Document:

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                                                                    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.

                              EMPLOYMENT AGREEMENT

                  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 desires to employ the Employee as its
Executive Vice President and General Counsel 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; and

                  NOW, THEREFORE, in consideration of the foregoing and of the
mutual covenants and obligations hereinafter set forth, the parties hereto,
intending to be legally bound, hereby 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 hereinafter set forth. The term of
employment under this Agreement shall be for the period commencing as of January
1, 2003 and ending on December 31, 2006, unless earlier terminated as herein
provided (the "Term of Employment"). The last day of the Employee's Term of
Employment shall be referred to in this Agreement as the "Date of Termination."

                  2. DUTIES. (a) During the Term of Employment, the Employee
shall serve as the Company's Executive Vice President and General Counsel, and
shall perform such duties, functions and responsibilities as are associated with
and incident to the positions of Executive Vice President and General Counsel,
consistent with the Employee's current duties, functions and responsibilities,
in accordance with past practice, and as the Company may, from time to time,
require of the Employee, including, but not limited to, the performance of such
functions and duties for the Company's subsidiaries and affiliates as the
Company may require, 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

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reputation of the Company. Unless prevented by sickness or disability, the
Employee shall devote all of the Employee's time, attention, knowledge, energy
and skills, during normal working hours, and at such other times as the
Employee's duties may 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 in the state of Florida 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.

                  (b) The Employee and the Company acknowledge that the Employee
has been engaged in sales of non-buildable or environmentally sensitive land and
specially designated asset sales made outside the Company's ordinary course of
business, as determined by the Company. In addition to the duties described
above, the Employee shall continue to be engaged in such sales as requested and
determined by management 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 at an annual rate of $350,000 payable at such times and in accordance
with the Company's customary payroll practices as they may be adopted or
modified from time to time. On an annual basis or at such other times as the
Company may determine, the Company may review the Employee's performance and
determine whether, in its sole discretion, the Company will increase (but not
decrease) the Employee's base salary.

                  (b) 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, policies or arrangements which the Company maintains for its
senior executives in accordance with the written terms of such plans, policies
or arrangements. Nothing in this Agreement shall require the Company or its
affiliates to establish, maintain or continue any benefit plan, policy or
arrangement or restrict the right of the Company or any of its affiliates to
amend, modify or terminate any such benefit plan, policy or arrangement.

                  (c) 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.

                  (d) VACATIONS, HOLIDAYS OR TEMPORARY LEAVE. The Employee shall
be entitled to take four (4) weeks of vacation per year, 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

                                       2
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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 for its senior
executives (as such policies may be amended from time to time or terminated in
the Company's sole discretion).

                  (e) ADDITIONAL COMPENSATION. As compensation for the
additional duties set forth in Section 2(b) above, the Employee shall be
entitled to the additional compensation set forth on the Annex attached hereto.

                  (f) COMPANY VEHICLE. During the Term of Employment, the
Company shall provide the Employee with the use of a vehicle associated with the
Employee's employment consistent with past practice.

                  4. PROTECTION OF CONFIDENTIAL INFORMATION.

                  (a) TRADE SECRETS AND KNOW-HOW.

                           (i) During the Term of Employment and for all time
following the Date of Termination, 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, its subsidiaries and/or affiliates (each of the
foregoing entities being referred to herein, collectively and individually, as
the "Avatar Entities"), (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, analysis,
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.

                                       3
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         (b) REMEDIES. The Employee acknowledges that the Employee's position
with the Company places the Employee in a position of confidence and trust with
the clients and employees of the Avatar Entities, and that in connection with
the Employee's services to the Company, the Employee will have access to
confidential information vital to the Avatar Entities' businesses. The Employee
further acknowledges that in view of the nature of the businesses in which the
Avatar Entities are engaged, the foregoing restrictive covenants in this Section
4 hereof are reasonable and necessary in order to protect the legitimate
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 hereof the Avatar Entities would sustain
irreparable harm and, therefore, one or more of the Avatar Entities shall be
entitled to obtain from any court of competent jurisdiction, without posting any
bond or other security, preliminary and permanent injunctive relief as well as
damages 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.

