Document:

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EXHIBIT 10.2 (c)

                              AMENDED AND RESTATED

                              EMPLOYMENT AGREEMENT

         This Amended and Restated Employment Agreement (this "Agreement") is
entered into on May 12, 2000, by and between INSIGNIA FINANCIAL GROUP, INC., a
Delaware corporation with an office at 200 Park Avenue, New York, New York 10166
(the "Company"), and JEFFREY P. COHEN, an individual residing at 757 King
Street, Chappaqua, New York 10514 (the "Executive").

         WHEREAS, the Company and the Executive are parties to that certain
Amended and Restated Employment Agreement dated as of December 23, 1998 (the
"Original Agreement"); and

         WHEREAS, the Company and the Executive each desires to make certain
amendments to the Original Agreement in order to clarify certain of the
provisions thereof and memorialize certain other agreements between the Company
and the Executive;

         NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and the Executive hereby agree that the Original
Agreement is hereby amended and restated to read in its entirety as follows:

         SECTION 1. EMPLOYMENT. The Company hereby agrees to employ the
Executive, and the Executive hereby accepts such employment, in each case upon
the terms and conditions set forth herein, for a period commencing on May 12,
2000 (the "Commencement Date") and ending on December 31, 2002 (the "Expiration
Date"), subject to earlier termination as set forth herein (such period, as it
may be so terminated, being referred to herein as the "Employment Period").

         SECTION 2. DUTIES AND SERVICES.

         (a) OFFICES. During the Employment Period, the Executive shall serve as
an Executive Vice President of the Company. In addition, at the request of the
Company, the Executive shall serve as an officer and/or director of one or more
subsidiaries of the Company. In the performance of his duties hereunder, the
Executive shall report to and shall be responsible to the Chief Executive
Officer and the Board of Directors of the Company. The Executive agrees to his
employment as described in this Section 2, and agrees to devote substantially
all of his working time and efforts to the performance of his duties hereunder.
The Executive shall be available to travel as the needs of the business of the
Company reasonably require.

         (b) LOCATION OF OFFICE. During the Employment Period, the Executive's
office shall be located at 200 Park Avenue, New York, New York, or at such other
location in New York, New York as the Company may reasonably request. The
Company shall provide the Executive

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with an appropriate office, an executive secretary reasonably acceptable to him
and other reasonable support appropriate to his duties hereunder.

         (c) PRIMARY RESPONSIBILITIES. During the Employment Period, the
Executive shall (i) have such appropriate and lawful responsibilities assigned
to him by the Chief Executive Officer and/or the Board of Directors of the
Company, and (ii) comply with all lawful written policies and procedures of the
Company.

         (d) OTHER ACTIVITIES. The Executive may (i) devote reasonable time to
the management of his personal financial affairs and (ii) to the extent that he
may do so without unduly interfering with his duties at the Company, participate
on boards of directors of other enterprises which do not directly or indirectly
compete with the Company; provided, however, that (x) the Executive shall not
join the board of directors of any public company without first obtaining the
approval of the Chief Executive Officer of the Company and (y) the Executive
shall give prompt notice of his election or appointment to any other board of
directors, whether of a private for-profit company or any not-for-profit
company, to the Chief Executive Officer of the Company. The Executive may retain
any compensation paid to him for such service.

         SECTION 3. COMPENSATION. Except as otherwise provided herein, as full
compensation for the Executive's services under this Agreement, the Company
shall pay, grant, issue or give, as the case may be, to the Executive the
following compensation and benefits:

         (a) BASE SALARY. Subject to the provisions of Section 6, an annual base
salary ("Base Salary") at the rate of $300,000 per annum, payable in cash in
accordance with the customary executive payroll policy of the Company as in
effect from time to time; provided, however, that the Base Salary may be
increased by action of the Board of Directors of the Company or the Compensation
Committee thereof (the "Compensation Committee").

         (b) ANNUAL BONUS. An annual discretionary bonus ("Bonus"), the amount,
if any, of which shall be determined by the Board of Directors of the Company or
the Compensation Committee, and which shall be paid to the Executive, with
respect to any given fiscal year of the Company, before the expiration of 74
days after the end of such fiscal year.

         (c) FRINGE BENEFIT PROGRAMS. In addition to the other benefits provided
to the Executive hereunder and to the extent he satisfies the eligibility
requirements thereof and to the extent permitted by law, participation in fringe
benefit programs made available generally to employees and/or to senior
executives of the Company, including without limitation pension, profit sharing,
stock purchase, savings, bonus, disability, life insurance, health insurance,
hospitalization, dental, deferred compensation and other plans and policies
authorized on the date hereof or in the future.

         (d) EXPENSE REIMBURSEMENT. Reimbursement of the Executive for all
out-of-pocket expenses reasonably incurred by him in connection with the
performance of his duties hereunder, including without limitation (i)
professional activities and membership fees and dues relating to professional
organizations of which the Executive currently is a member or is directed in
writing to be a member by the Board of Directors, Chief Executive Officer or
President of the Company,

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(ii) expenses required for licensing of the Executive and (iii) cellular phone
expenses, all upon the presentation of appropriate documentation therefor in
accordance with the then regular procedures of the Company.

