previously
paid.  In the event that, subsequent to
the payment of any such difference, Employee or his estate, widow, eligible
dependents receives any payment on account of any unpaid portion of the SERP
Payment, then within 10 days after receipt of any such payment, the recipient
shall pay such amount to the Company.

 

(iv)                              The Company shall
reimburse Employee (or his widow or eligible dependents, in the event of
Employee’s death) for the full cost of continuation coverage under the Company’s
group health plan pursuant to the Consolidated Omnibus Budget Reconciliation
Act (“COBRA”) at the same level of coverage
Employee (and his eligible dependents where applicable) had as of Employee’s
termination date (collectively, “COBRA Payments”)
for up to eighteen (18) months, so long as Employee (and/or Employee’s eligible
dependents) remain eligible for continuation coverage under COBRA and provided
that Employee is eligible for and timely elects continuation coverage under
COBRA and continues to make COBRA payments on a timely basis.  If Employee provides to the Company within 45
days after his termination written notice that he elects to receive the COBRA
Payments in a lump sum, then as soon as practicable thereafter the Company
shall pay to Employee a lump sum equal to the aggregate amount of COBRA
Payments Employee would have received as reimbursement of COBRA payments for
the full initial 18 month period of CORBA continuation coverage (less any COBRA
payments made by the Company for which Employee is required to reimburse the 

 

5

 

Company).  Employee acknowledges
that this benefit (whether paid in a lump sum or in installments) may be
taxable to Employee.  Payment of
reimbursements pursuant to this Section 2.3(b)(iv) shall in all cases
be made in a time and manner consistent with the requirements of Treasury
Regulations regarding payment of reimbursements under Internal Revenue Code Section 409A.  In the event Employee (or his widow or
eligible dependents, in the event of Employee’s death) is eligible for COBRA
continuation coverage beyond the initial 18-month period of COBRA continuation
coverage (“Extended COBRA Coverage”), so long
as Employee (and/or Employee’s eligible dependents) timely elects continuation
of coverage under COBRA and makes the COBRA payments on a timely basis,
Employee and his eligible dependents where applicable) may continue the
Extended COBRA Coverage at Employee’s sole cost and expense, which cost and
expense will not be reimbursed by the Company.

 

(v)                                 At
such time as Employee and/or Employee’s eligible dependents become ineligible
for continuation coverage under the Company’s group health plan pursuant to
COBRA, the Company shall take reasonable  steps to
assist Employee and/or Employee’s eligible dependents in securing alternative
health coverage on a fully insured basis (which may be in the form of
conversion coverage, if such coverage is available from any insurance carrier
which is at that time providing coverage or services in connection with a
Company group health plan) or, if a determination is made by the Company in its
sole discretion that coverage can be made available to Employee and/or Employee’s
eligible dependents after Employee and/or Employee’s eligible dependents cease
to be eligible for continuation coverage under COBRA without resulting in the
health benefits becoming taxable to Employee, then the Company will permit
Employee and/or Employee’s eligible dependents to continue to participate in
the Company’s group health plan with payment of premiums comparable to those
required under either the Company’s plan, or COBRA, at the option of the
Company.  Payment of premiums under any
such arrangement will be made by Employee from Employee’s own funds and will
not be subject to reimbursement by the Company.

 

(vi)                              Unless
otherwise specifically provided to the contrary in the applicable grant or
award document (as said grant or award document may be modified by the
Company), all of Employee’s unvested options to acquire Company stock and
unvested restricted Company stock shall immediately vest, with such accelerated
vesting to be otherwise in accordance with the terms and conditions of the
applicable grant or award document and plan. 
(The provisions of this Section 2.3(b)(vi) shall be considered
to be an amendment to any applicable grant or award document to the extent
necessary to implement the terms of this Section 2.3(b)(vi).)

