Document:

EXHIBIT 10.6 - EMPLOYMENT AGREEMENT BY AND BETWEEN
        PULASKI BANCORP, INC., PULASKI SAVINGS BANK AND JOHN T. ROBERTSON

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                              PULASKI SAVINGS BANK
                              EMPLOYMENT AGREEMENT

        This  AGREEMENT  is made  effective as of September 5, 2000 by and among
Pulaski Savings Bank (the "Bank"), a federally  chartered savings bank, with its
principal administrative office at 130 Mountain Avenue, Springfield, New Jersey,
Pulaski Bancorp,  Inc. a federally chartered stock company,  the holding company
for the Bank (the "Holding Company"), and John Robertson ("Executive").

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

        WHEREAS,  Executive  is  willing to serve in the employ of the Bank 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 Executive Vice President and Chief Operating  Officer of the Bank.  Executive
shall  render  administrative  and  management  services to the Bank such as are
customarily  performed  by persons  situated  in a similar  executive  capacity.
During said period, Executive also agrees to serve, if elected, as an officer of
the Holding Company or any subsidiary of the Bank.

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 twenty- four (24) full calendar months thereafter. Commencing on
the first anniversary date of this Agreement, and continuing on each anniversary
thereafter,  the  disinterested  members of the board of  directors  of the Bank
("Board") may extend the  Agreement an  additional  year such that the remaining
term of the Agreement shall be two (2) years unless the Executive  elects not to
extend the term of this Agreement by giving  written  notice in accordance  with
Section 9 of this Agreement. The Board will review the Agreement and Executive's
performance annually for purposes of determining whether to extend the Agreement
and the  rationale  and results  thereof shall be included in the minutes of the
Board's  meeting.  The  Board  shall  give  notice to the  Executive  as soon as
possible after such review as to whether the Agreement is to be extended.

        (b) During the period of Executive's  employment  hereunder,  except for
periods of absence  occasioned  by illness,  reasonable  vacation  periods,  and
reasonable  leaves of 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 Bank and  participation  in community and civic
organizations;  provided,  however,  that,  with the  approval of the Board,  as
evidenced by a resolution of such 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 such Board's  judgment,
will not present any conflict of interest with the Bank,  or  materially  affect
the performance of Executive's duties pursuant to this Agreement.
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        (c)  Notwithstanding  anything  herein  to  the  contrary,   Executive's
employment  with the Bank may be terminated by the Bank or the Executive  during
the  term of  this  Agreement,  subject  to the  terms  and  conditions  of this
Agreement.

3.      COMPENSATION AND REIMBURSEMENT.

        (a) The Bank shall pay Executive as  compensation  a salary of $ 125,000
per year ("Base Salary").  Base Salary shall include any amounts of compensation
deferred by Executive under any qualified or unqualified  plan maintained by the
Bank. Such Base Salary shall be payable at the same time as salaries are paid to
all  other  employees  of  the  Bank.  During  the  period  of  this  Agreement,
Executive's  Base Salary  shall be reviewed  at least  annually;  the first such
review will be made no later than one year from the date of this Agreement. Such
review shall be conducted by the Board or by a Committee of the Board, delegated
such  responsibility  by the  Board.  The  Committee  or the Board may  increase
Executive's  Base  Salary.  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 Bank shall also provide Executive,  at no premium cost
to  Executive,  with  all such  other  benefits  as are  provided  uniformly  to
permanent full-time employees of the Bank.

