Document:

Exhibit 10.10

 Exhibit 10.10 
 RETENTION AGREEMENT 
 This Retention Agreement (the “Agreement”) is made and entered into
on November 2, 2006 (but effective at the time specified in Section 1 below) by and between New York Community Bank (the “Bank”) and Claire M. Chadwick, an individual (the “Employee”). 
 INTRODUCTORY STATEMENT 
 New York
Community Bancorp, Inc. (“NYB”), the parent holding company of the Bank and PennFed Financial Services, Inc. (“PFSI”), the parent holding company of Penn Federal Savings Bank (“Penn Federal”) have entered into an
Agreement and Plan of Merger dated as of November 2, 2006 (the “Merger Agreement”). Employee is a senior officer of Penn Federal. NYB considers the Employee’s continued services important to the successful integration of the
operation of Penn Federal’s business with the Bank’s business and wishes to secure the Employee’s continued services during a transition period following the Effective Time by providing the Employee with a financial incentive to
remain in the Bank’s employ. The Employee, understanding the circumstances, has agreed to execute this Agreement and observe its terms. 
 1. Term of Agreement. 
 This Agreement shall become effective and begin immediately following the Effective Time (as
such term is defined in the Merger Agreement) and shall continue for nine (9) months thereafter (the “Term”). 
 2.
Place of Employment and Extent of Services. 
 (a) The Employee’s principal place of employment shall be at the same location
as immediately before the Effective Time. 
 (b) During the Term, the Employee shall serve as an employee of the Bank, performing such duties
and having such position, title and authority as may be assigned to him by the Bank. The Employee shall devote his full business time and attention (other than during weekends, holidays, approved vacation periods, and periods of illness or approved
leave of absence) to the business and affairs of the Bank and shall use his best efforts to advance its best interests. 
 3.
Compensation and Benefits. 
 In consideration for the services to be rendered by the Employee during the Term pursuant to this
Agreement, the Bank shall pay the Employee total retention compensation of $225,000 (“Retention Compensation”), payable in substantially equal installments over the Term in accordance with the Bank’s customary payroll practices. The
Employee shall be an employee of the Bank and shall be eligible to participate in and receive benefits under any and all qualified or non-qualified retirement, pension, savings, profit-sharing or stock bonus plans, any and all group life, health
(including hospitalization, medical and major medical), dental, accident and long-term disability insurance plans, and any other employee benefit plan as may from time to time be maintained by, or cover employees of, the Bank, in accordance with the
terms and conditions of such employee benefit plans and programs and consistent with the Bank’s customary practices. 

 4. Termination of Employment During the Term. 
 The Employee’s employment with the Bank may be terminated during the Term at any time and for any reason and, in such event: 
 (a) If such termination results from the Employee’s resignation or discharge for cause (as hereinafter defined), the Bank shall pay to the Employee
(or, in the event of his death, to his estate) his earned but unpaid compensation (including, without limitation, salary and all other items which constitute wages under applicable law) as of the date of his termination of employment. This payment
shall be made at the time and in the manner prescribed by law applicable to the payment of wages but in no event later than thirty (30) days after the date of the Employee’s termination of employment. 
 (b) If such termination results from the Employee’s discharge by the Bank other than for “cause” (as hereinafter defined), death,
disability as a result of which the Employee qualifies for disability insurance benefits under the Bank’s group long-term disability insurance plan or under the federal Social Security Act, the Bank shall pay the Employee the amount, if any, of
the remaining amount of Retention Compensation the Employee would have received over the Term but for the early termination of the Agreement. The Bank shall pay such amount, if any, in a single lump sum as soon as practicable following termination
of employment. 
 The Bank shall have the right to discharge the Employee for “cause” if it determines that the Employee has committed gross
negligence in the performance of, or continually neglects, after due notice, to perform his assigned duties; has been convicted or entered a plea of guilty or nolo contendere to, the commission of a felony or any other crime involving
dishonesty, personal profit or other circumstance likely, in the reasonable judgment of the Bank, to have a material adverse effect on the Bank or its business, operations or reputation; or has violated, in any material respect, any law, rule,
regulation, written agreement or final cease-and-desist order applicable to the Bank in his performance of services for the Bank. 
 5.
Termination After the Term. 
 Unless otherwise agreed by the parties, the expiration of the Term shall result in a termination of
the Employee’s employment with the Bank. 
 6. Successors and Assigns. 
 This Agreement will inure to the benefit of and be binding upon the Employee, his legal representatives and testate or intestate distributes, and the Bank
and its successors and assigns, including any successor by merger or consolidation or a statutory receiver or any other person or firm or corporation to which all or substantially all of the assets and business of the Bank may be sold or otherwise
transferred. 
 7. Notices. 
 Any communication required or permitted to be given under this Agreement, including any notice, direction, designation, consent, instruction, objection or waiver, shall be in writing and shall be deemed to have been
given at such time as it is delivered personally, or five (5) days after mailing if mailed, postage prepaid, by registered or certified mail, return receipt requested, addressed to such party at the address listed below or at such other address
as one such party may by written notice specify to the other party: 
  