 

(c)                                  Termination
in Connection with a Change of Control. 
Subject to the terms and conditions set forth in Section 2.3(d) and
subject to the occurrence of the Closing Date with respect to the subject
Change of Control, if (x) the Company terminates Employee’s employment for
any reason (including without limitation, Disability) or Employee’s employment
terminates due to Employee’s death during the period beginning one hundred
twenty (120) days prior to a Change of Control (as defined in Section 3.7)
and ending on the applicable Closing Date, (y) the Company terminates
Employee’s employment with the Company for any reason (including without
limitation, Disability) or Employee’s employment terminates due to Employee’s
death within one (1) year following the applicable Closing Date, provided
that Employee was 

 

6

 

employed by the Company on the applicable
Closing Date, or (z) Employee terminates Employee’s employment with the
Company for (1) Good Reason (provided, however, that solely for purposes
of this Section 2.3(c), “Good Reason” shall not include the facts or
circumstances described in clause (ii) of the definition of “Good Reason”
set forth in Section 3.5) within one (1) year following the Closing
Date, provided that Employee was employed by the Company on the applicable
Closing Date, or (2) for any reason within thirty (30) days immediately
preceding the one (1) year anniversary of the Closing Date, provided that
Employee was employed by the Company on the applicable Closing Date, then in
addition to the payments describe in Section 2.3(b) above:

 

The Company shall pay Employee (or his estate, widow, eligible
dependents or other beneficiaries, in the event of Employee’s death) severance
in an amount that is equal to three times Employee’s average total compensation
(including Base Salary, Incentive Bonus and Additional Bonuses), calculated by
determining the average (mean) total cash compensation Employee earned for the
most recent three full fiscal years worked prior to Employee’s termination
date, not to exceed $1.2 million of total compensation for any one (1) year,
in order that such calculation is made on a basis consistent with the
definition of “recognized compensation” under the Company’s SERP as it exists
on the effective date of this Agreement. 
In the event that severance is payable pursuant to this Section 2.3(c) as
a result of Employee’s death or Disability, any amount payable as described in
this Section 2.3(c)(i) will be reduced by any amount that is payable
to Employee or his Estate, widow, eligible dependents as a death or disability
benefit under the Company’s SERP (the “COC SERP Payment”).  The amount payable under this Section 2.3(c) will
be paid in a single lump sum as soon as practicable following Employee’s
termination of employment or the applicable Closing Date, if later; provided,
however, that if any portion of such payment constitutes a payment of
nonqualified deferred compensation for purposes of Section 409A of the
Internal Revenue Code, and the payment of any portion of such payments would be
in violation of Section 409A(a)(2)(B)(i) of the Internal Revenue
Code, then, to the extent required to avoid a violation of Section 409A(a)(2)(B)(i) of
the Internal Revenue Code, such payment shall be deferred until the six (6) month
anniversary date of Employee’s termination. 
Deferred benefits will be paid with interest at the lesser of the prime
rate (as published from time to time in the Money Rates Section of the Wall Street Journal and five percent (5%). In the event that
the full amount of the COC SERP Payment is not actually paid to Employee or his
estate, widow, eligible dependents or other beneficiaries within 75 days after
the termination of Employee’s employment giving rise to the right to receive
payment under this Section 2.3(c) or the applicable 

 

7

 

Closing Date, if later, then within 10 days thereafter, the Company
shall pay to Employee or his estate, widow, eligible dependents or other
beneficiaries an amount equal to the difference between the full amount of the
COC SERP Payment and any portion of the COC SERP Payment previously paid.  In the event that, subsequent to the payment
of any such difference, Employee or his estate, widow, eligible dependents
receives any payment on account of any unpaid portion of the COC SERP Payment,
then within 10 after receipt of any such payment, the recipient shall pay such
amount to the Company.

 

Notwithstanding anything in the foregoing to the contrary, any amounts
paid pursuant to Section 2.3(b)(iii) shall be deducted from amounts
payable pursuant to this Section 2.3(c).

 

(d)                                 Termination
Agreement.  Employee shall receive
the benefits set forth in Sections 2.3(b) and/or 2.3(c) above if and only
if (x) Employee (or his estate, if Employee’s employment terminates due to
his death) duly executes and returns to the Company (and does not revoke if a
revocation period is included in the sole discretion of the Company) a
termination agreement (“Termination Agreement”)
substantially in the form attached hereto as “Exhibit A,” as said form may
be modified by the Company in its reasonable discretion solely to address
developments in the law including legal claims that came into existence after
the date hereof; and (y) Employee complies in all material respects with
his obligations under this Agreement and the Termination Agreement.

