Document:

ex10_24.htm

    
      

    

    Exhibit
10.24

     

    Lease of
Business Premises

     

    This
Lease, dated
the              day
of February, 2009

     

    
      
        
          
            	
                    Between

                  	 	
                    WALTER
      ZIMMERER & SON (732) 842-9595

                    P.O.
      Box O

                    157
      Broad Street, Suite #203

                    Red
      Bank, NJ 07701

                  
	 
      	 	 
      
	
                    Parties

                  	 	
                    herein
      referred to as the Landlord, and

                  
	 
      	 	 
      
	 
      	 	
                    BigString
      Corporation

                    3
      Harding Road, Suite E

                    Red
      Bank, NJ 07701

                  
	 
      	 	 
      
	 
      	 	
                    hereinafter
      referred to as Tenant,

                  
	 
      	 	 
      
	 
      	 	
                    WITNESSETH:  That
      the Landlord hereby demises and leases unto the Tenant, and the Tenant
      hereby hires and takes from the Landlord for the term and upon the rentals
      hereinafter specified, the premises described as follows, situated .in
      the Boro of Red Bank County of Monmouth and State of New
      Jersey

                  
	 
      	 	 
      
	
                    Premises

                  	 	
                    Being
      known as Suite 109, 1,426 square feet of office space on the first floor
      of the northwest side, together with the use in common with other tenants
      of lavatories, corridors and elevators, in the building known as 157 Broad
      Street, Red Bank, New Jersey.

                  
	 
      	 	 
      
	
                    Term

                  	 	
                    The
      term of this demise shall be for One Year, One
      Month*

                     

                    *Landlord
      shall have the premises at affable for occupancy on March 1, 2009 and
      there shall be no rent due until April 1, 2009.

                     

                     

                    Beginning
      March 1, 2009 and
      ending March 31,
      2010

                     

                    The
      rent for the demised terms shall be Twenty Seven Thousand Six Hundred and
      00/100 ($27,600.00)

                     

                    The
      said rent is to be payable monthly in advance on the first day of each
      calendar month for the term hereof, in installments as
      follows:

                  
	 
      	 	 
      
	
                    Payment
      of Rent

                  	 	
                    4/1/09-3/31/10=
      $2,300.00

                     

                    at
      the office of Walter Zimmerer & Son, P.O. Box O, Red Bank, NJ 07701
      or
      as may be otherwise directed by Landlord in writing.

                  
	 
      	 	 
      
	 
      	 	
                    THE
      ABOVE LETTING IS UPON THE FOLLOWING CONDITIONS:

                  
	
                    Peaceful
      Possession

                  	 	
                    First.
      – The Landlord covenants that the Tenant on paying the said rental
      and performing the covenants and conditions in this Lease contained, shall
      and may peaceably and quietly have, hold and enjoy the demised premises
      for the term aforesaid.

                  
	 
      	 	 
      
	
                    Purpose

                  	 	
                    Second.
      –  The Tenant covenants and agrees to use the demised premises
      as a

                     

                    General
      Office

                     

                    And
      agrees not to use or permit the premises to be used for any other purpose
      without the prior written consent of the landlord endorsed
      hereon.

                  
	 
      	 	 
      
	
                    Default
      in Pay-

                    ment
      of Rent

                  	 	
                    Third. – The Tenant shall,
      without any previous demand therefore, pay to the Landlord, or its agent,
      the said rent at the times and in the manner above provided.  In
      the event of the
non-

                  

          

        

      

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    

    
      
        
          	
                  Abandonment
      Of Premises

                   

                  Re-entry
      and Reletting by Landlord

                   

                  Tenant
      Liable for Deficiency

                   

                  Lien
      of Landlord to Secure Performance Attorney’s Fees

                	 	
                  payment
      of said rent, or any installment thereof, at the times and in the manner
      above provided, and if the same shall remain in default for ten days after
      becoming due, or if the Tenant shall be dispossessed for non-payment of
      rent, or if the leased premises shall be deserted or vacated, the Landlord
      or its agents shall have the right to and may enter the said premises as
      the agent of the Tenant, either by force or otherwise, without being
      liable for any prosecution or damages therefore, and may relet the
      premises as the agent of the Tenant, and receive the rent therefore, upon
      such terms as shall be satisfactory to the Landlord, and all rights of the
      Tenant to repossess the premises under this lease shall be
      forfeited.  Such re-entry by the Landlord shall not operate to
      release the Tenant from any rent to be paid or covenants to be performed
      hereunder during the full term of this lease.  For the purpose
      of reletting, the landlord shall be authorized to make such repairs or
      alterations in or to the leased premises as may be necessary to place the
      same in good order and condition.  The Tenant shall be liable to
      the Landlord for the cost of such repairs or alterations, and all expenses
      of such reletting.  If the sum realized or to be realized from
      the reletting is insufficient to satisfy the monthly or term rent provided
      in this lease, the Landlord, at its option, may require the Tenant to pay
      such deficiency month by month, or may hold the Tenant in advance for the
      entire deficiency to be realized during the term of the
      reletting.  The tenant shall not be entitled to any surplus
      accruing as a result of the reletting.  The Landlord is hereby
      granted a lien, in addition to any statutory lien or right to distrain
      that may exist on all personal property of the Tenant in or upon the
      demised premises, to secure payment of the rent and performance of the
      covenants and conditions of this lease.  The Landlord shall have
      the right as agent of the Tenant, to take possession of any furniture,
      fixtures or other personal property of the Tenant found in or about the
      premises, and sell the same at public or private sale and to apply the
      proceeds thereof to the payment of any monies becoming due under this
      lease, the Tenant hereby waiving the benefit of all laws exempting
      property from execution, levy and sale on distress or
      judgment.  The Tenant agrees to pay, as additional rent, all
      attorney’s fees and other expenses incurred by the Landlord in enforcing
      any of the obligations under this lease.

                
	 
      	 	 
      
	
                  Sub-letting
      and Assignment

                	 	
                  Fourth.
      – The Tenant shall not sub-let the demised premises nor any portion
      thereof, nor shall this lease be assigned by the Tenant without the prior
      written consent of the Landlord endorsed hereon.  If tenant
      needs to sublet, landlord must first be consulted and any sub-let will be
      considered only at current market rates.  Administrative costs
      and brokerage commission will he charged for re-letting by
      Landlord.

                
	 
      	 	 
      
	
                  Conditions
      of Premises,

                   

                   

                  Alterations
      and Improvements

                   

                   

                  Termination
      Inflammable Materials

                	 	
                  Fifth.
      – The Tenant has examined the demised premises, and accepts them in their
      present condition (except as otherwise expressly provided herein) and
      without any representations on the part of the Landlord or its agent as to
      the present or future condition of the said premises.  The
      Tenant shall keep the demised premises in good condition, and shall
      redecorate, paint and renovate the said premises as may be necessary to
      keep them in repair and good appearance.  The Tenant shall quit
      and surrender the premises at the end of the demised term in as good
      condition as the reasonable use thereof will permit.  The Tenant
      shall not make any alterations, additions, or improvements to said
      premises without the prior written consent of the Landlord.  All
      erections, alterations, additions and improvements, whether temporary or
      permanent in character, which may be made upon the premises either by the
      Landlord or the Tenant, except furniture or movable trade fixtures
      installed at the expense of the Tenant, shall be the property of the
      Landlord and shall remain upon and be surrendered with the premises as a
      part thereof at the termination of this Lease, without compensation to the
      Tenant.  The Tenant further agrees to keep said premises and all
      parts thereof in a clean and sanitary condition and free from trash,
      inflammable material and other objectionable matter.

                
	 
      	 	 
      
	
                  Mechanics’
      Liens

                	 	
                  Sixth.
      – In the event that any mechanics’ lien is filed against the premises as a
      result of alterations, additions or improvements made by the Tenant, the
      Landlord, at its option, after thirty days notice to Tenant, may terminate
      this least and may pay the said lien, without inquiring into the validity
      thereof, and the Tenant shall forthwith reimburse the Landlord the total
      expense incurred by the Landlord in discharging the said lien, as
      additional rent hereunder.

