Document:

EXHIBIT 10.15

NEWS

FROM:             Riv Acquisition Holdings, Inc.
                  3753 Howard Hughes Parkway, Suite 101
                  Las Vegas, Nevada 89109

CONTACT:          Rubenstein Associates, Inc.
                  Rick Matthews (212) 843-8267 or rmatthews@rubenstein.com
                  Carolyn Nurnberg (212) 843-9316 or cnurnberg@rubenstein.com

--------------------------------------------------------------------------------

                   INVESTOR GROUP RESPONDS TO RIVIERA HOLDINGS
                                     BOARD

          Calls for Board to Drop Opposition, Let Stockholders Consider
                               $27-per-Share Offer

LAS VEGAS, NEV, March 29, 2007 - In a letter delivered today, Riv Acquisition
Holdings Inc. ("Riv Acquisition") called for the Board of Directors of Riviera
Holdings Corporation (AMEX: RIV) to drop its opposition to the private
investment group's $27-per-share offer and to submit it to the company's
shareholders for consideration.

Riv Acquisition consists of Paul C. Kanavos and Robert Sillerman, the managing
members of New York-based Flag Luxury Properties, LLC, Las Vegas developer Brett
Torino, and Starwood Capital Group Chairman and CEO Barry Sternlicht.

On behalf of the group, Mr. Kanavos today said, "Having acquired all of the
stock previously owned by Riviera's chairman and CEO at $15.00 per share and
having previously entered into a Board approved merger agreement with Riviera at
a price of $17.00 per share, we were dismayed to receive a letter from the Board
that completely ignored whether our proposal would deliver value for those
shareholders who had not previously had the opportunity to sell their shares to
us. Instead, it focused on why we should be disqualified from moving forward
with our proposal to acquire Riviera. We feel strongly that the company's
stockholders deserve the opportunity to consider our offer and the Board should
not stand in the way, particularly given that its opposition is based on what
are clearly flawed arguments."

Today's letter indicated that the group would be sending the Riviera Board an
executed merger agreement shortly and would require an immediate response,
concluding, "We expect that Riviera's stockholders will hold the Board
accountable if it continues to ignore its fiduciary duties."

The full text of today's letter from Riv Acquisition to the Riviera Holdings
Board is as follows:

                                    March 29, 2007

William L. Westerman
Riviera Holdings Corporation
2901 Las Vegas Boulevard South
Las Vegas, Nevada 89109

Dear Bill:

I was extremely disappointed to receive your letter dated March 28, 2007 (copy
attached) responding to my letter dated March 26, 2007, in which the investment
group that owns Riv Acquisition Holdings proposed to acquire all of the issued
and outstanding stock of Riviera Holdings Corporation at a price of $27.00 per
share in cash.

In your letter, you take the position that Riv Acquisition Holdings' March 21,
2007 agreement with Triple Five Investco LLC and Dominion Financial LLC triggers
various provisions of Riviera's articles of incorporation and the Nevada
corporate statute that would preclude us from entering into a merger with
Riviera for a three-year period. Our group vehemently disagrees with this
assertion. Without entering into a detailed analysis of the many reasons your
position is incorrect, let me merely point out the following:

First, the Board has already granted us a waiver of the anti-takeover provisions
in Riviera's articles of incorporation as well as the business combinations
provisions in the Nevada corporate statute. Second, the grant of the option in
the agreement with Triple Five and Dominion Financial is expressly contingent on
obtaining Board approval under the control share acquisition provisions of the
Nevada corporate statute. Third, despite the fact that the Board had already
granted us a waiver under the articles, we ensured that the option grant was
also contingent on another waiver under the articles precisely in order to avoid
the debate in which you are trying to embroil us. Fourth, and most importantly,
nothing in Riviera's articles or the Nevada corporate statute prevents the Board
from engaging in discussions with us or recommending our proposal to the
stockholders.

You also allege that our group made repeated requests for Board approvals in
order to permit a lock-up of the stock held by Triple Five and Dominion
Financial. This is simply false. Our group asked for Board approvals that would
allow us to actually acquire outright the stock held by Triple Five and Dominion
Financial. When the Board refused to grant us those approvals, we were forced to
purchase an option from Triple Five and Dominion Financial that, again, was
expressly conditioned on obtaining the necessary Board approvals.

In your letter, you go to great lengths to construct arguments as to why our
group is effectively precluded from ever acquiring Riviera. While, as mentioned
above, none of these arguments is valid, what is truly shocking is that nowhere
in your letter is there any consideration of whether our offer would deliver
value to Riviera's stockholders. Ignoring the merits of our offer is directly
contrary to the Board's fiduciary duties. The Board's legal responsibility is to
obtain the highest and best possible value for its stockholders, not to find
spurious reasons why bidders (and in this case, the sole bidder) should be
disqualified from acquiring the company. We are at a loss to understand why the
Board is more interested in disqualifying our proposal than evaluating it. Let
me remind you - our offer represents (1) a $10 dollar - or 59% - increase in the
$17 price that we previously agreed with the Board and that the Board saw fit to
recommend to the stockholders; (2) a 21% premium to Riviera's 20-day trailing
price as of the last business day prior to the announcement of our proposal; and
(3) a 12% premium to Riviera's 5-day trailing price prior to such announcement.