 

(e)                                  No
Mitigation. In no event shall the Employee be obligated to seek other
employment or take any other action by way of mitigation of the amounts payable
to the Employee under any of the provisions of this Agreement and such amounts
shall not be reduced whether or not the Employee obtains other employment.

 

SECTION 3.  TERMINATION OF
EMPLOYMENT

 

3.1                               Death
of Employee.  Employee’s
employment hereunder shall immediately terminate upon his death.

 

3.2                               Employee’s
Disability.  Employee’s
employment hereunder may be terminated by the Company in the event of Employee’s
“Disability”, which shall mean Employee’s
inability, for a total of thirteen (13) weeks or more in any rolling six (6) month
period to perform the essential duties of Employee’s position, with any
reasonable accommodation required by law, due to a mental or physical
impairment which substantially limits one or more major life activities.  The determination as to whether Employee has
a Disability shall be made by a physician selected by the Company, and Employee
agrees to submit to reasonable medical examinations upon the request and at the
expense of the Company.

 

3.3                               Termination
for Cause.  The Company may
terminate Employee’s employment at any time for “Cause”,
which for purposes of this Agreement shall mean any of the following: 

 

8

 

(i) self dealing, willful misconduct, fraud, misappropriation,
embezzlement, dishonesty, or misrepresentation (other than a good faith dispute
over an expense account charge that is of an immaterial and insignificant
amount), (ii) being charged by governmental authorities with or convicted
of a felony, (iii) material failure of Employee to perform his known
duties and responsibilities to the Company which persists for more than
fourteen (14) days after written notice or which recurs (i.e., the same or
substantially similar matter which has been cured after written notice from the
Company occurs again within the succeeding twelve (12) month period), (iv) gross
negligence which persists for more than fourteen (14) days after written notice
from the Company or which recurs; (v) any violation of the Company’s Code
of Business Conduct & Ethics (as it may be amended, restated, or
replaced from time to time) which causes, or is likely to cause, a material or
significant injury to the Company or which recurs, (vi) violation in any
material respect by Employee of any policy, rule, or reasonable direction or
regulation of the Company which persists for more than fourteen (14) days after
written notice or which recurs, (vii) any violation by Employee of the
provisions of the Non-Competition and Confidentiality  Agreement described in Section 4.1
below, or (viii) any violation by Employee of any material provision of
this Agreement (other than the Non-Competition and Confidentiality Agreement)
which persists for more than fourteen (14) days after written notice or which
recurs.

 

3.4                               Termination
without Cause.  The Company may
terminate Employee’s employment at any time and for any or no reason (i.e.,
without Cause) by providing Employee with fourteen (14) days prior written
notice, which notice the Company can waive, in whole or in part, in its sole
discretion, by paying Employee for such time; provided, however, the Company
may terminate Employee’s employment immediately in the event there is Cause (as
defined in Section 3.3), in the event of Employee’s Disability (as defined
in Section 3.2) and in the event of Employee’s death.

 

 3.5                            Termination
for Good Reason.  Employee may
terminate Employee’s employment at any time for Good Reason, which for purposes
of this Agreement shall mean: (i) reduction of Employee’s Base Salary,
except as agreed to by Employee in accordance with Section 2.1(a); (ii) the
assignment to Employee by the Chief Executive Officer and/or the Board of
Directors of duties which represent a material decrease in responsibility and
are materially inconsistent with the duties associated with Employee’s
position, or any material reduction in Employee’s job title, or a material
negative change in the level of employee to whom Employee reports; (iii) the
Company’s requiring the Employee to be based at any office or location other
than in Bensalem, Pennsylvania or within 35 miles of the Philadelphia
metropolitan area; or (iv) any material breach of this Agreement by the
Company; provided, however, that Good Reason shall not exist under (i) through
(iv) above unless and until Employee provides the Company with written
notice of the condition that Employee believes to constitute Good Reason and
the Company fails to cure the condition within thirty (30) days after receiving
such written notice or such condition recurs.

