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                                                                EXHIBIT 10.6


                         RICHMOND COUNTY SAVINGS BANK
                             EMPLOYMENT AGREEMENT
                           (as Amended and Restated)


         This AGREEMENT ("Agreement") originally entered into as of September
21, 1999, is amended and restated in its entirety effective October 1, 1999, by
and among Richmond County Savings Bank (the "Institution"), a state chartered
savings institution, with its principal administrative office at 1214 Castleton
Avenue, Staten Island, New York, 10310, Richmond County Financial Corp., a
corporation organized under the laws of the State of Delaware, the holding
company for the Institution (the "Holding Company"), and Anthony E. Burke
("Executive").

         WHEREAS, the Institution wishes to continue to assure itself of the
services of Executive for the period provided in this Agreement; and

         WHEREAS, Executive is willing to continue to serve in the employ of the
Institution on a full-time basis for said period.

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

1.       POSITION AND RESPONSIBILITIES.

         During the period of his employment hereunder, Executive agrees to
serve as President and Chief Operating Officer of the Institution. Executive
shall render administrative and management services to the Institution such as
are customarily performed by persons situated in a similar executive capacity.
During said period, Executive also agrees to serve, if appointed or elected, as
the case may be as an officer and director of the Holding Company or any
subsidiary of the Institution.

2.       TERMS AND DUTIES.

         (a)   The period of Executive's employment under this Agreement shall
be deemed to have commenced as of the date first above written and shall
continue for a period of sixty (60) full calendar months from the effective date
of this Agreement, as amended and restated. Commencing on the date of the
execution, so that a constant sixty (60) calendar month term shall remain in
effect, of this Agreement, the term of this Agreement shall be extended for one
day each day until such time as the disinterested members of the board of
directors of the Institution ("Board") or Executive elects not to extend the
term of this Agreement by giving written notice in accordance with Section 8 of
this Agreement, in which case the term of this Agreement shall be fixed and
shall end on the fifth anniversary of the date of such written notice.

         (b)   During the period of Executive's employment hereunder, except for
periods of absence occasioned by illness, reasonable vacation periods, and other
reasonable leaves of
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absence, Executive shall devote substantially all his business time, attention,
skill, and efforts to the faithful performance of his duties hereunder including
activities and services related to the organization, operation and management of
the Institution and participation in community and civic organizations;
provided, however, that, with the approval of the Board, as evidenced by a
resolution of the Board, from time to time, Executive may serve, or continue to
serve, on the boards of directors of, and hold any other offices or positions
in, companies or organizations, which, in the Board's judgment, will not present
any conflict of interest with the Institution, or materially affect the
performance of Executive's duties pursuant to this Agreement.

         (c)   Notwithstanding anything in this Agreement to the contrary,
Executive's employment with the Institution may be terminated by the Institution
or the Executive during the term of this Agreement, subject to the terms and
conditions of this Agreement.

3.       COMPENSATION AND REIMBURSEMENT.

         (a)   The compensation specified under this Agreement shall constitute
consideration paid by the Institution in exchange for the duties described in
Section 1 of this Agreement. The Institution shall pay Executive, as
compensation, a salary of not less than $375,000 ("Base Salary"). Base Salary
shall include any amounts of compensation deferred by Executive under any
employee benefit plan or deferred compensation arrangement maintained by the
Institution. Such Base Salary shall be payable bi-weekly. During the period of
this Agreement, Executive's Base Salary shall be reviewed at least annually; on
or about the 30th day of each June. Such review shall be conducted by the Board
or by a committee designated by the Board . The committee or the Board may
increase Executive's Base Salary at any time. Any increase in Base Salary shall
become the "Base Salary" for purposes of this Agreement. In addition to the Base
Salary provided in this Section 3(a), the Institution shall also provide
Executive, at no premium cost to Executive, with all such other benefits as are
provided uniformly to full-time employees of the Institution.

