Document:

<PAGE>
                                                           EXHIBIT 10(g)
 GOLDEN AMERICAN LIFE INSURANCE COMPANY
                            SURPLUS NOTE

Golden American Life Insurance Company agrees to pay Equitable Life
Insurance Company of Iowa corporation, the sum of $60 million
($60,000,000.00) plus interest at the rate of 7.25%  per annum from the
date hereof, December 30, 1998 until paid.  In any event, this note
will mature on December 29, 2028.

This Surplus Note and accrued interest thereon shall be subordinate to
payments due to policyholders, claimant and beneficiary claims, as well
as debts owed to all other classes of debtors, other than surplus note
holders, of Golden American Life Insurance Company in the event of (a)
the institution of bankruptcy, reorganization, insolvency or
liquidation proceedings by or against Golden American Life Insurance
Company, or (b) the appointment of a Trustee, receiver or other
Conservator for a substantial part of Golden American Life Insurance
Company properties.

Any payments made shall first apply to accrued interest, and the
balance of such payment shall apply to reduce the principal of this
Note.

Any payment of principal and/or interest made shall be subject to the
prior approval of the Delaware Insurance Commissioner.  If the
Commissioner has not approved payment of principal to retire the note
prior to its maturity date, the maturity date will be automatically
extended until such time as the Commissioner authorizes payment of the
final balance of principal.

Golden American Life Insurance Company hereby waives presentment and
notice of dishonor.

In witness whereof, Golden American Life Insurance Company has caused
this Note to be executed and delivered.

                                GOLDEN AMERICAN LIFE INSURANCE COMPANY

                                By: /s/ Stephen J. Preston
                                   --------------------------------
                                     Stephen J. Preston, Executive
                                         Vice President

Attest by:

/s/ David L. Jacobson
-------------------------
David L. Jacobson
Senior Vice President and
    Assistant Secretary
<PAGE><PAGE>
                                                           EXHIBIT 10(j)
GOLDEN AMERICAN LIFE INSURANCE COMPANY
                            SURPLUS NOTE

Golden American Life Insurance Company agrees to pay ING America
Insurance Holdings, Inc. a Delaware corporation, the sum of $75 million
($75,000,000.00) plus interest at the rate of 7.75%  per annum from the
date hereof, September 30, 1999 until paid.  In any event, this note
will mature on September 29, 2029.

This Surplus Note and accrued interest thereon shall be subordinate to
payments due to policyholders, claimant and beneficiary claims, as well
as debts owed to all other classes of debtors, other than surplus note
holders, of Golden American Life Insurance Company in the event of (a)
the institution of bankruptcy, reorganization, insolvency or
liquidation proceedings by or against Golden American Life Insurance
Company, or (b) the appointment of a Trustee, receiver or other
Conservator for a substantial part of Golden American Life Insurance
Company properties.

Any payments made shall first apply to accrued interest, and the
balance of such payment shall apply to reduce the principal of this
Note.

Any payment of principal and/or interest made shall be subject to the
prior approval of the Delaware Insurance Commissioner.  If the
Commissioner has not approved payment of principal to retire the note
prior to its maturity date, the maturity date will be automatically
extended until such time as the Commissioner authorizes payment of the
final balance of principal.

Golden American Life Insurance Company hereby waives presentment and
notice of dishonor.

In witness whereof, Golden American Life Insurance Company has caused
this Note to be executed and delivered.

                                GOLDEN AMERICAN LIFE INSURANCE COMPANY

                                By: /s/ Stephen J. Preston
                                   --------------------------------
                                     Stephen J. Preston, Executive
                                         Vice President

Attest by:

/s/ David L. Jacobson
--------------------------
David L. Jacobson
Senior Vice President and
    Assistant Secretary
<PAGE><PAGE>
                                                 EXHIBIT 10(i)

               GOLDEN AMERICAN LIFE INSURANCE COMPANY
                            SURPLUS NOTE

Golden American Life Insurance Company agrees to pay First Columbine
Life Insurance Company a Colorado corporation, the sum of $35 million
($35,000,000.00) plus interest at the rate of 7.979% per annum from
the date hereof, December 8, 1999 until paid.  In any event, this
note will mature on December 7, 2029.

This Surplus Note and accrued interest thereon shall be subordinate
to payments due to policyholders, claimant and beneficiary claims, as
well as debts owed to all other classes of debtors, other than
surplus note holders, of Golden American Life Insurance Company in
the event of (a) the institution of bankruptcy, reorganization,
insolvency or liquidation proceedings by or against Golden American
Life Insurance Company, or (b) the appointment of a Trustee, receiver
or other Conservator for a substantial part of Golden American Life
Insurance Company properties.

Any payments made shall first apply to accrued interest, and the
balance of such payment shall apply to reduce the principal of this
Note.

Any payment of principal and/or interest made shall be subject to the
prior approval of the Delaware Insurance Commissioner.  If the
Commissioner has not approved payment of principal to retire the note
prior to its maturity date, the maturity date will be automatically
extended until such time as the Commissioner authorizes payment of
the final balance of principal.

Golden American Life Insurance Company hereby waives presentment and
notice of dishonor.

In witness whereof, Golden American Life Insurance Company has caused
this Note to be executed and delivered.

                              GOLDEN AMERICAN LIFE INSURANCE COMPANY

                              By: /s/ David L. Jacobson
                                  --------------------------------
                                  David L. Jacobson, Senior Vice
                                  President and Assistant Secretary

Attest by:

/s/ Myles R. Tashman
------------------------
Myles R. Tashman
Executive Vice President and Secretary

<PAGE><PAGE>
                                                 EXHIBIT 10(j)

               GOLDEN AMERICAN LIFE INSURANCE COMPANY
                            SURPLUS NOTE

Golden American Life Insurance Company agrees to pay Equitable Life
Insurance Company of Iowa, an Iowa corporation, the sum of $50
million ($50,000,000.00) plus interest at the rate of 8.179% per
annum from the date hereof, December 30, 1999 until paid.  In any
event, this note will mature on December 29, 2029.

This Surplus Note and accrued interest thereon shall be subordinate
to payments due to policyholders, claimant and beneficiary claims, as
well as debts owed to all other classes of debtors, other than
surplus note holders, of Golden American Life Insurance Company in
the event of (a) the institution of bankruptcy, reorganization,
insolvency or liquidation proceedings by or against Golden American
Life Insurance Company, or (b) the appointment of a Trustee, receiver
or other Conservator for a substantial part of Golden American Life
Insurance Company properties.

Any payments made shall first apply to accrued interest, and the
balance of such payment shall apply to reduce the principal of this
Note.

