AMENDED AND RESTATED EMPLOYMENT AGREEMENT

AMENDED AND RESTATED

EMPLOYMENT AGREEMENT



This Amended and Restated Employment Agreement (the “Agreement”),  is entered into as of February 15, 2022 by and between The First of Long Island Corporation (the “Company”), The First National Bank of Long Island (the “Bank”; and together with the Company, “FLIC”) and Christopher Becker (“Executive”).

WHEREAS, FLIC and Executive are parties to an employment agreement dated as of March 18, 2019, which was amended as of September 24, 2020 (the “Employment Agreement”); and

WHEREAS, FLIC and Executive again wish to amend the Employment Agreement, and wish to incorporate all amendments into this restated Agreement, effective as of January 1, 2022 (the “Effective Date”).

NOW, THEREFORE, in consideration of the mutual covenants herein contained, and upon the other terms and conditions hereinafter provided, the parties hereby agree as follows:

Executive’s service as President and Chief Executive Officer of FLIC, and the effectiveness of this Agreement, shall continue for thirty-six (36) full calendar months after the Effective Date (the “Employment Period,” which shall include any periods covered by renewals hereunder).  Subject to Section 4(d), on January 1, 2023, and continuing on January 1 of each year thereafter (the “Anniversary Date”), this Agreement shall renew for an additional twelve months such that the remaining term of the Employment Period shall be thirty-six (36) months, unless written notice of non-renewal (“Notice of Non-Renewal”) is provided to Executive at least thirty (30) days prior to any such Anniversary Date.  If a Notice of Non-Renewal is provided, the remaining term of the Employment Period shall be twenty-four (24) months from the relevant Anniversary Date.



(a)Employment.  During the Employment Period Executive shall be employed in the capacity of President and Chief Executive Officer of FLIC (the “Executive Position”) and such other senior executive title or titles of FLIC as may from time to time be determined by the Boards of Directors. Effective the Effective Date, Executive shall be appointed a director of the Company and the Bank.  Executive shall be proposed for election to the Board of Directors of the Company at each annual meeting of shareholders at which Executive must stand for election in order to continue as a director, and Executive shall be appointed and elected by the Company (as sole stockholder of the Bank) to serve as a director of the Bank. 

(b)Responsibilities.    As President and Chief Executive Officer, Executive shall be responsible for the overall management of the Company, the Bank and any other direct or indirect subsidiary of the Company. All officers and other employees of the Company, the Bank and any other direct or indirect subsidiary of the Company, shall report or be ultimately responsible to

Executive (except for internal audit, which functionally shall report to the Board or to a committee thereof and which may administratively report to another executive officer).   FLIC agrees that, without Executive’s express consent, it will not, and will not permit FLIC or any other direct or indirect subsidiary, to appoint anyone to a position with responsibilities and authority senior to those of Executive.

(c)Service on Other Boards. Executive agrees to devote his full time and attention and best efforts to the faithful and diligent performance of Executive’s duties to FLIC, and Executive shall serve and further the best interests and enhance the reputation of FLIC to the best of Executive’s ability. Nothing herein shall be construed as preventing Executive from serving as a member of the board of directors of any non-profit organization (of which the Board shall be notified prior to the commencement of service) or, with the consent of the Board of Directors, of any for-profit organization, in either case subject to and consistent with applicable laws.  Executive’s service on boards of non-profits and for-profit organizations in effect as of the date of this Agreement and as to which the Board has been previously notified, including but not limited to the New York Bankers Association, the Interfaith Nutrition Network, the YMCA of Long Island and Amagansett Holding Corporation, may be continued.



(a)Base Salary.  In consideration of Executive’s performance of the responsibilities and duties set forth in this Agreement, Executive shall receive an annual base salary of $620,000 per year (“Base Salary”).    Such Base Salary will be payable in accordance with the customary payroll practices of the Bank.  Any increase in Base Salary will become the “Base Salary” for purposes of this Agreement.  During the term of this Agreement, the Board may provide for further increases, but not decreases, in Executive’s Base Salary. 



