Document:

EX-10.22

Exhibit
10.22

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

     THIS FIRST AMENDMENT is made on this 31st day of December, 2008, by and between Georgia Bank &
Trust Company of Augusta (the “Bank” or the “Employer”), a state bank organized under the laws of
the State of Georgia, and Darrell R. Rains, a resident of the State of South Carolina (the
“Executive”) (hereinafter from time to time collectively referred to as the “Parties”).

INTRODUCTION:

     WHEREAS, the Parties established the existing employment relationship by executing an
Employment Agreement dated April 30, 2007 (the “Agreement”);

     WHEREAS, the Parties now desire to amend the Agreement to comply with Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”), and the final Treasury Regulations issued
thereunder;

     NOW, THEREFORE, in consideration of the mutual agreements hereinafter set forth, the Parties
hereby agree to amend the Agreement, effective January 1, 2009, as follows:

     1. By deleting Section 1.6 in its entirety and substituting therefor the following:

     “1.6 ‘Change of Control’ means any of the following events:

     (a) the acquisition by any one person, or more than one person acting as a group (other
than any person or more than one person acting as a group who is considered to own more than
fifty percent (50%) of the total fair market value or total voting power of the Company or
the Bank prior to such acquisition), of stock of the Company or the Bank that, together with
stock held by such person or group, constitutes more than fifty percent (50%) of the total
voting power of the stock of the Company or the Bank, as applicable; provided, however, that
the current and future holdings of any person who is a shareholder of the Company or the
Bank as of the Effective Date shall be disregarded in determining whether the fifty percent
(50%) threshold has been attained;

     (b) within any twelve-month period (beginning on or after the Effective Date) the date
a majority of members of the board of directors of the Company is replaced by directors
whose appointment or election is not endorsed by a majority of the members of the Company’s
board of directors before the date of the appointment or election;

     (c) within any twelve-month period (beginning on or after the Effective Date) the
acquisition by any one person, or more than one person acting as a group, of ownership of
stock of the Company possessing fifty percent (50%) or more of the total voting power of the
stock of the Company; or

     (d) within any twelve-month period (beginning on or after the Effective Date) the
acquisition by any one person, or more than one person acting as a group, of the assets of
the Company and the Bank that have a total gross fair market value of eighty-five

 

 

percent (85%) or more of the total gross fair market value of all of the assets of the
Company and the Bank immediately before such acquisition or acquisitions; provided, however,
that transfers to the following entities or person(s) shall not be deemed to result in a
Change of Control under this subsection (d):

     (i) an entity that is controlled by the shareholders of the Company or the Bank
immediately after the transfer;

     (ii) a shareholder (determined immediately before the asset transfer) of the
Company or the Bank in exchange for or with respect to its stock;

     (iii) an entity, fifty percent (50%) or more of the total value or voting power
of which is owned, directly or indirectly, by the Company or the Bank;

     (iv) a person, or more than one person acting as a group, that owns, directly
or indirectly, fifty percent (50%) or more of the total value or voting power of all
the outstanding stock of the Company or the Bank; or

     (v) an entity, at least fifty percent (50%) of the total value or voting power
of which is owned, directly or indirectly, by a person described in the above
subsection (d)(iv).

Notwithstanding the foregoing, no Change of Control shall be deemed to have occurred for
purposes of this Agreement by reason of: (A) a merger, consolidation, reorganization or
other transaction as to which the holders of the capital stock of the Company before the
transaction continue after the transaction to hold, directly or indirectly through a holding
company or otherwise, shares of capital stock of the Company (or other surviving company)
representing more than fifty percent (50%) of the value or ordinary voting power to elect
directors of the capital stock of the Company (or other surviving company); or (B) any
actions or events in which the Executive participates in a capacity other than in the
Executive’s capacity as an employee, director or shareholder of either the Company or the
Bank. For purposes of this Section 1.6, persons will be considered to be acting as a group
if they are owners of a corporation that enters into a merger, consolidation, purchase or
acquisition of stock, or similar business transaction with the Company or the Bank.”

