Document:

Exhibit 4.1

BYLAWS

OF

ASTORIA FEDERAL SAVINGS AND LOAN ASSOCIATION

Amended and Restated Effective as of January 31, 1995
 As Amended Effective
July 17, 1996
 As Amended Effective September 30, 1997
 As Amended
Effective September 30, 1998
 As Amended Effective July 21, 1999
 As
Amended Effective April 24, 2000
 As Amended Effective November 17, 2004

As Amended Effective on or about May 18, 2005
 As Amended Effective April 19,
2006

BYLAWS OF

ASTORIA FEDERAL SAVINGS AND LOAN ASSOCIATION

ARTICLE I. HOME OFFICE

          The home office of Astoria Federal Savings and Loan (“ASSOCIATION”) is 37-16 30th Avenue, Long Island City, New York 11103.

ARTICLE II. SHAREHOLDERS

          Section 1. Place of Meetings. All annual and special meetings of shareholders shall be held at the administrative office of the ASSOCIATION located at One Astoria Federal Plaza, Lake Success, New York or at such other place in the State in which the principal place of business of the ASSOCIATION is located as the board of directors may determine.

          Section 2. Annual Meeting. A meeting of the shareholders of the ASSOCIATION for the election of directors and for the transaction of any other business of the ASSOCIATION shall be held annually within 120 days after the end of the ASSOCIATION’s fiscal year.

          Section 3. Special Meetings. For a period of five years from the date of the completion of the conversion of the ASSOCIATION from mutual to stock form, special meetings of the shareholders relating to a change in control of the ASSOCIATION or to an amendment of the Charter of the ASSOCIATION may be called only by the board of directors. Thereafter, special meetings of the shareholders for any purpose or purposes, unless otherwise prescribed by the regulations of the Office of Thrift Supervision (“OTS”), may be called at any time by the chairman of the board, the president, or a majority of the board of directors, and shall be called by the chairman of the board, the president or the secretary upon the written request of the holders of not less than one-tenth of all the outstanding capital stock of the ASSOCIATION entitled to vote at the meeting. Such written request shall state the
purpose or purposes of the meeting and shall be delivered at the home office of the ASSOCIATION addressed to the chairman of the board, the president or the secretary.

          Section 4. Conduct of Meetings. Annual and special meetings shall be conducted in accordance with the most current edition of Robert’s Rules of Order unless otherwise prescribed by regulations of the OTS or these bylaws. The board of directors shall designate, when present, either the chairman of the board or president to preside at such meetings.

          Section 5. Notice of Meetings. Written notice stating the place, day and hour of the meeting and the purpose(s) for which the meeting is called shall be delivered not fewer than 20 nor more than 50 days before the date of the meeting, either personally or by mail, by or at the direction of the chairman of the board, the president, the secretary, or the directors calling the meeting, to each shareholder of record entitled to vote at such meeting. If mailed, such notice shall be deemed to be delivered when deposited in the mail, addressed to the shareholder at the address as it appears on the stock transfer books or records of the ASSOCIATION as of the record date prescribed in Section 6 of this Article II, with postage prepaid. When any shareholders’ meeting, either annual or special, is adjourned for 30 days or more, notice of the adjourned meeting shall be given as in the case of an original
meeting. It shall not be necessary to give any notice of the time and place of any meeting adjourned for less than 30 days or of the business to be transacted at the meeting, other than an announcement at the meeting at which such adjournment is taken.

          Section 6. Fixing of Record Date. For the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment, or shareholders entitled to receive payment of any dividend, or in order to make a determination of shareholders for any other proper purpose, the board of directors shall fix in advance a date as the record date for any such determination of shareholders. Such date in any case shall be not more than 60 days and, in case of a meeting of shareholders, not fewer than 10 days prior to the date on which the particular action, requiring such determination of shareholders, is to be taken. When a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this section, such determination shall apply to any adjournment.

          Section 7. Voting Lists. At least 20 days before each meeting of the shareholders, the officer or agent having charge of the stock transfer books for shares of the ASSOCIATION shall make a complete list of the shareholders entitled to vote at such meeting, or any adjournment, arranged in alphabetical order, with the address and the number of shares held by each. This list of shareholders shall be kept on file at the home office of the ASSOCIATION and shall be subject to inspection by any shareholder at any time during usual business hours, for a period of 20 days prior to such meeting. Such list shall also be produced and kept open at the time and place of the meeting and shall be subject to the inspection by any shareholder during the entire time of the meeting. The original stock transfer book shall constitute prima facie evidence of the shareholders entitled to examine such list or transfer
books or to vote at any meeting of shareholders.

          In lieu of making the shareholder list available for inspection by shareholders as provided in the preceding paragraph, the board of directors may elect to follow the procedures prescribed in ‘552.6(d) of the OTS’s Regulations as now or hereafter in effect.

          Section 8. Quorum. A majority of the outstanding shares of the ASSOCIATION entitled to vote, represented in person or by proxy, shall constitute a quorum at a meeting of shareholders. If less than a majority of the outstanding shares is represented at a meeting, a majority of the shares so represented may adjourn the meeting from time to time without further notice. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally notified. The shareholders present at a duly organized meeting may continue to transact business until adjournment, notwithstanding the withdrawal of enough shareholders to constitute less than a quorum.

          Section 9. Proxies. At all meetings of shareholders, a shareholder may vote by proxy executed in writing by the shareholder or by his duly authorized attorney in fact. Proxies solicited on behalf of the management shall be voted as directed by the shareholder or, in the absence of such direction, as determined by a majority of the board of directors. No proxy shall be valid more than eleven months from the date of its execution except for a prosy coupled with an interest.