We reiterate our position that our investment group is prepared to enter into a
merger agreement with Riviera on substantially the same terms as the April 5,
2006 merger agreement. In your letter, you express the concern that stockholders
should be able to respond to competing takeover proposals. As you well know, the
April 5, 2006 merger agreement contained a provision allowing the Board to
consider superior proposals, and any new merger agreement with our investment
group would contain the same provision.

We recognize that the execution of our proposed merger agreement with Riviera
would trigger the payment of the break-up fee under the April 5, 2006 merger
agreement. Our investment group would be prepared to agree that the break-up fee
would not have to be paid until the completion of our merger with Riviera or the
execution of a merger agreement between Riviera and a third party acquirer.

We intend to proceed expeditiously to obtain the necessary gaming approvals in
Nevada and Colorado. One of the members of our investment group is already
licensed in Nevada and Colorado and we intend to structure our acquisition of
Riviera in order to take advantage of this, thereby shortening the gaming
approval process. As previously discussed with you, we would also strongly
consider allowing existing management to stay in place pending gaming approval
in order to further minimize the period between signing and closing.

We will shortly be sending the Board an executed merger agreement and we will
require an immediate response. We expect that Riviera's stockholders will hold
the Board accountable if it continues to ignore its fiduciary duties.

Very truly yours,

Paul C. Kanavos

                                       ###ex10-8.htm

    

    NORTHEAST
      COMMUNITY BANK

    EMPLOYMENT
      AGREEMENT

    

    THIS
      AGREEMENT (the “Agreement”), made this 13th day
      of March, 2007, by and among NORTHEAST COMMUNITY BANK, a
      federally chartered savings bank (the “Bank”), MICHAEL GALLINA
(the “Executive”), and NORTHEAST COMMUNITY BANCORP,
      INC., (the “Company”) a federally chartered corporation and the holding
      company of the Bank, as guarantor.

    

    WHEREAS,
      Executive serves in a position of substantial responsibility;
      and

    

    WHEREAS,
      the Bank wishes to assure Executive’s services for the term of this
      Agreement; and

    

    WHEREAS,
      Executive is willing to serve in the employ of the Bank during the
      term
      of this Agreement.

    

    NOW,
      THEREFORE, in consideration of the mutual covenants contained in this
      Agreement, and upon the other terms and conditions provided for in this
      Agreement, the parties hereby agree as follows:

    

    1.           Employment.  The
      Bank will employ Executive as Senior Vice President and Chief Commercial Loan
      Officer.  Executive will perform all duties and shall have all powers
      commonly incident to those offices or which, consistent with those offices,
      the
      President and Chief Executive Officer delegates to
      Executive.  Executive also agrees to serve, if elected, as an officer
      and/or director of any subsidiary or affiliate of the Bank and to carry out
      the
      duties and responsibilities reasonably appropriate to those
      offices.

    

    2.           Location
      and Facilities.  The Bank will furnish
      Executive with the working facilities and staff customary for executive officers
      with the title and duties set forth in Section 1 and as are necessary for him
      to
      perform his duties.  The location of such facilities and staff shall
      be at the principal administrative offices of the Bank, or at such other site
      or
      sites customary for such offices.

    

    3.           Term.

    

    
      	
               

            	
              a.

            	
              The
                term of this Agreement shall include: (i) the initial term, consisting
                of
                the period commencing on March 26, 2007 (the “Effective Date”) and ending
                on the third anniversary of the Effective Date, plus (ii) any and
                all
                extensions of the initial term made pursuant to this Section
                3.

            

    

    

    
      	
               

            	
              b.

            	
              Commencing
                on the first anniversary of the Effective Date and continuing on
                each
                anniversary of the Effective Date thereafter, the disinterested members
                of
                the Board may extend the Agreement term for an additional year, so
                that
                the remaining term of the Agreement again becomes thirty-six (36)
                months,
                unless Executive elects not to extend the term of this Agreement
                by giving
                written notice in accordance with Section 19 of this
                Agreement.  The Board will review the Agreement and Executive’s
                performance annually for purposes of determining whether to extend
                the
                Agreement term and will include the rationale and results of its
                review in
                the minutes of the meeting.  The Board will notify Executive as
                soon as possible after its annual review whether the Board has determined
                to extend the Agreement.

            

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    4.           Base
      Compensation.

    

    
      	
               

            	
              a.