 

3.6                               Termination
for Other Than Good Reason.  Employee
may terminate Employee’s employment at any time and for other than Good Reason
by providing the Company with fourteen (14) days prior written notice, which
notice period the Company may waive, in whole or in part, in its sole
discretion, by paying Employee for such time.

 

9

 

3.7                               Change
of Control and Closing Date.  A “Change of Control” shall be deemed to have occurred upon
the earliest to occur of the following dates:

 

(a)                                  the
date the stockholders of the Company (or the Board of Directors, if stockholder
action is not required) approve a plan or other arrangement pursuant to which
the Company will be dissolved or liquidated; or

 

(b)                                 the
date the stockholders of the Company (or the Board of Directors, if stockholder
action is not required) approve a definitive agreement to sell or otherwise dispose
of substantially all of the assets of the Company; or

 

(c)                                  the
date the stockholders of the Company (or the Board of Directors, if stockholder
action is not required) and the stockholders of the other constituent
corporation (or its board of directors if stockholder action is not required)
have approved a definitive agreement to merge or consolidate the Company with
or into such other corporation, other than, in either case, a merger or
consolidation of the Company in which holders of shares of the Company’s Common
Stock immediately prior to the merger or consolidation will have at least a
majority of the voting power of the surviving corporation’s voting securities
immediately after the merger or consolidation, which voting securities are to
be held in the same proportion as such holders’ ownership of Common Stock of
the Company immediately before the merger or consolidation; or

 

(d)                                 the
date any entity, person or group, within the meaning of Section 13(d)(3) or
Section 14(d)(2) of the Exchange Act (other than (A) the Company
or any of its subsidiaries or any employee benefit plan (or related trust)
sponsored or maintained by the Company or any of its subsidiaries, (B) Jeffrey
P. Orleans or family members of Jeffrey P. Orleans (all such persons being referred
to as “Orleans Family Members”), (C) any
entity a majority of the equity in which is owned by Orleans Family Members),
or (D) any trust as to which a majority of the beneficiaries are Orleans
Family Members), shall have become the beneficial owner of, or shall have
obtained voting control over, more than fifty percent (50%) of the outstanding
shares of the Company’s common stock.

 

The “Closing Date” means the date, if
any, on which a transaction that is treated as a Change of Control is
consummated.

 

3.8                               Non-Competition
and Confidentiality Agreement. 
Termination of Employee’s employment either by Employee or the Company,
whether with or without Cause, and whether or not due to Employee’s death or
Disability, shall not release Employee from Employee’s obligations and
restrictions under the Non-Competition and Confidentiality Agreement referred
to in Section 4.1 except to the extent specifically provided in that
agreement.

 

10

 

SECTION  4.   NON-COMPETITION
AND CONFIDENTIALITY

 

4.1                               Non-Competition and
Confidentiality Agreement.  The
terms of this Agreement are contingent upon Employee’s execution of a
Non-Competition and Confidentiality Agreement in the form attached hereto as “Exhibit B”
to this Agreement.  Employee’s failure to
execute the Non-Competition and Confidentiality Agreement on or before this
Agreement’s Effective Date will invalidate this Agreement.

 

SECTION  5.   MISCELLANEOUS

 

5.1                               Severability;
Survival.  Nothing in this
Agreement is intended to violate any law or shall be interpreted to violate any
law.  In the event that any provision
contained in this Agreement shall be determined by any court of competent
jurisdiction to be overbroad and/or unenforceable, then the court making such
determination shall have the authority to narrow the provision as necessary to
make it enforceable and the provision shall then be enforceable in its narrowed
form.  Moreover, each provision of this
Agreement is independent of and severable from each other.  In the event that any provision in this
Agreement is determined to be legally invalid or unenforceable by a court and
is not modified by a court to be enforceable, the affected provision shall be
stricken from the Agreement, and the remaining provisions of this Agreement
shall remain in full, force and effect. 
For purposes of this Section 5.1, a “provision” of this Agreement
shall mean any section or subsection of this Agreement or any sentence or
clause within any section or subsection of this Agreement.  The Non-Competition and Confidentiality
Agreement, the provisions of Section 2.2(f) and Section 5 of this
Agreement and any obligation of the Company to make payments or provide
benefits that accrued on or prior to the date of termination (or in connection
with such termination) shall survive the termination of Employee’s employment
and the termination of this Agreement.

