<PAGE>

                                                                   EXHIBIT 10.14

                        RICHMOND COUNTY FINANCIAL CORP.
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

              (As Amended and Restated Effective January 1, 1998)
<PAGE>

                        Richmond County Financial Corp.
                     Supplemental Executive Retirement Plan

                               Table of Contents

<TABLE>
<CAPTION>


<S>                                                                     <C>
Article I - Introduction.................................................1

Article II - Definitions.................................................1

Article III - Eligibility and Participation..............................5

Article IV - Benefits....................................................5

Article V - Accounts.....................................................9

Article VI - Supplemental Benefit Payments..............................11

Article VII - Claims Procedures.........................................13

Article VIII - Amendment and Termination................................15

Article IX - General Provisions.........................................15
</TABLE>


                                       i
<PAGE>

                                   Article I
                                 Introduction

Section 1.01   Purpose, Design and Intent.
               --------------------------

(a)  The purpose of the Richmond County Financial Corp. Supplemental Executive
     Retirement Plan (the "Plan") is to assist Richmond County Financial Corp.
     (the "Company") and its Affiliates (as defined in Section 2.01(a) of the
     Plan), including Richmond County Savings Bank, in retaining the services of
     key employees until their retirement, to induce such employees to use their
     best efforts to enhance the business of the Company and its Affiliates, and
     to provide certain supplemental retirement benefits to such employees.

(b)  The Plan, in relevant part, is intended to constitute an unfunded "excess
     benefit plan" as defined in Section 3(36) of the Employee Retirement Income
     Security Act of 1974, as amended.  The Plan is designed, in large part, to
     provide certain key employees with retirement benefits that would have been
     payable under the various tax-qualified retirement plans sponsored by the
     Company and/or its Affiliates but for the limitations placed on the
     benefits and contributions under such plans by the  provisions of the
     Internal Revenue Code of 1986, as amended.

(c)  This Plan constitutes an amendment, restatement, and consolidation of two
     existing plan documents known as the Richmond County Savings Bank
     Supplemental Executive Retirement Plan and the Richmond County Savings Bank
     Management Supplemental Executive Retirement Plan. The Effective Date of
     this Plan, as amended and restated, is January 1, 1998.


                                   Article II
                                  Definitions

Section 2.01   Definitions.   In this Plan, whenever the context so indicates,
               -----------
the singular or the plural number and the masculine or feminine gender shall be
deemed to include the other, the terms "he," "his," and "him," shall refer to a
Participant or Beneficiary, as the case may be, and, except as otherwise
provided, or unless the context otherwise requires, the capitalized terms shall
have the following meanings:

(a)  "Affiliate" means any corporation, trade or business, which, at the time of
reference, is together with the Company, a member of a controlled group of
corporations, a group of trades or businesses (whether or not incorporated)
under common control, or an affiliated service group, as described in Sections
414(b), 414(c), and 414(m) of the Code, respectively, or any other organization
treated as a single employer with the Company under Section 414(o) of the Code;
provided, however, that, where the context so requires, the term "Affiliate"
shall be construed to give full effect to the provisions of Sections 409(l)(4)
and 415(h) of the Code.

                                       1
<PAGE>

(b) "Applicable Limitations" means any of the following:

     (i)       the maximum limitation on annual benefits payable by a tax-
               qualified defined benefit plan under Section 415(b) of the Code;

     (ii)      the maximum limitations on annual additions to a tax-qualified
               defined contribution plan under Section 415(c) of the Code;

     (iii)     the maximum limitation on the aggregate projected annual benefits
               payable under all tax-qualified defined benefit plans and the
               annual additions under all tax-qualified defined contribution
               plans under Section 415(e) of the Code;

     (iv)      the maximum limitation on the annual amount of compensation that
               may, under Section 401(a)(17) of the Code, be taken into account
               in determining contributions to and benefits under tax-qualified
               plans;

     (v)       the maximum limitation on employee elective deferrals as a result
               of the application of the discrimination standards under Section
               401(k)(3) of the Code; and.

     (vi)      the maximum limitation on matching contributions as a result of
               the application of the nondiscrimination test under Section
               401(m)(2) of the Code.

(c) "Bank" means Richmond County Savings Bank, and its successors.

(d) "Basic Retirement Plan" means the Retirement Plan of Richmond County Savings
Bank in RSI Retirement Trust, as amended from time to time.

(e) "Basic Savings Plan" means the Richmond County Savings Bank 401(k) Savings
Plan in RSI Trust, as amended from time to time.

(f) "Board of Directors" means the Board of Directors of the Company.