            	
              The
                Bank agrees to pay Executive during the term of this Agreement a
                base
                salary at the rate of $135,000 per year, payable in accordance with
                customary payroll practices.

            

    

    

    
      	
               

            	
              b.

            	
              Each
                year, the Board will review the level of Executive’s base salary, based
                upon factors they deem relevant, in order to determine whether to
                maintain
                or increase his base salary.

            

    

    

    5.           Bonuses.  As
      a signing bonus and inducement for Executive to become an employee of the Bank,
      Northeast will pay him a signing bonus of $75,000 payable in three annual
      installments, as follows; provided, however, that Executive remains employed
      with Northeast Community Bank on the applicable payment date.

    

    $25,000
      on March 26, 2007 

    $25,000
      on March 26, 2008

    $25,000
      on March 26, 2009

    

    Executive
      will also participate in discretionary bonuses or other incentive compensation
      programs that the Bank may sponsor or award from time to time to senior
      management employees.

    

    6.           Benefit
      Plans.  Executive will participate in
      life insurance, medical, dental, pension, profit sharing, retirement and
      stock-based compensation plans and other programs and arrangements that the
      Bank
      may sponsor or maintain for the benefit of its employees.

    

    7.           Vacations
      and Leave.

    

    
      	
               

            	
              a.

            	
              Executive
                may take vacations and other leave in accordance with the Bank’s policy
                for senior executives.

            

    

    

    
      	
               

            	
              b.

            	
              In
                addition to paid vacations and other leave, the President and Chief
                Executive Officer may grant Executive a leave or leaves of absence,
                with
                or without pay, at such time or times and upon such terms and conditions
                as may be deemed appropriate.

            

    

    

    8.           Expense
      Payments and Reimbursements.  The Bank
      will reimburse Executive for all reasonable out-of-pocket business expenses
      incurred in connection with his services under this Agreement upon
      substantiation of such expenses in accordance with applicable policies of the
      Bank.

    

    9.           Automobile
      Allowance.  During the term of this
      Agreement, the Bank will provide Executive with an automobile allowance of
      $300.00 per month.  Executive will comply with reasonable reporting
      and expense limitations with respect to the automobile allowance as the Bank
      may
      establish from time to time.  The Bank shall also provide Executive
      with a cellular telephone and shall pay (or reimburse) Executive for all
      reasonable expenses related to the business use of such telephone.

    

    10.           Loyalty
      and Confidentiality.

    

    
      	
               

            	
              a.

            	
              During
                the term of this Agreement, Executive will devote all his business
                time,
                attention, skill, and efforts to the faithful performance of his
                duties
                under this Agreement; provided, however, that from time to time,
                Executive
                may serve on the boards of directors of, and hold any other offices
                or
                positions in, companies or organizations that will not present any
                conflict of interest with the Bank or any of its subsidiaries or
                affiliates, unfavorably affect the

            

    

    

    
      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              performance
                of Executive’s duties pursuant to this Agreement, or violate any
                applicable statute or regulation.  Executive will not engage in
                any business or activity contrary to the business affairs or interests
                of
                the Bank or any of its subsidiaries or
                affiliates.

            

    

    

    
      	
               

            	
              b.

            	
              Nothing
                contained in this Agreement will prevent or limit Executive’s right to
                invest in the capital stock or other securities or interests of any
                business dissimilar from that of the Bank, or, solely as a passive,
                minority investor, in any business.

            

    

    

    
      	
               

            	
              c.

            	
              Executive
                agrees to maintain the confidentiality of any and all information
                concerning the operation or financial status of the Bank; the names
                or
                addresses of any of its borrowers, depositors and other customers;
                any
                information concerning or obtained from such customers; and any other
                information concerning the Bank or its subsidiaries or affiliates
                to which
                he may be exposed during the course of his
                employment.  Executive further agrees that, unless required by
                law or specifically permitted by the Board in writing, he will not
                disclose to any person or entity, either during or subsequent to
                his
                employment, any of the above-mentioned information which is not generally
                known to the public, nor will he use the information in any way other
                than
                for the benefit of the Bank.

            

    

    

    11.           Termination
      and Termination Pay.  Subject to Section
      12 of this Agreement, Executive’s employment under this Agreement may be
      terminated in the following circumstances:

    

    
      	
               

            	
              a.

            	
              Death.  Executive’s
                employment under this Agreement will terminate upon his death during
                the
                term of this Agreement, in which event Executive’s estate will receive the
                compensation due to Executive through the last day of the calendar
                month
                in which his death occurred.

            

    

    

    
      	
               

            	
              b.

            	
              Retirement.  This
                Agreement will terminate upon Executive’s retirement under the retirement
                benefit plan or plans in which he participates pursuant to Section
                6 of
                this Agreement or otherwise.

            

    

    

    c.   
              Disability.