          Section 10. Voting of Shares in the Name of Two or More Persons. When ownership stands in the name of two or more persons, in the absence of written directions to the ASSOCIATION to the contrary, at any meeting of the shareholders of the ASSOCIATION any one or more of such shareholders may cast, in person or by proxy, all votes to which such ownership is entitled. In the event an attempt is made to cast conflicting votes, in person or by proxy, by the several persons in whose names shares of stock stand, the vote or votes to which those persons are entitled shall be cast as directed by a majority of those holding such and present in person or by proxy at such meeting, but no votes shall be cast for such stock if a majority cannot agree.

          Section 11. Voting of Shares by Certain Holders. Shares standing in the name of another corporation may be voted by any officer, agent or proxy as the bylaws of such corporation may prescribe, or, in the absence of such provision, as the board of directors of such corporation may determine. Shares held by an administrator, executor, guardian or conservator may be voted by him, either in person or by proxy, without a transfer of such shares into his name. Shares standing in the name of a trustee may be voted by him, either in person or by proxy, but no trustee shall be entitled to vote shares held by him without a transfer of such shares into his name. Shares standing in the name of a receiver may be voted by such receiver, and shares held by or under the control of a receiver may be voted by such receiver without the transfer into his name if authority to do so is contained in an appropriate order
of the court or other public authority by which such receiver was appointed.

          A shareholder whose shares are pledged shall be entitled to vote such shares until the shares have been transferred into the name of the pledgee and thereafter the pledgee, shall be entitled to vote the shares so transferred.

          Neither treasury shares of its own stock held by the ASSOCIATION, nor shares held by another corporation, if a majority of the shares entitled to vote for the election of directors of such other corporation are held by the ASSOCIATION, shall be voted at any meeting or counted in determining the total number of outstanding shares at any given time for purposes of any meeting.

          Section 12. Cumulative Voting. Shareholders shall not be entitled to cumulate their votes for election of directors.

          Section 13. Inspectors of Election. In advance of any meeting of shareholders, the board of directors may appoint any persons other than nominees for office as inspectors of election to act at such meeting or any adjournment. The number of inspectors shall be either one or three. Any such appointment shall not be altered at the meeting. If inspectors of election are not so appointed, the chairman of the board or the president may, or on the request of not fewer than 10 percent of the votes represented at the meeting shall, make such appointment at the meeting. If appointed at the meeting, the majority of the votes present shall determine whether one or three inspectors are to be appointed. In case any person appointed as inspector fails to appear or fails or refuses to act, the vacancy may be filled by appointment by the board of directors in advance of the meeting, or at the meeting by the
chairman of the board or the president.

          Unless otherwise prescribed by regulations of the OTS, the duties of such inspectors shall include: determining the number of shares and the voting power of each share, the shares represented at the meeting, the existence of a quorum, and the authenticity, validity and effect of proxies; receiving votes, ballots, or consents; hearing and determining all challenges and questions in any way arising in connection with the rights to vote; counting and tabulating all votes or consents; determining the result; and such acts as may be proper to conduct the election or vote with fairness to all shareholders.

          Section 14. Nominating Committee. The board of directors shall act as a nominating committee for selecting the nominees for election as directors. Except in the case of a nominee substituted as a result of the death or other incapacity of a nominee, the nominating committee shall deliver written nominations to the secretary at least 20 days prior to the date of the annual meeting. Upon delivery, such nominations shall be posted in a conspicuous place in each office of the ASSOCIATION. No nominations for directors except those made by the nominating committee shall be voted upon at the annual meeting unless other nominations by shareholders are made in writing and delivered to the secretary of the ASSOCIATION at least five days prior to the date of the annual meeting. Upon delivery, such nominations shall be posted in a conspicuous place in each office of the ASSOCIATION. Ballots bearing the
names of all persons nominated by the nominating committee and by shareholders shall be provided for use at the annual meeting. However, if the nominating committee shall fail or refuse to act at least 20 days prior to the annual meeting, nominations for directors may be made at the annual meeting by any shareholder entitled to vote and shall be voted upon.

          Section 15. New Business. Any new business to be taken up at the annual meeting shall be stated in writing and filed with the secretary of the ASSOCIATION at least five days before the date of the annual meeting, and all business so stated, proposed, and filed shall be considered at the annual meeting, but no other proposal shall be acted upon at the annual meeting. Any shareholder may make any other proposal at the annual meeting and the same may be discussed and considered, but unless stated in writing and filed with the secretary at least five days before the meeting, such proposal shall be laid over for action at an adjourned, special, or annual meeting of the shareholders taking place 30 days or more thereafter. This provision shall not prevent the consideration and approval or disapproval at the annual meeting of reports of officers, directors and committees; but in connection with such
reports no new business shall be acted upon at such annual meeting unless stated and filed as herein provided.

          Section 16. Informal Action by Shareholders. Any action required to be taken at a meeting of shareholders, or any other action which may be taken at a meeting of the shareholders, may be taken without a meeting if consent in writing, setting forth the action so taken, shall be given by all of the shareholders entitled to vote with respect to the subject matter.

ARTICLE III. BOARD OF DIRECTORS

          Section 1. General Powers.  The business and affairs of the ASSOCIATION shall be under the direction of its board of directors. The board of directors shall annually elect a chairman of the board and a president from among its members and shall designate, when present, either the chairman of the board or the president to preside at its meetings.