(g) "Change in Control" means an event of a nature that: (i) would be required
to be reported in response to Item 1(a) of the current report on Form 8-K, as in
effect on the date hereof, pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 (the "Exchange Act"); or (ii) results in a Change in
Control of the Bank or the Company within the meaning of the Change in Bank
Control Act and the Rules and Regulations promulgated by the Federal Deposit
Insurance Corporation ("FDIC") at 12 C.F.R. (S)303.4(a) with respect to the Bank
and the Board of Governors of the Federal Reserve System ("FRB")  at 12 C.F.R.
(S)225.41(b) with respect to the Company, as in effect on the date hereof; or
(iii) results in a transaction requiring prior FRB approval under the Bank
Holding Company Act of 1956 and the regulations promulgated thereunder by the
FRB at 12 C.F.R. (S)225.11, as in effect on the date hereof except for the
Company's acquisition of the Bank; or (iv) without

                                       2
<PAGE>

limitation such a Change in Control shall be deemed to have occurred at such
time as (A) any "person" (as the term is used in Sections 13(d) and 14(d) of the
Exchange Act) is or becomes the "beneficial owner" (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of securities of the Bank or
the Company representing 20% or more of the Bank's or the Company's outstanding
securities except for any securities of the Bank purchased by the Company in
connection with the conversion of the Bank to the stock form and any securities
purchased by any tax qualified employee benefit plan of the Bank; or (B)
individuals who constitute the Board of Directors on the date hereof (the
"Incumbent Board") cease for any reason to constitute at least a majority
thereof, provided that any person becoming a director subsequent to the date
hereof whose election was approved by a vote of at least three-quarters of the
directors comprising the Incumbent Board, or whose nomination for election by
the Company's stockholders was approved by the same Nominating Committee serving
under an Incumbent Board, shall be, for purposes of this clause (B), considered
as though he were a member of the Incumbent Board; or (C) a plan of
reorganization, merger, consolidation, sale of all or substantially all the
assets of the Bank or the Company or similar transaction occurs in which the
Bank or Company is not the resulting entity; or (D) solicitations of
shareholders of the Company, by someone other than the current management of the
Company, seeking stockholder approval of a plan of reorganization, merger or
consolidation of the Company or Bank or similar transaction with one or more
corporations as a result of which the outstanding shares of the class of
securities then subject to the plan or transaction are exchanged for or
converted into cash or property or securities not issued by the Bank or the
Company shall be distributed; or (E) a tender offer is made for 20% or more of
the voting securities of the Bank or the Company.

(h) "Code" means the Internal Revenue Code of 1986, as amended.

(i) "Committee" means the person(s) designated by the Board of Directors,
pursuant to Section 9.02 of the Plan, to administer the Plan.

(j) "Common Stock" means the common stock of the Company.

(k) "Company" means Richmond County Financial Corp., and its successors.

(l) "Eligible Individual" means any Employee of the Company or an Affiliate who
participates in the ESOP, the Basic Retirement Plan, or the Basic Savings Plan,
as the case may be, and whom the Board of Directors determines is one of a
"select group of management or highly compensated employees," as such phrase is
used for purposes of Sections 101, 201, and 301 of ERISA.

(m) "Employee" means any person employed by the Company or an Affiliate.

(n) "Employer" means the Company or its Affiliate that employs the Employee.

(o) "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended.

                                      -3-
<PAGE>

(p) "ESOP" means the Richmond County Savings Bank Employee Stock Ownership Plan,
as amended from time to time.

(q) "ESOP Acquisition Loan" means a loan or other extension of credit incurred
by the trustee of the ESOP in connection with the purchase of Common Stock on
behalf of the ESOP.

(r) "ESOP Restoration Benefit" means the benefit credited to a Participant's
ESOP Restoration Benefit Account pursuant to Section 4.02 of the Plan.

(s) "ESOP Restoration Benefit Account" means the account established by an
Employer, pursuant to Section 5.02 of the Plan, with respect to a Participant's
ESOP Restoration Benefit.

(t) "ESOP Valuation Date" means any day as of which the investment experience of
the trust fund of the ESOP is determined and individuals' accounts under the
ESOP are adjusted accordingly.

(u) "Effective Date" means January 1, 1998.

(v) "Participant" means an Eligible Individual who is entitled to benefits under
the Plan.

(w) "Pension Restoration Benefit Account" means an account established by an
Employer, pursuant to Section 5.03 of the Plan, with respect to a Participant's
Pension Restoration Benefit.

(x) "Pension Restoration Benefit" means the benefit credited to a Participant
pursuant to Section 4.04 of the Plan.

(y) "Plan" means this Richmond County Financial Corp. Supplemental Executive
Retirement Plan.

(z) "Retirement" means, except as provided for in Sections 4.02(c) and 4.03(c)
of the Plan, termination of employment at any time following the satisfaction
the requirements for early or normal retirement under either the ESOP, the Basic
Retirement Plan, or the Basic Savings Plan, as appropriate.

(aa) "Supplemental ESOP Account" means an account established by an Employer,
pursuant to Section 5.01 of the Plan, with respect to a Participant's
Supplemental ESOP Benefit.

(bb) "Supplemental ESOP Benefit" means the benefit credited to a Participant's
Supplemental ESOP Account pursuant to Section 4.01 of the Plan.