Any payment of principal and/or interest made shall be subject to the
prior approval of the Delaware Insurance Commissioner.  If the
Commissioner has not approved payment of principal to retire the note
prior to its maturity date, the maturity date will be automatically
extended until such time as the Commissioner authorizes payment of
the final balance of principal.

Golden American Life Insurance Company hereby waives presentment and
notice of dishonor.

In witness whereof, Golden American Life Insurance Company has caused
this Note to be executed and delivered.

                              GOLDEN AMERICAN LIFE INSURANCE COMPANY

                              By:  /s/ David L. Jacobson
                                   ---------------------------------
                                   David L. Jacobson, Senior Vice
                                   President and Assistant Secretary

Attest by:

/s/ Marilyn Talman
-----------------------
Marilyn Talman
Vice President and Assistant Secretary
<PAGE>STOCK OPTION AGREEMENT

                  STOCK OPTION AGREEMENT, dated as of June 27, 2000, between
QUEENS COUNTY BANCORP, INC., a Delaware corporation ("Grantee"), and HAVEN
BANCORP, INC., a Delaware corporation ("Issuer").

                              W I T N E S S E T H:

                  WHEREAS, Grantee and Issuer are entering into an Agreement and
Plan of Merger (the "Merger Agreement");

                  WHEREAS, as a condition and an inducement to Grantee's
entering into the Merger Agreement, Issuer has agreed to grant Grantee the
Option (as hereinafter defined) on the terms and conditions set forth in this
Agreement; and

                  WHEREAS, the Board of Directors of Issuer has approved the
grant of the Option and the Merger Agreement prior to the date hereof;

                  NOW, THEREFORE, in consideration of the foregoing and the
mutual covenants and agreements set forth herein and in the Merger Agreement,
the parties hereto agree as follows:

                  1. (a) Issuer hereby grants to Grantee an irrevocable option
(the "Option") to purchase, subject to the terms hereof, up to an aggregate of
1,800,000 fully paid and nonassessable shares of the common stock, par value
$0.01 per share, of Issuer ("Common Stock") at a price per share equal to the
last reported sale price per share of Common Stock as reported on the National
Association of Securities Dealers Composite Transactions Tape on June 28, 2000;
PROVIDED, HOWEVER, that in the event Issuer issues or agrees to issue any shares
of Common Stock (other than shares of Common Stock issued pursuant to stock
options granted pursuant to any employee benefit plan prior to the date hereof)
at a price less than such average price per share (as adjusted pursuant to
subsection (b) of Section 5), the price shall be equal to such lesser price
(such price, as adjusted if applicable, the "Option Price"); PROVIDED, FURTHER,
that in no event shall the number of shares for which this Option is exercisable
exceed 19.9% of the issued and outstanding shares of Common Stock. The number of
shares of Common Stock that may be received upon the exercise of the Option and
the Option Price are subject to adjustment as herein set forth.

                  (b) In the event that any additional shares of Common Stock
are issued or otherwise become outstanding after the date of this Agreement
(other than pursuant to this Agreement and other than pursuant to an event
described in Section 5(a) hereof), the number of shares of Common Stock subject
to the Option shall be increased so that, after such issuance, such number
together with any shares of Common Stock previously issued pursuant hereto,
equals 19.9%

<PAGE>

of the number of shares of Common Stock then issued and outstanding without
giving effect to any shares subject or issued pursuant to the Option. Nothing
contained in this Section l(b) or elsewhere in this Agreement shall be deemed to
authorize Issuer to issue shares in breach of any provision of the Merger
Agreement.

                  2. (a) The Holder (as hereinafter defined) may exercise the
Option, in whole or part, if, but only if, both an Initial Triggering Event (as
hereinafter defined) and a Subsequent Triggering Event (as hereinafter defined)
shall have occurred prior to the occurrence of an Exercise Termination Event (as
hereinafter defined), PROVIDED that the Holder shall have sent the written
notice of such exercise (as provided in subsection (e) of this Section 2) within
six (6) months following such Subsequent Triggering Event (or such later period
as provided in Section 10). Each of the following shall be an Exercise
Termination Event: (i) the Effective Time of the Merger; (ii) termination of the
Merger Agreement in accordance with the provisions thereof if such termination
occurs prior to the occurrence of an Initial Triggering Event except a
termination by Grantee pursuant to Section 6.1(b)(ii) of the Merger Agreement, a
"Listed Termination"); or (iii) the passage of twelve (12) months (or such
longer period as provided in Section 10) after termination of the Merger
Agreement if such termination follows the occurrence of an Initial Triggering
Event or is a Listed Termination. The term "Holder" shall mean the holder or
holders of the Option.

                  (b) The term "Initial Triggering Event" shall mean any of the
following events or transactions occurring on or after the date hereof:

            (i) Issuer or any subsidiary or group of subsidiaries that is, or
      would on an aggregate basis constitute, a Significant Subsidiary (as
      defined in Rule 1-02 of Regulation S-X promulgated by the Securities and
      Exchange Commission (the "SEC")) (each such subsidiary or group of
      subsidiaries, an "Issuer Subsidiary"), without having received Grantee's
      prior written consent, shall have entered into an agreement to engage in
      an Acquisition Transaction (as hereinafter defined) with any person (the
      term "person" for purposes of this Agreement having the meaning assigned
      thereto in Sections 3(a)(9) and 13(d)(3) of the Securities Exchange Act of
      1934, as amended (the "1934 Act"), and the rules and regulations
      thereunder) other than Grantee or any of its Subsidiaries (each a "Grantee
      Subsidiary") or the Board of Directors of Issuer (the "Issuer Board")
      shall have recommended that the shareholders of Issuer approve or accept
      any Acquisition Transaction other than as contemplated by the Merger
      Agreement. For purposes of this Agreement, (a) "Acquisition Transaction"
      shall mean (x) a merger or consolidation, or any similar transaction,
      involving Issuer or any Issuer Subsidiary (other than mergers,
      consolidations or similar transactions involving solely Issuer and/or one
      or more wholly-owned Subsidiaries of the Issuer, PROVIDED, any such
      transaction is not entered into in violation of the terms of the Merger
      Agreement), (y) a purchase, lease or other acquisition of all or any
      substantial part of the assets or deposits of Issuer or any Issuer
      Subsidiary (except for any supermarket branches and related deposits of
      the Issuer located in New Jersey or Connecticut), or (z) a purchase or
      other acquisition (including by way of merger, consolidation, share
      exchange or otherwise) of securities representing 10% or more of the
      voting power of