          Section 2. Number and Term. The board of directors shall consist of ten members and shall be divided into three classes as nearly equal in number as possible. The members of each class shall be elected for a term of three years and until their successors are elected and qualified. One class shall be elected by ballot annually.

          Section 3. Regular Meetings. A regular meeting of the board of directors shall be held without other notice than this bylaw immediately after, and at the same place as, the annual meeting of shareholders. The board of directors may provide, by resolution, the time and place, within the ASSOCIATION’s normal lending territory, for the holding of additional regular meetings without other notice than such resolution.

          Section 4. Qualification. Each director shall at all times be the beneficial owner of not less than 100 shares of capital stock of the ASSOCIATION unless the ASSOCIATION is a wholly owned subsidiary of a holding company.

          Section 5. Special Meetings. Special meetings of the board of directors may be called by or at the request of the chairman of the board, the president or one-third of the directors. The persons authorized to call special meetings of the board of directors may fix any place, within the ASSOCIATION’s normal lending territory, as the place for holding any special meeting of the board of directors called by such persons.

          Members of the board of directors may participate in special meetings by means of conference telephone, or by means of similar communications equipment by which all persons participating in the meeting can hear each other. Such participation shall constitute presence in person but shall not constitute attendance for the purpose of compensation pursuant to Section 12 of this Article.

          Section 6. Notice. Written notice of any special meeting shall be given to each director at least two days prior thereto when delivered personally or by telegram, or at least five days prior thereto when delivered by mail at the address at which the director is most likely to be reached. Such notice shall be deemed to be delivered when deposited in the mail so addressed, with postage prepaid if mailed, or when delivered to the telegraph company if sent by telegram. Any director may waive notice of any meeting by a writing filed with the secretary. The attendance of a director at a meeting shall constitute a waiver of notice of such meeting, except where a director attends a meeting for the express purpose of objecting to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any meeting of the board of
directors need be specified in the notice or waiver of notice of such meeting.

          Section 7. Quorum. A majority of the number of directors fixed by Section 2 of this Article III shall constitute a quorum for the transaction of business at any meeting of the board of directors, but if less than such majority is present at a meeting, a majority of the directors present may adjourn the meeting from time to time. Notice of any adjourned meeting shall be given in the same manner as prescribed by Section 6 of this Article III.

          Section 8. Manner of Acting. The act of the majority of the directors present at a meeting at which a quorum is present shall be the act of the board of directors, unless a greater number is prescribed by regulation of the OTS or by these bylaws.

          Section 9. Action Without a Meeting. Any action required or permitted to be taken by the board of directors at a meeting may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the directors.

          Section 10. Resignation. Any director may resign at any time by sending a written notice of such resignation to the home office of the ASSOCIATION addressed to the chairman of the board or president. Unless otherwise specified such resignation shall take effect upon receipt by the chairman of the board or president. More than three consecutive absences from regular meetings of the board of directors, unless excused by resolution of the board of directors, shall automatically constitute a resignation, effective when such resignation is accepted by the board of directors.

          Section 11. Vacancies. Any vacancy occurring in the board of directors may be filled by the affirmative vote of a majority of the remaining directors, although less than a quorum of the board of directors. A director elected to fill a vacancy shall be elected to serve until the next election of directors by the shareholders.  Any directorship to be filled by reason of an increase in the number of directors may be filled by election by the board of directors for a term of office continuing only until the next election of directors by the shareholders.

          Section 12. Compensation. Directors, as such, may receive a stated salary for their services. By resolution of the board of directors, a reasonable fixed sum, and reasonable expenses of attendance, if any, may be allowed for actual attendance at each regular or special meeting of the board of directors. Members of either standing or special committees may be allowed such compensation for actual attendance at committee meetings as the board of directors may determine.

          Section 13. Presumption of Assent. A director of the ASSOCIATION who is present at a meeting of the board of directors at which action on any ASSOCIATION matter is taken shall be presumed to have assented to the action taken unless his dissent or abstention shall be entered in the minutes of the meeting or unless he shall file a written dissent to such action with the person acting as the secretary of the meeting before the adjournment thereof or shall forward such dissent by registered mail to the secretary of the ASSOCIATION within five days after the date a copy of the minutes of the meeting is received. Such right to dissent shall not apply to a director who voted in favor of such action.

          Section 14. Removal of Directors. At a meeting of shareholders called expressly for that purpose, any director may be removed for cause by a vote of the holders of a majority of the shares then entitled to vote at an election of directors. Whenever the holders of the shares of any class are entitled to elect one or more directors by the provisions of the Charter or supplemental sections thereto, the provisions of this section shall apply, in respect to the removal of a director or directors so elected, to the vote of the holders of the outstanding shares of that class and not to the vote of the outstanding shares as a whole.

          Section 15. Age Limitation of Directors. No person 75 or above years of age shall be eligible for election, reelection, appointment, or reappointment to the board of directors of the ASSOCIATION. No director shall serve as such beyond the regular meeting of the ASSOCIATION which immediately precedes the director becoming 75 years of age. This age limitation does not apply to an advisory director.

ARTICLE IV. EXECUTIVE AND OTHER COMMITTEES

          Section 1. Appointment. The board of directors, by resolution adopted by a majority of the full board, may designate the chief executive officer and two or more of the other directors to constitute an executive committee. The designation of any committee pursuant to this Article IV and the delegation of authority shall not operate to relieve the board of directors, or any director, of any responsibility imposed by law or regulation.