(cc) "Supplemental Retirement Income Benefit" means the benefit earned by a
Participant pursuant to Section 4.03 of the Plan.

(dd) "Supplemental Savings Account" means an account established by an Employer,
pursuant to Section 5.05 of the Plan, with respect to a Participant's
Supplemental Savings Benefit.

                                      -4-
<PAGE>

(ee) "Supplemental Savings Benefit" means the benefit credited to a
Participant's Supplemental Savings Account pursuant to Section 4.05 of the Plan.


                                  Article III
                                 Participation

Section 3.01  Participation.
              -------------

(a)  An Eligible Individual shall become a Participant in the Plan upon
     designation as such by the Board of Directors.  An Eligible Individual whom
     the Board of Directors designates as a Participant in the Plan shall
     commence participation as of the date established by the Board of
     Directors.  The Board of Directors shall establish an Eligible Individual's
     date of participation at the same time it designates the Eligible
     Individual as a Participant in the Plan.

(b)  The Board of Directors may designate an Eligible Individual as a
     Participant with respect to any or all supplemental benefits provided for
     under Article IV of the Plan.


                                   Article IV
                                    Benefits


Section 4.01  Supplemental ESOP Benefit.
              -------------------------

As of the last day of each plan year of the ESOP, the Employer shall credit a
Participant's Supplemental ESOP Account with a Supplemental ESOP Benefit equal
to the excess of (a) over (b), where:

(a) Equals the annual contributions made by the Employer and/or the number of
    shares of Common Stock released for allocation in connection with the
    repayment of an ESOP Acquisition Loan, together with any forfeitures,
    earnings or dividends, that would otherwise be allocated to the accounts of
    the Participant under the ESOP for the applicable plan year if the
    provisions of the ESOP were administered without regard to any of the
    Applicable Limitations; and

(b) Equals the annual contributions made by the Employer and/or the number of
    shares of common stock released for allocation in connection with the
    repayment of an ESOP Acquisition Loan, together with any forfeitures,
    earnings or dividends,  that are actually allocated to the accounts of the
    Participant under the ESOP for that particular plan year after giving effect
    to any reduction of such benefits required by, or as the result of, the
    limitations imposed by any of the Applicable Limitations.

                                      -5-
<PAGE>

Section 4.02  ESOP Restoration Benefit.
              ------------------------

(a) Upon a Participant's Retirement from the Employer, the Employer shall credit
    to the Participant's ESOP Restoration Account an ESOP Restoration Benefit
    equal to (i) less (ii), the result of which is multiplied by (iii), where:

    (i)   Equals the total number of shares of Common Stock acquired with the
          proceeds of all ESOP Acquisition Loans (together with any dividends,
          cash proceeds, or other medium related to such ESOP Acquisition Loans)
          that would have been allocated or credited for the benefit of the
          Participant under the ESOP and/or Section 4.01 of this Plan, as the
          case may be, had the Participant continued in the employ of the
          Employer through the first ESOP Valuation Date following the last
          scheduled payment of principal and interest on all ESOP Acquisition
          Loans outstanding at the time of the Participant's Retirement; and

    (ii)  Equals the total number of shares of Common Stock acquired with the
          proceeds of all ESOP Acquisition Loans (together with any dividends,
          cash proceeds, or other medium related to such ESOP Acquisition Loans)
          and allocated for the benefit of the Participant under the ESOP as of
          the first ESOP Valuation Date following the Participant's Retirement;
          and

    (iii) Equals the higher of the closing price of the Common Stock as of:

          (A)  The first ESOP Valuation Date following the Participant's
               Retirement, or

          (B)  The last day of the Participant's employment with the Employer.

(b) For purposes of clause (i) of subsection (a) of this Section 4.02, the total
    number of shares of Common Stock that would have been allocated or credited
    for the benefit of the Participant shall be determined by multiplying the
    sum of (i) and (ii) by (iii), where:

    (i)   equals the average of the total shares of Common Stock acquired with
          the proceeds of an ESOP Acquisition Loan and allocated for the benefit
          of the Participant under the ESOP as of three most recent ESOP
          Valuation Dates preceding the Participant's Retirement (or lesser
          number if the Participant has not participated in the ESOP for three
          full years);

    (ii)  equals the average number of shares of Common Stock credited to the
          Participant's Supplemental ESOP Account for the three most recent plan
          years of the ESOP (such that the three recent plan years coincide with
          the three most recent ESOP Valuation Dates referred to in (b)(i)
          above); and

                                      -6-
<PAGE>

   (iii)  equals the total number of scheduled annual payments remaining on the
          ESOP Acquisition Loans as of the Participant's Retirement.