(b)Bonus.  Executive shall be entitled to participate in any bonus plan or arrangement of FLIC (including both any short-term and long-term incentive program) in which senior management is eligible to participate.  Nothing paid to Executive under any such plan or arrangement will be deemed to be in lieu of the other compensation to which Executive is entitled under this Agreement.  The terms of FLIC’s short-term and long-term incentive plans or programs shall determine the bonuses payable thereunder, if any, to Executive following Executive’s termination of employment. 



(c)Benefit Plans.  Executive will be entitled to participate in all employee benefit plans, arrangements and perquisites offered to employees and officers of FLIC, on the same terms and conditions as such plans are available to other employees and officers of FLIC.  Without limiting the generality of the foregoing provisions of this Section 3(c), Executive also will be entitled to participate in any employee benefit plans including but not limited to retirement plans, pension plans, profit-sharing plans, health-and-accident plans, or any other employee benefit plan or arrangement made available by the Bank in the future to management employees, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements as applicable to other management employees.  Executive shall also be eligible to participate in a group life insurance policy that provides a death benefit to Executive’s beneficiary in an amount equal to at least two (2) times Executive’s Base Salary.  Except as otherwise provided

herein, the terms of FLIC’s benefit plans or arrangements shall determine the benefits payable thereunder, if any, to Executive following Executive’s termination of employment or retirement. 



(d)Vacation.  Executive will be entitled to a minimum of five weeks of paid vacation time each year during the term of this Agreement measured on a calendar year basis, as well as sick leave, holidays and other paid absences in accordance with the Bank’s policies and procedures for officers.  Any unused paid time off during an annual period will be treated in accordance with the Bank’s personnel policies as in effect from time to time. 



(e)Expense Reimbursements.  FLIC will reimburse Executive for all reasonable travel, entertainment and other reasonable expenses incurred by Executive during the course of performing Executive’s obligations under this Agreement, including, without limitation, fees for memberships in such organizations as Executive and the Board mutually agree are necessary and appropriate in connection with the performance of Executive’s duties under this Agreement.  Furthermore, the Bank shall pay or reimburse Executive for the full cost of the use of an automobile that is mutually agreeable to the Bank and Executive.  Executive shall comply with the reasonable reporting and expense limitations on the use of such automobile as the Bank may establish from time to time.  All reimbursements shall be made as soon as practicable upon substantiation of such expenses by Executive in accordance with the applicable policies and procedures of the Bank. 



Subject to Section 5 of this Agreement which governs the occurrence of a Change in Control, Executive’s employment under this Agreement may be terminated in the following circumstances:

(a)Death.  This Agreement shall terminate upon Executive’s death, in which event Executive’s estate or beneficiary shall be entitled to receive the compensation and vested benefits due Executive as of the date of Executive’s death, and neither Executive, nor Executive’s estate or beneficiary, shall have a right to receive any compensation or benefits under this Agreement thereafter.

(b)Disability.  The Company may terminate Executive’s employment upon his becoming “Totally Disabled,” in which event Executive shall be entitled to receive the compensation and vested benefits due Executive as of the date of Executive’s termination, and Executive shall have no right to receive any other compensation or benefits under this Agreement.  For purposes of this Agreement, Executive shall be “Totally Disabled” if Executive is physically or mentally incapacitated so as to render Executive incapable of performing the essential functions of his position under this Agreement even with reasonable accommodation. Executive’s receipt of disability benefits under the Company’s long-term disability plan, if any, or receipt of Social Security disability benefits shall be deemed conclusive evidence of Total Disability for purpose of this Agreement; provided, however, that in the absence of Executive’s receipt of such long-term disability benefits or Social Security benefits, the Board may, in its reasonable discretion but based upon appropriate medical evidence, determine that Executive is Totally Disabled.