         (b)   In addition to the Base Salary provided for in paragraph (a) of
this Section 3, the Institution will provide Executive with the opportunity to
participate in employee benefit plans, arrangements and perquisites
substantially equivalent to those in which Executive was participating or
otherwise deriving a benefit from immediately prior to the beginning of the term
of this Agreement, as amended and restated, and the Institution will not,
without Executive's prior written consent, make any changes in such plans,
arrangements or perquisites which would adversely affect Executive's rights or
benefits thereunder, without separately providing for an arrangement that
ensures Executive receives or will receive the economic value that Executive
would otherwise lose as a result of such adverse affect except in the case of
any change to the tax-qualified defined benefit pension plan sponsored by the
Institution. Without limiting the generality of the foregoing provisions of this
Subsection (b), Executive shall be entitled to participate in or receive
benefits under any employee benefit plans, whether tax-qualified or
otherwise, including, but not limited to, retirement plans, supplemental
retirement plans, pension plans, profit-sharing plans, employee stock ownership
plans, stock or option plans, health-and-accident plans, medical coverage or any
other employee benefit plan or arrangement made available by the Institution in
the future to its senior executives and key management

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employees, subject to and on a basis consistent with the terms, conditions and
overall administration of such plans and arrangements (including designation by
the Board of eligibility to participate, if applicable). Executive shall also be
entitled to incentive compensation and bonuses as provided in any plan or
arrangement of the Institution in which Executive is eligible to participate.
Nothing paid to Executive under any such plans or arrangements will be deemed to
be in lieu of other compensation to which Executive is entitled under this
Agreement.

         (c)   In addition to the Base Salary provided for by paragraph (a) of
this Section 3 and other compensation and benefits provided for by paragraph (b)
of this Section 3, the Institution shall pay or reimburse Executive for all
reasonable expenses incurred by Executive in performing his obligations under
this Agreement, as mutually agreed to by the Board and Executive.

         (d)   Except as otherwise provided in this Section 3(d), the
Institution will provide to Executive for each calendar year during the term of
this Agreement and for the remaining term of this Agreement after a termination
of employment following an Event of Termination, as defined in Section 4 of this
Agreement, a "Benefit Equity Payment." The Benefit Equity Payment shall be paid
no later than 90 days after the close of the calendar year to which such payment
pertains ("Benefit Year"), and shall be in addition to any contributions
actually made (or benefits actually accrued) with respect to such Benefit Year
to any tax-qualified or non-tax-qualified compensation or benefit plan,
arrangement, policy or program funded or sponsored by the Institution, including
but not limited to those of the following types: deferred compensation,
retirement, defined benefit pension, defined contribution retirement,
supplemental executive retirement, stock option or stock bonus award, life
insurance, health, medical, dental, disability, incentive compensation or bonus
plan, perquisites, or other fringe benefits ("Benefit Plans"). The Benefit
Equity Payment, which shall be calculated by an actuary, accountant or other
licensed professional, shall equal the amount of the contributions (or other
benefits) which would have been made or accrued for Executive for the Benefit
Year pursuant to all Benefit Plans as consideration for his services described
in Section 1 of this Agreement, but which were not made or accrued because (i)
the Benefit Plan(s) were terminated or not funded, or (ii) Executive was no
longer employed or will not be employed by the Institution. Not withstanding the
foregoing, no Benefit Equity Payment shall be made for Execution with respect to
the tax-qualified defined benefit pension plan sponsored by the Institution.

4.       PAYMENTS TO EXECUTIVE UPON AN EVENT OF TERMINATION.

         (a)   Upon the occurrence of an Event of Termination (as herein
defined) during the Executive's term of employment under this Agreement, the
provisions of this Section shall apply. As used in this Agreement, an "Event of
Termination" shall mean and include any one or more of the following: (i) the
termination by the Institution or the Holding Company of Executive's full-time
employment hereunder for any reason other than Retirement (as defined in
paragraph (f) of this Section 4); termination governed by Section 5(a) of this
Agreement or Termination for Cause, as defined in Section 7 of this Agreement;
or (ii) Executive's resignation from the Institution's employ upon any : (A)
notice to Executive by the Institution of non-renewal of the term of this
Agreement, (B) failure to elect or reelect or to appoint or reappoint Executive
as President and Chief Operating Officer or failure to re-nominate Executive as
a director of the

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Institution or Holding Company to the extent Executive was serving as a director
as of the effective date of this Agreement (unless Executive so consents), (C)
material change in Executive's function, duties, or responsibilities, which
change would cause Executive's position to become one of lesser responsibility,
importance, or scope from the position and attributes thereof described in
Section 1 of this Agreement (unless Executive so consents) , (D) relocation of
Executive's principal place of employment by more than 25 miles from its
location at the effective date of the Agreement (unless Executive so consents),
(E) reduction in the benefits, arrangements and perquisites to the Executive
from those being provided to Executive pursuant to Section 3 of this Agreement
to which Executive does not consent or for which Executive is not or will not be
provided the economic benefit pursuant to Section 3(b) of this Agreement, (F)
liquidation or dissolution of the Institution or Holding Company, or (G) breach
of this Agreement by the Institution. Upon the occurrence of any event described
in clauses (A), (B), (C), (D), (E), (F) or (G) above, Executive shall have the
right to elect to terminate his employment under this Agreement by resignation
upon not less than sixty (60) days prior written notice given within six full
months after the event giving rise to said right to elect.