     2. By adding a new Section 1.11A to read as follows:

     “1.11A ‘Disability Period’ means a period, beginning on the date the
Employer determines that the Executive is subject to a Disability and ending on the earlier
of the date the Executive begins receiving income replacement benefits under any long-term
disability plan or policy maintained by the Employer or the date that is six (6) months
after such determination, during which the Executive remains subject to a Disability.”

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     3. By adding a new Section 1.16A to read as follows:

     “1.15A ‘Separation from Service’ shall mean a termination of the Executive’s
employment that constitutes a separation from service under Treas. Reg. Section
1.409A-1(h).”

     4. By deleting Sections 3.2.1(b) and (c) in their entirety and substituting therefor the
following:

     “(b) Without Cause (other than a termination in connection with a Change of Control
pursuant to Section 3.3), at any time, provided that the Employer shall give the Executive
thirty (30) days’ prior written notice of its intent to terminate, in which event the
Employer, upon the Executive’s Separation from Service, shall be required to meet its
obligations to the Executive under Sections 4.1 and 4.2 for the remaining Term then in
effect; or

     (c) Upon expiration of the Disability Period.”

     5. By deleting Section 3.2.2(b) in its entirety and substituting therefor the following:

     “(b) Upon expiration of the Disability Period.”

     6. By deleting Section 3.2.6 in its entirety and substituting therefor the following:

     “3.2.6 The aggregate amount payable pursuant to Section 3.2.1(b) shall only be payable
commencing upon the Executive’s Separation from Service following the payment event and
shall be payable in substantially equal monthly installments over the remaining Term. For
purposes of Section 3.2.1(b), the bonus component of the Employer’s obligation attributable
to Section 4.2 shall be determined by dividing the sum of the annual bonuses, if any, paid
to the Executive for the three (3) calendar years (or, if fewer, the number of full calendar
years) immediately preceding the calendar year of termination by the full number of calendar
years so determined and dividing that result by twelve (12).”

     7. By deleting the third paragraph of Section 3.3 in its entirety and substituting therefor
the following:

     “The amount payable pursuant to this Section 3.3 shall be paid in substantially equal
monthly installments over a twenty-four (24) month period commencing as of the first day of
the calendar month following the effective date of the Executive’s Separation from Service.”

     8. By adding the following new paragraph to the end of Section 3.3:

     “Any Gross-Up Payment, as determined pursuant to this Section, shall be paid by the
Employer to the Executive or to the applicable taxing authorities on or before the date on
which such taxes are due, but, for purposes of Code Section 409A, in all events by the end
of the Executive’s taxable year following the Executive’s taxable year in which the

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Executive remits or is required to remit the related taxes (however, this period is by
no means an outside payment date nor does it diminish the Executive’s right to be paid
promptly).”

     9. By deleting Section 3.4.3 in its entirety and substituting therefor the following:

     “3.4.3 Notwithstanding any other provision of this Agreement to the contrary, as a
condition of the Employer’s payment of any amount in connection with a termination of the
Executive’s employment, the Executive must execute a release agreement in such form as is
acceptable to the Employer within such period of time following termination of employment as
is permitted by the Employer and not timely revoke the release agreement during any
revocation period provided pursuant to the terms of the release agreement. All payments of
severance under this Agreement shall accrue from the date of termination of employment and
shall be made or commence at the end of the revocation period provided pursuant to the terms
of the release agreement, but no later than the sixtieth (60th) day following the
Executive’s termination of employment, with any accrued but unpaid severance being paid on
the date of the first payment.”

     10. By adding a new Section 3.4.5 to read as follows:

     “3.4.5 Notwithstanding any provision in this Agreement to the contrary, if the
Executive is a ‘specified employee’ within the meaning of Code Section 409A on the date of
his termination of employment, then such portion of the payments provided for in this
Agreement that would result in a tax under Code Section 409A if paid during the first six
(6) months after termination of employment shall be withheld, starting with the payments
latest in time during such six (6) month period, and paid to the Executive during the
seventh month following the date of his termination of employment.”