         (c) RETURN OF CONFIDENTIAL INFORMATION. Upon termination of the
Employee's employment, the Employee shall promptly return all Confidential
Information in tangible form, and shall not make or retain any copies thereof.

         5. TERMINATION OF EMPLOYMENT.

         (a) The Employee's employment with the Company hereunder shall
terminate upon the occurrence of any of the following events:

                  (i) the termination of the Employee's employment upon and at
any time following December 31, 2006, absent the parties having entered into a
written agreement of Employment with a term of employment ending after December
31, 2006;

                  (ii) the death of the Employee during the Term of Employment;

                  (iii) the 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 the Employee's employment for Cause (as defined
below);

                  (v) at any time upon written notice to the Employee from the
Company of termination of the Employee's employment Without Cause (as defined
below);

                  (vi) the resignation or other withdrawal of employment by the
Employee for any reason during the Term of Employment.

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         (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 of the 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, policy or arrangement that is provided to the Employee
by the Company.

         (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; (ii) commission of any act of willful misconduct, gross
negligence, fraud or dishonesty; or (iii) violation of any material term of this
Agreement or any material written policy of the Company, PROVIDED that in the
case of clause (iii), the Company first deliver written notice thereof to the
Employee and the Employee shall not have cured such violation within thirty (30)
days after receipt of such written notice.

         (d) For purposes of this Agreement, "Without Cause" shall mean any
reason other than the reasons described in Sections 5(a)(i), (ii), (iii), (iv)
and (vi) hereof. 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.

         6. PAYMENTS UPON TERMINATION OF EMPLOYMENT.

         (a) 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, the
Employee's designated beneficiary or to the Employee's estate: (i) all base
salary pursuant to Section 3(a) hereof and any vacation pay pursuant to Section
3(d) hereof, in each case which has been earned but unpaid as of the Date of
Termination; (ii) any benefits to which the Employee may be entitled under any
employee benefits plan, policy or arrangement pursuant to Section 3(b) hereof in
which the Employee is a participant in accordance with the written terms of such
plan, policy or arrangement up to and including the Date of Termination; and
(iii) any additional compensation to which the Employee may be entitled as set
forth on the Annex attached hereto. 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 required in connection with such
insurance.

         (b) TERMINATION FOR CAUSE OR RESIGNATION BY THE EMPLOYEE. If the
Employee's employment hereunder is terminated by the Company for Cause pursuant
to Section 5(a)(iv) or due to the Employee's resignation or other withdrawal of
employment pursuant to Section 5(a)(vi), 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(d) hereof, in each case which has been earned but
unpaid as of the Date of Termination; and (ii) any benefits to which the
Employee may be entitled under any employee benefits plan, policy or arrangement

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pursuant to Section 3(b) hereof in which the Employee is a participant in
accordance with the written terms of such plan, policy or arrangement up to and
including the Date of Termination.

         (c) TERMINATION WITHOUT CAUSE. If the Employee's employment hereunder
is terminated by the Company Without Cause pursuant to Section 5(a)(v), 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(d) hereof, in
each case which has been earned but unpaid as of the Date of Termination; (ii)
any benefits to which the Employee may be entitled under any employee benefits
plan, policy or arrangement pursuant to Section 3(b) hereof in which the
Employee is a participant in accordance with the written terms of such plan,
policy or arrangement up to and including the Date of Termination; (iii) any
additional compensation to which the Employee may be entitled as set forth on
the Annex attached hereto; and (iv) a lump sum payment of $350,000 in lieu of
any other payments or benefits. The Company's obligation to make the payment
pursuant to this Section 6(c) shall be conditioned upon the Company's prior
receipt of an executed general release of claims that the Employee may have
against the Company, its affiliates and their respective shareholders,
directors, officers, employees and agents, to the maximum extent permitted by
law. Any payments made pursuant to Section 6(c)(i), (ii) and (iv) shall be made
within ninety (90) days of the termination of Employee's employment.