         (b)   Upon the occurrence of an Event of Termination, on the Date of
Termination, as defined in Section 8 of this Agreement, the Institution shall be
obligated to pay Executive, or, in the event of Executive's subsequent death,
his beneficiary or beneficiaries, or his estate, as the case may be: (i) the
amount of the remaining payments and benefits that Executive would have earned
if he had continued his employment with the Institution during the remaining
unexpired term of this Agreement, based on Executive's Base Salary and benefits
provided at the Date of Termination, as set forth in Sections 3(a), (b) and (d)
of this Agreement, as the case may be, and (ii) the amount still due Executive
under any paragraph of Section 3 for service rendered through the Date of
Termination. At the election of Executive, which election is to be made within
thirty (30) days of the Date of Termination, such payments shall be made in a
lump sum (without discount for early payment) or paid monthly during the
remaining term of the agreement following Executive's termination. In the event
that no election is made, payment to Executive will be made in a lump sum. Such
payments shall not be reduced in the event Executive obtains other employment
following termination of employment.

         (c)   Upon the occurrence of an Event of Termination, Executive will be
entitled to receive benefits due him under or contributed by the Institution on
his behalf pursuant to any retirement, incentive, profit sharing, employee stock
ownership, bonus, performance, disability or other employee benefit plan
maintained by the Institution to the extent such benefits are not otherwise paid
to Executive under a separate provision of this Agreement.

         (d)   To the extent that the Institution continues to offer any life,
medical, health, disability or dental insurance plan or arrangement in which
Executive participates in on the last day of his employment (each being a
"Welfare Plan"), after an Event of Termination (as herein defined), Executive
and his dependents shall continue participating in such Welfare Plans, subject
to the same premium contributions on the part of Executive as were required
immediately prior to the Event of Termination until the earlier of (i) his death
(ii) his employment by another employer other than one of which he is the
majority owner or (iii) the end of the remaining term of this Agreement. If the
Institution does not offer the Welfare Plans after the Event of

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Termination, then the Institution shall provide Executive with a payment equal
to the actuarial value of the provision of such benefit for the period which
runs until the earlier of (i) his death; (ii) his employment by another employer
other than one of which he is the majority owner; or (iii) the end of the
remaining term of this Agreement.

         (e)   In the event that Executive is receiving monthly payments
pursuant to Section 4(b) hereof, on an annual basis, thereafter, between the
dates of January 1st and January 31st of each year, Executive shall elect
whether, the balance of the amount payable under the Agreement at that time
shall be paid in a lump sum or on a pro rata basis. Such election shall be
irrevocable for the year for which such election is made.

         (f)   Termination of Executive based on "Retirement" shall mean
termination in accordance with the Institution's retirement policy or in
accordance with any retirement arrangement established with Executive's consent
with respect to him. Upon termination of Executive upon Retirement, Executive
shall be entitled to all benefits under any retirement plan of the Institution
and other plans to which Executive is a party or a participant in accordance
with the terms of the plan or arrangement.


5.       CHANGE IN CONTROL.

         (a)   For purposes of this Agreement, a "Change in Control" of the
Institution or Holding Company shall mean an event of a nature that: (i) would
be required to be reported in response to Item 1 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, as amended (the "Exchange Act"); or (ii)
results in a Change in Control of the Institution or the Holding 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.
Section 303.4(a), with respect to the Institution, and the Rules and Regulations
promulgated by the Office of Thrift Supervision ("OTS") (or its predecessor
agency), with respect to the Holding Company, as in effect on the date of this
Agreement; or (iii) without 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 voting securities of the Institution or the Holding Company
representing 20% or more of the Institution's or the Holding Company's
outstanding voting securities or right to acquire such securities except for any
voting securities of the Institution purchased by the Holding Company and any
voting securities purchased by any employee benefit plan of the Institution or
the Holding Company, or (B) individuals who constitute the Board 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 Holding 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