     11. By adding a new Section 4.9 to read as follows:

     “4.9 Taxable Reimbursements and In-Kind Benefits. All taxable reimbursements
and in-kind benefits provided by the Employer shall be made or provided in accordance with
the requirements of Code Section 409A, including, where applicable, the requirement that (i)
any reimbursement shall be for expenses incurred by the Executive during the Term of this
Agreement; (ii) any in-kind benefits must be provided by the Employer during the Term of
this Agreement; (iii) the amount of expenses eligible for reimbursement, or in-kind benefits
provided, during a calendar year may not affect the expenses eligible for reimbursement, or
in-kind benefits to be provided, in any other calendar year; (iv) the reimbursement of an
eligible expense will be made on or before the last day of the calendar year following the
year in which the expense is incurred; and (v) the right to reimbursement or in-kind
benefits is not subject to liquidation or exchange for another benefit.”

     12. By deleting Section 16 in its entirety and substituting therefor the following:

“16. Attorneys’ Fees. With respect to arbitration of disputes and if litigation
ensues between the parties concerning the enforcement of an arbitration award and the
Executive

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prevails in the dispute, the Employer will be financially responsible for all costs,
expenses, reasonable attorneys’ fees and reasonable expenses incurred by the Executive (or
the Executive’s estate in the event of his death) in connection with the dispute and shall
pay such costs and expenses to the Executive (or the Executive’s estate in the event of his
death) within sixty (60) days after a final determination (excluding any appeals) is made
with respect to the litigation.”

     13. Except as specifically amended hereby, the Agreement shall remain in full force and effect
prior to this First Amendment.

     IN WITNESS WHEREOF, the Parties have caused this First Amendment to be executed on the day and
year first above written.

	 	 	 	 	 
	 	THE BANK:

GEORGIA BANK & TRUST COMPANY

OF AUGUSTA

 	 
	 	By:  	/s/ Ronald L. Thigpen
 	 
	 	 	Print Name:  	Ronald L. Thigpen 	 
	 	 	Title:  	Executive Vice President and COO 	 
	 
	 	THE EXECUTIVE:

 	 
	 	/s/ Darrell R. Rains
 	 
	 	Darrell R. Rains 	 
	 	 	 
	 

5EX-10.97

Exhibit 10.97

AVATAR HOLDINGS INC.

AMENDED AND RESTATED FORM OF DEFERRED COMPENSATION AGREEMENT

FOR NON-EMPLOYEE DIRECTOR’S FEES

     This Amended and Restated Deferred Compensation Agreement (this “Agreement”), dated as
of [                    ], 200[     ], is made by and between Avatar Holdings Inc., a Delaware corporation (the
“Company”), and [DIRECTOR], a non-employee director of the Company (the
“Participant”), pursuant to, and subject to the terms and conditions of, the Amended and
Restated 1997 Incentive and Capital Accumulation Plan (2005 Restatement), as the same may be
amended, restated, modified or supplemented from time to time (the “Plan”).

     1. DEFINITIONS. For purposes of this Agreement, the following terms shall have the following
meanings:

     (a) “Beneficiary” shall mean the beneficiary or beneficiaries designated in writing by
the Participant pursuant to Section 4 hereof to receive the Participant’s deferred compensation
benefits in the event of the Participant’s death.

     (b) “Board of Directors” shall mean the board of directors of the Company.

     (c) “Change in Control” shall mean the occurrence of any change in ownership of the
Company, change in effective control of the Company, or change in the ownership of a substantial
portion of the assets of the Company, as defined in Code Section 409A(a)(2)(A)(v), the regulations
thereunder, and any other published interpretive authority, as issued or amended from time to time.

     (d) “Code” shall mean the U.S. Internal Revenue Code of 1986, as amended from time to
time.

     (e) “Committee” shall mean the Nominating and Corporate Governance Committee of the
Board of Directors or such other committee of the Board of Directors designated by the Board of
Directors to administer the terms and conditions of this Agreement.