                
	 
      	 	 
      
	
                  Insurance

                	 	
                  Seventh.
      – Tenant  shall obtain, pay for, and keep in effect, for the
      benefit of the Landlord and the Tenant, Public Liability Insurance on the
      Rental space.  The insurance company must be acceptable to the
      Landlord, provided Landlord shall act reasonable in judging such company’s
      acceptability.  The coverage must be at least the minimum amount
      of $1,000,000.00 under this Lease.   Landlord shall be
      named as an additional insured on such policy.  All such
      policies shall state that the insurance company cannot cancel or refuse to
      renew without at least ten (10)
days

                

        

      

    

     

    
      
        
        

      

      
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                    written
      notice to the Landlord.  Tenant shall deliver a certificate of
      insurance to the Landlord, with proof of full payment of the first year’s
      premium prior to Landlord granting access to the premises to the
      Tenant.  Tenant shall deliver a renewal certificate of insurance
      to Landlord not less than 15 days before the expiration date of each
      policy.  Landlord and Tenant shall each obtain their own
      insurance for fire and other casualty as to that property in which that
      party has an insurable interest.

                  
	 
      	 	 
      
	
                    Glass

                  	 	
                    The
      Tenant agrees to replace at the Tenant’s expense any and all glass that
      may become broken in and on the demised premises.  Plate glass
      and mirrors, if any, shall be insured by the Tenant at their full
      insurable value in a company satisfactory to the
  Landlord.

                  
	 
      	 	 
      
	
                    Liability
      of Landlord

                  	 	
                    Eighth.
      – The Landlord shall not be responsible for the loss of or damage to
      property, or injury to persons, occurring in or about the demised
      premises, by reason of an existing or future condition, detect, matter or
      thing in said demised premises or the property of which the premises are a
      part, or for the acts, omissions or negligence of other persons or tenants
      in and about the said property.  The Tenant agrees to indemnify
      and save the Landlord harmless from all claims and liability for losses of
      or damage to property, or injuries to persons occurring in or about the
      demised premises.  The tenant at his own expense
      shall supply a business liability insurance certificate stating landlord
      as an additional insured to the landlord, with minimum liability coverage
      in the amount of $1,000.000.00.  All policies shall state
      that the insurance company cannot cancel or refuse to renew without at
      least 10 days written notice to the Landlord.

                  
	 
      	 	 
      
	
                    Services
      and Utilities

                  	 	
                    
                      Ninth.
      – Utilities and services furnished to the demised premises for the benefit
      of the Tenant shall be provided and paid for as follows:  water
      by the Landlord;
      electricity by the Tenant; heat by the
      Tenant; air
      conditioning by the Tenant, hot water by the
      Landlord;

                       

                      Tenants
      shall be responsible directly to the Landlord for their 38% share of the
      electrical usage from the Jersey Central Power & Light Co. (JCP&L)
      for Meter No. G28742896. Landlord shall
      keep the bill in their name and invoice Tenant on a monthly basis for
      their share.

                       

                      The
      Landlord shall not be liable for any interruption or delay in any of the
      above services for any reason.

                      It
      is understood that the trash is picked up each evening from a container
      provided by Landlord in designated area of parking lot.  Tenant
      shall deposit their office trash in said
      container.  *See paragraph #29.

                    

                  
	 
      	 	 
      
	
                    Right
      to 

                    Inspect
      and

                    Exhibit

                  	 	
                    Tenth.
      – The Landlord, or its agents, shall have the right to enter the demised
      premises at reasonable hours in the day or night, to examine the same, or
      to run telephone or other wires, or to make such repairs, additions or
      alterations as it shall deem necessary for the safety, preservation or
      restoration of the improvements, or for the safety or convenience of the
      occupants or users thereof (there being no obligation, however, on the
      part of the Landlord to make any such repairs, additions or alterations),
      or to exhibit the same to prospective purchasers and put upon the premises
      a suitable “For Sale” sign.  For three months prior to the
      expiration of the demised term, the Landlord, or its agents, may similarly
      exhibit the premises to prospective tenants, and may place the usual “To
      Let” signs thereon.

                  
	 
      	 	 
      
	
                    Damage
      by Fire,

                    Explosion
      the Elements or Otherwise

                  	 	
                    Eleventh.
      – In the event of the destruction demised premises or the building
      containing the said premises by fire, explosion, the elements or otherwise
      during the term hereby created, or previous thereto, or such partial
      destruction thereof as to render the premises wholly untenantable or unfit
      for occupancy, or shall the demised premises be so badly injured that the
      same cannot be repaired within ninety days from the happening of such
      injury, then and in such case the terms hereby created shall, at the
      option of the Landlord, cease and become null and void from the date of
      such damaged or destruction, and the Tenant shall immediately surrender
      said premises and all the Tenant’s interest therein to the Landlord, and
      shall pay rent only to the time of such surrender, in which event the
      Landlord may reenter and re-possess the premises thus discharge from this
      lease and may remove all parties therefrom.  Should the demised
      premises be rendered untenantable and unfit for occupancy, but yet be
      repairable within ninety days front the happening of said injury or while
      repairs are being made, but shall recommence immediately after said
      repairs shall be completed.  But if the premises shall be so
      slightly injured as not to be rendered untenantable and unfit for
      occupancy, then the Landlord agrees to repair the same
  with

                  

          

        

      

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    
      
        
          	 
      	 	
                  reasonable
      promptness and in that case the rent accrued and accruing shall not cease
      or determine.  The Tenant shall immediately notify the Landlord
      in case of fire or other damage to the premises.

                
	 
      	 	 
      
	
                  Observation

                  Of
      Laws,

                  Ordinances,
      Rules and Regulations

                	 	
                  Twelfth.
      – The Tenant agrees to observe and comply with all laws, ordinances, rules
      and regulations of the Federal, State, County and Municipal authorities
      applicable to the business to to be conducted by the Tenant in the demised
      premises.  The Tenant agrees not to do or permit anything to be
      done in said premises. or keep anything therein, which will increase the
      rate of fire insurance premiums on the improvements or any part thereof,
      or on property kept therein, or which will obstruct or interfere with the
      rights of other tenants, or conflict with the regulations of the Fire
      Department or with any insurance polices upon said improvements or any
      part thereof.  In the event of any increase in insurance
      premiums resulting from the Tenant’s occupancy of’ the premises, or from
      any act or omission on the part of the Tenant, the Tenant agrees to pay
      said increase in insurance premiums on the improvements or contents
      thereof as additional rent.

                
	 
      	 	 
      
	
                  Signs

                	 	
                  Thirteenth.
      – No sign, advertisement or notice shall be affixed to or placed upon any
      part of the demised premises by the Tenant, except in such manner, and of
      such size, design and color as shall be approved in advance in writing by
      the Landlord.

                
	 
      	 	 
      
	
                  Subordination
      of Mortgages and Deeds of Trust

                	 	
                  Fourteenth.
      – This lease is subject and is hereby subordinated to all present and
      future mortgages, deeds of trust and other encumbrances affecting the
      demised premises or the property of which the premises are a
      part.  The Tenant agrees to execute, at no expense to the
      Landlord, any any instrument which may be deemed necessary or desirable by
      the Landlord to further effect the subordination of this lease to any such
      mortgage, deed of trust or encumbrance.

                
	 
      	 	 
      
	
                  Sale
      of Premises

                	 	
                  Fifteenth.
      – In event of the sale by the Landlord of the demised premises, or the
      property of which said, premises are a part, the landlord or the purchaser
      may terminate this lease on the thirtieth day of April in any year upon
      giving the Tenant notice of such termination prior to the first day of
      January in the same year.

                
	 
      	 	 
      
	
                  Rules
      and Regulations of Landlord

                	 	
                  Sixteenth.
      – The rules and regulations regarding the demised premises, affixed to
      this lease, if any, as well as any other and further reasonable rules and
      regulations which shall be made by the Landlord, shall be observed by the
      Tenant and by the Tenant’s employees, agents and customers.  The
      Landlord.
      reserves the right to rescind any presently existing rules applicable to
      the demised premises, and to make such other and further reasonable rules
      and regulations as, in its judgment, may from time to time be desirable
      for the safety, care and cleanliness of the premises, and for the
      preservation of good order therein, which rules, when so made and notice
      thereof given to the Tenant, shall have the same force and effect as if
      originally made a part of this lease.  Such other and further
      rules shall not, however, be inconsistent with the proper and rightful
      enjoyment by the Tenant of the demised premises.