         (d) TERMINATION UPON EXPIRATION OF THIS AGREEMENT. If the Employee's
employment hereunder is terminated pursuant to Section 5(a)(i) and the Employee
is no longer actively employed (whether or not pursuant to an employment
agreement) by the Company, the Company shall pay to the Employee any additional
compensation to which the Employee may be entitled as set forth on the Annex
attached hereto.

         (e) NO OTHER PAYMENTS. Except as provided in this Section 6, the
Employee shall not be entitled to receive any other payments or benefits from
the Company due to the termination of the Employee's 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 benefit 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(c)(i) shall be reduced by the amount of any such payment in lieu of
notice.

         7. NO CONFLICTING AGREEMENTS.

         (a) The Employee hereby represents and warrants that the Employee 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 the

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Employee's ability to commence work on the first day of the Term of Employment
or would otherwise limit the Employee's 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 for in Section 3
hereto represents the sole compensation to be paid to the Employee in respect of
the services performed or to be performed for the Company and/or its affiliates
by such Employee. The Employee further agrees that should there be a
determination that for federal, state, local and/or other tax purposes, the
Employee's compensation for services performed for the Company and its
affiliates is greater than the amounts payable hereunder, the Employee will
indemnify and hold harmless the Company and its affiliates against any and all
liabilities, losses and expenses, including, but not limited to, any additional
taxes, penalties and interest, and attorneys' and accountants' fees arising out
of, resulting from or relating to such determination.

         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.

         9. ENTIRE AGREEMENT. This Agreement embodies the entire agreement of
the parties with respect to the Employee's employment and supersedes any other
prior oral or written agreements between the Employee and the Company and its
affiliates. This Agreement may not be changed 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 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.

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<PAGE>

         13. ASSIGNABILITY. The obligations of the Employee may not be delegated
and, except as expressly provided in Section 6(a) 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. The Company and the
Employee agree that this Agreement and all of the Company's rights and
obligations hereunder may be assigned or transferred by the Company to and may
be assumed by and become binding upon and may inure to the benefit of any
affiliate of or successor to the Company. The term "successor" shall mean (with
respect to the Company or any of its subsidiaries) 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 the Company. Any
assignment by the Company of its rights and obligations hereunder to any
affiliate of or successor to the Company 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.

         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:

                           Dennis J. Getman
                           848 Brickell Key Drive
                           Unit 3601
                           Miami, Florida  33131

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.
                           201 Alhambra Circle
                           Coral Gables, Florida 33134
                           Attention:  Chief Executive Officer
                           Facsimile: (305) 441-7876

                           with a copy to:

                           Avatar Holdings Inc.
                           201 Alhambra Circle
                           Coral Gables, Florida 33134
                           Attention:  Corporate Secretary
                           Facsimile: (305) 441-7876

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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. PREVAILING PARTY EXPENSES. The Employee and the Company agree that
in the event that any provision of this Agreement becomes subject to any
litigation or arbitration or any party seeks an adjudication to enforce his
rights under, or to recover damages for breach of, this Agreement, the
prevailing party in such litigation or arbitration shall be entitled to recover
all costs and expenses (including reasonable legal fees) incurred in connection
therewith from the other party.

                            [signature page follows]

                                       9
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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/ GERALD D. KELFER
                                            ------------------------------------
                                            Name: Gerald D. Kelfer
                                            Title: President and Chief Executive
                                            Officer

                                             /s/ DENNIS J. GETMAN
                                       -----------------------------------------
                                       Employee
                                       Name:  Dennis J. Getman

                                       10
<PAGE>

                          Annex To Employment Agreement

                        Terms of Additional Compensation

1.       The Employee will be awarded an opportunity to receive (x) a percentage
         (the "Percentage") of the Net Sale Proceeds (as defined below) received
         by the Company on certain asset sales of non-buildable or
         environmentally sensitive land and specially designated asset sales
         (the "Eligible Properties") that are made outside of the Company's
         ordinary course of business, as determined by the Company, during the
         Employee's Term of Employment less (y) the Deductible (as defined
         below), subject to the Employee's active involvement and engagement in
         procuring such sales for the benefit of the Company (the "Additional
         Compensation"). Notwithstanding anything to the contrary contained
         herein, the maximum aggregate Additional Compensation payable to the
         Employee hereunder is $1,600,000 (the "Aggregate Cap").

