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Exhibit 10 (d) - Amendment to Employment Agreement, Edwin Jacobson
AVATAR HOLDINGS, INC.
255 Alhambra Circle
Coral Gables, Florida 33134
As of March 1, 1994
Mr. Edwin Jacobson
c/o Avatar Holdings, Inc.
255 Alhambra Circle
Coral Gables, Florida 33134
Dear Mr. Jacobson:
Reference hereby is made to that certain employment
agreement with you dated June 15, 1992 (the "Employment Agreement").
We each hereby agree that as of the date hereof:
1. Paragraph 2(a) of the Employment Agreement hereby is
amended and restated in its entirety as follows:
(a) You shall be nominated as a director of the Corporation
and, subject to your election thereto by the Board of
Directors or the stockholders of the Company, you shall be
employed as Chairman of the Executive Committee of the
Company; and you shall also be employed as the President and
Chief Executive Officer of the Company. In such capacities,
you shall serve as a senior executive officer of the Company
and shall have the duties and responsibilities prescribed
for such positions by the By-Laws of the Company, and shall
have such other duties and responsibilities as may from time
to time be prescribed by the Board of Directors of the
Company or the Executive Committee of the Board of
Directors, provided that such duties and responsibilities
are consistent with your positions as Chairman of the
Executive Committee and President and Chief Executive
Officer. In the performance of your duties, you shall be
subject to the supervision and direction of the Board of
Directors of the Company and the Executive Committee of the
Board of Directors.
2. The first sentence of paragraph 2(b) of the Employment
Agreement hereby is amended and restated in its entirety as follows:
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(b) Subject to the term of your employment hereunder, you
shall devote such time as is reasonably necessary to the
proper performance of your duties and responsibilities as
Chairman of the Executive Committee and President and Chief
Executive Officer.
3. The first sentence of paragraph 3(a) of the Employment
Agreement hereby is amended and restated in its entirety as follows:
(a) Base Salary. During the term of your employment
hereunder, the Company shall pay you, and you shall accept
from the Company for your services, a salary at the rate of
not less than $325,000 per year ("Base Salary"), payable in
accordance with the Company's policy with respect to the
compensation of executives.
4. Except as expressly amended by this letter agreement,
your Employment Agreement shall remain in full force and effect in
accordance with the terms thereof. 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/ Leon Levy
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Leon Levy
Chairman of the Board
ACCEPTED AND AGREED TO:
/s/ Edwin Jacobson
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Edwin Jacobson
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