                                       -2-

<PAGE>

      Issuer or any Issuer Subsidiary and (b) "Subsidiary" shall have the
      meaning set forth in Rule 12b-2 under the 1934 Act;

            (ii) Any person other than the Grantee or any Grantee Subsidiary
      shall have acquired beneficial ownership or the right to acquire
      beneficial ownership of 10% or more of the outstanding shares of Common
      Stock (the term "beneficial ownership" for purposes of this Agreement
      having the meaning assigned thereto in Section 13(d) of the 1934 Act, and
      the rules and regulations thereunder);

            (iii) The shareholders of Issuer shall have voted and failed to
      approve the Merger Agreement and the Merger at a meeting which has been
      held for that purpose or any adjournment or postponement thereof, or such
      meeting shall not have been held in violation of the Merger Agreement or
      shall have been canceled prior to termination of the Merger Agreement if,
      prior to such meeting (or if such meeting shall not have been held or
      shall have been canceled, prior to such termination), it shall have been
      publicly announced that any person (other than Grantee or any of its
      Subsidiaries) shall have made, or disclosed an intention to make, a bona
      fide proposal to engage in an Acquisition Transaction;

            (iv) The Issuer Board shall have withdrawn or modified (or publicly
      announced its intention to withdraw or modify) in any manner adverse in
      any respect to Grantee its recommendation that the shareholders of Issuer
      approve the transactions contemplated by the Merger Agreement after it
      shall have been publicly announced that any person (other than Grantee or
      any of its Subsidiaries) shall have made, or disclosed an intention to
      make, a bona fide proposal to engage in an Acquisition Transaction, or
      Issuer or any Issuer Subsidiary shall have authorized, recommended,
      proposed (or publicly announced its intention to authorize, recommend or
      propose) an agreement to engage in an Acquisition Transaction with any
      person other than Grantee or a Grantee Subsidiary;

            (v) Any person other than Grantee or any Grantee Subsidiary shall
      have made a bona fide proposal to Issuer or its shareholders to engage in
      an Acquisition Transaction and such proposal shall have been publicly
      announced; or

            (vi) Any person other than Grantee or any Grantee Subsidiary shall
      have filed with the SEC a registration statement or tender offer materials
      with respect to a potential exchange or tender offer that would constitute
      an Acquisition Transaction (or filed a preliminary proxy statement with
      the SEC with respect to a potential vote by its shareholders to approve
      the issuance of shares to be offered in such an exchange offer).

            (c) The term "Subsequent Triggering Event" shall mean any of the
following events or transactions occurring after the date hereof:

                                       -3-

<PAGE>

            (i) The acquisition by any person (other than Grantee or any Grantee
      Subsidiary) of beneficial ownership of 25% or more of the then outstanding
      Common Stock; or

            (ii) The occurrence of the Initial Triggering Event described in
      clause (i) of subsection (b) of this Section 2, except that the percentage
      referred to in clause (z) of the second sentence thereof shall be 25%.

            (d) Issuer shall notify Grantee promptly in writing of the
occurrence of any Initial Triggering Event or Subsequent Triggering Event
(together, a "Triggering Event"), it being understood that the giving of such
notice by Issuer shall not be a condition to the right of the Holder to exercise
the Option.

            (e) In the event the Holder is entitled to and wishes to exercise
the Option (or any portion thereof), it shall send to Issuer a written notice
(the date of which being herein referred to as the "Notice Date") specifying (i)
the total number of shares it will purchase pursuant to such exercise and (ii) a
place and date not earlier than three business days nor later than 60 business
days from the Notice Date for the closing of such purchase (the "Closing Date");
PROVIDED, that if prior notification to or approval of the Office of Thrift
Supervision (the "OTS"), Board of Governors of the Federal Reserve System (the
"Federal Reserve Board") or any other regulatory or antitrust agency is required
in connection with such purchase, the Holder shall promptly file the required
notice or application for approval, shall promptly notify Issuer of such filing,
and shall expeditiously process the same and the period of time that otherwise
would run pursuant to this sentence shall run instead from the date on which any
required notification periods have expired or been terminated or such approvals
have been obtained and any requisite waiting period or periods shall have
passed. Any exercise of the Option shall be deemed to occur on the Notice Date
relating thereto.

            (f) At the closing referred to in subsection (e) of this Section 2,
the Holder shall (i) pay to Issuer the aggregate purchase price for the shares
of Common Stock purchased pursuant to the exercise of the Option in immediately
available funds by wire transfer to a bank account designated by Issuer and (ii)
present and surrender this Agreement to Issuer at its principal executive
offices, PROVIDED that the failure or refusal of the Issuer to designate such a
bank account or accept surrender of this Agreement shall not preclude the Holder
from exercising the Option.

            (g) At such closing, simultaneously with the delivery of immediately
available funds as provided in subsection (f) of this Section 2, Issuer shall
deliver to the Holder a certificate or certificates representing the number of
shares of Common Stock purchased by the Holder and, if the Option should be
exercised in part only, a new Option evidencing the rights of the Holder thereof
to purchase the balance of the shares purchasable hereunder.

            (h) Certificates for Common Stock delivered at a closing hereunder
shall be endorsed with a restrictive legend that shall read substantially as
follows:

                                       -4-

<PAGE>

            "The transfer of the shares represented by this certificate is
      subject to certain provisions of an agreement, dated as of June 27, 2000,
      between the registered holder hereof and Issuer and to resale restrictions
      arising under the Securities Act of 1933, as amended. A copy of such
      agreement is on file at the principal office of Issuer and will be
      provided to the holder hereof without charge upon receipt by Issuer of a
      written request therefor."

It is understood and agreed that: (i) the reference to the resale restrictions
of the Securities Act of 1933, as amended (the "1933 Act") in the above legend
shall be removed by delivery of substitute certificate(s) without such reference
if the Holder shall have delivered to Issuer a copy of a letter from the staff
of the SEC, or an opinion of counsel, in form and substance reasonably
satisfactory to Issuer, to the effect that such legend is not required for
purposes of the 1933 Act; (ii) the reference to the provisions of this Agreement
in the above legend shall be removed by delivery of substitute certificate(s)
without such reference if the shares have been sold or transferred in compliance
with the provisions of this Agreement and under circumstances that do not
require the retention of such reference in the opinion of counsel to the Holder;
and (iii) the legend shall be removed in its entirety if the conditions in the
preceding clauses (i) and (ii) are both satisfied. In addition, such
certificates shall bear any other legend as may be required by law.

