Document:

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                                                                  Exhibit 10(z)

                              EMPLOYMENT AGREEMENT

         This EMPLOYMENT AGREEMENT ("AGREEMENT") is made as of November 30,
2000, between Avatar Holdings Inc., a Delaware corporation (the "COMPANY") and
Gerald D. Kelfer (the "EMPLOYEE").

                              W I T N E S S E T H

         WHEREAS, the Employee is currently employed as President and Chief
Executive Officer of the Company pursuant to the employment agreement dated
February 13, 1997 between the Company and the Employee (the "ORIGINAL
AGREEMENT"); and

         WHEREAS, the Company and the Employee wish to terminate the Original
Agreement and enter into the Agreement all upon the terms hereinafter set
forth;

         NOW, THEREFORE, in consideration of the mutual covenants and
agreements hereinafter set forth, the parties hereto agree as follows:

         1. EMPLOYMENT. The Company agrees to employ Employee and Employee
agrees to be employed by the Company commencing on the date hereof (the
"COMMENCEMENT DATE") and ending on December 31, 2005 (unless sooner terminated
as hereinafter provided), on the terms and subject to the conditions set forth
in this Agreement.

         2. DUTIES. (a) Employee shall continue to be nominated as a director
of the Company and, subject to Employee's election thereto by the Board of
Directors or the stockholders of the Company, Employee shall be employed as the
President and Chief Executive Officer of the Company. In such capacities,
Employee shall serve as the senior executive officer of the Company and shall
have the duties and responsibilities prescribed for such positions by the
By-Laws of the Company, and shall have such other duties and responsibilities
as may from time to time be prescribed by the Board of Directors of the Company
or the Executive Committee of the Board of Directors, provided that such duties
and responsibilities are consistent with Employee's position as the senior
executive officer. In the event that during the term of Employee's employment
hereunder Employee's duties and responsibilities are expanded or Employee's
title is changed (without reduction in status), then in either or both events
the rights and obligations under this Agreement shall not be affected. In the
performance of Employee's duties, Employee shall be subject to the supervision
and direction of the Board of Directors of the Company and the Executive
Committee of the Board of Directors.

         (b) Subject to the term of Employee's employment hereunder, Employee
shall devote Employee's full working time and effort to the proper performance
of Employee's duties and responsibilities as President and Chief Executive
Officer. Employee hereby represents and warrants to the Company that Employee
has no obligations under any existing employment or service agreement other

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than the Original Agreement and that Employee's performance of the services
required of Employee hereunder will not conflict with any other existing
obligations or commitments. Nothing in this Agreement shall preclude Employee
from engaging, consistent with Employee's duties and responsibilities
hereunder, in charitable and community affairs.

         (c) Employee shall perform the services contemplated hereunder at the
principal executive office of the Company and at such other locations as may be
reasonably necessary to the performance of such services.

         3. COMPENSATION.

         (a) BASE SALARY. During the term of Employee's employment hereunder,
the Company shall pay Employee, and Employee shall accept from the Company for
Employee's services, a salary at the rate of $500,000 per year ("BASE SALARY").
Such Base Salary shall be payable in accordance with the Company's policy with
respect to the compensation of executives. Notwithstanding anything contained
in this Agreement or any other agreement between Employee and the Company, for
calendar year 2000 Employee's Base Salary shall not exceed $500,000.

         (b) ANNUAL BONUS. During the term of Employee's employment hereunder,
the Company shall pay Employee, and Employee shall accept from the Company for
Employee's services, in addition to Employee's Base Salary, a calendar year
annual cash bonus of $500,000 ("ANNUAL BONUS"). Such Annual Bonus shall be
payable in accordance with the Company's policy with respect to the
compensation of executives, but no later than 30 days after the end of each
calendar year in respect of which the bonus is earned. Notwithstanding the
foregoing, the Annual Bonus in respect of calendar year 2000 shall be $439,726.

         (c) DEFERRED COMPENSATION. Employee shall have the right to defer
receipt of some or all of the compensation which Employee is entitled to
receive hereunder by written notice to the Company, which notice shall set
forth the date to which Employee wishes to defer receipt of such compensation.
If Employee elects to defer receipt of all or any portion of the Base Salary
and/or Annual Bonus ("DEFERRED COMPENSATION"), the amount due Employee shall be
adjusted periodically to reflect any interest that would be realized with
respect to the Deferred Compensation had it been invested at the rate of
interest announced publicly by Citibank, N.A. in New York, New York, from time
to time, as Citibank's base rate. No specific assets of the Company shall be
allocated or segregated with respect to the Deferred Compensation and the
foregoing shall not be construed to create a trust of any kind or a fiduciary
relationship between the Company and Employee, the executor or administrator of
Employee's estate or any other person. Employee's right, or the right of
Employee's estate, to receive the Deferred Compensation, as adjusted in
accordance with this paragraph 3(c), shall be no greater than the right of an
unsecured general creditor of the Company.

         (d) EXPENSES. During Employee's employment, Employee will be entitled
to receive prompt reimbursement for all reasonable expenses incurred by
Employee in performing Employee's services hereunder, provided that Employee
properly accounts therefor in accordance with Company policy.

         4. CASH COMPENSATION CAP. Notwithstanding anything contained above or
in any other agreement between Employee and the Company, the "cash

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compensation" paid to Employee from January 1, 2001 through and including
December 31, 2005 may not exceed ten million dollars ($10,000,000). "CASH
COMPENSATION" shall mean the cumulative sum of all cash payments made to the
Employee in respect of salary, bonus and any other incentive awards (including,
but not limited to the cash bonus award granted pursuant to the Avatar Holdings
Inc. Executive Incentive Compensation Plan (the "EXECUTIVE INCENTIVE PLAN") and
any amount paid pursuant to paragraph 9(f) below). It is understood that "cash
compensation" shall not include any securities of the Company granted to
Employee (e.g., stock options and restricted stock units granted pursuant to
the Company's Incentive and Capital Accumulation Plan). For purposes of this
paragraph 4, amounts paid pursuant to paragraph 9(f) below shall be deemed to
have been made on December 31, 2005.