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substantially all the assets of the Institution or the Holding Company or
similar transaction occurs in which the Institution or Holding Company is not
the resulting entity, or (D) a proxy statement has been distributed soliciting
proxies from stockholders of the Holding Company, by someone other than the
current management of the Holding Company, seeking stockholder approval of a
plan of reorganization, merger or consolidation of the Holding Company or
Institution or similar transaction with one or more corporations as a result of
which the outstanding shares of the class of securities then subject to such
plan or transaction are exchanged for or converted into cash or property or
securities not issued by the Institution or the Holding Company, or (E) a tender
offer is made for 20% or more of the voting securities of the Stock Institution
or Holding Company then outstanding.

         (b)   If any of the events described in Section 5(a) of this Agreement
constituting a Change in Control have occurred or the Board has determined that
a Change in Control has occurred, Executive shall be entitled to the benefits
provided in paragraphs (c) (d), (e), (f) and (g) of this Section 5 upon his
termination of employment on or after the date the Change in Control occurs at
any time during the term of this Agreement due to: (1) Executive's dismissal,
(ii) Executive's voluntary resignation for any reason on or within the sixty
(60) day period immediately following the date a Change in Control has occurred,
or (iii) Executive's resignation following any demotion, loss of title, office
or significant authority or responsibility, reduction in annual compensation or
benefits or relocation of his principal place of employment by more than 25
miles from its location immediately prior to the Change in Control, unless such
termination is because of his death, disability, retirement or Termination for
Cause (as defined in Section 7 of this Agreement).

         (c)   Upon Executive's entitlement to benefits pursuant to Section
5(b), the Institution shall pay Executive, or in the event of his subsequent
death, his beneficiary or beneficiaries, or his estate, as the case may be, a
sum equal to the greater of: (i) the payments due for the remaining term of the
Agreement; or (ii) five (5) times Executive's annual compensation for the most
recently completed year. In determining Executive's annual compensation, annual
compensation shall include Base Salary and any other taxable income, including
but not limited to amounts related to the granting, vesting or exercise of
restricted stock or stock option awards, commissions, bonuses, severance
payments, retirement benefits, director or committee fees and fringe benefits
paid or to be paid to Executive or paid for Executive's benefit during any such
year, as well as pension, profit sharing plan, employee stock ownership and
other retirement contributions or benefits (whether or not taxable) made or
accrued on behalf of Executive for such year. At the election of Executive,
which election is to be made prior to or within thirty (30) days of the Date of
Termination on or following a Change in Control, such payment may be made in a
lump sum (without discount for early payment) on or immediately following the
Date of Termination (which may be the date a change in Control occurs) or paid
in equal monthly installments during the sixty (60) months following Executive's
termination. In the event that no election is made, payment to Executive will be
made on a monthly basis during the remaining sixty (60) month term of the
Agreement. Such payments shall not be reduced in the event Executive obtains
other employment following termination of employment.

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         (d)   Upon the occurrence of a Change in Control followed by
Executive's termination of employment, Executive will be entitled to receive
benefits due him under or contributed by the Institution on his behalf pursuant
to any retirement, incentive, profit sharing, employee stock ownership, bonus,
performance, disability or other employee benefit plan maintained by the
Institution on Executive's behalf to the extent such benefits are not otherwise
paid to Executive under a separate provision of this Agreement.

         (e)   Upon the occurrence of a Change in Control and Executive's
termination of employment in connection therewith, the Institution will cause to
be continued life, medical and disability coverage substantially identical to
the coverage maintained by the Institution for Executive and any of his
dependents covered under such plans prior to the Change in Control. Such
coverage and payments shall cease upon the expiration of sixty (60) full
calendar months following the Date of Termination. In the event Executive's
participation in any such plan or program is barred, the Institution shall
arrange to provide Executive and his dependents with benefits substantially
similar as those of which Executive and his dependents would otherwise have been
entitled to receive under such plans and programs from which their continued
participation is barred or provide their economic equivalent.

         (f)   The use or provision of any membership, license, automobile use,
or other perquisites shall be continued during the remaining term of the
Agreement on the same financial terms and obligations as were in place
immediately prior to the Change in Control. To the extent that any item referred
to in this paragraph will at the end of the term of this Agreement, no longer be
available to Executive, Executive will have the option to purchase all rights
then held by the Institution to such item for a price equal to the then fair
market value of the item.