2.       For purposes of this Annex, capitalized terms not otherwise defined
         shall have the following meanings:

         "Net Sale Proceeds" shall mean the sale proceeds actually received by
         the Company less any and all expenses and costs related to the sale
         (including closing costs) and any expenditures made by the Company in
         contemplation of, or in connection with, such sale.

         "Deductible" for any calendar year shall mean an amount equal to (i)
         the product of (x) $100,000 and (y) the Calendar Year Multiplier less
         (ii) the sum of Deductibles in prior calendar years (to the extent that
         each such Deductible did not reduce Additional Compensation for such
         prior year below 0).

         "Calendar Year Multiplier" shall be equal to:

          ----- ---------------------------------------------------------------
          1     for Additional Compensation paid to the Employee in calendar
                year 2003;
          ----- ---------------------------------------------------------------
          2     for Additional Compensation paid to the Employee in calendar
                year 2004;
          ----- ---------------------------------------------------------------
          3     for Additional Compensation paid to the Employee in calendar
                year 2005;
          ----- ---------------------------------------------------------------
          4     for Additional Compensation paid to the Employee in calendar
                year 2006;
          ----- ---------------------------------------------------------------
          4     for Additional Compensation paid to the Employee in calendar
                year 2007;
          ----- ---------------------------------------------------------------
          4     for Additional Compensation paid to the Employee in calendar
                year 2008;
          ----- ---------------------------------------------------------------
          4     for Additional Compensation paid to the Employee in calendar
                year 2009;
          ----- ---------------------------------------------------------------
          4     for Additional Compensation paid to the Employee in calendar
                year 2010.
          ----- ---------------------------------------------------------------

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

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4.       In the event that the Company identifies additional Eligible Properties
         for similar sale, the terms of other compensation, if any, payable to
         the Employee shall be determined at such time.

5.       All decisions with respect to, or in connection with, the sale of
         Eligible Properties shall be made solely by authorized officers of the
         Company, including all transaction terms and conditions (i.e., price,
         holdbacks, timing, etc.). The Company may limit or abandon any sales or
         proposed sales of Eligible Properties at any time for any reason or for
         no reason in its sole discretion. The Company shall have no obligation
         to take any action with respect to any sales or proposed sales of
         Eligible Properties.

6.       All determinations relating to Eligible Properties, the Additional
         Compensation payable to the Employee and the amount of Net Sale
         Proceeds will be made by and administered under the supervision of the
         Company's Compensation Committee in its sole and absolute discretion,
         and all determinations of the Company's Compensation Committee will be
         final and binding on the Employee and the Company.

7.       The maximum cash amount that may be paid to Employee as Additional
         Compensation shall not exceed $200,000 per calendar year through and
         including 2007 (the "Initial Annual Cap") and $266,667 per calendar
         year from 2008 through and including 2010 (the "Secondary Annual Cap");
         provided however, that any Additional Compensation that has been earned
         but not paid as a result of the Initial Annual Cap shall be deferred
         and payable within the first ninety (90) days of the following calendar
         year, subject again to the Initial Annual Cap, and if necessary, to
         successive calendar years, subject to the Initial Annual Cap and the
         Aggregate Cap. The Company shall not pay any interest on any amounts of
         Additional Compensation that are deferred or payable in future calendar
         years. If there is any earned but unpaid Additional Compensation as of
         December 31, 2006, such amount shall be forfeited unless the Employee
         provides consulting services to the Company after the Term of
         Employment, in which case, the Company shall pay any earned but unpaid
         Additional Compensation subject to the Secondary Annual Cap and the
         Aggregate Cap for three additional calendar years beginning in 2008,
         subject to the Employee providing the required consulting services