          Section 2. Authority. The executive committee, when the board of directors is not in session, shall have and may exercise all of the authority of the board of directors except to the extent, if any, that such authority shall be limited by the resolution appointing the executive committee; and except also that the executive committee shall not have the authority of the board of directors with reference to: the declaration of dividends; the amendment of the Charter or bylaws of the ASSOCIATION, or recommending to the shareholders a plan of merger, consolidation, or conversion; the sale, lease or other disposition of all or substantially all of the property and assets of the ASSOCIATION otherwise than in the usual and regular course of its business; a voluntary dissolution of the ASSOCIATION; a revocation of any of the foregoing; or the approval of a transaction in which any member of the executive
committee, directly or indirectly, has any material beneficial interest.

          Section 3. Tenure. Subject to the provisions of Section 8 of this Article IV, each member of the executive committee shall hold office until the next regular annual meeting of the board of directors following his or her designation and until a successor is designated as a member of the executive committee.

          Section 4. Meetings. Regular meetings of the executive committee may be held without notice at such times and places as the executive committee may fix from time to time by resolution. Special meetings of the executive committee may be called by any member thereof upon not less than one day’s notice stating the place, date and hour of the meeting, which notice may be written or oral. Any member of the executive committee may waive notice of any meeting and no notice of any meeting need be given to any member thereof who attends in person. The notice of a meeting of the executive committee need not state the business proposed to be transacted at the meeting.

          Section 5. Quorum. A majority of the members of the executive committee shall constitute a quorum for the transaction of business at any meeting thereof, and action of the executive committee must be authorized by the affirmative vote of a majority of the members present at a meeting at which a quorum is present.

          Section 6. Action Without a Meeting. Any action required or permitted to be taken by the executive committee at a meeting may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the members of the executive committee.

          Section 7. Vacancies. Any vacancy in the executive committee may be filled by a resolution adopted by a majority of the full board of directors.

          Section 8. Resignations and Removal. Any member of the executive committee may be removed at any time with or without cause by resolution adopted by a majority of the full board of directors. Any member of the executive committee may resign from the executive committee at any time by giving written notice to the president or secretary of the ASSOCIATION. Unless otherwise specified, such resignation shall take effect upon its receipt; the acceptance of such resignation shall not be necessary to make it effective.

          Section 9. Procedure. The executive committee shall elect a presiding officer from its members and may fix its own rules of procedure which shall not be inconsistent with these bylaws. It shall keep regular minutes of its proceedings and report the same to the board of directors for its information at the meeting held next after the proceedings shall have occurred.

          Section 10. Other Committees. The board of directors may by resolution establish an audit, loan, or other committees composed of directors as they may determine to be necessary or appropriate for the conduct of the business of the ASSOCIATION and may prescribe the duties, constitution and procedures thereof.

ARTICLE V. OFFICERS

          Section 1. Positions. The officers of the ASSOCIATION shall be a president, one or more vice presidents, a secretary and a treasurer, each of whom shall be elected by the board of directors. The board of directors may also designate the chairman of the board as an officer. The president shall be the chief executive officer, unless the board of directors designates the chairman of the board as chief executive officer. The president shall be a director of the ASSOCIATION. The offices of the secretary and treasurer may be held by the same person and a vice president may also be either the secretary or the treasurer. The board of directors may designate one or more vice presidents as executive vice president or senior vice president. The board of directors may also elect or authorize the appointment of such other officers as the business of the ASSOCIATION may require. The officers shall have such
authority and perform such duties as the board of directors may from time to time authorize or determine. In the absence of action by the board of directors, the officers shall have such powers and duties as generally pertain to their respective offices.

          Section 2. Election and Term of Office. The officers of the ASSOCIATION shall be elected annually at the first meeting of the board of directors held after each annual meeting of the shareholders. If the election of officers is not held at such meeting, such election shall be held as soon thereafter as possible. Each officer shall hold office until a successor has been duly elected and qualified or until the officer’s death, resignation or removal in the manner hereinafter provided. Election or appointment of an officer, employee or agent shall not of itself create contractual rights. The board of directors may authorize the ASSOCIATION to enter into an employment contract with any officer in accordance with regulations of the OTS; but no such contract shall impair the right of the board of directors to remove any officer at any time in accordance with Section 3 of this Article
V.

          Section 3. Removal. Any officer may be removed by the board of directors whenever in its judgment the best interests of the ASSOCIATION will be served thereby, but such removal, other than for cause, shall be without prejudice to the contractual rights, if any, of the person so removed.

          Section 4. Vacancies. A vacancy in any office because of death, resignation, removal, disqualification or otherwise, may be filled by the board of directors for the unexpired portion of the term.

          Section 5. Remuneration. The remuneration of the officers shall be fixed from time to time by the board of directors.

ARTICLE VI. CONTRACTS, LOANS, CHECKS AND DEPOSITS

          Section 1. Contracts. To the extent permitted by regulations of the OTS, and except as otherwise prescribed by these bylaws with respect to certificates for shares, the board of directors may authorize any officer, employee, or agent of the ASSOCIATION to enter into any contract or execute and deliver any instrument in the name of and on behalf of the ASSOCIATION. Such authority may be general or confined to specific instances.

          Section 2. Loans. No loans shall be contracted on behalf of the ASSOCIATION and no evidence of indebtedness shall be issued in its name unless authorized by the board of directors. Such authority may be general or confined to specific instances.

          Section 3. Checks, Drafts, Etc. All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the ASSOCIATION shall be signed by one or more officers, employees or agents of the ASSOCIATION in such manner as shall from time to time be determined by the board of directors.