         (g)   In the event that Executive is receiving monthly payments
pursuant to Section 5(c) hereof, on an annual basis, thereafter, between the
dates of January 1st and January 31st of each year, Executive shall elect
whether the balance of the amount payable under the Agreement at that time shall
be paid in a lump sum or on a pro rata basis pursuant to such section. Such
election shall be irrevocable for the year for which such election is made.

6.       CHANGE OF CONTROL RELATED PROVISIONS

         (a)   Notwithstanding the preceding provisions of Section 5 of this
Agreement, for any taxable year in which Executive shall be liable, as
determined for the payment of an excise tax under Section 4999 of the Code (or
any successor provision thereto), with respect to any payment in the nature of
the compensation made by the Institution to (or for the benefit of) Executive
pursuant to this Agreement or otherwise, the Institution shall pay to Executive
an amount determined under the following formula:

         An amount equal to:  (E x P) + X

WHERE:

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         X =               E x P
               1 - [(FI x (1 - SLI)) + SLI + E]


         E     =    the rate at which the excise tax is assessed under Section
                    4999 of the Code;

         P     =    the amount with respect to which such excise tax is
                    assessed, determined without regard to this Section 6;

         FI    =    the highest marginal rate of federal income, employment, and
                    other taxes (other than taxes imposed under Section 4999 of
                    the Code) applicable to Executive for the taxable year in
                    question (including any effective increase in Executive's
                    tax rate attributable to the disallowance of any deduction);
                    and

         SLI   =    the sum of the highest marginal rates of income and payroll
                    tax applicable to Executive under applicable state and local
                    laws for the taxable year in question (including any
                    effective increase in Executive's tax rate attributable to
                    the disallowance of any deduction).

With respect to any payment in the nature of compensation that is made to (or
for the benefit of) Executive under the terms of this Section or otherwise and
on which an excise tax under Section 4999 of the Code will be assessed, the
payment determined under this Section 6 shall be made to Executive on the
earliest of (i) the date the Institution is required to withhold such tax, (ii)
the date the tax is required to be paid by Executive, or (iii) at the time of
the Change in Control. It is the intention of the parties that the Institution
provide Executive with a full tax gross-up under the provisions of this Section
6, so that on a net after-tax basis, the result to Executive shall be the same
as if the excise tax under Section 4999 (or any successor provisions) of the
Code had not been imposed. The tax gross-up may be adjusted if alternative
minimum tax rules are applicable to Executive.

         (b)   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 more than
the amount determined as "P," above (such greater amount being hereafter
referred to as the "Determinative Excess Parachute Payment"), then the
Institution's independent accountants shall determine the amount (the
"Adjustment Amount"), the Institution must pay to Executive, in order to put
Executive (or the Institution, as the case may be) in the same position as
Executive (or the Institution, as the case may be) would have been if the amount
determined as "P" above 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
Institution shall pay the Adjustment Amount to Executive.

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         (c)   In each calendar year that Executive receives payments or
benefits under this 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 Institution as described above. The
Institution 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 Institution in writing
whenever Executive receives notice 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 Agreement is being reviewed or is
in dispute. The Institution 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 Institution in any such
proceeding. Executive shall not enter into any compromise or settlement or
otherwise prejudice any rights the Institution may have in connection therewith
without prior consent to the Institution.