     (f) “Common Stock” shall mean the common stock, par value $1.00 per share, of the
Company.

     (g) “Deferral” shall mean a contribution of cash under this Agreement made by the
Company on behalf of the Participant to the Participant’s Deferred Compensation Account and shall
include any notional dividends credited pursuant to Section 2(b) below.

     (h) “Deferral Date” shall mean the date on which the Participant would be paid in cash
a Director’s fee, committee fee, committee chairperson fee or would be credited with a notional
dividend pursuant to Section 2(b) below.

 

 

     (i) “Deferred Compensation Account” shall mean the separate account established by the
Company under this Agreement for the Participant.

     (j) “Director” shall mean a member of the Board of Directors who is not an employee of
the Company.

     (k) “Fair Market Value” shall mean, as of any date, the value of the Common Stock
determined as follows:

          (i) If the Common Stock is listed on one or more established stock exchanges or national
market systems, including without limitation The Nasdaq National Market or The Nasdaq SmallCap
Market of The Nasdaq Stock Market, the Fair Market Value of the Common Stock shall be the closing
sale price of the Common Stock on such date (or the last preceding trading date if Common Stock was
not traded on such date) as quoted on the principal exchange or quotation system on which the
Common Stock is listed (as determined by the Committee); or

          (ii) In the absence of an established market for the Common Stock of the type described in
clause (i) above, the Fair Market Value thereof shall be determined by the Committee in good faith
and in accordance with Code Section 409A, the regulations thereunder, and any other published
interpretive authority, as issued or amended from time to time.

     (l) “Separation from Service” shall mean the termination of the Participant’s services
as a Director for any reason, as defined under Section 1.409A-1(h) of the Final Treasury
Regulations.

     (m) “Stock Units” shall mean notional shares of Common Stock to be used to determine
the deferred compensation benefits distributable to the Participant under this Agreement.

     2. CONTRIBUTIONS AND DETERMINATION OF BENEFITS

     (a) Contributions.

          (i) The Participant may elect to defer up to fifty percent (50%) of the annual Director’s fee
and any committee fee or committee chairperson fee due in cash to the Participant for service as a
Director, committee member or chairperson. Elections shall be made in the form attached as
Exhibit A hereto (the “Deferral Election Form”). Elections must be made by the
Participant prior to the calendar year in which the Participant earns such compensation, except
that the Participant may make an election within thirty (30) days of the date on which the
Participant is first eligible to participate in the Plan (and then only with respect to amounts
earned after the date such election is made). All contributions made to fund benefits under this
Agreement shall be paid by the Company and no direct contributions by the Participant to the
Deferred Compensation Account are required or permitted.

          (ii) The Company shall allocate a number of Stock Units to the Deferred Compensation Account
of the Participant determined by dividing the amount of the Deferral by the Fair Market Value of
one share of Common Stock on the Deferral Date and rounding to the nearest 1/100 of a unit. For
purposes of this Section 2(a)(ii), any fractional unit greater than or
equal to 0.0050 shall be rounded up to the nearest 1/100 of a unit and any fractional unit
less than 0.0050 shall be rounded down to the nearest 1/100 of a unit.

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     (b) Notional Dividends. Stock Units in the Participant’s Deferred Compensation
Account shall be credited with notional dividends at the same time and in equivalent amounts as
dividends that are payable from time to time on shares of Common Stock. Any such notional
dividends shall be valued as of the date on which they are credited to the Participant’s Deferred
Compensation Account and the Company shall allocate additional Stock Units to the Deferred
Compensation Account based on such notional dividends in the manner described in Section 2(a)(ii)
above. If such notional dividends are credited in a form other than Common Stock or cash, the
Committee will determine their value in good faith.

     3. VESTING AND DISTRIBUTION OF BENEFITS

     (a) Vesting of Deferred Compensation Accounts. The Participant’s Deferred
Compensation Account shall be fully vested at all times.