(c)Termination for Cause.  The Board may immediately terminate Executive’s

employment for “Cause” at any time upon written notice to Executive.  Executive shall have no right to receive compensation or other benefits under this Agreement or otherwise from FLIC for any period after termination for Cause, except for compensation or benefits that have already been earned or vested as of the date of termination.  For purposes of this Agreement, “Termination for Cause” shall mean termination because of, in the good faith determination of the Board: (i) Executive’s conviction (including conviction on a nolo contendere plea) of a felony or of any lesser criminal offense involving moral turpitude, fraud or dishonesty; (ii) the willful commission by Executive of a criminal or other act that, in the reasonable judgment of the Board will likely cause substantial economic damage to the Company or the Bank or substantial injury to the business reputation of the Company or Bank; (iii) the commission by Executive of an act of fraud in the performance of his duties on behalf of the Company or Bank; (iv) the continuing willful failure of Executive to perform his employment duties to the Company or Bank after thirty (30) days’ written notice thereof (specifying the particulars thereof in reasonable detail) and a reasonable opportunity to be heard and cure such failure are given to Executive by the Board; (v) an order of a federal or state regulatory agency or a court of competent jurisdiction requiring the termination of Executive’s employment by the Company or the Bank; or (vi) a material breach by Executive of any provision of this Agreement.



(d)Retirement.    This Agreement and the obligations hereunder shall expire on December 31 of the calendar year in which Executive attains Normal Retirement Age (“Retirement Age Termination Date”). For purposes of this Agreement, “Normal Retirement Age” shall mean age 65.  Nothing in this Agreement shall mandate or prohibit a continuation of Executive’s employment following the Retirement Age Termination Date, provided that Executive shall not be entitled to any benefits or payments under this Agreement upon termination of Executive’s employment following Retirement Age Termination Date (unless the Extended Employment Period is in effect).  Notwithstanding the foregoing, upon written notice to Executive, FLIC may extend the term of this Agreement for an additional period of up to two years beyond the Retirement Age Termination Date (the “Extended Employment Period”).

(e)Voluntary Termination by Executive.  Executive may voluntarily terminate employment during the term of this Agreement upon 30 days’ prior written notice to the Board.  FLIC may accelerate the date of termination upon receipt of written notice of Executive’s voluntary termination.

(f)Termination Without Cause or With Good Reason.

(B)“Good Reason” exists if, without Executive’s express written consent, any of the following occurs:

(A)the failure to: (x) appoint Executive during the Employment Period to the Executive Position; (y) propose Executive for election to the Board of Directors of the Company at an annual meeting of shareholders at which he must stand for election in order to continue as a director; or (z) appoint Executive to serve as a director of the Bank;

(B)a reduction in Executive’s Base Salary; 

(C)the failure of the Bank to maintain Executive’s participation under the Bank’s employee benefit, retirement, or material fringe benefit plans, policies, practices, or arrangements in which Executive participates. For this purpose, the Bank may eliminate and/or modify existing employee benefit, retirement, or fringe benefit plans and coverage levels on a consistent and non-discriminatory basis applicable to all such executives;

(E)a relocation of Executive’s principal place of employment by more than 50 miles from Executive’s principal place of employment as of the initial Effective Date of this Agreement; or

(F)a  material breach of this Agreement by FLIC.

(g)Compensation Payable Following Termination of Employment.  Upon termination of Executive’s employment under this Agreement, Executive (or, if applicable, his beneficiary) shall be entitled to receive the following compensation:

(i)Earned but Unpaid Compensation.  FLIC shall pay Executive any accrued but unpaid Base Salary for services rendered to the date of termination, any accrued but unpaid expenses required to be reimbursed under this Agreement, and any vacation accrued to the date of termination in accordance with the Bank’s personnel policies.