(c) In the event of a Change in Control:

   (i)    A Participant's Retirement shall be deemed to have occurred as of the
          effective date of the Change in Control, as determined by the Board of
          Directors, regardless of whether the Participant continues in the
          employ of the Employer following the Change in Control; provided,
          however, that if the Participant continues to benefit under the ESOP
          following the effective date of the Change in Control, his benefit
          determined under this Plan as of the effective date of the Change in
          Control shall be reduced by benefits allocated or credited to
          following the effective date (which relate to an Acquisition Loan) in
          a manner consistent with the provisions of Sections 4.02(a)(i) and
          (ii) of the Plan; and

   (ii)   The determination of fair market value of the Common Stock shall be
          made as the effective date of the Change in Control.

Section 4.03  Supplemental Pension Benefit.
              ----------------------------

(a) The Supplemental Retirement Income Benefit payable to an Participant in the
    form of a life annuity, commencing on his Normal, Early or Postponed
    Retirement Date, as the case may be, shall be equal to the difference
    between (i) and (ii), where:

    (i)   Equals the monthly amount of Basic Retirement Plan retirement income
          payable upon the Normal, Early or Postponed Retirement Date, as the
          case may be, to which the Participant would have been entitled under
          the Basic Retirement Plan, if such benefit were calculated under the
          Basic Retirement Plan without giving effect to the limitations and
          restrictions imposed by the Applicable Limitations;

   (ii)   the monthly amount of Basic Retirement Plan retirement income payable
          upon the Normal, Early or Postponed Retirement Date, as the case may
          be, actually payable to the Participant under the Basic Retirement
          Plan, after the limitations and restrictions imposed by the Applicable
          Limitations; provided, however, that in determining the Code Section
          415(e) combined limitation defined contribution plan fraction, if
          applicable, for purposes of this clause (ii), the "sum of the annual
          additions" numerator of such fraction shall be calculated by ignoring
          pre-tax (basic) or post-tax participant contributions to the
          Employer's defined contribution plans, during any year, that did not
          result in an Employer matching contribution.

(b) With respect to eligible Participants who terminate their employment other
    than on a Retirement Date specified in subsection (c) of this Section 4.03,
    the supplemental vested Retirement Income Benefit payable in the form of a
    life annuity, commencing on the date the

                                      -7-
<PAGE>

    Participant is eligible for a vested retirement benefit under the Basic
    Retirement Plan, shall be equal to the difference between (i) and (ii),
    where:

    (i)   equals the monthly amount of Basic Retirement Plan vested retirement
          income payable upon termination of service to which the Participant
          would have been entitled under the Basic Retirement Plan, if such
          benefit were calculated under the Basic Retirement Plan without giving
          effect to the limitations and restrictions imposed by the Applicable
          Limitations; and

   (ii)   equals the monthly amount of Basic Retirement Plan vested retirement
          income payable upon termination of service actually payable to the
          Participant under the Basic Retirement Plan, after the limitations and
          restrictions imposed by the Applicable Limitations; provided however,
          that in determining the Code Section 415(e) combined limitation
          defined contribution plan fraction, if applicable, for purposes of
          this clause (ii), the "sum of the annual additions" numerator of such
          fraction shall be calculated by ignoring pre-tax (basic) or post-tax
          participant contributions to the Employer's defined contribution
          plans, during any year, which did not result in an Employer matching
          contribution.

(c) For purposes of this Section 4.03, a Participant's Retirement Date shall be
    his date of actual retirement, which may be his or her Normal, Early or
    Postponed Retirement Date, whichever is applicable pursuant to the following
    clauses of this subsection (c).

    (i)   A Participant's Normal Retirement Age shall be the 65th anniversary of
          his birth. Such Participant's Normal Retirement Date shall be the date
          coinciding with Normal Retirement Date under the Basic Retirement
          Plan.

    (ii)  A Participant may retire on an Early Retirement Date, which shall be
          the date coinciding with the initial distribution of an early
          retirement benefit under the Basic Retirement Plan.

    (iii) If a Participant continues in the employment of the Employer beyond
          Normal Retirement Date, the date coinciding with postponed retirement
          under the Basic Retirement Plan shall be the Participant's Postponed
          Retirement Date.

Section 4.04   Pension Restoration Benefit.
               ---------------------------

In the event the Basic Retirement Plan is either frozen or terminated, the
Employer shall provide the Participant with Pension Restoration Benefit as of
the time the Basic Retirement Plan is frozen or terminated.  The Pension
Restoration Benefit shall be a single lump sum benefit equal to the estimated
additional actuarial benefit the Participant would have accrued under the Basic
Retirement Plan through his Normal Retirement Date under the Basic Retirement
Plan had the plan not been frozen or terminated.  The amount of the Pension
Restoration Benefit provided under this Section

                                      -8-
<PAGE>

4.04 shall be calculated by the actuary for the Basic Retirement Plan and listed
on Exhibit A to the Plan. The Employer shall credit the Participant's Pension
Restoration Benefit to a Pension Restoration Benefit Account pursuant to Section
5.03 of the Plan.

