Document:

Prepared and filed by St Ives Financial

  Exhibit 10.1

  AT-WILL EMPLOYMENT AGREEMENT 

     
   THIS AGREEMENT, made as of this 19th day of June, 2006, is between Orleans Homebuilders, Inc., a Delaware corporation with offices at 3333 Street Road, One Greenwood Square, Bensalem, Pennsylvania 19020 (hereinafter “the Company”) and C. Dean Amann, II, an individual (hereinafter the “Employee”). 

  BACKGROUND 

     
   The Company desires to employ Employee on an “at-will” basis as an Executive Vice President, and Employee desires to be so employed on the terms and conditions contained in this Agreement. 

     
   	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: 

  PARAGRAPH 1. CAPACITY AND DUTIES 

        1.1 At-Will Employment. The Company employs Employee, and Employee accepts employment by the Company, upon the terms and conditions hereinafter set forth. The effective date of such employment (the “Effective Date”) is June 19, 2006. Employee’s employment with the Company is for an unspecified duration and constitutes “at-will” employment. Employee’s employment hereunder with the Company may be terminated at any time by either Employee or the Company, for any or no reason.

     
  1.2 Capacity and Duties. Employee shall be employed by the Company as Executive Vice President, and, subject to the supervision and control of the Company’s President or his designee, agrees to perform such duties and responsibilities normally associated with the position of Executive Vice President and as may be assigned to Employee from time to time by the Company’s President or by his designee.  Employee is required to work those hours necessary to perform properly such duties and responsibilities normally associated with the position of Executive Vice President and as may be assigned to Employee from time to time by the Company’s President or by his designee. 

  PARAGRAPH 2. COMPENSATION AND FRINGE BENEFITS 

   	     2.1 Compensation. 

              (a) Base Salary. As compensation for Employee’s services hereunder, the Company shall pay to Employee an initial salary at an annual rate of $525,000 (the “Base Salary”).  Employee’s Base Salary and any bonus will be payable in accordance with the Company’s regular payroll practices in effect from time to time during the tenure of Employee’s employment.

            (b) Bonus. 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 in the manner required by state law on or before June 5, 2007 (such plan as may be adopted and approved, the "Incentive Plan"), Employee shall be entitled to receive a bonus equal to 3% of the profit of the Company’s Northern Division and Chicago divisions, determined on a pre-tax basis after the accrual and/or payment of bonuses and otherwise in accordance with the Incentive Plan and paid annually in accordance with the terms of the Incentive Plan, provided that the Employee is employed by the Company on the date of payment.

   	 	            (c) Adjustments. Employee’s compensation as described in Sections 2.1(a) and 2.1(b) shall be subject to review and revision by the Company from time to time, provided that Employee’s salary shall be reviewed by the Company not less than annually.

   	 	            (d) One Time Bonus. The Company shall pay to the Employee a cash bonus as follows: $275,000 on August 25, 2006; and $275,000 on each of June 19, 2007, 2008 and 2009, provided that the Employee is employed by the Company on each of the foregoing dates.

     2.2 Fringe Benefits. Employee shall be eligible to participate in the Company’s insurance and health benefit plans and SERP, executive compensation deferral plan and 401(k) plan, subject to their respective eligibility requirements and other terms, conditions, restrictions and exclusions.  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. Employee shall also be entitled to those benefits set forth on Schedule 2.2 to this Agreement. 

     2.3 Vacation. Employee shall be entitled to three weeks of vacation during each calendar year of his employment. 

       2.4 Expense Reimbursement. During his employment, the Company shall reimburse Employee for all reasonable expenses incurred by him in connection with the performance of his duties hereunder in accordance with its 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.

     2.5 Payments After Termination of Employment. 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, and whether for cause or not, Employee (or his estate) will receive pay 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 any pay for accrued but unused paid time off  benefits, to the extent Employee may be eligible for same under the Company’s policies.  Except as set forth in the immediately preceding sentence, upon termination of Employee’s employment, the Company will have no obligation to Employee for payment of any Base Salary or bonus or for any fringe benefits (including without limitation, any insurance benefit), or any other form of compensation or benefit, except as otherwise required by law or by benefit plan provided at Company expense.

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     2.6 Options. Employee shall be 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 the Effective Date, 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. The option will be issued pursuant, and be subject, to the Company’s 2004 Omnibus Stock Incentive Plan.

PARAGRAPH 4. MISCELLANEOUS 

     4.1 Severability. The invalidity or unenforceability of any particular provision or part of any provision of this Agreement shall not affect the other provisions or parts hereof. If any provision hereof is determined to be invalid or unenforceable by a court of competent jurisdiction and cannot be modified to be legally enforceable, the affected provision(s) shall be stricken from the Agreement, and the remaining provisions of the Agreement and its enforceability shall remain unaffected thereby.