(ii)Other Compensation and Benefits.  Except as may be provided under this Agreement,

(A)any benefits to which Executive may be entitled pursuant to the plans, policies and arrangements referred to in Section 3(b) and (c) above shall be determined and paid in accordance with the terms of such plans, policies and arrangements, and

(B)Executive shall have no right to receive any other compensation, or to participate in any other plan, arrangement or benefit, with respect to future periods after such termination or resignation.

(h)Additional Compensation Payable Following Termination Without Cause or Termination with Good Reason. 

(i)In addition to the compensation set forth in Section 4(g) above, Executive will receive the additional compensation and benefits set forth in this paragraph (h), if the following requirements are met:

(A)Executive’s employment is terminated pursuant to Section 4(f) above (Termination Without Cause or Termination for Good Reason); and

(B)Executive executes a release of his claims against the Bank, the Company and any affiliate, and their officers, directors, successors and assigns (the “Release”), the form of which release is attached to this Agreement. The Release must be executed and become irrevocable by the 60th day following the date of Executive’s termination of employment; provided that if the 60 day period spans two (2) calendar years, then, to the extent necessary to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), the payments and benefits described in this Section 4(h) will be paid, or commence, in the second calendar year.

(ii)If Executive meets the requirements described in clause (i) above: either (A) or (B) below shall govern; and if the termination of employment occurs in connection with or following a Change in Control, then (C) below shall govern. 

(A)The Bank shall pay Executive, or in the event of Executive’s subsequent death, Executive’s beneficiary or estate, a cash lump sum payment equal to the sum of:

(i)three times Base Salary at the rate in effect immediately prior to his date of termination, plus 

(ii)an amount equal to the product of: (I) the reasonably estimated monthly cost of the medical, dental and vision insurance coverage maintained by the Bank for Executive immediately prior to Executive’s date of termination; multiplied by (II) thirty-six (36).

Such amount shall be paid to Executive in a lump sum within ten (10) days following Executive’s date of termination, or if later, following the seventh (7th) day after Executive’s execution of the Release required under Section 4(h)(i)(C) hereof. In addition, outstanding Restricted Stock Units granted to Executive shall become vested and payable under the same terms and conditions as would apply upon Executive’s Retirement as set forth in the applicable Award Agreements between the Company and Executive.

(B)If the termination of employment occurs on or after Executive attains age 60 but prior to Normal Retirement Age, then in lieu of

additional compensation in clause (A), the Bank shall pay Executive, or in the event of Executive’s subsequent death, Executive’s beneficiary or estate, a cash lump sum payment equal to the sum of:

(i)one times Base Salary at the rate in effect immediately prior to his date of termination, plus 

(ii)an amount equal to the product of: (I) the reasonably estimated monthly cost of the medical, dental and vision insurance coverage maintained by the Bank for Executive immediately prior to Executive’s date of termination; multiplied by (II) twelve (12).

Such amount shall be paid to Executive in a lump sum within ten (10) days following Executive’s date of termination, or if later, following the seventh (7th) day after Executive’s execution of the Release required under Section 4(h)(i)(C) hereof. In addition, outstanding Restricted Stock Units granted to Executive shall become vested and payable under the same terms and conditions as would apply upon Executive’s Retirement as set forth in the applicable Award Agreements between the Company and Executive.

(C) If the termination of employment occurs in connection with or following a Change in Control, the Bank (or any successor) shall pay Executive, or in the event of Executive’s subsequent death, Executive’s beneficiary or estate, a cash lump sum payment equal to the sum of:

(i)three times the sum of (x) Base Salary at the rate in effect immediately prior to his date of termination, and (y) his annual cash incentive compensation, calculated based on Target levels of performance for the year in which the Change in Control occurs, plus 

(ii)an amount equal to the product of: (I) the reasonably estimated monthly cost of the medical, dental and vision insurance coverage maintained by the Bank for Executive immediately prior to Executive’s date of termination; multiplied by (II) thirty-six (36).

Such amount shall be paid to Executive in a lump sum within ten (10) days following Executive’s date of termination, or if later, following the seventh (7th) day after Executive’s execution of the Release required under Section 4(h)(i)(B) hereof.

