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EXHIBIT 10.27
 Executive Officer Annual Incentive Plan
 of
 Hudson City Bancorp, Inc.
 
 Adopted on January 18, 2005
Effective as of January 1, 2005




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TABLE OF CONTENTS
 PageArticle IPlan ObjectivesSection 1.1
    
    Purpose
    
    
    1Article IIPlan DurationSection 2.1
    
    Term
    
    
    1Article IIIDefinitionsSection 3.1
    
    Bank
    
    
    1Section 3.2
    
    Base Salary
    
    
    1Section 3.3
    
    Board
    
    
    1Section 3.4
    
    Change of Control
    
    
    1Section 3.5
    
    Code
    
    
    3Section 3.6
    
    Company
    
    
    3Section 3.7
    
    Company and the Bank
    
    
    3Section 3.8
    
    Corporate Performance Objectives
    
    
    3Section 3.9
    
    Committee
    
    
    3Section 3.10
    
    Disabled
    
    
    3Section 3.11
    
    Discharge for Cause
    
    
    3Section 3.12
    
    Effective Date
    
    
    4Section 3.13
    
    Employee
    
    
    4Section 3.14
    
    ERISA
    
    
    4Section 3.14
    
    Exchange Act
    
    
    4Section 3.15
    
    GAAP
    
    
    4Section 3.16
    
    Participant
    
    
    4Section 3.17
    
    Plan
    
    
    4Section 3.18
    
    Plan Year
    
    
    4Section 3.19
    
    Retires
    
    
    4Section 3.20
    
    Section 162(m) Employee
    
    
    4
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Table of Contents
 PageSection 3.21
    
    Taxable Year
    
    
    4Article IVEligibility and ParticipationSection 4.1
    
    Eligibility
    
    
    5Section 4.2
    
    Participation
    
    
    5Section 4.3
    
    Termination of Employment
    
    
    5Section 4.4
    
    Change of Control
    
    
    5Section 4.5
    
    Other Terminations
    
    
    5Section 4.6
    
    Prorated Awards
    
    
    5Article VAward OpportunitySection 5.1
    
    Awards
    
    
    6Section 5.2
    
    Award Matrix
    
    
    6Article VIEstablishment of Corporate Performance ObjectivesSection 6.1
    
    Performance Objectives
    
    
    6Section 6.2
    
    Award Matrix
    
    
    8Section 6.3
    
    Adjustments
    
    
    8Section 6.4
    
    Negative Discretion
    
    
    8Article VIIDetermination and Payment of AwardsSection 7.1
    
    Certification of Corporate Performance Objectives
    
    
    9Section 7.2
    
    Deferral of Awards
    
    
    9Article VIIIMaximum AwardSection 8.1
    
    Maximum Award
    
    
    9
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Table of Contents
 PageArticle IXAdministrationSection 9.1
    
    Committee
    
    
    9Section 9.2
    
    Committee Action
    
    
    9Section 9.3
    
    Committee Responsibilities
    
    
    10Article XAmendment and TerminationSection 10.1
    
    Amendment
    
    
    10Section 10.2
    
    Termination
    
    
    10Article XIMiscellaneousSection 11.1
    
    No Right to Continued Employment
    
    
    10Section 11.2
    
    Non-Alienation of Benefits
    
    
    10Section 11.3
    
    No Effect Prior to Shareholder Approval
    
    
    11Section 11.4
    
    Status of Plan Under ERISA
    
    
    11Section 11.5
    
    Construction and Language
    
    
    11Section 11.6
    
    Governing Law
    
    
    11Section 11.7
    
    Headings
    
    
    11Section 11.8
    
    Withholding
    
    
    11Section 11.9
    
    Notices
    
    
    12Section 11.10
    
    Indemnification
    
    
    12Section 11.11
    
    Severability
    
    
    12Section 11.12
    
    Waiver
    
    
    12Section 11.13
    
    No Deposit Account
    
    
    12Section 11.14
    
    Successors and Assigns
    
    
    12Section 11.15
    
    Required Provisions
    
    
    13
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Executive Officer Annual Incentive Plan  of  Hudson City Bancorp, Inc.
 Article I
 Plan Objectives
 Section 1.1 Purpose .
 Article II
 Plan Duration
 Section 2.1 Term .
 Article III
 Definitions
  Section 3.1  Bank 
 Section 3.2  Base Salary 
 Section 3.3  Board 
 Section 3.4  Change of Control 




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Section 3.5  Code 
 Section 3.6  Company 
 Section 3.7  Company and the Bank 
 Section 3.8  Corporate Performance Objectives 
 Section 3.9  Committee 
 Section 3.10  Disabled 
 Section 3.11  Discharge for Cause 
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Section 3.12  Effective Date 
 Section 3.13  Employee 
 Section 3.14  ERISA 
 Section 3.15  Exchange Act 
 Section 3.16  GAAP 
 Section 3.17  Participant 
 Section 3.18  Plan 
 Section 3.19  Plan Year 
 Section 3.20  Retires 
 Section 3.21  Section 162(m) Employee  provided, however
 Section 3.22  Taxable Year 
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Article IV
 Eligibility And Participation
 Section 4.1 Eligibility .
 Section 4.2 Participation .
 Section 4.3 Termination of Employment .
 Section 4.4 Change of Control .
 Section 4.5 Other Terminations . provided, however,
 Section 4.6 Prorated Awards .
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Article V
 Award Opportunity
 Section 5.1 Awards .
 Section 5.2 Award Opportunity Level .
 Article VI
 Establishment Of Corporate Performance Objectives
 Section 6.1 Performance Objectives .
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Section 6.2 Award Matrix .
 Section 6.3 Adjustments .
 Section 6.4 Negative Discretion provided, however
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Article VII
 Determination And Payment Of Awards
 Section 7.1 Certification of Corporate Performance Objectives .
 Section 7.2 Deferral of Awards .
 Article VIII
 Maximum Award
 Section 8.1 Maximum Award .
 Article IX
 Administration
 Section 9.1 Committee .
 Section 9.2 Committee Action.
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Section 9.3 Committee Responsibilities .
    Article X
 Amendment And Termination
 Section 10.1 Amendment .
 Section 10.2 Termination .
 Article XI
 Miscellaneous
 Section 11.1 No Right to Continued Employment .
 Section 11.2 Non-Alienation of Benefits .
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Section 11.3 No Effect Prior to Shareholder Approval .
 Section 11.4 Status of Plan Under ERISA .
 Section 11.5 Construction and Language .
 Section 11.6 Governing Law .
 Section 11.7 Headings .
 Section 11.8 Withholding .
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Section 11.9 Notices .
  
  Section 11.10 Indemnification .
 Section 11.11 Severability .
 Section 11.12 Waiver .
 Section 11.13 No Deposit Account .
 Section 11.14 Successors and Assigns .
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Section 11.15 Required Provisions .
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