                                      A-2
<PAGE>

         described below, provided, however, that any Eligible Properties set
         forth in paragraph 3 above that are subject to executed sale contracts
         as of December 31, 2006 for which the Company receives Net Sale
         Proceeds in calendar year 2007 shall be treated as if such sales
         occurred in 2006, and any Additional Compensation payable to the
         Employee as a result of such sales shall be payable in calendar year
         2007 if and only if the Employee has not already been paid Additional
         Compensation in an amount equal to the Initial Annual Cap in 2006, and
         then only in an amount up to the Initial Annual Cap. To eliminate any
         ambiguity, it is understood and agreed that (X) no Additional
         Compensation shall be paid in 2007 unless (i) the Employee has not been
         paid Additional Compensation in an amount equal to $200,000 in calendar
         year 2006 and (ii) Eligible Properties set forth in paragraph 3 are
         subject to executed sales contracts as of December 31, 2006 and the
         Company receives Net Sales Proceeds from such sales in calendar year
         2007 and (Y) the maximum aggregate amount of Additional Compensation
         payable in calendar years 2006 and 2007 is $200,000. In each year, such
         payments shall be made within the first ninety (90) days of the
         calendar year following the Employee's completion of one year of
         consulting services. If there is any earned but unpaid Additional
         Compensation as of March 31, 2010, such amount shall be forfeited,
         provided that any Additional Compensation resulting from sales of
         Eligible Properties which provided for deferred payments to the Company
         shall be payable to the Employee upon receipt of such deferred payments
         by the Company, subject to the Secondary Annual Cap and the Aggregate
         Cap. The Employee shall provide consulting services relating to all
         Company matters in which the Employee was involved prior to the
         expiration of the Term of Employment and such other matters relating to
         Company activities as may be reasonably requested from time to time by
         the Company. During the consulting period, the Employee shall be an
         independent contractor and shall not be an employee or agent of the
         Avatar Entities. The Employee shall provide consulting services in
         calendar years 2007-2009 for the required amount of days and for the
         consulting fee set forth on the following table in order to receive any
         Additional Compensation in the calendar year following the Employee's
         completion of such consulting services:

<TABLE>
<CAPTION>

----------------------- ------------------------------------------------ ------------------------------------------
    Calendar Year                Required Consulting Services                         Consulting Fee
----------------------- ------------------------------------------------ ------------------------------------------
<S>                          <C>                                         <C>
         2007                 6 days per month; 72 days per annum           $83,333 per annum payable quarterly
----------------------- ------------------------------------------------ ------------------------------------------
         2008                 5 days per month; 60 days per annum           $83,333 per annum payable quarterly
----------------------- ------------------------------------------------ ------------------------------------------
         2009                 4 days per month; 48 days per annum           $83,333 per annum payable quarterly
----------------------- ------------------------------------------------ ------------------------------------------
</TABLE>

If the Employee does not provide the required consulting services for the
applicable calendar year, the Company shall not be obligated to pay the Employee
any Additional Compensations or the consulting fees with respect thereto.

                                      A-3
<PAGE>

8.       If the Employee's employment is terminated by reason of his death or
         Disability, the Company shall pay to the Employee, the Employee's
         designated beneficiary or to the Employee's estate the amount of earned
         but unpaid Additional Compensation as of the date of the Employee's
         death or Disability, as would otherwise be payable pursuant to this
         Annex as though the Employee's employment had not been terminated,
         within ninety (90) days of Employee's death or Disability or seven days
         after such later date as an executor or administrator of the decedent's
         estate shall be appointed, provided that any Additional Compensation
         resulting from sales of Eligible Properties which provided for deferred
         payments to the Company shall be payable to the Employee upon receipt
         of such deferred payments by the Company. In addition, the Employee
         shall be entitled to receive the Additional Compensation for any
         Eligible Properties set forth in paragraph 3 above that are subject to
         executed sale contracts at the time of termination of the Employee's
         employment by reason of the Employee's death or Disability, provided
         that the Employee was actively engaged in such sale at the time his
         employment is terminated. Payment of the Additional Compensation for
         such sales shall be made within ninety (90) days of the closing of such
         sales. Notwithstanding anything to the contrary contained herein, in no
         event shall the Employee be entitled to receive Additional Compensation
         in excess of the amount as would otherwise be payable pursuant to this
         Annex if the Employee's employment had not been terminated.

