Document:

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EXHIBIT 10.44

                              Change of Control Severance Agreement

     This Change of Control  Severance  Agreement (the  "Agreement") is made and
entered into as of December 20, 2000 by and among  Astoria  Federal  Savings and
Loan  Association,  a savings and loan association  organized and existing under
the laws of the  United  States of America  and having an office at One  Astoria
Federal  Plaza,  Lake Success,  New York 11042 (the "Bank"),  Astoria  Financial
Corporation, a business corporation organized and existing under the laws of the
State of  Delaware  and  having an office at One  Astoria  Federal  Plaza,  Lake
Success,  New York 11042 (the  "Company")  and Brian T.  Edwards,  an individual
residing at 37 Club Drive, Massapequa, New York 11758 (the "Officer").

                                      Introductory Statement

     Whereas,  the Boards of Directors of the Bank and the Company have approved
the Bank and the Company  entering into Change of Control  Severance  Agreements
with certain key officers of the Bank,

     Whereas, the Officer is a key officer of the Bank;

     Whereas, should the possibility of a Pending Change of Control or Change of
Control of the Bank or the Company  arise,  the Boards of  Directors of the Bank
and the  Company  believe it is  imperative  that the Bank,  the Company and the
Boards of Directors of the Bank and the Company  should be able to rely upon the
Officer to  continue in his or her  position,  and that the Bank and the Company
should be able to receive and rely upon the Officer's advice,  if requested,  as
to the  best  interests  of the  Bank  and  the  Company  and  their  respective
shareholders  without  concern  that  the  Officer  might be  distracted  by the
personal  uncertainties and risks created by the possibility of a Pending Change
of Control or Change of Control;

     Whereas, should the possibility of a Pending Change of Control or Change of
Control  arise,  in addition to his or her  regular  duties,  the Officer may be
called  upon to assist in the  assessment  of such  possible  Pending  Change of
Control or Change of Control, advise management and the Board as to whether such
Pending Change of Control or Change of Control would be in the best interests of
the Bank, the Company and their respective shareholders,  and to take such other
actions as the Boards of Directors of the Bank and the Company  might  determine
to be appropriate; and

     Now, Therefore,  to assure the Bank and the Company that they will have the
continued  dedication of the Officer and the  availability  of his or her advice
and counsel notwithstanding the possibility,  threat, or occurrence of a Pending
Change of Control or Change of Control of the Bank or the Company, and to induce
the Officer to remain in the employ of the Bank, in  consideration of the mutual
premises  and  agreements  set  forth  herein  and for other  good and  valuable
consideration, the Bank, the Company and the Officer agree as follows:

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                                    Agreement

     Section 1. Effective  Date;  Term;  Pending Change of Control and Change of
                Control Defined.

     (a)  This Agreement  shall take effect on December 20, 2000 (the "Effective
          Date")  and shall  remain in effect  during the  period  (the  "Term")
          beginning on the Effective Date and ending on the earlier of :

          (i)  the date,  prior to the occurrence of a Pending Change of Control
               or a Change of Control, as defined below, respectively,  on which
               the  Officer's  employment  by the  Bank  terminates  whether  by
               discharge, resignation, death, disability or retirement, or

          (ii) the later of:

               (A)  the first anniversary of the date on which the Bank notifies
                    the  Executive of its intent to  discontinue  the  Agreement
                    (the "Initial Expiration Date") or,

               (B)  the second  anniversary of the latest Change of Control,  as
                    defined  below,  that occurs  after the  Effective  Date and
                    before the Initial Expiration Date, or

     (b)  For purposes of this Agreement,  a "Change of Control" shall be deemed
          to have occurred upon the happening of any of the following events:

          (i)  the consummation of a reorganization,  merger or consolidation of
               the  Company  with  one  or  more  other  persons,  other  than a
               transaction following which:

               (A)  at least 51% of the equity ownership interests of the entity
                    resulting  from  such  transaction  are  beneficially  owned
                    (within  the  meaning  of Rule 13d-3  promulgated  under the
                    Securities  Exchange  Act of  1934,  as  amended  ("Exchange
                    Act")) in  substantially  the same relative  proportions  by
                    persons  who,   immediately   prior  to  such   transaction,
                    beneficially   owned  (within  the  meaning  of  Rule  13d-3
                    promulgated  under  the  Exchange  Act) at least  51% of the
                    outstanding equity ownership interests in the Company; and

               (B)  at least 51% of the securities entitled to vote generally in
                    the election

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                    of directors of the entity  resulting from such  transaction
                    are  beneficially  owned  (within  the meaning of Rule 13d-3
                    promulgated  under the Exchange  Act) in  substantially  the
                    same relative  proportions by persons who, immediately prior
                    to such transaction,  beneficially owned (within the meaning
                    of Rule 13d-3  promulgated  under the Exchange Act) at least
                    51% of the  securities  entitled  to vote  generally  in the
                    election of directors of the Company;

          (ii) the acquisition of all or substantially  all of the assets of the
               Company or beneficial ownership (within the meaning of Rule 13d-3
               promulgated  under  the  Exchange  Act)  of  20% or  more  of the
               outstanding  securities of the Company entitled to vote generally
               in the  election  of  directors  by any person or by any  persons
               acting in concert;

          (iii) a complete liquidation or dissolution of the Company;

          (iv) the occurrence of any event if, immediately following such event,
               at least  50% of the  members  of the Board of  Directors  of the
               Company do not belong to any of the following groups:

               (A)  individuals  who were  members of the Board of  Directors of
                    the Company on the Effective Date of this Agreement; or

               (B)  individuals  who  first  became  members  of  the  Board  of
                    Directors of the Company  after the  Effective  Date of this
                    Agreement either:

                    (1)  upon  election  to serve as a  member  of the  Board of
                         Directors  of  the  Company  by  affirmative   vote  of
                         three-quarters  of the members of such  Board,  or of a
                         nominating  committee thereof, in office at the time of
                         such first election; or

                    (2)  upon  election  by the  shareholders  of the  Board  of
                         Directors  of the  Company to serve as a member of such
                         Board,   but  only  if   nominated   for   election  by
                         affirmative  vote of  three-quarters  of the members of
                         the  Board  of  Directors  of  the  Company,  or  of  a
                         nominating  committee thereof, in office at the time of
                         such first nomination;

                    provided,   however,  that  such  individual's  election  or
                    nomination  did not  result  from an  actual  or  threatened
                    election  contest  (within  the  meaning  of Rule  14a-11 of
                    Regulation 14A promulgated  under the Exchange Act) or other
                    actual or  threatened  solicitation  of proxies or  consents
                    (within  the  meaning  of  Rule  14a-11  of  Regulation  14A
                    promulgated  under the  Exchange  Act)  other  than by or on
                    behalf of the Board of Directors of the Company; or

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          (v)  any event  which would be  described  in section  1(b)(i),  (ii),
               (iii) or (iv) if the term  "Bank" were  substituted  for the term
               "Company" therein.

          In no  event,  however,  shall a Change of  Control  be deemed to have
          occurred as a result of any acquisition of securities or assets of the
          Company,  the Bank, or a subsidiary of either of them, by the Company,
          the Bank,  or any  subsidiary  of either of them,  or by any  employee
          benefit plan  maintained by any of them.  For purposes of this section
          1(b),  the term "person"  shall have the meaning  assigned to it under
          sections 13(d)(3) or 14(d)(2) of the Exchange Act.