(i)Additional Compensation Payable Following Executive’s Voluntary Resignation without Good Reason on or After Attaining Age 60, but Prior to Attaining Normal Retirement Age. In addition to the compensation set forth in Section 4(g) above, in the event of Executive’s voluntary resignation without Good Reason on or after attaining age 60, but prior to

Normal Retirement Age, the outstanding Restricted Stock Units granted to Executive shall become vested and payable under the same terms and conditions as would apply upon Executive’s Retirement as set forth in the applicable Award Agreements between the Company and Executive. 

(j)Effect on Status as a Director.  In the event of Executive’s termination of employment under this Agreement for any reason (including as a result of Executive’s retirement due to the expiration of the Employment Term or the Extended Period, if applicable), such termination shall also constitute Executive’s resignation from the Board of Directors of the Company and the Bank, as well as the board of directors of any affiliates of FLIC. 

(a)Change in Control Defined.  For purposes of this Agreement, the term “Change in Control” shall mean the occurrence of any of the following events:

(b)280G Net-Best Benefit.   Notwithstanding the preceding paragraphs of this Section, if the payments and benefits to be afforded to Executive under Section 5 hereof (the “Severance Benefits”) either alone or together with other payments and benefits which Executive has the right to receive from the Company or the Bank (or any affiliate) would constitute a “parachute payment” under Section 280G of the Code, and but for this Section 5(c), would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Severance Benefits shall be reduced (the “Benefit Reduction”) by the minimum amount necessary to result in no portion of the Severance Benefits being subject to the Excise Tax, provided, however, that the Benefit Reduction shall only occur if such reduction would result in Executive’s “Net After-Tax Amount” attributable to the Severance Benefits being greater than it would be if no Benefit Reduction was effected.  For this purpose, “Net After-Tax Amount” shall mean the net amount of Severance Benefits Executive is entitled to under this Agreement after giving effect to all federal, state and local taxes which would be applicable to such payments and benefits, including but not limited to, the Excise Tax.  Nothing contained herein shall result in the reduction of any payments or benefits to which Executive may be entitled upon termination of employment and/or a change in control other than as specified in this Section 5(c), or a reduction in the Severance Benefits below zero. 

(c)Extension of Employment Period.  In the event the Bank or the Company has entered into an agreement to effect a transaction that would be considered a Change in Control during the Employment Period (or the Extended Period if applicable), the Employment Period (or the Extended Period, if applicable) shall be extended automatically for a period ending on, and including, the 30th day following the effective date of the Change in Control (to the extent the Employment Period or the Extended Period would otherwise expire, without regard to the foregoing, prior to the completion of such period).  

(a)Non-Solicitation/Non-Compete. 

(i)Executive hereby covenants and agrees that, during the “Restricted Period” and except as provided in clause (ii) below, Executive shall not, without the written consent of FLIC, either directly or indirectly:

 (ii)The restrictions contained in Section 6(a)(i)(B) above shall not apply in the event of a Termination for Cause, or in the event of a termination of employment following a Change in Control.

(iii) For purposes of this paragraph (a), the “Restricted Period” shall be a period of two (2) years following Executive’s termination of employment with FLIC.

(b)Confidentiality.  Executive recognizes and acknowledges that the knowledge of the business activities, plans for business activities, and all other proprietary information of FLIC, as it may exist from time to time, is valuable, special and unique assets of the business of FLIC.  Executive will not, during or after the term of Executive’s employment, disclose any knowledge of the past, present, planned or considered business activities or any other similar proprietary information of FLIC to any person, firm, corporation, or other entity for any reason or purpose whatsoever unless expressly authorized by the Board or required by law.  Notwithstanding the foregoing, Executive may disclose any knowledge of banking, financial and/or economic principles, concepts or ideas which are not solely and exclusively derived from the business plans and activities of FLIC.  Further, Executive may disclose information regarding the business activities of FLIC to any bank regulator having regulatory jurisdiction over the activities of FLIC pursuant to a formal regulatory request.  In the event of a breach or threatened breach by Executive of the provisions of this Section, FLIC will be entitled to an injunction restraining Executive from disclosing, in whole or in part, the knowledge of the past, present, planned or considered business activities of FLIC or any other similar proprietary information, or from rendering any services to any person, firm, corporation, or other entity to whom such knowledge, in whole or in part, has been disclosed or is threatened to be disclosed.  Nothing herein will be construed as prohibiting FLIC from pursuing any other remedies available to FLIC for such breach or threatened breach, including the recovery of damages from Executive.

