EMPLOYMENT AGREEMENT
Exhibit 10.2
This EMPLOYMENT AGREEMENT (this “Agreement”) is made on June 26, 2007, by and between
Avatar Holdings Inc., a Delaware corporation (the “Company”), and Xxxxx Xxxxxx (the
“Employee”).
WITNESSETH
WHEREAS, the Company desires to employ the Employee as its Executive Vice President and Chief
Financial Officer and the Employee desires to accept such employment, all on the terms and
conditions specified herein; and
WHEREAS, the Employee and the Company desire to set forth in writing all of their respective
duties, rights and obligations with respect to the Employee’s employment by the Company.
NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth,
the parties hereto agree as follows:
1. Employment and Term. The Company hereby employs the Employee, and the Employee
hereby accepts employment by the Company, in the capacity and upon the terms and conditions set
forth herein. The term of employment under this Agreement shall be for the period commencing July
9, 2007 and ending on July 8, 2010, unless earlier terminated as herein provided (the “Term of
Employment”).
2. Duties. During the Term of Employment, the Employee shall serve as the Company’s
Executive Vice President and Chief Financial Officer, and shall perform such duties, functions and
responsibilities as are customarily associated with and incident to the positions of Executive Vice
President and Chief Financial Officer and as the Company may, from time to time, require of him,
including, but not limited to, the performance of such functions and duties for the Company’s
subsidiaries or affiliates (the Company and the foregoing entities being referred to herein
collectively as the “Avatar Entities” and each as an “Avatar Entity”), subject to
the direction of the Company’s Board of Directors. The Employee shall serve the Company
faithfully, conscientiously and to the best of the Employee’s ability and shall promote the
interests and reputation of the Company. Except as expressly provided herein, unless prevented by
sickness or disability, the Employee shall devote all of his time, attention, knowledge, energy and
skills, during normal working hours, and at such other times as the Employee’s duties may
reasonably require, to the duties of the Employee’s employment. The principal place of employment
of the Employee shall be the principal executive offices of the Company and/or such other location
within fifty (50) miles of Company’s current principal place of business as shall be necessary for
the Employee to discharge the Employee’s duties hereunder. The Employee acknowledges that in the
course of employment the Employee may be required, from time to time, to travel on behalf of the
Company.
3. Compensation and Benefits. As full and complete compensation for the Employee’s
execution and delivery of this Agreement and performance of any services hereunder, the Company
shall pay, grant or provide the Employee, and the Employee agrees to accept, the following
compensation and benefits:
(a) Base Salary. The Company shall pay the Employee a base salary (“Base
Salary”) at an annual rate of $350,000 payable at such times and in accordance with the
standard payroll practices of the Company. On an annual basis or at such other times as the
Company may determine, the Employee’s Base Salary shall be reviewed, and in the sole discretion of
the Board of Directors of the Company, the Company may increase (but not decrease) the Employee’s
Base Salary.
(b) Signing Bonus. Upon the commencement of his employment, the Company shall pay to
the Employee by July 15, 2007, a signing bonus of $100,000. In the event the Employee’s employment
with the Company is terminated for any reason prior to July 8, 2008, other than a termination
following a Change in Control (as defined below) of the Company or a termination by the Company
Without Cause (as defined below), then the Employee shall repay 100% of the signing bonus without
interest within ten (10) days of the Date of Termination (as defined below).
(c) Annual Bonus. During the Term of Employment hereunder, the Company shall pay
Employee, and Employee shall accept from the Company for Employee’s services, in addition to
Employee’s Base Salary, an annual cash bonus (the “Annual Bonus”) of (i) $100,000 for the
Employee’s first year of employment and (ii) an amount, for the second and third year of
employment, to be determined by the Company based on criteria established by the Company prior to
such annual period, in each case, in its sole discretion, which shall be targeted at $200,000 but
shall be no less than $100,000. Such Annual Bonus shall be payable in accordance with the
Company’s policy with respect to the compensation of executives.
(d) Employee Benefits. The Company shall afford the Employee the opportunity to
participate during the Term of Employment in any medical, dental, disability insurance, retirement,
savings and any other employee benefits plans or programs (including perquisites) which the Company
maintains for senior executives of the Avatar Entities. Nothing in this Agreement shall require
any Avatar Entity to establish, maintain or continue any benefit programs already in existence or
hereafter adopted for senior executives of the Avatar Entities, and nothing in this Agreement shall
restrict the right of the Avatar Entities to amend, modify or terminate any such benefit program.