     (c)  For purposes of this  Agreement,  a "Pending  Change of Control" shall
          mean:

          (i)  the approval by the  shareholders of the Bank or the Company of a
               definitive  agreement for a transaction  which,  if  consummated,
               would result in a Change of Control; or

          (ii) the approval by the  shareholders of the Bank or the Company of a
               transaction  which, if  consummated,  would result in a Change of
               Control.

     Section 2. Discharge Prior to a Pending Change of Control.

     The Bank may discharge the Officer at any time prior to the occurrence of a
Pending  Change of Control or, if no Pending  Change of Control has occurred,  a
Change of Control, for any reason or for no reason. In such event:

     (a)  The Bank shall pay to the Officer or the  Officer's  estate his or her
          earned but unpaid compensation,  including, without limitation, salary
          and all other items which constitute wages under applicable law, as of
          the date of the  Officer's  termination  of  employment.  This payment
          shall  be  made  at  the  time  and in the  manner  prescribed  by law
          applicable  to the payment of wages but in no event later than 30 days
          after the date of the Officer's termination of employment.

     (b)  The Bank shall provide the benefits due, if any, to the Officer or the
          Officer's estate, surviving dependents or designated beneficiaries, as
          applicable,   under  the  employee  benefit  plans  and  programs  and
          compensation  plans and  programs  maintained  for the  benefit of the
          officers and employees of the Bank.  The time and manner of payment or
          other  delivery of these  benefits and the recipients of such benefits
          shall be  determined  according  to the  terms and  conditions  of the
          applicable plans and programs.

The payments and benefits  described in sections  2(a) and (b) shall be referred
to in this Agreement as the "Standard Termination Entitlements."

     Section 3. Termination of Employment Due to Death.

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     The Officer's employment with the Bank shall terminate  automatically,  and
without any further  action on the part of any party to this  Agreement,  on the
date of the Officer's  death.  In such event,  the Bank shall pay and deliver to
the Officer's estate and surviving dependents and designated  beneficiaries,  as
applicable, the Standard Termination Entitlements.

     Section 4.  Termination Due to Disability after a Pending Change of Control
                 or a Change of Control.

     The Bank may terminate the Officer's  employment  during the Term and after
the  occurrence  of a Pending  Change of Control  or a Change of Control  upon a
determination  by the Board of Directors of the Bank, by the affirmative vote of
75% of its entire  membership,  acting in reliance  on the  written  advice of a
medical  professional  acceptable  to it, that the Officer is  suffering  from a
physical  or mental  impairment  which,  at the date of the  determination,  has
prevented  the  Officer  from  performing  the  Officer's  assigned  duties on a
substantially  full-time  basis for a period of at least one  hundred and eighty
(180)  days  during  the  period  of one (1)  year  ending  with the date of the
determination  or is  likely  to result in death or  prevent  the  Officer  from
performing the Officer's assigned duties on a substantially  full-time basis for
a period of at least one hundred and eighty  (180) days during the period of one
(1) year beginning with the date of the determination. In such event:

     (a)  The Bank shall pay and deliver the Standard  Termination  Entitlements
          to the Officer or, in the event of the Officer's  death following such
          termination but before  payment,  to the Officer's  estate,  surviving
          dependents or designated beneficiaries, as applicable.

     (b)  In addition to the Standard Termination  Entitlements,  the Bank shall
          continue to pay the Officer his or her base salary, at the annual rate
          in effect for the Officer  immediately prior to the termination of the
          Officer's  employment,  during a period ending on the earliest of: (i)
          the  expiration of one hundred and eighty (180) days after the date of
          termination  of the  Officer's  employment;  (ii)  the  date on  which
          long-term  disability  insurance  benefits  are first  payable  to the
          Officer  under  any  long-term   disability  insurance  plan  covering
          employees of the Bank; or (iii) the date of the Officer's death.

A  termination  of employment  due to  disability  under this section 4 shall be
effected by a notice of  termination  given to the Officer by the Bank and shall
take effect on the later of the effective date of termination  specified in such
notice  or,  if no such  date is  specified,  the date on which  the  notice  of
termination is deemed given to the Officer.

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     Section 5. Discharge with Cause after a Pending Change of Control or Change
                of Control.

     (a)  The Bank may terminate the Officer's  employment  with "Cause"  during
          the Term and after the  occurrence of a Pending Change of Control or a
          Change of Control,  but a termination shall be deemed to have occurred
          with "Cause" only if:

          (i)  (A)  the Board of Directors of the Bank,  by the  affirmative
                    vote of 75% of its entire  membership,  determines  that the
                    Officer  is guilty  of  personal  dishonesty,  incompetence,
                    wilful  misconduct,   breach  of  fiduciary  duty  involving
                    personal  profit,  intentional  failure  to  perform  stated
                    duties,  wilful  violation  of any law,  rule or  regulation
                    (other than traffic violations or similar offenses) or final
                    cease  and  desist  order,  or any  material  breach of this
                    Agreement, in each case measured against standards generally
                    prevailing at the relevant time in the savings and community
                    banking industry;

               (B)  prior to the vote  contemplated by section  5(a)(i)(A),  the
                    Board of  Directors  of the Bank shall  provide  the Officer
                    with notice of the Bank's  intent to  discharge  the Officer
                    for  Cause,  detailing  with  particularity  the  facts  and
                    circumstances  which are  alleged to  constitute  Cause (the
                    "Notice of Intent to Discharge"); and

               (C)  after the  giving of the Notice of Intent to  Discharge  and
                    before  the  taking  of the  vote  contemplated  by  section
                    5(a)(i)(A),  the Officer,  together with the Officer's legal
                    counsel,  if  he  so  desires,  are  afforded  a  reasonable
                    opportunity  to make  both  written  and oral  presentations
                    before the Board of Directors of the Bank for the purpose of
                    refuting  the alleged  grounds  for Cause for the  Officer's
                    discharge; and

               (D)  after the vote contemplated by section 5(a)(i)(A),  the Bank
                    has furnished to the Officer a notice of  termination  which
                    shall   specify  the   effective   date  of  the   Officer's
                    termination  of  employment  (which  shall  in no  event  be
                    earlier than the date on which such notice is deemed  given)
                    and include a copy of a resolution or resolutions adopted by
                    the  Board  of  Directors  of  the  Bank,  certified  by its
                    corporate  secretary,  authorizing  the  termination  of the
                    Officer's   employment   with   Cause   and   stating   with
                    particularity   the   facts  and   circumstances   found  to
                    constitute  Cause for the  Officer's  discharge  (the "Final
                    Discharge Notice"); or

          (ii) the Officer,  during the 90 day period commencing on the delivery
               to the  Officer by the Bank of the Notice of Intent to  Discharge
               specified in section  5(a)(i)(B),  resigns his or her  employment
               with the Bank prior to the delivery

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               to  the  Officer  by  the  Bank  of the  Final  Discharge  Notice
               specified in section 5(a)(i)(D).

