Document:

Exhibit
10.14

    AMENDMENT
NO. 1 TO AMENDED AND RESTATED

    EMPLOYMENT
AGREEMENT

     

    This
AMENDMENT NO. 1 TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Amendment”)
is made and entered into as of April 21, 2010 by and between Astoria
Federal Savings And Loan Association, a savings association organized and
operating under the federal laws of the United States and having an office at
One Astoria Federal Plaza, Lake Success, New York 11042-1085 (the
“Association”), and Gary T. McCann, an individual residing at 17 Shoreham Road,
Massapequa, New York 11758 (the “Executive”).

     

    Witnesseth:

     

    Whereas,
the Executive and the Association are parties to an Employment Agreement entered
into on December 1 2003 (the “Initial Effective Date”), amended as of August 15,
2007 and amended and restated as of January 1, 2009 (such agreement, as amended
and restated through January 1, 2009, the “Prior Agreement”); and

     

    Whereas,
the Executive and the Association wish to further amend and modify the Prior
Agreement pursuant to Section 25 thereof;

     

    Now,
Therefore, in consideration of the premises and the mutual covenants and
conditions hereinafter set forth, the Association and the Executive hereby agree
as follows:

     

    
      	
              1.

            	
              Section
      2(a) and (b) of the Prior Agreement shall be amended to read in its
      entirety as follows:

            

    

     

    (a)           The
terms and conditions of this Agreement shall be and remain in effect during the
period of employment established under this Section 2 (the “Employment Period”).
The Employment Period shall be for an initial term of three years beginning on
the Initial Effective Date and ending on the third anniversary date of the
Effective Date, plus such extensions, if any, as are provided by the Board of
Directors of the Association (the “Board”) as provided below. Prior to the first
anniversary of the date of this Agreement and on each anniversary date
thereafter (each an “Anniversary Date), the Board shall review the terms of this
Agreement and the Executive’s performance of services hereunder and may, in the
absence of objection from the Executive, approve an extension of the Employment
Period. In such event, the Employment Period shall be extended to the third
anniversary of the relevant Anniversary Date (or, if earlier the Executive’s
seventy-fifth (75th)
birthday.  In no event shall any extension cause the Employment Period
to end later than the Executive’s seventy-fifth (75th)
birthday.  Unless sooner terminated by non-extension, the Employment
Period will end automatically, without the requirement of any notice or other
action, on the Executive’s seventy-fifth (75th)
birthday.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    (b)           For
all purposes of this Agreement, the term “Remaining Unexpired Employment Period”
as of any date shall mean the period beginning on such date and ending on the
earlier of (i) the Anniversary Date on which the Employment Period (as extended
pursuant to Section 2(a) of this Agreement) is then scheduled to expire and (ii)
the Executive’s seventy-fifth (75th)
birthday.

     

    
      	
              2.

            	
              Section
      6(b) of the Prior Agreement shall be amended to read in its entirety as
      follows:

            

    

     

    (b)           To
the maximum extent permitted under applicable law, during the Employment Period
and for the maximum period allowed under applicable law thereafter, the
Association shall indemnify the Executive against, and hold him harmless from
any costs, liabilities, losses and exposures for acts or omissions in connection
with service as an officer or director of the Association or service in other
capacities at the request of the Association, to the fullest extent and on the
most favorable terms and conditions that similar indemnification is offered to
any director or officer of the Association or any subsidiary or affiliate
thereof.  No provision in this Agreement nor any termination or
expiration of this Agreement is intended to authorize the elimination or
impairment of any right to indemnification or to advancement of expenses arising
under a provision of the charter or a bylaw of the Association by amendment to
such a provision after the occurrence of an act or omission that is the subject
of an action, suit or proceeding for which indemnification is
sought.

     

    
      	
              3.