(e) Expenses. The Employee shall be entitled to reimbursement or payment of
reasonable business expenses (in accordance with the Company’s policies for its senior executives,
as the same may be amended from time to time in the Company’s sole discretion), following the
Employee’s submission of appropriate receipts and/or vouchers to the Company.
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(f) Automobile Allowance. During the Term of Employment, the Company shall pay the
Employee a monthly allowance in the amount of $1,000, for the purpose of obtaining and maintaining
an automobile of his choice. Except for the payment of the automobile allowance, the Company shall
have no other duty, responsibility or liability on account of Employee’s automobile.
(g) Vacations, Holidays or Temporary Leave. The Employee shall be entitled to take
such amount of vacation per year as is permitted pursuant to and in accordance with the policies of
the Company for its senior executives (as such policies may be amended from time to time or
terminated in the Company’s sole discretion), without loss or diminution of compensation. Such
vacation shall be taken at such time or times, and as a whole or in increments, as the Employee
shall elect, consistent with the reasonable needs of the Company’s business. The Employee shall
further be entitled to the number of paid holidays, and leaves for illness or temporary disability
in accordance with the policies of the Company’s for its senior executives (as such policies may be
amended from time to time or terminated in the Company’s sole discretion).
4. Protection of Confidential Information; Ownership Interests in Competing
Businesses.
(a) Trade Secrets and Know-how.
(i) During the Term of Employment and for all time following the Date of Termination (as
defined below), the Employee shall not, directly or indirectly, use, furnish or make accessible to
any person, firm or corporation or other business entity, whether or not he, she, or it competes
with the business of the Company or any other Avatar Entity, (x) any trade secret or know-how
acquired by the Employee during the Employee’s employment by the Company which relates to the
business practices, methods, processes or other confidential or secret aspects of the business of
any of the Avatar Entities, (y) any information concerning the business and affairs of the Avatar
Entities and (z) any notes, analyses, compilations, studies, summaries and other material prepared
by or for the Company continuing or based, in whole or in part, on any information included in
clause (x) or (y) above, without the prior written consent of the Company (such information,
subject to Section 4(a)(ii) below, being referred to as the “Confidential Information”).
(ii) Confidential Information shall not include any information or documents that (A) are or
become publicly available without breach by the Employee of Section 4(a)(i) hereof, (B) the
Employee receives from any third party who, to the best of the Employee’s knowledge upon reasonable
inquiry, is not in breach of an obligation of confidence with any of the Avatar Entities, or (C) is
required to be disclosed by law, statute, governmental or judicial proceeding; provided,
however, that in the event that the Employee is requested by any governmental or judicial
authority to disclose any Confidential Information, the Employee shall give the Company prompt
notice of such request, such that the Company may seek a protective order or other appropriate
relief, and in any such proceeding the Employee shall disclose only so much of the Confidential
Information as is required to be disclosed.
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(b) Ownership Interests in Competing Businesses. In the event that the Employee
desires to acquire an equity interest in any privately-owned entity that competes directly or
indirectly with any Avatar Entity, the Employee shall seek, and any such investment by the Employee
shall require, the prior written consent of the Company, which consent may be withheld by the
Company in its sole discretion. Notwithstanding the foregoing, the Employee may acquire a passive
and non-controlling equity interest (not exceeding 5% of the equity or voting interest) in any
publicly-owned entity that competes directly or indirectly with any Avatar Entity, subject to his
compliance with law and Company policy.
(c) Remedies. The Employee acknowledges that his services are of a special, unique
and extraordinary character and, his position with the Avatar Entities places him in a substantial
relationship and a position of confidence and trust with specific prospective or existing
customers, suppliers and employees of the Avatar Entities, and that in connection with his services
to the Avatar Entities, the Employee will have access to confidential business or professional
information vital to the businesses of the Avatar Entities. The Employee further acknowledges that
in view of the nature of the business in which the Avatar Entities are engaged, the foregoing
restrictive covenants in this Section 4 are reasonable and necessary in order to protect the
legitimate business interests of the Avatar Entities and that violation thereof would result in
irreparable injury to the Avatar Entities. Accordingly, the Employee consents and agrees that if
the Employee violates or threatens to violate any of the provisions of this Section 4 the Avatar
Entities would sustain irreparable harm and, therefore, any of the Avatar Entities shall be
entitled to obtain from any court of competent jurisdiction, temporary, preliminary and/or
permanent injunctive relief as well as damages, attorneys’ fees and costs, and an equitable
accounting of all earnings, profits and other benefits arising from such violation, which rights
shall be cumulative and in addition to any other rights or remedies in law or equity to which any
of the Avatar Entities may be entitled.