 

5.2                               Notices.  All notices hereunder shall be in writing
and shall be sufficiently given if hand-delivered, sent by documented overnight
delivery service or registered or certified mail, postage prepaid, return
receipt request or by telegram, fax or telecopy (confirmed by U.S. mail),
receipt acknowledged, addressed as set forth below or to such other person
and/or at such other address as may be furnished in writing by any party hereto
to the other.  Any such notice shall be
deemed to have been given as of the date received, in the case of personal
delivery, or on the date shown on the receipt of confirmation therefor, in all
other cases.

 

(a)                                  If
to Company:

 

Orleans Homebuilders Inc.

3333 Street Road

Suite 101

Bensalem, PA   19020

Tel:  (215) 245-7500

Fax: (215) 633-2351

 

Attn:                    Jeffrey P. Orleans, Chairman and
Chief Executive Officer

 

11

 

(b)                                 If
to Employee:

 

At Employee’s current home address as reflected in the Company’s
records.

 

5.3                               Entire
Agreement and Modification.   This Agreement along with the Non-Competition
and Confidentiality Agreement referred to in Section 4.1 constitutes the
entire agreement between the parties hereto with respect to the matters
contemplated herein and supersedes all prior agreements and understandings with
respect thereto.  No amendment,
modification, or waiver of this Agreement shall be effective unless in writing
and executed by both parties.  Neither
the failure nor any delay on the part of any party to exercise any right,
remedy, power or privilege hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any right, remedy, power or privilege
preclude any other of further exercise of the same or any other right, remedy,
power, or privilege with respect to any occurrence or be construed as a waiver
of any right, remedy, power, or privilege with respect to any other occurrence.

 

5.4                               Governing
Law.  The parties agree that this
Agreement is made pursuant to, and shall be construed and enforced in
accordance with, the internal laws of the Commonwealth of Pennsylvania (and
United States federal law, to the extent applicable), without giving effect to
otherwise applicable principles of conflicts of law.

 

5.5                               Headings;
Counterparts.  The headings of
sections in this Agreement are for convenience only and shall not affect its
interpretation.  This Agreement may be
executed in two or more counterparts, each of which shall be deemed to be an
original and all of which, when taken together, shall be deemed to constitute
but one and the same Agreement.

 

5.6                               Assignment
and Succession.   The Company may
assign this Agreement in connection with any sale or merger (whether a sale or
merger of stock or assets or otherwise) of the Company or the business of the
Company.  Employee expressly consents to
the assignment of the Agreement to any new owner of the Company’s business or
purchaser of the Company.  Employee’s
rights and obligations hereunder are personal and may not be assigned by
Employee. This Agreement shall inure to the benefit of and be enforceable by
Employee’s heirs, beneficiaries and/or legal representatives.

 

5.7                               Special
Tax Provision; Section 280G.

 

(a)                                  Anything
in this Agreement to the contrary notwithstanding and except as set forth
below, in the event it shall be determined that any payment or distribution by
the Company to or for the benefit of the Employee (whether paid or payable or
distributed or distributable pursuant to the terms of this Agreement or
otherwise, but determined without regard to any additional payments required
under this Section 5.7) (a “Payment”) would
be subject to the excise tax imposed by Section 4999 of the Internal
Revenue Code or any Interest or Penalties (as hereinafter defined) are incurred
by the Employee with respect to such excise tax (such excise tax, together with
any such Interest or Penalties, are hereinafter collectively referred to as the
“Excise Tax”), then the Employee shall
be entitled to receive an additional payment (a 

 

12

 