          Section 4. Deposits. All funds of the ASSOCIATION not otherwise employed shall be deposited from time to time to the credit of the ASSOCIATION in any duly authorized depositories as the board of directors may select.

ARTICLE VII. CERTIFICATES FOR SHARES
 AND THEIR TRANSFER

          Section 1. Certificates for Shares. Certificates representing shares of capital stock of the ASSOCIATION shall be in such form as shall be determined by the board of directors and approved by the OTS. Such certificates shall be signed by the chief executive officer or by any other officer of the ASSOCIATION authorized by the board of directors, attested by the secretary or an assistant secretary, and sealed with the corporate seal or a facsimile thereof. The signatures of such officers upon a certificate may be facsimiles if the certificate is manually signed on behalf of a transfer agent or a registrar, other than the ASSOCIATION itself or one of its employees. Each certificate for shares of capital stock shall be consecutively numbered or otherwise identified. The name and address of the person to whom the shares are issued, with the number of shares and date of issue, shall be entered on the
stock transfer books of the ASSOCIATION. All certificates surrendered to the ASSOCIATION for transfer shall be cancelled and no new certificate shall be issued until the former certificate for a like number of shares has been surrendered and cancelled, except that in case of a lost or destroyed certificate, a new certificate may be issued upon such terms and indemnity to the ASSOCIATION as the board of directors may prescribe.

          Section 2. Transfer of Shares. Transfer of shares of capital stock of the ASSOCIATION shall be made only on its stock transfer books. Authority for such transfer shall be given only by the holder of record or by his legal representative, who shall furnish proper evidence of such authority, or by his attorney authorized by a duly executed power of attorney and filed with the ASSOCIATION. Such transfer shall be made only on surrender for cancellation of the certificate for such shares. The person in whose name shares of capital stock stand on the books of the ASSOCIATION shall be deemed by the ASSOCIATION to be the owner for all purposes.

ARTICLE VIII. FISCAL YEAR; ANNUAL AUDIT

          The fiscal year of the ASSOCIATION shall end on December 31 of each year. The ASSOCIATION shall be subject to an annual audit as of the end of its fiscal year by independent public accountants appointed by and responsible to the board of directors. The appointment of such accountants shall be subject to annual ratification by the shareholders.

ARTICLE IX. DIVIDENDS

          Subject to the terms of the ASSOCIATION’s Charter and the regulations and orders of the OTS, the board of directors may, from time to time, declare, and the ASSOCIATION may pay, dividends on its outstanding shares of capital stock.

ARTICLE X. CORPORATE SEAL

          The board of directors shall provide an ASSOCIATION seal, which shall be two concentric circles between which shall be the name of the ASSOCIATION. The year of incorporation or an emblem may appear in the center.

ARTICLE XI. AMENDMENTS

          These bylaws may be amended in a manner consistent with regulations of the OTS at any time by a majority vote of the full board of directors, or by a majority vote of the votes cast by the shareholders of the ASSOCIATION at any legal meeting.Exhibit 10.1

ASTORIA FEDERAL SAVINGS AND LOAN ASSOCIATION
 and
 ASTORIA FINANCIAL CORPORATION
 DIRECTORS’ RETIREMENT PLAN

Effective January 1, 1990, as amended and restated effective April 1, 2006

	
  
1.
  	
  
Directors   eligible to participate (“Eligible Directors”) in this Directors’ Retirement   Plan (the “Plan”) shall only be those who retire from the latter of the Board   of Directors of Astoria Federal Savings and Loan Association (the   “Association”) and Astoria Financial Corporation (the “Company”) and are not   or were not full-time employees of the Association or institutions merged   with the Association prior to the formation of the Company, or of companies   merged with or acquired by the Association or Company thereafter.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
2.
  	
  
The   mandatory retirement age for members of the Board of Directors of the   Association shall be as set forth in the Bylaws of the Association, as   amended from time to time,  as in   effect on January 1, 1990 or, if later, the date on which the individual   became an Eligible Director.
  
	
   
  	
  
 
  	
  
 
  
	
  
3.
  	
  
The   mandatory retirement age for members of the Board of Directors of the Company   shall be as set forth in the Bylaws of the Company, as amended from time to   time, as in effect on January 1, 2004 or, if later, the date on which the   individual became an Eligible Director.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
4.
  	
  
For purposes   of determining benefits (the “Monthly Benefits”) under Paragraph 5 hereof the   following definitions shall apply;
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(a)
  	
  
Full Years   of Service shall be the greater of years of service for the Board of   Directors of the Association or the Company.    Years of Service on the Board of Directors of an Acquired Company   shall be recognized as Years of Service with the Association or the Company   in the case of any Eligible Director who (i) served on the Board of Directors   of an Acquired Company immediately prior to its acquisition by the   Association or the Company and (ii) became a member of the Board of Directors   of the Association or the Company immediately upon such acquisition.  In the event of a Change of Control (as   defined below), Years of Service shall be computed as if the Eligible   Director’s service had continued through May 31st of the calendar year in   which the Eligible Director’s current term would expire.
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
(b)
  	
  
Monthly Fee   for any Eligible Director as of any date shall mean the aggregate of the   following: (i) one-twelfth of the annual retainer(s) rate in effect for   service as a director of the Boards of Directors of the Association and the   Company, (ii) one-twelfth of the annual retainer in effect for service as chairman   of a committee of the Boards of Directors of the Association and the Company   of which such Eligible Director is chairman; and (iii) one-twelfth of the   aggregate per-meeting fees (if any) actually paid to such Eligible Director   for attendance at meetings of the Board of Directors of the Association and   the Company and any committees thereof during the twelve consecutive calendar   month period ending with the month that includes the date in question.
  