     4.2 Notices. All notices hereunder shall be in writing and shall be sufficiently given in 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:
	 	 	 
	 	 	c/o Orleans Homebuilders Inc. 

    One Greenwood Square 

    3333 Street Road 

    Suite 101

    Bensalem, PA 19020 

    Tel: (215) 245-7500 

    Fax: (215) 633-2351 
	 	 	 
	 	 	Attn: Benjamin D. Goldman, Vice Chairman
	 	 	 
	 	(b)	If to Employee:
	 	 	 
	 	 	At Employee’s current home address as reflected in the Company’s records.

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     4.3 Entire Agreement and Modification. This Agreement 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 the Employee and the Company’s President, Vice-Chairman or Chairman. 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. 

     4.4 Governing Law. The parties agree that this Agreement is made pursuant to, and shall be construed an 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. 

     4.5 Headings; Counterparts. The headings of paragraphs 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. 

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:	Benjamin D. Goldman	C. Dean Amann, II
	 	
	

	 	Benjamin D. Goldman	C. Dean Amann, II
	 	Vice Chairman	 

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SCHEDULE 2.2 TO EMPLOYMENT CONTRACT 

Automobile Expense Reimbursement 

$700 per month

Relocation Expenses 

Payment of reasonable relocation expenses, i.e., moving costs, including two house hunting trips for Employee’s wife and children. Price protection on sale of Employee’s existing home to 97% of the appraised value.

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Exhibit 10.2

 ORLEANS HOMEBUILDERS, INC. 

 NON-QUALIFIED STOCK OPTION 

      THIS NON-QUALIFIED STOCK OPTION (the  “Option”) is granted this ________ day of _______, 20__ by Orleans Homebuilders, Inc., a Delaware corporation (the “Company”), to _________________ (the “Optionee”) pursuant to the Orleans Homebuilders, Inc. 2004 Omnibus Stock Incentive Plan, as amended and restated (the “Plan”). All capitalized terms used herein shall have the same meaning as set forth in the Plan except as otherwise specifically provided or as may be required by context. This Option is subject in all regards to the terms, conditions and limitations set forth in the Plan.

 W I T N E S S E T H: 

      1. Grant. The Company hereby grants to the Optionee an Option to purchase on the terms and conditions hereinafter set forth all or any part of an aggregate of ___________
  Shares (the “Option Shares”) at the purchase price of $________ per Share (the “Option Price”). This Option is intended to be a non-qualified stock option within the meaning of the Internal Revenue Code of 1986, as amended (the “Code”).

     2. Term. General Rule. This Option shall become vested and exercisable pursuant to the schedule set forth below, and shall terminate in all events at 5:00 p.m. local Philadelphia, Pennsylvania time ten years from the date hereof, unless sooner terminated under applicable provisions of the Plan.

	 Vesting Date	 	 Number of Shares Vested and Exercisable
	
		

	 	 	 
	 	 	 
	 	 	 
	 	 	 

      Any installment may be exercised in whole or in part, except that this Option may in no event be exercised with respect to fractional shares. 

      3. Termination of Employment. In the event this Option continues to be exercisable for any period after the Optionee’s termination of employment pursuant to applicable provisions of the Plan, this Option shall be exercisable during such period only with respect to the number of Shares as to which the Option was exercisable immediately prior to the date the Optionee’s termination of employment or service occurred even though the Option would have become vested and exercisable with respect to additional Shares had the Optionee remained employed by the Company during such period.

      4. Transfers. This Option is not transferable by the Optionee otherwise than by will or pursuant to the laws of descent and distribution in the event of the Optionee’s death (in which event the Option may be exercised by the heirs or legal representatives of the Optionee). The Option may be exercised during the lifetime of the Optionee only by the Optionee. Any attempt at assignment, transfer, pledge or disposition of the Option contrary to the provisions hereof or the levy of any execution, attachment or similar process upon the Option other than as expressly permitted in this Section 4 shall be null and void and without effect. Any exercise of the Option by a person other than the Optionee shall be accompanied by appropriate proofs of the right of such person to exercise the Option. 