         5. VACATIONS. During Employee's employment, Employee shall be entitled
to four weeks paid vacation per year plus any additional time, if any, as the
Board of Directors or a committee of the Board of Directors may determine, in
its sole discretion, to be taken at times consistent with the proper
performance of Employee's duties on behalf of the Company. Employee shall also
be entitled to all paid holidays given by the Company to its senior executives.

         6. PARTICIPATION IN BENEFIT PLANS. Employee shall be entitled to
participate in and to receive benefits under all the Company's employee benefit
plans and arrangements (other than plans relating to stock options, restricted
stock, stock appreciation rights, "phantom stock" or similar plans) in effect
on the date hereof, and Employee shall also be entitled to participate in or
receive benefits under any pension or retirement plan, savings plan, or
health-and-accident plan made available by the Company in the future to its
senior executives and other key management employees, subject to and on a basis
consistent with the terms, conditions and overall administration of such plans
and arrangements and provided that Employee meets the eligibility requirements
thereof.

         7. OTHER OFFICES. Employee further agrees to serve without additional
compensation, if elected or appointed thereto, as an officer or director of any
of the Company's subsidiaries or affiliates or as any other officer of the
Company.

         8. TERMINATION.

         (a) DEATH. Employee's employment hereunder shall terminate upon
Employee's death.

         (b) DISABILITY. In the event of Employee's permanent disability (as
hereinafter defined) during the term of Employee's employment hereunder, the
Company shall have the right, upon written notice to Employee, to terminate
Employee's employment hereunder, effective upon the giving of such notice. For
the purposes hereof, "PERMANENT DISABILITY" shall be defined as any physical or
mental disability or incapacity which renders Employee incapable of fully
performing the services required of Employee in accordance with Employee's
obligations hereunder for a period of 120 consecutive days or for shorter
periods aggregating 120 days during any period of twelve (12) consecutive
months.

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         (c) CAUSE. The Company may terminate Employee's employment hereunder
for "Cause". For the purposes hereof, termination for "CAUSE" shall mean
termination after:

                  (i) Employee's commission of a material act of fraud against
         the Company or its affiliates;

                  (ii) Employee's conviction of (or pleading by Employee of
         NOLO CONTENDERE to) any crime which constitutes a felony in the
         jurisdiction involved; or

                  (iii) the willful, repeated and demonstrable failure by
         Employee substantially to perform Employee's duties over a period of
         not less than 30 days, other than any such failure resulting from
         Employee's incapacity due to physical or mental illness, or material
         breach of any of Employee's obligations under this Agreement, and
         Employee's failure to cure such failure or breach within 30 days after
         receipt of written notice from the Chairman of the Board of Directors
         of the Company.

         (d) TERMINATION BY EMPLOYEE FOR GOOD REASON. Employee may terminate
Employee's employment hereunder for Good Reason. For purposes of this
Agreement, "GOOD REASON" shall mean (A) the failure of the Board of Directors
to continue to recommend or elect, or the stockholders of the Company to
continue to elect, Employee as a director of the Company throughout the term of
Employee's employment hereunder, or the failure of the Board of Directors to
elect Employee or continue to elect Employee to the Executive Committee of the
Board, PROVIDED that if Employee is not so continued, the Company shall be
entitled to cure such failure within thirty (30) days after Employee ceases to
serve as a director or a member of the Executive Committee, as the case may be,
(B) any assignment to Employee of any material duties other than those
contemplated by, or any limitation of Employee's powers or in any respect not
contemplated by, paragraph 2 hereof, PROVIDED that Employee first deliver
written notice thereof to the Chairman of the Board of Directors of the Company
and the Company shall have failed to cure such non-permitted assignment or
limitation within thirty (30) days after receipt of such written notice, (C) a
reduction in Employee's rate of compensation, or a material reduction in
Employee's fringe benefits or any other material failure by the Company to
perform any of its material obligations hereunder, PROVIDED that Employee first
deliver written notice thereof to the Chairman of the Board of the Company and
the Company shall not have cured such reduction or failure within thirty (30)
days after receipt of such written notice, or (D) the Company relocates its
principal place of business to a place whose distance is further than a (i)
75-mile radius from Coral Gables, Florida or (ii) 75-mile radius from New York,
New York.

         (e) TERMINATION BY EMPLOYEE FOLLOWING A CHANGE IN CONTROL. Employee
may terminate Employee's employment hereunder, within twelve (12) months
following a Change in Control. For purposes of this Agreement, a "CHANGE OF
CONTROL" shall mean any of the following events:

                  (1) a person or entity or group of persons or entities,
         acting in concert, become the direct or indirect beneficial owner
         (within the meaning of Rule 13d-3 of the Securities Exchange Act of
         1934, as amended) of securities of the Company representing ninety

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         percent (90%) or more of the combined voting power of the issued and
         outstanding Common Stock (a "SIGNIFICANT OWNER"); or

                  (2) the Board approves any merger, consolidation or like
         business combination or reorganization of Avatar, the consummation of
         which would result in the occurrence of the event described in clause
         (A) above, and such transaction shall have been consummated.

         (f) Any termination by the Company pursuant to paragraphs (b) or (c)
above or by Employee pursuant to paragraph (d) or (e) above shall be
communicated by written Notice of Termination to the other party hereto. For
the purposes hereof, a "NOTICE OF TERMINATION" shall mean a notice which shall
indicate the specific termination provision in this Agreement relied upon and
shall set forth in reasonable detail the facts and circumstances claimed to
provide a basis for termination of Employee's employment under the provision so
indicated.

         (g) "DATE OF TERMINATION" shall mean (i) if Employee's employment is
terminated by Employee's death, the date of Employee's death, (ii) if
Employee's employment is terminated for any other reason, the date on which a
Notice of Termination is given.

