Document:

EXHIBIT 10.1

                          Form of Amendment to Deferred

                             Compensation Agreement

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<PAGE>

                              AMENDMENT NUMBER ONE
                       TO DEFERRED COMPENSATION AGREEMENT

            This Amendment  Number One (the  "Amendment")  is hereby made to the
Deferred  Compensation   Agreement  dated  ________  (the  "Agreement")  between
Provident Bank, a savings  association having its principal offices at 400 Rella
Boulevard, Montebello, New York 10901 (the "Bank") and ___________________. (the
"Director").

         WHEREAS, Section 5.1(a) of the Agreement provides that the Bank and the
Director  may,  by a  written  instrument  signed  by both  parties,  amend  the
Agreement at any time, except that no amendment may accelerate  distributions of
the Director's Deferral Account (as defined in the Agreement); and

         WHEREAS,  the parties desire to amend the Agreement in order to provide
that amounts deemed  invested in common stock of Provident New York Bancorp (the
"Company")  shall remain  invested in such stock and shall be distributed in the
form of stock unless a change in control (as defined in the Agreement) occurs;

         NOW THEREFORE, in consideration of the mutual covenants and obligations
set forth in this Amendment, the Bank and the Director hereby agree as follows:

         1.       A new section 3.3(g) is hereby added as follows:

                  (g)  Notwithstanding  any  provision of this  Agreement to the
         contrary,  the following  provisions shall apply with respect to deemed
         investments in Company Stock.

                  (1) As of March 31, 2006,  amounts deemed  invested in Company
         stock in  accordance  with the  Director's  investment  recommendations
         shall continue to be deemed invested in Company stock until such amount
         is  distributed,  unless,  within 60 days after the effective date of a
         Change in  Control of the Bank,  the  Director  requests  that all or a
         portion  of his  Deferral  Account  balance be  reinvested  in a deemed
         investment other than Company Stock.

                  (2) Any  amounts  deferred on or after March 31, 2006 that are
         deemed  to  be  invested  in  Company  stock  in  accordance  with  the
         Director's  recommendations  shall  continue  to be deemed  invested in
         Company  stock until such amounts are  distributed,  unless,  within 60
         days after the effective  date of a Change in Control of the Bank,  the
         Director requests that all or a portion of his Deferral Account balance
         be reinvested in a deemed investment other than Company Stock.

                  (3) Effective  March 31, 2006, all amounts deemed  invested in
         Company stock shall be distributed solely in the form of Company stock,
         unless,  within 60 days after the effective date of a Change in Control
         of the  Bank,  the  Director  requested  that all or a  portion  of his
         Deferral  Account  balance be reinvested in a deemed  investment  other
         than Company Stock, in which case the distribution of that amount shall
         be made in cash.

         2.       A new section 4.1(c) is hereby added as follows:

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                  (c)  Distribution  in  Company  Stock.   Notwithstanding   any
                       --------------------------------
         provision of this Agreement to the contrary,  effective March 31, 2006,
         all  amounts  deemed  invested in Company  stock  shall be  distributed
         solely in the form of Company stock,  unless,  within 60 days after the
         effective  date of a  Change  in  Control  of the  Bank,  the  Director
         requested  that all or a portion  of his  Deferral  Account  balance be
         reinvested in a deemed  investment  other than Company Stock,  in which
         case the distribution of that amount shall be made in cash.