9.       If Employee's employment is terminated by the Company without Cause,
         the Employee shall be entitled to receive the amount of earned but
         unpaid Additional Compensation through the Date of Termination as would
         otherwise be payable pursuant to this Annex as though the Employee's
         employment had not been terminated. In addition, Employee shall be
         entitled to receive the Additional Compensation for any Eligible
         Properties set forth in paragraph 3 above that are subject to executed
         sale contracts at the time of termination of Employee's employment by
         the Company without Cause, provided that the Employee was actively
         engaged in such sale at the time of his termination. Notwithstanding
         anything to the contrary contained herein, in no event shall the
         Employee be entitled to receive Additional Compensation in excess of
         the amount as would otherwise be payable pursuant to this Annex if the
         Employee's employment had not been terminated.

10.      If the Employee's employment is terminated by the Company with Cause or
         by the Employee, the Employee shall forfeit any and all Additional
         Compensation, including such Additional Compensation that has been
         earned but not paid to the Employee, and shall cease to have any right
         to any future Additional Compensation.

                                      A-4<PAGE>
                                                                    Exhibit 10.2

                         RESTRICTED STOCK UNIT AGREEMENT

                  This RESTRICTED STOCK UNIT AGREEMENT ("AGREEMENT"), dated
September 11, 2003, between Avatar Holdings Inc., a Delaware corporation (the
"COMPANY") and Dennis Getman (the "PARTICIPANT").

         1. AWARD. Pursuant to the provisions of the Amended and Restated 1997
Incentive and Capital Accumulation Plan, as the same may be amended, modified
and supplemented (the "PLAN"), the Compensation Committee (the "COMMITTEE") of
the Board of Directors of the Company (the "BOARD") hereby awards to the
Participant, on the date hereof, subject to the terms and conditions of the Plan
and subject further to the terms and conditions herein set forth, an opportunity
to receive 15,504 Restricted Stock Units ("UNITS"). Capitalized terms used but
not defined herein shall have the meanings assigned to them in the Plan.

         2. TERMS AND CONDITIONS. The award evidenced by this Agreement is
subject to the following terms and conditions:

         (a) The Participant is hereby granted 15,504 Units on the date hereof.

         (b) The Participant shall not possess any incidents of ownership
(including, without limitation, dividend and voting rights) in shares of Common
Stock in respect of the Units until such Units have vested and been distributed
to the Participant in the form of shares of Common Stock in accordance with
Sections 3 and 4 hereof.

         (c) Except as provided in this Section 2(c), the Units and any interest
of the Participant therein may not be sold, assigned, transferred, pledged,
hypothecated or otherwise disposed of. Any attempt to transfer Units in
contravention of this Section 2(c) is void AB INITIO. Units shall not be subject
to execution, attachment or other process. Notwithstanding the foregoing, with
the prior written consent of the Committee, the Participant shall be permitted
to transfer such Units to members of his immediate family (I.E., children,
grandchildren or spouse), trusts for the benefit of such family members, and
partnerships whose only partners are such family members; PROVIDED, HOWEVER,
that no consideration can be paid for the transfer of the Units and the
transferee of the Units shall be subject to all conditions applicable to the
Units (including all of the terms and conditions of this Agreement) prior to
transfer.

         3. VESTING AND CONVERSION OF UNITS. On January 2, 2007, the Units
granted to the Participant pursuant to Section 2(a) hereof, shall vest in full
and such vested Units shall be converted into an equivalent number of shares of
Common Stock that will be promptly distributed to the Participant; PROVIDED,
HOWEVER, that subject to the provisions of Section 4 hereof, no Units shall vest
or be converted and distributed to the Participant unless the Participant is an
employee of the Company on December 31, 2006.

                                       1
<PAGE>

         Upon the distribution of the shares of Common Stock in respect of the
Units, the Company shall issue to the Participant or the Participant's personal
representative a stock certificate representing such shares of Common Stock,
free of any restrictions, but subject to Section 8 hereof.