            (i) Upon the giving by the Holder to Issuer of the written notice of
exercise of the Option provided for under subsection (e) of this Section 2 and
the tender of the applicable purchase price in immediately available funds, the
Holder shall be deemed to be the holder of record of the shares of Common Stock
issuable upon such exercise, notwithstanding that the stock transfer books of
Issuer shall then be closed or that certificates representing such shares of
Common Stock shall not then be actually delivered to the Holder. Issuer shall
pay all expenses, and any and all United States federal, state and local taxes
and other charges that may be payable in connection with the preparation, issue
and delivery of stock certificates under this Section 2 in the name of the
Holder or its assignee, transferee or designee.

            3. Issuer agrees: (i) that it shall at all times maintain, free from
preemptive rights, sufficient authorized but unissued or treasury shares of
Common Stock so that the Option may be exercised without additional
authorization of Common Stock after giving effect to all other options,
warrants, convertible securities and other rights to purchase Common Stock; (ii)
that it will not, by charter amendment or through reorganization, consolidation,
merger, dissolution or sale of assets, or by any other voluntary act, avoid or
seek to avoid the observance or performance of any of the covenants,
stipulations or conditions to be observed or performed hereunder by Issuer;
(iii) promptly to take all action as may from time to time be required
(including (x) complying with all applicable premerger notification, reporting
and waiting period requirements specified in 15 U.S.C. Section 18a and
regulations promulgated thereunder and (y) in the event, under the Bank Holding
Company Act of 1956, as amended (the "BHCA"), Home Owners' Loan Act, as amended
("HOLA"), or the Change in Bank Control Act of 1978, as amended, or any state or
other federal banking law, prior approval of or notice to the OTS, the Federal
Reserve Board or to any state or other federal regulatory authority is necessary
before the Option may be exercised, cooperating fully with the

                                       -5-

<PAGE>

Holder in preparing such applications or notices and providing such information
to the OTS or the Federal Reserve Board or such state or other federal
regulatory authority as they may require) in order to permit the Holder to
exercise the Option and Issuer duly and effectively to issue shares of Common
Stock pursuant hereto; and (iv) promptly to take all action provided herein to
protect the rights of the Holder against dilution.

            4. This Agreement and the Option granted hereby are exchangeable,
without expense, at the option of the Holder, upon presentation and surrender of
this Agreement at the principal office of Issuer, for other Agreements providing
for Options of different denominations entitling the holder thereof to purchase,
on the same terms and subject to the same conditions as are set forth herein, in
the aggregate the same number of shares of Common Stock purchasable hereunder.
The terms "Agreement" and "Option" as used herein include any Agreements and
related Options for which this Agreement (and the Option granted hereby) may be
exchanged. Upon receipt by Issuer of evidence reasonably satisfactory to it of
the loss, theft, destruction or mutilation of this Agreement, and (in the case
of loss, theft or destruction) of reasonably satisfactory indemnification, and
upon surrender and cancellation of this Agreement, if mutilated, Issuer will
execute and deliver a new Agreement of like tenor and date. Any such new
Agreement executed and delivered shall constitute an additional contractual
obligation on the part of Issuer, whether or not the Agreement so lost, stolen,
destroyed or mutilated shall at any time be enforceable by anyone.

            5. In addition to the adjustment in the number of shares of Common
Stock that are purchasable upon exercise of the Option pursuant to Section 1 of
this Agreement, the number of shares of Common Stock purchasable upon the
exercise of the Option and the Option Price shall be subject to adjustment from
time to time as provided in this Section 5.

            (a) In the event of any change in, or distributions in respect of,
the Common Stock by reason of stock dividends, split-ups, mergers,
recapitalizations, combinations, subdivisions, conversions, exchanges of shares
or the like, the type and number of shares of Common Stock purchasable upon
exercise hereof shall be appropriately adjusted and proper provision shall be
made so that, in the event that any additional shares of Common Stock are to be
issued or otherwise become outstanding as a result of any such change (other
than pursuant to an exercise of the Option), the number of shares of Common
Stock that remain subject to the Option shall be increased so that, after such
issuance and together with shares of Common Stock previously issued pursuant to
the exercise of the Option (as adjusted on account of any of the foregoing
changes in the Common Stock), it equals 19.9% of the number of shares of Common
Stock then issued and outstanding.

            (b) Whenever the number of shares of Common Stock purchasable upon
exercise hereof is adjusted as provided in this Section 5, the Option Price
shall be adjusted by multiplying the Option Price by a fraction, the numerator
of which shall be equal to the number of shares of Common Stock purchasable
prior to the adjustment and the denominator of which shall be equal to the
number of shares of Common Stock purchasable after the adjustment.

                                       -6-

<PAGE>

            6. Upon the occurrence of a Subsequent Triggering Event that occurs
prior to an Exercise Termination Event, Issuer shall, at the request of Grantee
delivered within twelve (12) months (or such later period as provided in Section
10) of such Subsequent Triggering Event (whether on its own behalf or on behalf
of any subsequent holder of this Option (or part thereof) or any of the shares
of Common Stock issued pursuant hereto), promptly prepare, file and keep current
a registration statement under the 1933 Act covering any shares issued and
issuable pursuant to this Option and shall use its commercially reasonable
efforts to cause such registration statement to become effective and remain
current in order to permit the sale or other disposition of any shares of Common
Stock issued upon total or partial exercise of this Option ("Option Shares") in
accordance with any plan of disposition requested by Grantee. Issuer will use
its commercially reasonable efforts to cause such registration statement
promptly to become effective and then to remain effective for such period not in
excess of 180 days from the day such registration statement first becomes
effective or such shorter time as may be reasonably necessary to effect such
sales or other dispositions. Grantee shall have the right to demand two such
registrations. The Issuer shall bear the costs of such registrations (including,
but not limited to, Issuer's attorneys' fees, printing costs and filing fees,
except for underwriting discounts or commissions, brokers' fees and the fees and
disbursements of Grantee's counsel related thereto). The foregoing
notwithstanding, if, at the time of any request by Grantee for registration of
Option Shares as provided above, Issuer is in registration with respect to an
underwritten public offering by Issuer of shares of Common Stock, and if in the
good faith judgment of the managing underwriter or managing underwriters, or, if
none, the sole underwriter or underwriters, of such offering the offer and sale
of the Option Shares would interfere with the successful marketing of the shares
of Common Stock offered by Issuer, the number of Option Shares otherwise to be
covered in the registration statement contemplated hereby may be reduced;
PROVIDED, HOWEVER, that after any such required reduction the number of Option
Shares to be included in such offering for the account of the Holder shall
constitute at least 25% of the total number of shares to be sold by the Holder
and Issuer in the aggregate; and PROVIDED FURTHER, HOWEVER, that if such
reduction occurs, then Issuer shall file a registration statement for the
balance as promptly as practicable thereafter as to which no reduction pursuant
to this Section 6 shall be permitted or occur and the Holder shall thereafter be
entitled to one additional registration and the twelve (12) month period
referred to in the first sentence of this section shall be increased to twenty-
four (24) months. Each such Holder shall provide all information reasonably
requested by Issuer for inclusion in any registration statement to be filed
hereunder. If requested by any such Holder in connection with such registration,
Issuer shall become a party to any underwriting agreement relating to the sale
of such shares, but only to the extent of obligating itself in respect of
representations, warranties, indemnities and other agreements customarily
included in such underwriting agreements for Issuer. Upon receiving any request
under this Section 6 from any Holder, Issuer agrees to send a copy thereof to
any other person known to Issuer to be entitled to registration rights under
this Section 6, in each case by promptly mailing the same, postage prepaid, to
the address of record of the persons entitled to receive such copies.
Notwithstanding anything to the contrary contained herein, in no event shall the
number of registrations that Issuer is obligated to effect be increased by
reason of the fact that there shall be more than one Holder as a result of any
assignment or division of this Agreement.