5. Termination of Employment:
(a) The Employee’s employment with the Company shall terminate upon the occurrence of any of
the following events (the date of each such event, the “Date of Termination”):
(i) on July 8, 2010 (absent the parties having entered into a written agreement for the
renewal or extension of this Agreement); provided, however, that the Company shall
provide the Employee with a written notice (the “Notice”), no less than 180 days before the
end of the Term of Employment, informing the Employee whether or not it wishes to renew the
Agreement for an additional one-year renewal period (the “Renewal Period”), on the same
terms and conditions as set forth herein. If such Notice is not provided, the Employee will have
the option of renewing this Agreement for the Renewal Period;
(ii) the death of the Employee during the Term of Employment;
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(iii) at any time upon written notice to the Employee from the Company of termination of his
employment due to Disability (as defined below) of the Employee during the Term of Employment;
(iv) at any time upon written notice to the Employee from the Company of termination of his
employment for Cause (as defined below);
(v) at any time upon written notice to the Employee from the Company of termination of his
employment Without Cause (as defined below);
(vi) the resignation by the Employee for Good Reason (as defined below) during the Term of
Employment;
(vii) the resignation by the Employee Without Good Reason (as defined below) during the Term
of Employment; or
(viii) by mutual written agreement of the parties.
(b) For purposes of this Agreement, the “Disability” of the Employee shall mean the
Employee’s inability, because of mental or physical illness or incapacity, whether total or
partial, to perform one or more material functions of the Employee’s employment under this
Agreement with or without reasonable accommodation and which entitles the Employee to receive
benefits under a disability plan or program that is provided to the Employee pursuant to Section
3(b), if any.
(c) For purposes of this Agreement, the term “Cause” shall mean the Employee’s (i)
conviction or entry of a plea of guilty or nolo contendere, with respect to any felony, in each
case that the Board of Directors of the Company determines in good faith is or may become
materially harmful to any Avatar Entity (either financially or with respect to such Avatar Entity’s
business reputation), (ii) commission of any act of willful misconduct, gross negligence, fraud or
dishonesty, in each case that the Board of Directors of the Company determines in good faith is or
may become materially harmful to any Avatar Entity (either financially or with respect to such
Avatar Entity’s business reputation) or (iii) violation of any material term of this Agreement or
any material written policy of the Company or any Avatar Entity; provided, that, in the
case of clauses (ii) and (iii), the Company first deliver written notice of such violation to the
Employee and the Employee shall not have cured such violation within thirty (30) days after receipt
of such written notice (the “Cure Period”); and provided further, that if
upon expiration of the Cure Period such violation has not been cured and the Company determines, in
its sole discretion, that the Employee is using his best efforts to cure such violation and such
violation is capable of being cured, the Company shall provide the Employee, pursuant to a written
notice, a reasonable amount of additional time (the “Extended Cure Period”) to cure such
violation but in no event shall such Extended Cure Period exceed forty-five (45) days from the date
on which the initial Cure Period expired.
(d) For purposes of this Agreement, “Without Cause” shall mean any reason other than
the reasons described in Sections 5(a)(i), 5(a)(ii), 5(a)(iii) and 5(a)(iv) hereof. For the
avoidance of doubt, the parties acknowledge that the termination of the
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Employee’s employment hereunder pursuant to Section 5(a)(i) upon expiration of the Term of
Employment shall not constitute a termination “Without Cause.” The parties expressly agree that a
termination of employment Without Cause pursuant to Section 5(a)(v) hereof may be for any reason
whatsoever, or for no reason, in the sole discretion of the Company.
