Amendment to Employment Agreement between Registrant and John Grasso dated January 1, 2007

Exhibit 10.7

Amendment to Employment Agreement between Registrant and John Grasso dated January 1, 2007

(THE FIRST OF LONG ISLAND CORPORATION LETTERHEAD)

December 15, 2008                    

Re:

Letter Employment Agreement dated January 1, 2007 (the “Agreement”)

                 “F.          In the event that you shall become entitled to a Termination Payment pursuant to Section 4(A)(i) or Section 4(A)(ii) hereof, such payment shall be made to you within ten (10) days after the expiration of a period of six (6) months measured from the termination of your employment or your resignation, as the case may be. Subject to the foregoing limitation, the date of payment shall be determined by FLIC in its sole discretion.”

          3.          The following paragraphs “E” and “F” are hereby added to Section 7 of the Agreement:

                 “E.          “Termination” shall mean a separation from service, within the meaning of Internal Revenue Code Section 409A, (i) which results from a decision of the Bank to terminate your employment and (ii) by reason of which each of us anticipates that no further services will be provided by you hereunder subsequent to the effective date thereof.”

                 “F.          “Resignation” shall mean a separation from service, within the meaning of Internal Revenue Code Section 409A, (i) which results from a decision by you to resign your employment (including resignation for Good Reason) and (ii) by reason of which each of us anticipates that no further services will be provided by you hereunder subsequent to the effective date thereof.”