                                       -7-

<PAGE>

            7. (a) At any time after the occurrence of a Repurchase Event (as
defined below) and prior to the date that is six (6) months immediately
thereafter (i) at the request of the Holder, delivered prior to an Exercise
Termination Event (or such later period as provided in Section 10), Issuer (or
any successor thereto) shall repurchase the Option from the Holder at a price
(the "Option Repurchase Price") equal to the amount by which (A) the
market/offer price (as defined below) exceeds (B) the Option Price, multiplied
by the number of shares for which this Option may then be exercised and (ii) at
the request of the owner of Option Shares from time to time (the "Owner"),
delivered prior to an Exercise Termination Event (or such later period as
provided in Section 10), Issuer (or any successor thereto) shall repurchase such
number of the Option Shares from the Owner as the Owner shall designate at a
price (the "Option Share Repurchase Price") equal to the market/offer price
multiplied by the number of Option Shares so designated. The term "market/offer
price" shall mean the highest of (i) the price per share of Common Stock at
which a tender or exchange offer therefor has been made, (ii) the price per
share of Common Stock to be paid by any third party pursuant to an agreement
with Issuer, (iii) the highest closing price for shares of Common Stock within
the one-month period immediately preceding the date the Holder gives notice of
the required repurchase of this Option or the Owner gives notice of the required
repurchase of Option Shares, as the case may be, or (iv) in the event of a sale
of all or any substantial part of Issuer's assets or deposits, the sum of the
net price paid in such sale for such assets or deposits and the current market
value of the remaining net assets of Issuer as determined by a nationally
recognized investment banking firm selected by the Holder or the Owner, as the
case may be, and reasonably acceptable to Issuer, divided by the number of
shares of Common Stock of Issuer outstanding at the time of such sale. In
determining the market/offer price, the value of consideration other than cash
shall be determined by a nationally recognized investment banking firm selected
by the Holder or Owner, as the case may be, and reasonably acceptable to Issuer.

            (b) The Holder and the Owner, as the case may be, may exercise its
right to require Issuer to repurchase the Option and any Option Shares pursuant
to this Section 7 by surrendering for such purpose to Issuer, at its principal
office, a copy of this Agreement or certificates for Option Shares, as
applicable, accompanied by a written notice or notices stating that the Holder
or the Owner, as the case may be, elects to require Issuer to repurchase this
Option and/or the Option Shares in accordance with the provisions of this
Section 7. As promptly as practicable, and in any event within five business
days after the surrender of the Option and/or certificates representing Option
Shares and the receipt of such notice or notices relating thereto, Issuer shall
deliver or cause to be delivered to the Holder the Option Repurchase Price
and/or to the Owner the Option Share Repurchase Price therefor or the portion
thereof that Issuer is not then prohibited under applicable law and regulation
from so delivering.

            (c) To the extent that Issuer is prohibited under applicable law or
regulation, or as a consequence of administrative policy, from repurchasing the
Option and/or the Option Shares in full, Issuer shall immediately so notify the
Holder and/or the Owner and thereafter deliver or cause to be delivered, from
time to time, to the Holder and/or the Owner, as appropriate, the portion of the
Option Repurchase Price and the Option Share Repurchase Price, respectively,
that it is no longer

                                       -8-

<PAGE>

prohibited from delivering, within five business days after the date on which
Issuer is no longer so prohibited; PROVIDED, HOWEVER, that if Issuer at any time
after delivery of a notice of repurchase pursuant to paragraph (b) of this
Section 7 is prohibited under applicable law or regulation, or as a consequence
of administrative policy, from delivering to the Holder and/or the Owner, as
appropriate, the Option Repurchase Price and the Option Share Repurchase Price,
respectively, in full (and Issuer hereby undertakes to use its best efforts to
obtain (and to take all action necessary to obtain) all required regulatory and
legal approvals and to file any required notices as promptly as practicable in
order to accomplish such repurchase), the Holder or Owner may revoke its notice
of repurchase of the Option and/or the Option Shares whether in whole or to the
extent of the prohibition, whereupon, in the latter case, Issuer shall promptly
(i) deliver to the Holder and/or the Owner, as appropriate, that portion of the
Option Repurchase Price and/or the Option Share Repurchase Price that Issuer is
not prohibited from delivering; and (ii) deliver, as appropriate, either (A) to
the Holder, a new Agreement evidencing the right of the Holder to purchase that
number of shares of Common Stock obtained by multiplying the number of shares of
Common Stock for which the surrendered Agreement was exercisable at the time of
delivery of the notice of repurchase by a fraction, the numerator of which is
the Option Repurchase Price less the portion thereof theretofore delivered to
the Holder and the denominator of which is the Option Repurchase Price, and/or
(B) to the Owner, a certificate for the Option Shares it is then so prohibited
from repurchasing. If an Exercise Termination Event shall have occurred prior to
the date of the notice by Issuer described in the first sentence of this
subsection (c), or shall be scheduled to occur at any time before the expiration
of a period ending on the thirtieth day after such date, the Holder shall
nonetheless have the right to exercise the Option until the expiration of such
30-day period.

            (d) For purposes of this Section 7, a "Repurchase Event" shall be
deemed to have occurred upon the occurrence of any of the following events or
transactions after the date hereof:

            (i) the acquisition by any person (other than Grantee or any Grantee
      Subsidiary) of beneficial ownership of 50% or more of the then outstanding
      Common Stock; or

            (ii) the consummation of any Acquisition Transaction described in
      Section 2(b)(i) hereof, except that the percentage referred to in clause
      (z) shall be 50%.