(e) For purposes of this Agreement, “Good Reason” shall mean (i) any assignment of
material duties to the Employee other than those contemplated by this Agreement, provided that the
Company shall have thirty (30) days after receipt of written notice by the Employee to cure, and
(ii) a reduction in Base Salary, or a material reduction in fringe benefits (other than a material
reduction in fringe benefits generally applicable to senior executives of the Company) or any other
material failure by the Company to perform its material obligations, provided that the Company
shall have thirty (30) days after receipt of written notice by the Employee to cure. For the
avoidance of doubt, the parties acknowledge that the termination of the Employee’s employment
hereunder pursuant to Section 5(a)(i) upon expiration of the Term of Employment shall not
constitute a termination for “Good Reason.” “Good Reason” shall not be deemed to occur solely as a
result of Change in Control, including without limitation any transaction in which the Company
becomes a wholly-owned subsidiary of another company, so long as the Employee’s duties and
responsibilities following such Change in Control are not materially changed as they relate
primarily to the Company and the other Avatar Entities prior to such Change in Control.
(f) For purposes of this Agreement, “Without Good Reason” shall mean any reason other
than that defined in this Agreement as constituting Good Reason.
(g) For purposes of this Agreement, “Change in Control” shall mean any of the
following events: (a) a person or entity or group of persons or entities, acting in concert,
becomes the direct or indirect beneficial owner (within the meaning of Rule 13d-3 of the Securities
Exchange Act of 1934, as amended) of securities of the Company representing 50.1% or more of the
combined voting power of the issued and outstanding common stock of the Company; (b) the Board of
Directors of the Company approves any merger, consolidation or like business combination or
reorganization of the Company, the consummation of which would result in the occurrence of the
event described in clause (a) above, and such transaction shall have been consummated; (c) the
Company ceases to be engaged, directly or indirectly, and does not intend to be engaged at any time
in the foreseeable future, in any real estate business; or (d) the Company sells, transfers or
otherwise disposes of all or substantially all of its assets in one transaction or a series of
transactions. The date on which a Change in Control is consummated, with respect to clauses (a)
and (b), or occurs, with respect to clauses (c) and (d), is herein referred to as the “Change
in Control Date.”
6. Payments Upon Termination of Employment.
(a) Termination upon Expiration of Term of Employment. If the Employee’s employment
hereunder is terminated pursuant to Section 5(a)(i), the Company shall pay or provide to the
Employee (i) all Base Salary and Annual Bonus payments pursuant to
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Sections 3(a) and 3(c) hereof, respectively, and any vacation pay pursuant to Section 3(g)
hereof, in each case which has been earned but has not been paid as of the Date of Termination and
(ii) any benefits to which the Employee may be entitled under any employee benefits plan or program
pursuant to Section 3(d) hereof in which he is a participant in accordance with the terms of such
plan or program up to and including the Date of Termination.
(b) Death or Disability. If the Employee’s employment hereunder is terminated due to
the Employee’s death or Disability pursuant to Sections 5(a)(ii) or (iii) hereof, the Company shall
pay or provide to the Employee, his designated beneficiary or to his estate (i) all Base Salary and
Annual Bonus payments pursuant to Sections 3(a) and 3(c) hereof, respectively, and any vacation pay
pursuant to Section 3(g) hereof, in each case which has been earned but has not been paid as of the
Date of Termination and (ii) any benefits to which the Employee may be entitled under any employee
benefits plan or program pursuant to Section 3(d) hereof in which he is a participant in accordance
with the terms of such plan or program up to and including the Date of Termination. Should the
Company wish to purchase insurance to cover the costs associated with the Employee’s termination of
employment pursuant to Sections 5(a)(ii) or (iii), the Employee agrees to execute any and all
necessary documents necessary to effectuate such insurance.
(c) Termination for Cause or Resignation Without Good Reason. If the Employee’s
employment hereunder is terminated pursuant to Section 5(a)(iv) or Section 5(a)(vii), the Company
shall pay or provide to the Employee (i) all Base Salary pursuant to Section 3(a) hereof, and any
vacation pay pursuant to Section 3(g) hereof, in each case which has been earned but has not been
paid as of the Date of Termination, and (ii) any benefits to which the Employee may be entitled
under any employee benefits plan or program pursuant to Section 3(d) hereof in which he is a
participant in accordance with the terms of such plan or program up to and including the Date of
Termination, in each case subject to set-off, counterclaim, recoupment, defense or any other claim,
right or cause of action which the Company may have against the Employee or others.