          For  purposes of this section 5, no act or failure to act, on the part
          of the Officer,  shall be considered  "willful"  unless it is done, or
          omitted to be done, by the Officer in bad faith or without  reasonable
          belief that the Officer's action or omission was in the best interests
          of the Bank or the  Company,  respectively.  Any act or failure to act
          based upon authority  given  pursuant to a resolution  duly adopted by
          the Board of  Directors  of the Bank or the  Company or based upon the
          written  advice  of  counsel  for the  Bank or the  Company  shall  be
          conclusively  presumed to be done or omitted to be done by the Officer
          in good faith and in the best  interests  of the Bank or the  Company,
          respectively.

     (b)  If the Officer is  discharged  with Cause  during the Term and after a
          Pending  Change of Control or a Change of Control,  the Bank shall pay
          and provide to him or, in the event of the Officer's  death  following
          such  discharge but prior to payment and  providing,  to the Officer's
          estate,   surviving   dependents  or  designated   beneficiaries,   as
          applicable, the Standard Termination Entitlements only.

     (c)  Following the giving of a Notice of Intent to Discharge,  the Bank may
          temporarily  suspend the Officer's  duties and authority  and, in such
          event,  may  also  suspend  the  payment  of  salary  and  other  cash
          compensation,  but  not the  Officer's  participation  in  retirement,
          insurance  and other  employee  benefit  plans.  If the Officer is not
          discharged or is discharged  without Cause within forty-five (45) days
          after the  giving of a Notice of  Intent  to  Discharge,  payments  of
          salary and cash compensation  shall resume,  and all payments withheld
          during the period of  suspension  shall be promptly  restored.  If the
          Officer is discharged  with Cause not later than  forty-five (45) days
          after the giving of the Notice of Intent to  Discharge,  all  payments
          withheld during the period of suspension shall be deemed forfeited and
          shall not be included in the Standard Termination  Entitlements.  If a
          Final  Discharge  Notice is given later than forty-five (45) days, but
          sooner than ninety (90) days, after the giving of the Notice of Intent
          to  Discharge,  all  payments  made to the  Officer  during the period
          beginning  with the  giving of the Notice of Intent to  Discharge  and
          ending with the  Officer's  discharge  with Cause shall be retained by
          the  Officer  and  shall  not  be  applied  to  offset  the   Standard
          Termination Entitlements.  If the Bank does not give a Final Discharge
          Notice to the Officer within ninety (90) days after giving a Notice of
          Intent to Discharge, the Notice of Intent to Discharge shall be deemed
          withdrawn  and any future  action to discharge  the Officer with Cause
          shall  require the giving of a new Notice of Intent to  Discharge.  If
          the Officer resigns  pursuant to Section  5(a)(ii),  the Officer shall
          forfeit  his or her  right to  suspended  amounts  that  have not been
          restored  as of the date of the  Officer's  resignation  or  notice of
          resignation, whichever is earlier.

     Section 6.  Discharge  Without  Cause after a Pending  Change of Control or
                 Change of

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                 Control.

     The Bank may  discharge  the  Officer  without  Cause at any time after the
occurrence  of a Pending  Change of Control or a Change of Control,  and in such
event:

     (a)  The Bank shall pay and deliver the Standard  Termination  Entitlements
          to the Officer or, in the event of the Officer's  death  following the
          Officer's  discharge  but before  payment,  to the  Officer's  estate,
          surviving dependents or designated beneficiaries, as applicable.

     (b)  In addition to the Standard Termination Entitlements:

          (i)  the Bank shall  provide for a period of two years  following  the
               date of the Officer's  discharge (the "Assurance Period") for the
               benefit of the Officer and the  Officer's  spouse and  dependents
               continued group life, health (including hospitalization,  medical
               and major  medical),  dental,  accident and long-term  disability
               insurance benefits on substantially the same terms and conditions
               (including any  co-payments  and  deductibles,  but excluding any
               premium  sharing  arrangements,  it being  the  intention  of the
               parties to this  Agreement  that the premiums for such  insurance
               benefits  shall be the  sole  cost and  expense  of the  Bank) in
               effect for them immediately prior to the Officer's discharge. The
               coverage provided under this section 6(b)(i) may, at the election
               of the Bank, be secondary to the coverage provided as part of the
               Standard  Termination   Entitlements  and  to  any  employer-paid
               coverage  provided by a subsequent  employer or through Medicare,
               with the result  that  benefits  under the other  coverages  will
               offset the coverage  required by this section 6(b)(i),  provided,
               however,  that for  purposes  of this  section  6(b)(i)  benefits
               provided  at the cost of the Officer or the  Officer's  spouse or
               dependants   pursuant  to  the   Comprehensive   Omnibus   Budget
               Reconciliation Act, as amended,  shall not be considered Standard
               Termination Entitlements.

          (ii) The Bank shall make a lump sum  payment to the Officer or, in the
               event of the Officer's  death  following the Officer's  discharge
               but before payment, to the Officer's estate in an amount equal to
               the salary that the Officer would have earned if he had continued
               working for the Bank during the  Assurance  Period at the highest
               annual  rate of salary  achieved  during  the period of three (3)
               years ending  immediately  prior to the date of termination  (the
               "Salary Severance  Payment").  The Salary Severance Payment shall
               be computed using the following formula:

               SSP = BS x NY

               where:

               "SSP" is the amount of the Salary Severance  Payment,  before the
               deduction

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               of applicable federal, state and local withholding taxes;

               "BS" is the highest annual rate of salary achieved by the Officer
               during the period of three (3) years ending  immediately prior to
               the date of termination; and

               "NY" is the  Assurance  Period  expressed  as a  number  of years
               (rounded,  if such  period  is not a whole  number,  to the  next
               highest whole number).

               The Salary  Severance  Payment  shall be made within  thirty (30)
               days after the Officer's  termination  of employment and shall be
               in lieu of any claim to a  continuation  of base salary which the
               Officer  might  otherwise  have  and in lieu  of  cash  severance
               benefits  under any  severance  benefits  program which may be in
               effect for officers or employees of the Bank.

          (iii)The Bank shall make a lump sum  payment to the Officer or, in the
               event of the Officer's  death  following the Officer's  discharge
               but before payment, to the Officer's estate in an amount equal to
               the potential  annual  bonuses that the Officer would have earned
               if the  Officer  had  continued  working  for the Bank during the
               Assurance  Period at the highest  annual rate of salary  achieved
               during the period of three (3) years ending  immediately prior to
               the date of  termination  (the "Bonus  Severance  Payment").  The
               Bonus  Severance  Payment  shall be computed  using the following
               formula:

               BSP = ((BS x TIO x IP) + ( BS x TIO x FP x AP)) x NY

               where:

               "BSP" is the amount of the Bonus  Severance  Payment,  before the
               deduction  of  applicable  federal,  state and local  withholding
               taxes;

               "BS" is the highest annual rate of salary achieved by the Officer
               during the period of three (3) years ending  immediately prior to
               the date of termination;

               "TIO"  is  the  target  incentive  opportunity  for  the  Officer
               expressed  as a percentage  as  established  by the  Compensation
               Committee of the Board of  Directors of the Bank  pursuant to the
               Bank's Annual  Incentive Plan for Select  Executives for the year
               in which the employment of the Officer by the Bank terminates or,
               if  no  target  incentive   opportunity  is  established  by  the
               Compensation  Committee of the Board of Directors of the Bank for
               such year with  respect to the Officer,  then the highest  target
               incentive opportunity  established by the Compensation  Committee
               of the Board of Directors of the Bank for the Officer pursuant to
               the Annual Incentive Plan for Select Executives during the period
               of  three  (3)  years  ending  immediately  prior  to the date of
               termination;