            8. (a) In the event ("Substitute Option Repurchase Event") that
prior to an Exercise Termination Event, Issuer shall enter into an agreement (i)
to consolidate with or merge into any person, other than Grantee or a Grantee
Subsidiary, or engage in a plan of exchange with any person, other than Grantee
or a Grantee Subsidiary and Issuer shall not be the continuing or surviving
corporation of such consolidation or merger or the acquirer in such plan of
exchange, (ii) to permit any person, other than Grantee or a Grantee Subsidiary,
to merge into Issuer or be acquired by Issuer in a plan of exchange and Issuer
shall be the continuing or surviving or acquiring corporation, but, in
connection with such merger or plan of exchange, the then outstanding shares of
Common Stock shall be changed into or exchanged for stock or other securities of
any other person or cash or any other property or the then outstanding shares of
Common Stock shall after such merger or plan of

                                       -9-

<PAGE>

exchange represent less than 50% of the outstanding shares and share equivalents
of the merged or acquiring company, or (iii) to sell or otherwise transfer all
or a substantial part of its or any Issuer Subsidiary's assets or deposits to
any person, other than Grantee or a Grantee Subsidiary, then, and in each such
case, the agreement governing such transaction shall make proper provision so
that the Option shall, upon the consummation of any such transaction and upon
the terms and conditions set forth herein, be converted into, or exchanged for,
an option (the "Substitute Option"), at the election of the Holder, of either
(x) the Acquiring Corporation (as hereinafter defined) or (y) any person that
controls the Acquiring Corporation.

            (b)   The following terms have the meanings indicated:

            (i) "Acquiring Corporation" shall mean (i) the continuing or
      surviving person of a consolidation or merger with Issuer (if other than
      Issuer), (ii) the acquiring person in a plan of exchange in which Issuer
      is acquired, (iii) the Issuer in a merger or plan of exchange in which
      Issuer is the continuing or surviving or acquiring person, and (iv) the
      transferee of all or a substantial part of Issuer's assets or deposits (or
      the assets or deposits of any Issuer Subsidiary).

            (ii) "Substitute Common Stock" shall mean the common stock issued by
      the issuer of the Substitute Option upon exercise of the Substitute
      Option.

            (iii) "Assigned Value" shall mean the market/offer price, as defined
in Section 7.

            (iv) "Average Price" shall mean the average closing price of a share
      of the Substitute Common Stock for one year immediately preceding the
      consolidation, merger or sale in question, but in no event higher than the
      closing price of the shares of Substitute Common Stock on the day
      preceding such consolidation, merger or sale; PROVIDED that if Issuer is
      the issuer of the Substitute Option, the Average Price shall be computed
      with respect to a share of common stock issued by the person merging into
      Issuer or by any company which controls or is controlled by such person,
      as the Holder may elect.

            (c) Subject to paragraph (d) of this Section 8, the Substitute
Option shall have the same terms as the Option, PROVIDED that if the terms of
the Substitute Option cannot, for legal reasons, be the same as the Option, such
terms shall be as similar as possible and in no event less advantageous to the
Holder. The issuer of the Substitute Option shall also enter into an agreement
with the then Holder or Holders of the Substitute Option in substantially the
same form as this Agreement (after giving effect for such purpose to the
provisions of Section 9), which agreement shall be applicable to the Substitute
Option.

            (d) The Substitute Option shall be exercisable for such number of
shares of Substitute Common Stock as is equal to the Assigned Value multiplied
by the number of shares of Common Stock for which the Option was exercisable
immediately prior to the event described in the first sentence of Section 8(a),
divided by the Average Price. The exercise price of the Substitute Option

                                      -10-

<PAGE>

per share of Substitute Common Stock shall then be equal to the Option Price
multiplied by a fraction, the numerator of which shall be the number of shares
of Common Stock for which the Option was exercisable immediately prior to the
event described in the first sentence of Section 8(a) and the denominator of
which shall be the number of shares of Substitute Common Stock for which the
Substitute Option is exercisable.

            (e) In no event, pursuant to any of the foregoing paragraphs, shall
the Substitute Option be exercisable for more than 19.9% of the shares of
Substitute Common Stock outstanding prior to exercise of the Substitute Option.
In the event that the Substitute Option would be exercisable for more than 19.9%
of the shares of Substitute Common Stock outstanding prior to exercise but for
this clause (e), the issuer of the Substitute Option (the "Substitute Option
Issuer") shall make a cash payment to Holder equal to the excess of (i) the
value of the Substitute Option without giving effect to the limitation in this
clause (e) over (ii) the value of the Substitute Option after giving effect to
the limitation in this clause (e). This difference in value shall be determined
by a nationally recognized investment banking firm selected by the Holder.

            (f) Issuer shall not enter into any transaction described in
subsection (a) of this Section 8 unless the Acquiring Corporation and any person
that controls the Acquiring Corporation assume in writing all the obligations of
Issuer hereunder.

            9. (a) At the request of the holder of the Substitute Option (the
"Substitute Option Holder") occurring after a Substitute Option Repurchase Event
and prior to the date that is six (6) months thereafter, the issuer of the
Substitute Option (the "Substitute Option Issuer") shall repurchase the
Substitute Option from the Substitute Option Holder at a price (the "Substitute
Option Repurchase Price") equal to the amount by which (i) the Highest Closing
Price (as hereinafter defined) exceeds (ii) the exercise price of the Substitute
Option, multiplied by the number of shares of Substitute Common Stock for which
the Substitute Option may then be exercised, and at the request of the owner
(the "Substitute Share Owner") of shares of Substitute Common Stock (the
"Substitute Shares"), the Substitute Option Issuer shall repurchase the
Substitute Shares at a price (the "Substitute Share Repurchase Price") equal to
the Highest Closing Price multiplied by the number of Substitute Shares so
designated. The term "Highest Closing Price" shall mean the highest closing
price for shares of Substitute Common Stock within the one-month period
immediately preceding the date the Substitute Option Holder gives notice of the
required repurchase of the Substitute Option or the Substitute Share Owner gives
notice of the required repurchase of the Substitute Shares, as applicable.