Section 4.05   Supplemental Savings Benefit.
               ----------------------------

A Participant's Supplemental Savings Benefit under the Plan shall be equal to
the excess of (a) over (b), where:

(a) equals the matching contributions that would otherwise be allocated to an
    account of the Participant under the Basic Savings Plan for a particular
    year if the Participant were deferring the maximum amount permissible under
    the Savings Plan (either by operation or by the terms of the plan) and the
    provisions of the Basic Savings Plan were administered without regard to any
    of the Applicable Limitations; and

(b) is the matching contributions made by the Employer that are actually
    allocated to an account of the Participant under the provisions of the Basic
    Savings Plan for that particular year after giving effect to any reduction
    of such allocation required by any of the Applicable Limitations.

The Employer shall credit the Participant's Supplemental Savings Benefit to a
Supplemental Savings Benefit Account pursuant to Section 5.04 of the Plan.


                                   Article V
                                   Accounts

Section 5.01  Supplemental ESOP Benefit Account.
              ---------------------------------

For each Participant who is credited with a benefit pursuant to Section 4.01 of
the Plan, the Employer shall establish, as a memorandum account on its books, a
Supplemental ESOP Account. Each year, the Committee shall credit to the
Participant's Supplemental ESOP Account the amount of benefits determined under
Section 4.01 of the Plan for that year.  The Employer shall credit the account
with an amount equal to the appropriate number of shares of Common Stock or
other medium of contribution that would have otherwise been made to the
Participant's accounts under the ESOP but for the Applicable Limitations.
Shares of Common Stock shall be valued under this Plan in the same manner as
under the ESOP.  Cash and other (non-stock) contributions credited to a
Participant's Supplemental ESOP Account shall be credited annually with interest
at a rate equal to the investment rate of return provided to the Participant's
non-stock accounts under the ESOP.

Section 5.02  Employee Stock Ownership Plan Restoration Account.
              -------------------------------------------------

The Employer shall establish, as a memorandum account on its books, an ESOP
Restoration Benefit Account.  Upon a Participant's Retirement or in the event of
a Change in Control, the Committee

                                      -9-
<PAGE>

shall credit to the Participant's ESOP Restoration Benefit Account the amount of
benefits determined under Section 4.02 of the Plan. The Committee shall credit
the account with an amount equal to the appropriate number of shares of Common
Stock or other medium of contribution that would have otherwise been made to the
Participant's accounts under the ESOP but for the Participant's Retirement or
the occurrence of the Change in Control. Shares of Common Stock shall be valued
under this Plan in the same manner as under the ESOP. Cash and other (non-stock)
contributions credited to a Participant's ESOP Restoration Benefit Account shall
be credited annually with interest at a rate equal to the investment rate of
return provided to the Participant's non-stock accounts under the ESOP.

Section 5.03   Pension Restoration Benefit.
               ---------------------------

At the time a Participant becomes entitled to a Pension Restoration Benefit
pursuant to Section 4.04 of the Plan, the Employer shall establish, as a
memorandum account on its books, a Pension Restoration Benefit Account to which
the Employer shall credit the benefit.  The Committee shall then establish one
or more hypothetical investment vehicles under this Plan (which the Committee
may change at its discretion).  The Participant shall direct the Committee as to
the allocation of his Pension Restoration Benefit to one or more of the
hypothetical investment vehicles authorized under the Plan.  The Participant may
direct the Committee to change the allocation of his hypothetical investment on
a monthly basis with any notification made to the Committee by the 15/th/ day of
the month becoming effective as of the first day of the next month.  The
Committee may restrict allocations or reallocations by Participants into or out
of specific investment vehicles or specify the minimum amounts that may be
allocated or reallocated by Participants; provided, however, that such
allocations or reallocations shall be made in accordance with all applicable
securities laws and regulations.  Each month, the Participant's Pension
Restoration Account shall be adjusted upwards or downwards to reflect the gain
or loss of the allocation of the Participant's Pension Restoration Account in
the various hypothetical investment vehicles.

Section 5.04   Supplemental Savings Account.
               ----------------------------

For each Participant who is credited with a benefit pursuant to Section 4.05 of
the Plan, the Employer shall establish, as a memorandum account on its books, a
Supplemental Savings  Account. Each year the Employer will credit to the
Participant's Supplemental Savings Account the amount of benefits determined
under Section 4.05 of the Plan.  Contributions credited to a Participant's
Supplemental Savings Account shall be credited monthly with interest at a rate
equal to the investment rate of return provided to the Participant's matching
contribution account under the Basic Savings Plan.

                                      -10-
<PAGE>

                                   Article VI
                         Supplemental Benefit Payments

Section 6.01  Payment of Supplemental ESOP Benefit.
              ------------------------------------

(a) A Participant's Supplemental ESOP Benefit shall be paid to the Participant
    or, in the event of the Participant's death, to his beneficiary, in the same
    form, time and medium (i.e., cash and/or shares of Common Stock) as his
    benefits are paid under the ESOP.