                
	 
      	 	 
      
	
                  Violation
      of 

                  Covenants,

                  Forfeiture
      of Lease, Re-

                  entry
      of

                  Landlord

                   

                  Non-waiver
      or Breach

                	 	
                  Seventeenth.
      – In case of violation by the Tenant of any of the covenants, agreements
      and conditions of this lease, or of the rules and regulations now or
      hereafter to be reasonably established by the Landlord, and upon failure
      to discontinue such violation within ten days after notice thereof given
      to the Tenant, this lease shall thenceforth, at the option of the
      Landlord, become null and void, and the Landlord may re-enter without
      further notice of demand.  The Landlord rent in such case shall
      become due, be apportioned and paid on and up to the day of such re-entry,
      and the Tenant shall be liable for all loss or damage resulting from such
      violation as aforesaid.  No waiver by the Landlord of any
      violation or breach of condition by the Tenant shall constitute or be
      construed as a waiver of any other violation or breach of condition, nor
      shall lapse of time after breach of condition by the Tenant before the
      Landlord shall exercise its option under this paragraph operate to defeat
      the right of the landlord to declare this least null and void and to
      re-enter upon the demised premises after the said breach or
      violation.

                
	 
      	 	 
      
	
                  Notices

                	 	
                  Eighteenth.
      – All notices and demands, legal or otherwise, incidental to this lease,
      or the occupation of the demised premises shall be in
      writing.  If the Landlord or its agent desires to give or serve
      upon the Tenant any notice or demand, it shall be sufficient to send a
      copy thereof by registered mail, addressed to the Tenant at the demised
      premises, or to lease a copy thereof with a person of suitable age found
      on the premises, or to pose a copy thereof upon the door to said
      premises.  Notices from the Tenant to the Landlord shall be sent
      by registered mail or delivered to the Landlord at the place hereinbefore
      designated for the payment of rent, or to
such

                

        

      

    

     

    
      
        
        

      

      
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                  party
      or place as the Landlord may from time to time designate in
      writing.

                
	 
      	 	 
      
	
                  Bankruptcy,

                  Insolvency,
      Assignment for

                  Benefit
      of 

                  Creditors

                	 	
                  Nineteenth.
      – In is further agreed that if at any time during the term of this lease
      the Tenant shall make any assignment for the benefit of creditors, or be
      decreed insolvent or bankrupt according to law, or if a receiver shall be
      appointed for the Tenant, then the Landlord may, at its option, terminate
      this lease, exercise of such option to be evidenced by notice to that
      effect served upon the assignee, receiver, trustee or other person in
      charge of the liquidation of the property of the Tenant or the Tenant’s
      estate, but such termination shall not release or discharge any payment of
      rent payable hereunder and then accrued, or any liability then accrued by
      reason of any agreement or covenant herein contained on the part of the
      Tenant, or the Tenant’s legal representatives.

                
	 
      	 	 
      
	
                  Holding
      over by Tenant

                	 	
                  Twentieth.
      – In the event that the Tenant shall remain in the demised premises after
      the expiration of the term of this tease without having executed a new
      written lease with the Landlord, such holding over shall not constitute a
      renewal or extension of this lease.  The Landlord may, at its
      option, elect to treat the Tenant as one who has not removed at the end of
      his term, and thereupon be entitled to all the remedies against the Tenant
      provided by law in that situation, or the Landlord may elect, at its
      option, to construe such holding over as a tenancy from month to month,
      subject to all the terms and conditions of this lease, except as to
      duration thereof, and in that event the Tenant shall pay monthly rent in
      advance at the rate of $4,000.00 per month.

                
	 
      	 	 
      
	
                  Eminent
      Domain, Condemnation

                	 	
                  Twenty-first.
      – If the property or any part thereof wherein the demised premises are
      located shall be taken by public or quasi-public authority under any power
      of eminent domain or condemnation, this lease, at the option of the
      Landlord shall forthwith terminate and the Tenant shall have no claim or
      interest in or to any award of damages for such taking.

                
	 
      	 	 
      
	
                  Security

                	 	
                  Twenty-second.
      – The Tenant has this day deposited with the Landlord the sum of
      $4,600.00* as security for the full and faithful performance by the Tenant
      of all the terms, covenants and conditions of this lease upon the Tenant’s
      part to be performed, which said sum shall be returned to the Tenant after
      the time fixed as the expiration of the term herein, provided the Tenant
      has fully and faithfully carried out all the said terms, covenants and
      conditions on Tenant’s part to be performed.  In the event of a
      bona fide sale, subject to this lease, the landlord shall have the right
      to transfer the security to the vendor for the benefit of the Tenant and
      the Landlord shall be considered released by the Tenant from all liability
      for the return of such security, and the Tenant agrees to look to the new
      Landlord solely for the return of the said security, and it is agreed that
      this shall apply to every transfer or assignment made of the security to a
      new Landlord.  The security deposited under this lease shall not
      be mortgaged, assigned or encumbered by the Tenant without the written
      consent of the Landlord.  No portion of the security
      deposit, deposited here under $4,600.00* may be applied by tenant against
      any rental obligation due here under. *5,670.00 is on hand under a prior
      lease.  $1,070.00 shall be returned to Tenant upon the execution
      of this lease.

                
	 
      	 	 
      
	
                  Arbitration

                	 	
                  Twenty-third.
      – Any dispute arising under this lease shall be settled by arbitration
      Then Landlord and Tenant shall each choose an arbitrator, and the two
      arbitrators thus chosen shall select a third arbitrator.  The
      findings and award of the three arbitrators thus chosen shall be final and
      binding on the parties hereto.

                
	 
      	 	 
      
	
                  Delivery
      of Lease

                	 	
                  Twenty-fourth.
      – No rights are to be conferred upon the Tenant until this lease has been
      signed by the Landlord, and an executed copy of the lease has been
      delivered to the Tenant.

                
	 
      	 	 
      
	
                  Lease
      Provisions Not Exclusive

                	 	
                  Twenty-fifth.
      – The foregoing rights and remedies are not intended to be exclusive but a
      additional to all rights, and remedies the Landlord would otherwise have
      by law.

                
	 
      	 	 
      
	
                  Leasing
      Binding On Heirs, Successors, Etc.

                	 	
                  Twenty-sixth.
      – All of the terms, covenants and conditions of this lease shall inure to
      the benefit of and be binding upon the respective heirs, executors,
      administrators, successors and assigns of the parties
      hereto.  However, in the event of the death of the Tenant, if an
      individual, the Landlord may, at its option. terminate this lease by
      notifying the executor or administrator of the Tenant at the demised
      premises.

                
	 
      	 	 
      
	
                  Tenant

                	 	
                  Twenty-seventh.
      – This lease and the obligation of Tenant to pay rent hereunder and
      perform all

                

        

      

    

     

    
      
        
        

      

      
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                  Obligation

                	 	
                  of
      the other covenants and agreements hereunder on part of tenant to be
      performed shall in nowise be affected, impaired or excused because
      Landlord is unable to supply or is delayed in supplying any service
      expressly or implied to be supplied or is unable to make, or is delayed in
      making any repairs, additions, alterations or decorations or is unable to
      supply or is delayed in supplying any equipment or fixtures if Landlord is
      prevented or delayed from so doing by reason of governmental preemption in
      connection with the National Emergency declared by the President of the
      United States or in connection with any rule, order or regulation of any
      department or subdivision thereof of any governmental agency or by reason
      of the conditions of supply and demand which have been or are affected by
      the war.

                
	 
      	 	 
      
	
                  No
      Oral 

                	 	
                  Twenty-eighth.
      – This instrument may not be changed orally.

                
	Changes	 	 
      
	
                  Trash
      & Recycle

                	 	
                  Twenty-ninth.
      – It is understood that Tenant shall comply with the trash & recycling
      program as outlined and enforced by the Boro of Red Bank and by the
      Landlord.  It is understood that trash is picked up each evening
      by Boro of Red
      Bank from a deposit container provided by landlord in designated area of
      parking lot.  Tenant shall deposit his office trash in said
      container.