         9. COMPENSATION UPON TERMINATION OR DURING DISABILITY.

         (a) If Employee's employment shall be terminated by reason of
Employee's death, the Company shall pay, to such person as Employee shall
designate in a notice filed with the Company, or, if no such person shall be
designated, to Employee's estate as a lump sum death benefit, an amount equal
to any accrued but unpaid Base Salary and a prorated Annual Bonus at the time
of Employee's death. This amount shall be exclusive of and in addition to any
payments Employee's widow, beneficiaries or estate may be entitled to receive
pursuant to any pension or employee benefit plan maintained by the Company.
Employee's designated beneficiary or the executor of Employee's estate, as the
case may be, shall accept the payment provided for in this paragraph 9 in full
discharge and release of the Company of and from any further obligations under
this Agreement, subject to payments, if any, provided for in paragraph 9(f)
below.

         (b) During any period that Employee fails to perform Employee's duties
hereunder as a result of incapacity due to physical or mental illness, Employee
shall continue to receive Employee's full Base Salary and a prorated Annual
Bonus until, if applicable, Employee's employment is terminated pursuant to
paragraph 8(b) hereof. If Employee's employment is terminated by the Company
pursuant to paragraph 8(b), the Company shall be discharged and released of and
from any further obligations under this Agreement, subject to payments, if any,
provided for in paragraph 9(f) below. During any such period and thereafter
Employee shall continue to bear the obligations provided for in paragraph 10
below in accordance with the terms of such paragraph 10.

         (c) If Employee's employment shall be terminated for Cause or Employee
shall terminate Employee's employment other than for Good Reason, the Company
shall pay Employee Employee's full Base Salary and a prorated Annual Bonus
through the Date of Termination or the date on which Employee terminates

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Employee's employment at the rate in effect at the time Notice of Termination
is given or the date on which Employee terminates Employee's employment. The
Company shall be discharged and released of and from any further obligations
under this Agreement. Thereafter, Employee shall continue to have the
obligations provided for in paragraphs 9 and 10 below. Nothing contained herein
shall be deemed to be a waiver by the Company of any rights that it may have
against Employee in respect of Employee's actions which gave rise to the
termination of Employee's employment for Cause.

         (d) If the Company shall terminate Employee's employment other than
pursuant to paragraphs 8(b) or 8(c) hereof or if Employee shall terminate
Employee's employment for Good Reason, then

                  (i) The Company shall continue to pay Employee Employee's
         full Base Salary in accordance with normal payroll practices and
         without interest through December 31, 2005 at the rate in effect at
         the time Notice of Termination is given in accordance with paragraph
         8(f) hereof;

                  (ii) The Company shall continue to pay Employee Employee's
         Annual Bonus in accordance with normal payroll practices and without
         interest through December 31, 2005;

                  (iii) The Company shall pay Employee the severance payment in
         paragraph 9(f) below; and

                  (iv) The Company shall maintain in full force and effect, for
         Employee's continued benefit for the full term of this Agreement, all
         employee benefit plans and programs in which Employee was entitled to
         participate immediately prior to the Date of Termination provided that
         Employee's continued participation is possible under the general terms
         and provisions of such plans and programs. In the event that
         Employee's participation in any such plan or program is barred,
         Employee shall be entitled to receive an amount equal to the annual
         contributions, payments, credits or allocations made by the Company to
         Employee, to Employee's account or on Employee's behalf under such
         plans and programs from which Employee's continued participation is
         barred.

         (e) If Employee shall terminate Employee's employment hereunder
pursuant to paragraph 8(e) hereof, then Employee shall continue to receive
Employee's Base Salary and Annual Bonus for a period of the lesser of (i) one
year from the Date of Termination or (ii) the remainder of the employment term.

         (f) SEVERANCE PAYMENT. If the Employee's employment terminates on
December 31, 2005 pursuant to Section 1 of this Agreement, the Employee
terminates his employment for Good Reason or Employee is terminated by the
Company without Cause, the Company shall pay or provide to the Employee
beginning in the calendar year following the Date of Termination an annual
payment of $200,000 for four (4) years, payable within thirty (30) days
following the beginning of each such calendar year. If Employee's employment
with the Company is terminated by Employee's death or Permanent Disability
prior to December 31, 2005 or Employee terminates his employment pursuant to

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paragraph 8(e) hereof, the Employee (or the executor or administrator of the
deceased Employee's estate or the person or persons to whom the deceased
Employee's rights shall pass by will or the laws of descent or distribution, as
applicable) shall be entitled to receive, beginning in the calendar year
following the Date of Termination, an annual payment for four (4) years,
payable within thirty (30) days following the beginning of each such calendar
year, equal to the product of (x) a fraction the numerator of which is the
number of completed whole months elapsed from the Commencement Date to the date
of death, Permanent Disability or termination of employment, as the case may be
(whichever is sooner), and the denominator of which is the number of whole
months from the date hereof until December 31, 2005 and (y) $200,000.

         (g) If the Company shall terminate Employee's employment hereunder
other than pursuant to paragraphs 8(b) or 8(c) hereof, or if Employee shall
terminate Employee's employment pursuant to paragraph 8(d) hereof, Employee
agrees, during the entire period of time that Employee is entitled to receive
any benefits pursuant to paragraph 9(d) above, to make known Employee's
availability for employment involving services of a nature substantially
similar and of a comparable stature to those performed by Employee on behalf of
the Company in a manner customary for executives holding positions
substantially similar and of a comparable stature to Employee's position with
the Company. Employee agrees to keep the Chairman of the Board of the Company
(or his designee) apprised of Employee's employment status during such period
and, if requested, Employee will provide appropriate supporting documentation
with respect to the salary, bonuses or other compensation earned by and
benefits made available to Employee in respect of such employment. In the event
Employee secures employment as described in this paragraph (e), the Company
shall be entitled to (i) deduct from the amounts payable to Employee pursuant
to paragraphs 9(d)(i) and 9(d)(ii) above (excluding any accrued but unpaid
Annual Bonus through the date of termination) any salary, bonuses or other
compensation paid to Employee in connection with such employment and (ii)
terminate Employee's participation in (and shall not be required to pay
Employee any sums in respect of) any employee benefit plans and programs
described in paragraph 9(d)(iii) that are substantially similar to any employee
benefit plans and programs in which Employee participates in connection with
such new or existing employment. Employee agrees promptly to repay to the
Company any amounts paid to Employee by the Company pursuant to paragraphs
9(d)(i) and 9(d)(ii) which the Company was entitled to deduct from such amounts
pursuant to this paragraph (e).