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               "IP" is  either  (i) the  percentage  of the TIO  which  is to be
               determined  by  the  individual  performance  of the  Officer  as
               established  by  the  Compensation  Committee  of  the  Board  of
               Directors  of the Bank  pursuant to the Bank's  Annual  Incentive
               Plan for Select  Executives  for the year in which the employment
               of the  Officer  by the Bank  terminates  or,  (ii) if no  target
               incentive  opportunity has been  established  with respect to the
               Officer by the  Compensation  Committee of the Board of Directors
               of the Bank for the year in which the  employment  of the Officer
               by the Bank terminates,  then the lowest percentage of the target
               incentive   opportunity   to  be  determined  by  the  individual
               performance  of  the  Officer  established  by  the  Compensation
               Committee  of the Board of  Directors of the Bank for the Officer
               pursuant  to the  Annual  Incentive  Plan for  Select  Executives
               during the period of three (3) years ending  immediately prior to
               the date of termination;

               "FP" is either (i) the  percentage of the TIO with respect to the
               Officer which is to be determined by the financial performance of
               the Company as established by the  Compensation  Committee of the
               Board of  Directors  of the Bank  pursuant  to the Bank's  Annual
               Incentive  Plan for Select  Executives  for the year in which the
               employment of the Officer by the Bank  terminates  or, (ii) if no
               target incentive opportunity has been established with respect to
               the  Officer  by  the  Compensation  Committee  of the  Board  of
               Directors of the Bank for the year in which the employment of the
               Officer by the Bank  terminates,  then a percentage equal to 100%
               minus the IP;

               "AP" is the highest  award  percentage  available  to the Officer
               with  respect  to the  financial  performance  of the  Company as
               established  by  the  Compensation  Committee  of  the  Board  of
               Directors  of the Bank  pursuant to the Bank's  Annual  Incentive
               Plan for Select  Executives  for the year in which the employment
               of the  Officer  by the Bank  terminates  or,  (ii) if no  target
               incentive  opportunity has been  established  with respect to the
               Officer by the  Compensation  Committee of the Board of Directors
               of the Bank for the year in which the  employment  of the Officer
               by  the  Bank  terminates,  then  the  highest  award  percentage
               available  to  the  Officer   with   respect  to  the   financial
               performance  of  the  Company  established  by  the  Compensation
               Committee  of the Board of  Directors of the Bank for the Officer
               pursuant  to the  Annual  Incentive  Plan for  Select  Executives
               during the period of three (3) years ending  immediately prior to
               the date of termination;

               "NY" is the  Assurance  Period  expressed  as a  number  of years
               (rounded,  if such  period  is not a whole  number,  to the  next
               highest whole number).

               The Bonus Severance Payment shall be made within thirty (30) days
               after the Officer's  termination  of  employment  and shall be in
               lieu of any claim to a continuation  of  participation  in annual
               bonus plans of the Bank which the Officer might otherwise have.

                                   Page - 10 -
<PAGE>   11

     The payments and benefits described in section 6(b) are referred to in this
     Agreement  as  the  "Additional  Termination  Entitlements".  The  payments
     described in section 6(b)(ii) and (iii) shall be computed at the expense of
     the  Company by an  attorney  of the firm of Thacher  Proffitt & Wood,  Two
     World  Trade  Center,  New  York,  New  York  10048  or,  if  such  firm is
     unavailable  or  unwilling  to  perform  such  calculation,  by a  firm  of
     independent  certified  public  accountants  selected  by the  Officer  and
     reasonably  satisfactory to the Company (the  "Computation  Advisor").  The
     determination of the Computation  Advisor as to the amount of such payments
     shall be final and binding in the absence of manifest error.

     Section 7. Tax Indemnification.

     (a)  If the Officer's employment  terminates under circumstances  entitling
          the Officer or, in the event of the  Officer's  death  following  such
          termination  but before  payment,  his or her estate to the Additional
          Termination Entitlements,  the Company shall pay to the Officer or, in
          the event of the  Officer's  death,  his or her  estate an  additional
          amount intended to indemnify the Officer against the financial effects
          of the excise tax imposed on excess  parachute  payments under section
          28OG of the Code  (the "Tax  Indemnity  Payment").  The Tax  Indemnity
          Payment shall be determined under the following formula:

                                                E x P
               TIP    =       -------------------------------------------

                               1 - (( FI x ( 1 - SLI )) + SLI + E + M )

               where:

               "TIP" is the Tax  Indemnity  Payment,  before  the  deduction  of
               applicable federal, state and local withholding taxes;

               "E" is the  percentage  rate at which an excise  tax is  assessed
               under section 4999 of the Code;

               "P" is the  amount  with  respect  to which  such  excise  tax is
               assessed, determined without regard to this section 16;

               "FI" is the highest marginal rate of income tax applicable to the
               Officer under the Code for the taxable year in question;

               "SLI" is the sum of the  highest  marginal  rates of  income  tax
               applicable  to the Officer under all  applicable  state and local
               laws for the taxable year in question; and

               "M" is the highest  marginal  rate of Medicare tax  applicable to
               the Officer under the Code for the taxable year in question.

               Such  computation  shall be made at the expense of the Company by
               the Computation

                                   Page - 11 -
<PAGE>   12

               Advisor and shall be based on the following assumptions:

               (i)  that a change in ownership,  a change in effective ownership
                    or control  or a change in the  ownership  of a  substantial
                    portion  of the  assets  of the  Bank  or  the  Company  has
                    occurred  within the meaning of section  28OG of the Code (a
                    "28OG Change of Control");

               (ii) that all direct or  indirect  payments  made to or  benefits
                    conferred  upon the  Officer  on  account  of the  Officer's
                    termination of employment are  "parachute  payments"  within
                    the meaning of section 28OG of the Code; and

               (iii)that no portion of such payments is reasonable  compensation
                    for services rendered prior to the Officer's  termination of
                    employment.

          (b)  With  respect to any  payment  that is presumed to be a parachute
               payment  for  purposes  of  section  28OG  of the  Code,  the Tax
               Indemnity  Payment shall be made to the Officer on the earlier of
               the  date  the  Company,  the  Bank  or any  direct  or  indirect
               subsidiary or affiliate of the Company or the Bank is required to
               withhold  such tax or the date the tax is  required to be paid by
               the Officer,  unless, prior to such date, the Company delivers to
               the Officer the written opinion (the "Opinion  Letter"),  in form
               and  substance  reasonably  satisfactory  to the Officer,  of the
               Computation  Advisor or, if the Computation  Advisor is unable to
               provide  such  opinion,  of an  attorney  or firm of  independent
               certified  public   accountants   selected  by  the  Company  and
               reasonably  satisfactory  to the Officer,  to the effect that the
               Officer has a reasonable basis on which to conclude that:

               (i)  no 28OG Change in Control has occurred, or

               (ii) all or part of the  payment or benefit in  question is not a
                    parachute  payment for purposes of section 28OG of the Code,
                    or

               (iii)all  or a  part  of  such  payment  or  benefit  constitutes
                    reasonable  compensation for services  rendered prior to the
                    28OG Change of Control, or

               (iv) for some other  reason which shall be set forth in detail in
                    such letter,  no excise tax is due under section 4999 of the
                    Code with respect to such payment or benefit.