“Gross-Up Payment”) in an amount such
that after payment by the Employee of all taxes (including any Interest or
Penalties imposed with respect to such taxes), including, without limitation,
any income taxes (and any Interest or Penalties imposed with respect thereto)
and Excise Tax imposed upon the Gross-Up Payment, the Employee retains an
amount of the Gross-Up Payment equal to the Excise Tax imposed upon the
Payments.  Notwithstanding the foregoing
provisions of this Section 5.7(a), if it shall be determined that the
Employee is entitled to a Gross-Up Payment, but that the Payments do not exceed
110% of the greatest amount (the “Reduced Amount”)
that could be paid to the Employee such that the receipt of Payments would not
give rise to any Excise Tax, then no Gross-Up Payment shall be made to the
Employee and the Payments, in the aggregate, shall be reduced to the Reduced
Amount.  For purposes of this Agreement,
the term “Interest or Penalties” refers only to
amounts of interest or penalties imposed under applicable provisions of the
Internal Revenue Code with respect to excise taxes imposed on the Employee
pursuant to Section 4999 of the Code, and only to the extent such amounts
of interest or penalties are attributable to errors in calculation of amounts
considered to be, or potentially considered to be “excess parachute payments”
(as that term is used for purposes of Section 280G of the Internal Revenue
Code) or are attributable to the Company’s determination to contest claims or
assessments of such excise taxes by the Internal Revenue Service.

 

(b)                                 All
determinations required to be made under this Section 5.7, including
whether and when a Gross-Up Payment is required and the amount of such Gross-Up
Payment and the assumptions to be utilized in arriving at such determination,
shall be made by such certified public accounting firm as may be designated by
the Company (the “Accounting Firm”)
which shall provide detailed supporting calculations both to the Company and
the Employee within 15 business days of the receipt of notice from the Employee
that there has been a Payment requiring a Gross-Up Payment, or such earlier
time as is requested by the Company.  In
the event that the Accounting Firm is serving as accountant or auditor for the
individual, entity or group effecting the Change of Control or the Accounting
Firm refuses to make the required determinations, the Company shall appoint
another nationally recognized accounting firm to make the determinations
required hereunder (which accounting firm shall then be referred to as the
Accounting Firm hereunder).  All fees and
expenses of the Accounting Firm shall be borne solely by the Company.  Any Gross-Up Payment, as determined pursuant
to this Section 5.7, shall be paid by the Company to the Employee within
five days of the receipt of the Accounting Firm’s determination.  Any determination by the Accounting Firm
shall be binding upon the Company and the Employee, absent manifest error.  As a result of the uncertainty in the
application of Section 4999 of the Internal Revenue Code at the time of
the initial determination by the Accounting Firm hereunder, it is possible that
Gross-Up Payments which will not have been made by the Company should have been
made (“Underpayment”), consistent with the
calculations required to be made hereunder. In the event that the Company
exhausts its remedies pursuant to Section 5.7(c) below and the
Employee thereafter is required to make a payment of any Excise Tax, the
Accounting Firm shall determine the amount of the Underpayment that has
occurred and any such Underpayment shall be promptly paid by the Company to or
for the benefit of the Employee.

 

13

 

(c)                                  The
Employee shall notify the Company in writing of any claim by the Internal
Revenue Service that, if successful, would require the payment by the Company
of the Gross-Up Payment. Such notification shall be given as soon as
practicable but no later than ten (10) business days after the Employee is
informed in writing of such claim and shall apprise the Company of the nature
of such claim and the date on which such claim is requested to be paid. The
Employee shall not pay such claim prior to the expiration of the 30-day period
following the date on which it gives such notice to the Company (or such
shorter period ending on the date that any payment of taxes with respect to
such claim is due). If the Company notifies the Employee in writing prior to
the expiration of such period that it desires to contest such claim, the
Employee shall:

 

(i)                                     give
the Company any information reasonably requested by the Company relating to
such claim,

 

(ii)                                  take
such action in connection with contesting such claim as the Company shall
reasonably request in writing from time to time, including, without limitation,
accepting legal representation with respect to such claim by an attorney
reasonably selected by the Company,

 

(iii)                               cooperate
with the Company in good faith in order effectively to contest such claim, and

 

(iv)                              permit
the Company to participate in any proceedings relating to such claim;

