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Exhibit 10(x)
AVATAR HOLDINGS INC.
000 Xxxxxxxx Xxxxxx
Xxxxx Xxxxxx, Xxxxxxx 00000
March 25, 1999
Xx. Xxxxx Xxxxxxxx
0000 Xxxxx Xxxxxxxx Xxxxx
Penthouse A
Xxxxxxx Xxxxx, Xxxxxxx 00000
Re: AMENDMENT TO EMPLOYMENT AGREEMENT
Dear Xx. Xxxxxxxx:
Reference is hereby made to that certain employment
agreement between Avatar Holdings Inc. (the "Company") and you dated July 27,
1995, as amended (as amended, the "Employment Agreement").
The Company acknowledges your decision not to stand for
election to the Company's Board of Directors at the next annual meeting of
stockholders, and as a consequence thereof, you will then cease to be a member
of the Executive Committee of the Board. You agree that the Company shall have
no further obligation to nominate you to the Board of Directors. We agree that
although you will no longer be a director or executive officer of the Company,
you will remain an employee of the Company, with no change in compensation or
benefits, and with such duties as reasonably may be requested of you by the
Company.
Except as expressly amended by this letter agreement, your
Employment Agreement remains in full force and effect in accordance with its
terms. This letter agreement may be executed in one or more counterparts, each
of which shall be deemed to be an original but all of which together will
constitute one and the same instrument.
If the foregoing is satisfactory, would you please so indicate
by signing and returning to the Company the enclosed copy of this letter
whereupon this will constitute our agreement on the subject.
AVATAR HOLDINGS INC.
By: /s/ Xxxxxx X. Xxxxxx
---------------------------------
Name: Xxxxxx X. Xxxxxx
Title: President
ACCEPTED AND AGREED TO:
/s/ Xxxxx Xxxxxxxx
--------------------------------
Xxxxx Xxxxxxxx