         4. TERMINATION OF EMPLOYMENT; CHANGE IN THE COMMON STOCK.

         (a) TERMINATION OF EMPLOYMENT.

                  (i)      If the Participant's employment with the Company is
                           terminated by the Company for "cause" (as defined
                           below) or by the Participant, the Participant shall
                           forfeit all Units granted to the Participant pursuant
                           to Section 2(a) hereof.

                  (ii)     If the Participant's employment with the Company is
                           terminated by the Company other than for "cause", all
                           Units granted to the Participant pursuant to Section
                           2(a) hereof, if any, shall vest, be converted into
                           shares of Common Stock and be promptly distributed to
                           the Participant.

                  (iii)    If the Participant dies or in the event the
                           Participant's employment with the Company is
                           terminated by the Company by reason of the
                           Participant's "disability" (as defined below), 7,752
                           Units granted to the Participant pursuant to Section
                           2(a) hereof, shall vest, be converted into shares of
                           Common Stock and be promptly distributed to the
                           Participant and the remainder of the Units shall be
                           forfeited.

                  For purposes of this Section 4(a), the terms "CAUSE" and
"DISABILITY", shall have the meanings ascribed to such terms in the
Participant's employment agreement with the Company, dated September 11, 2003,
as amended or restated from time to time.

         (b) CHANGE IN COMMON STOCK. In the event of any change in the Common
Stock (through merger, consolidation, reorganization, exchange of shares, or
other similar transaction which results in a change in the capital structure of
the Company), an adjustment shall be made to each outstanding Unit such that
each such Unit shall thereafter vest in accordance with Section 3 for such
securities, cash and/or other property as would have been received in respect of
the Common Stock subject to such Unit had such Unit vested in full immediately
prior to such change, and such an adjustment shall be made successively each
time any such change shall occur.

         5. DEFERRAL. The Participant may elect to defer the receipt of Common
Stock upon the vesting of the Units granted to the Participant pursuant to
Section 2(a) hereof and for the Company to continue to maintain such Units on
its books of account if the Participant delivers to the Company a written notice
of such election at least six months prior to such vesting and enters into a
deferral agreement with the Company on terms satisfactory to the Committee.

                                       2
<PAGE>

         6. EQUITABLE ADJUSTMENT. If there shall be any change in the Common
Stock of the Company, through recapitalization, stock dividend, stock split,
reverse stock split, split up, spinoff, combination of shares, dividend in kind
or other like change in capital structure or distribution (other than normal
cash dividends) to stockholders of the Company, in order to prevent dilution or
enlargement of the Participant's rights under this Agreement and the Plan, the
Committee may, in an equitable manner, adjust the number and kind of shares that
may be issued under this Agreement and make any other appropriate adjustments in
the terms of the Units and this Agreement to reflect such changes or
distributions.

         7. TAXES. Any distribution of Common Stock pursuant to this Agreement
shall be net of any amounts required to be withheld pursuant to applicable
federal, state and local tax withholding requirements. In connection with any
such distribution, the Company may require the Participant to remit to it an
amount sufficient to satisfy such tax withholding requirements prior to the
delivery of any certificates for such Common Stock. In lieu thereof, the Company
shall have the right to withhold the amount of such taxes from any other sums
due or to become due from the Company to the Participant as the Committee shall
prescribe. The Committee may, in its discretion and subject to such rules as it
may adopt (including any as may be required to satisfy applicable tax and/or
non-tax regulatory requirements), permit the Participant to pay all or a portion
of the federal, state and local withholding taxes arising in connection with the
Units granted hereunder and any distribution of shares of Common Stock in
respect thereof by electing to have the Company withhold shares of Common Stock
having a Fair Market Value equal to the amount of tax to be withheld, such tax
calculated at rates prescribed by statute or regulation.

