Effective as of June 30, 2009, Orleans Homebuilders, Inc. (the "Company") amended its Supplemental Executive Retirement Plan (the "Amendment"). The Amendment, among other things, terminates certain retirement and disability benefits provided to participants in the Supplemental Executive Retirement Plan (the "SERP").

The following is a summary of the material provisions of the Amendment. This summary is qualified in its entirety by reference to the Amendment, which is incorporated by reference in its entirety herein and a copy of which is attached to this Current Report on Form 8-K as Exhibit 10.1. Capitalized terms which are not defined in this Current Report on Form 8-K shall have the meanings assigned to such term in the Amendment.

The Amendment terminates the retirement income and disability benefits provided to participants in the SERP and deletes all references to such provisions in the SERP. The Amendment also deletes the provision of the SERP relating to a Change of Control and all references in the SERP related to benefits following a Change of Control. Generally, the deleted Change of Control provisions provided for acceleration of the vesting of certain benefits under the SERP and certain other similar benefits. The SERP continues to provide benefits to a participant's survivors in the event a participant dies while employed by the Company. The Company, however, reserves the right to amend or terminate the SERP at any time in its sole discretion without notice to the participant. The Amendment also renames the SERP to "Orleans Homebuilders, Inc. Executive Survivor Benefit Plan."

(d) Exhibits

The following exhibit is filed with this Current Report on Form 8-K:

Exhibit No.                                 Description

*10.1          Amendment to the Orleans Homebuilders, Inc. Supplemental Executive
               Retirement Plan effective June 30, 2009.