         (e) AUTOMOBILE ALLOWANCE. Monthly reimbursement of automobile related
expenses, not to exceed $700 per month.

         (f) VACATIONS, ETC. Twenty (20) paid vacation days per year on a
non-cumulative basis; and leaves-of-absence in accordance with the regular
procedures of the Company governing senior officers in existence from time to
time.

         SECTION 4. EXTRAORDINARY EVENT.

         (a) DEFINED. As used herein, "Extraordinary Event" shall mean the
cessation of Andrew L. Farkas to serve as either the Chairman of the Board of
Directors of the Company or an executive officer of the Company for any reason
effective simultaneously with or within one year following a merger,
consolidation, asset sale or other similar transaction involving the Company .

         (b) EXTRAORDINARY EVENT BONUS. Within ten business days after the
occurrence of an Extraordinary Event, the Company shall, regardless of whether
the Executive elects to convert this Agreement into a consulting agreement
pursuant to Section 4(c), pay to the Executive an amount in cash equal to 150%
of the Base Salary then in effect. In addition, if the Executive elects to
convert this Agreement into a consulting agreement pursuant to Section 4(c),
then: (i) within ten business days after the effective date of such election,
the Company shall pay to the Executive an amount in cash equal to the product of
(x) the number of days that have elapsed from and including the first day of the
fiscal year in which such Extraordinary Event occurred, multiplied by (y) the
amount of Bonus paid to the Executive by the Company (or bonus paid by Insignia,
if applicable) in respect of the fiscal year immediately preceding the fiscal
year in which such Extraordinary Event occurred (but excluding any special bonus
paid to the Executive in respect of the merger of Insignia into Apartment
Investment and Management Company), multiplied by (z) 0.00274; and (ii) upon the
effective date of such election, all stock options, shares of restricted stock
and other awards granted under or otherwise subject to the 1998 Stock Incentive
Plan of the Company (the "Company Stock Plan") then held by the Executive will
fully, immediately and automatically vest and be exercisable as and to the
extent permitted by the Company Stock Plan, and all promote, participation and
other similar contractual interests not subject to the Company Stock Plan then
held by the Executive will fully, immediately and automatically vest (i.e., no
longer be subject to forfeiture for any reason), notwithstanding any provisions
to the contrary in the applicable governing agreements or other instruments
pursuant to which such interests were granted to the Executive (it being the
intent of the parties that any such contrary provisions are overridden and
superceded hereby).

         (c) CONVERSION TO CONSULTING AGREEMENT. During the 120-day period
following the occurrence of an Extraordinary Event, the Executive shall have the
right, in his sole discretion, to elect in writing to convert this Agreement
into a consulting agreement, whereupon: (i) the Executive will cease to be an
employee of the Company and shall resign all officer and other

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positions with the Company and its subsidiaries; (ii) the Executive shall be
required, through the Expiration Date, to consult with respect to the assets,
liabilities and transactions of the Company as they existed immediately before
such Extraordinary Event, such consultation to be at the reasonable times
convenient to the Executive on no less than five business days' notice, but in
no event for more than five days or portions of a day in any calendar month, the
parties recognizing that the Executive during the consulting period likely will
have significant other business interests; and (iii) the terms of this Agreement
(including all rights of the Executive hereunder as to salary, bonus,
reimbursements, payments and health and other benefits) shall continue
unabridged through the Expiration Date, except that (1) Section 2 hereof will be
superseded by this Section 4(c) and (2) references herein to the "employment" of
the Executive shall be deemed to be references to the consultancy by the
Executive.

         Section 5. Representations and Warranties of the Executive and the
Company; Key Person Insurance.

         (a) The Executive represents and warrants to the Company as follows:

                  (i) He is under no contractual or other restriction or
         obligation which is inconsistent with the execution of this Agreement,
         the performance of his duties hereunder, or the other rights of the
         Company hereunder; and

                  (ii) He is under no physical or mental disability that would
         hinder his performance of duties under this Agreement.

         (b) The Company represents and warrants to the Executive that the
execution and delivery of this Agreement by the Company has been duly approved
by the Board of Directors of the Company or the Compensation Committee.

         (c) The Executive agrees to cooperate with the Company, upon request,
in connection with the obtaining by the Company of a key person insurance policy
upon the life of Executive. The Executive is not aware of any fact or
circumstance which would preclude the Company from obtaining such insurance, and
the Executive has not heretofore been declined by an insurance company or
provider for life insurance.

         SECTION 6. NON-COMPETITION AND NON-SOLICITATION; CONFIDENTIALITY.

         (a) NON-COMPETITION AND NON-SOLICITATION.