(b) A Participant shall have a non-forfeitable right to the Supplemental ESOP
    Benefit credited to him under this Plan in the same percentage as he has to
    benefits allocated to him under the ESOP at the time the benefits become
    distributable to him under the ESOP.

Section 6.02  Payment of Employee Stock Ownership Plan Restoration Benefit.
              ------------------------------------------------------------

(a) A Participant's ESOP Restoration Benefit shall be paid to the Participant
    or, in the event of the Participant's death, to his beneficiary, in the same
    form, time and medium (i.e., cash and/or shares of Common Stock) as his
    benefits are paid under the ESOP.

(b) A Participant shall always have a fully non-forfeitable right to the ESOP
    Restoration Benefit credited to him under this Plan.

Section 6.03  Payment of Supplemental Pension Benefit.
              ---------------------------------------

(a) A Participant's Supplemental Retirement Income Benefit shall be paid to the
    Participant in the same form, and at the same time as his benefits are paid
    under the Basic Retirement Plan.

(b) Upon the death of a Participant who has not terminated from employment prior
    to his Retirement Date as defined in Section 4.03(c) of the Plan, or a
    Participant who retires on a Retirement Date as defined in Section 4.03(c)
    of the Plan and dies prior to the complete distribution of his retirement
    benefits under the Basic Retirement Plan, the Participant's Supplemental
    Retirement Income Benefit shall be payable as follows:

    (i) If a Basic Retirement Plan preretirement survivor annuity or post
        retirement survivor annuity, as the case may be, is payable to a
        Participant's surviving spouse or eligible children, if applicable, a
        supplemental preretirement survivor annuity or post retirement survivor
        annuity, as the case may be, shall be payable to the surviving spouse or
        eligible children, if applicable, under the Plan ("Supplemental
        Surviving Spouse Benefit"). The monthly amount of the Supplemental
        Surviving Spouse Benefit preretirement survivor annuity or post
        retirement survivor annuity, as the case may be, payable to a surviving
        spouse or eligible children, if applicable, shall be equal to the
        difference between (A) and (B), where:

                                      -11-
<PAGE>

        (A) Equals the monthly amount of Basic Retirement Plan preretirement
            survivor annuity or post retirement survivor annuity, as the case
            may be, to which the surviving spouse or eligible children, if
            applicable, would have been entitled under the Basic Retirement
            Plan, if such benefit were calculated under the Basic Retirement
            Plan without giving effect to the Applicable Limitations; and

        (B) Equals the monthly amount of Basic Retirement Plan preretirement
            survivor annuity or post retirement survivor annuity, as the case
            may be, actually payable to the surviving spouse or eligible
            children, if applicable, under the Basic Retirement Plan, after
            imposition of the Applicable Limitations.

   (ii) The supplemental preretirement survivor annuity or post retirement
        survivor annuity shall be payable over the lifetime of the surviving
        spouse, or to eligible children to the extent provided in the Basic
        Retirement Plan, in monthly installments commencing on the same date as
        payment of the Basic Retirement Plan preretirement survivor annuity or
        post retirement survivor annuity, as the case may be, and shall
        terminate on the date of the last payment of the Basic Retirement Plan
        preretirement survivor annuity or post retirement survivor annuity, as
        the case may be.

(c) A Participant shall have a non-forfeitable right to his Supplemental
    Retirement Income Benefit under this Plan in the same percentage as he has
    to his benefits under the Basic Retirement Plan at the time the benefits
    become distributable to him under the Basic Retirement Plan.

Section 6.04   Payment of Pension Restoration Benefit.
               --------------------------------------

(a) A Participant's Pension Restoration Benefit shall be paid to the Participant
    or, in the event of the Participant's death, to his beneficiary, in a single
    lump sum or in a series of annual installments not to exceed ten (elected by
    the Participant at least one year prior to the commencement of the payment
    of benefits) commencing at the same time his Supplemental Savings Benefit is
    paid to him pursuant to Section 6.05 of the Plan.

(b) A Participant shall always have a fully non-forfeitable right to the Pension
    Restoration Benefit credited to him under this Plan.

Section 6.05   Payment of Supplemental Savings Benefit.
               ---------------------------------------

(a) A Participant's Supplemental Savings Benefit shall be paid to the
    Participant or, in the event of the Participant's death, to his beneficiary,
    in the same form, and at the same time as his benefits are paid under the
    Basic Savings Plan.

                                      -12-
<PAGE>

(b) A Participant shall have a non-forfeitable right to his Supplemental Savings
    Benefit under this Plan in the same percentage as he has to his benefits
    under the Basic Savings Plan at the time the benefits become distributable
    to him under the Basic Savings Plan.