         8. REGULATORY COMPLIANCE AND LISTING. The issuance or delivery of any
stock certificates representing shares of Common Stock issuable pursuant to this
Agreement may be postponed by the Committee for such period as may be required
to comply with any applicable requirements under the federal or state securities
laws, any applicable listing requirements of any national securities exchange or
the NASDAQ National Market System, and any applicable requirements under any
other law, rule or regulation applicable to the issuance or delivery of such
shares, and the Company shall not be obligated to deliver any such shares of
Common Stock to the Participant if either delivery thereof would constitute a
violation of any provision of any law or of any regulation of any governmental
authority, any national securities exchange or the NASDAQ National Market
System, or the Participant shall not yet have complied fully with the provisions
of Section 7 hereof.

         9. INVESTMENT REPRESENTATIONS AND RELATED MATTERS. The Participant
hereby represents that the Common Stock issuable pursuant to this Agreement is
being acquired for investment and not for sale or with a view to distribution
thereof. The Participant acknowledges and agrees that any sale or distribution
of shares of Common Stock issued pursuant to this Agreement may be made only
pursuant to either (a) a registration statement on an appropriate form under the
Securities Act of 1933, as amended (the "SECURITIES ACT"), which registration
statement has become effective and is current with regard to the shares being

                                       3
<PAGE>

sold, or (b) a specific exemption from the registration requirements of the
Securities Act that is confirmed in a favorable written opinion of counsel, in
form and substance satisfactory to counsel for the Company, prior to any such
sale or distribution. The Participant hereby consents to such action as the
Committee or the Company deems necessary or appropriate from time to time to
prevent a violation of, or to perfect an exemption from, the registration
requirements of the Securities Act or to implement the provisions of this
Agreement, including but not limited to placing restrictive legends on
certificates evidencing shares of Common Stock issued pursuant to this Agreement
and delivering stop transfer instructions to the Company's stock transfer agent.

         10. NO RIGHT TO CONTINUED EMPLOYMENT. This Agreement does not confer
upon the Participant any right to continued employment by the Company or any of
its subsidiaries or affiliated companies, nor shall it interfere in any way with
the right of the Participant's employer to terminate the Participant's
employment at any time for any reason or no reason.

         11. CONSTRUCTION. The Plan and this Agreement will be construed by and
administered under the supervision of the Committee, and all determinations of
the Committee will be final and binding on the Participant and the Company.

         12. NOTICES. Any notice required or permitted under this Agreement
shall be deemed given when delivered personally, or when deposited in a United
States Post Office, postage prepaid, addressed, as appropriate, (i) to the
Participant at the last address specified in Participant's employment records,
or such other address as the Participant may designate in writing to the
Company, or (ii) to the Company, Avatar Holdings Inc., 201 Alhambra Circle, 12th
Floor, Coral Gables, Florida 33134 Attention: Chairman of the Board, or such
other address as the Company may designate in writing to the Participant.

         13. FAILURE TO ENFORCE NOT A WAIVER. The failure of either party hereto
to enforce at any time any provision of this Agreement shall in no way be
construed to be a waiver of such provision or of any other provision hereof.

         14. GOVERNING LAW. This Agreement shall be governed by and construed
according to the laws of the State of Delaware, without regard to the conflicts
of laws provisions thereof.

         15. INCORPORATION OF PLAN. The Plan is hereby incorporated by reference
and made a part of this Agreement, and this Agreement shall be subject to the
terms of the Plan, as the Plan may be amended from time to time.

         16. COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall be an original but all of which together shall
represent one and the same agreement.

         17. MISCELLANEOUS. This Agreement cannot be changed or terminated
orally. This Agreement and the Plan contain the entire agreement between the
parties relating to the subject matter hereof. The section headings herein are
intended for reference only and shall not affect the interpretation hereof.

                                       4
<PAGE>

         IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
the date first written above.

                                          AVATAR HOLDINGS INC.

                                          By:     /s/ GERALD D. KELFER
                                             -----------------------------------
                                               Name: Gerald D. Kelfer
                                               Title: Chief Executive Officer

                                                    /s/ DENNIS J. GETMAN
                                               ---------------------------------
                                                        Dennis Getman

                                       5

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