EXHIBIT 10.3
AMENDMENT TO ORLEANS
HOMEBUILDERS, INC.
EXECUTIVE COMPENSATION DEFERRAL PLAN
Effective as of January 1,
2009, or as of such other date or dates as specified
herein
WHEREAS, the Board of Directors (the
“Board”) of Orleans Homebuilders, Inc. (the
“Company”) has determined that it is appropriate to
amend the Orleans Homebuilders, Inc. Executive Compensation
Deferral Plan (the “Plan”) with respect to certain of
the Plan’s provisions regarding the distribution of benefits
in connection with the availability of a transitional
rule related to compliance with Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”);
and
WHEREAS, the Company has the right,
pursuant to Section 10 of the Plan, to amend the Plan, subject
to certain limitations not applicable here;
NOW, THEREFORE, the Plan is hereby
amended as follows:
1.
Effective as of
January 1, 2009, Section 7.1 is hereby amended by the
addition at the end thereof of the following two
sentences:
“In the event, pursuant to the
preceding provisions of this Section 7.1 distribution of a
Participant’s Account would be distributed in the form of a
lump sum following the Participant’s separation from service
after having attained at least age 60 (other than by reason of
death or Disability), and the Participant has specified in a timely
filed election to have his or her Account distributed on
“Retirement” in a series of installments in lieu of a
lump sum distribution, then the distribution shall be made
co