    

    
      	
               

            	
              i.

            	
              The
                Board or Executive may terminate Executive’s employment after having
                determined Executive has a Disability.  For purposes of this
                Agreement, “Disability” means a physical or mental infirmity that impairs
                Executive’s ability to substantially perform his duties under this
                Agreement and results in Executive becoming eligible for long-term
                disability benefits under any long-term disability plans of the Bank
                (or,
                if no such plans exist, that impairs Executive’s ability to substantially
                perform his duties under this Agreement for a period of one hundred
                eighty
                (180) consecutive days).  The Board will determine whether or
                not Executive is and continues to be permanently disabled for purposes
                of
                this Agreement in good faith, based upon competent medical advice
                and
                other factors that the Board reasonably believes to be
                relevant.  As a condition to any benefits, the Board may require
                Executive to submit to physical or mental evaluations and tests as
                the
                Board or its medical experts deem reasonably
                appropriate.

            

    

    

    
      	
               

            	
              ii.

            	
              In
                the event of his Disability, Executive will no longer be obligated
                to
                perform services under this Agreement.  The Bank will pay
                Executive, as Disability pay, an amount equal to fifty percent (50%)
                of
                Executive’s rate of base salary in effect as of the date of his
                termination of employment due to Disability. The Bank will make Disability
                payments on a monthly basis commencing on the first day of the
                month

            

    

    

    
      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              following
                the effective date of Executive’s termination of employment due to
                Disability and ending on the earlier of: (A) the date he returns
                to
                full-time employment at the Bank in the same capacity as he was employed
                prior to his termination for Disability; (B) his death; (C) his attainment
                of age 65 or (D) the date this Agreement would have expired had
                Executive’s employment not terminated by reason of Disability. The Bank
                will reduce Disability payments by the amount of any short- or long-term
                disability benefits payable to Executive under any other disability
                programs sponsored by the Bank.  In addition, during any period
                of Executive’s Disability, the Bank will continue to provide Executive and
                his dependents, to the greatest extent possible, with continued coverage
                under all benefit plans (including, without limitation, retirement
                plans
                and medical, dental and life insurance plans) in which Executive
                and/or
                his dependents participated prior to his Disability on the same terms
                as
                if he remained actively employed by the
                Bank.

            

    

    

    d.           Termination
      for Cause.

    

    
      	
               

            	
              i.

            	
              The
                Board may, by written notice to Executive, immediately terminate
                his
                employment at any time for “Cause.”  Executive shall have no
                right to receive compensation or other benefits for any period after
                termination for Cause, except for already vested
                benefits.  Termination for Cause shall mean termination because
                of Executive’s:

            

    

    

    
      	
               

            	
              (1)

            	
              Personal
                dishonesty;

            

    

    

    
      	
               

            	
              (2)

            	
              Incompetence;

            

    

    

    
      	
               

            	
              (3)

            	
              Willful
                misconduct;

            

    

    

    
      	
               

            	
              (4)

            	
              Breach
                of fiduciary duty involving personal
                profit;

            

    

    

    
      	
               

            	
              (5)

            	
              Intentional
                failure to perform stated duties;

            

    

    

    
      	
               

            	
              (6)

            	
              Willful
                violation of any law, rule or regulation (other than traffic violations
                or
                similar offenses) or final cease-and-desist order;
                or

            

    

    

    
      	
               

            	
              (7)

            	
              Material
                breach of any provision of this
                Agreement.

            

    

    

    
      	
               

            	
              e.

            	
              Voluntary
                Termination by Executive.  In addition to his other rights
                to terminate under this Agreement, Executive may voluntarily terminate
                employment during the term of this Agreement upon at least sixty
                (60) days
                prior written notice to the Board. Upon Executive’s voluntary termination,
                he will receive only his compensation, and vested rights and benefits
                to
                the date of his termination.  Following his voluntary
                termination of employment under this Section 11(e), Executive will
                be
                subject to the restrictions set forth in Sections 11(g)(i) and 11(g)(ii)
                of this Agreement for a period of one (1) year from his termination
                date.

            

    

    

    
      	
               

            	
              f.

            	
              Without
                Cause or With Good Reason.

            

    

    

    
      	
               

            	
              i.

            	
              In
                addition to termination pursuant to Sections 11(a) through 11(e),
                the
                Board may, by written notice to Executive, immediately terminate
                his
                employment at any time for a reason other than Cause (a termination
                “Without Cause”) and Executive may,

            

    

    

    
      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              by
                written notice to the Board, immediately terminate this Agreement
                at any
                time within ninety (90) days following an event constituting “Good
                Reason,” as defined below (a termination “With Good
                Reason”).

            

    

    

    
      	
               

            	
              ii.