7.       TERMINATION FOR CAUSE.

         The term "Termination for Cause" shall mean termination because of: a)
Executive's personal dishonesty, willful misconduct, breach of fiduciary duty
involving personal profit, intentional failure to perform stated duties, willful
violation of any law, rule, regulation (other than traffic violations or similar
offenses), final cease and desist order or material breach of any provision of
this Agreement which results in a material loss to the Institution or the
Holding Company, or b) Executive's conviction of a crime or act involving moral
turpitude or a final judgement rendered against Executive based upon actions of
Executive which involve moral turpitude. For the purposes of this Section 7, no
act, or the failure to act, on Executive's part shall be "willful" unless done,
or omitted to be done, not in good faith and without reasonable belief that the
action or omission was in the best interests of the Institution or its
affiliates. Notwithstanding the foregoing, Executive shall not be deemed to have
been Terminated for Cause unless and until there shall have been delivered to
him a Notice of Termination which shall include a copy of a resolution duly
adopted by the affirmative vote of not less than a majority of the members of
the Board at a meeting of the Board called and held for that purpose (after
reasonable notice to Executive and an opportunity for him, together with
counsel, to be heard before the Board), finding that in the good faith opinion
of the Board, Executive was guilty of conduct justifying Termination for Cause
and specifying the particulars thereof in detail. Executive shall not have the
right to receive compensation or other benefits for any period after the Date of
Termination for Cause. During the period beginning on the date of the Notice of
Termination for Cause pursuant to Section 8 hereof through the Date of
Termination for Cause, stock options and related limited rights (if any) granted
to Executive under any stock option plan shall not be exercisable nor shall any
unvested awards granted to Executive under any stock benefit plan of the
Institution, the Holding Company or any subsidiary or affiliate thereof, vest.
At the Date of Termination for Cause, such stock options and related limited
rights (if any) and

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any unvested awards shall become null and void and shall not be exercisable by
or delivered to Executive at any time subsequent to such Termination for Cause.

8.       NOTICE.

         (a)   Any purported termination by the Institution or by Executive
shall be communicated by Notice of Termination to the other party hereto. For
purposes of this Agreement, a "Notice of Termination" shall mean a written
notice which shall indicate the specific termination provision in this Agreement
relied upon and shall set forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of Executive's employment under the
provision so indicated.

         (b)   "Date of Termination" shall mean the date specified in the Notice
of Termination (which, in the case of a Termination for Cause, shall not be less
than thirty days from the date such Notice of Termination is given); provided,
however, that if a dispute regarding the Executive's termination exists, the
"Date of Termination" shall be determined in accordance with Section 8(c) of
this Agreement.

         (c)   If, within thirty (30) days after any Notice of Termination is
given, the party receiving such Notice of Termination notifies the other party
that a dispute exists concerning the termination, the Date of Termination shall
be the date on which the dispute is finally determined, either by mutual written
agreement of the parties, by a binding arbitration award, or by a final
judgment, order or decree of a court of competent jurisdiction (the time for
appeal therefrom having expired and no appeal having been perfected) and,
provided further, that the Date of Termination shall be extended by a notice of
dispute only if such notice is given in good faith and the party giving such
notice pursues the resolution of such dispute with reasonable diligence.
Notwithstanding the pendency of any such dispute, in the event the Executive is
terminated for reasons other than Termination for Cause, the Institution will
continue to pay Executive his Base Salary in effect when the notice giving rise
to the dispute was given until the earlier of: i) the resolution of the dispute
in accordance with this Agreement or ii) the expiration of the remaining term of
this Agreement as determined as of the Date of Termination. Amounts paid under
this Section are in addition to all other amounts due under this Agreement and
shall not be offset against or reduce any other amounts due under this
Agreement.

9. POST-TERMINATION OBLIGATIONS.

         All payments and benefits to Executive under this Agreement shall be
subject to Executive's compliance with this Section 9 for one (1) full year
after the earlier of the expiration of this Agreement or termination of
Executive's employment with the Institution. Executive shall, upon reasonable
notice, furnish such information and assistance to the Institution as may
reasonably be required by the Institution in connection with any litigation in
which it or any of its subsidiaries or affiliates is, or may become, a party.

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10. NON-COMPETITION AND NON-DISCLOSURE.

         (a)   Upon any termination of Executive's employment hereunder pursuant
to Section 4 hereof, Executive agrees not to compete with the Holding Company or
its Subsidiaries for a period of one (1) year following such termination in any
city, town or county in which the Executive's normal business office is located
and the Holding Company or any of its Subsidiaries has an office or has filed an
application for regulatory approval to establish an office, determined as of the
effective date of such termination, except as agreed to pursuant to a resolution
duly adopted by the Board. Executive agrees that during such period and within
said cities, towns and counties, Executive shall not work for or advise, consult
or otherwise serve with, directly or indirectly, any entity whose business
materially competes with the depository, lending or other business activities of
the Holding Company or its Subsidiaries. The parties hereto, recognizing that
irreparable injury will result to the Holding Company or its Subsidiaries, its
business and property in the event of Executive's breach of this Subsection
10(a) agree that in the event of any such breach by Executive, the Holding
Company or its Subsidiaries, will be entitled, in addition to any other remedies
and damages available, to an injunction to restrain the violation hereof by
Executive, Executive's partners, agents, servants, employees and all persons
acting for or under the direction of Executive. Executive represents and admits
that in the event of the termination of his employment pursuant to Section 7
hereof, Executive's experience and capabilities are such that Executive can
obtain employment in a business engaged in other lines and/or of a different
nature than the Holding Company or its Subsidiaries, and that the enforcement of
a remedy by way of injunction will not prevent Executive from earning a
livelihood. Nothing herein will be construed as prohibiting the Holding Company
or its Subsidiaries from pursuing any other remedies available to the Holding
Company or its Subsidiaries for such breach or threatened breach, including the
recovery of damages from Executive.