                  (i) In view of the unique and valuable services it is expected
         the Executive will render to the Company and its Subsidiaries (as
         hereinafter defined), the Executive's knowledge of the customers, trade
         secrets and other proprietary information relating to the business of
         the Company and its customers and suppliers, and similar knowledge
         regarding Subsidiaries of the Company it is expected the Executive will
         obtain, the Executive agrees that, through and including the Expiration
         Date plus any additional period during which the Executive is employed
         by the Company, he will not compete with or be engaged in the same

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         business as, or "Participate In" (as hereinafter defined) any other
         business or organization which competes with or is engaged in the same
         business as the Company or any of its Subsidiaries, with respect to any
         product or service sold or activity engaged in by the Company or any
         Subsidiary of the Company in any geographical area in which, at the
         time of such expiration or cessation, such product or service is sold
         or activity is engaged in by the Company or any Subsidiary of the
         Company; provided, however, that the provisions of this Section 6(a)(i)
         shall not be interpreted to preclude the Executive, at any time and
         from time to time, from (1) Participating In any other organization if
         approved by the Board of Directors of the Company, or (2) owning not
         more than five percent (5%) of the outstanding capital stock of any
         publicly-traded entity. The terms "Participate In" and "Participating
         In" mean "directly or indirectly, for his own benefit or for, with or
         through any other person, own or owning, manage or managing, operate or
         operating, control or controlling, loan money to or lending money to,
         or participate in or participating in, as the case may be, the
         ownership, management, operation or control of, or be connected or
         being connected, as the case may be, as a director, officer, employee,
         partner, consultant, agent, independent contractor or otherwise, or
         acquiesce or acquiescing, as the case may be, in the use of his name
         in." The term "Subsidiary" means "any entity actually directly or
         indirectly controlled by the Company or of which the Company directly
         or indirectly owns (in the aggregate) in excess of 20% of the
         outstanding voting or economic interests."

                  (ii) In recognition of the close personal contact the
         Executive will have with the Company's and its Subsidiaries' trade
         secrets, confidential information, records and business relationships,
         and the position of trust in which the Company will hold the Executive,
         the Executive covenants and agrees that for so long as the Executive is
         employed by the Company, and for a period lasting for two (2) years
         following the later of the date on which the Executive's employment
         with the Company ceases for any reason or the Expiration Date, the
         Executive will not, either for himself or as an officer, director,
         employee, agent, representative, independent contractor or in any other
         relationship to any person, partnership, corporation or other entity
         (other than the Company and its Subsidiaries), (A) directly or
         indirectly interfere with or disturb, or seek to interfere with or
         disturb, any contractual relation in favor of the Company or any of its
         Subsidiaries or (B) solicit, directly or indirectly, including by
         assisting others, business from any customer or client of the Company
         of any of its Subsidiaries with whom the Executive has had Material
         Contact (as defined below) during the twelve (12) month period
         preceding the date of cessation of the Executive's employment with the
         Company for the purpose of providing goods or services to such customer
         or client. For purposes of this Agreement, the Executive shall be
         deemed to have had "Material Contact" with a customer or client of the
         Company or a Subsidiary (x) with whom the Executive actually dealt, or
         (y) whose dealings with the Company or Subsidiary were handled,
         coordinated or supervised by the Executive, or (z) about whom the
         Executive obtained confidential information in the ordinary course of
         business through the Executive's association with the Company or the
         Subsidiary.

                  (iii) The Executive covenants and agrees that, for a period of
         two (2) years following the later of the Commencement Date or the date
         on which the Executive's employment with the Company ceases, the
         Executive will not solicit, employ, engage or in any manner encourage
         any employee, broker or sales person of the Company or of any

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         of its Subsidiaries (other than the Executive's personal secretary), to
         leave his or her employ for the employ of a person or entity which
         directly or indirectly competes with the Company or of any of its
         Subsidiaries unless and until he or she (A) has been terminated by the
         Company or a Subsidiary other than for cause or (B) has not been
         employed by the Company or any of its Subsidiaries for a period of two
         (2) years.

                  (iv) The Executive acknowledges that the foregoing provisions
         are intended to protect the Company's and its Subsidiaries business and
         customer contacts, and not to prevent the Executive from pursuing a
         livelihood in the general area of his previous training, and that such
         provisions should be interpreted accordingly.

         (b) CONFIDENTIALITY. The Executive covenants and agrees that he shall
not publish, disclose or make accessible by him to any other person, either
during or after the cessation of his employment, or use except during his
employment with the Company in the business and for the benefit of the Company
and its Subsidiaries, any confidential information which the Executive may now
possess, may obtain during or after his employment with Company, or may create
prior to the end of his employment with the Company relating to the business of
the Company or any of its Subsidiaries or of any customer or supplier of any of
them. In the event that the Executive becomes legally compelled to disclose any
of the confidential information, the Executive will provide the Company with
prompt written notice so that the Company may seek a protective order or other
appropriate remedy and/or waive in writing compliance with the provisions of
this Section 6(b), and in the event that such protective order or other remedy
is not obtained, or should the Company waive in writing compliance with the
provisions of this Section 6(b), the Executive will furnish only that portion of
the confidential information which is so legally required. Upon demand therefor,
the Executive shall return all tangible evidence of such confidential
information to the Chief Executive Officer of the Company (or his designee)
prior to or at the cessation of his employment.