     (b) Distribution of Deferred Compensation Accounts. Subject to Sections 3(c), 3(d),
3(e) and 3(f) hereof, the Company shall distribute the Participant’s Deferred Compensation Account
in accordance with the dates and percentages designated by the Participant in the Deferral Election
Form. Distributions shall be made in shares of Common Stock determined by multiplying the
percentage of the balance of the Deferred Compensation Account to be distributed on such date (as
designated in the Deferral Election Form) by the aggregate number of Stock Units allocated to the
Deferred Compensation Account pursuant to this Agreement as of such date. For purposes of this
Section 3(b), any fractional share of Common Stock greater than or equal to 0.50 shall be rounded
up to the nearest whole share of Common Stock and any fractional share of Common Stock less than
0.50 shall be rounded down to the nearest whole share of Common Stock.

     (c) Change of Distribution Schedule. The Participant may elect, at any time, to
change distribution date(s) by amending the Deferral Election Form, provided that (i) such election
shall not be made less than twelve (12) months prior to the date each distribution installment (or
lump sum) would have been paid, (ii) such election shall not take effect for twelve (12) months
from the date of the new election under the amended Deferral Election Form, and (iii) each
distribution installment (or lump sum) shall occur no earlier than five (5) years after such
installment (or lump sum) would have been paid under the prior distribution schedule, and in
accordance with Code Section 409A(a)(4)(C), the regulations thereunder, and any other published
interpretive authority, as issued or amended from time to time.

     (d) Death Benefit. Upon the death of the Participant prior to complete distribution
to the Participant of the entire balance of Participant’s Deferred Compensation Account, the entire
remaining balance of the Deferred Compensation Account on the date of death shall be payable in a
lump sum to the Participant’s Beneficiary within thirty (30) days following the date of
Participant’s death.

     (e) Separation from Service. Upon the Participant’s Separation from Service prior to
complete distribution to the Participant of the entire balance of Participant’s Deferred
Compensation Account, the entire remaining balance of the Deferred Compensation Account on the
date of the Separation from Service shall be payable to the Participant within thirty (30) days
following the date of the Participant’s Separation from Service.

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     (f) Pro Rata Adjustments. Notwithstanding anything to the contrary contained in this
Agreement, if Participant’s Separation from Service occurs prior to the Participant’s performance
of services as a Director for which Stock Units have been allocated to the Participant’s Deferred
Compensation Account, the Committee, in its sole discretion, may make a pro rata adjustment in the
number of shares of Common Stock distributable to the Participant upon the Participant’s Separation
from Service to account for such services not performed.

     4. DESIGNATION OF BENEFICIARY. The Participant may designate a Beneficiary to receive any
amount due hereunder via written notice thereof, in the form attached as Exhibit B hereof,
to the Committee at any time prior to the Participant’s death and may revoke or change the
Beneficiary designated therein without the Beneficiary’s consent by written notice delivered to the
Committee at any time and from time to time prior to the Participant’s death. If the Participant
fails to designate a Beneficiary, or if no such designated Beneficiary shall survive the
Participant, then such amount shall be paid to the Participant’s estate.

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

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

     7. REGULATORY COMPLIANCE AND LISTING. The issuance or delivery of any stock certificates
representing shares of Common Stock issuable pursuant to this Agreement may be postponed by the
Committee for such period as may be required to comply with any applicable requirements under the
federal or state securities laws, any applicable listing
requirements of any national securities exchange or The Nasdaq Stock Market, Inc., and any
applicable requirements under any other law, rule or regulation applicable to the issuance or
delivery of such shares, and the Company shall not be obligated to deliver any such shares of
Common Stock to the Participant if either delivery thereof would constitute a violation of any
provision of any law or of any regulation of any governmental authority, any national securities
exchange or The Nasdaq Stock Market, Inc., or the Participant shall not yet have complied fully
with the provisions of Section 6 hereof.