         (b)   Executive recognizes and acknowledges that the knowledge of the
business activities and plans for business activities of the Holding Company and
its Subsidiaries as it may exist from time to time, is a valuable, special and
unique asset of the business of the Holding Company and its Subsidiaries.
Executive will not, during or after the term of his employment, disclose any
knowledge of the past, present, planned or considered business activities of the
Holding Company and its Subsidiaries thereof to any person, firm, corporation,
or other entity for any reason or purpose whatsoever unless expressly authorized
by the Board of Directors or required by law. Notwithstanding the foregoing,
Executive may disclose any knowledge of banking, financial and/or economic
principles, concepts or ideas which are not solely and exclusively derived from
the business plans and activities of the Holding Company. Further, Executive may
disclose information regarding the business activities of the Bank or Holding
Company to the Superintendent of Banks of the State of New York, the New York
State Banking Department, OTS and the FDIC pursuant to a formal regulatory
request. In the event of a breach or threatened breach by the Executive of the
provisions of this Section, the Holding Company will be entitled to an
injunction restraining Executive from disclosing, in whole or in part, the
knowledge of the past, present, planned or considered business activities of the
Holding Company or its Subsidiaries or from rendering any services to any
person, firm, corporation, other entity to whom such knowledge, in whole or in
part, has been disclosed or is threatened to be disclosed. Nothing herein will
be construed as prohibiting the Holding Company from

                                      -11-
<PAGE>

pursuing any other remedies available to the Holding Company for such breach or
threatened breach, including the recovery of damages from Executive.

11.      SOURCE OF PAYMENTS.

         (a)   All payments provided in this Agreement shall be timely paid in
cash or check from the general funds of the Institution. The Holding Company,
however, unconditionally guarantees payment and provision of all amounts and
benefits due hereunder to Executive and, if such amounts and benefits due from
the Institution are not timely paid or provided by the Institution, such amounts
and benefits shall be paid or provided by the Holding Company.

         (b)   Notwithstanding any provision herein to the contrary, to the
extent that payments and benefits, as provided by this Agreement, are paid to or
received by Executive under an employment agreement in effect between Executive
and the Holding Company, such compensation payments and benefits paid by the
Holding Company will be subtracted from any amounts due simultaneously to
Executive under similar provisions of this Agreement. Payments pursuant to this
Agreement and the Holding Company Agreement shall be allocated in proportion to
the services rendered and time expended on such activities by Executive as
determined by the Holding Company and the Institution on a quarterly basis.

12.      EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFITS PLANS.

         This Agreement contains the entire understanding between the parties
hereto and supersedes any prior employment agreement between the Institution or
any predecessor of the Institution and Executive, except that this Agreement
shall not affect or operate to reduce any benefit or compensation inuring to
Executive of a kind elsewhere provided. No provision of this Agreement shall be
interpreted to mean that Executive is subject to receiving fewer benefits than
those available to him without reference to this Agreement.

13.      NO ATTACHMENT.

         (a)   Except as required by law, no right to receive payments under
this Agreement shall be subject to anticipation, commutation, alienation, sale,
assignment, encumbrance, charge, pledge, or hypothecation, or to execution,
attachment, levy, or similar process or assignment by operation of law, and any
attempt, voluntary or involuntary, to affect any such action shall be null,
void, and of no effect.

         (b)   This Agreement shall be binding upon, and inure to the benefit
of, Executive and the Institution and their respective successors and assigns.

                                      -12-
<PAGE>

14.      MODIFICATION AND WAIVER.

         (a)   This Agreement may not be modified or amended except by an
instrument in writing signed by the parties hereto.