               If the  Company  delivers  an  Opinion  Letter,  the  Computation
               Advisor shall re- compute,  and the Company  shall make,  the Tax
               Indemnity Payment in reliance on the information contained in the
               Opinion Letter.

          (c)  In the event  that the  Officer's  liability  for the  excise tax
               under section 4999 of the Code for a taxable year is subsequently
               determined to be different  than the amount with respect to which
               the Tax Indemnity Payment is made, the Officer or the

                                   Page - 12 -
<PAGE>   13

               Company,  as the case may be, shall pay to the other party at the
               time that the amount of such excise tax is finally determined, an
               appropriate  amount,  plus  interest,  such that the payment made
               pursuant to sections 7(a) or 7(b),  when  increased by the amount
               of the payment made to the Officer pursuant to this section 7(c),
               or when  reduced by the amount of the payment made to the Company
               pursuant to this section 7(c), equals the amount that should have
               properly  been  paid  to the  Officer  under  section  7(a).  The
               interest  paid to the Company  under this  section  7(c) shall be
               determined at the rate provided  under section  1274(b)(2)(B)  of
               the Code.  The payment  made to the Officer  shall  include  such
               amount of  interest  as is  necessary  to  satisfy  any  interest
               assessment made by the Internal Revenue Service and an additional
               amount equal to any monetary  penalties  assessed by the Internal
               Revenue  Service on account of an underpayment of the excise tax.
               To  confirm  that  the  proper  amount,  if any,  was paid to the
               Officer  under this section 7, the Officer  shall  furnish to the
               Company a copy of each tax return which  reflects a liability for
               an excise  tax,  at least 20 days  before  the date on which such
               return is required to be filed with the Internal Revenue Service.
               Nothing in this  Agreement  shall give the  Company  any right to
               control  or  otherwise   participate  in  any  action,   suit  or
               proceeding  to  which  the  Officer  is a party  as a  result  of
               positions  taken on the Officer's  federal income tax return with
               respect to the Officer's liability for excise taxes under section
               4999 of the Code.

     Section 8. Indemnification upon and following a Change of Control.

     (a)  From and after the effective  date of a Change of Control  through the
          sixth  anniversary  of such  effective  date, the Bank and the Company
          agree to indemnify and hold harmless the Officer, against any costs or
          expenses (including  reasonable  attorneys' fees),  judgments,  fines,
          losses,  claims,  damages  or  liabilities   (collectively,   "Costs")
          incurred in connection  with any claim,  action,  suit,  proceeding or
          investigation,    whether   civil,    criminal,    administrative   or
          investigative,  arising  out of matters  existing or  occurring  at or
          prior to the time the  Change  of  Control  became  effective  whether
          asserted or claimed  prior to, at or after the  effective  date of the
          Change of  Control,  and to advance  any such Costs to the  Officer as
          they are  from  time to time  incurred,  in each  case to the  fullest
          extent the  Officer  would  have been  indemnified  as a  director  or
          officer  of the  Bank  or the  Company,  as  applicable,  and as  then
          permitted under applicable law.

     (b)  The Officer,  seeking to claim  indemnification  under section 8(a) of
          this  Agreement  and upon  learning of any such claim,  action,  suit,
          proceeding or  investigation,  shall promptly notify the Bank thereof,
          but the failure to so notify shall not relieve the Bank or the Company
          of any liability it may have pursuant to this Agreement to the Officer
          if such failure does not  materially and  substantially  prejudice the
          Bank or the  Company.  In the event of any such claim,  action,  suit,
          proceeding or investigation,

          (i)  the Bank and the  Company  shall  have the  right to  assume  the
               defense  thereof  with  counsel  reasonably   acceptable  to  the
               Officer, and the Bank and the

                                   Page - 13 -

<PAGE>   14

               Company shall not be liable to the Officer for any legal expenses
               of  other  counsel  subsequently   incurred  by  the  Officer  in
               connection with the defense thereof,  except that if the Bank and
               the  Company  do not  elect  to  assume  such  defense  within  a
               reasonable  time or counsel for the  Officer at any time  advises
               that there are issues which raise  conflicts of interest  between
               the Bank or the Company and the Officer (and counsel for the Bank
               or the Company does not disagree), the Officer may retain counsel
               satisfactory  to the Officer,  and the Bank and the Company shall
               remain  responsible  for the reasonable fees and expenses of such
               counsel as set forth  above,  to be paid  promptly as  statements
               therefor are received;  provided,  however, that the Bank and the
               Company shall be obligated  pursuant to this paragraph  (b)(i) to
               pay for only one firm of counsel for all  indemnified  parties in
               any one  jurisdiction  with respect to any given  claim,  action,
               suit,  proceeding or investigation  unless the use of one counsel
               for  such  indemnified  parties,  including  the  Officer,  would
               present such counsel with a conflict of interest;

          (ii) the Officer will reasonably  cooperate in the defense of any such
               matter; and

          (iii)the Bank and the Company  shall not be liable for any  settlement
               effected by the Officer  without  their  prior  written  consent,
               which shall not be unreasonably withheld.

     Section 9. Resignation.

     (a)  The Officer may resign from the Officer's  employment with the Bank at
          any time.  A  resignation  under this  section 9 shall be  effected by
          notice of resignation  given by the Officer to the Bank and shall take
          effect on the later of the effective date of termination  specified in
          such notice or the date on which the notice of  termination  is deemed
          given by the Officer.  For purposes of this  Agreement,  retirement of
          the  Officer  from the  employment  of the Bank or the  Company  under
          circumstances  defined as "normal  retirement"  or "early  retirement"
          pursuant  to  any  qualified  defined  benefit  or  qualified  defined
          contribution  pension  plan  maintained  by the Bank shall be deemed a
          resignation  by the  Officer's of the  Officer's  employment  with the
          Bank. A resignation by the Officer as described in section 5(a)(ii) of
          this  Agreement,  for purposes of this Agreement shall be deemed to be
          termination  with  "Cause".  The Officer's  resignation  of any of the
          positions within the Bank or the Company to which he has been assigned
          shall be deemed a resignation from all such positions.

