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Exhibit 10(i) Ammendment to Employment Agreement between Avatar
Holdings Inc. and Xxxxx Xxxxxxxx
AVATAR HOLDINGS INC.
000 Xxxxxxxx Xxxxxx
Xxxxx Xxxxxx, Xxxxxxx 00000
June 13, 1997
Xx. Xxxxx Xxxxxxxx
0000 Xxxxx Xxxxxxxx Xxxxx
Penthouse A
Xxxxxxx Xxxxx, Xxxxxxx 00000
Re: Amendment to Employment Agreement
Dear Xx. Xxxxxxxx:
Reference is hereby made to that certain employment
agreement between Avatar Holdings Inc. (the "Company") and you
dated July 27, 1995, as amended on February 13, 1997 (as so
amended, the "1995 Employment Agreement").
The Company acknowledges your decision and
notification pursuant to the 1995 Employment Agreement to
resign as Chief Executive Officer of the Company effective July
31, 1997 but to continue as Chairman of the Executive Committee
in accordance with the 1995 Employment Agreement. Accordingly,
we agree as follows:
1. The 1995 Employment Agreement is hereby amended
effective June 16, 1997, as follows:
(a) Duties. The third sentence of Paragraph 2(d) of
the 1995 Employment Agreement is hereby amended and restated in
its entirety as follows: "In such event, you shall have the
right, but shall not be obligated, to change the amount of time
devoted to your duties and responsibilities hereunder provided
that you are reasonably available to perform such functions and
duties as are incident to the office of Chairman of the
Executive Committee (but not the Chief Executive Officer) or
such other duties (consistent with such change in the amount of
time devoted and such change in office) as reasonably may be
requested of you by the Board of Directors."
(b) Base Salary. The first sentence of Paragraph
3(a)(i) of the 1995 Employment Agreement is hereby amended by
deleting the amount "$400,000" and substituting therefor
"$325,000".
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Exhibit 10(i) Ammendment to Employment Agreement between Avatar
Holdings Inc. and Xxxxx Xxxxxxxx -- continued
(c) Final Payment. Paragraph 3(a)(ii) of the 1995
Employment Agreement is hereby deleted so that no Final Payment
is to be made to you under any provision of the 1995 Employment
Agreement.
(d) Cause. Paragraph 7(c) of the 1995 Employment
Agreement is hereby amended by adding the following
parenthetical clause immediately following the phrase "the
willful, repeated and demonstrable failure by you substantially
to perform your duties over a period of not less than 30 days,
other than any such failure resulting from your incapacity due
to physical or mental illness":
(it being understood that the Company shall recognize your
right to reduce your duties pursuant to Paragraph 2(d)
hereof)
(e) Mitigation. Paragraph 8(e) of the 1995
Employment Agreement is hereby deleted.
Except as expressly amended by this letter agreement, your
1995 Employment Agreement remains in full force and effect in
accordance with its terms. This letter agreement, together
with the 1995 Employment Agreement, constitutes the complete
understanding between the parties with respect to your
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 letter agreement and the 1995
Employment Agreement. This letter 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.
If the foregoing is satisfactory, would you please so
indicate by signing and returning to the Company the enclosed
copy of this letter whereupon this will constitute our
agreement on the subject.
AVATAR HOLDINGS INC.
By: /s/ Xxxx Xxxx
-----------------------
Xxxx Xxxx
Chairman of the Board
ACCEPTED AND AGREED TO:
/s/ Xxxxx Xxxxxxxx
------------------------
Xxxxx Xxxxxxxx
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