                
	 
      	 	 
      
	
                  Late
      Payment

                	 	
                  Thirtieth.
      – In every case in which Tenant is required by the terms of this lease to
      pay Landlord a sum of money and payment is not made within ten (10) days
      after the same becomes due, a penalty of 5% shall be paid as additional
      rent along with the sum of money owed.  Interest on Late Payment
      - If any sum of money is not paid within 30 days, interest shall also be
      payable from the first due date at the rate of (18%) per annum calculated
      on a per diem basis until paid.  However, if the amount of
      interest payable to the forgoing exceeds the maximum rate allowed by law,
      then interest on said unpaid sums shall accrue at the maximum rate allowed
      by law.  Landlord may at its option, cause such late charge to
      be added to and become a part of the next succeeding monthly installments
      of fixed rent to be made pursuant here to.  Any payment made
      shall 1st
      be applied to late fees, interest and other charges then to current
      rents.

                
	 
      	 	 
      
	
                  Chair
      Pads

                	 	
                  Thirty-first.
      – Chair desk pads must be used on the carpet under all rolling type chairs
      to preserve flooring.

                
	 
      	 	 
      
	
                  Bulb
      Replacement

                	 	
                  Thirty-second.
      – Tenant shall be responsible for the cost of replacement of all standard
      lamps and bulbs and all ballast used by tenant in the Demised
      Premises.  The building management does provide such service and
      tenant will be billed appropriately when service is
  used.

                
	 
      	 	 
      
	
                  Smoke-Free

                  Building

                	 	
                  Thirty-third.
      – This building is a SMOKE FREE building.  All Tenants and their
      invitees are required to comply.

                
	 
      	 	 
      
	
                  Parking

                	 	
                  Thirty-fourth.
      – It is understood that 3 parking spaces shall be made available for
      Tenant in the 3 Harding Road/Hudson St. parking lot and their employees on
      an ‘as available’ basis in the lot known as 195 Broad Street, Red Bank,
      only.

                
	 
      	 	 
      
	
                  Lock
      Changes

                	 	
                  Thirty-fifth.
      – Landlord shall have a key for access to the entire subject premises at
      all times.  Landlord may enter the premises at all
      times.  If
      Tenant changes locks the new keys must be keyed to the Landlord’s
      masterkey.

                
	 
      	 	 
      
	
                  Notification
      at End of Lease Term

                	 	
                  Thirty-sixth.
      – Tenant shall notify Landlord 3 months (1/1/10) prior to expiration of
      this Lease if he intends to vacate premises at the expiration of this
      Lease.

                
	 
      	 	 
      
	
                  Fire
      Alarms

                	 	
                  Thirty-seventh.
      – Tenant is aware that the building has a hard-wired, central station
      monitored smoke and heat detection system.  Tenant, is aware
      that any call to the central station that originates from the tenant’s
      demised premises and is a result of negligence of the tenant, the tenant
      will be responsible for any fine that the Boro of Red Bank or the Fire
      Marshal’s office may impose for response to said alarm.

                
	 
      	 	 
      
	
                  Signatures

                	 	
                  The
      landlord and the tenant agree to the terms of this Lease by signing
      below.  If a party is a corporation, this Lease is signed by its
      proper corporate officers and its corporate seal is
    affixed.

                

        

      

    

    

    IN
WITNESS WHEREOF, Landlord and Tenant have executed this Lease as of the day and
year aforesaid.

     

     

    6ex10-2.htm

    Exhibit
10.2

    

      FLATBUSH
FEDERAL SAVINGS & LOAN

      ASSOCIATION

      

      AMENDED
AND RESTATED

      DIRECTOR
RETIREMENT PLAN

      

      

      

      Brooklyn,
New York

      

      Amendment
and Restatement Effective

      March
1, 2006

      

      

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      AMENDED
AND RESTATED

       

      DIRECTOR
RETIREMENT PLAN

       

      This
Amended and Restated Director Retirement Plan (the “Plan”) amends and restates
the Flatbush Federal Savings & Loan of Brooklyn Directors Retirement Plan,
which was effective June 1, 1999 (the “Directors Retirement
Plan”).  This Plan formalizes the understanding by and between
Flatbush Federal Savings & Loan Association (the “Association”), a federally
chartered stock savings association, and its non-employee directors, hereinafter
referred to as “Director(s),” who shall be eligible to participate in this Plan
by execution of a Director Retirement Plan Joinder Agreement (“Joinder
Agreement”) in a form provided by the Association.  The Association
has herein restated the Plan with the intention that the Plan shall at all times
satisfy Section 409A of the Code (as defined herein) and the regulations
thereunder.  The provisions of the Plan shall be construed to
effectuate such intentions.

       

      W
I T N E S S E T H :

       

      WHEREAS, the Directors serve
the Association as members of the Board of Directors (“Board”); and

       

      WHEREAS, the Association
previously established the Directors Retirement Plan to recognize the Directors
who have provided long and faithful service to the Association, to ensure the
continued service on the Board by such Directors until retirement age, and to
recruit and retain highly qualified individuals as Directors in the future;
and

       

      WHEREAS, the Association and
the Directors intend this Plan to be considered an unfunded arrangement,
maintained primarily to provide supplemental retirement income for such
Directors; and

       

      WHEREAS, Section 409A of
the Code (as defined herein) requires that certain types of deferred
compensation arrangements comply with its terms or be subject to current taxes
and penalties; and

       

      WHEREAS, Code Section 409A and
the final regulations issued thereunder in April of 2007 necessitate further
changes to the Directors Retirement Plan; and

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      WHEREAS, the Association
hereby amends and restates the Director Retirement Plan in order to comply with
Code Section 409A.

       

      NOW, THEREFORE, in
consideration of the premises and of the mutual promises herein contained, the
Association and the Directors agree as follows:

       

      SECTION
I

       

      DEFINITIONS

       

      When used
herein, the following words and phrases shall have the meanings below unless the
context clearly indicates otherwise:

       

      
        	
                1.1

              	
                “Act” means the Employee
      Retirement Income Security Act of 1974, as amended from time to
      time.

              

      

       

      
        	
                1.2

              	
                “Administrator” means the
      Association.

              

      

       

      
        	
                1.3

              	
                “Annual Fees” means the
      sum of fees paid to a Director for attendance at regularly scheduled Board
      of Directors meetings for the calendar year in which a Director’s Benefit
      Age occurs.

              

      

       

      
        	
                1.4

              	
                “Annual Retainer” means
      the annual retainer paid to a
Director.

              

      

       

      
        	
                1.5

              	
                “Association” means
      Flatbush Federal Savings & Loan Association and any successor
      thereto.

              

      

       

      
        	
                1.6

              	
                “Beneficiary” means the
      person or persons (and their heirs) designated as Beneficiary in the
      Director’s Joinder Agreement to whom the deceased Director’s benefits are
      payable.  If no Beneficiary is so designated, then the
      Director’s Spouse, if living, will be deemed the
      Beneficiary.  If the Director’s Spouse is not living, then the
      Children of the Director will be deemed the Beneficiaries and will take on
      a per stirpes
      basis.  If there are no living Children, then the Estate will be
      deemed the Beneficiary.

              

      

       

      
        	
                1.7

              	
                “Benefit Age” shall mean
      the later of age 65 or the Director’s age on the date the Director
      completes five (5) years of Service on the Board, provided, however, that
      if a

              

      

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      Director’s
years of Service include years that the Director is an employee-Director, the
Director must first complete eighteen (18) months of Service as a non-employee
Director in order to attain his or her Benefit Age.

       

      
        	
                1.8

              	
                “Benefit Eligibility
      Date” shall be the date on which a Director is entitled to receive
      a benefit under the Plan.  A Director’s “Benefit Eligibility
      Date” shall occur on the 1st day of the calendar month coincident with or
      next  following (i) the month in which the Director retires
      following attainment of his Benefit Age; (ii) the month in which a
      Disability determination is made; (iii) the month in which the Director
      dies; or (iv) the month in which the Director’s Service is terminated
      (either voluntarily or involuntarily) following a Change in
      Control.

              

      

       

      
        	
                1.9

              	
                “Board” means the Board
      of Directors of the Association.

              

      

       

      
        	
                1.10

              	
                “Cause” means personal
      dishonesty, incompetence, willful misconduct, will malfeasance, breach of
      fiduciary duty involving personal profit, intentional failure to perform
      stated duties, willful violation of any law, rule, regulation (other than
      traffic violations or similar offenses), or final cease-and desist order,
      material breach of any provision of the Plan, or gross negligence in
      matters of material importance to the
  Association.