         (b)   No term or condition of this Agreement shall be deemed to have
been waived, nor shall there be any estoppel against the enforcement of any
provision of this Agreement, except by written instrument of the party charged
with such waiver or estoppel. No such written waiver shall be deemed a
continuing waiver unless specifically stated therein, and each such waiver shall
operate only as to the specific term or condition waived and shall not
constitute a waiver of such term or condition for the future as to any act other
than that specifically waived.

15.      REQUIRED PROVISIONS.

        (a) Any payments made to Executive pursuant to this
Agreement, or otherwise, are subject to and conditioned upon compliance with 12
U.S.C. Section 1828(k) and any rules and regulations promulgated thereunder,
including 12 C.F.R. Part 359.

16.      SEVERABILITY.

         If, for any reason, any provision of this Agreement, or any part of any
provision, is held invalid, such invalidity shall not affect any other provision
of this Agreement or any part of such provision not held so invalid, and each
such other provision and part thereof shall to the full extent consistent with
law continue in full force and effect.

17.      HEADINGS FOR REFERENCE ONLY.

         The headings of sections and paragraphs herein are included solely for
convenience of reference and shall not control the meaning or interpretation of
any of the provisions of this Agreement.

18.      GOVERNING LAW.

         The validity, interpretation, performance and enforcement of this
Agreement shall be governed by the laws of the State of Delaware without regard
to principles of conflict of laws of this state.

19.      ARBITRATION.

         Any dispute or controversy arising under or in connection with this
Agreement shall be settled exclusively by arbitration, conducted before a panel
of three arbitrators sitting in a location selected by Executive within fifty
(50) miles from the location of the Institution, in accordance with the rules of
the American Arbitration Institution then in effect. Judgment may be entered on
the arbitrator's award in any court having jurisdiction; provided, however, that
Executive shall be entitled to seek specific performance of his right to be paid
until the Date of

                                      -13-
<PAGE>

Termination during the pendency of any dispute or controversy arising under or
in connection with this Agreement.

20.      PAYMENT OF COSTS AND LEGAL FEES.

         In the event any dispute or controversy arising under or in connection
with Executive's termination is resolved in favor of the Executive, whether by
judgment, arbitration or settlement, Executive shall be entitled to the payment
of: (a) all legal fees incurred by Executive in resolving such dispute or
controversy, and (b) any back-pay, including salary, bonuses and any other cash
compensation, fringe benefits and any compensation and benefits due Executive
under this Agreement.

21.      INDEMNIFICATION.

         (a)   The Institution shall provide Executive (including his heirs,
executors and administrators) with coverage under a standard directors' and
officers' liability insurance policy at its expense and shall indemnify
Executive (and his heirs, executors and administrators) to the fullest extent
permitted under Delaware law against all expenses and liabilities reasonably
incurred by him in connection with or arising out of any action, suit or
proceeding in which he may be involved by reason of his having been a director
or officer of the Institution (whether or not he continues to be a director or
officer at the time of incurring such expenses or liabilities), such expenses
and liabilities to include, but not be limited to, judgments, court costs and
attorneys' fees and the cost of reasonable settlements.

22.      SUCCESSOR TO THE INSTITUTION.

         The Institution shall require any successor or assignee, whether direct
or indirect, by purchase, merger, consolidation or otherwise, to all or
substantially all the business or assets of the Institution or the Holding
Company, expressly and unconditionally to assume and agree to perform the
Institution's obligations under this Agreement, in the same manner and to the
same extent that the Institution would be required to perform if no such
succession or assignment had taken place.

                                      -14-
<PAGE>

                                   SIGNATURES

         IN WITNESS WHEREOF, Richmond County Savings Bank and Richmond County
Financial Corp. have caused this Agreement, as amended and restated, to be
executed and their seals to be affixed hereunto by their duly authorized
officers and directors, and Executive has signed this Agreement, on the 1st
day of October 1999.


ATTEST:                                 RICHMOND COUNTY SAVINGS BANK


  /s/ Diane L. DeLillo                  By:    /s/ Michael F. Manzulli
-------------------------------------        -----------------------------------
                                             Michael F. Manzulli
                                             For The Entire Board of Directors
         [SEAL]


ATTEST:                                 RICHMOND COUNTY FINANCIAL CORP.
                                             (Guarantor)


  /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                         /s/ Anthony E. Burke
-------------------------------------        -----------------------------------
                                             Anthony E. Burke