Section 6.06   Alternative Payment of Benefits
               -------------------------------

Notwithstanding the other provisions of this Article VI, a Participant may, with
prior written consent of the Committee and upon such terms and conditions as the
Committee may impose, request that the Supplemental ESOP Benefit and/or the ESOP
Restoration Benefit and/or the Supplemental Pension Benefit and/or the Pension
Restoration Benefit and/or the Supplemental Savings Benefit to which he is
entitled, and the survivor benefit to which his beneficiary under the Basic
Retirement Plan may be entitled under Section 4.03 be paid commencing at a
different time, over a different period, in a different form, or to different
persons, than the benefit to which he or his beneficiary may be entitled under
the ESOP, the Basic Retirement Plan, or the Basic Savings Plan, as the case may
be; provided, however, that in the event of any difference with respect to his
Supplemental Pension Benefit, the benefit actually paid under this Section 6.06
shall be the actuarial equivalent (as determined based applicable tables,
factors, and assumption set forth in the Basic Retirement Plan) of the benefit
that would be paid in accordance with the provisions of Section 6.03 of the
Plan.

Section 6.07   Hardships
               ---------

Notwithstanding the foregoing, the Committee may, at its sole discretion, allow
for the early payment of a Participant's Supplemental ESOP Benefit and/or
Pension Restoration Benefit and/or Supplemental Savings Account in the event of
an "unforeseeable emergency" or in the event of the death or disability of the
Participant.  An "unforeseeable emergency" means an unanticipated emergency
caused by an event beyond the control of the Participant that would result in
severe financial hardship if the distribution were not permitted. Such
distributions shall be limited to the amount necessary to sufficiently address
the financial hardship.  Any distributions under this provision, shall be
consistent with the Code and any applicable regulations.


                                  Article VII
                               Claims Procedures

Section 7.01  Claims Reviewer.
              ---------------

For purposes of handling claims with respect to this Plan, the "Claims Reviewer"
shall be the Committee, unless the Committee designates another person or group
of persons as Claims Reviewer.

                                      -13-
<PAGE>

Section 7.02   Claims Procedure.
               ----------------

(a) An initial claim for benefits under the Plan must be made by the Participant
    or his or her beneficiary or beneficiaries in accordance with the terms of
    this Section 7.02.

(b) Not later than ninety (90) days after receipt of such a claim, the Claims
    Reviewer will render a written decision on the claim to the claimant, unless
    special circumstances require the extension of such 90-day period.  If such
    extension is necessary, the Claims Reviewer shall provide the Participant or
    the Participant's beneficiary or beneficiaries with written notification of
    such extension before the expiration of the initial 90-day period.  Such
    notice shall specify the reason or reasons for the extension and the date by
    which a final decision can be expected. In no event shall such extension
    exceed a period of ninety (90) days from the end of the initial 90-day
    period.

(c) In the event the Claims Reviewer denies the claim of a Participant or any
    beneficiary in whole or in part, the Claims Reviewer's written notification
    shall specify, in a manner calculated to be understood by the claimant, the
    reason for the denial; a reference to the Plan or other document or form
    that is the basis for the denial; a description of any additional material
    or information necessary for the claimant to perfect the claim; an
    explanation as to why such information or material is necessary; and an
    explanation of the applicable claims procedure.

(d) Should the claim be denied in whole or in part and should the claimant be
    dissatisfied with the Claims Reviewer's disposition of the claimant's claim,
    the claimant may have a full and fair review of the claim by the Committee
    upon written request submitted by the claimant or the claimant's duly
    authorized representative and received by the Committee within sixty (60)
    days after the claimant receives written notification that the claimant's
    claim has been denied. In connection with such review, the claimant or the
    claimant's duly authorized representative shall be entitled to review
    pertinent documents and submit the claimant's views as to the issues, in
    writing.  The Committee shall act to deny or accept the claim within sixty
    (60) days after receipt of the claimant's written request for review unless
    special circumstances require the extension of such 60-day period.  If such
    extension is necessary, the Committee shall provide the claimant with
    written notification of such extension before the expiration of such initial
    60-day period.  In all events, the Committee shall act to deny or accept the
    claim within 120 days of the receipt of the claimant's written request for
    review.  The action of the Committee shall be in the form of a written
    notice to the claimant and its contents shall include all of the
    requirements for action on the original claim.

(e) In no event may a claimant commence legal action for benefits the claimant
    believes are due the claimant until the claimant has exhausted all of the
    remedies and procedures afforded the claimant by this Article VII.

                                      -14-
<PAGE>

                                   SIGNATURES

     IN WITNESS WHEREOF, Richmond County Financial Corp. has caused this
Agreement to be executed and its seal to be affixed hereunto by its duly
authorized officer and its directors, and Executive has signed this Agreement,
on the 21st day of September, 1999.
       ----

ATTEST:                       RICHMOND COUNTY FINANCIAL CORP.

/s/ Diane L. DeLillo                      By: /s/ Michael F. Manzulli
-------------------------------              -----------------------------------
                                               Michael F. Manzulli
                                               For the Entire Board of Directors


          [SEAL]


WITNESS:                      EXECUTIVE



/s/ Diane L. DeLillo                      By: /s/ Thomas R. Cangemi
-------------------------------              -----------------------------------
                                               Thomas R. Cangemi


                                       15
<PAGE>

Section 9.02  Committee as Plan Administrator.
              -------------------------------

(a) The Plan shall be administered by the Committee designated by the Board of
    Directors.