              

      

       

      
        	
                1.11

              	
                “Change in Control” shall
      mean (i) a change in ownership of the Association under paragraph (a)
      below, or (ii) a change in effective control of the Association under
      paragraph (b) below, or (iii) a change in the ownership of a substantial
      portion of the assets of the Association under paragraph (c)
      below:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                Change in the ownership of the
      Association.  A change in the ownership of the
      Association shall occur on the date that any one person, or more than one
      person acting as a group (as defined in Final Treasury Regulation Section
      1.409A-3(i)(5)(v)(B) or subsequent guidance), acquires ownership of stock
      of the corporation that, together with stock held by such person or group,
      constitutes more than 50 percent of the total fair market value or total
      voting power of the stock of such
corporation.

              

      

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                (b)

              	
                Change in the effective control
      of the Association.  A change in the effective control of
      the Association shall occur on the date that either (i) any one
      person, or more than one person acting as a group (as defined in Final
      Treasury Regulation Section 1.409A-3(i)(5)(vi)(D) or subsequent guidance),
      acquires (or has acquired during the 12-month period ending on the date of
      the most recent acquisition by such person or persons) ownership of stock
      of the corporation possessing 30 percent or more of the total voting power
      of the stock of such corporation; or (ii) a majority of members of the
      corporation’s board of directors is replaced during any 12-month period by
      directors whose appointment or election is not endorsed by a majority of
      the members of the corporation’s board of directors prior to the date of
      the appointment or election, provided that this sub-section (ii) is
      inapplicable where a majority shareholder of the Association is another
      corporation.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                Change in the ownership of a
      substantial portion of the Association’s assets.  A
      change in the ownership of a substantial portion of the Association’s
      assets shall occur on the date that any one person, or more than one
      person acting as a group (as defined in Final Treasury Regulation Section
      1.409A-3(i)(5)(vii)(C) or subsequent guidance), acquires (or has acquired
      during the 12-month period ending on the date of the most recent
      acquisition by such person or persons) assets from the corporation that
      have a total gross fair market value equal to or more than 40 percent of
      the total gross fair market value of (i) all of the assets of the
      Association, or (ii) the value of the assets being disposed of, either of
      which is determined without regard to any liabilities associated with such
      assets.

              

      

       

      
        	
                 
      

              	
                (d)

              	
                Notwithstanding
      anything herein to the contrary, a Change in Control shall not be deemed
      to have occurred upon the conversion of Flatbush Federal Bancorp, Inc.’s
      mutual holding company parent to stock form, or in connection with any
      reorganization used to effect such a
conversion.

              

      

       

      
        	
                 
      

              	
                (e)

              	
                Each
      of the sub-paragraphs (a) through (c) above shall be construed to be
      consistent with the requirements of Final Treasury Regulation Section
      1.409A

              

      

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      3(i)(5)
or subsequent guidance, except to the extent that such proposed regulations are
superseded by subsequent guidance.

       

      
        	
                1.12

              	
                “Children” means the
      Director’s children, or the issue of any deceased Children, then living at
      the time payments are due the Children under this Plan.  The
      term “Children” shall include both natural and adopted
      Children.

              

      

       

      
        	
                1.13

              	
                “Code” shall mean the
      Internal Revenue Code of 1986, as amended from time to time, and the rules
      and regulations promulgated
thereunder.

              

      

       

      
        	
                1.14

              	
                “Disability” means any
      case in which a Director: (i) is unable to engage in any substantial
      gainful activity by reason of any medically determinable physical or
      mental impairment which can be expected to result in death or can be
      expected to last for a continuous period of not less than 12 months; (ii)
      is, by reason of any medically determinable physical or mental impairment
      which can be expected to result in death or can be expected to last for a
      continuous period of not less than 12 months, receiving income replacement
      benefits for a period of not less than three months under an accident and
      health plan covering employees or non-employee directors of the
      Association; or (iii) is determined to be disabled by the Social Security
      Administration.

              

      

       

      
        	
                1.15

              	
                “Disability Benefit”
      means the monthly benefit payable to the Director following a
      determination of the Director’s Disability, provided the Director has
      completed five (5) years of Service at such time.  The
      Disability Benefit shall be equal to the Retirement Benefit as set forth
      in Section 1.19, based on the Director’s Annual Fee at the date of the
      Director’s cessation of Service due to the
  Disability.

              

      

       

      
        	
                1.16

              	
                “Estate” means the estate
      of the Director.

              

      

       

      
        	
                1.17

              	
                “Payout Period” means the
      time frame during which certain benefits payable hereunder shall be
      distributed.  Payments shall be made in equal monthly
      installments for a period of sixty (60) consecutive months commencing on
      the Benefit Eligibility Date.

              

      

       

      
        	
                1.18

              	
                “Plan Year” shall mean
      the calendar year.

              

      

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      
        	
                1.19

              	
                “Retirement Benefit”
      means an annual amount payable to the Director who retires from or
      otherwise terminates service with the Board (other than for
      Cause).  The Retirement Benefit shall be equal to sixty percent
      (60%) of the Director’s Annual Fees in the Director’s last year of Service
      on the Board plus sixty
      percent (60%) of the Director’s Annual Retainer paid with respect to the
      Director’s last year of Service on the Board.  Each monthly
      payment during the Payout Period will equal one-twelfth (1/12) of the
      Retirement Benefit.

              

      

       

      
        	
                1.20

              	
                “Separation from Service”
      or “Separated from
      Service” shall mean, consistent with Code Section 409A(2)(a)(i),
      the Director’s death, retirement, or termination of service from the Board
      following a failure to be reappointed or reelected to the
      Board.  For these purposes, a Director shall not be deemed to
      have a Separation from Service until the Director no longer serves on the
      Board of the Association, the Association’s holding company, or any member
      of a controlled group of corporations with the Association or holding
      company within the meaning of Treasury Regulation
      §1.409A-1(a)(3).

              

      

       

      
        	
                1.21

              	
                “Service” means all years
      of service as a Director of the Association and all predecessor (or
      successor) entities of the Association.  Years of service as a
      Director need not be continuous.

              

      

       

      
        	
                1.22

              	
                “Spouse” means the
      individual to whom the Director is legally married at the time of the
      Director’s death.

              

      

       

      
        	
                1.23

              	
                “Survivor’s Benefit”
      means an annual amount payable to the Beneficiary in monthly installments
      throughout the Payout Period, and subject to Subsection
      3.2.  The Survivor’s Benefit shall be equal to the Retirement
      Benefit payable to the Director, based on the Director’s Annual Retainer
      Fee at the date of death.

              

      

       

      SECTION
II

       

      ESTABLISHMENT OF RABBI
TRUST

       

      The
Association may establish a rabbi trust into which the Association may
contribute assets which shall be held therein, subject to the claims of the
Association’s creditors in the event of the Association’s “Insolvency” as
defined in the agreement which establishes such rabbi trust,

       

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      until the
contributed assets are paid to the Directors and their Beneficiaries in such
manner and at such times as specified in this Plan.  It is the
intention of the Association to make contributions to the rabbi trust to provide
the Association with a source of funds to assist it in meeting the liabilities
of this Plan.  The rabbi trust and any assets held therein shall
conform to the terms of the rabbi trust agreement which may be established in
conjunction with this Plan.  To the extent the language in this Plan
is modified by the language in the rabbi trust agreement, the rabbi trust
agreement shall supersede this Plan.  Any contributions to the rabbi
trust shall be made during each Plan Year in accordance with the rabbi trust
agreement.

       

      SECTION
III

       

      BENEFITS

       

      
        	
                3.1

              	
                Retirement
      Benefit.  A Director who remains in the Service of the
      Board until attainment of his Benefit Age shall be entitled to the
      Retirement Benefit.  Such Retirement Benefit shall commence on
      the Benefit Eligibility Date, and shall be payable in monthly installments
      throughout the Payout Period.  In the event a Director dies
      after commencement of the Retirement Benefit payments but before
      completion of all such payments due and owing hereunder, the Association
      shall pay to the Director’s Beneficiary a continuation of the monthly
      installments for the remainder of the Payout
  Period.