         (c) INTERPRETATION AND ENFORCEMENT. The Executive acknowledges and
agrees that a breach of the provisions of this Section 6 could not adequately be
compensated by money damages, and, therefore, the Company shall be entitled, in
addition to any other right and remedy available to it, to an injunction
restraining such breach, and the Company shall not be required to post a bond in
any proceeding brought for such purpose. The Executive further acknowledges and
agrees that the provisions of this Section 6 are necessary and reasonable to
protect the Company and its Subsidiaries in the conduct of their businesses. If
any restriction contained in this Section 6 shall be deemed to be invalid,
illegal or unenforceable by reason of the extent, duration or geographical scope
thereof or otherwise, then the court making such determination shall have the
right to reduce such extent, duration, geographical scope or other provision
hereof, and in its reduced form such restriction or other provision shall then
be enforceable in the manner contemplated hereby. Nothing herein shall be
construed as prohibiting the Company from pursuing any other remedies, at law or
in equity, for any such breach or threatened breach.

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         SECTION 7.  TERMINATION.

         (a) DEFINITIONS.

                  (i) DEATH TERMINATION EVENT. As used herein, "Death
         Termination Event" shall mean the death of the Executive.

                  (ii) DISABILITY TERMINATION EVENT. As used herein, "Disability
         Termination Event" shall mean a circumstance where the Executive is
         physically or mentally incapacitated or disabled or otherwise unable to
         fully discharge his duties hereunder as a result of a single or related
         series of illnesses or conditions for a period of 100 consecutive days.

                  (iii) ESTATE. As used herein, the term "Estate" shall mean (A)
         in the event that the last will and testament of the Executive has not
         been probated at the time of determination, the estate of the
         Executive, and (B) in the event that the last will and testament of the
         Executive has been probated at the time of determination, the legatees
         or the Executor who are entitled under such will to the assets or
         payments at issue.

                  (iv) TERMINATION FOR CAUSE. As used herein, the term
         "Termination For Cause" shall mean (A) the termination by the Company
         of the Executive's employment hereunder upon a good faith determination
         by a majority vote of the members of the Board of Directors of the
         Company (after notice to the Executive and an opportunity for the
         Executive and/or his representative to appear before the Board of
         Directors of the Company) that termination of this Agreement is
         necessary by reason of (1) the conviction of the Executive of a felony
         under state or federal law, or the commission by the Executive an act
         of employment discrimination or sexual harassment under state or
         federal law, or the failure by the Executive to observe any policy of
         the Company set forth in a written policy manual or handbook, as
         amended from time to time, (2) the continued breach by the Executive of
         any provision of this Agreement for a period of thirty (30) days after
         written notice of such breach is given to the Executive by the Company,
         including gross negligence in the performance by the Executive of his
         duties or responsibilities hereunder, (3) the failure by the Executive
         to comply with any lawful directive of the Board of Directors or the
         Chief Executive Officer of the Company, which failure continues for ten
         (10) days after written notice thereof is given to the Executive, (4) a
         material violation of any provision of Section 5 of this Agreement by
         the Executive, (5) the taking by the Executive of any action on behalf
         of the Company or any of its Subsidiaries without the possession by the
         Executive of the appropriate authority to take such action (other than
         as a result of innocent error), (6) the taking by the Executive of any
         action that the Executive knows to be in conflict of interest with the
         Company or any of its Subsidiaries given the Executive's position with
         the Company and its Subsidiaries, or (7) the usurpation by the
         Executive of an opportunity that the Executive knows to be a corporate
         opportunity of the Company or any of its Subsidiaries; or (B) the
         voluntary cessation of employment by the Executive prior to the
         Expiration Date.

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                  (v) TERMINATION WITHOUT CAUSE. As used herein, "Termination
         Without Cause" shall mean any termination of the Executive's employment
         by the Company hereunder other than as a result of a Termination For
         Cause, a Death Termination Event or a Disability Termination Event.

         (b) DEATH TERMINATION EVENT. Subject to the provisions of Section 9,
this Agreement shall terminate automatically upon the occurrence of a Death
Termination Event, whereupon (i) the Company will continue to pay to the Estate
the Base Salary, as then in effect, through the Expiration Date, and (ii) all
stock options, shares of restricted stock and other awards granted under or
otherwise subject to the Company Stock Plan then held by the Executive will
fully, immediately and automatically vest and be exercisable as and to the
extent permitted by the Company Stock Plan, and all promote, participation and
other similar contractual interests not subject to the Company Stock Plan then
held by the Executive will fully, immediately and automatically vest (i.e., no
longer be subject to forfeiture for any reason), notwithstanding any provisions
to the contrary in the applicable governing agreements or other instruments
pursuant to which such interests were granted to the Executive (it being the
intent of the parties that any such contrary provisions are overridden and
superceded hereby). In addition, if (i) an Extraordinary Event occurs within one
year after the occurrence of such Death Termination Event and (ii) a definitive
agreement relating to the specific merger, consolidation, asset sale or other
similar transaction (or relating to another substantially similar transaction)
which gave rise to such Extraordinary Event had been executed and delivered by
all parties thereto and was in effect at the time such Death Termination Event
occurred, then the Company shall pay to the Estate, within ten business days
after the occurrence of such Extraordinary Event, all amounts (without
duplication) to which the Executive would have been entitled pursuant to Section
4(b) assuming the Executive had made the election to convert this Agreement to a
consulting agreement pursuant to Section 4(c) immediately after the occurrence
of such Extraordinary Event.