         10. NON-COMPETITION AND PROTECTION OF CONFIDENTIAL INFORMATION.

         (a) RESTRICTIVE COVENANTS. Employee agrees, as a condition to the
performance by the Company of its obligations hereunder, particularly its
obligations under paragraph 3 hereof, that during the term of Employee's
employment hereunder and during the further period of one (1) year after the
termination of such employment, Employee shall not, without the prior written
approval of the Board of Directors of the Company, directly or indirectly
through any other person, firm or corporation:

                  (i) Engage, participate, own or make any financial
         investments in, or become employed by or render (whether or not for
         compensation) any consulting, advisory or other services to or for the
         benefit of, any person, firm or corporation, that directly or

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         indirectly, engages primarily in, the development of adult retirement
         communities and/or active adult communities; PROVIDED, HOWEVER, that
         it shall not be a violation of this Agreement for the Employee (i) to
         have beneficial ownership of less than 1% of the outstanding amount of
         any class of securities of any enterprise (but without otherwise
         participating in the activities of such enterprise) if such securities
         are listed on a national securities exchange or quoted on an
         inter-dealer quotation system or (ii) to have beneficial ownership of
         less than 20% of the outstanding amount of any class of securities of
         any enterprise (but without otherwise participating in the activities
         or otherwise having influence or control of such enterprise) if such
         securities are not registered under Section 12 of the Securities
         Exchange Act of 1934, as amended;

                  (ii) Solicit, raid, entice or induce any person, firm or
         corporation that presently is or at any time during the term of
         Employee's employment hereunder a customer of the Company, or any of
         its subsidiary companies, to become a customer of any other person,
         firm or corporation, and Employee shall not approach any such person,
         firm or corporation for such purpose or authorize or knowingly approve
         the taking of such actions by any other person; or

                  (iii) Solicit, raid, entice or induce any person that
         presently is or at any time during the term of Employee's employment
         hereunder an employee of the Company, or any of its subsidiary
         companies, to become employed by any person, firm or corporation, and
         Employee shall not approach any such employee for such purpose or
         authorize or knowingly approve the taking of such actions by any other
         person.

         (b) CONFIDENTIAL INFORMATION. Recognizing that the knowledge,
information and relationship with customers, suppliers, and agents, and the
knowledge of the Company's and its subsidiary companies' business methods,
systems, plans and policies which Employee shall hereafter establish, receive
or obtain as an employee of the Company or its subsidiary companies, are
valuable and unique assets of the respective businesses of the Company and its
subsidiary companies, Employee agrees that, during and after the term of
Employee's employment hereunder, Employee shall not (otherwise than pursuant to
Employee's duties hereunder) disclose, without the prior written approval of
the Board of Directors of the Company, any such knowledge or information
pertaining to the Company or any of its subsidiary companies, their business,
personnel or policies, to any person, firm, corporation or other entity, for
any reason or purpose whatsoever. The provisions of this paragraph 10 shall not
apply to information which is or shall become generally known to the public or
the trade (except by reason of Employee's breach of Employee's obligations
hereunder), information which is or shall become available in trade or other
publications, information known to Employee prior to entering the employ of the
Company, and information which Employee is required to disclose by order of a
court of competent jurisdiction (provided that prior to Employee's disclosure
of any such information Employee shall provide the Company with reasonable
notice and a reasonable opportunity to seek a protective order to prevent such
disclosure).

         (c) GEOGRAPHIC SCOPE. The provisions of this Section 10 (other than
Sections 10(a)(iii) and (b), which shall be in full force and effect without
regard to the geographic limitations set forth in this Section 10(d)) shall be

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in full force and effect within a 100-mile radius of a site for which the
Company or any Avatar Entity has commenced development or has a binding
commitment therefor. The Employee and the Company expressly agree that the
prohibitions set forth in Sections 10(a)(i) and (ii) shall be in full force and
effect with respect to any services or business activity which competes in the
above mentioned geographic area with the business operations or activities of
the Company, its subsidiaries and/or affiliates (each of the foregoing entities
being referred to herein, collectively and individually, as the "AVATAR
ENTITIES"), regardless of the geographic location of the Employee in rendering
such services or engaging in such business activity.

         (d) SURVIVAL. The provisions of this paragraph 10 shall survive the
termination of Employee's employment hereunder, irrespective of the reason
therefor.

         (e) REMEDIES. The Employee acknowledges that his services are of a
special, unique and extraordinary character and, his position with the Avatar
Entities places him in a substantial relationship and a position of confidence
and trust with specific prospective or existing customers, suppliers and
employees of the Avatar Entities, and that in connection with his services to
the Company, the Employee will have access to confidential business or
professional information vital to the Avatar Entities' businesses. The Employee
further acknowledges that in view of the nature of the business in which the
Avatar Entities are engaged, the foregoing restrictive covenants in this
Section 10 hereof are reasonable and necessary in order to protect the
legitimate business 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 10 hereof the Avatar Entities
would sustain irreparable harm and, therefore, the Avatar Entities shall be
entitled to obtain from any court of competent jurisdiction, temporary,
preliminary and/or permanent injunctive relief as well as damages, attorneys
fees and costs, 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 the Avatar
Entities may be entitled.

         11. DEDUCTIONS AND WITHHOLDINGS. The Company shall be entitled to
withhold any amounts payable under this Agreement on account of payroll taxes
and similar matters as are required by applicable law, rule or regulation of
appropriate governmental authorities.