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 if to the Employee, at the address on file in the Bank’s personnel records for the Employer:

 if to the Bank: 
 New York Community Bank 
 615 Merrick Avenue 
 Westbury, New York 11590 
 Attention: Joseph R. Ficalora, President and Chief Executive Officer 
 8. Severability.

 A determination that any provision of this Agreement is invalid or unenforceable shall not affect the validity or enforceability of any
other provision hereof. 
 9. Waiver. 
 Failure to insist upon strict compliance with any of the terms or conditions hereof shall not be deemed a waiver of such term or condition. A waiver of any provision of this Agreement must be made in writing,
designated as a waiver, and signed by the party against whom its enforcement is sought. Any waiver or relinquishment of any right or power hereunder at any one or more times shall not be deemed a waiver or relinquishment of such right or power at
any other time or times. 
 10. Counterparts. 
 This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same agreement. 
 11. Governing Law. 
 This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts entered into and to be performed entirely within the State of New York, except to the extent that such laws are
pre-empted by the federal laws of the United States. 
 12. Entire Agreement; Modifications. 
 This instrument contains the entire agreement of the parties relating to the subject matter hereof, and supersedes in its entirety any and all prior
agreements, understandings or representations relating to the subject matter hereof. No modifications of this agreement shall be valid unless made in writing and signed by the parties hereto. 
 13. Dispute Resolution. 
 Any
dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration in New York, New York in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration
Association then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. 
 14. Effect of
Failure to Complete the Merger. 
 The parties’ obligations to each other under this Agreement are conditioned on the
consummation of the transactions contemplated by the Merger Agreement. If NYB or PFSI terminate the Merger Agreement, the parties shall have no obligation to each other under this Agreement. 
  

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 The Bank has caused this Retention Agreement to be executed and the Employee has hereunto set his hand,
all as of the day and year first above written. 
  

			
	NEW YORK COMMUNITY BANK
		
	By:	 	 /s/ Joseph R. Ficalora

	Name:	 	 Joseph R. Ficalora

	Title:	 	 President and Chief Executive Officer

	
	 /s/ Claire M. Chadwick

	CLAIRE M. CHADWICK

  

 4Exhibit 10.11

 Exhibit 10.11 
 November 2, 2006 
 Maria F. Magurno 
 622 Eagle Rock Avenue 
 West Orange, NJ 07052-2989 
 Dear Ms. Magurno: 
 In connection with the anticipated merger (the “Merger”) of PennFed
Financial Services, Inc. (the “Company”) with and into New York Community Bancorp, Inc. (“NYB”) as contemplated by the Agreement and Plan of Merger, dated as of November 2, 2006, by and between NYB and the Company (the
“Merger Agreement”), which is entered into as of today, the Company, NYB and you hereby enter into this agreement (this “Agreement”). Capitalized terms used but not otherwise defined in this Agreement shall have the meaning set
forth in the Merger Agreement. 
 1. 2006 Payment. Prior to December 31, 2006, the Company shall pay you $550,000.
This amount is intended to fully compensate you in exchange for your foregoing the change in control payment due you under Section 7(c) of your Employment Agreement (the “2.99 Payment Amount”). If the payment under this Paragraph 1
exceeds the 2.99 Payment Amount, the excess shall be treated as made pursuant to a separation pay arrangement exempt from Section 409A of the Internal Revenue Code (the “Code”) (the Paragraph 1 Severance Payment”) and subject to
the separation payment limitations of Paragraph 2. For the avoidance of doubt, and notwithstanding anything herein to the contrary, you agree that this payment shall not be taken into account in computing any benefits under any plan, program or
arrangement of the Company or its Affiliates in which you participate or to which you are a party. Not later than 10 business days prior to the scheduled payment date, NYB shall be provided with sufficient information by the Company to enable its
Tax Advisor (as defined below) to determine whether such payment is in compliance with Paragraph 4 of this Agreement. 
 2. Effective
Time Payment. (a) At or immediately following the Effective Time, the Company or NYB shall pay you $200,000. If your employment with the Company is terminated prior to the Effective Time due to disability or death, you or your
estate, as applicable, shall be entitled to the foregoing payment at or immediately following the Effective Time. At your written election prior to the Effective Time, the foregoing payment shall be reduced by the present value at the Effective Time
of the expected health and dental premiums to be paid by NYB, to maintain continuing health and dental insurance coverage for you and your dependents for the three year period following your employment termination (the “Extended Coverage”)
and you and your dependents will be entitled to receive the Extended Coverage and to receive COBRA benefits thereafter. For the avoidance of doubt, and notwithstanding anything herein to the contrary, you agree that this payment shall not be taken
into account in computing any benefits under any plan, program or arrangement of the Company or its Affiliates in which you participate or to which you are a party. Not later than 10 business days prior to the scheduled payment date, NYB shall be
provided with sufficient information by the Company to enable its Tax Advisor (as defined below) to determine whether such payment is in compliance with Paragraph 5 of this Agreement. 
 (b) The payment under this Paragraph 2 shall be considered made pursuant to a separation pay arrangement exempt from the application of Section 409A
of the Code, to the extent that the sum of this payment and the Paragraph 1 Severance Payment does not exceed the separation pay arrangement limitation set forth in the Proposed Treasury Regulation 1.409A-1(b)(9)(iii)(A). 