              

      

       

      
        	
                3.2

              	
                Death During Service
      on the Board. If the Director
      dies while in the Service of the Association, the Director’s Beneficiary
      shall be entitled to the Survivor’s Benefit, provided the Director has
      completed five (5) years of Service at the time of death.  The
      Survivor’s Benefit shall commence on the Benefit Eligibility Date and
      shall be payable in monthly installments throughout the Payout
      Period.  The Survivor’s Benefit shall be equal to the full
      Retirement Benefit, calculated as if the Director had survived and
      remained in the Service of the Association until reaching his Benefit
      Age.

              

      

       

      
        	
                3.3

              	
                Separation from
      Service Related to a Change in
Control.

              

      

       

      
        	
                 
      

              	
                (a)

              	
                If
      a Change in Control occurs at the Association, and thereafter the Director
      Separates from Service with Board (either voluntarily or involuntarily),
      other than

              

      

       

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

      due to
termination for Cause,  the Director shall be entitled to his full
Retirement Benefit.  Such benefit shall commence on the Benefit
Eligibility Date, and shall be payable in monthly installments throughout the
Payout Period.  In the event that the Director dies at any time after
commencement of the payments, but prior to completion of all such payments due
and owing hereunder, the Association, or its successor, shall pay to the
Director’s Beneficiary a continuation of the monthly installments for the
remainder of the Payout Period.

       

      
        	
                 
      

              	
                (b)

              	
                If,
      after a Separation from Service, the Director dies prior to commencement
      of the Retirement Benefit hereunder, the Director’s Beneficiary shall be
      entitled to the Survivor’s Benefit which shall commence on the Benefit
      Eligibility Date.  The Survivor’s Benefit shall be payable in
      monthly installments over the Payout
Period.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                Notwithstanding
      anything to the contrary herein, the Director shall have the right within
      thirty (30) days of becoming a Plan participant to elect in his Joinder
      Agreement to receive the present value of his Retirement Benefit payable
      upon a Separation from Service within two (2) years following a Change in
      Control (determined using the applicable federal rate as set forth in Code
      Section 1274(d)), to be paid in a single cash lump sum distribution on the
      Director’s Benefit Eligibility Date.  If the Director has not
      made any election, his or her benefit will be payable in monthly
      installments pursuant to the terms of the
Plan.

              

      

       

      
        	
                 
      

              	
                (d)

              	
                Notwithstanding
      anything in the Plan to the contrary, a Director who previously filed an
      election form with the Association may elect to change his or her form of
      payment to another permissible form of payment (e.g., from a lump sum to
      installments, or vice versa) by filing with the Association a Transition
      Year Election Form, attached hereto as Exhibit B, provided that such
      election is made by December 31,
2008.

              

      

       

      
        	
                3.5

              	
                Termination for
      Cause.  If the Director is terminated for Cause, all
      benefits under this Plan shall be forfeited and this Plan shall become
      null and void as to the Director.

              

      

       

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

      
        	
                3.6

              	
                Disability
      Benefit.

              

      

       

      
        	
                 
      

              	
                (a)

              	
                Notwithstanding
      any other provision hereof, a Director who has not attained his Benefit
      Age shall be entitled to receive the Disability Benefit hereunder in any
      case in which it is determined that the Director has incurred a
      Disability, provided the Director has completed five (5) years of Service
      at such time.  If the Director’s Service is terminated pursuant
      to this paragraph, the Director’s Benefit Eligibility Date shall be the
      first day of the month following the month in which the Disability
      determination is made.  The Disability Benefit shall be payable
      in monthly installments over the Payout Period. In the event the Director
      dies while receiving payments pursuant to this Subsection, but prior to
      the completion of all payments due and owing hereunder, the Association
      shall pay to the Director’s Beneficiary a continuation of the monthly
      installments for the remainder of the Payout
  Period.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                If
      the Director dies after it is determined that such Director has incurred a
      Disability but before the commencement of such payments, the Director’s
      Beneficiary shall be entitled to the Director’s Disability Benefit payable
      over the Payout Period.  Such benefit shall be payable to the
      Beneficiary in monthly installments over the Payout Period commencing on
      the Benefit Eligibility Date.

              

      

       

      SECTION
IV

       

      BENEFICIARY
DESIGNATION

       

      The
Director shall make an initial designation of primary and secondary
Beneficiaries upon execution of his Joinder Agreement and shall have the right
to change such designation, at any subsequent time, by submitting to the
Administrator in substantially the form attached as Exhibit A to the Joinder
Agreement, a written designation of primary and secondary
Beneficiaries.  Any Beneficiary designation made subsequent to
execution of the Joinder Agreement shall become effective only when receipt
thereof is acknowledged in writing by the Administrator.

       

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

      SECTION
V

       

      DIRECTOR’S
RIGHT TO ASSETS

       

      The
rights of the Director, any Beneficiary, or any other person claiming through
the Director under this Plan, shall be solely those of an unsecured general
creditor of the Association.  The Director, the Beneficiary, or any
other person claiming through the Director, shall only have the right to receive
from the Association those payments so specified under this Plan.  The
Director agrees that he, his Beneficiary, or any other person claiming through
him shall have no rights or interests whatsoever in any asset of the
Association, including any insurance policies or contracts which the Association
may possess or obtain to informally fund this Plan.  Any asset used or
acquired by the Association in connection with the liabilities it has assumed
under this Plan, unless expressly provided herein, shall not be deemed to be
held under any trust for the benefit of the Director or his Beneficiaries, nor
shall any asset be considered security for the performance of the obligations of
the Association.  Any such asset shall be and remain, a general,
unpledged, and unrestricted asset of the Association.

       

      SECTION
VI

       

      RESTRICTIONS UPON
FUNDING

       

      The
Association shall have no obligation to set aside, earmark or entrust any fund
or money with which to pay its obligations under this Plan.  The
Director, his Beneficiaries or any successor in interest to him shall be and
remain simply a general unsecured creditor of the Association in the same manner
as any other creditor having a general claim for matured and unpaid
compensation.  The Association reserves the absolute right in its sole
discretion to either purchase assets to meet its obligations undertaken by this
Plan or to refrain from the same and to determine the extent, nature, and method
of such asset purchases.  Should the Association decide to purchase
assets such as life insurance, mutual funds, disability policies or annuities,
the Association reserves the absolute right, in its sole discretion, to
terminate such assets at any time, in whole or in part.  At no time
shall the Director be deemed to have any lien, right, title or interest in or to
any specific investment or to any assets of the Association.  If the
Association elects to invest in a life insurance, disability or annuity policy
upon the life of the Director, then

       

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

      the
Director shall assist the Association by freely submitting to a physical
examination and by supplying such additional information necessary to obtain
such insurance or annuities.

       

      SECTION
VII

       

      ALIENABILITY AND ASSIGNMENT
PROHIBITION

       

      Neither
the Director nor any Beneficiary under this Plan shall have any power or right
to transfer, assign, anticipate, hypothecate, mortgage, commute, modify or
otherwise encumber in advance any of the benefits payable hereunder, nor shall
any of said benefits be subject to seizure for the payment of any debts,
judgments, alimony or separate maintenance owed by the Director or his
Beneficiary, nor be transferable by operation of law in the event of bankruptcy,
insolvency or otherwise.  In the event the Director or any Beneficiary
attempts assignment, communication, hypothecation, transfer or disposal of the
benefits hereunder, the Association’s liabilities shall forthwith cease and
terminate.

       

      SECTION
VIII

       

      ACT
PROVISIONS

       

      
        	
                8.1

              	
                Named Fiduciary and
      Administrator.  The Association, as Administrator, shall
      be the “Named Fiduciary” of this Plan, as defined under the
      Act.  As Administrator, the Association shall be responsible for
      the management, control and administration of the Plan as established
      herein.  The Administrator may delegate to others certain
      aspects of the management and operational responsibilities of the Plan,
      including the employment of advisors and the delegation of ministerial
      duties to qualified individuals.

              

      

       

      
        	
                8.2

              	
                Claims Procedure and
      Arbitration.  In the event that benefits under this Plan
      are not paid to the Director (or to his Beneficiary in the case of the
      Director’s death), and such claimant feels that he or she is entitled to
      receive such benefits, then a written claim must be made to the
      Administrator within sixty (60) days from the date payments are
      refused.  The Association and its Board of Directors shall
      review the written claim and, if the claim is denied, in whole or in part,
      they shall provide in writing, within ninety (90) days of receipt of such
      claim, their specific reasons for such denial, reference to the provisions
      of this Plan or the Joinder Agreement upon which the denial is based, and
      any additional

              

      

       

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      material
or information necessary to perfect the claim.  Such writing by the
Association and its Board shall further indicate the additional steps which must
be undertaken by claimants if an additional review of the claim denial is
desired.