            	
              Subparagraph
      (V) of the provision for determination of the “SEVLS” component of the DB
      Severance Payment under section 9(b)(v) of the Prior Agreement shall be
      amended to read in its entirety as
follows:

            

    

     

    (V)        for
purpose of calculating the Executive’s monthly or annual benefit under the
defined benefit plans, the following sums shall be added to the Executive’s
compensation recognized under such plans for the most recent year
recognized:

     

    (1)           payments
made pursuant to Section 9(b)(i) that constitute base salary;

     

    (2)           the
Salary Severance Payment;

     

    (3)           the
Option Surrender Payment; and

     

    (4)           the
RRP Surrender Payment.

     

    
      	
              4.

            	
              Section
      9(b)(vii) of the Prior Agreement shall be amended by deleting the variable
      “AP” from the equation therein, deleting the definition of “AP” therein
      and amending the definition of “TIO” therein to read in its entirety as
      follows:

            

    

     

    
      
         

      

      
        Page 2 of
5

        
          

        

      

      
         

      

    

    “TIO” is
the target incentive opportunity (expressed as a percentage of base salary)
established by the Compensation Committee of the Board for the Executive
pursuant to the Astoria Financial Corporation Executive Officer Annual Incentive
Plan in effect at the time immediately prior to the Executive’s termination of
employment with the Association; provided, however, that in
the event of the Executive’s voluntary resignation pursuant to Section 9(a)(i)
above following written notice of a reduction in the Executive’s target
incentive opportunity that results in or contributes to a material adverse
effect on the aggregate value of the Executive’s total compensation package,
that is the basis for such resignation under Section 9(a)(i)(D) above, “TIO” is
the target incentive opportunity in effect at the time immediately prior to the
reduction that is the subject of such written notice; and

     

    
      	
              5.

            	
              The
      Prior Agreement shall be amended to remove Section 30
      therefrom.

            

    

     

    
      	
              6.

            	
              Each
      reference to the “Remaining Unexpired Employment Period” in the Prior
      Agreement under Section 9(b) shall be amended to provide that the
      Remaining Unexpired Employment Period is expressed as a number of years
      and fractions of years.

            

    

     

    
      	
              7.

            	
              Each
      reference to “Thacher Proffitt & Wood LLP” in the Prior Agreement,
      whether with or without the LLP designation, shall be replaced by a
      reference to “Sonnenschein Nath & Rosenthal
  LLP.”

            

    

     

    
      	
              8.

            	
              Except
      as specifically provided herein, the provisions of the Prior Agreement
      shall continue in full force and
effect.

            

    

     

    
      
         

      

      
        Page 3 of
5

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, the
Association has caused this Amendment to be executed and the Executive has
hereunto set his or her hand, all as of the day and year first above
written.

    

    
      	
              ATTEST:

            	
              Astoria
      Federal Savings And Loan Association

            
	 
      	 
      
	
              /S/ Thomas V. Lavery

            	 
      	
              By:

            	
              /S/ Monte N. Redman

            
	
              Name:  Thomas
      E. Lavery

            	
              Name:

            	
              Monte
      N. Redman

            
	 
      	
              Title:

            	
              President
      and Chief Operating Officer

            
	 
      	 
      
	
              [Seal]

            	
              /S/ Gary T. McCann

            
	 
      	
              Gary
      T. McCann.

            

    

     

    
      
         

      

      
        Page 4 of
5

        
          

        

      

      
         

      

    

    

    
      
        	
                STATE
      OF NEW YORK

              	
                )

              	 
      
	 
      	
                )

              	
                ss.:

              
	
                COUNTY
      OF NASSAU

              	
                )

              	 
      

      

    

    

    On this
21st day of April, 2010 before me, the undersigned, personally appeared Gary T.
McCann, personally known to me or proved to me on the basis of satisfactory
evidence to be the individual(s) whose name(s) is (are) subscribed to the within
instrument and acknowledged to me that he/she/they executed the same in
his/her/their capacity(ies), and that by his/her/their signature(s) on the
instrument, the individual(s), or the person upon behalf of which the
individual(s) acted, executed the instrument.