(b) The Committee shall have the authority, duty and power to interpret and
    construe the provisions of the Plan as it deems appropriate.  The Committee
    shall have the duty and responsibility of maintaining records, making the
    requisite calculations and disbursing the payments hereunder.  In addition,
    the Committee shall have the authority and power to delegate any of its
    administrative duties to employees of the Company or Affiliate, as they may
    deem appropriate.  The Committee shall be entitled to rely on all tables,
    valuations, certificates, opinions, data and reports furnished by any
    actuary, accountant, controller, counsel or other person employed or
    retained by the Company with respect to the Plan. The interpretations,
    determination, regulations and calculations of the Committee shall be final
    and binding on all persons and parties concerned.

Section 9.03  Expenses.
              --------

Expenses of administration of the Plan shall be paid by the Company or an
Affiliate.

Section 9.04  Statements.
              ----------

The Committee shall furnish individual annual statements of accrued benefits to
each Participant, or current beneficiary, in such form as determined by the
Committee or as required by law.

Section 9.05  Rights of Participants and Beneficiaries.
              ----------------------------------------

(a) The sole rights of a Participant or beneficiary under this Plan shall be to
    have this Plan administered according to its provisions, to receive whatever
    benefits he or she may be entitled to hereunder.

(b) Nothing in the Plan shall be interpreted as a guaranty that any funds in any
    trust which may be established in connection with the Plan or assets of the
    Company or an Affiliate will be sufficient to pay any benefit hereunder.

(c) The adoption and maintenance of this Plan shall not be construed as creating
    any contract of employment or service between the Company or an Affiliate
    and any Participant or other individual.  The Plan shall not affect the
    right of the Company or an Affiliate to deal with any Participants in
    employment or service respects, including their hiring, discharge,
    compensation, and conditions of employment or other service.

Section 9.06  Incompetent Individuals.
              -----------------------

The Committee may from time to time establish rules and procedures which it
determines to be necessary for the proper administration of the Plan and the
benefits payable to a Participant or beneficiary in the event that such
Participant or beneficiary is declared incompetent and a

                                      -16-
<PAGE>

conservator or other person legally charged with that Participant's or
beneficiary's care is appointed. Except as otherwise provided herein, when the
Committee determines that such Participant or beneficiary is unable to manage
his or her financial affairs, the Committee may pay such Participant's or
beneficiary's benefits to such conservator, person legally charged with such
Participant's or beneficiary's care, or institution then contributing toward or
providing for the care and maintenance of such Participant or beneficiary. Any
such payment shall constitute a complete discharge of any liability of the
Company or an Affiliate and the Plan for such Participant or beneficiary.

Section 9.07  Sale, Merger, or Consolidation of the Company.
              ---------------------------------------------

The Plan shall be continued after a sale of assets of the Company or the Bank,
or a merger or consolidation of the Company or the Bank into or with another
corporation or entity until all benefits have been paid pursuant to the Plan.
Additionally, upon a merger, consolidation or other Change in Control any
amounts credited to Participant's accounts under the Plan shall be placed in a
grantor trust to the extent not already in such a trust.  Any legal fees
incurred by a Participant in determining benefits to which he is entitled under
the Plan following a sale, merger, consolidation, or other Change in Control of
the Company or the Bank shall be paid by the resulting or succeeding entity.

Section 9.08  Location of Participants.
              ------------------------

Each Participant shall keep the Company informed of his or her current address
and the current address of his or her designated beneficiary or beneficiaries.
The Company shall not be obligated to search for any person.  If such person is
not located within three (3) years after the date on which payment of the
Participant's benefits payable under this Plan may first be made, payment may be
made as though the Participant or his or her beneficiary had died at the end of
such three-year period.

Section 9.09  Liability of the Company and its Affiliates.
              -------------------------------------------

Notwithstanding any provision herein to the contrary, neither the Company nor
any individual acting as an employee or agent of the Company shall be liable to
any Participant, former Participant, beneficiary, or any other person for any
claim, loss, liability or expense incurred in connection with the Plan, unless
attributable to fraud or willful misconduct on the part of the Company or any
such employee or agent of the Company.

Section 9.10  Governing Law.
              -------------

All questions pertaining to the construction, validity and effect of the Plan
shall be determined in accordance with the laws of the United States and to the
extent not preempted by such laws, by the laws of New York.

                                      -17-
<PAGE>

Richmond County Financial Corp. has adopted this SERP, to be executed by a
designee of the Board and duly attested, on this the 21st day of September,
1999.


ATTEST:                       RICHMOND COUNTY FINANCIAL CORP.

/s/ Diane L. DeLillo           /s/ Robert S. Farrell
--------------------          -----------------------------------------
                              For the Entire Board of Directors

                                      -18-