Letter Terminating Nonqualified Stock Option Agreement between Avatar Holdings Inc. and Gerald D. Kelfer

Contract Categories: Business Finance › Stock Agreements
Summary

This letter, dated March 27, 2003, is from Gerald D. Kelfer to Avatar Holdings Inc. It confirms that Mr. Kelfer is giving up all rights to purchase 225,000 shares of Avatar's common stock at $34 per share under a previous stock option agreement dated February 13, 1997. The agreement is being terminated, and the stock options have not been exercised.

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EX-10.5 7 g82754exv10w5.txt EX-10.5 LETTER TERMINATING THE STOCK OPTION AGREE. Exhibit 10.5 March 27, 2003 Avatar Holdings Inc. 201 Alhambra Circle Coral Cables, FL 33134 Attn: Corporate Secretary Reference is hereby made to that Nonqualified Stock Option Agreement (the "Option Agreement") dated as of February 13, 1997 between Avatar Holdings Inc. ("Avatar") and Gerald D. Kelfer. I hereby relinquish all right and interest in the option to purchase 225,000 shares of common stock of Avatar at a price of $34 per share granted to me pursuant to the Option Agreement. I acknowledge that the Option Agreement is being terminated without the option granted thereunder having been exercised. Sincerely, /s/ Gerald D. Kelfer ------------------------------------- Gerald D. Kelfer