Exhibit 10.1

                              SOUND FEDERAL BANCORP

                        SUPPLEMENTAL EXECUTIVE AGREEMENT
                            FOR RICHARD P. MCSTRAVICK

     WHEREAS, Richard P. McStravick ("Executive") and Sound Federal Bancorp (the
"Company")   desire  to  enter  into  this  Supplemental   Executive   Agreement
("Supplemental  Agreement") to supplement the Employment  Agreement entered into
between  the  Executive  and Sound  Federal  Savings and Loan  Association  (the
"Association"),  the wholly owned  subsidiary  of the Company,  on July 14, 1999
(hereinafter referred to as the "Employment Agreement"); and

     WHEREAS,  tax law provisions  relating to "golden parachute payments" could
have the effect of reducing the benefits  otherwise  provided to Executive under
the  Employment  Agreement  as a result of a change in control of the Company or
the Association; and

     WHEREAS, the Board believes that the Supplemental  Agreement is in the best
interests  of the Company and its  shareholders  and will  provide the  benefits
intended to be provided under the Employment Agreement to Executive in the event
of a change in control of the Company or the Association,  without any reduction
because of tax code "penalties" or excise taxes relating to a change in control;
and

     WHEREAS,  the  Company  and the  Executive  also  desire to enter  into the
Supplemental  Agreement  for the purpose of providing  further  incentive to the
Executive to achieve  successful results in the management and operations of the
Company.

     NOW, THEREFORE,  in consideration of the mutual covenants herein contained,
and upon the other terms and conditions hereinafter provided, the parties hereto
hereby agree as follows:

     1. In the  event of a Change  in  Control  (as  defined  in the  Employment
Agreement) of the Association or the Company, the Executive shall be entitled to
receive,  pursuant to this  Supplemental  Agreement,  an amount,  payable by the
Company,  in addition  to any  compensation  or benefits  payable by the Company
pursuant to Section 11 of the Employment Agreement, which amount shall equal the
difference  between  (i) the  amount  that  would be paid  under the  Employment
Agreement  pursuant to Section  11(j) of the  Employment  Agreement  but for the
reductions in payments required by Section 11(j) of the Employment Agreement, if
any, and (ii) the amount that is actually paid under the terms of the Employment
Agreement  after any such  reduction.2.  In each calendar year that Executive is
entitled to receive  payments or benefits under the provisions of the Employment
Agreement and this Supplemental  Agreement,  the independent  accountants of the
Company shall  determine if an excess  parachute  payment (as defined in Section
4999 of the Internal Revenue Code of 1986, as amended (the "Code")) exists. Such
determination  shall be made after taking any reductions  permitted  pursuant to
Section 280G of the Code and the regulations  thereunder.  Any amount determined
to be an excess  parachute  payment  after taking into  account such  reductions
shall be hereafter  referred to as the

<PAGE>

"Initial Excess  Parachute  Payment".  As soon as practicable  after a Change in
Control, the Initial Excess Parachute Payment shall be determined. Upon the Date
of Termination  following a Change in Control,  the Company shall pay Executive,
subject to applicable withholding requirements under applicable state or federal
law an amount equal to:

          (i)  twenty (20) percent of the Initial Excess  Parachute  Payment (or
               such other amount equal to the tax imposed  under Section 4999 of
               the Code), and

          (ii) such  additional  amount (tax  allowance)  as may be necessary to
               compensate  Executive  for the payment by  Executive of state and
               federal  income and excise  taxes on the payment  provided  under
               Clause  (i)  and on any  payments  under  this  Clause  (ii).  In
               computing such tax allowance, the payment to be made under Clause
               (i) shall be multiplied by the "gross up percentage" ("GUP"). The
               GUP shall be determined as follows:

                                        Tax Rate
                              GUP = ---------------
                                     1- Tax Rate

               The Tax Rate  for  purposes  of  computing  the GUP  shall be the
               highest marginal federal and state income and  employment-related
               tax rate, including any applicable excise tax rate, applicable to
               the  Executive in the year in which the payment  under Clause (i)
               is made.

     3. Notwithstanding the foregoing, if it shall subsequently be determined in
a final judicial  determination  or a final  administrative  settlement to which
Executive  is a party  that the excess  parachute  payment as defined in Section
4999 of the Code,  reduced as described  above,  is  different  from the Initial
Excess Parachute  Payment (such different amount being hereafter  referred to as
the  "Determinative  Excess Parachute  Payment") then the Company's  independent
accountants  shall determine the amount (the "Adjustment  Amount") the Executive
must pay to the Company or the Company must pay to the Executive in order to put
the Executive  (or the Company,  as the case may be) in the same position as the
Executive  (or the  Company,  as the case may be) would have been if the Initial
Excess Parachute  Payment had been equal to the  Determinative  Excess Parachute
Payment. In determining the Adjustment Amount, the independent accountants shall
take into account any and all taxes  (including any penalties and interest) paid
by or for Executive or refunded to Executive or for Executive's benefit. As soon
as practicable after the Adjustment  Amount has been so determined,  the Company
shall pay the  Adjustment  Amount to Executive or the Executive  shall repay the
Adjustment Amount to the Company, as the case may be.

     4. In each calendar year that Executive receives payments or benefits under
the Employment Agreement, Executive shall report on his state and federal income
tax returns such information as is consistent with the determination made by the
independent  accountants  of the Company as described  above.  The Company shall
indemnify  and hold  Executive  harmless  from  any and all  losses,  costs  and
expenses (including without limitation,  reasonable  attorney's fees,  interest,
fines and  penalties)  which  Executive  incurs as a result  of  reporting  such
information. Executive shall promptly notify the Company in writing whenever the
Executive  receives  notice of the  institution of a judicial or  administrative
proceeding, formal or informal, in which the federal tax treatment under Section
4999 of the Code of any amount paid or payable under this


                                       2
<PAGE>

Supplemental  Agreement is being  reviewed or is in dispute.  The Company  shall
assume control at its expense over all legal and accounting  matters  pertaining
to such federal tax treatment (except to the extent necessary or appropriate for
Executive to resolve any such proceeding with respect to any matter unrelated to
amounts paid or payable pursuant to this contract) and Executive shall cooperate
fully with the Company in any such  proceeding.  The Executive  shall  cooperate
fully with the Company in any such  proceeding.  The  Executive  shall not enter
into any compromise or settlement or otherwise  prejudice any rights the Company
may have in connection therewith without prior consent to the Company.

     IN WITNESS  WHEREOF,  Sound  Federal  Bancorp has caused this  Supplemental
Agreement  to be  executed  and its  seal to be  affixed  hereunto  by its  duly
authorized officer,  and Executive has signed this Supplemental  Agreement as of
the 9th day of November, 2001.


ATTEST:   [SEAL]                            SOUND FEDERAL BANCORP


/s/ Anthony J. Fabiano                      By: /s/ Bruno J. Gioffre
----------------------                          --------------------
Secretary


[SEAL]


WITNESS:                                    EXECUTIVE:

/s/ Anthony J. Fabiano                      /s/ Richard P. McStravick
----------------------                      -------------------------
                                                Richard P. McStravick


                                       3