EX-10.5 Letter Terminating the Stock Option Agree
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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