        (b) The  Executive  shall be entitled  to  participate  in any  employee
benefit plans, arrangements and perquisites substantially equivalent to those in
which Executive was participating or otherwise deriving benefit from immediately
prior to the  beginning  of the term of this  Agreement,  and the Bank will not,
without  Executive's  prior  written  consent,  make any  changes in such plans,
arrangements or perquisites which would materially  adversely affect Executive's
rights or  benefits  thereunder;  except to the  extent  such  changes  are made
applicable to all Bank employees on a non-discriminatory basis. 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  including  but not limited to,  retirement  plans,  supplemental
retirement  plans,  pension  plans,  profit-sharing  plans,  health-and-accident
plans,  medical  coverage or any other employee benefit plan or arrangement made
available by the Bank in the future to its senior  executives and key management
employees,  subject to and on a basis consistent with the terms,  conditions and
overall  administration  of such  plans  and  arrangements.  Executive  shall be
entitled to  incentive  compensation  and bonuses as provided in any plan of the
Bank  in  which  Executive  is  eligible  to  participate.  Nothing  paid to the
Executive  under  any such plan or  arrangement  will be deemed to be in lieu of
other compensation to which the 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  provided for by paragraph (b) of this Section
3, the Bank shall pay or reimburse Executive for all reasonable travel and other
reasonable expenses incurred in the performance of Executive's obligations under
this  Agreement and may provide such  additional  compensation  in such form and
such amounts as the Board may from time to time  determine.  The Executive shall
be provided at his option,  with an automobile expense allowance or the use of a
recent model automobile which will be owned or leased by the Bank or the Holding
Company,  as may be mutually  agreed  upon by the  Executive  and the Bank.  All
reasonable expenses associated therewith shall be borne by the Bank.

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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  Bank  or  the  Holding  Company  of  Executive's  full-time
employment hereunder for any reason other than a termination governed by Section
5(a) hereof,  for Disability as defined in Section 7 hereof,  or Termination for
Cause, as defined in Section 8 hereof;  (ii)  Executive's  resignation  from the
Bank's  employ  upon any (A)  failure  to  elect or  reelect  or to  appoint  or
reappoint  Executive as Executive  Vice  President or Chief  Operating  Officer,
unless  consented  to by the  Executive,  (B) a 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, above,  unless consented
to by Executive,  (C) a relocation of Executive's  principal place of employment
by more than 25 miles from its location at the effective date of this Agreement,
unless consented to by the Executive,  (D) a material  reduction in the benefits
and  perquisites  to the Executive from those being provided as of the effective
date  of  this  Agreement,  unless  consented  to by  the  Executive,  or  (E) a
liquidation or dissolution of the Bank or Holding Company, or (F) breach of this
Agreement by the Bank.  Upon the  occurrence  of any event  described in clauses
(A), (B), (C), (D), (E) or (F),  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  9, the Bank  shall be  obligated  to pay
Executive,  or, in the event of his death subsequent to an Event of Termination,
his beneficiary or beneficiaries,  or his estate, as the case may be a sum equal
to the sum of: (i) the amount of the remaining payments that the Executive would
have  earned  if he had  continued  his  employment  with  the Bank  during  the
remaining term of this Agreement at the  Executive's  Base Salary at the Date of
Termination;  and (ii) the amount equal to the annual  contributions  that would
have been made on Executive's  behalf to any employee  benefit plans of the Bank
or the Holding  Company  during the remaining  term of this  Agreement  based on
contributions  made  (on an  annualized  basis)  at  the  Date  of  Termination;
provided,  however, that any payments pursuant to this subsection and subsection
4(c) below shall not, in the aggregate,  exceed three times Executive's  average
annual  compensation  for the five most recent  taxable years that Executive has
been  employed  by the Bank,  or such  lesser  number of years in the event that
Executive  shall have been employed by the Bank for less than five years. In the
event the Bank is not in compliance with its minimum capital  requirements or if
such payments  pursuant to this subsection (b) would cause the Bank's capital to
be reduced  below its minimum  regulatory  capital  requirements,  such payments
shall be deferred until such time as the Bank or successor thereto is in capital
compliance. At the election of the Executive, which election is to be made prior
to the  commencement  of payments due pursuant to this Section 4, such  payments
shall be made in a lump sum as of the Executive's Date of Termination.  The lump
sum  payment  shall be equal to the total  amount of all future  payments  which
would otherwise accrue during the term of this Agreement,  discounted to present
value from the time such  payment  would have become  payable to the date of the
Event of Termination. For purposes of calculating amounts payable in an Event of
Termination "present value" shall be equal to the prime rate as published in the
Wall Street Journal. In the event that no election is made, payment to Executive
will be made on a monthly basis in approximately equal installments during the

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remaining term of the Agreement. Such payments shall not be reduced in the event
the Executive obtains other employment following termination of employment.