            (b) The Substitute Option Holder and the Substitute Share Owner, as
the case may be, may exercise its respective rights to require the Substitute
Option Issuer to repurchase the Substitute Option and the Substitute Shares
pursuant to this Section 9 by surrendering for such purpose to the Substitute
Option Issuer, at its principal office, the agreement for such Substitute Option
(or, in the absence of such an agreement, a copy of this Agreement) and/or
certificates for Substitute Shares accompanied by a written notice or notices
stating that the Substitute Option Holder or the Substitute

                                      -11-

<PAGE>

Share Owner, as the case may be, elects to require the Substitute Option Issuer
to repurchase the Substitute Option and/or the Substitute Shares in accordance
with the provisions of this Section 9. As promptly as practicable and in any
event within five business days after the surrender of the Substitute Option
and/or certificates representing Substitute Shares and the receipt of such
notice or notices relating thereto, the Substitute Option Issuer shall deliver
or cause to be delivered to the Substitute Option Holder the Substitute Option
Repurchase Price and/or to the Substitute Share Owner the Substitute Share
Repurchase Price therefor or the portion thereof which the Substitute Option
Issuer is not then prohibited under applicable law and regulation from so
delivering.

            (c) To the extent that the Substitute Option Issuer is prohibited
under applicable law or regulation, or as a consequence of administrative
policy, from repurchasing the Substitute Option and/or the Substitute Shares in
part or in full, the Substitute Option Issuer shall immediately so notify the
Substitute Option Holder and/or the Substitute Share Owner and thereafter
deliver or cause to be delivered, from time to time, to the Substitute Option
Holder and/or the Substitute Share Owner, as appropriate, the portion of the
Substitute Option Repurchase Price and/or the Substitute Share Repurchase Price,
respectively, which it is no longer prohibited from delivering, within ten (10)
business days after the date on which the Substitute Option Issuer is no longer
so prohibited; PROVIDED, HOWEVER, that if the Substitute Option Issuer is at any
time after delivery of a notice of repurchase pursuant to subsection (b) of this
Section 9 prohibited under applicable law or regulation, or as a consequence of
administrative policy, from delivering to the Substitute Option Holder and/or
the Substitute Share Owner, as appropriate, the Substitute Option Repurchase
Price and the Substitute Share Repurchase Price, respectively, in full (and the
Substitute Option Issuer shall use its best efforts to receive (and to take all
action necessary to receive) all required regulatory and legal approvals as
promptly as practicable in order to accomplish such repurchase), the Substitute
Option Holder and/or Substitute Share Owner may revoke its notice of repurchase
of the Substitute Option or the Substitute Shares either in whole or to the
extent of prohibition, whereupon, in the latter case, the Substitute Option
Issuer shall promptly (i) deliver to the Substitute Option Holder or Substitute
Share Owner, as appropriate, that portion of the Substitute Option Repurchase
Price or the Substitute Share Repurchase Price that the Substitute Option Issuer
is not prohibited from delivering; and (ii) deliver, as appropriate, either (A)
to the Substitute Option Holder, a new Substitute Option evidencing the right of
the Substitute Option Holder to purchase that number of shares of the Substitute
Common Stock obtained by multiplying the number of shares of the Substitute
Common Stock for which the surrendered Substitute Option was exercisable at the
time of delivery of the notice of repurchase by a fraction, the numerator of
which is the Substitute Option Repurchase Price less the portion thereof
theretofore delivered to the Substitute Option Holder and the denominator of
which is the Substitute Option Repurchase Price, and/or (B) to the Substitute
Share Owner, a certificate for the Substitute Option Shares it is then so
prohibited from repurchasing. If an Exercise Termination Event shall have
occurred prior to the date of the notice by the Substitute Option Issuer
described in the first sentence of this subsection (c), or shall be scheduled to
occur at any time before the expiration of a period ending on the thirtieth day
after such date, the Substitute Option Holder shall nevertheless have the right
to exercise the Substitute Option until the expiration of such 30-day period.

                                      -12-

<PAGE>

            10. The 30-day, 6-month, 12-month, 18-month or 24-month periods for
exercise of certain rights under Sections 2, 6, 7, 9, 12 and 14 shall be
extended: (i) to the extent necessary to obtain all regulatory approvals for the
exercise of such rights (for so long as the Holder, Owner, Substitute Option
Holder or Substitute Share Owner, as the case may be, is using commercially
reasonable efforts to obtain such regulatory approvals), and for the expiration
of all statutory waiting periods; and (ii) to the extent necessary to avoid
liability under Section 16(b) of the 1934 Act by reason of such exercise.

            11.   Issuer hereby represents and warrants to Grantee as follows:

            (a) Issuer has full corporate power and authority to execute and
deliver this Agreement and to consummate the transactions contemplated hereby.
The execution and delivery of this Agreement and the consummation of the
transactions contemplated hereby have been duly and validly authorized by the
Issuer Board prior to the date hereof and no other corporate proceedings on the
part of Issuer are necessary to authorize this Agreement or to consummate the
transactions so contemplated. This Agreement has been duly and validly executed
and delivered by Issuer.

            (b) Issuer has taken all necessary corporate action to authorize and
reserve and to permit it to issue, and at all times from the date hereof through
the termination of this Agreement in accordance with its terms will have
reserved for issuance upon the exercise of the Option, that number of shares of
Common Stock equal to the maximum number of shares of Common Stock at any time
and from time to time issuable hereunder, and all such shares, upon issuance
pursuant thereto, will be duly authorized, validly issued, fully paid,
nonassessable, and will be delivered free and clear of all claims, liens,
encumbrance and security interests and not subject to any preemptive rights.

            12. Neither of the parties hereto may assign any of its rights or
obligations under this Agreement or the Option created hereunder to any other
person, without the express written consent of the other party, except that in
the event an Initial Triggering Event shall have occurred prior to an Exercise
Termination Event, Grantee, subject to the express provisions hereof, may assign
in whole or in part its rights and obligations hereunder; PROVIDED, HOWEVER,
that until the date 15 days following the date on which the OTS and Federal
Reserve Board has approved, to the extent required, an application by Grantee to
acquire the shares of Common Stock subject to the Option, Grantee may not assign
its rights under the Option except in (i) a widely dispersed public
distribution, (ii) a private placement in which no one party acquires the right
to purchase in excess of 2% of the voting shares of Issuer, (iii) an assignment
to a single party (E.G., a broker or investment banker) for the purpose of
conducting a widely dispersed public distribution on Grantee's behalf or (iv)
any other manner approved by the Federal Reserve Board.

            13. Each of Grantee and Issuer will use its commercially reasonable
efforts to make all filings with, and to obtain consents of, all third parties
and governmental authorities necessary to the consummation of the transactions
contemplated by this Agreement, including, without limitation,

                                      -13-

<PAGE>

applying to the Federal Reserve Board under the BHCA and the OTS under HOLA, to
the extent required, for approval to acquire the shares issuable hereunder, but
Grantee shall not be obligated to apply to state banking authorities for
approval to acquire the shares of Common Stock issuable hereunder until such
time, if ever, as it deems appropriate to do so.

