AMENDMENT TO ASTORIA FEDERAL SAVINGSANDLOAN ASSOCIATION EMPLOYMENTAGREEMENTWITH EXECUTIVE OFFICER
EXHIBIT 10.14
AMENDMENT TO
ASTORIA FEDERAL SAVINGS AND LOAN ASSOCIATION
EMPLOYMENT AGREEMENT WITH EXECUTIVE OFFICER
This Amendment to the Employment Agreement (the “Employment Agreement”) entered into as of December 1, 2003 by and between Astoria Federal Savings and Loan Association, a savings association organized and operation under the federal laws of the United States(the “Association”) and Gary T. McCann (the “Executive”) is entered into as of August 15, 2007.
WITNESSETH:
WHEREAS, the Association and Executive have previously entered into the Employment Agreement which remains in full force and effect; and
WHEREAS, the Association has realigned its executive management staff; and
WHEREAS, prior to such realignment the Executive served as Executive Vice President; and
WHEREAS, following such realignment Executive has agreed to continue to serve as Executive Vice President; and
WHEREAS, the Board of Directors of the Association has determined that it is in the best interests of the shareholders of the Association to rescind the Association’s mandatory retirement policy for executive officers;
NOW THEREFORE, in consideration of the premises and the mutual covenants and conditions hereinafter set forth, the Association and Executive hereby agree to amend the Employment Agreement as follows from and after the date hereof:
| A) | Section 4. Cash Compensation. of the Employment Agreement is amended to replace the salary set forth in such Section from an initial annual rate of Two Hundred Twelve Thousand Dollars ($212,000) to an initial annual rate of Four Hundred Thousand Dollars ($400,000) which the Association and Executive acknowledge is Executive’s current rate of annual salary. | |
| B) | Section 10. Termination without Additional Association Liability. of the Employment Agreement is amended by deleting Section 10(a)(v). | |
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| C) | Section 29. Compliance with Section 409A of the Code. is added to the Employment Agreement to state as follows: | |
| Section 29. Compliance with Section 409A of the Code. | ||
| In the event that this Agreement is construed to be a non-qualified deferred compensation plan described in section | ||
| 409A of the Code, the Agreement shall be operated, administered and construed so as to conform to the requirements of section 409A. | ||
| D) | The Employment Agreement is in all other respects confirmed and ratified and the Employment Agreement, as amended by this amendment remains in full force and effect. | |
IN WITNESS WHEREOF, the Association has caused this Amendment to be executed and Executive has hereunto set his hand, all as the 15th day of August 2007.
| Attest: | ASTORIA FEDERAL SAVINGS AND LOAN | ||
| ASSOCIATION | |||
| /S/ Alan P. Eggleston | By: | /S/ George L. Engelke, Jr. | |
| Alan P. Eggleston | Name: George L. Engelke, Jr. | ||
| Title: Chairman and Chief Executive Officer | |||
| [Seal] | |||
| /S/ Gary T. McCann | |||
| Gary T. McCann | |||
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| STATE OF NEW YORK | ) | |||
| ) | SS.: | |||
| COUNTY OF NASSAU | ) |
On this 15th day of August 2007, before me, the undersigned, personally appeared George L. Engelke, Jr., personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument.
| /S/ Marygrace Farruggia | |
| Notary Public | |
| Marygrace Farruggia | |
| Notary Public, State of New York | |
| No. 4998931 | |
| Qualified in Suffolk County | |
| Commission Expires 7/13/2010 |
| STATE OF NEW YORK | ) | |||
| ) | SS.: | |||
| COUNTY OF NASSAU | ) |
On this 15th day of August 2007, before me, the undersigned, personally appeared Gary T. McCann, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument.
| /S/ Marygrace Farruggia | |
| Notary Public | |
| Marygrace Farruggia | |
| Notary Public, State of New York | |
| No. 4998931 | |
| Qualified in Suffolk County | |
| Commission Expires 7/13/2010 |
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