        (c) Upon the occurrence of an Event of Termination,  the Bank will cause
to be continued  life,  medical,  dental and disability  coverage  substantially
identical  to the  coverage  maintained  by the Bank or the Holding  Company for
Executive prior to his  termination at no premium cost to the Executive,  except
to the extent such  coverage  may be changed in its  application  to all Bank or
Holding Company employees.  Such coverage shall cease upon the expiration of the
remaining  term of this  Agreement or in the event the  Executive  obtains other
employment following termination of employment.

5.      CHANGE IN CONTROL.

        (a) For purposes of this Agreement, a "Change in Control" of the Bank 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 Bank or the Holding  Company  within the meaning of the
Home Owners' Loan Act of 1933, as amended,  the Federal Deposit Insurance Act or
the Rules  and  Regulations  promulgated  by the  Office  of Thrift  Supervision
("OTS") (or its predecessor  agency), as in effect on the date hereof (provided,
that in  applying  the  definition  of change in control as set forth  under the
rules and  regulations  of the OTS, the Board shall  substitute its judgment for
that of the OTS); 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 Bank  representing  25% or more of the
Bank's  outstanding voting securities or right to acquire such securities except
for any voting  securities of the Bank purchased by the Holding  Company and any
voting  securities  purchased  by any  employee  benefit plan of the Bank 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 Bank'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  substantially  all the
assets of the Bank or the Holding Company or similar transaction occurs in which
the Bank or Holding Company is not the resulting entity; provided, however, that
such an event  listed  above  will be  deemed to have  occurred  or to have been
effectuated upon the receipt of all required regulatory  approvals not including
the lapse of any statutory waiting periods.

        (b) If a Change in Control has occurred  pursuant to Section 5(a) or the
Board has determined  that a Change in Control has occurred,  Executive shall be
entitled to the benefits  provided in paragraphs  (c), and (d) of this Section 5
upon his  subsequent  termination  of  employment at any time during the term of
this Agreement due to: (1) Executive's  dismissal or (2)  Executive's  voluntary
resignation  following  any  demotion,  loss of  title,  office  or  significant
authority  or  responsibility,  material  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

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the  Change in  Control,  unless  such  termination  is  because  of his  death,
disability, retirement or termination for Cause.

        (c) Upon Executive's  entitlement to benefits  pursuant to Section 5(b),
the Bank  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: (1) the payments due for the remaining term of the Agreement; or
2) two (2) times Executive's  average annual  compensation for the five (5) most
recent  taxable  years that  Executive  has been  employed by the Bank,  or such
lesser number of years in the event that  Executive  shall have been employed by
the Bank for less than five (5) years.  Such average annual  compensation  shall
include Base Salary, commissions,  bonuses,  contributions on Executive's behalf
to any pension  and/or  profit  sharing  plan,  severance  payments,  retirement
payments, directors or committee fees, fringe benefits paid or to be paid to the
Executive  in  any  such  year  and  payment  of  any  expense   items   without
accountability  or  business  purpose or that do not meet the  Internal  Revenue
Service  requirements for deductibility by the Bank; provided however,  that any
payment under this  provision and  subsection  5(d) below shall not exceed three
(3) times the Executive's average annual compensation.  In the event the Bank is
not in  compliance  with its minimum  capital  requirements  or if such payments
would  cause the  Bank's  capital  to be reduced  below its  minimum  regulatory
capital  requirements,  such payments  shall be deferred  until such time as the
Bank or  successor  thereto is in capital  compliance.  At the  election  of the
Executive,  which  election  is to be made  prior to a Change in  Control,  such
payment shall be made in a lump sum as of the  Executive's  Date of Termination.
In the event that no election is made,  payment to the Executive will be made in
approximately equal installments on a monthly basis over a period of twenty-four
(24) months  following the Executive's  termination.  Such payments shall not be
reduced in the event Executive obtains other employment following termination of
employment.

        (d) Upon the  Executive's  entitlement  to benefits  pursuant to Section
5(b), the Bank will cause to be continued life,  medical,  dental and disability
coverage  substantially  identical  to the coverage  maintained  by the Bank for
Executive prior to his severance at no premium cost to the Executive,  except to
the extent that such  coverage  may be changed in its  application  for all Bank
employees on a non-discriminatory  basis. Such coverage and payments shall cease
upon  the  expiration  of  twenty-four   (24)  months   following  the  Date  of
Termination.