     (b)  The Officer's  resignation  shall be deemed to be for "Good Reason" if
          the effective  date of  resignation  occurs during the Term, but on or
          after the effective  date of a Pending  Change of Control or Change of
          Control, and is on account of:

          (i)  the failure of the Bank  (whether by act or omission of the Board
               of  Directors,  or otherwise)  to appoint,  re-appoint,  elect or
               re-elect  the  Officer to the office and  position  with the Bank
               that he held immediately prior to the Change of

                                   Page - 14 -
<PAGE>   15

               Control or Pending Change of Control (the  "Assigned  Office") or
               to a more senior office and position;

          (ii) if the  Officer is or becomes a member of the Board of  Directors
               of the Bank, the failure of the shareholders of the Bank (whether
               in an election in which the Officer  stands as a nominee or in an
               election  where  the  Officer  is not a  nominee),  to  elect  or
               re-elect the Officer to such  directorship  at the  expiration of
               the Officer's term as a director, unless such failure is a result
               of the Officer's refusal to stand for election;

          (iii)a material  failure  by the Bank,  whether  by  amendment  of the
               charter  or  organization,   by-laws,  action  of  the  Board  of
               Directors  of the Bank or  otherwise,  to vest in the Officer the
               functions,  duties, or  responsibilities  customarily  associated
               with the Assigned  Office;  provided  that the Officer shall have
               given  notice of such  failure to the Bank,  and the Bank has not
               fully  cured  such  failure  within  thirty  (30) days after such
               notice is deemed given;

          (iv) any reduction of the Officer's rate of base salary in effect from
               time to time, whether or not material, or any failure, other than
               due to reasonable administrative error that is fully cured within
               5 days after notice of such administrative error is deemed given,
               to pay any portion of the Officer's compensation as and when due;

          (v)  any change in the terms and  conditions  of any  compensation  or
               benefit program in which the Officer  participates  which, either
               individually  or  together  with  other  changes,  has a material
               adverse  effect on the  aggregate  value of the  Officer's  total
               compensation package;  provided that the Officer shall have given
               notice of such material  adverse effect to the Bank, and the Bank
               has not fully cured such  failure  within  thirty (30) days after
               such notice is deemed given;

          (vi) any  material  breach by the Company or the Bank of any  material
               term, condition or covenant contained in this Agreement; provided
               that the Officer  shall have given  notice to the Company and the
               Bank of such material adverse effect, and the Company or the Bank
               have not fully cured such failure  within  thirty (30) days after
               such notice is deemed given; or

          (vii)a change in the  Officer's  principal  place of  employment  to a
               location that is outside of Nassau County or Queens  County,  New
               York.

          In all other cases, a resignation by the Officer shall be deemed to be
          without Good Reason.  In the event of  resignation,  the Officer shall
          state in the  Officer's  notice of  resignation  whether  the  Officer
          considers his or her resignation to be a resignation with Good Reason,
          and if he  does,  he shall  state in such  notice  the  grounds  which
          constitute Good Reason.  The Officer's  determination of the existence
          of Good

                                   Page - 15 -
<PAGE>   16

          Reason  shall be  conclusive  in the  absence  of fraud,  bad faith or
          manifest error.

     (c)  In the event of the  Officer's  resignation  for any reason,  the Bank
          shall pay and deliver the Standard  Termination  Entitlements.  In the
          event  of  the  Officer's   resignation  with  Good  Reason  and  such
          resignation  is effective  within six (6) months of the effective date
          of the Change of Control (the "Resignation  Window Period"),  the Bank
          shall also pay and deliver the Additional Termination Entitlements. In
          the event the  Officer's  resignation  with Good  Reason is based upon
          section  9(b)(iii),(iv),(v)  or (vi) and the notice  required  by such
          provision  has been given within six months of the  effective  date of
          the Change of Control but the  applicable  cure period will not expire
          until on or after the date which is six months following the effective
          date of the Change of Control,  the Resignation Window Period shall be
          extended  so as  expire  30  days  following  the  expiration  of  the
          applicable cure period.

     Section  10.   Terms  and   Conditions   of  the   Additional   Termination
                    Entitlements.

     The Bank and the Officer  hereby  stipulate  that the damages  which may be
incurred by the Officer  following any termination of employment are not capable
of  accurate  measurement  as of the  date  first  above  written  and  that the
Additional  Termination  Entitlements  constitute  reasonable  damages under the
circumstances  and shall be payable  without any  requirement of proof of actual
damage and without regard to the Officer's efforts, if any, to mitigate damages.
The Bank and the Officer  further  agree that the Bank may condition the payment
and delivery of the Additional Termination Entitlements on the receipt of:

     (a)  the Officer's resignation from any and all positions which he holds as
          an officer,  director or committee  member with respect to the Bank or
          any subsidiary or affiliate of the Bank; and

     (b)  a release of the Bank and the Company and their  officers,  directors,
          shareholders,  subsidiaries  and  affiliates,  in form  and  substance
          satisfactory to the Bank, of any liability to the Officer, whether for
          compensation or damages,  in connection with the Officer's  employment
          with the Bank and the termination of such  employment,  except for the
          Standard   Termination   Entitlements,   the  Additional   Termination
          Entitlements,  the Tax Indemnity Payment and indemnification  payments
          due the Officer pursuant to section 8 or section 16 of this Agreement.

To the extent the Bank  conditions  the payment and  delivery of the  Additional
Termination  Entitlements  or any other amount due under this Agreement upon the
receipt of the release  provided  in section  10(b) of this  Agreement  and such
release by law may not be effective  until the  expiration  of a required  prior
notice and/or a recission  period  following its execution by the Officer,  then
any payment required to be made pursuant to this Agreement may be deferred until
the  expiration  of the period which is the sum of the period  within which such
payment was required to be made under the terms of this  Agreement  but for this
section 10 and the period of any required  prior notice and  recission  periods,
provided,  however,  that the Bank shall pay to the Officer for each day of such
deferral  interest  in  addition  to any other  amounts due and owing under this
Agreement at the rate of

                                   Page - 16 -
<PAGE>   17

the federal short term rate  established  under section 1274 of the Code for the
month in which the Officer's  termination of employment occurs calculated on the
basis of a 360 day year for the actual  number of days of such  deferral  on the
amount so deferred.

     Section 11. Confidentiality.

     Unless the  Officer  obtains the prior  written  consent of the Bank or the
Company,  the Officer shall keep  confidential  and shall refrain from using for
the  benefit  of  himself or  herself,  or any  person or entity  other than the
Company  or any  entity  which is a  subsidiary  of the  Company or of which the
Company is a subsidiary,  any material document or information obtained from the
Company,  or from its parent or  subsidiaries,  in the  course of the  Officer's
employment with any of them concerning their properties,  operations or business
(unless such document or  information  is readily  ascertainable  from public or
published  information  or trade sources or has otherwise been made available to
the public through no fault of the Officer) until the same ceases to be material
(or becomes so ascertainable or available);  provided,  however, that nothing in
this  section  11 shall  prevent  the  Officer,  with or without  the  Company's
consent,  from  participating  in or  disclosing  documents  or  information  in
connection  with  any  judicial  or  administrative  investigation,  inquiry  or
proceeding to the extent that such participation or disclosure is required under
applicable law.

     Section 12. No Effect on Employee Benefit Plans or Programs.

     Except to the extent  specifically  provided herein, the termination of the
Officer's  employment during the Assurance Period or thereafter,  whether by the
Bank or by the Officer,  shall have no effect on the rights and  obligations  of
the parties  hereto  under the Bank's  qualified  or  non-qualified  retirement,
pension,  savings,  thrift,  profit-sharing  or stock bonus  plans,  group life,
health (including hospitalization,  medical and major medical), dental, accident
and long term disability insurance plans or such other employee benefit plans or
programs,  or compensation plans or programs,  as may be maintained by, or cover
employees  of, the Bank from time to time;  provided,  however,  that nothing in
this  Agreement  shall be deemed  to  duplicate  any  compensation  or  benefits
provided under any severance agreement,  plan or program covering the Officer to
which the Bank or Company is a party and any  duplicative  amount  payable under
any such agreement,  plan or program shall be applied as an offset to reduce the
amounts otherwise payable  hereunder.  The Additional  Termination  Entitlements
provided  hereunder,  when due and payable or provided to the Officer, or in the
case of the  Officer's  death,  to his or her estate,  surviving  dependants  or
designated beneficiaries,  as applicable,  are acknowledged to be in lieu of any
benefits that would otherwise be provided under such  circumstances  pursuant to
the Bank's Severance Pay Plan, as amended,  or Severance  Compensation  Plan, as
amended.

