Compensation Reduction Agreement for Named Executive Officers of Avatar Holdings Inc. (April 2009)

Summary

Avatar Holdings Inc. and its subsidiary, Avatar Properties Inc., have agreed with four of their top executives—Gerald D. Kelfer, Randy L. Kotler, Jonathan Fels, and Michael Levy—to reduce their base salaries and, for some, annual bonuses effective April 13, 2009. The reductions are generally 10% of previous amounts. These changes apply to the 2009 compensation year and reflect mutual agreement between the company and the executives.

EX-10.1 2 g19020exv10w1.htm EX-10.1 EX-10.1

Exhibit 10.1

Compensation of Certain Named Executive Officers

As follows, changes were made effective April 13, 2009, to the compensation of Gerald D. Kelfer, Avatar’s President and Chief Executive Officer; Randy L. Kotler, Avatar’s Executive Vice President, Treasurer and Chief Financial Officer; Jonathan Fels, President of Avatar’s wholly-owned subsidiary, Avatar Properties Inc.; and Michael Levy, Executive Vice President and Chief Operating Officer of Avatar Properties Inc.:

	•		Mr. Kelfer agreed to reduce (i) his base salary rate by 10%, from $500,000 to $450,000 per annum and (ii) his annual bonus by 10% from $500,000 to $465,400 for 2009;

	•		Mr. Kotler agreed to reduce his base salary rate by 10%, from $350,000 to $315,000 per annum; and

	•		Mr. Fels and Mr. Levy agreed to reduce (i) his base salary rate by 10%, from $500,000 to $450,000 per annum and (ii) his annual bonus by 10%from $400,000 to $372,320 for 2009.