    

    
      	
              /S/ Marygrace Farruggia

            	 
      

    

    Name:
Marygrace Farruggia

    Notary
Public, State of New York

    No.
4998931

    Qualified
in Suffolk County

    Commission
Expires: July 13, 2010

     

    
      
        	
                STATE
      OF NEW YORK

              	
                )

              	 
      
	 
      	
                )

              	
                ss.:

              
	
                COUNTY
      OF NASSAU

              	
                )

              	 
      

      

    

    

    On this
21st day of April, 2010 before me, the undersigned, personally appeared Monte N.
Redman, personally known to me or proved to me on the basis of satisfactory
evidence to be the individual(s) whose name(s) is (are) subscribed to the within
instrument and acknowledged to me that he/she/they executed the same in
his/her/their capacity(ies), and that by his/her/their signature(s) on the
instrument, the individual(s), or the person upon behalf of which the
individual(s) acted, executed the instrument.

    

    
      	
              /S/ Marygrace Farruggia

            	 
      

    

    Name:
Marygrace Farruggia

    Notary
Public, State of New York

    No.
4998931

    Qualified
in Suffolk County

    Commission
Expires: July 13, 2010

    
      
         

      

      
        Page 5 of
5Exhibit
10.15

    AMENDMENT
NO. 1 TO AMENDED AND RESTATED

    CHANGE
OF CONTROL SEVERANCE AGREEMENT

    

    This
AMENDMENT NO. 1 TO AMENDED AND RESTATED CHANGE OF CONTROL SEVERANCE AGREEMENT
(the “Amendment”) is made and entered into as of April 21, 2010 by and among
Astoria
Financial Corporation, a business corporation organized and operating
under the laws of the State of Delaware and having an office at One Astoria
Federal Plaza, Lake Success, New York 11042-1085 (the “Company”), Astoria
Federal Savings And Loan Association, a savings and loan association
organized and existing under the laws of the United States of America and having
an office at One Astoria Federal Plaza, Lake Success, New York 11042 (the
"Association"), and Josie Callari, an individual residing at 85 Brookville Lane,
Old Brookville, New York 11545 (the "Officer").

    

    Witnesseth:

    

    Whereas,
the Officer and the Company are parties to an AMENDED AND RESTATED CHANGE OF
CONTROL SEVERANCE AGREEMENT as of January 1, 2009, (the “Prior Agreement”);
and

    

    Whereas,
the Officer and the Company wish to further amend and modify the Prior Agreement
pursuant to Section 26 thereof;

    

    Now,
Therefore, in consideration of the premises and the mutual covenants and
conditions hereinafter set forth, the Company and the Officer hereby agree as
follows:

     

    
      	
              1.

            	
              Section
      6(b)(i) of the Prior Agreement be amended to read in its entirety as
      follows:

            

    

    

    (i)           the
Association shall provide for a period of two years following the date of the
Officer's discharge or, if less, the period from date of the Officer's discharge
to the Initial Expiration Date provided, however, that the
Association has previously notified the Officer pursuant to Section 1(a)(ii)(A)
(the "Assurance Period") for the benefit of the Officer and the Officer's spouse
and dependents continued group life, health (including hospitalization, medical
and major medical), dental, accident and long-term disability insurance benefits
on substantially the same terms and conditions (including any co-payments and
deductibles, but excluding any premium sharing arrangements, it being the
intention of the parties to this Agreement that the premiums for such insurance
benefits shall be the sole cost and expense of the Association) in effect for
them immediately prior to the Officer's discharge. The coverage provided under
this section 6(b)(i) may, at the election of the Association, be secondary to
the coverage provided as part of the Standard Termination Entitlements and to
any employer-paid coverage provided by a subsequent employer or through
Medicare, with the result that benefits under the other coverages will offset
the coverage required by this section 6(b)(i), provided, however, that for
purposes of this section 6(b)(i) benefits provided at the cost of the Officer or
the Officer's spouse or dependants pursuant to the Comprehensive Omnibus Budget
Reconciliation Act, as amended, shall not be considered Standard Termination
Entitlements.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      	
              2.