         12. SUCCESSORS; BINDING AGREEMENT.

         (a) The Company will require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company, by agreement in
form and substance reasonably satisfactory to Employee, to expressly assume and
agree to perform this Agreement in the same manner and to the same extent that
the Company would be required to perform it if no such succession had taken
place. Failure of the Company to obtain such agreement prior to the
effectiveness of any such succession shall be a breach of this Agreement and

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shall entitle Employee to compensation from the Company in the same amount and
on the same terms as Employee would be entitled to hereunder if Employee
terminated Employee's employment for Good Reason, except that for purposes of
implementing the foregoing, the date on which any such succession becomes
effective shall be deemed the Date of Termination. As used in this Agreement,
"COMPANY" shall include any successor to the Company's business and/or assets
as aforesaid which executes and delivers the agreement provided for in this
paragraph 12 or which otherwise becomes bound by all the terms and provisions
of this Agreement by operation of law. Except as set forth above, the Company
may not assign this Agreement or any of its rights or obligations hereunder,
without Employee's prior written consent.

         (b) This Agreement and all Employee's rights hereunder shall inure to
the benefit of and be enforceable by Employee's personal or legal
representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees. If Employee should die while any amounts would still be
payable to Employee hereunder if Employee had continued to live, all such
amounts, unless otherwise provided herein, shall be paid in accordance with the
terms of this Agreement to Employee's devisee, legatee, or other designee or,
if there be no such designee, to Employee's estate. Employee's obligations
hereunder may not be delegated and except as otherwise provided herein relating
to the designation of a devisee, legatee or other designee, Employee may not
assign, transfer, pledge, encumber, hypothecate or otherwise dispose of this
Agreement or any of Employee's rights hereunder, and any such attempted
delegation or disposition shall be null and void and without effect.

         (c) This Agreement has been duly authorized by the Company, and
constitutes the legal, valid and binding obligation of the Company, enforceable
against it in accordance with its terms. Employee agrees that this Agreement
constitutes Employee's legal, valid and binding obligation and is enforceable
against Employee in accordance with its terms.

         13. NOTICE. For the purposes of this Agreement, notices and all other
communications provided for shall be in writing and shall be deemed to have
been duly given when delivered or mailed by United States registered or
certified mail, return receipt requested, postage prepaid, addressed as
follows:

                  If to Employee:

                           Mr. Gerald D. Kelfer
                           7426 S.W. 49th Place
                           Miami, Florida 33143

                  If to the Company:

                           Avatar Holdings Inc.
                           201 Alhambra Circle, 12th Floor
                           Coral Gables, Florida  33134
                           Attention:  Chairman of the Board

or to such other address as any party may have furnished to the other in
writing in accordance herewith, except that notices of change of address shall
be effective only upon receipt.

         14. MISCELLANEOUS. No provisions of this Agreement may be modified,
waived or discharged unless such waiver, modification or discharge is agreed to
in writing signed by Employee and by the Company. No waiver by either party

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hereto at any time of any breach by the other party hereto of, or compliance
with, any condition or provision of this Agreement to be performed by such
other party shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time.

         15. OTHER AGREEMENTS BETWEEN EMPLOYEE AND THE COMPANY. Employee and
the Company hereby acknowledge that upon execution of this Agreement, the
Original Agreement shall be terminated and the provisions thereof shall be
given no force or effect. This Agreement constitutes the complete understanding
between the parties with respect to Employee's employment and no agreements or
representations, oral or otherwise, express or implied, with respect to the
subject matter hereof have been made by either party which are not set forth
expressly in this Agreement. The validity, interpretation, construction and
performance of this Agreement shall be governed by the laws of the State of
Florida.

         16. VALIDITY; STOCKHOLDER APPROVAL OF EXECUTIVE INCENTIVE PLAN AND
CAPITAL ACCUMULATION PLAN AMENDMENT.

         (a) The invalidity or unenforceability of any provision or provisions
of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect.

         (b) The Company hereby undertakes to submit the Executive Incentive
Plan and an amendment to the Company's Incentive and Capital Accumulation Plan
(the "CAPITAL ACCUMULATION PLAN AMENDMENT") for approval by stockholders at the
Company's next annual meeting or at a special meeting on or before December 31,
2001. Employee agrees that the failure of the Company's stockholders to approve
the Executive Incentive Plan and the Capital Accumulation Plan Amendment (and
any adverse financial consequences to Employee resulting therefrom) shall not
constitute a "Good Reason" as defined in paragraph 8(d) hereof.

         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
together will constitute one and the same instrument.

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

                                                     AVATAR HOLDINGS INC.

                                                     By: /s/ LEON LEVY
                                                       ------------------------
                                                       Leon Levy
                                                       Chairman of the Board

                                                      /s/ GERALD D. KELFER
                                                       ------------------------
                                                       Gerald D. Kelfer

                                      11<PAGE>   1
                                                                Exhibit 10 (aa)

                           CASH BONUS AWARD AGREEMENT

         THIS CASH BONUS AWARD AGREEMENT, dated October 20, 2000 (the
"Agreement"), is made between Avatar Holdings Inc., a Delaware corporation (the
"Company") and Gerald D. Kelfer (the "Participant").

1. AWARD. Pursuant to the provisions of the Avatar Holdings Inc. Executive
Incentive Compensation Plan, as the same may be amended, modified and
supplemented from time to time (the "Plan"), the Committee (as defined in the
Plan) 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 and other provisions herein set forth, an opportunity to receive the
performance based compensation described herein (the "Award") if, as of a
Performance Goal Test Date (as defined below), the Performance Goal (as defined
below) is satisfied. For all purposes of this Agreement, the "Performance Goal"
hereunder shall have been satisfied as of a Performance Goal Test Date, if and
only if Cash Flow (as defined below) on such date shall exceed the Hurdle Level
(as defined below) on such date.

2.       CERTAIN DEFINITIONS.

         (a) Capitalized terms used but not defined herein shall have the
meanings assigned to them in the Plan.