(d) Termination Without Cause or Resignation For Good Reason. If the Employee’s
employment hereunder is terminated by the Company Without Cause pursuant to Section 5(a)(v), or due
to the Employee’s resignation for Good Reason pursuant to Section 5(a)(vi), then:
(i) The Company shall continue to pay the Employee his full Base Salary and Annual Bonus in
accordance with normal payroll practices and without interest through July 8, 2010 at the rate in
effect at the time notice of the termination of the Employee’s employment is given in accordance
with Section 5(a)(v) or Section 5(a)(vi) hereof, as the case may be; and
(ii) The Employee shall be entitled to participate in all employee benefit plans and programs
to the extent applicable to other senior executives of the Company (provided that the Employee’s
continued participation is permissible under the general terms and provisions of such plans and
programs) through July 8, 2010. In the
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event that the Employee’s participation in any such plan or program is not permitted, the
Employee shall be entitled to receive an amount equal to the annual contributions, payments,
credits or allocations made by the Company to the Employee’s account or on the Employee’s behalf
under such plans and programs.
(e) No Other Payments. Except as provided in this Section 6 and except as may
otherwise be provided pursuant to any written incentive award agreement between the Employee and
the Company, the Employee shall not be entitled to receive any other payments or benefits from the
Company due to the termination of his employment, including but not limited to, any employee
benefits under any of the Company’s employee benefits plans or programs (other than at the
Employee’s expense under the Consolidated Omnibus Budget Reconciliation Act of 1985 or pursuant to
the terms of any pension plan which the Company may have in effect from time to time) or any right
to be paid severance pay. If the Employee is entitled to any notice or payment in lieu of any
notice of termination required by federal, state or local law, including but not limited to the
Worker Adjustment and Retraining Notification Act, the Company’s obligation to make payments
pursuant to Section 6(d) shall be reduced by the amount of any such payment in lieu of notice.
(f) Conditions to Payments upon Termination of Employment. Notwithstanding anything
to the contrary contained in this Agreement, all payments and benefits to the Employee provided
pursuant to this Section 6 shall be subject to the Employee’s compliance with Section 4.
7. No Conflicting Agreements; Indemnification.
(a) The Employee hereby represents and warrants that he is not a party to any agreement, or
non-competition or other covenant or restriction contained in any agreement, commitment,
arrangement or understanding (whether oral or written), which would in any way conflict with or
limit his ability to commence work on the first day of the Term of Employment or would otherwise
limit his ability to perform all responsibilities in accordance with the terms and subject to the
conditions of this Agreement.
(b) The Employee agrees that the compensation provided in Section 3 represents the sole
compensation to be paid to the Employee in respect of the services performed or to be performed for
the Avatar Entities by the Employee (other than any incentive compensation paid or to be paid to
the Employee pursuant to any written incentive award agreement between the Employee and the
Company).
8. Deductions and Withholding. The Employee agrees that the Company shall withhold
from any and all compensation required to be paid to the Employee pursuant to this Agreement all
federal, state, local and/or other taxes which the Company determines are required to be withheld
in accordance with applicable statutes and/or regulations from time to time in effect and all
amounts required to be deducted in respect of the Employee’s coverage under applicable employee
benefit plans.
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9. Entire Agreement. This Agreement and any written incentive award agreement entered
into from time to time between the Employee and the Company, collectively embody the entire
agreement of the parties with respect to the Employee’s employment with the Company and supersede
any other prior oral or written agreements between the Employee and any Avatar Entity. This
Agreement may not be modified or terminated orally but only by an agreement in writing signed by
the parties hereto.
10. Waiver. The waiver by the Company of a breach of any provision of this Agreement
by the Employee shall not operate or be construed as a waiver of any subsequent breach by the
Employee. The waiver by the Employee of a breach of any provision of this Agreement by the Company
shall not operate or be construed as a waiver of any subsequent breach by the Company.
11. Governing Law. This Agreement shall be subject to, and governed by, the laws of
the State of Florida applicable to contracts made and to be performed in the State of Florida,
regardless of where the Employee is in fact required to work.