 3. Exercise of Nonqualified Stock Options. You agree that, on or before
December 28, 2006, you will exercise all Company nonqualified stock options you hold as of the date of this Agreement. 
 4.
Termination of Prior Agreement; Agreement to Remain Employed Through Effective Time; Required Termination of Employment at the End of your Retention Period. You hereby agree that, in consideration of the Company and NYB entering into this
Agreement, effective as of the date hereof, the Employment Agreement by and between the Company and you, dated as of November 28, 2004, shall be null and void and no person or entity shall be obligated to pay you or any person any amounts or
provide any benefits in respect to such Employment Agreement. Further, in consideration of the benefits conferred upon you pursuant to this Agreement, you hereby agree not to voluntarily terminate your employment with the Company or any of its
Affiliates prior to the Effective Time, and, prior to the Effective Time, the Company agrees not to terminate your employment with the Company or its Affiliates, except for cause as defined in your Employment Agreement. After the end of the
retention period set out in your retention agreement, your employment with the Company shall terminate (so that, accordingly, the Paragraph 1 Severance Payment and the Paragraph 2 Severance Payment are considered made under a separation pay
arrangement within the meaning of Section 409A of the Code). 
 5. Withholding and Reduction. The Company will withhold
and deposit all federal, state and local income and employment taxes that are owed by you with respect to all amounts paid or benefits provided to or for you by the Company or any Affiliate pursuant to this Agreement. 
 It is the intention of the parties that no payment be made or benefit be provided to you under this Agreement or otherwise by the Company that would
constitute an “excess parachute payment” within the meaning of Section 280G of the Code and any regulations thereunder, thereby resulting in a loss of an income tax deduction by the Company or NYB or the imposition of an excise tax on
you under Section 4999 of the Code. If, at any time, it is determined as provided below that some or all of the payments or benefits scheduled to be made or provided under this Agreement, when combined with any other payments or benefits
provided to you by the Company and/or any of its subsidiaries, would constitute nondeductible excess parachute payments under Section 280G of the Code, then the payments or benefits scheduled under this Agreement will be reduced to one dollar
less than the maximum amount which may be paid or provided without causing any such payments or benefits scheduled hereunder to be nondeductible. The determination made as to the reduction of benefits or payments required hereunder by the Tax
Advisor shall be binding on the parties, unless within 15 days after such determination, a reputable tax advisor retained by you disputes such determination in writing. If the two (2) tax advisors cannot resolve the dispute within five
(5) business days, they shall jointly appoint a third tax advisor to make the final determination. If a dispute arises, the joint determination of the two (2) tax advisors or the determination of the third tax advisor, as applicable, shall
be binding on the parties. You shall have the right to designate within a reasonable period which payments or benefits scheduled under this Agreement will be reduced; provided, however, that if you do not provide such direction, the Company or NYB
will implement any necessary reductions in its discretion. For purposes of this paragraph, “Tax Advisor” shall mean a law firm, benefits consulting firm or independent accounting firm (which firm may be NYB’s independent auditors)
appointed by NYB to make the determination required by this paragraph. 
 6. Successors. This Agreement is personal to you and
without the prior written consent of the Company shall not be assignable by you otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by your legal representatives. This
Agreement shall inure to the benefit of and be binding upon the Company, NYB, and their successors and assigns. 
  