         3.       Section 4.2 is hereby amended as follows:

                  4.2 Death Prior to Complete  Distribution of Deferral Account.
                      ---------------------------------------------------------
         Upon  the  death  of the  Director  prior  to the  commencement  of the
         distribution  of the amounts  credited  to his  Deferral  Account,  the
         balance of such Account shall be distributed to his  Beneficiary in the
         manner set forth under Section 4.1 hereof beginning on the first day of
         the first calendar  quarter  coincident with or next following the date
         the Director  dies. In the event of the death of the Director after the
         commencement   of  such   distribution,   but  prior  to  the  complete
         distribution  of his  Deferral  Account,  the  balance  of the  amounts
         credited  to  his  Deferral   Account  shall  be   distributed  to  his
         Beneficiary  over the  remaining  period during which such amounts were
         distributable to the Director under Section 4.1 hereof. Notwithstanding
         the  above,  the  Board  of  Directors,  in its  sole  discretion,  may
         accelerate  the   distribution   of  the  Deferral   Account  upon  the
         Beneficiary's  petition  for  acceleration  based upon his  incurring a
         Hardship, in accordance with Section 4.5. Notwithstanding any provision
         of this  Agreement  to the  contrary,  effective  March 31,  2006,  all
         amounts deemed invested in Company stock shall be distributed solely in
         the form of Company stock,  unless,  within 60 days after the effective
         date of a Change in Control of the Bank,  the Director  requested  that
         all or a portion of his Deferral  Account  balance be  reinvested  in a
         deemed   investment  other  than  Company  Stock,  in  which  case  the
         distribution of that amount shall be made in cash.

         4.       Section 4.3 is hereby amended as follows:

                  4.3  Accelerated  Distribution  Following a Change in Control.
                       --------------------------------------------------------
         Notwithstanding any other provision of this Agreement, upon the written
         request  of the  Director  within  sixty  (60)  days  after a Change in
         Control, the Director shall be paid a cash lump sum distribution of the
         Director's vested Deferral Account balance. The amount payable shall be
         the fair market  value of the Deferral  Account  balance on the date of
         distribution.

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed as of the day and year first above written.

                                 PROVIDENT BANK

                                 By:
                                     -------------------------------------------
                                 Name:
                                          --------------------------------------
                                 Title:
                                          --------------------------------------

                                 DIRECTOR

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

                                       42Exhibit 10.1

                                    AGREEMENT

                              FOR A SUPPLY OF WATER

                                       BY

                             MIDDLESEX WATER COMPANY

                                     TO THE

                            BOROUGH OF HIGHLAND PARK

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

                           Dated as of January 1, 2006

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

<PAGE>

         This Agreement  (hereinafter referred to as the "Agreement") made as of
this 1st day of January 2006 between:

                  MIDDLESEX  WATER  COMPANY,  a public  utility and  corporation
                  organized  under  the laws of the  State of New  Jersey,  with
                  offices at 1500 Ronson Road, Iselin,  New Jersey  (hereinafter
                  referred to as "Middlesex"),

and the

                  BOROUGH OF HIGHLAND PARK, a municipal corporation of the State
                  of New Jersey (hereinafter referred to as "Highland Park").

                              W I T N E S S E T H:

         WHEREAS, Middlesex owns and operates a public water supply system; and

         WHEREAS,  Highland Park has requested  that  Middlesex  provide it with
additional supplies of water for private and public use; and

         WHEREAS, the parties intend that their Agreement for a Supply of Water,
dated as of October  24,  1995,  as  amended,  is to be  superseded  by this new
Agreement;

         Now  therefore,  in  consideration  of the  premises  and of the mutual
covenants herein contained, the parties agree that:

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1.       Supply of Water.

         Middlesex  agrees to supply Highland Park with water upon the terms and
conditions set forth herein.

2.       Term.

         This Agreement shall be binding upon execution by both parties. Service
under this Agreement  shall begin on or about January 1, 2006, and service under
this Agreement shall terminate on December 31, 2016.  However,  the terms of the
Agreement  shall remain in effect after  December 31, 2016 unless written notice
of intention to terminate the Agreement is given by either party at least thirty
(30) days prior to the end of such period. In the event that such notice has not
been  given,  the  Agreement  shall  remain in effect  until the  earlier of (a)
renewal or  modification  of the Agreement by consent of both parties,  or (b) a
date no less than  ninety (90) days after the date that  either  party  provides
written notification of termination.

3.       Rate.

         Highland Park shall pay for water delivered pursuant hereto at the rate
of $1,476.72  per million  gallons  according to Rate  Schedule No. 5 or as said
rate may be changed  from time to time with the  approval of the Board of Public
Utilities of the State of New Jersey,  or its successor  agency,  as required by
law (hereinafter referred to as the "Contract Rate").

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4.       Meter Stations/Delivery System.

