Document:

Exhibit 10.4

 

	ASTORIA FINANCIAL CORPORATION	ASTORIA FEDERAL SAVINGS AND LOAN
	 	ASSOCIATION
	ONE ASTORIA FEDERAL PLAZA	ONE ASTORIA FEDERAL PLAZA
	LAKE SUCCESS, NEW YORK 11042-1085	LAKE SUCCESS, NEW YORK 11023-1085
	 	 
	 	March 23, 2012

 

HAND DELIVERED

 

Mr. Gary T. McCann

17 Shoreham Road

Massapequa, New York 11758

 

Re:Employment Agreements with Astoria Financial Corporation
and Astoria Federal

Savings and Loan Association

 

Dear Mr. McCann:

 

Reference is made to
(a) the Amended and Restated Employment Agreement made and entered into as of January 1, 2009 by and between Astoria Financial
Corporation (the “Company”) and you, as amended by Amendment No. 01 to Amended and Restated Employment Agreement made
and entered into by the Association and you as of April 21, 2010, and as further amended by that certain letter agreement made
and entered into by the Company and you dated December 27, 2011 (such Amended and Restated Employment Agreement, as further amended,
the “Company Agreement”) and (b) the Amended and Restated Employment Agreement made and entered into as of January
1, 2009 by and between Astoria Federal Savings and Loan Association (the “Association”) and you, as amended by Amendment
No. 01 to Amended and Restated Employment Agreement made and entered into by the Association and you as of April 21, 2010, and
as further amended by that certain letter agreement made and entered into by the Association and you dated December 27, 2011 (such
Amended and Restated Employment Agreement, as further amended, the “Association Agreement”). Capitalized terms used
but not defined herein shall have the meaning assigned to them in the Company Agreement and/or the Association Agreement, as applicable.

 

It is hereby agreed
as follows:

 

(a)The Company Agreement and the
Association Agreement shall be terminated effective as of the close of business on April 30, 2012 (the “Effective Date”),
and your status as an employee of the Company and the Association shall thereupon terminate; provided, however, that any provision
of the Company Agreement or the Association Agreement which by its terms contemplates performance after the termination of the
Company Agreement or the Association Agreement shall survive the termination thereof.

 

(b)On April 6, 2012 the Association
shall pay you (i) your earned but unpaid compensation, including accrued but unused vacation pay, through the March 30, 2012 and
(ii) the

 

    	 

    	 	

    
 

additional sum of $750,000.00, which is inclusive of any additional salary which would otherwise be due or become due
to you through the Effective Date, all subject to deductions for federal and state withholding taxes and any other lawful deductions.

 

(c)On January 2, 2013, the Association
shall pay to you the sum of $750,000.00. No deductions will be made from this payment, and you will be responsible for any federal
and state income taxes associated with this payment. The Association will provide you with an IRS Form 1099 following year end.

 

(d) The Association
will pay your portion of medical benefit premiums through the Effective Date. As of the Effective Date, you will apply for medical
benefits under the Association’s Post-retirement Medical Plan, and for a period of two years following the Effective Date
the Association shall pay that portion of the premiums which otherwise would have been payable by you under the terms of the plan.
You will be responsible for any federal and state income taxes imposed as the result of such payments by the Association on your
behalf. The Association will provide you with an IRS Form 1099 following each applicable year end.

 

(e) The
Association shall assign to you all of its rights, title and interest in and to the 2010 Lexus Model L460 four door Sedan, Vin
No. JTHCL5EFOA5004793, it being understood that you will be responsible for any income taxes as well as any sales or similar taxes
imposed as the result of said assignment.

 

(f) All
payments made and benefits provided to you by the Association under this letter Agreement shall also be applied to offset the
obligations of the Company hereunder, it being intended that this letter agreement sets forth the aggregate compensation and benefits
payable to you by the Company and the Association.

 

Very truly
yours,

 

	ASTORIA FINANCIAL CORPORATION	 	ASTORIA FEDERAL SAVINGS AND
	 	 	LOAN ASSOCIATION
	 	 	 
	 	 	 
	By /s/ Alan P. Eggleston 	 	By /s/ Alan P. Eggleston 
	Name:	Alan P. Eggleston	 	Name:	Alan P. Eggleston
	Title:	Senior Executive Vice President,
 Secretary and Chief Risk Officer	 	Title:	Senior Executive Vice President,
 Secretary and Chief Risk Officer

 

 

Acknowledged and Agreed:

 

 

/s/ Gary T. McCann

Gary T. McCann

 

 

Date: March 23, 2012Exhibit 10.5

 

 

 

 

March 30, 2012

 

 

 

Astoria Financial Corporation

One Astoria Federal Plaza

Lake Success, New York

 

Astoria Federal Savings and Loan Association

One Astoria Federal Plaza

Lake Success, New York

 

 

Ladies and Gentlemen:

 

This letter agreement (the “Letter
Agreement”) will confirm the arrangement we have discussed in anticipation of my retirement from Astoria Financial Corporation
(the “Company”) and Astoria Federal Savings and Loan Association (the “Association”).

