Two new superdeformed (SD) bands have been observed in Tb150 using the reaction P31+124Sn and the GAMMASPHERE detector array. These new bands are interpreted as being excited SD configurations involving a proton and a neutron particle-hole excitation, respectively. The configurations are discussed in terms of the occupancy of high-N intruder orbitals. These data are used to provide information on (i) the contribution to the dynamic moments of inertia due to the occupation of specific orbitals, (ii) the deformation driving effects of the particle-hole states, and (iii) the consequences of these effects on pairing and band-crossings