         (b) Each reference contained in this Agreement to:

                  "10% Return Measurement Amount" shall mean, as at the end of
         any month, the excess, if any of (A) the sum of (x) the Property
         Amount and (y) the sum of the Monthly 10% Returns Included In Hurdle
         Level for all months during the period from and including the First
         Day of the Performance Period and through and including the end of
         such month over (B) Adjusted Cash Flow at the end of such month.

                  "Adjusted Cash Flow" shall mean, as at any date of
         determination, Cash Flow at such date, but without giving any effect
         to either of the provisos contained in the definition of "Cash Flow"
         herein.

                  "Bonus Measurement Amount" shall mean, as at any date of
         determination, the excess, if any, of Cash Flow at such date over the
         Property Amount.

                  "Bonus Percentage" shall mean eight (8) percent.

                  "Cash Flow" shall mean, as at any date of determination, an
         amount equal to (i) total cumulative cash receipts less total
         cumulative cash disbursements, in each case, by or on behalf of the

<PAGE>   2

         Company or any of its subsidiaries, with respect to the Project,
         during the period from and including the First Day of the Performance
         Period through and including such date of determination (it being
         understood that: such cash receipts shall include funds received from
         a sale of the Project or any part thereof; such cash receipts shall
         not include any interest received on any funds attributable to the
         Project (other than on a purchaser's promissory note received as sale
         proceeds); such cash disbursements for any month shall include the
         Inflation Adjustment in respect of such month; such cash disbursements
         shall not include the Property Amount; and such cash disbursements
         shall not include amounts paid in respect of deficit funding of the
         home owners' association at the Project), MINUS (ii) reserves with
         respect to the Project as the Committee deems appropriate, including,
         without limitation, reserves for costs, expenses, and contingencies,
         MINUS (iii) the product of (A) the amount of monies funded by the
         Company or any of its subsidiaries (in lieu of from third-party
         lenders) with respect to the Project and (B) the greater of (x) 10%
         per annum compounded monthly and (y) the Company's "cost of capital"
         for funds at the relevant times; PROVIDED, HOWEVER, that "cash
         receipts" and "cash disbursements" shall not include any principal
         amounts borrowed from, or repaid to, third party lenders, or advanced
         from, or repaid to, the Company or any of its subsidiaries; PROVIDED
         FURTHER, HOWEVER, that cash disbursements shall not include In-Process
         Hard Construction Costs (until such time as the sale of the unit to
         which any such cost relates has closed).

                  "First Day of the Performance Period" shall mean November 1,
         2000.

                  "In-Process Hard Construction Costs" shall mean the materials
         costs, labor costs, architectural costs and other similar direct costs
         related to units in the Project the sales of which have not closed (it
         being understood that In-Process Hard Construction Costs shall not
         include indirect costs (e.g., general and administrative costs, sales
         and marketing costs and other overhead costs)).

                  "Inflation Measurement Amount" shall mean, as at any date of
         determination, an amount equal to (i) if Cash Flow is a negative value
         (or zero) at the beginning of the month in which there is a date of
         determination, the Property Amount plus the absolute value of such
         Cash Flow amount; (ii) if Cash Flow is a positive value (but does not
         exceed the Property Amount) at the beginning of the month in which
         there is a date of determination, the Property Amount minus such Cash
         Flow amount; or (iii) if Cash Flow exceeds the Property Amount at the
         beginning of the month in which there is a date of determination,
         zero.

                  "Inflation Adjustment" in respect of any month shall mean an
         amount equal to the product of (x) the Inflation Measurement Amount at
         the beginning of such month and (y) the percentage rate change in the
         consumer price index for all urban consumers (CPI-U) during such
         month, without seasonal adjustment, as reported by the Bureau of Labor
         Statistics of the U.S. Department of Labor (using all items and the
         reference date of 1982-84 for the index); PROVIDED, HOWEVER, the
         Inflation Adjustment for such month shall not be a negative value
         (i.e., "deflation") except to the extent cumulative Inflation
         Adjustments as of the end of the prior month is a positive value.

                                       2
<PAGE>   3

                  "Monthly 10% Return Included in Hurdle Level" in respect of
         any month shall mean the product of (A) 0.833333% (i.e., 10% per
         annum) and (B) the 10% Return Measurement Amount as at the end of the
         prior month (it being understood that for purposes of determining the
         10% Return Included in Hurdle Level as at the end of the first month
         following the First Day of the Performance Period, the 10% Return
         Measurement Amount as at the end of the prior month shall be deemed
         equal to the Property Amount).

                  "Performance Goal Test Date" shall mean (i) the last day of
         each calendar quarter following the First Day of the Performance
         Period and prior to the Last Day of the Performance Period (as defined
         below) and (ii) the Last Day of the Performance Period.

                  "Project" shall mean the development and sale of the
         Company's property in Hollywood, Florida, generally known by the
         Company as parcels 1, 8 and 9 at "Harbor Islands".

                  "Property Amount" shall mean $17 million or, in the
         discretion of the Committee, the current value of the land on which
         the Project is located, as determined (prior to December 31, 2000) by
         the Committee, if higher.

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

         (a) The payment of performance based compensation described herein is
contingent upon the achievement of the Performance Goal during the period (the
"Performance Period") beginning on the First Day of the Performance Period and
ending on the earlier of (i) the last day of the month in which the Project has
been substantially completed, as determined by the Committee and (ii) October
31, 2008 (such earlier date being the "Last Day of the Performance Period").

         (b) The Award is subject to, and no amount shall be payable pursuant
to the Award unless and until, the following conditions have been satisfied:
(i) the Plan shall have been approved by the Company's stockholders at any
annual or special meeting held prior to or on December 31, 2001; and (ii) the
Participant shall have entered into a new employment agreement with the Company
or a subsidiary of the Company (or an amendment to the Participant's existing
employment agreement) not later than December 15, 2000, providing for a term of
employment ending not earlier than December 31, 2005, and on other terms
satisfactory to the Company and the Participant.