         (c) DISABILITY TERMINATION EVENT. Subject to the provisions of Section
9, this Agreement shall terminate automatically upon the occurrence of a
Disability Termination Event, whereupon (i) the Company will continue to pay to
the Executive the Base Salary, as then in effect, through the Expiration Date,
and (ii) all stock options, shares of restricted stock and other awards granted
under or otherwise subject to the Company Stock Plan then held by the Executive
will fully, immediately and automatically vest and be exercisable as and to the
extent permitted by the Company Stock Plan, and all promote, participation and
other similar contractual interests not subject to the Company Stock Plan then
held by the Executive will fully, immediately and automatically vest (i.e., no
longer be subject to forfeiture for any reason), notwithstanding any provisions
to the contrary in the applicable governing agreements or other instruments
pursuant to which such interests were granted to the Executive (it being the
intent of the parties that any such contrary provisions are overridden and
superceded hereby). In addition, if (i) an Extraordinary Event occurs within one
year after the occurrence of such Disability Termination Event and (ii) a
definitive agreement relating to the specific merger, consolidation, asset sale
or other similar transaction (or relating another substantially similar
transaction) which gave rise to such Extraordinary Event had been executed and
delivered by all parties thereto and was in effect at the time such Disability
Termination Event occurred, then the Company shall pay to the Executive, within
ten business days after the occurrence of such Extraordinary Event,

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all amounts (without duplication) to which the Executive would have been
entitled pursuant to Section 4(b) assuming the Executive had made the election
to convert this Agreement to a consulting agreement pursuant to Section 4(c)
immediately after the occurrence of such Extraordinary Event.

         (d) TERMINATION FOR CAUSE.

                  (i) The Executive acknowledges and agrees that the Company
         shall have the absolute right to terminate the Executive for any of the
         reasons enumerated in Section 6(a)(iii)(A).

                  (ii) Subject to the provisions of Section 9, this Agreement
         shall terminate automatically upon the occurrence of a Termination For
         Cause, whereupon (A) the Executive shall not be entitled to receive any
         additional payments hereunder other than the Base Salary, as then in
         effect, to and including the date that such Termination For Cause
         occurs, and (B) the Company shall be entitled to any and all remedies
         and damages available to it.

         (e) TERMINATION WITHOUT CAUSE. Subject to the provisions of Section 9,
this Agreement shall terminate automatically upon the occurrence of a
Termination Without Cause, whereupon (i) the Company shall: (1) continue to pay
the Base Salary, as then in effect, to the Executive until the Expiration Date,
in the same manner and at the same times as such Base Salary would have
otherwise been payable to the Executive had this Agreement not been terminated;
(2) within 90 days of the occurrence of such Termination Without Cause, pay to
the Executive an amount in cash equal to two times the amount of Bonus paid to
the Executive in respect of the fiscal year of the Company immediately preceding
the year in which such Termination Without Cause occurs; and (3) continue to
provide health, life and, to the extent permissible under the applicable plans,
disability insurance benefits to the Executive until the Expiration Date, which
benefits shall not at any time be less favorable than those which the Executive
would have received had he continued to be employed by the Company at such time
pursuant to this Agreement; provided, however, that if the Executive should
subsequently obtain employment from any source which provides such insurance
benefits to Executive at no out-of-pocket cost to him, then the benefits to be
provided to the Executive under this clause (3) shall be appropriately reduced
for so long as such subsequent employment continues and the Executive continues
to receive such benefits from such subsequent employer; and (ii) all stock
options, shares of restricted stock and other awards granted under or otherwise
subject to the Company Stock Plan then held by the Executive will fully,
immediately and automatically vest and be exercisable as and to the extent
permitted by the Company Stock Plan, and all promote, participation and other
similar contractual interests not subject to the Company Stock Plan then held by
the Executive will fully, immediately and automatically vest (i.e., no longer be
subject to forfeiture for any reason), notwithstanding any provisions to the
contrary in the applicable governing agreements or other instruments pursuant to
which such interests were granted to the Executive (it being the intent of the
parties that any such contrary provisions are overridden and superceded hereby).
In addition, if (i) an Extraordinary Event occurs within one year after the
occurrence of such Termination Without Cause and (ii) a definitive agreement
relating to the specific merger, consolidation, asset sale or other similar
transaction (or relating to another

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substantially similar transaction) which gave rise to such Extraordinary Event
had been executed and delivered by all parties thereto and was in effect at the
time such Termination Without Cause, then the Company shall pay to the
Executive, within ten business days after the occurrence of such Extraordinary
Event, all amounts (without duplication) to which the Executive would have been
entitled pursuant to Section 4(b) assuming the Executive had made the election
to convert this Agreement to a consulting agreement pursuant to Section 4(c)
immediately after the occurrence of such Extraordinary Event.