     Section 13. Successors and Assigns.

     This  Agreement  will  inure  to the  benefit  of and be  binding  upon the
Officer,   the  Officer's  legal   representatives   and  testate  or  intestate
distributees,  and the Company and the Bank and their respective  successors and
assigns,  including  any  successor  by merger or  consolidation  or a statutory
receiver  or  any  other  person  or  firm  or   corporation  to  which  all  or
substantially  all of the assets and  business of the Company or the Bank may be
sold or otherwise transferred. Failure of the Company

                                   Page - 17 -
<PAGE>   18

to obtain from any successor its express written  assumption of the Company's or
Bank's  obligations  hereunder  at least  60 days in  advance  of the  scheduled
effective date of any such succession  shall,
if
such succession constitutes a Change of Control,  constitute Good Reason for the
Officer's resignation on or at any time during the Term following the occurrence
of such succession.

     Section 14. No Attachment.

     Except  as  required  by law,  no  right to  receive  payments  under  this
Agreement  shall be  subject to  anticipation,  commutation,  alienation,  sale,
assignment,  encumbrance,  charge,  pledge, or  hypothecation,  or to execution,
attachment,  levy, or similar process or assignment by operation of law, and any
attempt,  voluntary  or  involuntary,  to affect any such action  shall be null,
void, and of no effect.

     Section 15. Notices.

     Any  communication  required or permitted to be given under this Agreement,
including any notice, direction, designation, consent, instruction, objection or
waiver,  shall be in writing and shall be deemed to have been given at such time
as it is delivered  personally,  or five days after  mailing
if
mailed,  postage  prepaid,  by  registered  or certified  mail,  return  receipt
requested,  addressed to such party at the address listed below or at such other
address as one such party may by written notice specify to the other party:

        If to the Officer:

               Brian T. Edwards
               37 Club Drive
               Massapequa, New York 11758

        If to the Company or the Bank:

               Astoria Financial Corporation
               One Astoria Federal Plaza
               Lake Success, New York 11042

               Attention:     Chairman, President and Chief Executive Officer

               with a copy to:

               Thacher Proffitt & Wood
               Two World Trade Center
               New York, New York 10048

               Attention:     W. Edward Bright, Esq.

                                   Page - 18 -
<PAGE>   19

     Section 16. Indemnification for Attorneys' Fees.

     (a)  The Bank shall indemnify, hold harmless and defend the Officer against
          reasonable costs,  including legal fees, incurred by him in connection
          with or arising out of any action,  suit or proceeding in which he may
          be involved,  as a result of the Officer's efforts,  in good faith, to
          defend or enforce the terms of this Agreement; provided, however, that
          the Officer shall have substantially  prevailed on the merits pursuant
          to a judgment, decree or order of a court of competent jurisdiction or
          of an arbitrator in an  arbitration  proceeding,  or in a settlement..
          For  purposes  of  this  Agreement,  any  settlement  agreement  which
          provides  for  payment  of any  amounts  in  settlement  of the Bank's
          obligations  under this Agreement shall be conclusive  evidence of the
          Officer's entitlement to indemnification under this Agreement, and any
          such indemnification  payments shall be in addition to amounts payable
          pursuant  to  such  settlement   agreement,   unless  such  settlement
          agreement expressly provides otherwise.

     (b)  The Bank's or the Company's  obligation to make the payments  provided
          for in this  Agreement  and  otherwise  to  perform  their  respective
          obligations under this Agreement shall not be affected by any set-off,
          counterclaim,  recoupment,  defense  or other  claim,  right or action
          which the Bank or the Company may have  against the Officer or others.
          In no event shall the Officer be obligated to seek other employment or
          take any other action by way of mitigation  of the amounts  payable to
          the Officer  under any of the  provisions  of this  Agreement and such
          amounts shall not be reduced  whether or not the Officer obtains other
          employment.  Unless  it is  determined  that  the  Officer  has  acted
          frivolously  or in bad faith,  the Bank shall pay as incurred,  to the
          full extent  permitted by law,  all legal fees and expenses  which the
          Officer may reasonably  incur as a result of or in connection with the
          Officer's  consultation  with  legal  counsel  or  arising  out of any
          action,  suit,   proceeding,   tax  controversy,   appeal  or  contest
          (regardless  of the outcome  thereof) by the Bank,  the  Company,  the
          Officer or others  regarding  the  validity or  enforceability  of, or
          liability  under,  any provision of this Agreement or any guarantee of
          performance  thereof  (including  as a result  of any  contest  by the
          Officer about the amount of any payment  pursuant to this  Agreement),
          plus in each case  interest on any delayed  payment at the  applicable
          Federal rate provided for in section 7872(f)(2)(A) of the Code.

     Section 17. Employment Rights and Funding Obligations.

     (a)  Nothing  expressed or implied in this Agreement shall create any right
          or duty on the part of the Bank,  the  Company or the  Officer to have
          the  Officer  continue  as an officer of the Bank or the Company or to
          remain in the employment of the Bank, the Company.

     (b)  Nothing  expressed or implied in this Agreement shall create any right
          or duty on the part of the Bank,  the Company or the Officer to create
          a trust of any kind to fund any benefits which may be payable pursuant
          to this Agreement, and to the extent that the

                                   Page - 19 -
<PAGE>   20

          Officer  acquires  a right to  receive  benefits  from the Bank or the
          Company  pursuant  to this  Agreement,  such right shall be no greater
          than the right of any  unsecured  general  creditor of the Bank or the
          Company, respectively.

     Section 18. Withholding.

     The Bank or the Company, as applicable,  shall have the right to deduct and
withhold from any amounts paid in cash pursuant to this Agreement by the Bank or
the  Company,  respectively,  any taxes or other  amounts  required by law to be
withheld with respect to such payment.

     Section 19. Severability.

     A  determination  that  any  provision  of this  Agreement  is  invalid  or
unenforceable  shall not  affect the  validity  or  enforceability  of any other
provision hereof.

     Section 20. Survival.

     The rights and  obligations  of the Bank, the Company and the Officer under
this Agreement,  unless otherwise  expressly  provided in this Agreement,  shall
survive the expiration of the term or other termination of this Agreement.

                                   Page - 20 -
<PAGE>   21

     Section 21. Waiver.

     Failure to insist upon strict  compliance with any of the terms,  covenants
or  conditions  hereof shall not be deemed a waiver of such term,  covenant,  or
condition.  A waiver of any provision of this Agreement must be made in writing,
designated as a waiver,  and signed by the party against whom its 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.

     Section 22. Counterparts.

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

     Section 23. Governing Law.

     Except to the extent  preempted by federal  law,  this  Agreement  shall be
governed by and construed and enforced in accordance  with the laws of the State
of New York  applicable to contracts  entered into and to be performed  entirely
within the State of New York.

     Section 24. Headings and Construction.

     The headings of sections in this Agreement are for convenience of reference
only and are not intended to qualify the meaning of any section.  Any  reference
to a section number shall refer to a section of this Agreement, unless otherwise
stated.

