FLUSHING FINANCIAL CORPORATION
EMPLOYMENT AGREEMENT (Agreement) dated as of October 24, 2019 by and between Flushing Financial Corporation, a Delaware corporation having its executive offices at 220 RXR Plaza, Uniondale, New York 11556 (the Holding Company), and Thomas M. Buonaiuto (Officer), to become effective upon, and expressly subject to, the Closing (as hereinafter defined).
W I T N E S S E T H:
WHEREAS, pursuant to the terms of that certain Agreement and Plan of Merger, by and among Empire Bancorp, Inc., a New York corporation (Empire), Lighthouse Acquisition Co., Inc., a New York corporation and a special-purpose, wholly owned subsidiary of the Holding Company (the Merger Sub), and the Holding Company, dated as of October 24, 2019 (the Merger Agreement), Merger Sub will merge with and into Empire, and immediately thereafter, Empire will merge with and into the Holding Company, with the Holding Company being the surviving corporation;
WHEREAS, the Officer is an employee of Empire and currently serves as its President, Chief Operating Officer and Assistant Secretary;
WHEREAS, the Holding Company considers the availability of the Officers services to be important to the successful management and conduct of the Holding Companys business and desires to secure for itself the availability of his services;
WHEREAS, for purposes of securing for the Holding Company the Officers services, the Board of Directors of the Holding Company (Board) has authorized the proper officers of the Holding Company to enter into an employment agreement with the Officer on the terms and conditions set forth herein, expressly contingent upon and subject to the closing of the transactions contemplated by the Merger Agreement (the Closing); and
WHEREAS, the Officer is willing to make his services available to the Holding Company on the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the premises and the mutual covenants and obligations hereinafter set forth, the Holding Company and the Officer hereby agree as follows:
Section 1. Employment.
The Holding Company hereby agrees to employ the Officer, and the Officer hereby agrees to accept such employment, during the period and upon the terms and conditions set forth in this Agreement.