            	
              Subject
                to Section 12 of this Agreement, in the event of termination under
                this
                Section 11(f), Executive will receive his base salary and the value
                of
                employer contributions to benefit plans in which the Executive
                participated upon termination for the remaining term of the Agreement,
                paid in one lump sum within ten (10) calendar days of his
                termination.  Executive will also continue to participate in any
                benefit plans of the Bank that provide medical, dental and life insurance
                coverage for the remaining term of the Agreement, under terms and
                conditions no less favorable than the most favorable terms and conditions
                provided to senior executives of the Bank during the same
                period.  If the Bank cannot provide such coverage because
                Executive is no longer an employee, the Bank will provide Executive
                with
                comparable coverage on an individual policy basis or the cash
                equivalent.

            

    

    

    
      	
               

            	
              iii.

            	
              “Good
                Reason” exists if, without Executive’s express written consent, the Bank
                materially breaches any of its obligations under this
                Agreement.  Without limitation, such a material breach will
                occur upon any of the following:

            

    

    

    
      	
               

            	
              (1)

            	
              A
                material reduction in Executive’s responsibilities or authority in
                connection with his employment with the
                Bank;

            

    

    

    
      	
               

            	
              (2)

            	
              Assignment
                to Executive of duties of a non-executive nature or duties for which
                he is
                not reasonably equipped by his skills and
                experience;

            

    

    

    
      	
               

            	
              (3)

            	
              A
                reduction in salary or benefits contrary to the terms of this Agreement,
                or, following a Change in Control as defined in Section 12 of this
                Agreement, any reduction in salary or material reduction in benefits
                below
                the amounts Executive was entitled to receive prior to the Change
                in
                Control;

            

    

    

    
      	
               

            	
              (4)

            	
              Termination
                of incentive and benefit plans, programs or arrangements, or reduction
                of
                Executive’s participation, to such an extent as to materially reduce their
                aggregate value below their aggregate value as of the Effective
                Date;

            

    

    

    
      	
               

            	
              (5)

            	
              A
                requirement that Executive relocate his principal business office
                or his
                principal place of residence outside of the area consisting of a
                twenty-five (25) mile radius from the current main office and any
                branch
                of the Bank, or the assignment to Executive of duties that would
                reasonably require such a relocation;
                or

            

    

    

    (6)           Liquidation
      or dissolution of the Bank.

    

    
      	
               

            	
              iv.

            	
              Notwithstanding
                the foregoing, a reduction or elimination of Executive’s benefits under
                one or more benefit plans maintained by the Bank as part of a good
                faith,
                overall reduction or elimination of such plans or benefits, applicable
                to
                all participants in a manner that does not discriminate against Executive
                (except as such discrimination may be necessary to comply with law),
                will
                not constitute an event of

            

    

    

    
      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              Good
                Reason or a material breach of this Agreement, provided that benefits
                of
                the same type or to the same general extent as those offered under
                such
                plans prior to the reduction or elimination are not available to
                other
                officers of the Bank or any affiliate under a plan or plans in or
                under
                which Executive is not entitled to
                participate.

            

    

    

    
      	
               

            	
              g.

            	
              Continuing
                Covenant Not to Compete or Interfere with
                Relationships.  Regardless of anything herein to the
                contrary, following a termination by the Bank or Executive pursuant
                to
                Section 11(e) or 11(f):

            

    

    

    
      	
               

            	
              i.

            	
              Executive’s
                obligations under Section 10(c) of this Agreement will continue in
                effect;
                and

            

    

    

    
      	
               

            	
              ii.

            	
              During
                the period ending on the first anniversary of such termination, Executive
                will not serve as an officer, director or employee of any bank holding
                company, bank, savings association, savings and loan holding company,
                mortgage company or other financial institution that offers products
                or
                services competing with those offered by the Bank from any office
                within
                thirty-five (35) miles from the main office or any branch of the
                Bank and,
                further, Executive will not interfere with the relationship of the
                Bank,
                its subsidiaries or affiliates and any of their employees, agents,
                or
                representatives.

            

    

    

    
      	
               

            	
              h.

            	
              To
                the extent Executive is a member of the Board on the date of termination
                of employment with the Bank, Executive will resign from the Board
                immediately following such termination of employment with the
                Bank.  Executive will be obligated to tender this resignation
                regardless of the method or manner of termination, and such resignation
                will not be conditioned upon any event or
                payment.

            

    

    

    12.           Termination
      in Connection with a Change in Control.

    

    
      	
               

            	
              a.

            	
              For
                purposes of this Agreement, a “Change in Control” means any of the
                following events:

            

    

    

    
      	
               

            	
              i.

            	
              Merger:
                Northeast Community Bancorp, Inc. (the “Company”) merges into or
                consolidates with another entity, or merges another corporation into
                the
                Company, and as a result, less than a majority of the combined voting
                power of the resulting corporation immediately after the merger or
                consolidation is held by persons who were stockholders of the Company
                immediately before the merger or
                consolidation;

            

    

    

    
      	
               

            	
              ii.