         (c) No amount shall be payable pursuant to the Award on any Payment
Date (as defined below) unless and until Cash Flow on the Performance Goal Test
Date immediately preceding such Payment Date exceeds an amount (the "Hurdle
Level") equal to the sum of (i) the Property Amount and (ii) the sum of the
Monthly 10% Returns Included in Hurdle Level for all months during the period
from and including the First Day of the Performance Period and through and
including such Performance Goal Test Date.

                                       3
<PAGE>   4

         (d) Subject to Sections 3(c), 4 and 5 hereof, if Cash Flow exceeds the
Hurdle Level as of a Performance Goal Test Date, then the Participant shall be
entitled to receive a bonus payment on the related Payment Date, in an amount
equal to the excess of (i) the Bonus Percentage multiplied by the Bonus
Measurement Amount as of such Performance Goal Test Date over (ii) the
aggregate amount of bonus payments paid to the Participant pursuant to this
Agreement prior to such Performance Goal Test Date; PROVIDED, HOWEVER, that
notwithstanding the foregoing, the sum of all bonus payments for all awards
under the Plan granted with respect to the Project in respect of any
Performance Goal Test Date (such sum being referred to as the "Formula Payment
Amount") shall not exceed the excess, if any, of (A) Cash Flow as of such
Performance Goal Test Date over (B) the sum of (x) the Hurdle Level as of such
date and (y) the aggregate amount of bonus payments previously paid pursuant to
all awards under the Plan granted with respect to the Project (such excess
being referred to as the "Bonus Pool Amount"). If as of a Performance Goal Test
Date the Formula Payment Amount exceeds the Bonus Pool Amount, then subject to
Sections 3(c), 4 and 5 hereof, the Participant shall be entitled to receive a
bonus payment on the related Payment Date, in an amount equal to the product of
(A) a fraction, the numerator of which is the amount that the Participant would
have received if the Formula Payment Amount did not exceed the Bonus Pool
Amount on such date and the denominator of which is the Formula Payment Amount
on such date and (B) the Bonus Pool Amount.

         (e) The Committee shall determine whether the Performance Goal has
been met as of the applicable Performance Goal Test Date and, if it has, shall
so certify in writing and ascertain the amount of the bonus, if any, payable to
the Participant. The amount of the bonus shall be paid to the Participant in
cash within 75 days after the Committee makes its determination (each such date
being a "Payment Date"); PROVIDED, HOWEVER, if a material change occurs in the
business plan of the Project (as determined by the Committee in its sole
discretion), the Committee may defer the payment of such bonus amount to such
date and to such extent as the Committee determines in its sole discretion.

4.       CAP ON COMPENSATION. Notwithstanding anything to the contrary herein,
the maximum bonus amounts payable to the Participant shall be subject to the
limitations in the Plan and the Participant's employment agreement with the
Company or a subsidiary thereof, as the case may be, as amended from time to
time.

5.       CLAWBACK; NO OFFSET BY PARTICIPANT.

         (a) The Participant shall pay to the Company upon demand by the
Company following the Last Day of the Performance Period an amount equal to the
sum of (i) the excess of (A) the Excess Bonus Payments (as defined below) over
(B) the hypothetical income tax liability attributable to such Excess Bonus
Payments (as determined by the Committee by applying the highest marginal
United States federal, state and local individual income tax rates applicable
to an individual resident of Florida for the relevant taxable period, taking
into account the deductibility of state and local income taxes for federal
income tax purposes), (ii) interest on such excess (at a rate of 10% per annum
compounded monthly from the date of receipt of the relevant Excess Bonus
Payments until the date of refund), and (iii) as determined by the Committee,
the present value of any tax benefits accruing to the Participant as a result
of making any payments pursuant to this Section 5(a) to the Company. For
purposes of the preceding sentence, "Excess Bonus Payments" shall mean the
greater of (AA) the amount equal to the excess, if any, of (i) the aggregate
amount of all bonus payments paid to the Participant pursuant to this Agreement

                                       4
<PAGE>   5

(including any such bonus payments paid or to be paid with respect to the
Performance Goal Test Date relating to such Last Day of the Performance Period)
over (ii) the product of the Bonus Percentage multiplied by the Bonus
Measurement Amount as of the close of business on the Last Day of the
Performance Period and (BB) the amount equal to the product of (x) a fraction,
the numerator of which is the aggregate amount of all bonus payments paid to
the Participant pursuant to this Agreement (including any such bonus payments
paid or to be paid with respect to the Performance Goal Test Date relating to
such Last Day of the Performance Period) and the denominator of which is the
aggregate amount of all bonus payments paid pursuant to all awards under the
Plan granted with respect to the Project (including any such bonus payments
paid or to be paid with respect to the Performance Goal Test Date relating to
such Last Day of the Performance Period) and (y) the excess, if any, of (i) the
aggregate amount of all bonus payments paid pursuant to all awards under the
Plan granted with respect to the Project (including any such bonus payments
paid or to be paid with respect to the Performance Goal Test Date relating to
such Last Day of the Performance Period)over (ii) the amount equal to the
excess, if any, of (1) Cash Flow as of the close of business on the Last Day of
the Performance Period over (2) the Hurdle Level as of the close of business on
the Last Day of the Performance Period .

         (b) The Participant shall be obligated to pay to the Company any
amount due pursuant to this Section 5 regardless of whether the Participant has
or claims to have any claim against the Company or any of its subsidiaries, and
the Participant shall have no right to offset any amount due or claimed to be
due from the Company or any of its subsidiaries.