     5. Exercise. This Option shall be deemed to have been exercised on receipt by the Company from the Optionee of written notice of exercise and receipt of payment in full of the Option Price for the Shares to be purchased (either in cash or by such other means as is acceptable to the Committee). Each notice of exercise shall specify the number of Shares to be purchased and, unless the Shares are covered by a then current registration statement or a Notification under Regulation A under the Securities Act, shall contain the Optionee’s acknowledgment that (i) such Shares are being purchased for investment and not for distribution or resale (other than a distribution or resale which, in the opinion of counsel satisfactory to the Company, may be made without violating the registration provisions of the Securities Act), (ii) the Grantee has been advised and understands that (A) the Shares have not been registered under
the Securities Act and are “restricted securities" within the meaning of Rule 144 under the Securities Act and are subject to restrictions on transfer, and (B) the Company is under no obligation to register the Shares under the Securities Act or to take any action which would make available to the Grantee any exemption from such registration, (iii) such Shares may not be transferred without compliance with all applicable federal and state securities laws, and (iv) an appropriate legend referring to the foregoing restrictions on transfer and any other restrictions imposed under the Grant Documents may be endorsed on the certificates. Under the terms of the Plan, and notwithstanding the foregoing, the Company is permitted to delay issuance of Shares pending registration under federal or state securities laws, the receipt of an opinion of counsel satisfactory to the Company that an appropriate exemption from such registration is available, the listing or inclusion of the Shares on any securities exchange o
r an automated quotation system, or the consent or approval of any governmental regulatory body whose consent or approval is necessary in connection with the issuance of such Shares.

      6. Medium of Payment. Payment of the Option Price may be made (i) in cash, (ii) by certified or cashier’s check payable to the order of the Company, or (iii) by such other mode of payment as the Committee may, from time to time, approve, including payment through a broker in accordance with procedures permitted by rules or regulations of the Federal Reserve Board or payment in shares of the Company’s Common Stock held by the Grantee for more than six months by means of delivery to the Company of certificates registered in the name of the Optionee representing shares owned by the Optionee, subject in each case to such conditions, limitations and prohibitions as the Committee may impose from time to time.

      7. Plan Provisions; Administration. This Option has been granted pursuant to and is subject to the terms and provisions of the Plan. All questions of interpretation and application of the Plan and this Option shall be determined by the Committee. The Committee’s determination shall be final, binding and conclusive.

      8. Notices. Any notice to be given to the Company shall be in writing and shall be addressed to the Treasurer of the Company at its principal executive office, and any notice to be given to the Optionee shall be addressed to the Optionee at the address then appearing on the personnel records of the Company or the Affiliate of the Company by which he or she is employed, or at such other address as either party hereafter may designate in writing to the other. Except as otherwise set forth herein, any such notice shall be deemed to have been duly given, made and received only when personally delivered, or on the day delivery is guaranteed when transmitted, addressed as aforesaid, to a third party company or governmental entity provided delivery services in the ordinary course of business, or two days following the day when deposited in the United States mails, by registered or certified mail, postage prepaid, return rec
eipt requested, addressed as aforesaid. Notwithstanding the foregoing, any notice of exercise pursuant to Section 5 shall be deemed to have been duly given, made or received only upon actual receipt by, or upon tender of delivery to, the addressee of such notice.

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     9. No Commitment to Retain. Nothing herein contained shall affect the right of the Company or any Affiliate to terminate the Optionee’s employment, services, responsibilities, duties, or authority to represent the Company or any Affiliate at any time for any reason whatsoever.

       10. Amendment. The Committee shall have the right to amend this Option, subject to the Optionee’s consent if such amendment is not favorable to the Optionee, except that the consent of the Optionee shall not be required for any amendment made pursuant to Subsection 9(e)(i)(C) or Section 10 of the Plan.

       11. Withholding of Taxes. Whenever the Company proposes or is required to deliver or transfer Option Shares in connection with the exercise of this Option, the Company shall have the right to (a) require the recipient to remit to the Company an amount sufficient to satisfy any federal, state and/or local withholding tax requirements prior to the delivery or transfer of any certificate or certificates for such Option Shares or (b) take whatever action it deems necessary to protect its interests with respect to tax liabilities.

       12. Notification of Company. Upon Early Disposition of Option Shares. If, following the exercise of this Option in whole or in part, the Optionee disposes of any Option Shares within two years from the date of grant of this Option or within one year after the transfer of the Option Shares to the Optionee, the Optionee shall give notice in writing to the Committee of such disposition and shall provide the Committee with such other information as the Committee may reasonably request.

       13. Shareholder Approval. The Option is subject to the approval of the Plan by the Company’s shareholders on or before June 5, 2007 and, if such approval is not obtained within such time, the Option shall expire and become null and void at 11:59 p.m. local Philadelphia, Pennsylvania time on June 5, 2007. 

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       IN WITNESS WHEREOF, the Company has granted this Option on the day and year first above written.

	 	 	ORLEANS HOMEBUILDERS, INC. 
	 	 	 
	 	 	By: 	

	 	 	 
	 	 	ACKNOWLEDGED: 
	 	 	 	 
	 	 	

	 	 	Optionee 
	 	 	 	 

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