       

      If
claimants desire a second review, they shall notify the Administrator in writing
within sixty (60) days of the first claim denial.  Claimants may
review this Plan, the Joinder Agreement or any documents relating thereto and
submit any issues and comments, in writing, they may feel
appropriate.  In its sole discretion, the Administrator shall then
review the second claim and provide a written decision within sixty (60) days of
receipt of such claim.  This decision shall state the specific reasons
for the decision and shall include reference to specific provisions of this Plan
or the Joinder Agreement upon which the decision is based.

       

      If
claimants continue to dispute the benefit denial based upon completed
performance of this Plan and the Joinder Agreement or the meaning and effect of
the terms and conditions thereof, then claimants may submit the dispute to
mediation, administered by the American Arbitration Association (“AAA”) (or a
mediator selected by the parties) in accordance with the AAA’s Commercial
Mediation Rules.  If mediation is not successful in resolving the
dispute, it shall be settled by arbitration administered by the AAA under its
Commercial Arbitration Rules, and judgment on the award rendered by the
arbitrator(s) may be entered in any court having jurisdiction
thereof.

       

      SECTION
IX

       

      MISCELLANEOUS

       

      
        	
                9.1

              	
                No Effect on
      Director’s Rights.  Nothing contained herein will confer
      upon the Director the right to be retained in the Service of the
      Association nor limit the right of the Association to deal with the
      Director without regard to the existence of the
  Plan.

              

      

       

      
        	
                9.2

              	
                State
      Law.  The Plan is established under, and will be
      construed according to, the laws of the State of New York, to the extent
      such laws are not preempted by the Act and valid regulations published
      thereunder.

              

      

       

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

      
        	
                9.3

              	
                Construction and
      Severability.  This Plan is adopted following the
      enactment of Code Section 409A and is intended to be construed consistent
      with the requirements of that Section, the Treasury regulations and other
      guidance issued thereunder.  If any provision of the Plan shall
      be determined to be inconsistent therewith for any reason, then the Plan
      shall be construed, to the maximum extent possible, to give effect to such
      provision in a manner that is consistent with Code Section 409A, and if
      such construction is not possible, as if such provision had never been
      included.  In the event that any of the provisions of this Plan
      or portion thereof are held to be inoperative or invalid by any court of
      competent jurisdiction, then: (1) insofar as is reasonable, effect will be
      given to the intent manifested in the provisions held to be invalid or
      inoperative, and (2) the invalidity and enforceability of the remaining
      provisions will not be affected thereby.  If required by Code
      Section 409A, a Director’s termination of Service on the Board shall be
      deemed to be defined in accordance with the definition of Separation from
      Service set forth thereunder.

              

      

       

      
        	
                9.4

              	
                Incapacity of
      Recipient.  In the event the Director is declared
      incompetent and a conservator or other person legally charged with the
      care of his person or Estate is appointed, any benefits under the Plan to
      which such Director is entitled shall be paid to such conservator or other
      person legally charged with the care of his person or
    Estate.

              

      

       

      
        	
                9.5

              	
                Unclaimed
      Benefit.  The Director shall keep the Association
      informed of his current address and the current address of his
      Beneficiaries.  The Association shall not be obligated to search
      for the whereabouts of any person.  If the location of the
      Director is not made known to the Association as of the date upon which
      any payment of any benefits may first be made, the Association shall delay
      payment of the Director’s benefit payment(s) until the location of the
      Director is made known to the Association; however, the Association shall
      only be obligated to hold such benefit payment(s) for the Director until
      the expiration of thirty-six (36) months.  Upon expiration of
      the thirty-six (36) month period, the Association may discharge its
      obligation by payment to the Director’s Beneficiary.  If the
      location of the Director’s Beneficiary is not made known to the
      Association by the end of an additional two (2) month period following
      expiration of the thirty-six (36) month period, the Association may
      discharge its obligation by payment
to

              

      

       

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

      the
Director’s Estate.  If there is no Estate in existence at such time or
if such fact cannot be determined by the Association, the Director and his
Beneficiary(ies) shall thereupon forfeit any rights to the balance, if any, of
any benefits provided for such Director and/or Beneficiary under this
Plan.

       

      
        	
                9.6

              	
                Limitations on
      Liability.  Notwithstanding any of the preceding
      provisions of the Plan, no individual acting as an employee or agent of
      the Association, or as a member of the Board shall be personally liable to
      the Director or any other person for any claim, loss, liability or expense
      incurred in connection with the
Plan.

              

      

       

      
        	
                9.7

              	
                Gender.  Whenever
      in this Plan words are used in the masculine or neuter gender, they shall
      be read and construed as in the masculine, feminine or neuter gender,
      whenever they should so apply.

              

      

       

      
        	
                9.8

              	
                Effect on Other
      Corporate Benefit Plans.  Nothing contained in this Plan
      shall affect the right of the Director to participate in or be covered by
      any other corporate benefit available to Directors of the Association
      constituting a part of the Association’s existing or future compensation
      structure.

              

      

       

      
        	
                9.9

              	
                Inurement.  This
      Plan shall be binding upon and shall inure to the benefit of the
      Association, its successors and assigns, and the Director, his successors,
      heirs, executors, administrators, and
  Beneficiaries.

              

      

       

      
        	
                9.10

              	
                Headings.  Headings
      and sub-headings in this Plan are inserted for reference and convenience
      only and shall not be deemed a part of this
  Plan.

              

      

       

      
        	
                9.11

              	
                ERISA and Code
      Disclaimer.  It is intended that the Plan be neither an
      “employee welfare benefit plan” nor an “employee pension benefit plan” for
      purposes of the Employee Retirement Income Security Act of 1974, as
      amended (“ERISA”).  Further, it is intended that the Plan will
      not cause the interest of a Director under the Plan to be includable in
      the gross income of such Director prior to the actual receipt of a payment
      under the Plan for purposes of the
Code.

              

      

       

      
        
           

        

        
          14

          
            

          

        

        
           

        

      

      
        	
                9.12

              	
                Payment of Code
      Section 409A Taxes.  This Plan shall permit the
      acceleration of the time or schedule of a payment to pay any taxes that
      may become due at any time that the arrangement fails to meet the
      requirements of Code Section 409A and the regulations and other guidance
      promulgated thereunder.  Such payments shall not exceed the
      amount required to be included in income as the result of the failure to
      comply with the requirements of Code Section
  409A.

              

      

       

      
        	
                9.13

              	
                Acceleration of
      Payments.  Except as specifically permitted herein or in
      other sections of this Plan, no acceleration of the time or schedule of
      any payment may be made hereunder.  Notwithstanding the
      foregoing, payments may be accelerated hereunder by the Association, in
      accordance with the provisions of Treasury Regulation Section
      1.409A-3(j)(4) and any subsequent guidance issued by the United States
      Treasury Department.  Accordingly, payments may be accelerated,
      in accordance with requirements and conditions of the Treasury Regulations
      (or subsequent guidance) in the following circumstances: (i) as a result
      of certain domestic relations orders; (ii) in compliance with ethics
      agreements with the Federal government; (iii) in compliance with ethics
      laws or conflicts of interest laws; (iv) in limited cash-outs (but not in
      excess of the limit under Code Section 402(g)(1)(B)); (v) in the case of
      certain distributions to avoid a non-allocation year under Code Section
      409(p); (vi) to apply certain offsets in satisfaction of a debt of the
      Director to the Association; (vii) in satisfaction of certain bona fide
      disputes between the Director and the Association; or (viii) for any other
      purpose set forth in the Treasury Regulations and subsequent
      guidance.

              

      

       

      SECTION
X

       

      AMENDMENT/REVOCATION

       

      
        	
                10.1

              	
                Amendment.  The
      Association reserves the right to amend this Plan at any
      time.  However, to the extent any such amendment would adversely
      impact the accrued benefits of any Director, the amendment shall require
      the written consent of such
Director.