         Water to be supplied  by  Middlesex  hereunder  shall be  delivered  to
Highland  Park  through  existing  interconnections  in  Suttons  Lane in Edison
adjacent to the railroad right of way, at Middlesex's Treatment Plant in Edison,
and through  such other points of delivery as may be agreed to from time to time
by the parties  (hereinafter  referred to as the "Meter Stations").  The parties
agree that Middlesex may install one or more  additional  interconnections  on a
large diameter transmission main (anticipated to be 36 or 42 inches in diameter)
planned for future  construction  by Middlesex  and extending  from  Middlesex's
Treatment  Plant  in  Edison,  through  the  Borough  of  Highland  Park,  to  a
transmission   main  or  other   facilities   of   Middlesex.   Any   additional
interconnections  with the Borough of Highland Park would be installed by mutual
agreement.  The general route for the  Transmission  Main is shown on Exhibit A.
(Said  transmission  main is  hereinafter  referred to as the "SRB  Transmission
Main" or the "Transmission  Main".) The SRB Transmission Main may be constructed
in phases.

         The parties agree that  Middlesex  may proceed when it deems  necessary
with the construction of the SRB Transmission  Main. The construction of the SRB
Transmission  Main and any service  connections (and meter chambers)  related to
the SRB Transmission Main shall be at the sole cost of Middlesex.  Highland Park
agrees  to  cooperate  and act in good  faith  in  connection  therewith  and in

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providing  and  obtaining   necessary  or  desirable   governmental   approvals,
authorizations,  rights of way and other actions.  Highland Park agrees to grant
to Middlesex or to acquire for Middlesex, by purchase, condemnation, exchange or
otherwise,  to the extent legally  authorized,  all lands,  and/or  easements in
Highland Park as are necessary or convenient for  Middlesex's  construction  and
use of the SRB  Transmission  Main,  and  for any  other  mains,  pipelines  and
appurtenances  necessary or  convenient  for water service to Highland Park with
all  costs  borne by  Middlesex.  Middlesex  agrees to  comply  with  reasonable
requirements of Highland Park for pavement and property restoration.

5.       Meters, Services and Other Appurtenances.

         Middlesex  shall  furnish,  install  and  maintain at its own cost such
service  connections and meters as agreed upon by both parties for connection to
Highland Park's water  distribution  system.  The meters and service pipes shall
remain the  property of  Middlesex.  Highland  Park shall  furnish,  install and
maintain  at its own cost all other  piping,  fittings,  valves,  meter  pits or
vaults and  appurtenances  necessary to take water from Middlesex.

6.       Exclusive Supplier.

         The  parties  agree that during the term of this  Agreement,  Middlesex
shall be  Highland  Park's sole  supplier  of water.  Except as provided in this
paragraph, Highland Park shall not purchase water from any other supplier in the
normal course of business.  Highland Park shall have the right to purchase water
from

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other  sources in the event of an  emergency  or during any periods of time that
Middlesex is unable to supply water as provided in this Agreement.

7.       Minimum Payment Obligation.

         Highland Park shall be obligated to pay for the Daily Minimum  quantity
of water. "Daily Minimum" shall mean either (a) one million two hundred thousand
(1.2  mgd)  gallons  of  water  a day,  or (b)  such  greater  amount  as may be
established under paragraph 8 of this Agreement.

         All water  taken in any 24-hour  period in excess of the Daily  Minimum
shall be paid for at the Contract Rate.

8.       Increase in Minimum Payment Obligation.

         The total daily  quantity of water taken by Highland  Park at the Meter
Stations may exceed the Daily  Minimum by up to 100% on a 24-hour  basis without
affecting the minimum payment obligation.

         The quantity of water  supplied in the peak hour  multiplied  by 24 may
exceed  the  Daily  Minimum  by  200%  without  affecting  the  minimum  payment
obligation.

         If either the quantity of water taken in a 24-hour  period shall exceed
the Daily Minimum by more than 100% or if the maximum hourly flow  multiplied by
24 shall exceed the Daily  Minimum by more than 200%,  the Daily Minimum will be
increased  to the  greater  of:  (a)  one-half  of the daily  quantity  of water
supplied in the 24-hour period; or (b) one-third of the quantity supplied in the
peak hour

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multiplied by 24. (For example, an existing Daily Minimum of 1.2 million gallons
per day ("mgd")  will be increased if the quantity of water taken in any 24-hour
period  exceeds  2.4 mgd,  or if the  quantity  of water  taken in any peak hour
multiplied by 24 exceeds 3.6 mgd.)