(c)Information/Cooperation.  Executive shall, upon reasonable notice, furnish such information and assistance to FLIC as may be reasonably required by FLIC, in connection with any litigation in which it or any of its subsidiaries or affiliates is, or may become, a party, and he shall be reimbursed for any expenses incurred in providing such information and assistance; provided, however, that Executive shall not be required to provide information or assistance with respect to any litigation between Executive and FLIC or any other subsidiaries or affiliates.

(d)Reliance.  Except as otherwise provided, all payments and benefits to Executive under this Agreement shall be subject to Executive’s compliance with this Section 6, to the extent applicable.  



(e)Sale of Shares.  Any sale by Executive of a significant number of shares of Company common stock (more than 3,000 shares in any three month period, which number shall be adjusted for any stock splits, dividends and similar transactions) shall be made pursuant to a 10b5-1 Trading Plan. Executive shall inform the Board of the Trading Plan prior to implementation (this restriction shall not apply to the withholding of shares, or the sale of shares, in connection with the vesting of equity awards granted to Executive under the Company’s equity incentive plan in order to pay applicable state and federal taxes that arise from such vesting).



This Agreement contains the entire understanding between the parties hereto and supersedes any prior employment agreement between FLIC or any predecessor of FLIC and Executive (including without limitation the Employment Agreement), except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to Executive of a kind expressly provided elsewhere. 

(a)Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to affect any such action shall be null, void, and of no effect.

(b)FLIC shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all the business or assets of FLIC, expressly and unconditionally to assume and agree to perform FLIC’s obligations under this Agreement, in the same manner and to the same extent that FLIC would be required to perform if no such succession or assignment had taken place.

(a)This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto. 

(b)No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel.  No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived  and shall not constitute a waiver of such term or condition for the future as to any act other than that specifically waived.

Notwithstanding anything herein contained to the contrary, the following provisions shall apply:

(a)FLIC may terminate Executive’s employment at any time, but any termination by the Board other than termination for Cause shall not prejudice Executive’s right to compensation or other benefits under this Agreement.  Executive shall have no right to receive compensation or other benefits for any period after Executive’s termination for Cause.

(b)Notwithstanding anything herein contained to the contrary, any payments to Executive pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1828(k), and the regulations promulgated thereunder in 12 C.F.R. Part 359.

(c)The parties intend that this Agreement and any payments and benefits payable hereunder shall either comply with, or be exempt from, the requirements of Code Section 409A, and this Agreement shall be maintained, administered, and interpreted consistent with that intention.  Notwithstanding any provision herein to the contrary, FLIC makes no representations concerning Executive’s tax consequences under this Agreement under Code Section 409A, or any other federal, state, or local tax law.  Executive’s tax consequences will depend, in part, upon the application of relevant tax law, including Code Section 409A, to the relevant facts and circumstances.  Notwithstanding anything else in this Agreement to the contrary (with the exception of Section 4(c)), Executive’s employment shall not be deemed to have been terminated unless and until Executive has a Separation from Service within the meaning of Code Section 409A.  For purposes of this Agreement, a “Separation from Service” shall have occurred if FLIC and Executive reasonably anticipate that either no further services will be performed by Executive after the date of termination (whether as an employee or as an independent contractor) or the level of further services performed is less than 50 percent of the average level of bona fide services in the 36 months immediately preceding the termination.  For all purposes hereunder, the definition of Separation from Service shall be interpreted consistent with Treasury Regulation Section 1.409A-1(h)(ii). Each payment under this Agreement is intended to be a “separate payment” and not of a series of payments for purposes of Code Section 409A. 