 

provided, however, that the Company shall bear and pay directly all
costs and expenses (including additional Interest or Penalties) incurred in
connection with such contest and shall indemnify and hold the Employee
harmless, on an after-tax basis, for any Excise Tax or additional income tax
(including Interest or Penalties with respect thereto) imposed as a result of
such representation and payment of costs and expenses. Without limitation on
the foregoing provisions of this Section 5.7, the Company shall control
all proceedings taken in connection with such contest and, at its sole option,
may pursue or forgo any and all administrative appeals, proceedings, hearings
and conferences with the taxing authority in respect of such claim and may, at
its sole option, either direct the Employee to pay the tax claimed and sue for
a refund or contest the claim in any permissible manner, and the Employee
agrees to prosecute such contest to a determination before any administrative
tribunal, in a court of initial jurisdiction and in one or more appellate
courts, as the Company shall determine; provided, however, that if the Company
directs the Employee to pay such claim and sue for a refund, the Company shall,
to the extent permitted by law, advance the amount of such payment to the
Employee, on an interest-free basis and shall indemnify and hold the Employee
harmless, on an after-tax basis, from any Excise Tax or income tax (including
Interest or Penalties with respect thereto) imposed with respect to such
advance or with respect to any imputed income with respect to such advance; and
further provided that any extension of the statute of limitations relating to
payment of taxes for the taxable year of the Employee with respect to which
such contested amount is claimed to be due is limited solely to such contested
amount. Furthermore, the Company’s control of the contest shall be limited to
issues with respect to which a Gross-Up Payment would be payable 

 

14

 

hereunder and the Employee shall be entitled to settle or contest, as
the case may be, any other issue raised by the Internal Revenue Service or any
other taxing authority.

 

(d)                                 If,
after the receipt by the Employee of an amount advanced by the Company pursuant
to Section 5.7(c) above, the Employee becomes entitled to receive any
refund with respect to such claim, the Employee shall (subject to the Company’s
complying with the requirements of Section 5.7(c)) promptly pay to the
Company the amount of such refund (together with any interest paid or credited
thereon after taxes applicable thereto). If, after the receipt by the Employee
of an amount advanced by the Company pursuant to Section 5.7(c), a
determination is made that the Employee shall not be entitled to any refund
with respect to such claim and the Company does not notify the Employee in
writing of its intent to contest such denial of refund prior to the expiration
of 30 days after such determination, then such advance shall be forgiven and
shall not be required to be repaid and the amount of such advance shall offset,
to the extent thereof, the amount of Gross-Up Payment required to be paid.

 

(e)                                  Notwithstanding
anything in this Section 5.7 to the contrary, all amounts payable to the
Employee as a Payment shall be paid as soon as practicable following the
determination of the amount required to be paid to the Employee, and in no
event later than the end of the calendar year following the calendar year in
which the Employee pays the taxes subject to the “gross-up” provision.  This Section 5.7(e) is intended to
require a time and manner of payment for Payments that is consistent with the
requirements for treatment of such payments as payable at a specified time for
purposes of Code Section 409A, as such requirements are set forth in
Treasury Regulation Section 1.409A-3(i)(1)(v) and shall in all cases
be interpreted consistent with such requirements, or any successor provisions
or guidance regarding compliance with Section 409A of the Internal Revenue
Code.

 

5.8                               Special
Provisions if Covered Employee Status Remains Effective After Termination of
Employment.  Notwithstanding
anything to the contrary contained herein, in the event Employee is treated as
a “covered employee” (as that term is used for purposes of Section 162(m) of
the Internal Revenue Code) after his termination of employment with the
Company, then severance and other payments otherwise payable hereunder for any
taxable year of the Company shall be limited to the extent that such payments
would not be deductible by the Company by reason of Section 162(m) of
the Internal Revenue Code, and, to the extent so limited, shall be paid in
succeeding taxable years (up to the maximum permitted to be deducted under Section 162(m) of
the Internal Revenue Code) until all amounts required to be paid under this
Agreement have been paid; except that no amounts shall be deferred longer than
the end of the third taxable year following the taxable year in which Employee’s
termination occurred so that the Company shall pay out any unpaid balance in
the third taxable year following Employee’s termination even if the third
taxable year’s payment exceeds the maximum amount permitted to be deducted
under Section 162(m) of the Internal Revenue Code.  In the event payments are deferred on this
basis, payments shall continue over a period of equal monthly installments
(except that any additional payments required to be made in the third taxable
year following Employee’s termination shall be added to and paid out along with
the twelfth (12th) and final equal monthly installment for such third taxable
year) and are intended to constitute a fixed time and manner of payment
consistent with the requirements of Section 409A of the Internal Revenue
Code.  Payments made on a deferred basis
by reason of this Section 6.11 shall 