         In no instance,  and under no  conditions,  shall the daily quantity of
water supplied and purchased  under this Agreement  exceed 4.0 million  gallons,
nor shall the maximum  hourly flow  multiplied by 24 exceed 5.0 million  gallons
per day.

         Any increased Daily Minimum payment obligation shall continue in effect
for 12 months unless  increased again by an overrun.  After this 12-month period
with the higher Daily  Minimum in effect,  the Daily Minimum shall revert to the
next lower  minimum  incurred  during the four months  preceding the end of such
12-month  period and that  amount  shall  continue  as the Daily  Minimum for 12
months unless increased again by an overrun.

9.       Combined Charge.

         The Daily Minimum payment  obligation  shall be determined on the basis
of the combined  total daily  quantity of water  supplied  through all the Meter
Stations.

10.      Definitions.

         Where the words "daily" or "24-hours" are used in this  contract,  they
shall refer to the 24-hour period between the daily meter readings.

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11.      Exceptions for Emergencies.

         The Daily Minimum payment obligation shall not be affected in the event
that the amount of water  supplied to Highland  Park exceeds the daily or hourly
limitations  established  herein  for not more  than 24 hours in case of fire or
main  break  emergencies  and for not more  than  five days in the case of other
catastrophes  requiring  an  emergency  supply of water,  provided  Middlesex is
promptly notified that any such emergency exists.

12.      Meter Readings.

         Middlesex will read the meters daily for all water supplied to Highland
Park at each connection then in operation.

13.      Excused Performance.

         Middlesex  agrees to provide a  continuous,  regular and  uninterrupted
supply of water,  subject to interruptions by reasons of acts of God,  accident,
strike, legal process, State or municipal interference or other cause beyond its
control,  but shall not be liable  for  damages to  Highland  Park by reasons of
inadequate  pressure  or  volume  or  failure  to  provide  water  for any cause
whatever.

14.      Indemnification/Limitation of Liability.

         Highland  Park shall  completely  indemnify,  protect and save harmless
Middlesex from any and all costs, expenses, liability, losses, claims, suits and
proceedings  of any  nature  whatsoever  arising  out of the  water  service  by
Highland Park. However, as to claims involving water quality, the within Article
is intended

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not to apply to water until after it is  delivered  to Highland  Park's  system,
i.e. after water is supplied  through the Meter Stations  referred to in Article
4.

         Middlesex  shall  completely  indemnify,   protect  and  save  harmless
Highland Park from all costs,  expenses,  liability,  losses,  claims, suits and
proceedings of any nature whatsoever arising out of any negligence of Middlesex.

         Notwithstanding anything herein to the contrary,  Middlesex's aggregate
liability to Highland Park arising out of or in connection  with this  Agreement
shall not exceed an amount  equal to one year's  gross  revenues  required to be
paid by Highland Park to Middlesex based upon the Daily Minimum in effect at the
time of the occurrence  giving rise to the  liability,  and Highland Park hereby
releases  Middlesex from any liability in excess thereof.  This paragraph is not
intended  to limit  Middlesex's  liability  to  third  parties.

15.      Regulatory Approvals.

         If required by law, this  Agreement  shall be filed with and subject to
approval  by the Board of Public  Utilities  of the State of New  Jersey and the
Department of Environmental Protection of the State of New Jersey.

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         IN WITNESS  WHEREOF,  the parties have caused this Agreement to be duly
executed as of the day and year first written above.

                                                MIDDLESEX WATER COMPANY
ATTEST:

                                            By: /s/ Dennis W. Doll
                                                ------------------
                                                Dennis W. Doll
                                                President

/s/ Kenneth J. Quinn
--------------------
Kenneth J. Quinn
Vice President, General Counsel,
Secretary and Treasurer

                                                 BOROUGH OF HIGHLAND PARK
ATTEST:

                                            By: /s/ Meryl Frank
                                                ---------------
                                                Meryl Frank
                                                Mayor

/s/ Joan Hullings
-----------------
Joan Hullings
Borough Clerk

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