	
  
 
  	
  
(c)
  	
  
Acquired   Company shall mean Fidelity New York, F.S.B., The Greater New York Savings   Bank, Long Island Bancorp, Inc, and The Long Island Savings Bank, FSB.
  
	
  
 
  	
  
 
  	
  
 
  
	
  5.
  	
  
The Monthly   Benefit to which an Eligible Director shall be entitled shall be based upon   the following vesting schedule:
  

	
  
Full Years
   of Service
  	
   
 	
  
Monthly   Benefit, calculated by multiplying 
   the percentage below by the Monthly Fee
  
	
  

  	
  
 
  	
  

  
	
  
Less than 10
  	
  
 
  	
  
0%
  
	
  
10
  	
  
 
  	
  
50%
  
	
  
11
  	
  
 
  	
  
55%
  
	
  12
  	
  
 
  	
  
60%
  
	
  
13
  	
  
 
  	
  
65%
  
	
  
14
  	
  
 
  	
  
70%
  
	
  
15
  	
  
 
  	
  
75%
  
	
  
16
  	
  
 
  	
  
80%
  
	
  
17
  	
  
 
  	
  
85%
  
	
  
18
  	
  
 
  	
  
90%
  
	
  
19
  	
  
 
  	
  
95%
  
	
  20 or more
  	
  
 
  	
  
100%
  

	
  
 
  	
  
In the case   of an Eligible Director who has received or is eligible to receive a benefit   under another director retirement plan for service as a director of an   Acquired Company, the Monthly Benefit payable under this Plan (when expressed   as a single life annuity) shall be reduced by the monthly benefit paid or   payable under such other plan (when expressed as a single life annuity   payable at the same time as the Monthly Benefit is payable under this Plan).
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
Except as   provided below with respect to Monthly Benefits which become payable   following a Change of Control (as defined below), the Monthly Benefit shall   be paid as follows:
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
(a)
  	
  
Normal   Retirement:    Monthly Benefits shall be paid monthly commencing on the first day of   the month following retirement upon reaching the later of the mandatory   retirement ages set forth in the Bylaws of the Company and the Association as   in effect on January 1, 2004 and January 1, 1990, respectively, or, if later,   the date on which the individual became an Eligible Director.
  

	
  
 
  	
  
(b)
  	
  
Early   Retirement:    Monthly Benefits shall be paid monthly commencing on the later of the   first day of the month following retirement or the first day of the month   following attainment of age 65. For purposes of the Plan and subject to   Paragraph 11, Early Retirement shall include all manner and means by which an   Eligible Director ceases to serve as a director of the Company and the   Association, excluding only normal retirement, removal for cause or, as   provided in Paragraph 8, death.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
6.
  	
  
The Plan is   intended to be an unfunded plan and the Monthly Benefits will be paid as due   by the Association from its general assets.
  
	
   
  	
  
 
  	
  
 
  
	
  
7.
  	
  
In the event   that an Eligible Director’s service on the Boards of Directors of the Company   and the Association ceases as a result of such Eligible Director’s   disability, the Monthly Benefit to which such Eligible Director would   otherwise have been entitled pursuant to the Plan may, at the discretion of   the Board of Directors of the Association, be increased to an amount up to   100% of the Monthly Fee received by the Eligible Director and the timing of   such payment shall be accelerated to the first day of the calendar month   immediately following cessation of service due to disability.  Disability for this purpose shall mean any   medically determinable physical or mental impairment which can be expected to   result in death or to last for a continuous period of at least twelve (12)   months and as a result of which either: (a) the Eligible Director is unable   to engage in any substantial gainful activity or (b) the Eligible Director
has been receiving income replacement benefits for a period of at least three   (3) months under an accident and health plan covering employees of the   Eligible Director’s employer, as determined by the Board of Directors of the   Association in accordance with section 409A of the Internal Revenue Code of   1986, as amended (the “Code”) and the regulations thereunder.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
8.
  	
  
All benefits   payable to an Eligible Director pursuant to the Plan shall terminate with the   monthly payment made for the month that includes the date of death of the   Eligible Director, unless the Eligible Director elects that benefits be paid   in one of the following optional forms:
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
(a)
  	
  
a single   lump sum payment
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(b)
  	
  
fixed   monthly installments for 120 months
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(c)
  	
  
a joint and   100% survivor annuity
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
Where the   Eligible Director has made such an election, benefit payments to a   Beneficiary shall be made in accordance with the form of payment elected,   and, if payments to the Eligible Director have not yet begun, shall commence   as of the first day of the month following the later of the date of the   Eligible Director’s termination of service on both the Boards of the   Association and the Company or the date when the Eligible Director would have   attained age 65 if he had survived to such date. An election of an optional   form of payment shall be in writing in the form and manner determined by the   Board of Directors of the Association and must be made prior to the later of (i)   commencement of participation in the Plan and (ii) January 1, 2006.  An Eligible Director who is also entitled   to a benefit under another plan for service as a director of The Long Island   Savings Bank, FSB or Long Island Bancorp, Inc. shall be deemed to have
elected fixed monthly installments for 120 months.  An Eligible Director who is also entitled to a benefit under   another plan for service as a director of The Greater New York Savings Bank   shall be deemed to have elected a joint and 100% survivor annuity form of   payment with his spouse as his contingent annuitant.  The amount of any optional form of payment   shall be determined by, and on the basis of, reasonable interest rate and   mortality assumptions prescribed by an enrolled actuary selected by the Board   of Directors of the Association such that the actuarial present value of the   payments made under the optional form of payment are equivalent to the   actuarial present value of the payments that would be made in the form of a   single life annuity.
  