6.       TERMINATION OF EMPLOYMENT.

         (a) Subject to Sections 3 and 5 hereof:

                  (i) if the Participant's employment with the Company is
terminated by the Company for "cause" (as defined below) or by the Participant,
prior to December 31, 2005, for other than "good reason" (as defined below), in
addition to any other consequences of such termination provided for by this
Agreement or any other agreement, notwithstanding Section 3 hereof, Participant
shall forfeit any right to future bonus payments pursuant to this Agreement
from and after the date of such termination;

                  (ii) if the Participant's employment with the Company is
terminated by the Company other than for "cause" or by the Participant for
"good reason," the Participant shall be entitled to continue to receive such
bonus payments as would otherwise be payable pursuant to this Agreement as
though the Participant's employment had not been terminated; and

                  (iii) if the Participant dies while employed by the Company
or in the event the Participant's employment with the Company is terminated by
the Company by reason of the Participant's "permanent disability" (as defined
below), notwithstanding Section 3 hereof:

                                       5
<PAGE>   6

                           (A) the Participant shall be entitled to receive
only that portion of the bonus payments otherwise payable pursuant to Section
3(d) hereof following such termination, equal to the product of (x) a fraction
(which in no event shall exceed one (1)) the numerator of which is the number
of completed whole months elapsed after the First Day of the Performance Period
to the date of death or permanent disability, as the case may be, and the
denominator of which is the number of whole months from the First Day of the
Performance Period until December 31, 2005 and (y) the amount of bonus payments
that would have been payable pursuant to Section 3(d) hereof if the Participant
remained an employee of the Company through and including the Last Day of the
Performance Period; PROVIDED, HOWEVER, subject to Section 5(a) hereof, on the
last Payment Date following the Last Day of the Performance Period, the
Participant shall be entitled to receive a bonus payment in an amount equal to
the excess, if any, of (A) the lesser of (i) $500,000 or (ii) the cumulative
amount of bonus payments that were paid to the Participant (in respect of
periods prior to the Participant's death or permanent disability) pursuant to
Section 3(d) hereof and that would have been payable to the Participant (in
respect of periods subsequent to the Participant's death or permanent
disability) pursuant to Section 3(d) hereof if the Participant remained an
employee of the Company through and including the Last Day of the Performance
Period, over (B) the aggregate amount of all bonus payments paid to the
Participant pursuant to this Agreement (including any such bonus payments paid
or to be paid with respect to the Performance Goal Test Date relating to such
Last Day of the Performance Period); and

                           (B) the Participant will have no right to any other
payments hereunder.

                  Any payments shall be made to the Participant (or the
executor or administrator of the deceased Participant's estate or the person or
persons to whom the deceased Participant's rights shall pass by will or the
laws of descent or distribution, as applicable) on the Payment Date.

         (b) For purposes of Section 6(a) hereof, the terms "cause", "good
reason" and "permanent disability", shall have the meanings ascribed to such
terms in the Participant's employment agreement with the Company or a
subsidiary thereof, as the case may be, as amended from time to time; PROVIDED,
HOWEVER, if the Participant is no longer employed pursuant to an employment
agreement but is continuing in employ, such terms shall have the meanings
ascribed to such terms in the employment agreement last in effect.

7.       FORFEITURE UPON BREACH OF RESTRICTIVE COVENANTS. Notwithstanding
anything to the contrary set forth in this Agreement, if the Participant
breaches any provision relating to the Participant's covenant to keep
information confidential, not to compete, not to solicit or similar restrictive
covenant contained in the Participant's employment or other agreement with the
Company or any of its subsidiaries (after the expiration of any notice and cure
period), then in addition to any other rights or remedies arising from or
relating to such breach the Participant shall forfeit any right to future bonus
payments pursuant to this Agreement from and after the date of such breach.

8.       TAXES. Any bonus payment pursuant to the Award shall be net of any
amounts required to be withheld pursuant to applicable federal, state, local
and foreign tax withholding requirements. The Company shall have the right to

                                       6
<PAGE>   7

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.

9. 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.

10. NO OBLIGATION TO PURSUE PROJECT. This Agreement shall in no way obligate
the Company to pursue the Project, and the Company may limit, abandon or change
the Project at any time in its sole discretion and the Company shall have no
obligation to take any action or provide any financing with respect to the
Project.

11. UNSECURED CREDITOR STATUS; NO PARTNERSHIP. The Participant shall rely
solely upon the unsecured promise of the Company, as set forth herein, for
payment hereunder, and nothing herein contained shall be construed to give to
or vest in the Participant or any other person now or at any time in the
future, any right, title, interest, or claim in or to any specific asset, fund,
reserve, account, insurance or annuity policy or contract, or other property of
any kind whatsoever owned by the Company, or in which the Company may have any
right, title, or interest, nor at any time in the future. This Agreement is an
agreement to pay compensation for services provided by the Participant and is
not a partnership or joint venture and is not intended to create a partnership
or joint venture between the Company and the Participant or any other person.
The Participant shall take no position inconsistent with this characterization.

12. ASSIGNMENT; SUCCESSORS.

         (a) The Award and any interest of the Participant therein may not be
sold, assigned, transferred, pledged, hypothecated or otherwise disposed of.
Any attempt to transfer the Award in contravention of this Section 12(a) is
void AB INITIO. The Award shall not be subject to execution, attachment or
other process.

         (b) 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 assets, or otherwise, acquires all or a material
part of the assets of the Company.

         (c) In the event of the Participant's death, the Participant's rights
and obligations hereunder shall be binding upon and inure to the benefit of the
Participant's heirs and legal representatives.

13. CONSTRUCTION. The Plan and this Agreement will be construed by and
administered under the supervision of the Committee in its sole and absolute
discretion, and all determinations of the Committee will be final and binding
on the Participant.

                                       7
<PAGE>   8

14. 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 the 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, Coral Gables,
Florida 33134 Attention: Chairman of the Board, with a copy to the Company's
Corporate Secretary, or such other address as the Company may designate in
writing to the Participant.

15. 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.

16. 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.

17. 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.

18. 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.

19. 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.

                                       8
<PAGE>   9

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

                                           AVATAR HOLDINGS INC.

                                           By:    /s/ LEON LEVY
                                              ---------------------------------
                                                Name: Leon Levy
                                                Title: Chairman of the Board

                                                  /s/ GERALD D. KELFER
                                                -------------------------------
                                                     Gerald D. Kelfer

                                       9

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