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     8. INVESTMENT REPRESENTATIONS AND RELATED MATTERS. The Participant hereby represents that the
Common Stock issuable pursuant to this Agreement is being acquired for investment purposes and not
for sale or with a view to distribution thereof. The Participant acknowledges and agrees that any
sale or distribution of shares of Common Stock issued pursuant to this Agreement may be made only
pursuant to either (a) a registration statement on an appropriate form under the Securities Act of
1933, as amended (the “Securities Act”), which registration statement has become effective
and is current with regard to the shares being sold, or (b) a specific exemption from the
registration requirements of the Securities Act that is confirmed in a favorable written opinion of
counsel, in form and substance satisfactory to counsel for the Company, prior to any such sale or
distribution. The Participant hereby consents to such action as the Committee or the Company deems
necessary or appropriate from time to time to prevent a violation of, or to perfect an exemption
from, the registration requirements of the Securities Act or to implement the provisions of this
Agreement, including but not limited to placing restrictive legends on certificates evidencing
shares of Common Stock issued pursuant to this Agreement and delivering stop transfer instructions
to the Company’s stock transfer agent.

     9. CONSTRUCTION. This Agreement will be construed by and administered under the supervision
of the Committee, and all determinations of the Committee will be final and binding on the
Participant.

     10. SECTION 409A. If any payment or entitlement provided to the Participant hereunder in
connection with the Participant’s termination of service, is determined, in whole or in part, to
constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code
(“Section 409A”) and the Participant is a specified employee as defined in Section
409A(a)(2)(B)(i), no part of such payments shall be paid before the day that is six (6) months plus
one (1) day after the date of termination or earlier death (the “New Payment Date”). The
aggregate of any payments that otherwise would have been paid to the Participant during the period
between the date of termination and the New Payment Date shall be paid to the Participant in a lump
sum on such New Payment Date. Thereafter, any payments that remain outstanding as of the day
immediately following the New Payment Date shall be paid without delay over the time period
originally scheduled, in accordance with the terms of this Agreement. A termination of service
shall not be deemed to have occurred for purposes of any provision of this Agreement providing for
the payment of any amounts or benefits subject to Section 409A upon or following a termination of
service unless such termination is also a “separation from service” within the meaning of Section
409A, and for purposes of any such provision of this Agreement, references to a “resignation,”
“termination,” “terminate,” “termination of service” or like terms shall mean separation from
service. The parties acknowledge and agree that the interpretation of Section 409A and its
application to the terms of this Agreement is uncertain and may be subject to change as additional
guidance and interpretations become available. Anything
to the contrary herein notwithstanding, all benefits or payments provided by the Company to
the Participant that would be deemed to constitute “nonqualified deferred compensation” within the
meaning of Section 409A are intended to comply with Section 409A. If, however, any such benefit or
payment is deemed to not comply with Section 409A, the Company and the Participant agree to
renegotiate in good faith any such benefit or payment (including, without limitation, as to the
timing of any severance payments payable hereof) so that either (i) Section 409A will not apply or
(ii) compliance with Section 409A will be achieved; provided, however, that any resulting
renegotiated terms shall provide to the Participant the after-tax economic equivalent of what
otherwise has been provided to the Participant pursuant to the terms of this Agreement, and
provided further, that any deferral of payments or other benefits shall be only for such time
period as may be required to comply with Section 409A.

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     11. GENERAL AND MISCELLANEOUS

     (a) Rights Against Company. Nothing in this Agreement shall be construed as creating
a trust or fiduciary relationship of any kind between the Company and the Participant. Except as
expressly provided by this Agreement, the establishment of this Agreement shall not be construed as
giving to the Participant, any employee or any person any legal, equitable or other rights against
the Company, or against its officers, directors, agents or members, or as giving to the Participant
or any Beneficiary any equity or other interest in the assets or business of the Company or giving
the Participant the right to be retained in the employ of the Company. In no event shall the terms
of service of the Participant, expressed or implied, be modified or in any way affected by the
execution of this Agreement or by any election under this Agreement made by the Participant. The
rights of the Participant or any Beneficiary hereunder shall be solely those of an unsecured
general creditor of the Company and neither the Participant nor any Beneficiary shall have any
rights as a stockholder, and shall not be entitled to vote, with respect to the Stock Units
credited to the Deferred Compensation Account.