	
  
 
  	
  
Where an   Eligible Director elects a form of payment with a guaranteed minimum number   of payments, the Eligible Director may designate a beneficiary or   beneficiaries for any payments remaining to be made at the time of his death   by filing a written notice with the Corporate Secretary prior to the Eligible   Director’s death, in such form and manner as the Corporate Secretary may   prescribe.  An Eligible Director who   has designated a beneficiary or beneficiaries may change or revoke such   designation prior to the Eligible Director’s death by means of a similar   written instrument.  Where an Eligible   Director elects a joint and survivor annuity form of payment, the Eligible   Director may designate a contingent annuitant by filing a written notice with   the Corporate Secretary prior to the Eligible Director’s death, in such form   and manner as the Corporate Secretary may prescribe.  An Eligible Director who has
designated a   contingent annuitant may change or revoke such designation prior to the   commencement of payments or the Eligible Director’s death (whichever is   earlier) by means of a similar written instrument.  If no beneficiary shall have been designated or if any such   designation shall be ineffective, or in the event that no designated   beneficiary survives the Eligible Director, payments due to a beneficiary   shall be paid in a single lump sum to the Eligible Director’s personal   representative, or if no personal representative is appointed within six (6)   months after the Eligible Director’s death or such longer period as the Board   of Directors of the Association deems reasonable in its discretion, to his   surviving spouse, or if he has no surviving spouse, to his then living   descendants, per stirpes. If any Eligible Director and any one or more   of his designated beneficiary(ies) shall die in circumstances that leave   substantial doubt as to who shall
have been the first to die, the Eligible   Director shall be deemed to have survived the deceased Beneficiary(ies).  The presence of substantial doubt for such   purposes shall be determined by the Board of Directors of the Association in   its sole and absolute discretion.  If   the Eligible Director’s designated contingent annuitant does not survive him,   then no survivor benefit shall be paid under a joint and survivor annuity   form of payment.
  
	
   
  	
  
 
  	
  
 
  
	
  
9.
  	
  
(a)
  	
  
A Change of   Control means, with respect to an Eligible Director:  (a) a change in ownership of the Eligible   Director’s Service Recipient; (b) a change in effective control of the   Eligible Director’s Service Recipient; or (c) a change in the ownership of a   substantial portion of the assets of the Eligible Director’s Service   Recipient.  Service Recipient means   with respect to an Eligible Director on any date:  (i) the corporation for which the Eligible Director is performing   services on such date; (ii) all corporations that are liable to the Eligible   Director for the benefits due to him under the Plan; (iii) a corporation that   is a majority shareholder of a corporation described in section (i) or (ii)   above; or (iv) any corporation in a chain of corporations each of which is a   majority shareholder of another corporation in the chain, ending in a   corporation described in section (i) or (ii) above.  The
existence of a Change of Control shall be determined by the   compensation committee of the Board of Directors of the Company (the   “Committee”) in accordance with section 409A of the Code and the regulations   thereunder.
  

	
  
 
  	
  
(b)
  	
  
In the event   of a Change of Control, the Association shall pay:
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(i)
  	
  
To the Eligible   Director, not later than thirty (30) days following the Change of Control or   upon the Eligible Director’s termination of service as a director of the   Company and the Association, whichever is later, a lump sum payment equal to   the present value of the Monthly Benefits to which such Eligible Director is   then entitled under the Plan, where such present value is determined using   the mortality tables prescribed under section 415(b)(2)(E)(v) of the Code and   a discount rate, compounded monthly, equal to the annualized rate of interest   prescribed by the Pension Benefit Guaranty Corporation for the valuation of   immediate annuities payable under terminating single-employer defined benefit   plans (or, if no such rate is prescribed, the rate prescribed under section   417(e)(3) of the Code) for the month in which the Eligible Director’s   termination of service as a director occurs; or
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(ii)
  	
  
If elected   by the Eligible Director in writing prior to the date of commencement of   participation in the Plan or, if later, January 1, 2006, to a trust fund to   be established for the benefit of the Eligible Director at the time of the   Change of Control, with a trustee selected by the Eligible Director, an   amount actuarially determined to be sufficient to pay to the Eligible   Director the Monthly Benefit provided pursuant to the Plan as such benefit   would be payable to the Eligible Director under the terms of the Plan but for   the Change of Control.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
To the   extent of any payment under Paragraph 9(b)(i), the Association shall have no   further liability with respect to the payment of benefits to the Eligible   Director under the Plan. The Association shall continue to be liable for the   payment of benefits under the Plan to the extent of any shortfall in the   funds held in trust for the payment of benefits pursuant to Paragraph   9(b)(ii). To the extent that upon the conclusion of the payment from the   trust of all benefits due to an Eligible Director under the Plan there is an   excess in the funds held in trust for the benefit of the Eligible Director,   such excess shall be returned to the Association.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(c)
  	
  
The   Association shall pay all taxes, trustee’s fees and other administrative   charges or expenses associated with the establishment or continuance of such   trust fund.
  

	
  
10.
  	
