First Amendment to Employment Agreement



 





Exhibit 10.1




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”).



W I T N E S S E T H:




          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:






	4.	 	 






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