            	
              Acquisition
                of Significant Share Ownership:  There is filed, or is
                required to be filed, a report on Schedule 13D or another form or
                schedule
                (other than Schedule 13G) required under Sections 13(d) or 14(d)
                of the
                Securities Exchange Act of 1934, as amended, if the schedule discloses
                that the filing person or persons acting in concert has or have become
                the
                beneficial owner of 25% or more of a class of the Company’s voting
                securities, but this clause (ii) shall not apply to beneficial ownership
                of Company voting shares held in a fiduciary capacity by an entity
                of
                which the Company directly or indirectly beneficially owns 50% or
                more of
                its outstanding voting securities;

            

    

    

    
      	
               

            	
              iii.

            	
              Change
                in Board Composition:  During any period of two consecutive
                years, individuals who constitute the Company’s Board of Directors at the
                beginning of the two-year period cease for any reason to constitute
                at
                least a majority of the

            

    

    

    
      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              Company’s
                Board of Directors; provided, however, that for purposes of this
                clause
                (iii), each director who is first elected by the board (or first
                nominated
                by the board for election by the members) by a vote of at least two-thirds
                (2/3) of the directors who were directors at the beginning of the
                two-year
                period shall be deemed to have also been a director at the beginning
                of
                such period; or

            

    

    

    
      	
               

            	
              iv.

            	
              Sale
                of Assets:  The Company sells to a third party all or
                substantially all of its assets.

            

    

    

    
      	
               

            	
              b.

            	
              Termination.  If
                within the period ending one year after a Change in Control, (i)
                the Bank
                terminates Executive’s employment Without Cause, or (ii) Executive
                voluntarily terminates his employment With Good Reason, the Bank
                will,
                within ten calendar days of the termination of Executive’s employment,
                make a lump-sum cash payment to his equal to three times Executive’s
                average “Annual Compensation” over the five (5) most recently completed
                calendar years, ending with the year immediately preceding the effective
                date of the Change in Control.  “Annual Compensation” will
                include base salary and any other taxable income, including, but
                not
                limited to, amounts related to the granting, vesting or exercise
                of
                restricted stock or stock option awards, commissions, bonuses, retirement
                benefits, director or committee fees and fringe benefits paid to
                Executive
                or accrued for Executive’s benefit.  Annual Compensation will
                also include profit sharing, employee stock ownership plan and other
                retirement contributions or benefits, including to any tax-qualified
                plan
                or arrangement (whether or not taxable) made or accrued on behalf
                of
                Executive for such year.  The cash payment made under this
                Section 12(b) shall be made in lieu of any payment also required
                under
                Section 11(f) of this Agreement because of Executive’s termination of
                employment, however, Executive’s rights under Section 11(f) are not
                otherwise affected by this Section 12. Following termination of
                employment, Executive will also continue to participate in any benefit
                plans of the Bank that provide medical, dental and life insurance
                coverage
                upon terms no less favorable than the most favorable terms provided
                to
                senior executives.  If the Bank cannot provide such coverage
                because Executive is no longer an employee, the Bank will provide
                Executive with comparable coverage on an individual basis or the
                cash
                equivalent.  The medical, dental and life insurance coverage
                provided under this Section 12(b) shall cease upon the earlier
                of:  (i) Executive’s death; (ii) Executive’s employment by
                another employer other than one of which he is the majority owner;
                or
                (iii) thirty-six (36) months after his termination of
                employment.

            

    

    

    
      	
               

            	
              c.

            	
              The
                provisions of Section 12 and Sections 14 through 27, including the
                defined
                terms used in such sections, shall continue in effect until the later
                of
                the expiration of this Agreement or one year following a Change in
                Control.

            

    

    

    
      	
               

            	
              d.

            	
              Notwithstanding
                anything in this Section 12 to the contrary, a “Change in Control” for
                purposes of this Agreement shall not include any corporate restructuring
                transaction by the Bank, including, but not limited to, a mutual
                to stock
                conversion, provided that the Board of Directors of the Bank immediately
                preceding such transaction constitutes at least a majority of the
                Board of
                Directors of the Bank after such
                transaction.

            

    

    

    
      	
               

            	
              13.

            	
              Indemnification
                and Liability
                Insurance.

            

    

    

    
      	
               

            	
              a.

