EX-10.(AG) 1st Amend. Getman Employment Agreement



 





Exhibit 10(ag)



CONFIDENTIAL PORTION MARKED [************] HAS BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION




FIRST AMENDMENT TO

EMPLOYMENT AGREEMENT




          First Amendment, dated as of August 11, 2004 (“Amendment”), to Employment Agreement, dated
September 11, 2003, between Avatar Holdings Inc., a Delaware corporation (the “Company”), and
Dennis J. Getman (the “Employee”).




WITNESSETH:




          WHEREAS, the Company and the Employee entered into an Employment Agreement (the “Agreement”)
dated September 11, 2003; and




          WHEREAS, the Company and the Employee desire to amend the Agreement.




          NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and obligations
hereinafter set forth, the Company and Employee, intended to be legally bound, hereby agree as
follows:




          1. Paragraph 3 of the Annex to the Agreement is amended and restated in its entirety as set
forth in Exhibit A to this Amendment.




          2. Except as expressly set forth herein, the Agreement remains unmodified and in full force
and effect.




          3. This Amendment 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.




          4. This Amendment 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.




          IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the date first
above written.




	 	 	 	 	 
	 	AVATAR HOLDINGS INC.

 	 
	 	By:  	/s/ Gerald D. Kelfer
 	 
	 	 	Name:  	Gerald D. Kelfer 	 
	 	 	Title:  	President and Chief Executive
Officer 	 
	 



	 	 	 	 	 
	 	 	 
	 	/s/ Dennis J. Getman
 	 
	 	Employee 	 
	 	Name:  Dennis J. Getman 	 
	 




 









 





Exhibit A





	3.	 	The Employee is hereby awarded the following Percentages for asset sales of the following
Eligible Properties:





	 	 	 	 	 
	Eligible Property	 	Percentage
	–   WalMart Transactions
	 	$ 	100,000	 flat sum 
	–   American Cablevision
	 	 	1.75	%
	–   *******************************************
	 	 	**	%
	–   Ocala Sale to Government or Not-For-Profit Buyer(a)
	 	 	2.25	%
	–   *******************************************
	 	 	**	%
	–   *******************************************
*******************************************
	 	 	**	%
	–   Rio Rico Utilities
	 	 	1	%
	–   *******************************************
	 	 	**	%






 





(a) If Ocala is not sold to a Government or Not-for-Profit buyer and an unappealable
Development Order is signed for Ocala by applicable governmental agencies and Avatar
Properties Inc. as a result of Employee’s active involvement and engagement in procuring
such Development Order, then upon such signing an amount of $28,366,666.66 shall be deemed
the “Net Sale Proceeds” from this Eligible Property, and the Employee shall not be entitled
to any further compensation with respect to this Eligible Property.




2