Exhibit 10.1


 


SUNNYSIDE FEDERAL SAVINGS AND LOAN ASSOCIATION
OF IRVINGTON


 


SUNNYSIDE BANCORP, INC.


 





 



 


AMENDMENT NUMBER TWO


TO THE EMPLOYMENT AGREEMENT WITH TIMOTHY
D. SULLIVAN


 





 



 


This Amendment Number
Two (the “Amendment”) to the Employment Agreement (the “Agreement”) entered into between
Sunnyside Federal Savings and Loan Association of Irvington (the “Association”) and Timothy D. Sullivan (the
“Executive”) is made by the Association and the Executive, effective as of June 16, 2015.


 


WHEREAS, the
Agreement was entered effective as of July 15, 2013; and


 


WHEREAS, Sunnyside
Bancorp, Inc. (the “Company”) is a signatory to the Agreement for the purpose of guaranteeing the Association’s
performance under the Agreement; and


 


WHEREAS, upon
the recommendation of the Compensation Committees of the Association and the Company, the Association and the Executive desire
to amend the Agreement to provide for the annual renewal of the term of the Agreement, provided the disinterested members of the
Board of Directors approve the extension of the Agreement prior to the renewal date; and


 


WHEREAS, the
Company agrees to the annual renewal of the term of the Agreement; and


 


WHEREAS,
pursuant to Section 15(a) of the Agreement, the Agreement may be amended by an instrument in writing signed by the parties.


 


NOW, THEREFORE,
this Amendment is hereby adopted as follows:


 


Section 2(a) of the
Agreement is hereby amended and restated in its entirety to provide as follows:


 


“(a)       Three
Year Contract; Annual Renewal. The term of this Agreement will begin as of the Effective Date and shall continue thereafter
for a period of three (3) years. Beginning on the first annual anniversary date of this Agreement, and on each annual anniversary
date thereafter, the term of this Agreement shall be extended for a period of one year in addition to the then-remaining term;
provided that (1) the Association has not given notice to the Executive in writing at least ninety (90) days prior to such
renewal date that the term of this Agreement shall not be extended further; and (2) prior to such renewal date, the disinterested
members of the Board of Directors of the Association (the “Board”) have explicitly reviewed and approved the extension
and the results thereof


 




    	 



    	 



    

  


shall be included in the minutes
of the Board’s meeting. On an annual basis prior to the deadline for the notice period referenced above, the Board shall
conduct a performance review of the Executive for purposes of determining whether to provide notice of non-renewal. Reference herein
to the term of this Agreement shall refer to both such initial term and such extended terms.”


 


[Remainder
of Page Intentionally Left Blank]


 



    	2



    	 



    

 


IN WITNESS WHEREOF,
a duly authorized officer of the Association and the Company has executed this Amendment as of 16th day of June, 2015.


 


	 	SUNNYSIDE FEDERAL SAVINGS AND
	 	LOAN ASSOCIATION OF IRVINGTON
	 	 
	 	By:	/s/ William Boeckelman 
	 	Name: William Boeckelman
	 	Title: Compensation Committee Chairman
	 	 
	 	SUNNYSIDE BANCORP, INC.
	 	 
	 	By:	/s/ William Boeckelman
	 	Name: William Boeckelman
	 	Title: Compensation Committee Chairman
	 	 
	 	EXECUTIVE
	 	 
	 	/s/ Timothy D. Sullivan
	 	Timothy D. Sullivan
	 	President and Chief Executive Officer


 




    	3