(d)Notwithstanding the foregoing, if Executive is a “specified employee” (i.e., a “key employee” of a publicly traded company within the meaning of Section 409A of the Code and the final regulations issued thereunder) and any payment under this Agreement is triggered due to Executive’s Separation from Service (other than due to disability or death), then solely to the extent necessary to avoid penalties under Section 409A of the Code, no payment shall be made during the first six (6) months following Executive’s Separation from Service.  Rather, any payment which would otherwise be paid to Executive during such period shall be accumulated and paid to Executive in a lump sum on the first day of the seventh month following such Separation from Service.  All subsequent payments shall be paid in the manner specified in this Agreement.   

(e)Notwithstanding anything in this Agreement to the contrary, Executive understands that nothing contained in this Agreement limits Executive’s ability to file a charge or complaint with the Securities and Exchange Commission or any other federal, state or local governmental

agency or commission (“Government Agencies”) about a possible securities law violation without approval of FLIC.   Executive further understands that this Agreement does not limit Executive’s ability to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to FLIC related to the possible securities law violation.  This Agreement does not limit Executive’s right to receive any resulting monetary award for information provided to any Government Agency.

(f)Executive will continue to be indemnified with respect to any actions taken or omissions occurring while he was an employee and/or director of FLIC by any indemnity provisions contained in FLIC’s Certificate of Incorporation and By-Laws immediately prior to his last day of employment and by any directors and officers insurance maintained by FLIC.

(g)In the event of Executive’s death, his beneficiary shall be his surviving spouse.  Alternatively, Executive may designate other beneficiaries.  If Executive’s spouse does not survive him, or if no beneficiary designation is in effect at the time of Participant’s death, then payments due thereafter shall be made to the Participant’s estate.

If, for any reason, any provision of this Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any other provision of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the full extent consistent with law continue in full force and effect.

This Agreement shall be governed by the laws of State of New York, but only to the extent not superseded by federal law.

(a)  Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by binding arbitration, as an alternative to civil litigation and without any trial by jury to resolve such claims, conducted by a single arbitrator mutually acceptable to FLIC and Executive, sitting in a location selected by the Bank within 50 miles from the main office of the Bank, in accordance with the rules of the American Arbitration Association’s National Rules for the Resolution of Employment Disputes then in effect.  Judgment may be entered on the arbitrator’s award in any court having jurisdiction.  The cost of the arbitrator shall be paid by FLIC; all other cost of arbitration shall be borne by the respective parties, except as otherwise provided in Section 14 below.

(b) If Termination For Cause is disputed by Executive, and if it is determined in arbitration that Executive is entitled to compensation and benefits under Section 4(h) of this Agreement, the payment of such compensation and benefits by the Bank shall commence immediately following the date of resolution by arbitration, with interest due Executive on the cash amount that was not paid pending arbitration (at the prime rate as published in The Wall Street Journal from time to time).

To the extent that such payment(s) may be made without triggering penalty under Code Section 409A, all reasonable legal fees paid or incurred by Executive pursuant to any dispute relating to this Agreement shall be paid or reimbursed by the Bank, provided that the dispute is resolved in Executive’s favor, and such reimbursement shall occur no later than 60 days after the end of the year in which the dispute is settled or resolved in Executive’s favor.  Notwithstanding the foregoing, and regardless of whether any dispute is resolved in Executive’s favor, the Bank shall reimburse Executive for up to $25,000, in the aggregate, of legal fees incurred by Executive in connection with disputes relating to this Agreement, which reimbursement shall be made promptly following the submission to FLIC by Executive of documentary support of the expenses incurred.

For the purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by certified or registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below:





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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.