         SECTION 8. WITHHOLDING. The Company shall be entitled to withhold from
amounts payable to the Executive hereunder such amounts as may be required by
applicable law to be so withheld.

         SECTION 9. SURVIVAL. Notwithstanding anything in this Agreement to the
contrary, the provisions of Sections 3 through 18 (inclusive) of this Agreement
shall survive any termination of this Agreement or cessation of the Executive's
employment hereunder through the later of (i) the Expiration Date or (ii) the
applicable period stated therein.

         SECTION 10. ENTIRE AGREEMENT; MODIFICATION. This Agreement sets forth
the entire understanding of the parties hereto with respect to the subject
matter hereof and supersedes all existing agreements between the parties
concerning such subject matter. This Agreement may be modified only by a written
instrument duly executed by the party charged therewith.

         SECTION 11. NOTICES. Any notice or other communication required or
permitted to be given hereunder shall be in writing and shall be mailed by
certified mail, return receipt requested, or otherwise delivered against
receipt, to the party to whom it is to be given, at the address of such party
set forth in the preamble to this Agreement (or to such other address as such
party shall have furnished in writing in accordance with the provisions of this
Section 11). Any notice or other communication given by certified mail shall be
deemed given at the time of certification thereof, except for a notice changing
a party's address which shall be deemed given at the time of receipt thereof.

         SECTION 12. WAIVER. Any waiver by either party of a breach of any
provision of this Agreement shall not operate as a waiver of any other breach of
such provision or of any breach of any other provision of this Agreement. The
failure of a party to insist upon strict adherence to any term of this Agreement
on one or more occasions shall not be considered a waiver or deprive that party
of the right thereafter to insist upon strict adherence to that provision or any
other provision of this Agreement. Any waiver must be in writing and signed by
the party charged therewith.

         SECTION 13. BINDING EFFECT. The Executive's rights and obligations
under this Agreement are not transferable by assignment or otherwise, such
rights shall not be subject to commutation, encumbrance or the claims of the
Executive's creditors, and any attempt to do any of the foregoing shall be void
and of no effect. The provisions of this Agreement shall be binding upon and
inure to the benefit of the Executive and his heirs and personal
representatives, and shall be binding upon and inure to the benefit of the
Company and its successors.

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         SECTION 14. HEADINGS. The headings in this Agreement are solely for
convenience of reference, and shall be given no effect in the construction or
interpretation of this Agreement.

         SECTION 15. GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the internal laws of the State of New York, without
reference to any otherwise applicable conflict of law provisions.

         SECTION 16. CONSTRUCTION AND INTERPRETATION. Should any provision of
this Agreement require judicial interpretation, the parties hereto agree that
the court interpreting or construing the same shall not apply a presumption that
the terms hereof shall be more strictly construed against one party by reason of
the rule of construction that a document is to be more strictly construed
against the party which itself, or through its agent, prepared the same, and it
is expressly agreed and acknowledged that the Executive, the Company and their
respective attorneys and representatives have participated in the preparation
hereof. No provision of this Agreement shall be interpreted in favor of, or
against, any party hereto by reason of the extent to which such party or its
counsel participated in the drafting hereof or by reason of the extent to which
any such provision is inconsistent with any prior draft hereof.

         SECTION 17. WAIVER OF TRIAL BY JURY. TO THE EXTENT PERMITTED BY
APPLICABLE LAW, EACH OF THE PARTIES TO THIS AGREEMENT HEREBY WAIVES ANY AND ALL
RIGHTS IT MAY HAVE TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS AGREEMENT OR ANY DEALING BETWEEN OR AMONG THEM RELATING TO
THE SUBJECT MATTER OF THIS AGREEMENT AND THE RELATIONSHIPS HEREIN ESTABLISHED.
THE SCOPE OF THIS WAIVER IS INTENDED TO ENCOMPASS ANY AND ALL DISPUTES THAT MAY
BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS AGREEMENT,
INCLUDING WITHOUT LIMITATION CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY
CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO
ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO THIS
AGREEMENT, AND THAT EACH PARTY WILL CONTINUE TO RELY ON THIS WAIVER IN THE
RELATED FUTURE DEALINGS BETWEEN THE PARTIES. EACH PARTY HERETO FURTHER
REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL
AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING
SUCH CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT
IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING. IN THE EVENT OF LITIGATION,
THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO THE TRIAL BY THE COURT.