            	
              Section
      6(b)(iii) of the Prior Agreement shall be amended by deleting the variable
      “AP” from the equation therein, deleting the definition of “AP” therein
      and amending the definition of “TIO” therein to read in its entirety as
      follows:

            

    

     

    “TIO” is
the target incentive opportunity (expressed as a percentage of base salary)
established by the Compensation Committee of the Board of Directors of the
Association for the Officer pursuant to the Association’s Annual Incentive Plan
for Select Executives for the year in which the employment of the Officer by the
Association terminates or, if no target incentive opportunity is established by
the Compensation Committee of the Board of Directors of the Association for such
year with respect to the Officer, then the highest of the target incentive
opportunity established by the Compensation Committee of the Board of Directors
of the Association for the Officer pursuant to the Annual Incentive Plan for
Select Executives during the period of three (3) years ending immediately prior
to the date of termination;

    

    
      	
              3. 

            	
              Section
      8(a) of the Prior Agreement shall be amended to read in its entirety as
      follows:

            

    

    

    (a)           To
the maximum extent permitted under applicable law, from and after the effective
date of a Change of Control, the Association and the Company agree to indemnify
and hold harmless the Officer, against any costs or expenses (including
reasonable attorneys' fees), judgments, fines, losses, claims, damages or
liabilities (collectively, "Costs") incurred in connection with any claim,
action, suit, proceeding or investigation, whether civil, criminal,
administrative or investigative, for acts or omissions in connection with
service as an officer of the Association or service in other capacities at the
request of the Association or the Company at or prior to the time the Change of
Control became effective, whether asserted or claimed prior to, at or after the
effective date of the Change of Control, and to advance any such Costs to the
Officer as they are from time to time incurred, in each case to the fullest
extent the Officer would have been indemnified as a director or officer of the
Association or the Company, as applicable, and as then permitted under
applicable law. No provision in this Agreement nor any termination or expiration
of this Agreement is intended to authorize the elimination or impairment of any
right to indemnification or to advancement of expenses arising under a provision
of the certificate of incorporation or a bylaw of the Company or the Charter and
or a bylaw of the Association by amendment to such a provision after the
occurrence of an act or omission that is the subject of an action, suit or
proceeding for which indemnification is sought.

    
      
         

      

      
        Page 2 of
5

        
          

        

      

      
         

      

    

    

    
      	
              4. 

            	
              The
      Prior Agreement shall be amended to remove Section 29
      therefrom.

            

    

    

    
      	
              5.

            	
              Each
      reference to “NY” in the Prior Agreement under Section 6(b) shall be
      amended to provide that NY is the Assurance Period expressed as a number
      of years and fractions of years.

            

    

    

    
      	
              6.

            	
              Each
      reference to “Thacher Proffitt & Wood LLP” in the Prior Agreement,
      whether with or without the LLP designation, will be replaced by a
      reference to “Sonnenschein Nath & Rosenthal
  LLP”.

            

    

    

    
      	
              7.

            	
              Except
      as specifically provided herein, the provisions of the Prior Agreement
      shall continue in full force and
effect.

            

    

    
      
         

      

      
        Page 3 of
5

        
          

        

      

      
         

      

    

    

    In Witness
Whereof, the Company has caused this Amendment to be executed and the
Officer has hereunto set his or her hand, all as of the day and year first above
written.