 

15

 

be increased, in the aggregate, so that later payment of amounts due
include amounts that represent (simple) interest or earnings, determined by
reference to the lesser of 5% or prime rate as published from time to time in
the “Money Rates” section of the Wall Street Journal.

 

5.9                               Special
Rules Regarding Section 409A of the Internal Revenue Code.
 Notwithstanding anything herein to
the contrary, in the event any payments or benefits required to be provided
hereunder are deemed to constitute payments of “nonqualified deferred
compensation” that is subject to the requirements of Section 409A of the
Internal Revenue Code, then the time and manner in which such payment or
benefit is provided shall be adjusted, to the extent reasonably possible, so
that payment or distribution is made at a time and in a manner that is
consistent with the requirements of such Section 409A (and applicable
proposed or final Treasury regulations or other guidance issued or to be issued
by the Internal Revenue Service).  This Section 5.9
may, for example, require that certain payments to Employee following his
termination of employment be delayed until the date that is six (6) months
after the date of his separation from service with the Company if, at the time
of such termination of employment Employee was a “specified employee” (as that
term is used for purposes of Section 409A(2)(B)(i).  All other payments and taxable benefits shall
be made available or distributed to Employee at such time(s) as provided
by the applicable provisions of this Agreement. 
In the event any payments are delayed as required by this Section 5.9,
those payments shall be made in a single lump sum with interest, at the lesser
of 5% or prime rate as published from time to time in the Money Rates section
of the Wall Street Journal. In addition, to the extent any payments made by
reason of Employee’s termination of employment are considered  payable under a nonqualified deferred
compensation plan that is subject to Internal Revenue Code Section 409A,
any reference to “termination of employment” shall be interpreted to mean a “separation
from service” as defined in Treasury Regulations applicable under Internal
Revenue Code Section 409A.  To the
extent any reimbursements or in-kind benefits due to Employee under this
Agreement constitutes “deferred compensation” under Internal Revenue Code Section 409A,
any such reimbursements or in-kind benefits shall be paid to Employee in a
manner consistent with Treas. Reg. Section 1.409A-3(i)(1)(iv).  Each payment made under this Agreement shall
be designated as a “separate payment” within the meaning of Internal Revenue
Code Section 409A.  The Company
shall consult with Employee in good faith regarding the implementation of the
provisions of this Section 5.9.

 

5.10                        Payment
Dates and Payments.  The Company
shall be deemed to have complied with the payment dates referenced in this
Agreement if the Company pays Employee on the payroll pay date that corresponds
to the pay period during which the relevant payment date falls.  All payments hereunder shall be subject to
applicable withholdings and taxes.

 

5.11                        Recognized
Bonus; Outstanding Options and Restricted Stock.  The Company confirms that all bonus income,
whether received before, on or after, the date hereof, and regardless of
whether such bonus income is Incentive Bonus, Additional Bonus or any
other bonus amounts and whether deferred or not or elected to be in a
non-cash form shall be considered “Recognized Bonus” for purposes of the
Company’s SERP.

 

[SIGNATURES ON FOLLOWING PAGE]

 

16

 

IN WITNESS WHEREOF, and intending to be legally bound, the parties have
executed this Agreement as of the date first above written.

 

	
  ORLEANS HOMEBUILDERS, INC.

  	
   

  	
  EMPLOYEE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  Jeffrey P. Orleans

  	
   

  	
  Michael T. Vesey

  
	
   

  	
  Jeffrey P. Orleans

  	
   

  	
  Michael T. Vesey

  
	
   

  	
  Chairman and Chief Executive Officer

  	
   

  	
   

  

 

17

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