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 7. Waiver. Failure of the Company or NYB to demand strict compliance with any of the terms,
covenants or conditions of this Agreement shall not be deemed a waiver of such term, covenant or condition, nor shall any waiver or relinquishment of any such term, covenant or condition on any occasion or multiple occasions be deemed a waiver or
relinquishment of such term, covenant or condition. 
 8. Effect of Termination of the Merger on 2006 Payments; Repayment of
Benefit. 
 (a) If you receive the payment described in Paragraph 1 (the “2006 Payment”), and the Merger Agreement is
subsequently terminated, then you shall not be entitled to any other benefit payable on account of, or in connection with, a change in control involving the Company or a successor thereto (other than a benefit payable under a plan qualified under
Code Section 401(a)), notwithstanding any provision of any other plan, program or agreement to the contrary. In consideration for receiving your 2006 Payment, you agree to waive any and all rights you may now or hereafter may have under such
other plan, program or agreement. 
 (b) If you voluntarily terminate employment with the Company after you receive your 2006 Payment, but
prior to the Effective Time or the termination of the Merger Agreement, whichever shall first occur, you agree to repay your 2006 Payment to the Company, with interest at a rate of seven percent (7%) per annum, determined from the date the 2006
Payment is made to you until the date of repayment. Upon the receipt by the Company of such repayment, then paragraph (a) of this Section 8 shall terminate and have no force or effect. 
 9. Governing Law and Jurisdiction. The Agreement is governed by and construed under the laws of the State of New York, without regard to
conflict of laws rules. You, the Company and NYB (i) hereby consent to submit to the exclusive personal jurisdiction of any Federal court located in the State of New York or any court of the State of New York in the event any dispute arises out
of this Agreement or any of the transactions contemplated by this Agreement, and (ii) hereby waive any right to challenge jurisdiction or venue in such courts with regard to any suit, action, or proceeding under or in connection with the
Agreement. Each party to this Agreement also hereby waives any right to trial by jury in connection with any suit, action, or proceeding under or in connection with this Agreement. 
 10. Entire and Final Agreement. Except for the Retention Agreement entered into between you and New York Community Bank dated as of the
date hereof (but effective immediately following the Effective Time), this Agreement shall supersede any and all prior oral or written representations, understandings and agreements of the parties with respect to the matters addressed herein and it
contains the entire agreement of the parties with respect to those matters. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not set forth
expressly in this Agreement. Once signed by the parties hereto, no provision of this Agreement may be modified or amended unless agreed to in writing, signed by you and a duly authorized officer of the Company and NYB. 
 11. Assignment. Neither this Agreement nor any of the rights, obligations or interests arising hereunder may be assigned by you. Neither
this Agreement nor any of the rights, obligations or interests arising hereunder may be assigned by the Company without your prior written consent, to a person or entity other than an affiliate or parent entity of the Company or its successors or
assigns; provided, however, that, in the event of the merger, consolidation, transfer, or sale of all or substantially all of the assets of the Company with or to any other individual or entity, this Agreement shall, subject to the
provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder. 
  

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 12. Section Headings. The section headings contained in this Agreement are inserted for
purposes of convenience only and shall not affect the meaning or interpretation of this Agreement. 
 13. Notices. All notices
required by this Agreement shall be sent in writing and delivered by one party to the other by overnight express mail to the following persons and addresses: 
 If to the Company: 
 PennFed Financial Services, Inc. 
 622 Eagle Rock Avenue 
 West Orange, NJ
07052-2989 
 Attn: Patrick D. McTernan, Secretary 
 If to you: 
 Maria F. Magurno 
 At the most recent address on file at the Company. 
 14. Execution in Counterparts. This
Agreement may be executed by the parties hereto in counterparts, and each of which shall be considered an original for all purposes. 
  

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 If the foregoing is satisfactory, please so indicate by signing and returning to the Company and the
enclosed copy of this letter whereupon this will constitute our agreement on the subject. 
  

			
	PENNFED FINANCIAL SERVICES, INC.
		
	 By:
	 	 /s/ Joseph L. LaMonica

	Name:	 	 Joseph L. LaMonica, President and CEO

	Date:	 	 November 2, 2006

	
	NEW YORK COMMUNITY BANCORP, INC.
		
	 By:
	 	 /s/ Joseph R. Ficalora

	Name:	 	 Joseph R. Ficalora, President and CEO

	Date:	 	 November 2, 2006

  

			
	ACCEPTED AND AGREED TO:
	
	 /s/ Maria F. Magurno

	Employee
	Date:	 	 November 2, 2006

  

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