Exhibit 10.4

 

Bonus Schedule For Stephen J. Sipola

 

                As referenced in Section 4 of the Employment Agreement dated as
of January 1, 2013 between Astoria Federal Savings and Loan Association
(“AFSLA”) and Stephen J. Sipola (the “Executive”), this will confirm that the
board of directors of AFSLA has approved the following bonuses for the
Executive:

 

Guaranteed Bonuses for 2012, 2013, 2014 and 2015:  (1)  $250,000 payable on
April 19, 2013,  (2) $105,627, payable on December 31, 2013, assuming the
Executive is then employed with AFSLA, which represents the amount of $150,000
prorated from April 19, 2013 to December 31, 2013, (3) $150,000 payable on
December 31, 2014, assuming the Executive is then employed by AFSLA and (4)
$150,000 on December 31, 2015, assuming the Executive is then employed by AFSLA.

 

Performance Bonus for 2013, 2014 and 2015: to be calculated based upon the
Business Banking Department’s percentage achievement of its Business Banking
Goals for 2013, 2014 and 2015 as set forth on the attached schedule.  The Total
Goal Achievement percentage will be calculated by adding the individual
performance percentages for the Business DDA, Business Money Market and Business
Loans categories, and dividing this total by three.

 

Total Goal Achievement

 

Bonus

 

 

 

 

 

70%

 

$

250,000

 

75%

 

290,000

 

80%

 

330,000

 

85%

 

370,000

 

90%

 

410,000

 

95%

 

450,000

 

100% and above

 

500,000

 

 

ASTORIA FEDERAL SAVINGS AND LOAN
ASSOCIATION

Acknowledged:

 

 

By:

/s/ Gerard C. Keegan

 

 

 

 

 

/s/ Stephen J. Sipola

Date:

March 5, 2013

 

STEPHEN J. SIPOLA

 

 

 

 

 

Date:

March 5, 2013

 

--------------------------------------------------------------------------------

* CONFIDENTIAL TREATMENT REQUEST:  The schedule with Business Banking Goals for
2013, 2014 and 2015 has been omitted and filed separately with the Commission.

 

--------------------------------------------------------------------------------