6.      CHANGE OF CONTROL RELATED PROVISIONS

        Notwithstanding  the  provisions  of  Section  5, in no event  shall the
aggregate  payments or benefits to be made or afforded to  Executive  under said
paragraphs (the "Termination Benefits") constitute an "excess parachute payment"
under Section 280G of the Code or any successor  thereto,  and in order to avoid
such a result,  Termination Benefits will be reduced, if necessary, to an amount
(the  "Non-Triggering  Amount"),  the value of which is one dollar  ($1.00) less
than an amount equal to three (3) times Executive's "base amount", as determined
in accordance  with said Section 280G. The allocation of the reduction  required
hereby among the Termination  Benefits provided by Section 5 shall be determined
by Executive.

7.      TERMINATION FOR DISABILITY

        (a) If, as a result of Executive's incapacity due to injury or sickness,
such  incapacity  being  determined  on the same basis as  determined  under any
disability insurance policy provided by the Bank, he shall have been absent from
his duties with the Bank on a full-time basis for six (6)

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consecutive  months,  and  within  thirty  (30)  days  after  written  notice of
potential  termination  is given he shall  not have  returned  to the  full-time
performance of his duties,  the Bank or the Executive may terminate  Executive's
employment for "Disability."

        (b) The Bank will pay  Executive,  as disability  pay, a weekly  payment
equal to one hundred percent (100%) of Executive's weekly rate of Base Salary on
the effective date of such termination. These disability payments shall commence
on the effective date of Executive's  termination and will end on the earlier of
(i) the date  Executive  returns to the full-time  employment of the Bank in the
same capacity as he was employed  prior to his  termination  for  Disability and
pursuant  to an  employment  agreement  between  Executive  and the  Bank;  (ii)
Executive's  full-time employment by another employer;  (iii) Executive's death;
or (iv) the expiration of the term of Executive's disability insurance policy as
provided by the Bank.  Notwithstanding any other provisions to the contrary, any
amounts due under this  subsection  (b) shall  first be reduced by any  benefits
payable to the Executive  under a disability  insurance  policy  provided by the
Bank.

        (c) The Bank  will  cause to be  continued  life,  medical,  dental  and
disability  coverage  substantially  identical to the coverage maintained by the
Bank for Executive prior to his  termination  for Disability.  This coverage and
payments shall cease upon the earlier of (i) the date  Executive  returns to the
full-time  employment of the Bank, in the same capacity as he was employed prior
to his  termination  for  Disability  and  pursuant to an  employment  agreement
between Executive and the Bank; (ii) Executive's full-time employment by another
employee;  (iii) the  Executive's  death;  or (iv) the expiration of the term of
Executive's disability insurance policy as provided by the Bank.

        (d)  Notwithstanding  the  foregoing,  there will be no reduction in the
compensation otherwise payable to Executive during any period which Executive is
incapable of performing his duties hereunder by reason of temporary disability.

8.      TERMINATION FOR CAUSE.

        The term  "Termination  for  Cause"  shall mean  termination  because of
Executive's personal dishonesty, incompetence, willful misconduct, any breach of
fiduciary duty involving personal profit,  intentional failure to perform stated
duties,  willful  violation of any law, rule or  regulation  (other than traffic
violations  or similar  offenses)  or final  cease-and-desist  order or material
breach  of any  provision  of this  Agreement.  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.  The
Executive shall not have the right to receive compensation or other benefits for
any period after Termination for Cause.  During the period beginning on the date
of the Notice of Termination  for Cause pursuant to Section 9 hereof through the
Date of Termination for Cause,  stock options and related limited rights granted
to Executive  under any stock option plan shall not be exercisable nor shall any
unvested  awards  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 Bank, the Holding Company or

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any subsidiary or affiliate thereof, vest. At the Date of Termination for Cause,
such stock options and related  limited  rights and such  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.

9.      NOTICE.

        (a) Any  purported  termination  by the  Bank 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).

        (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 Bank will continue
to pay  Executive  his Base Salary in effect when the notice  giving rise to the
dispute  was given until the  earlier  of: 1) the  resolution  of the dispute in
accordance  with this  Agreement or 2) 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.