     (b) Assignment or Transfer. No right, title or interest of any kind in this Agreement
shall be transferable or assignable by the Participant or any Beneficiary or be subject to
alienation, anticipation, encumbrance, garnishment, attachment, execution or levy of any kind,
whether voluntary or involuntary, nor subject to the debts, contracts, liabilities, engagements, or
torts of the Participant or any Beneficiary. Any attempt to alienate, encumber, hypothecate, sell,
transfer, assign, pledge, garnish, attach or otherwise subject to legal or equitable process or to
dispose of any interest in this Agreement shall be void ab initio.

     (c) Severability. If any provision of this Agreement shall be declared illegal or
invalid for any reason, said illegal or invalid provision shall not affect the remaining provisions
of this Agreement but shall be fully severable, and this Agreement shall be construed and enforced
as if said illegal or invalid provision was not part of this Agreement.

     (d) 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.

     (e) 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.

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     (f) 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.

     IN WITNESS WHEREOF, the Company and the Participant have executed this Agreement as of the
date first set forth above.

	 	 	 	 	 
	 	AVATAR HOLDINGS INC.

 	 
	 	
 	 
	 	By: 	 
	 	Title:  	 	 
	 
	 	 	 
	 	
 	 
	 	[DIRECTOR] 	 
	 	 	 
	 

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EXHIBIT A

AVATAR HOLDINGS INC.

AMENDED AND RESTATED DEFERRED COMPENSATION AGREEMENT

FOR DIRECTOR’S FEES

DEFERRAL ELECTION FORM

Name:                                            

I,                                            , hereby elect to defer the following amounts in accordance with the terms
of the Amended and Restated Deferred Compensation Agreement (the “Agreement”), dated as of
[DATE], by and between me and Avatar Holdings Inc., a Delaware corporation (the “Company”).
Capitalized terms used but not otherwise defined herein shall have the same meanings as set forth
in the Agreement.

This election is irrevocable shall remain in effect indefinitely for all years of service until
terminated or modified by a subsequent deferral election form which shall be effective for amounts
earned in the year following the year such subsequent deferral election form is filed with the
Company.

			
	o	 	     % of my Director’s annual retainer fees relating to my service as a Director of Avatar
Holdings Inc.

			
	o	 	     % of my committee fees relating to my service as a Director of Avatar Holdings Inc.

			
	o	 	     % of my chairperson fees relating to my service as a Director of Avatar Holdings Inc.

My Deferred Compensation Account shall be distributed to me upon the earlier of (i) the following
date(s) and in the following increment(s) and (ii) the date of my Separation from Service or death.

			
	o	 	 

Percentage                                 Month                       Day                       Year

			
	o	 	 

Percentage                                 Month                       Day                       Year

			
	o	 	 

Percentage                                 Month                       Day                       Year

			
	o	 	 

Percentage                                 Month                       Day                       Year

NOTE: You can file a new election form at any time for new deferrals, which will take effect upon
the following calendar year. I understand that if I want to change my election with regard to
amounts already deferred, such “re-deferral” cannot be made less than twelve (12) months prior to
the date each distribution installment (or lump sum) would have been paid, (ii) such election
cannot take effect for twelve (12) months from the date of the new election under the amended
Deferral Election Form, and (iii) each distribution installment (or lump sum) must occur no earlier
than five (5) years after such installment (or lump sum) would have been paid under the prior
distribution schedule.

	 	 	 
	Submitted by:

	 	Accepted by:
	 
	 	 
	PARTICIPANT

	 	AVATAR HOLDINGS INC.
	 
	 	 
	 

	 	By:
	 

	 	 
	                                             [Name]

	 	Name:
	 

	 	Title:
	Date:

	 	Date:

 

 

EXHIBIT B

AVATAR HOLDINGS INC.

