Exhibit 10.2

Amendment to Employment Agreement between Registrant and Sallyanne K. Ballweg
dated December 13, 2007

(THE FIRST OF LONG ISLAND CORPORATION LETTERHEAD)

December 15, 2008                    

Ms. Sallyanne K. Ballweg

 

 

 

 

Re:

Letter Employment Agreement dated December 13, 2007 (the “Agreement”)

Dear Ms. Ballweg:

          This will serve to confirm that we have agreed to amend the captioned
Agreement in the following respects:

          1.          The phrase “and within ten (10) days after” is hereby
deleted from the first paragraph of Section 4.1 of the Agreement.

          2.          The following Section 4.4 is hereby added to the
Agreement:

 

 

 

 

                 “4.4.        In the event that you shall become entitled to a
Termination Payment pursuant to Section 4.1 or Section 4.2 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 “F” and “G” are hereby added to
Section 7 of the Agreement:

 

 

                 “F.          “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.”

 

 

 

 

 

                 “G.          “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.”

 

 

 

 

          Please confirm that the foregoing accurately sets forth our
understanding by signing and returning the enclosed copy of this letter. The
Agreement will thereupon be deemed amended in the foregoing respects.

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Very truly yours,

 

 

 

 

 

THE FIRST OF LONG ISLAND CORPORATION

 

 

 

 

By:

/s/MICHAEL N. VITTORIO

 

 

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MICHAEL N. VITTORIO

 

 

CHIEF EXECUTIVE OFFICER

 

 

 

Accepted and Agreed this

 

 

19th day of December 2008

 

 

 

 

 

/s/SALLYANNE K. BALLWEG

 

 

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SALLYANNE K. BALLWEG

 

 

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