c50461_ex10-10.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing








EXHIBIT 10.10


AMENDMENT TO

ASTORIA FEDERAL SAVINGS
AND
LOAN ASSOCIATION 

AMENDED
AND
RESTATED


EMPLOYMENT AGREEMENT WITH EXECUTIVE
OFFICER


          This Amendment to the Amended and Restated Employment Agreement (the “Restated Employment Agreement”) entered into as of January 1, 2000 by and between Astoria Federal Savings and Loan Association, a savings association organized and operation under the federal laws of the United States(the
“Association”) and Arnold K. Greenberg (the “Executive”) is entered into as of August 15, 2007. 


WITNESSETH:


          WHEREAS, the Association and Executive have previously entered into the Restated Employment
Agreement which remains in full force and effect; and 


          WHEREAS, the Association has realigned its executive management staff; and 


          WHEREAS, prior to such realignment the Executive served as Executive Vice President;
and


          WHEREAS, following such realignment Executive has agreed to continue to serve as Executive
Vice President; and 


          WHEREAS, the
Board of Directors of the Association has determined that it is in the best
interests of the shareholders of the Association to rescind the Association’s
mandatory retirement policy for executive officers; 


          NOW THEREFORE, in consideration of the premises and the mutual covenants and conditions hereinafter set forth, the Association and Executive hereby agree to amend the Restated Employment Agreement as follows from and
after the date hereof: 

	          	
A)     	
Section 4. Cash Compensation. of the Restated Employment Agreement is amended to replace the salary set forth in such Section from an initial annual rate
of Three Hundred Forty Five Thousand Dollars ($345,000) to an initial annual rate of Four Hundred Eighty Three Thousand Dollars ($483,000) which the Association and Executive acknowledge is Executive’s current rate of annual salary.

	
	 
	 	
B)     	
Section 9. Termination of Employment with Severance Benefits. and Section 17. Notices. of the
Restated Employment Agreement are amended by amending Section 9(b) and Section 17 to provide that the address of Thacher Proffitt & Wood
is Two 

	
	 


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	 	 	World Financial Center, New York, New York 10281.
	 	 	 
	          	
C)     	
Section 10. Termination without Additional Association Liability. of the Restated Employment Agreement is amended by deleting Section 10(a)(v).

	
	 
	 	
D)     	
Section 30. Compliance with Section 409A of the Code. is added to the Restated Employment Agreement to state as follows:

	
	 	 	 
	 	 	Section 30. Compliance
    with Section 409A of the Code.
	 	 	 
	 	 	In
      the event that this Agreement is construed to be a non-qualified deferred
    compensation plan described in section 
	 	409A of the Code, the Agreement
      shall be operated, administered and construed so as to conform to the requirements
    of section 409A. 
	 
	 	E)     	The
        Restated Employment Agreement is in all other respects confirmed and
        ratified and the Restated Employment Agreement, as amended by this amendment
        remains in full force and effect.




          IN WITNESS WHEREOF, the Association has caused this Amendment to be executed and Executive has hereunto set his hand, all as the
15th day of August 2007. 

	
Attest:
		 
		
ASTORIA FEDERAL
SAVINGS
AND
LOAN
	
	 

		 
		
ASSOCIATION
	
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
/s/ Alan P. Eggleston
		 
		
By:
  		 /S/ George
    L. Engelke, Jr.
	
Alan P. Eggleston
		 
		
Name: George L. Engelke, Jr.
	
	 

		 
		
Title: Chairman and Chief Executive Officer
	
	 

	
	
[Seal]
		 
		 

		 

	
	 

	
	 

	
	 

	
	 

		 
		
/S/ Arnold K. Greenberg
	
	 

		 
		
Arnold K. Greenberg
	




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	STATE OF NEW YORK 	) 	 	 	 
	 	) 	 	SS.: 	 
	COUNTY OF NASSAU 	) 	 	 	 



          On this 15th day of August 2007, before me, the undersigned, personally appeared George L. Engelke, Jr., personally known to me or proved to me on the basis of satisfactory evidence to be the
individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s), or the
person upon behalf of which the individual(s) acted, executed the instrument. 

	 
		
/S/ Marygrace Farruggia
	
	 
		
          Notary Public
	
	 
		
Marygrace Farruggia
	
	 
		
Notary Public, State of New York
	
	 
		
No. 4998931
	
	 
		
Qualified in Suffolk County
	
	 
		
Commission Expires 7/13/2010
	



	STATE OF NEW YORK 	) 	 	 	 
	 	) 	 	SS.: 	 
	COUNTY OF NASSAU 	) 	 	 	 



          On this 15th day of August 2007, before me, the undersigned, personally appeared Arnold K. Greenberg, personally known to me or proved to
me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their
signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument. 

	          
		
/S/ Marygrace Farruggia
	
	 
		
          Notary Public
	
	 
		
Marygrace Farruggia
	
	 
		
Notary Public, State of New York
	
	 
		
No. 4998931
	
	 
		
Qualified in Suffolk County
	
	 
		
Commission Expires 7/13/2010
	




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