X0202 4 2005-05-24 0000039677 AVATAR HOLDINGS INC AVTR 0001253611 LEVY MICHAEL F AVATAR HOLDLINGS INC. 201 ALHAMBRA CIRCLE CORAL GABLES FL 33134 0 1 0 0 EVP & COO Avatar Properties Performance Conditioned Restricted Stock Units (1) 65.00 2005-05-24 4 A 0 25000 A 2010-12-31 Common Stock 25000 25000 D Performance Conditioned Restricted Stock Units (2) 72.50 2005-05-24 4 A 0 25000 A 2010-12-31 Common Stock 25000 25000 D Performance Conditioned Restricted Stock Units (3) 80.00 2005-05-24 4 A 0 25000 A 2010-12-31 Common Stock 25000 25000 D Under plan approved by stockholders on May 24, 2005, the grant of the units is conditioned upon (i) the closing price of the Issuer's Common Stock being at least $65.00 per share for 20 trading days out of 30 consecutive trading days during the period beginning April 15, 2005 and ending December 31, 2010, and (ii) the continued employment of the Reporting Person at the time the foregoing condition is satisfied. Subject to certain limited exceptions, any units granted to the Reporting Person vest in full on December 31, 2010 or upon the occurrence of a change of control of the Issuer, provided that, in either case, the Reporting Person is then employed by the Issuer. Under plan approved by stockholders on May 24, 2005, the grant of the units is conditioned upon (i) the closing price of the Issuer's Common Stock being at least $72.50 per share for 20 trading days out of 30 consecutive trading days during the period beginning April 15, 2005 and ending December 31, 2010, and (ii) the continued employment of the Reporting Person at the time the foregoing condition is satisfied. Subject to certain limited exceptions, any units granted to the Reporting Person vest in full on December 31, 2010 or upon the occurrence of a change of control of the Issuer, provided that, in either case, the Reporting Person is then employed by the Issuer. Under plan approved by stockholders on May 24, 2005, the grant of the units is conditioned upon (i) the closing price of the Issuer's Common Stock being at least $80.00 per share for 20 trading days out of 30 consecutive trading days during the period beginning April 15, 2005 and ending December 31, 2010, and (ii) the continued employment of the Reporting Person at the time the foregoing condition is satisfied. Subject to certain limited exceptions, any units granted to the Reporting Person vest in full on December 31, 2010 or upon the occurrence of a change of control of the Issuer, provided that, in either case, the Reporting Person is then employed by the Issuer. Michael F. Levy 2005-05-26