         SECTION 18. AVAILABLE REMEDIES. The Executive acknowledges and agrees
that the Executive's employment hereunder was granted by the Company primarily
in reliance upon the covenants, agreements, duties, obligations and assurances
of the Executive contained herein, and in the event of a breach of any such
covenant, agreement, duty, obligation or assurance of the Executive, including a
voluntary cessation by Executive of his employment hereunder prior

                                      -12-
<PAGE>

to the Expiration Date, (i) the Company and its Subsidiaries, including their
respective businesses and properties, would suffer irreparable damage for which
money damages alone would not adequately compensate the Company, and (ii) the
Company shall be entitled, in addition to any other remedies and damages
available to it, to obtain injunctive relief in the form of a temporary
injunction, permanent injunction, restraining order or other comparable remedies
in order to prevent or cease the violation of such covenant, agreement, duty,
obligation or assurance.

         SECTION 19. COUNTERPARTS. This Agreement may be executed in
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

                                      -13-
<PAGE>

         IN WITNESS WHEREOF, each party hereto, intending to be legally bound,
has duly executed this Agreement as of the date first written above.

                                            INSIGNIA FINANCIAL GROUP, INC.

                                            By: /s/ Frank M. Garrison
                                            -----------------------------------
                                                Frank M. Garrison
                                                Office of the Chairman

                                            EXECUTIVE

                                            /s/ Jeffrey P. Cohen
                                            -----------------------------------
                                            Jeffrey P. Cohen

                                      -14-<PAGE>   1

                                                                   Exhibit 4.28

                                  May 19, 2000

Vision Twenty-One, Inc.
7360 Bryan Dairy Road, Suite 200
Largo, FL 33777

Attention: Bruce Maller, Chairman of the Board

Gentlemen:

         We refer to the Amended and Restated Credit Agreement dated as of
July 1, 1998, as amended, between you and us (the "Credit Agreement"). All
capitalized terms used herein without definition shall have the same meaning
herein as such terms are defined in the Credit Agreement.

         The Borrower has advised the Banks that the Borrower has entered into
an Agreement and Plan of Merger and Reorganization, dated as of February 10,
2000 (the "Merger Agreement"), among the Borrower, Opticare Health Systems,
Inc. (the "Parent"), and OC Acquisition Corp., a wholly-owned subsidiary of the
Parent ("Merger Sub"), pursuant to which the parties intend to merge Merger Sub
with and into the Borrower subject to the terms and conditions thereof which
include, among other things, restructuring the Obligations owing to the Banks
on terms and conditions mutually agreed upon by the Borrower and the Banks.
While the Borrower and the Banks have initiated discussions and due diligence
concerning the Merger and any proposed restructuring of the Obligations, the
Borrower acknowledges that the Banks have not consented to the Merger nor have
the Banks agreed to any terms and conditions relating to any restructuring of
the Obligations. In the meantime, however, the Borrower intends to continue to
sell the remaining physician practice management groups operated by the
Borrower and its Subsidiaries (collectively being referred to herein as the
"PPM Businesses") and use a portion of the proceeds from the sale of the PPM
Businesses to meet its reasonable and necessary operating expenses.

         To afford the Borrower an opportunity to proceed with the transactions
described above, the Borrower has requested that (i) the Banks extend the
temporary waiver period provided for in Sections 2.1 and 2.2 of that certain
Seventh Amendment and Waiver to Credit Agreement dated as of December 10, 1999,
among the Borrower, the Banks, and the Agent (the "Seventh Amendment") (as
further amended, in part, by a December 30, 1999, letter agreement, a February
29, 2000, letter agreement, a March 24, 2000, letter agreement, and an April
14, 2000, letter agreement, and a May 5, 2000, letter agreement, in each case
between the Borrower, the Banks and the Agent) and, in addition, that the Banks
temporarily waive any non-compliance by the Borrower as of December 31, 1999,
and as of March 31, 2000, with Sections 8.8 (Total

<PAGE>   2

Vision Twenty-One, Inc.
May 19, 2000
Page 2

Funded Debt/Adjusted EBITDA Ratio), 8.10 (Interest Coverage Ratio), and 8.11
(Debt Service Coverage Ratio) of the Credit Agreement and the Borrower's
non-compliance with Section 8.5(b) of the Credit Agreement with respect to the
timely delivery of the Borrower's March 31, 2000, financial statements, in each
case to the earlier of June 2, 2000, or the termination of the Merger Agreement
pursuant to its terms (the earlier of such dates being referred to herein as
the "Waiver Termination Date"), (ii) Bank of Montreal extend the Bridge Loan
Period from May 19, 2000, to the Waiver Termination Date, and (iii) postpone
the due date for the payment of principal, interest and unused commitment fees
otherwise due on or before May 19, 2000, to the Waiver Termination Date. By
signing below, the Banks (including Bank of Montreal with respect to the Bridge
Loan Commitment) hereby agree to extend the waiver period provided in Sections
2.1 and 2.2 of the Seventh Amendment from May 19, 2000, to the Waiver
Termination Date, temporarily waive any non-compliance by the Borrower as of
December 31, 1999, and March 31, 2000, with Sections 8.8 (Total Funded
Debt/Adjusted EBITDA Ratio), 8.10 (Interest Coverage Ratio), and 8.11 (Debt
Service Coverage Ratio) of the Credit Agreement and the Borrower's
non-compliance with Section 8.5(b) of the Credit Agreement with respect to the
timely delivery of the Borrower's March 31, 2000, financial statements through
the period ending on the Waiver Termination Date, agree to extend the Bridge
Loan Period to the Waiver Termination Date, and agree to postpone the due date
for the payment of principal, interest, and unused commitment fees otherwise
due on or before May 19, 2000, to the Waiver Termination Date, provided that:

                  (a) the Borrower agrees to promptly provide to the Banks
         copies of any instruments and documents entered into or proposed to be
         entered into in connection with the Merger (including, without
         limitation, any executed shareholder lock-up agreements) and to
         promptly advise the Banks of any termination, amendment, or waiver of
         the Merger Agreement or of any material breach thereof by any party
         thereto, in each case subject to its directors' fiduciary duties;

                  (b) until the Obligations are paid in full, the Borrower
         shall provide to the Banks a weekly Budget pursuant to Section 1.14(f)
         of the Credit Agreement and such Budget shall be subject to the
         Approved Budget and reconciliation procedures set forth therein,
         regardless of whether or not then being accompanied by a request for a
         Borrowing of Bridge Loans;

                  (c) at all times on and after the date hereof (i) all
         proceeds from the sale of any assets of the Borrower and its
         Subsidiaries (including, without limitation, proceeds from the sale of
         the PPM Businesses or any part thereof), and (ii) cash receipts
         arising from the operation of the business of the Borrower and its
         Subsidiaries not applied pursuant to an Approved Budget, shall in each
         case be remitted promptly upon receipt to the Agent; and

<PAGE>   3

Vision Twenty-One, Inc.
May 19, 2000
Page 3

                  (d) except to the extent applied to payments pursuant to an
         Approved Budget or applied to the Obligations owing to the Banks,
         proceeds received pursuant to clause (c) above shall be held by the
         Agent as collateral for the remaining Obligations owing to the Banks
         (the Agent hereby being granted a Lien on and right of set-off for the
         benefit of the Banks against all such amounts so held).

The Borrower hereby acknowledges and agrees to the foregoing conditions. The
Borrower also hereby acknowledges and agrees that (i) the consummation of the
Merger and of any restructuring of the terms and conditions relating to the
Obligations shall in each case be subject to the Banks' consent, which may be
given or withheld in their discretion and (ii) any sale of the Borrower's or
its Subsidiaries' assets or businesses shall be subject to the prior written
consent of the Banks, and all proceeds from any such sale represent proceeds of
the Banks' Collateral, to be held by the Agent or applied to the Obligations
pursuant to the terms of the Credit Agreement as modified hereby.

         Except as specifically modified hereby, all of the terms and
conditions of the Credit Agreement and the other Loan Documents shall stand and
remain unchanged and in full force and effect. This waiver shall become
effective upon the execution and delivery hereof by each of the Banks and the
Borrower as set forth below. This waiver may be executed in counterparts and by
different parties on separate counterpart signature pages, each of which shall
be an original and all of which taken together shall constitute one and the
same instrument. This waiver shall be governed by, and construed in accordance
with, the laws of the State of Illinois.

                          [SIGNATURE PAGES TO FOLLOW]

<PAGE>   4

Vision Twenty-One, Inc.
May 19, 2000
Page 4

         This waiver letter is entered into by and among the parties hereto as
of the date first above written.

BANK OF MONTREAL, in its individual       BANK ONE TEXAS, N.A.
capacity as a Bank and as Agent

By: /s/ Jack J. Kane                      By: /s/ Ronnie Kaplan
----------------------------------        -------------------------------------
Name:  Jack J. Kane                       Name:   Ronnie Kaplan
Title: Director                           Title:  Vice President

PACIFICA PARTNERS I, L.P.                 PILGRIM PRIME RATE TRUST

By: Imperial Credit Asset Management,     By: Pilgrim Investments, Inc.,
    as its Investment Manager                 as its Investment Manager

By: /s/ Dean K. Kawai                     By: /s/ Charles E. LeMieux
----------------------------------        -------------------------------------
Name:   Dean K. Kawai                     Name:   Charles E. LeMieux, CFA
Title:  Vice President                    Title:  Assistant Vice President

PILGRIM AMERICA HIGH INCOME               MERRILL LYNCH BUSINESS FINANCIAL
INVESTMENTS LTD.                          SERVICES, INC.

By: Pilgrim Investments, Inc.,
    as its Investment Manager             By: /s/ Gary L. Stewart
                                          -------------------------------------
                                          Name:   Gary L. Stewart
                                          Title:  Vice President

By: /s/ Charles E. LeMieux
----------------------------------
Name:   Charles E. LeMieux, CFA
Title:  Assistant Vice President

         Acknowledged and agreed to as of the date first above written.

                                          VISION TWENTY-ONE, INC.

                                          By: /s/ Bruce Maller
                                          -------------------------------------
                                          Name:   Bruce Maller
                                          Title:  Chairman

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