EXHIBIT 10.3

FORM OF

ORLEANS HOMEBUILDERS, INC.

RESTRICTED STOCK AWARD AGREEMENT

THIS AWARD (the “Award”) is hereby granted as of                                  (the “Grant Date”) by Orleans Homebuilders, Inc., a Delaware corporation (the “Company”), to                                    (the “Grantee”) in recognition of the Grantee’s contributions to the Company during his employment to-date and in connection with the terms of the Grantee’s employment or service with the Company. By signing this Award Agreement, the Grantee acknowledges that the Grantee’s rights under this Award Agreement are subject to and limited by the terms of the Company’s Stock Award Plan (as adopted by the Company’s Board of Directors, effective as of October 1, 2003, and referred to herein as the “Plan”) and herein. Capitalized terms used herein shall have the same meanings given to such terms in the Plan, except to the extent otherwise clearly required by their context.

W I T N E S S E T H:

1.                            Award . The Company hereby grants to the Grantee,                                        shares of Common Stock, for no purchase price, as a restricted stock award (the “Award Shares”), subject to the terms and conditions set forth in the Plan and in this Award Agreement. All questions of interpretation and application of this Award and Award Agreement shall be determined by the Committee. The Committee’s determinations shall be final, binding and conclusive. The Award shall be effective upon the execution by each of the Company and the Grantee of this Award Agreement.

2.                            Vesting. The unvested Award Shares granted pursuant to this Award are subject to certain forfeiture conditions, as set forth in Appendix A attached hereto. The terms of such forfeiture conditions and the manner in which such conditions lapse are all as set forth in Appendix A. Until such time as these forfeiture conditions lapse, Grantee shall have no right to sell or otherwise dispose of the unvested Award Shares to which such forfeiture conditions still apply.

3.                            Share Certificates . A share certificate representing the Award Shares subject to this Award shall be registered in the Grantee’s name. The Grantee shall, contingent upon compliance with the terms of this Award, have all of the rights of a shareholder with respect to the Award Shares covered hereby; subject, howeve