 

1.Retirement. At the close of business
on April 30, 2012 (the “Retirement Date”), I will retire from my employment with the Company and the Association, and
will thereupon resign from my positions as Executive Vice President and Special Assistant to the President of the Company and the
Association. I hereby tender my resignation from employment, and from each and every position which I may hold as a result of employment,
with the Company and the Association, effective at the close of business on the Retirement Date. I acknowledge that each such resignation
is a voluntary act on my part, undertaken after due consideration, and will occur at the close of business on the Retirement Date
without further action on anyone’s part. In consideration of my decision to retire effective on the Retirement Date, the
Company and the Association shall pay to me on May 4, 2012 (a) the sum of $ 207,500, and (b) a sum calculated by multiplying the
number of my then outstanding shares of the Company’s unvested restricted stock by the closing price of Company’s common
stock on April 30 2012 as quoted on the NYSE. I acknowledge that no deductions will be made from these payments, and I will be
responsible for any resulting federal and state taxes. The Association will provide me with an IRS Form 1099 following year end.

 

2.Effect on Employment Agreements. The
Amended and Restated Employment Agreement between the Association and me entered into as of January 1, 2009, as subsequently amended,
and the Amended and Restated Employment between the Company and me entered into as of January, 2009, as subsequently amended (collectively,
the “Employment Agreements”), are hereby further amended, effective on the date of this Letter Agreement:

 

    	 

    	 

    
 

(a)to provide that the term “Employment Period”
as used therein shall mean and refer to the fixed period beginning on the date of this Letter Agreement and ending at the close
of business on the Retirement Date;

 

(b)to eliminate any and all provisions thereof which
may cause or lead to, directly or indirectly, any extension of the Employment Period beyond the close of business on the Retirement
Date;

 

(c)to provide that the term “Remaining Unexpired
Employment Period” as used therein shall mean, as of any date, the period beginning on such date and ending at the close
of business on the Retirement Date and to eliminate any and all provisions thereof which purport to associate with such term for
any purpose any period of different duration; and

 

(d)to provide that neither the execution or delivery
of this Letter Agreement, nor the occurrence of any act or event described herein shall confer on me a right to receive any payment
or benefit pursuant to sections 9(b)(iii) through (ix) of the Employment Agreements.

 

We agree that this Letter Agreement constitutes and is formally
designated as an amendment of each Employment Agreement for the above purposes.

 

3.Effect of Retirement. We agree that
my retirement on the Retirement Date is expected to result in a permanent and total cessation of my employment by the Company and
the Association and in such event will constitute a termination of employment We further agree that my retirement on the Retirement
Date will constitute a “retirement” for purposes of each and every compensation and benefit arrangement of the Association
or the Company under which the characterization of my termination of employment as a “retirement” is relevant to the
determination of the compensation and benefits for which I am eligible.

 

4.Automobile. As soon
as practicable after the Retirement Date, the Association will assign to me all of its rights, title and interest in
and to that certain Lexus Model L 460 four door sedan, VIN No. JTHCL5EF7B5009913. The Association will pay any sales or
related taxes imposed in connection with such assignment, and I will be responsible for any income taxes imposed as the result
of such assignment.

 

 

5.Miscellaneous Provisions. This Letter
Agreement contains the entire agreement among us with regard to its subject matter and supersedes, in their entirety, any prior
agreements, arrangements or understanding, whether or not in writing, with regard to such subject matter. This Letter Agreement
may be amended only by a subsequent written instrument signed by the party against whom enforcement of the amendment is sought.
The Letter Agreement shall be governed by and construed and enforced in accordance with the law of the State of New York applicable
to contracts entered into and to be performed wholly within such state by parties each of whom is a citizen and resident of such
state.

 

    	 

    	 

    
 

If the foregoing accurately sets forth our
understanding, kindly so indicate by signing below, in which case this Letter Agreement shall constitute our agreement and the
Employment Agreements shall, to the extent provided in paragraph 3 hereof, be deemed amended.

 

	 	
        Very truly yours,

         

        /s/ Arnold K. Greenberg

         

        Arnold K. Greenberg

        

	 	 
	 	 
	 	 
	Accepted and Agreed to: 	Accepted and Agreed to:
	 	 
	ASTORIA FINANCIAL CORPORATION	ASTORIA FEDERAL SAVINGS AND
	 	LOAN ASSOCIATION
	 	 
	 	 
	By: /s/ Alan P. Eggleston                             	By: /s/ Alan P. Eggleston                         
	      Name: Alan P. Eggleston	Name: Alan P. Eggleston
	      Title: Senior Executive Vice President,	Title: Senior Executive Vice President,
	  Secretary and Chief Risk Officer	   Secretary and Chief Risk Officer
	 	 
	 	 
	Dated: March 30, 2012	Dated: March 30, 2012

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