10.     POST-TERMINATION OBLIGATIONS.

        All payments and benefits to  Executive  under this  Agreement  shall be
subject to  Executive's  compliance  with this  Section 10 for one (1) full year
after  the  earlier  of the  expiration  of this  Agreement  or  termination  of
Executive's  employment with the Bank.  Executive shall, upon reasonable notice,
furnish  such  information  and  assistance  to the  Bank as may  reasonably  be
required by the Bank 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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11.     NONCOMPETITION

        (a) Upon any termination of Executive's employment hereunder pursuant to
Section 4 hereof,  Executive agrees not to compete with the Bank for a period of
one (1)  year  following  such  termination  in any  city or town in  which  the
Executive's  normal  business is located and the Bank 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  and  towns,  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 Bank. The parties hereto,  recognizing that irreparable injury
will result to the Bank,  its business and property in the event of  Executive's
breach of this  Subsection  11(a)  agree that in the event of any such breach by
Executive,  the Bank 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. Nothing herein will be construed
as prohibiting  the Bank from pursuing any other remedies  available to the Bank
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 Bank and affiliates
thereof,  as it may exist from time to time,  is a valuable,  special and unique
asset of the business of the Bank.  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 Bank or affiliates thereof to any person,
firm,  corporation,  or other  entity  for any  reason  or  purpose  whatsoever.
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 Bank. Further,
Executive may disclose information regarding the business activities of the Bank
to the OTS and the Federal Deposit Insurance  Corporation ("FDIC") pursuant to a
formal  regulatory  request.  In the event of a breach or  threatened  breach by
Executive of the  provisions  of this  Section,  the Bank 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
Bank or affiliates thereof, 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 Bank from pursuing any other remedies  available to the Bank for
such  breach or  threatened  breach,  including  the  recovery  of damages  from
Executive.

12.     SOURCE OF PAYMENTS.

        All payments  provided in this Agreement shall be timely paid in cash or
check  from the  general  funds  of the  Bank.  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 Bank are
not timely paid or provided by the Bank, such amounts and benefits shall be paid
or provided by the Holding Company.

13.     EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFITS PLANS.

                                      - 8 -

<PAGE>

        This  Agreement  contains the entire  understanding  between the parties
hereto and supersedes  any prior  employment  agreement  between the Bank or any
predecessor  of the Bank 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.

14.     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 Bank and their respective successors and assigns.

15.     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.

16.     REQUIRED PROVISIONS.

        (a) The Bank may terminate  Executive's  employment at any time, but any
termination by the Bank, other than  Termination for Cause,  shall not prejudice
Executive's  right to  compensation  or other  benefits  under  this  Agreement.
Executive shall not have the right to receive compensation or other benefits for
any period after Termination for Cause as defined in Section 8 hereinabove.

        (b) If Executive is suspended from office and/or temporarily  prohibited
from participating in the conduct of the Bank's affairs by a notice served under
Section  8(e)(3) or 8(g)(1) of the  Federal  Deposit  Insurance  Act,  12 U.S.C.
ss.1818(e)(3)  or (g)(1);  the Bank 's obligations  under this contract shall be
suspended as of the date of service,  unless stayed by appropriate  proceedings.
If the charges in the notice are dismissed, the Bank may in its discretion:  (i)
pay  Executive all or part of the  compensation  withheld  while their  contract
obligations were suspended;  and (ii) reinstate (in whole or in part) any of the
obligations which were suspended.

        (c)  If  Executive  is  removed  and/or   permanently   prohibited  from
participating  in the  conduct of the Bank's  affairs by an order  issued  under
Section 8(e)(4) or 8(g)(1) of the

                                      - 9 -

<PAGE>

Federal  Deposit  Insurance  Act,  12  U.S.C.   ss.1818(e)(4)  or  (g)(1),   all
obligations of the Bank under this contract shall  terminate as of the effective
date of the order,  but vested  rights of the  contracting  parties shall not be
affected.

        (d) If the Bank is in  default  as  defined  in  Section  3(x)(1) of the
Federal Deposit  Insurance Act, 12 U.S.C.  ss.1813(x)(1)  all obligations of the
Bank under this  contract  shall  terminate as of the date of default,  but this
paragraph shall not affect any vested rights of the contracting parties.