12. Jurisdiction. Any legal suit, action or proceeding against any party hereto
arising out of or relating to this Agreement shall be instituted in a federal or state court in
Dade County or Broward County in the State of Florida and each party hereto waives any objection
which it may now or hereafter have to the laying of venue of any such suit, action or proceeding
and each party hereto irrevocably submits to the jurisdiction of any such court in any suit, action
or proceeding.
13. Assignability. The obligations of the Employee may not be delegated and, except
as expressly provided in Section 6(b) relating to the designation of beneficiaries, the Employee
may not, without the Company’s written consent thereto, assign, transfer, convey, pledge, encumber,
hypothecate or otherwise dispose of this Agreement or any interest therein. Any such attempted
delegation or disposition shall be null and void and without effect. This Agreement and all of the
Company’s rights and obligations hereunder shall be binding upon and inure to the benefit of any
successors and assigns of the Company. This Agreement may be assigned or transferred by the
Company to, and may be assumed by, any other Avatar Entity or successor thereof. The term
“successor” shall mean, with respect to any Avatar Entity, and any other corporation or
other business entity which, by merger, consolidation, purchase of the assets, or otherwise,
acquires all or a material part of the assets of such Avatar Entity. Except as expressly provided
in Section 6(e) hereof, any assignment by the Company of its rights and obligations hereunder to
any affiliate of or successor shall not be considered a termination of employment for purposes of
this Agreement.
14. Severability. If any provision of this Agreement as applied to either party or to
any circumstances shall be adjudged by a court of competent jurisdiction to be void or
unenforceable, the same shall in no way affect any other provision of this Agreement or the
validity or enforceability of this Agreement. If any court construes any of the provisions of
Section 4 hereof, or any part thereof, to be unreasonable because of the duration of such provision
or the scope thereof, such court
may reduce the duration or restrict the scope of such provision and enforce such provision as
so reduced or restricted.
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15. Notices. All notices to the Employee hereunder shall be in writing and shall be
delivered personally or sent by registered or certified mail, return receipt requested, to:
Xxxxx Xxxxxx
0000 Xxxxxxxx Xxxxx
Xxx Xxx Xxxxx, XX 00000
0000 Xxxxxxxx Xxxxx
Xxx Xxx Xxxxx, XX 00000
All notices to the Company hereunder shall be in writing and shall be delivered personally or sent
by registered or certified mail, return receipt requested, to:
Avatar Holdings Inc.
000 Xxxxxxxx Xxxxxx
00xx Xxxxx
Xxxxx Xxxxxx, Xxxxxxx 00000
Attention: President
Facsimile: (000) 000-0000
000 Xxxxxxxx Xxxxxx
00xx Xxxxx
Xxxxx Xxxxxx, Xxxxxxx 00000
Attention: President
Facsimile: (000) 000-0000
and with a copy to:
Weil, Gotshal & Xxxxxx LLP
000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: R. Xxxx Xxxx, Esq.
Facsimile: (000) 000-0000
000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: R. Xxxx Xxxx, Esq.
Facsimile: (000) 000-0000
Either party may change the address to which notices shall be sent by sending written notice of
such change of address to the other party.
16. Section Headings. The section headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or interpretation of this
Agreement.
17. Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original, but all of which taken together shall constitute one and
the same instrument.
18. Attorneys’ Fees. In the event that either party hereto commences litigation
against the other to enforce such party’s rights hereunder, the prevailing party shall be entitled
to recover all costs, expenses and fees, including reasonable attorneys’ fees (including in-house
counsel), paralegals’ fees, and legal assistants’ fees through all appeals.
19. Neutral Construction. Each party to this Agreement was represented by counsel, or
had the opportunity to consult with counsel. No party may rely on any drafts of this Agreement in any interpretation of the Agreement. Each party to
this Agreement has reviewed this Agreement and has participated in its drafting and, accordingly,
no party shall attempt to invoke the normal rule of construction to the effect that ambiguities are
to be resolved against the drafting party in any interpretation of this Agreement.
(signature page follows)
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IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first
above written.
| AVATAR HOLDINGS INC. |
||||
| By: | /s/ Xxxxxx X. Xxxxxx | |||
| Name: | Xxxxxx X. Xxxxxx | |||
| Title: | Chief Executive Officer | |||
| /s/ Xxxxx Xxxxxx | ||||
| Xxxxx Xxxxxx | ||||
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