            	
              Indemnification.  The
                Bank agrees to indemnify Executive (and his heirs, executors, and
                administrators), and to advance expenses related to this indemnification,
                to the fullest extent permitted under applicable law and regulations
                against any and all expenses and
                liabilities

            

    

    

    
      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              that
                Executive reasonably incurs in connection with or arising out of
                any
                action, suit, or proceeding in which he may be involved by reason
                of his
                service as a director or executive of the Bank or any of its subsidiaries
                or affiliates (whether or not he continues to be a director or executive
                at the time of incurring any such expenses or
                liabilities).  Covered expenses and liabilities include, but are
                not limited to, judgments, court costs, and attorneys’ fees and the costs
                of reasonable settlements, subject to Board approval, if the action
                is
                brought against Executive in his capacity as an executive or director
                of
                the Bank or any of its subsidiaries. Indemnification for expenses
                will not
                extend to matters related to Executive’s termination for
                Cause.  Notwithstanding anything in this Section 13(a) to the
                contrary, the Bank will not be required to provide indemnification
                prohibited by applicable law or regulation.  The obligations of
                this Section 13 will survive the term of this Agreement by a period
                of six
                (6) years.

            

    

    

    
      	
               

            	
              b.

            	
              Insurance.  During
                the period for which the Bank must indemnify Executive, the Bank
                will
                provide Executive (and his heirs, executors, and administrators)
                with
                coverage under a directors’ and officers’ liability policy at the Bank’s
                expense, that is at least equivalent to the coverage provided to
                directors
                and senior executives of the Bank.

            

    

    

    14.           Reimbursement
      of Executive’s Expenses to Enforce this
      Agreement.  The Bank will reimburse
      Executive for all out-of-pocket expenses, including, without limitation,
      reasonable attorneys’ fees, incurred by Executive in connection with his
      successful enforcement of the Bank’s obligations under this
      Agreement.  Successful enforcement means the grant of an award of
      money or the requirement that the Bank take some specified action: (i) as a
      result of court order; or (ii) otherwise following an initial failure of the
      Bank to pay money or take action promptly following receipt of a written demand
      from Executive stating the reason that the Bank must make payment or take action
      under this Agreement.

    

    15.           Limitation
      of Benefits Under Certain
      Circumstances.  If the payments and
      benefits pursuant to Section 12 of this Agreement, either alone or together
      with
      other payments and benefits Executive has the right to receive from the Bank,
      would constitute a “parachute payment” under Section 280G of the Internal
      Revenue Code of 1986, as amended (the “Code”), the payments and benefits
      pursuant to Section 12 shall be reduced or revised, in the manner determined
      by
      Executive, by the amount, if any, which is the minimum necessary to result
      in no
      portion of the payments and benefits under Section 12 being non-deductible
      to
      the Bank pursuant to Section 280G of the Code and subject to the excise tax
      imposed under Section 4999 of the Code.  The Bank’s independent public
      accountants will determine any reduction in the payments and benefits to be
      made
      pursuant to Section 12; the Bank will pay for the accountant’s
      opinion.  If the Bank and/or Executive do not agree with the
      accountant’s opinion, the Bank will pay to Executive the maximum amount of
      payments and benefits pursuant to Section 12, as selected by Executive, that
      the
      opinion indicates have a high probability of not causing any of the payments
      and
      benefits to be non-deductible to the Bank and subject to the imposition of
      the
      excise tax imposed under Section 4999 of the Code.  The Bank may also
      request, and Executive has the right to demand that the Bank request, a ruling
      from the IRS as to whether the disputed payments and benefits pursuant to
      Section 12 have such tax consequences.   The Bank will promptly
      prepare and file the request for a ruling from the IRS, but in no event will
      the
      Bank make this filing later than thirty (30) days from the date of the
      accountant’s opinion referred to above.  The request will be subject
      to Executive’s approval prior to filing; Executive shall not unreasonably
      withhold his approval.  The Bank and Executive agree to be bound by
      any ruling received from the IRS and to make appropriate payments to each other
      to reflect any IRS rulings, together with interest at the applicable federal
      rate provided for in Section 7872(f)(2) of the Code. Nothing contained in this
      Agreement shall result in a reduction of any payments or benefits to which
      Executive may be entitled upon termination of employment other than pursuant
      to
      Section 12 hereof, or a reduction in the payments and benefits specified in
      Section 12, below zero.

    

    
      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

    

    

    16.           Injunctive
      Relief.  Upon a breach or threatened
      breach of Section 11(g) of this Agreement or the prohibitions upon disclosure
      contained in Section 10(c) of this Agreement, the parties agree that there
      is no
      adequate remedy at law for such breach, and the Bank shall be entitled to
      injunctive relief restraining Executive from such breach or threatened breach,
      but such relief shall not be the exclusive remedy for a breach of this
      Agreement.  The parties further agree that Executive, without
      limitation, may seek injunctive relief to enforce the obligations of the Bank
      under this Agreement.

    

    17.           Successors
      and Assigns.

    

    
      	
               

            	
              a.

            	
              This
                Agreement shall inure to the benefit of and be binding upon any corporate
                or other successor of the Bank which shall acquire, directly or
                indirectly, by merger, consolidation, purchase or otherwise, all
                or
                substantially all of the assets or stock of the
                Bank.