    

    
      
        	
                ATTEST:

              	 	
                Astoria
      Financial Corporation

              
	 
      	 	 
      	 
      
	
                 /S/ Alan P. Eggleston

              	 	
                By:

              	
                /S/ Monte N. Redman

              
	
                Name:  Alan
      P. Eggleston

              	 	
                Name: 

              	
                Monte
      N. Redman

              
	 
      	 	
                Title:

              	
                President
      and Chief Operating

                Officer

              

      

    

    

    
      
        
          
            
              	
                      ATTEST:

                    	 	
                      Astoria
      Federal Savings and Loan

                      Association

                    
	 
      	 	 
      	 
      
	
                       /S/ Alan P. Eggleston

                    	 	
                      By:

                    	
                      /S/ Monte N. Redman

                    
	
                      Name:  Alan
      P. Eggleston

                    	 	
                      Name:

                    	
                      Monte
      N. Redman

                    
	 
      	 	
                      Title:

                    	
                      President
      and Chief Operating

                      Officer

                    
	 
      	 	 
      	 
      
	
                      [Seal]

                    	 	/S/ Josie Callari
	 
      	 	Josie
      Callari

            

          

        

      

    

    

    
      
        
          
            	
                    STATE OF NEW YORK     

                  	
                    )

                  
	 
      	
                    )          ss.:

                  
	
                    COUNTY
      OF NASSAU

                  	
                    )

                  

          

        

      

    

    

    On this
21st day of April, 2010 before me, the undersigned, personally appeared Monte N.
Redman, personally known to me or proved to me on the basis of satisfactory
evidence to be the individual(s) whose name(s) is (are) subscribed to the within
instrument and acknowledged to me that he/she/they executed the same in
his/her/their capacity(ies), and that by his/her/their signature(s) on the
instrument, the individual(s), or the person upon behalf of which the
individual(s) acted, executed the instrument.

    

    
      
        	
                /S/ Marygrace Farruggia

              	 
      
	
                Name:
      Marygrace Farruggia

              	 
      
	
                Notary
      Public, State of New York

              	 
      
	
                No.
      4998931

              	 
      
	
                Qualified
      in Suffolk County

              	 
      
	
                Commission
      Expires: July 13, 2010

              	 
      

      

    

    
      
         

      

      
        Page 4 of
5

        
          

        

      

      
         

      

    

     

    
      
        
          
            
              	
                      STATE OF NEW YORK     

                    	
                      )

                    
	 
      	
                      )          ss.:

                    
	
                      COUNTY
      OF NASSAU

                    	
                      )

                    

            

          

        

      

       

    

    On this
21st day of April, 2010 before me, the undersigned, personally appeared Monte N.
Redman, personally known to me or proved to me on the basis of satisfactory
evidence to be the individual(s) whose name(s) is (are) subscribed to the within
instrument and acknowledged to me that he/she/they executed the same in
his/her/their capacity(ies), and that by his/her/their signature(s) on the
instrument, the individual(s), or the person upon behalf of which the
individual(s) acted, executed the instrument.

    

    
      
        	
                /S/ Marygrace Farruggia

              	 
      
	
                Name:
      Marygrace Farruggia

              	 
      
	
                Notary
      Public, State of New York

              	 
      
	
                No.
      4998931

              	 
      
	
                Qualified
      in Suffolk County

              	 
      
	
                Commission
      Expires: July 13, 2010

              	 
      

      

    

     

    
      
        
          
            
              	
                      STATE OF NEW YORK     

                    	
                      )

                    
	 
      	
                      )          ss.:

                    
	
                      COUNTY
      OF NASSAU

                    	
                      )

                    

            

          

        

      

       

    

    On this
22nd day of April, 2010 before me, the undersigned, personally appeared Josie
Callari, personally known to me or proved to me on the basis of satisfactory
evidence to be the individual(s) whose name(s) is (are) subscribed to the within
instrument and acknowledged to me that he/she/they executed the same in
his/her/their capacity(ies), and that by his/her/their signature(s) on the
instrument, the individual(s), or the person upon behalf of which the
individual(s) acted, executed the instrument.

    

    
      
        	
                /S/ Marygrace Farruggia

              	 
      
	
                Name:
      Marygrace Farruggia

              	 
      
	
                Notary
      Public, State of New York

              	 
      
	
                No.
      4998931

              	 
      
	
                Qualified
      in Suffolk County

              	 
      
	
                Commission
      Expires: July 13, 2010

              	 
      

      

    

     

    
      
         

      

      
        Page 5 of
5

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