        (e) All obligations of the Bank under this contract shall be terminated,
except to the extent  determined that  continuation of the contract is necessary
for the continued  operation of the institution:  (i) by the Director of the OTS
(or his  designee) or the FDIC, at the time the FDIC enters into an agreement to
provide assistance to or on behalf of the Bank under the authority  contained in
Section 13(c) of the Federal  Deposit  Insurance Act, 12 U.S.C.  ss.1823(c);  or
(ii) by the  Director of the OTS (or his  designee) at the time the Director (or
his designee)  approves a supervisory  merger to resolve problems related to the
operations  of the Bank or when the Bank is  determined by the Director to be in
an unsafe or unsound  condition.  Any rights of the  parties  that have  already
vested, however, shall not be affected by such action.

         (f) Any  payments  made to  Executive  pursuant to this  Agreement,  or
otherwise,   are   subject  to  and   conditioned   upon   compliance   with  12
U.S.C.ss.1828(k)  and  12  C.F.R.  ss.545.121  and  any  rules  and  regulations
promulgated thereunder.

17.     REINSTATEMENT OF BENEFITS UNDER SECTION 16(b).

        In the event Executive is suspended and/or  temporarily  prohibited from
participating  in the  conduct of the Bank's  affairs by a notice  described  in
Section  16(b) hereof (the  "Notice")  during the term of this  Agreement  and a
Change  in  Control,  as  defined  herein,  occurs,  the Bank  will  assume  its
obligation  to  pay  and  Executive  will  be  entitled  to  receive  all of the
termination  benefits  provided for under Section 5 of this  Agreement  upon the
Bank's receipt of a dismissal of charges in the Notice.

18.     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.

19.     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.

                                     - 10 -

<PAGE>

20.     GOVERNING LAW.

        The  validity,  interpretation,  performance  and  enforcement  of  this
Agreement shall be governed by the laws of the State of New Jersey,  but only to
the extent not superseded by federal law.

21.     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 Bank,  in  accordance  with the rules of the
American Arbitration  Association 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 Termination  during the pendency of any dispute or controversy
arising under or in connection with this Agreement.

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

22.     PAYMENT OF COSTS AND LEGAL FEES.

        All  reasonable  costs and  legal  fees paid or  incurred  by  Executive
pursuant to any dispute or question of interpretation relating to this Agreement
shall be paid or reimbursed by the Bank if Executive is successful pursuant to a
legal judgment, arbitration or settlement.

23.     INDEMNIFICATION.

        (a) The Bank 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) as permitted under federal 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 Bank  (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.

         (b) Any payments made to Executive pursuant to this Section are subject
to and conditioned  upon compliance  with 12  C.F.R.ss.545.121  and any rules or
regulations promulgated thereunder.

24.     SUCCESSOR TO THE BANK.

        The Bank 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 Bank or

                                     - 11 -

<PAGE>

the  Holding  Company,  expressly  and  unconditionally  to assume  and agree to
perform the Bank's  obligations under this Agreement,  in the same manner and to
the same extent that the Bank would be required to perform if no such succession
or assignment had taken place.

                                     - 12 -

<PAGE>

                                   SIGNATURES

        IN WITNESS WHEREOF,  Pulaski Savings Bank and Pulaski Bancorp, Inc. have
caused this  Agreement 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 20th day of December, 2000.

ATTEST:                                 PULASKI SAVINGS BANK

/s/ Valerie Kaminski                     By: /s/  Edward J. Mizerski
----------------------------------          ------------------------------------
Secretary                                   Entire Board of Directors

        [SEAL]

ATTEST:                                 PULASKI BANCORP, INC.

                                                    (Guarantor)

/s/ Valerie Kaminski                     By: /s/ Edward J. Mizerski
----------------------------------          ------------------------------------
Secretary                                   Entire Board of Directors

        [SEAL]

WITNESS:                                EXECUTIVE

/s/ Valerie Kaminski                        /s/ John T. Robertson
----------------------------------         -------------------------------------
                                                John T. RobertsonEXHIBIT 4.1

          FIRST AMENDMENT TO SECOND RESTATED LOAN AGREEMENT

          THIS FIRST AMENDMENT TO SECOND RESTATED LOAN AGREEMENT
(hereinafter  referred to as this "Amendment")  dated as of the 15th day of May,
2000, is by and between MAYNARD OIL COMPANY, a Delaware corporation ("Borrower")
and BANK ONE, TEXAS, N.A., a national banking association ("Bank").