  
(a)
  	
  
Whenever   appropriate in the Plan, words used in the singular may be read in the   plural, words in the plural may be read in the singular, and words importing   the masculine gender shall be deemed equally to refer to the feminine or the neuter.   Any reference to a Paragraph shall be to a Paragraph of the Plan, unless   otherwise indicated.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(b)
  	
  
The right to   receive a benefit under the Plan shall not be subject in any manner to   anticipation, alienation or assignment, nor shall rights be liable for or   subject to debts, contracts liabilities or torts. This Plan shall be binding   upon the Association and its successors and assigns, including any successor   by merger or consolidation or a statutory receiver or other person or firm or   corporation to which all or substantially all of the assets and business of   the Association may be sold or otherwise transferred.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
(c)
  	
  
The   Association shall indemnify, hold harmless and defend its Eligible Directors   against their reasonable costs, including legal fees, incurred by them or   arising out of any action, suit or proceeding in which they may be involved,   as a result of their efforts, in good faith, to defend or enforce terms of   the Plan.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(d)
  	
  
A   determination that any provision of the Plan is invalid or unenforceable   shall not effect the validity or enforceability of any other provision   hereof.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(e)
  	
  
Failure to   insist upon strict compliance with any terms, covenants or conditions of the   Plan shall not be deemed a waiver of such term, covenant or condition. A   waiver of any provision of the Plan must be in writing, designated as a   waiver, and signed by the party against whom enforcement is sought. Any   waiver or relinquishment of any right or power hereunder at any one or more   times shall not be deemed a waiver or relinquishment of such right or power   at any other time or times.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(f)
  	
  
The Plan   shall be construed, administered and enforced according to the laws of the   State of New York without giving effect to the conflict of laws principles thereof,   except to the extent that such laws are preempted by federal law.  The federal and state courts having   jurisdiction in Nassau, Suffolk and New York Counties, New York shall have   exclusive jurisdiction over any claim, action, complaint or lawsuit brought   under the terms of the Plan or in any way relating to the rights or   obligations of any person under, or the acts or omissions of the Board of   Directors of the Company and/or the Association or any duly authorized person   acting in their behalf in relation to, the Plan.  By accepting participation in this Plan, the Eligible Director,   for himself and any other person claiming any rights under the Plan through   him, agrees to submit himself, and any such legal action described herein   that he shall bring, to the sole
jurisdiction of such courts for the   adjudication and resolution of such disputes.  The filing of any action, suit or proceeding in any other   jurisdiction shall result in a forfeiture of all benefits due under the Plan   to or in respect of the person making such filing.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(g)
  	
  
The   Association shall have the right to retain a sufficient portion of any   payment made under the Plan to cover the amount required to be withheld   pursuant to any applicable federal, state and local tax law.
  

	
  
 
  	
  
(h)
  	
  
Nothing in   this Plan shall be held or construed to establish any deposit account for any   Eligible Director or any deposit liability on the part of the Association. An   Eligible Directors’ rights hereunder shall be equivalent to those of a general   unsecured creditor.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(i)
  	
  
The Plan may   be amended or terminated at any time by resolution of the Board of Directors   of the Company and the Board of Directors of the Association.  If the Plan is terminated, no further   benefits shall be earned, but benefits earned through the termination date   will continue to be paid at the times and in the manner provided under the   Plan.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
(j)
  	
  
The Plan   shall be administered by the Committee.    The Committee shall have the exclusive right to interpret the Plan and   to decide any matters arising in connection with the administration and   operation of the Plan and to take all other necessary and proper actions to   fulfill its duties as administrator.    Any action taken or omitted by the Committee with respect to the Plan,   including any decision, interpretation, claim denial or review on appeal,   shall be conclusive and binding on the Company, the Association and Eligible   Directors.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
The   Committee shall not be liable for any actions by it under the Plan, unless   due to its own negligence, willful misconduct or lack of good faith.  The Committee shall be indemnified and   held harmless by the Company and/or the Association from and against all   personal liability to which it may be subject by reason of any act done or   omitted to be done in its official capacity as administrator in good faith in   the administration of the Plan, including all expenses reasonably incurred in   its defense in the event the Company and/or the Association fails to provide   such defense upon the request of the Committee.  The Committee is relieved of all responsibility in connection   with its duties hereunder to the fullest extent permitted by law, short of   breach of duty.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  11.
  	
  
Notwithstanding   anything herein contained to the contrary, any payments or benefits provided   to an Eligible Director pursuant to this Plan by the Association are subject   to and conditioned upon compliance with Section 18K of the Federal Deposit   Insurance Act, 12 U.S.C. § 1825(k), and any regulations promulgated   thereunder.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
12.
  	
  
The Plan is   intended to be a non-qualified deferred compensation plan described in   section 409A of the Code.  The Plan   shall be operated, administered and construed to give effect to such intent.  In addition, the Plan shall be subject to   amendment, with or without advance notice to Eligible Directors and other   interested parties, and on a prospective or retroactive basis, including but   not limited to amendment in a manner that adversely affects the rights of   Eligible Directors and other interested parties, to the extent necessary to   effect such compliance.
  

	
  
Dated: April   19, 2006
  	
  
Astoria Federal Savings and Loan   Association
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/George L.   Engelke, Jr.
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
George L.   Engelke, Jr.
  
	
  
 
  	
  
 
  	
  
President   and Chief Executive Officer
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
Dated: April   19, 2006
  	
  
Astoria Financial Corporation
  
	
   
  	
   
  	
   
  
	
   
  	
  By:
  	
  /s/ George   L. Engelke, Jr.
  
	
   
  	
   
  	
  

  
	
   
  	
   
  	
  George L.   Engelke, Jr.
  
	
   
  	
   
  	
  President   and Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}]]