            

    

    

    
      	
               

            	
              b.

            	
              Since
                the Bank is contracting for the unique and personal skills of Executive,
                Executive shall not assign or delegate his rights or duties under
                this
                Agreement without first obtaining the written consent of the
                Bank.

            

    

    

    18.           No
      Mitigation.  Executive shall not be
      required to mitigate the amount of any payment provided for in this Agreement
      by
      seeking other employment or otherwise and no such payment shall be offset or
      reduced by the amount of any compensation or benefits provided to Executive
      in
      any subsequent employment.

    

    19.           Notices.  All
      notices, requests, demands and other communications in connection with this
      Agreement shall be made in writing and shall be deemed to have been given when
      delivered by hand or 48 hours after mailing at any general or branch United
      States Post Office, by registered or certified mail, postage prepaid, addressed
      to the Bank at their principal business offices and to Executive at his home
      address as maintained in the records of the Bank.

    

    20.           Source
      of Payments.  All payments provided for
      under this Agreement shall be timely paid in cash or check from the general
      funds of the Bank.  The Company, however, unconditionally guarantees
      payment and provision of all amounts and benefits due under this
      Agreement.  In the event the Bank does not pay such amounts or provide
      such benefits, they shall be paid or provided by the Company.

    

    21.           No
      Plan Created by this
      Agreement.  Executive and the Bank
      expressly declare and agree that this Agreement was negotiated among them and
      that no provision or provisions of this Agreement are intended to, or shall
      be
      deemed to, create any plan for purposes of the Employee Retirement Income
      Security Act of 1974 (“ERISA”) or any other law or regulation, and each party
      expressly waives any right to assert the contrary.  Any assertion in
      any judicial or administrative filing, hearing, or process that an ERISA plan
      was created by this Agreement shall be deemed a material breach of this
      Agreement by the party making the assertion.

    

    22.           Amendments.  No
      amendments or additions to this Agreement shall be binding unless made in
      writing and signed by all of the parties, except as herein otherwise
      specifically provided.

    

    23.           Applicable
      Law.  Except to the extent preempted by
      federal law, the laws of the State of New York shall govern this Agreement
      in
      all respects, whether as to its validity, construction, capacity, performance
      or
      otherwise.

    

    
      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

    

    

    24.           Severability.  The
      provisions of this Agreement shall be deemed severable and the invalidity or
      unenforceability of any one provision shall not affect the validity or
      enforceability of the other provisions of this Agreement.

    

    25.           Headings.  Headings
      contained in this Agreement are for convenience of reference only.

    

    26.           Entire
      Agreement.  This Agreement, together
      with any modifications subsequently agreed to in writing by the parties, shall
      constitute the entire agreement among the parties with respect to the foregoing
      subject matter, other than written agreements applicable to specific plans,
      programs or arrangements described in Sections 5 and 6.

    

    27.           Required
      Provisions.  In the event any of the
      foregoing provisions of this Agreement conflict with the terms of this Section
      27, this Section 27 shall prevail.

    

    
      	
               

            	
              a.

            	
              The
                Bank’s board of directors 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 11(d) of this
                Agreement.

            

    

    

    
      	
               

            	
              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. Section 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 its 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 Federal Deposit Insurance Act, 12 U.S.C. Section
                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. Section 1813(x)(1), all obligations
                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 under this contract shall terminate, 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) 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.
                Section 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 their compliance with 12 U.S.C.
                Section 1828(k) and FDIC Regulation 12 C.F.R. Part 359, Golden Parachute
                and Indemnification Payments.

            

    

     

     

     

     

     

    

    
      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

    

    

    

    

    IN
      WITNESS WHEREOF, the parties hereto have executed this Agreement on
      March 13, 2007.

    
 

    
      

      
        	
                ATTEST:

              	 	
                NORTHEAST
                  COMMUNITY BANK

              
	 	 	 	 
	 	 	 	 
	/s/
                Anne DeBlasi	 	
                By:

              	/s/
                Kenneth A. Martinek  
	
                Witness

              	 	 	
                For
                  the Entire Board of Directors

              
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
                ATTEST:

              	 	
                NORTHEAST
                  COMMUNITY BANCORP, INC.

              
	 	 	
                (As
                  Guarantor)

              
	 	 	 	 
	 	 	 	 
	/s/
                Anne DeBlasi  	 	
                By:

              	/s/
                Kenneth A. Martinek  
	
                Witness

              	 	 	
                For
                  the Entire Board of Directors

              
	 	 	 	 
	 	 	 	 
	
                WITNESS:

              	 	
                EXECUTIVE

              
	 	 	 	 
	 	 	 	 
	/s/
                Salvatore Randazzo  	 	
                By:

              	/s/
                Michael N. Gallina  
	 	 	 	
                Michael
                  Gallina

              

      

       

       

      11

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