              

      

      

      
        	
                10.2

              	
                Termination.  No
      amendment or termination of the Plan shall directly or indirectly reduce
      the accrued portion of any account held hereunder as of the effective date
      of such amendment or termination (all benefits accrued under this Plan
      shall be fully vested and

              

      

      
        
           

        

        
          15

          
            

          

        

        
           

        

      

      accrued
at all times).  A termination of the Plan will not be a distributable
event, except in three circumstances set forth below in this
paragraph.  Under no circumstances may the Plan permit the
acceleration of the time or form of any payment under the Plan prior to the
payment events specified herein, except as provided in this Section
10.2(b).  The Association may, in its discretion, elect to terminate
the Plan in any of the following three circumstances and accelerate the payment
of the entire unpaid balance of the Director’s accrued benefits as if the
Director had Separated from Service as of the date of the Plan termination and
in accordance with Section 409A of the Code: (i) the Plan is irrevocably
terminated within the 30 days preceding a Change in Control and (1) all
arrangements sponsored by the Association that would be aggregated with the Plan
under Treasury Regulation §1.409A-1(c)(2) are terminated, and (2) the Director
and all participants under the other aggregated arrangements receive all of
their benefits under the terminated arrangements within 12 months of the date
the Association irrevocably takes all necessary action to terminate the Plan and
the other aggregated arrangements; (ii) the Plan is irrevocably terminated at a
time that is not proximate to a downturn in the financial health of the
Association and (1) all arrangements sponsored by the Association that would be
aggregated with the Plan under Treasury Regulation 1.409A-1(c) if the Director
participated in such arrangements are terminated, (2) no payments are made
within 12 months of the date the Association takes all necessary action to
irrevocably terminate the arrangements, other than payments that would be
payable under the terms of the arrangements if the termination had not occurred,
(3) all payments are made within 24 months of the date the Association takes all
necessary action to irrevocably terminate the arrangements, and (4) the
Association does not adopt a new arrangement that would be aggregated with the
Plan under Treasury Regulation 1.409A-1(c) if a Director participated in both
arrangements, at any time within three years following the date the Association
takes all necessary action to irrevocably terminate the Plan; or (iii) the Plan
is terminated within 12 months of a corporate dissolution taxed under Section
331 of the Code, or with the approval of a bankruptcy court pursuant to 11
U.S.C. §503(b)(1)(A), provided that the amounts deferred by a Director under the
Plan are included in the Director’s gross income in the later of (1) the
calendar year in which the termination of

      
        
           

        

        
          16

          
            

          

        

        
           

        

      

      the Plan
occurs, or (2) the first calendar year in which the payment is administratively
practicable.

      

      SECTION
XI

      EXECUTION

      

      
        	
                11.1

              	
                This
      Plan sets forth the entire understanding of the parties hereto with
      respect to the transactions contemplated hereby, and any previous
      agreements or understandings between the parties hereto regarding the
      subject matter hereof are merged into and superseded by this
      Plan.

              

      

       

      
        	
                11.2

              	
                This
      Plan shall be executed in triplicate, each copy of which, when so executed
      and delivered, shall be an original, but all three copies shall together
      constitute one and the same
instrument.

              

      

       

      [Remainder
of Page Intentionally Left Blank]

       

      
        
           

        

        
          17

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, the Association has caused this Plan to be executed on the day
and date first above written.

      

      
        	
                ATTEST:

              	 
      	
                FLATBUSH
      FEDERAL SAVINGS & LOAN

              
	 
      	 
      	
                ASSOCIATION

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                /s/
      Donna Buencamino

              	 
      	
                By:

              	
                 /s/
      Jesus R. Adia

              
	 
      	 
      	
                Its:

              	
                President

              

      

      

      

      
        
           

        

        
          18

          
            

          

        

        
           

        

      

      AMENDED
AND RESTATED DIRECTOR RETIREMENT PLAN

      JOINDER
AGREEMENT

      

      I, ________________, and Flatbush
Federal Savings & Loan Association hereby agree that I shall participate in
the Amended and Restated Director Retirement Plan (“Plan”), which amended and
restated Plan is effective as of March 1, 2006, by Flatbush Federal Savings
& Loan Association, as such Plan may now exist or hereafter be modified; and
do further agree to the terms and conditions thereof.  I understand
that my receipt (or my Beneficiary’s receipt) of the Retirement Benefit (or
Survivor’s Benefit) shall be subject to all provisions of the Plan.

       

      In the
event of my termination of service within two (2) years following a Change in
Control, I elect to receive my Retirement Benefit in the form of:

       

      _____  60
monthly payments

       

      _____  a
lump sum payment that is the present value of 60 monthly payments.

       

      I hereby
designate the following individuals as my “Beneficiary” and I am aware
that I can subsequently change such designation by submitting to the
Administrator, at any subsequent time, and in substantially the form attached
hereto as Exhibit A, a written designation of the primary and secondary
Beneficiaries to whom payment under the Plan shall be made in the event of my
death prior to complete distribution of the benefits due and payable under the
Plan.  I understand that any Beneficiary designation made subsequent
to execution of the Joinder Agreement shall become effective only when receipt
thereof is acknowledged in writing by the Administrator.

       

      PRIMARY
BENEFICIARY:

      Name:____________________________________  %
of Benefit:_______________________

      Name:____________________________________  %
of Benefit:_______________________

      Name:____________________________________  %
of Benefit:_______________________

      

      SECONDARY
BENEFICIARY (if all Primary Beneficiaries pre-decease the
Director):

      Name:____________________________________  %
of Benefit:_______________________

      Name:____________________________________  %
of Benefit:_______________________

      Name:____________________________________  %
of Benefit:_______________________

      

      I further
understand that I am entitled to review or obtain a copy of the Plan, at any
time, and may do so by contacting the Association.

       

      This
Joinder Agreement shall become effective upon execution (below) by both the
Director and a duly authorized officer of the Association.

      

      Dated
this ____ day of _________, 20_____.

      

      
        	 
      	 
      	 
      
	
                Director

              	 
      	
                Association’s
      Duly Authorized Officer

              

      

      

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      

      

      

      EXHIBIT
B

      FLATBUSH
FEDERAL SAVINGS & LOAN ASSOCIATION

      

      AMENDED
AND RESTATED DIRECTOR RETIREMENT PLAN

      

      TRANSITION
YEAR ELECTION FORM

       

      

      Instructions:  If
you are a participant in the Flatbush Federal Savings & Loan Association
Amended and Restated Director Retirement Plan (the “Plan”), and you previously
elected the form of payment of your benefit (e.g., lump sum, monthly
installments) upon the occurrence your Separation from Service following a
Change in Control, you have a limited period of time to use this Transition Year
Election Form to elect to change your previous distribution
option.  For example, if you previously elected to receive your Plan
benefits in monthly installments upon your Separation from Service with the
Association following a Change in Control, you may use this Transition Year
Election Form to change your form of benefit to a lump sum
distribution.

      

      Due
to IRS rules, individuals who participate in the Plan during 2008 must complete
this form no later than December 31, 2008.  You may not use this form to
change your distribution elections with respect to payments that are scheduled
to be made to you in 2008,, or otherwise to cause payments to be made to you in
2008.

      

      Print
Name:                                

      

      I am a
participant in the Flatbush Federal Savings & Loan Association Amended and
Restated Director Retirement Plan.  The Plan provides that benefits
will be paid upon my Separation from Service (as defined in the Plan) within two
years following a Change in Control.  I previously filed an election
with the Association to receive my benefits in one form of payment, and I now
wish to change my distribution options by completing this Transition Year
Election Form.  I understand that I may not make an election to cause
payments to be made in 2008, or to change the form of payment of benefits that
are scheduled to begin in 2008.

      

      Note:                      If you do not wish to change your
form of payment under a previously filed Initial Deferral Election Form with
Distribution Options (or other similar election form), then you do not need to
complete this Transition Year Election Form.

      

      In the
event of a Change in Control and my Separation from Service in connection with
or following the Change in Control, I elect to receive my Retirement Benefit in
the form of:

      

      _______       60
monthly payments

      

      _______        a
lump sum payment that is the present value of 60 monthly payments.

      

      

      Dated
this ____ day of _________, 20_____.

      

      

      

      
        	 
      	 
      	 
      
	
                Director

              	 
      	
                Association’s
      Duly Authorized Officer

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