Unassociated Document


    
      Exhibit
10-50

    

     

    


    
      ASTORIA FEDERAL SAVINGS AND
LOAN ASSOCIATION

       

    

    
      EXCESS BENEFIT
PLAN

    

    


     

    


    
      As
amended effective January 1, 2009

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ASTORIA
FEDERAL SAVINGS AND LOAN ASSOCIATION

    


    EXCESS BENEFIT
PLAN

    


    ARTICLE
I

    


    DEFINITIONS

    


    


    1.01
Association

    


    Astoria
Federal Savings and Loan Association.


    


    
      1.02
Committee

    

    


    The
persons appointed to administer the Plan.


    


    1.03
Effective
Date

    


    This
restated Plan is effective January 1, 1989. The original effective date was June
1, 1983.


    


    
      1.04
Plan

    

    


    The
Astoria Federal Savings and Loan Association Excess Benefit
Plan.


    


    
      1.05
Qualified Retirement
Plan

    

    


    The
Astoria Federal Savings and Loan Association Employees’ Pension
Plan.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
II

    


    PARTICIPATION

    


    


    2.01 Eligibility and Commencement
of Participation

    


    Any
participant in the Qualified Retirement Plan shall become a Participant in this
Plan when his benefits payable under the Qualified Retirement Plan become
limited under Internal Revenue Code Sections 401(a)(17) and
415.


    


    ARTICLE
III

    


    BENEFITS TO
PARTICIPANTS


    


    3.01 Supplementa1 Retirement
Benefits

    


    (a) The Plan shall provide benefits in
excess of those that would be permitted by law under the Qualified Retirement
Plan, as amended, to the extent they would otherwise have been provided under
the Qualified Retirement Plan if the Internal Revenue Code ceilings on
compensation and benefits under tax qualified plans were not imposed. Benefits
shall be payable monthly from the general assets of the
Association.

     

    (b) Benefits shall be payable
commencing in the later of the month after the Participant's 65th birthday or
month following the month in which the Participant terminates employment unless,
within thirty (30) days after first becoming a Participant (or, if later,
December 31, 2008 with respect to benefits payable after December 31, 2008) the
Participant elects that payments begin at termination of employment or on a
specified date after termination of employment but before attainment of age
65.   Benefits shall be payable in the form of a single life
annuity for the life of the Participant unless, within thirty (30) days after
first becoming a Participant (or, if later, December 31, 2008 with respect to
benefits payable after December 31, 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2008) the Participant elects that payments be made in another
optional form of payment permitted under the Qualified Plan or in a lump
sum.  Payments made in the form of an optional form of benefit or a
lump sum shall be determined using the applicable interest rate and mortality
assumptions in effect under the Qualified Plan when the benefit calculation is
made.

     

    (c) A Participant may elect that, in
the event of a change in control of the Association (within the meaning of
section 409A of the Internal Revenue Code) any remaining benefits due to him
under the Plan shall be made in a single lump sum on the effective date of the
change in control, such lump sum to be computed on the basis of the interest
rate and mortality assumptions applicable under the Qualified Plan as of the
date of payment.  Such an election shall be made within thirty (30)
days after first becoming a Participant or, if later in the case of benefits
payable after December 31, 2008, no later than December 31, 2008.

     

    (d) Notwithstanding anything in the
Plan to the contrary any benefit under the Plan that becomes payable due to a
Participant's termination of employment shall (a) if necessary, be deferred to
and payable on (or commencing on) the earliest date on which the Participant has
a "separation from service" (within the meaning of section 409A of the Code) and
(b) if the Participant is a "specified employee" (within the meaning of section
409A of the Code on the date of his separation from service shall be further
deferred to the first day of the seventh calendar month to begin after
separation from service.  The amount of any payments scheduled to be
made during the deferral period shall be paid, with interest at the rate of six
percent (6%) per annum, compounded annually from the scheduled payment date to
the end of the required deferral period, immediately following the end of any
required deferral period.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
IV

    


    ADMINISTRATION


    


    4.01 Duties of the
Committee

    


    The
Committee shall have full responsibility for the management, operation,
interpretation and administration of the Plan in accordance with its terms, and
shall have such authority as is necessary or appropriate in carrying out its
responsibilities. Actions taken by the Committee pursuant to this Section 4.01
shall be conclusive and binding upon the Association, Participants, former
Participants, beneficiaries, and other interested parties. All decisions,
interpretations, and actions made by the Committee shall at all times be
consistent with the requirements of the Qualified Retirement Plan as if that
plan could have provided the benefits described herein.


    


    4.03 Unfunded Character of the
Plan

    


    The Plan
shall be unfunded. Neither the Association nor the Committee nor its individual
members shall segregate or otherwise identify specific assets to be applied to
the purposes of the Plan, nor shall any of them be deemed to be a trustee of any
amounts to be paid under the Plan. Any liability of the Association to any
person with respect to benefits payable under the Plan shall be based solely
upon such contractual obligations, if any, as shall be created by the Plan, and
shall give rise only to a claim against the general assets of the Association.
No such liability shall be deemed to be secured by any pledge or any encumbrance
on any specific property of the Association.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
V

    


    MISCELLANEOUS
PROVISIONS


     

    5.01
Amendment and
Termination

    


    The Board
shall have the right to amend or terminate the Plan, in whole or part at its
sole discretion, at any time. Benefits accrued under the Plan as of the date of
any amendment or termination shall not be reduced, and such benefits shall
become nonforfeitable to the same extent that such rights would be
nonforfeitable if such benefits had been provided under the Qualified Retirement
Plan. If the Plan is terminated, the Association shall pay the accrued benefits
provided by the Plan to each Participant.   Any termination of
the Plan and related payment of benefits shall conform to the requirements of
section 409A of the Code.

     

    5.02 Operation as Unfunded Excess
Benefits Plan

     

    The Plan
is intended be an unfunded, non-qualified excess benefit plan as contemplated by
Section 3(36) of ERISA for the purpose of providing benefits in excess of the
limitations imposed by Section 415 of the Internal Revenue Code.  In
addition, the Plan is intended to be a deferred compensation plan as
contemplated by Section 3(2) of ERISA for the purpose of providing benefits in
excess of the limitations imposed by Section 401(a)(17) of the Internal Revenue
Code. The Plan is not intended to comply with any other requirements of Section
401(a) of the Internal Revenue Code.  The Plan shall be administered
and construed so as to effectuate this intent.

     

    5.03 Internal Revenue Code
Section 409A Compliance

     

    The Plan
is intended to be a non-qualified deferred compensation plan described in


     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Section
409A of the Code. The Plan shall be operated, administered and construed to give
effect to such intent. In addition, the Plan shall be subject to amendment, with
or without advance notice to Participants and other interested parties, and on a
prospective or retroactive basis, including but not limited to amendment in a
manner that adversely affects the rights of participants and other interested
parties, to the extent necessary to effect such compliance.