            14. (a) Grantee may, at any time following a Repurchase Event and
prior to the occurrence of an Exercise Termination Event (or such later period
as provided in Section 10), relinquish the Option (together with any Option
Shares issued to and then owned by Grantee) to Issuer in exchange for a cash fee
equal to the Surrender Price; PROVIDED, HOWEVER, that Grantee may not exercise
its rights pursuant to this Section 14 if Issuer has repurchased the Option (or
any portion thereof) or any Option Shares pursuant to Section 7. The "Surrender
Price" shall be equal to $9,000,000 (i) plus, if applicable, Grantee's purchase
price with respect to any Option Shares purchased by Grantee hereunder and (ii)
minus, if applicable, the sum of (1) the excess of (A) the net cash amounts, if
any, received by Grantee pursuant to the arms' length sale of Option Shares (or
any other securities into which such Option Shares were converted or exchanged)
to any unaffiliated party, over (B) Grantee's purchase price of such Option
Shares, and (2) the net cash amounts, if any, received by Grantee pursuant to an
arms' length sale of any portion of the Option sold.

            (b) Grantee may exercise its right to relinquish the Option and any
Option Shares pursuant to this Section 14 by surrendering to Issuer, at its
principal office, a copy of this Agreement together with certificates for Option
Shares, if any, accompanied by a written notice stating (i) that Grantee elects
to relinquish the Option and Option Shares, if any, in accordance with the
provisions of this Section 14 and (ii) the Surrender Price. The Surrender Price
shall be payable in immediately available funds on or before the fifth business
day following receipt of such notice by Issuer.

            (c) To the extent that Issuer is prohibited under applicable law or
regulation, or as a consequence of administrative policy, from paying the
Surrender Price to Grantee in full, Issuer shall immediately so notify Grantee
and thereafter deliver or cause to be delivered, from time to time, to Grantee,
the portion of the Surrender Price that it is no longer prohibited from paying,
within ten (10) business days after the date on which Issuer is no longer so
prohibited; PROVIDED, HOWEVER, that if Issuer at any time after delivery of a
notice of surrender pursuant to paragraph (b) of this Section 14 is prohibited
under applicable law or regulation, or as a consequence of administrative
policy, from paying to Grantee the Surrender Price in full, (i) Issuer shall (A)
use its best efforts to obtain (and to take all action necessary to obtain) all
required regulatory and legal approvals and to file any required notices as
promptly as practicable in order to make such payments, (B) within five days of
the submission or receipt of any documents relating to any such regulatory and
legal approvals, provide Grantee with copies of the same, and (c) keep Grantee
advised of both the status of any such request for regulatory and legal
approvals, as well as any discussions with any relevant regulatory or other
third party reasonably related to the same and (ii) Grantee may revoke such
notice of surrender by delivery of a notice of revocation to Issuer and, upon
delivery of such notice of revocation, the Exercise Termination Date shall be
extended to a date six months from the date on which the Exercise Termination
Date would have occurred if not for the provisions of this Section

                                      -14-

<PAGE>

14(c) (during which period Grantee may exercise any of its rights hereunder,
including any and all rights pursuant to this Section 14).

            15. The parties hereto acknowledge that damages would be an
inadequate remedy for a breach of this Agreement by either party hereto and that
the obligations of the parties hereto shall be enforceable by either party
hereto through injunctive or other equitable relief. In connection therewith
both parties waive the posting of any bond or similar requirement.

            16. If any term, provision, covenant or restriction contained in
this Agreement is held by a court or a federal or state regulatory agency of
competent jurisdiction to be invalid, void or unenforceable, the remainder of
the terms, provisions and covenants and restrictions contained in this Agreement
shall remain in full force and effect, and shall in no way be affected, impaired
or invalidated. If for any reason such court or regulatory agency determines
that the Holder is not permitted to acquire, or Issuer is not permitted to
repurchase pursuant to Section 7, the full number of shares of Common Stock
provided in Section l(a) hereof (as adjusted pursuant to Section l(b) or Section
5 hereof), it is the express intention of Issuer to allow the Holder to acquire
or to require Issuer to repurchase such lesser number of shares as may be
permissible, without any amendment or modification hereof.

            17. All notices, requests, claims, demands and other communications
hereunder shall be deemed to have been duly given when delivered in person, by
fax, telecopy, or by registered or certified mail (postage prepaid, return
receipt requested) at the respective addresses of the parties set forth in the
Merger Agreement.

            18. This Agreement shall be governed by and construed in accordance
with the laws of the State of New York, without regard to the conflict of law
principles thereof (except to the extent that mandatory provisions of Federal
law are applicable).

            19. This Agreement may be executed in two or more counterparts, each
of which shall be deemed to be an original, but all of which shall constitute
one and the same agreement.

            20. Except as otherwise expressly provided herein, each of the
parties hereto shall bear and pay all costs and expenses incurred by it or on
its behalf in connection with the transactions contemplated hereunder, including
fees and expenses of its own financial consultants, investment bankers,
accountants and counsel.

            21. Except as otherwise expressly provided herein or in the Merger
Agreement, this Agreement contains the entire agreement between the parties with
respect to the transactions contemplated hereunder and supersedes all prior
arrangements or understandings with respect thereof, written or oral. The terms
and conditions of this Agreement shall inure to the benefit of and be binding
upon the parties hereto and their respective successors and permitted assignees.
Nothing in this Agreement, expressed or implied, is intended to confer upon any
party, other than the parties

                                      -15-

<PAGE>

hereto, and their respective successors except as assignees, any rights,
remedies, obligations or liabilities under or by reason of this Agreement,
except as expressly provided herein.

            22. Capitalized terms used in this Agreement and not defined herein
shall have the meanings assigned thereto in the Merger Agreement.

            IN WITNESS WHEREOF, each of the parties has caused this Agreement to
be executed on its behalf by its officers thereunto duly authorized, all as of
the date first above written.

                                       QUEENS COUNTY BANCORP, INC.

                                       By: /s/ Joseph R. Ficalora
                                           ------------------------------------
                                           Joseph R. Ficalora
                                           Chairman of the Board, President and
                                           Chief Executive Officer

                                       HAVEN BANCORP, INC.

                                       By: /s/ Philip S. Messina
                                           ------------------------------------
                                           Philip S. Messina
                                           Chairman of the Board
                                           and Chief Executive Officer

                                      -16-

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