BENEFICIARY DESIGNATION PURSUANT TO

AMENDED AND RESTATED DEFERRED COMPENSATION AGREEMENT

     In the event that I,                                  , should die prior to the receipt of all amounts credited to
my Deferred Compensation Account under the Amended and Restated Deferred Compensation Agreement
(the “Agreement”), dated as of [DATE], by and between me and Avatar Holdings Inc., a
Delaware corporation, and in lieu of disposing of my interest in my Deferred Compensation Account
by my will or the laws of intestate succession, I hereby designate the following person(s) as
primary Beneficiary(ies) and contingent Beneficiary(ies) of my interest in my Deferred Compensation
Account (please attach additional sheets if necessary):

PRIMARY BENEFICIARY(IES) (Select only one of the three alternatives)

	 	 	 
	o (a) INDIVIDUALS AND/OR CHARITIES

	 	% SHARE
	 
	 	 
	Name
	 	 
	 
	 	 
	Address
	 	 
	 
	 	 
	 
	 	 
	Name
	 	 
	 
	 	 
	Address
	 	 
	 
	 	 
	 
	 	 
	Name
	 	 
	 
	 	 
	Address
	 	 
	 
	 	 

o (b) RESIDUARY TESTAMENTARY TRUST

In trust, to the trustee of the trust named as the beneficiary of the residue of my probate estate.

o (c) LIVING TRUST

The                                                         Trust, dated 
                                                                          

           (print name of trust)                                                        (fill in date trust was established)

CONTINGENT BENEFICIARY(IES) (Select only one of the three alternatives)

	 	 	 
	o (a) INDIVIDUALS AND/OR CHARITIES

	 	% SHARE
	 
	 	 
	Name
	 	 
	 
	 	 
	Address
	 	 
	 
	 	 
	 
	 	 
	Name
	 	 
	 
	 	 
	Address
	 	 
	 
	 	 
	 
	 	 
	Name
	 	 
	 
	 	 
	Address
	 	 
	 
	 	 

 

 

o (b) RESIDUARY TESTAMENTARY TRUST

In trust, to the trustee of the trust named as the beneficiary of the residue of my probate estate.

o (c) LIVING TRUST

The                                                         Trust, dated
                      
                                                    

           (print name of trust)                                                        (fill in date trust was established)

Capitalized terms used but not otherwise defined herein shall have the same meanings as set forth
in the Agreement. Any distribution to a primary or contingent Beneficiary(ies) of amounts in
Participant’s Deferred Compensation Account shall be subject to, and in accordance with, the terms
and conditions of the Agreement. Should all the individual primary Beneficiary(ies) fail to
survive me or if the trust named as the primary Beneficiary does not exist at my death (or no will
of mine containing a residuary trust is admitted to probate within six months of my death), the
contingent Beneficiary(ies) shall be entitled to my interest in the Deferred Compensation Account
in the shares indicated above. Should any individual beneficiary fail to survive me or a charity
named as a beneficiary no longer exists at my death, such beneficiary’s share shall be divided
among the remaining named primary or contingent Beneficiaries, as appropriate, in proportion to the
percentage shares I have allocated to them. In the event that no individual primary
Beneficiary(ies) or contingent Beneficiary(ies) survives me, no trust (excluding a residuary
testamentary trust) or charity named as a primary Beneficiary or contingent Beneficiary exists at
my death, and no will of mine containing a residuary trust is admitted to probate within six (6)
months of my death, then my interest in the Deferred Compensation Account shall be disposed of by
my will or the laws of intestate succession, as applicable.

     This Beneficiary Designation is effective until I file another such Beneficiary Designation with
the Company. Any previous Beneficiary Designations are hereby revoked.

	 	 	 	 	 
	Submitted by: 

 	 
	

 	 
	Name:  	 	 
	Date: 	 
	 

	 	 	 	 	 
	Accepted by:

AVATAR HOLDINGS INC.

 	 
	By:  	/s/
 	 
	 	Title:  	 
	 	Date:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00155-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00155-of-00352.parquet"}]]