                                W I T N E S S E T H:

          WHEREAS,  Borrower  and  Bank  entered  into a  Second  Restated  Loan
Agreement dated as of November 12, 1999 (the "Second Restated Loan  Agreement");
and

          WHEREAS,  Borrower and the Bank have agreed to make certain changes to
the Second Restated Loan Agreement.

          NOW, THEREFORE, the parties hereto agree as follows:

          1. Unless  otherwise  defined  herein,  all defined  terms used herein
shall have the same meaning  ascribed to such terms in the Second  Restated Loan
Agreement.

          2. The following definitions in Section 1 of the Second Restated Loan
Agreement are hereby amended as follows:

          "CD Margin" shall mean one and 675/1000's percent (1.675%).

          "Eurodollar Margin" shall mean one and one-half percent (1.500%).

          3.  This  Amendment  shall  be  effective  as of April  1,  2000  upon
satisfaction  of the  conditions  precedent set forth in Paragraph 4 hereof (the
"Amendment Effective Date").

          4. The effectiveness of this Amendment shall be subject to the
satisfaction of the following conditions precedent:

                  (a)      Borrowers Execution and Delivery. Borrower shall have
          executed and delivered this Amendment and other required documents,
          all in form and substance satisfactory to the Bank;

                  (b)      Corporate Resolutions. The Bank shall have received
          appropriate certified corporate resolutions of Borrower;

                  (c)      Representations and Warranties. The representations
          and warranties of Borrower under the Second Restated Loan Agreement
          are true and correct in all material

                                      -41-

<PAGE>

                  respects  as of such  date,  as if then  made  (except  to the
          extent that such  representations  and warranties related solely to an
          earlier date);

(d)       No Event of Default. No Event of Default shall have occurred and be
continuing nor shall any event have occurred or failed to occur which, with the
passage of time or service of notice, or both, would constitute an Event of
Default;

(e)       Other Documents. The Bank shall have received such other instruments
and documents incidental and appropriate to the transaction provided for herein
as the Bank or its counsel may reasonably request, and all such documents shall
be in form and substance satisfactory to the Bank; and

(1)       Legal Matters Satisfactory. All legal matters incident to the
consummation of the transactions contemplated hereby shall be satisfactory to
special counsel for the Bank retained at the expense of Borrower.

          5.  Except to the  extent its  provisions  arc  specifically  amended,
modified or superseded by this Amendment,  the  representations,  warranties and
affirmative  and  negative  covenants  of the  Borrower  contained in the Second
Restated Loan Agreement are incorporated herein by reference for all purposes as
if copied herein in full.  The Borrower  hereby  restates and reaffirms each and
every term and  provision of the Second  Restated  Loan  Agreement,  as amended,
including,  without limitation, all representations,  warranties and affirmative
and negative  covenants.  Except to the extent its provisions  are  specifically
amended,  modified or superseded  by this  Amendment,  the Second  Restated Loan
Agreement, as amended, and all terms and provisions thereof shall remain in full
force and effect and the same in all respects are  confirmed and approved by the
Borrower and the Bank.

          6.      This Amendment may be executed in any number of counterparts
and all of such counterparts taken together shall be deemed to constitute one
and the same instrument.

          7.      THIS AIVENDMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE
PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR
SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRJ7ITEN ORAL
AGREEMENTS BETWEEN THE PARTIES.

                            [Signature page follows:]

                                      -42-

<PAGE>

IN WITNESS  WHEREOF,  the parties  have caused  this First  Amendment  to Second
Restated Loan Agreement to be duly executed as of the date first above written.

                                                      BORROWER:

                                                      MAYNARD OIL COMPANY,
                                                      a Delaware corporation
BORROWER:

MAYNARD OIL COMPANY,
a Delaware corporation

By:  /s/ Glenn R. Moore
   ------------------------------------------
   Glenn R. Moore, President

BANK:

BANK ONE, TEXAS, N.A.
a national banking association

By:  /s/ Reed V. Thomas
   ------------------------------------------
   Reed V. Thompson, Vice President

865836.1
Reed V. 1
President

                                      -43-

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