Amendment No. 1 to Astoria Federal Savings and Loan Association Annual Incentive Plan for Select Executives

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This amendment updates the Annual Incentive Plan for select executives at Astoria Federal Savings and Loan Association. It specifies that incentive awards will be paid in cash within 90 days after the end of each calendar year. The amendment also clarifies how awards are handled if an executive leaves the company due to retirement, disability, death, or other reasons, and states that executives terminated for cause will forfeit unpaid awards. Payments in the event of death will go to the designated beneficiary or the executive's estate if no beneficiary is named.

Read More Arrow
EX-10.28 3 v175304_ex10-28.htm Unassociated Document
 Exhibit 10.28
 
 
Astoria Federal Savings
and Loan Association
Annual Incentive Plan for  
Select Executives
(Effective December 21, 1988)
 AMENDMENT NO. 1
 
DRAFT DATE:                                                          11/9/2009
 
AMENDMENT
 
1.
Article 8 — Effective December 31, 2008 article 8 shall be amended to read in its entirety as follows:
 
8.           Annual Incentive Award Payments
 
Payment of Awards shall be made in cash.  Payment of the Annual Incentive Award to each recipient shall be made within ninety (90) days following the end of the calendar year for which the Award was made.
The Committee may, in its discretion, award all of any part of the amount in respect of a calendar year which otherwise would have been awarded to a participant in the Plan but for the fact that his employment with the Association terminated prior to the end of such calendar year by reason of retirement, total and permanent disability, death, resignation, or for any other reason other than dismissal for cause.
In case of death, all amounts awarded to an executive not previously paid shall be payable in one sum to the beneficiary whom the executive designated under the Association’s Life Insurance Plan.  If an executive fails effectively to designate a beneficiary, then his estate shall be deemed to be the beneficiary.
Notwithstanding the foregoing, an executive terminated for cause at any time shall forfeit all amounts allocated to him and not previously paid.
 
Page  1 of 2
 
In Witness Whereof, this Amendment has been signed by an officer of Astoria Federal Savings and Loan Association thereunto duly authorized.
 
 
Astoria Federal Savings
and Loan Association
  
       
 
By:
/S/ Alan P. Eggleston                                  
    Name: Alan P. Eggleston  
    Title: Executive Vice President. Secretary and General Counsel  
       
  Date:  November 12, 2009  
       
 
Page 2 of 2