Severance Agreement between Avatar Holdings Inc. and Charles L. McNairy
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Severance Agreements
Summary
This agreement outlines the severance terms for Charles L. McNairy, an at-will employee of Avatar Holdings Inc. If Mr. McNairy is terminated without cause, he will receive one year of his current base salary and benefits. Additionally, upon termination or the conversion of his restricted stock units (RSUs) into Avatar common stock, he will receive either the RSUs (if their value exceeds the severance amount) or the severance payment, but not both. The agreement ensures Mr. McNairy receives the greater of the two benefits, but never both simultaneously.
EX-10.1 2 g07295exv10w1.htm EX-10.1 MCNAIRY SEVERANCE AGREEMENT EX-10.1 McNairy Severance Agreement
Exhibit 10.1
Severance Arrangement with Charles L. McNairy
Mr. McNairy is an at-will employee. If Mr. McNairy were to be terminated by Avatar Holdings Inc. (“Avatar”) without cause he would be entitled to one year of his then current base salary and benefits. As set forth in a letter dated July 22, 2004, upon the earlier of his termination of employment and the conversion of restricted stock units (“RSUs”) that he was awarded on July 24, 2004, into shares of Avatar common stock, Mr. McNairy would receive the greater of the RSUs, to the extent their fair market value is greater than the cash amounts he is entitled to receive as severance, if any, or the severance payments, if any. Under no circumstance will he receive both the shares issuable under the award and the severance payments.