     Section 25. Entire Agreement; Modifications.

     This instrument  contains the entire  agreement of the parties  relating to
the subject  matter  hereof,  and  supersedes  in its entirety any and all prior
agreements,  understandings  or  representations  relating to the subject matter
hereof. No modifications of this Agreement shall be valid unless made in writing
and signed by the parties hereto.

     Section 26. Required Regulatory Provisions.

     The following  provisions  are included for the purposes of complying  with
various laws, rules and regulations applicable to the Bank:

     (a)  Notwithstanding anything herein contained to the contrary, in no event
          shall the aggregate  amount of compensation  payable to the Officer on
          account of the Officer's  termination of employment exceed three times
          the  Officer's  average  annual total  compensation  for the last five
          consecutive  calendar years to end prior to the Officer's  termination
          of  employment  with the Bank (or for the  Officer's  entire period of
          employment with the Bank if less than five calendar years).

                                   Page - 21 -
<PAGE>   22

     (b)  Notwithstanding   anything  herein  contained  to  the  contrary,  any
          payments  to the  Officer  by  the  Bank,  whether  pursuant  to  this
          Agreement  or  otherwise,  are subject to and  conditioned  upon their
          compliance  with section  18(k) of the Federal  Deposit  Insurance Act
          ("FDI  Act"), 12 U.S.C. ss. 1828(k), and any  regulations  promulgated
          thereunder.

     (c)  Notwithstanding  anything  herein  contained to the  contrary,  if the
          Officer is suspended from office and/or  temporarily  prohibited  from
          participating  in the conduct of the affairs of the Bank pursuant to a
          notice  served  under  section  8(e)(3) or 8(g)(1) of the FDI Act,  12
          U.S.C. ss. 1818(e)(3) or 1818(g)(1), the Bank's obligations under this
          Agreement shall be suspended as of the date of service of such notice,
          unless  stayed by  appropriate  proceedings.  If the  charges  in such
          notice are dismissed, the Bank, in its discretion,  may (i) pay to the
          Officer  all or part of the  compensation  withheld  while the  Bank's
          obligations  hereunder were suspended and (ii) reinstate,  in whole or
          in part, any of the obligations which were suspended.

     (d)  Notwithstanding  anything  herein  contained to the  contrary,  if the
          Officer is removed and/or permanently prohibited from participating in
          the conduct of the Bank's  affairs by an order  issued  under  section
          8(e)(4) or 8(g)(1) of the FDI Act, 12 U.S.C. ss. 1818(e)(4) or (g)(1),
          all  prospective  obligations of the Bank under this  Agreement  shall
          terminate as of the effective date of the order, but vested rights and
          obligations of the Bank and the Officer shall not be affected.

     (e)  Notwithstanding anything herein contained to the contrary, if the Bank
          is in default  (within the meaning of section  3(x)(1) of the FDI Act,
          12 U.S.C. ss.1813(x)(1), all prospective obligations of the Bank under
          this Agreement shall  terminate as of the date of default,  but vested
          rights  and  obligations  of the Bank  and the  Officer  shall  not be
          affected.

     (f)  Notwithstanding   anything  herein  contained  to  the  contrary,  all
          prospective  obligations  of the Bank  hereunder  shall be terminated,
          except  to the  extent  that  a  continuation  of  this  Agreement  is
          necessary for the continued operation of the Bank: (i) by the Director
          of the Office of Thrift  Supervision  ("OTS") or his  designee  or the
          Federal Deposit Insurance  Corporation  ("FDIC"), at the time the FDIC
          enters into an agreement to provide  assistance to or on behalf of the
          Bank under the authority contained in section 13(c) of the FDI Act, 12
          U.S.C. ss. 1823(c); (ii) by the Director of the OTS or his designee at
          the time such Director or designee  approves a  supervisory  merger to
          resolve problems related to the operation of the Bank or when the Bank
          is  determined  by  such  Director  to  be  in an  unsafe  or  unsound
          condition.  The vested rights and obligations of the parties shall not
          be affected.

If and to the extent  that any of the  foregoing  provisions  shall  cease to be
required  or by  applicable  law,  rule or  regulation,  the same  shall  become
inoperative as though eliminated by formal amendment of this Agreement.  None of
the foregoing  provisions,  other than section 26(b) shall limit any obligations
of the Company under this Agreement.

                                   Page - 22 -
<PAGE>   23

     Section 27. Guaranty.

     The  Company  hereby  irrevocably  and  unconditionally  guarantees  to the
Officer  the  payment  of  all  amounts,   and  the  performance  of  all  other
obligations, due from the Bank in accordance with the terms of this Agreement as
and when due without any requirement of presentment,  demand of payment, protest
or notice of dishonor or  nonpayment.  Solely for  purposes of  determining  the
extent of the  Company's  guarantee,  the  obligations  of the Bank  under  this
Agreement shall be determined as though section 26(a), (c), (d), (e) and (f) did
not apply to the Bank.

     In Witness Whereof,  the Bank and the Company have caused this Agreement to
be executed and the Officer has hereunto set the Officer's  hand,  all as of the
day and year first above written.

                                              /S/ Brian T. Edwards
                                              -------------------------
                                              Brian T. Edwards

Attest:                                    Astoria Federal Savings and Loan
                                           Association

By:     /S/  William K. Sheerin             By:    /S/ George L. Engelke, Jr.
        ---------------------------                -----------------------------
Name:   William K. Sheerin                  Name:  George L. Engelke, Jr.
Title:  Executive Vice President and        Title: Chairman, President and Chief
        Secretary                                  Executive Officer

Attest:                                     Astoria Financial Corporation

By:     /S/  William K. Sheerin             By:    /S/ George L. Engelke, Jr.
        ---------------------------                -----------------------------
Name:   William K. Sheerin                  Name:  George L. Engelke, Jr.
Title:  Executive Vice President and        Title: Chairman, President and Chief
        Secretary                                  Executive Officer

                                   Page - 23 -<PAGE>   1

                                                                     EXHIBIT 4.4

NEITHER THESE SECURITIES NOR THE COMMON STOCK ISSUABLE UPON EXERCISE HEREOF HAVE
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY APPLICABLE STATE
SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED
OR OTHERWISE TRANSFERRED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT
WITH RESPECT TO THE SECURITIES UNDER SUCH ACT OR AN EXEMPTION THEREFROM. ANY
SUCH TRANSFER MAY ALSO BE SUBJECT TO APPLICABLE STATE SECURITIES LAWS.

                        CROSS MEDIA MARKETING CORPORATION

                      Warrant for the Purchase of Shares of
                                  Common Stock

                                                       [Insert Number of] Shares

         FOR VALUE RECEIVED, CROSS MEDIA MARKETING CORPORATION, a Delaware
corporation (the "COMPANY"), hereby certifies that ______________ or registered
assigns (the "Holder") is entitled to purchase from the Company, subject to the
provisions of this Warrant (the "Warrant"), at any time on or after ___________
(the "INITIAL EXERCISE DATE"), and prior to 5:00 P.M., New York City time, on
the _________ anniversary of the Initial Exercise Date (the "TERMINATION DATE"),
___________ fully paid and non-assessable shares of the Common Stock, $.001 par
value, of the Company ("Common Stock"), at an initial exercise price of $_____
per share of Common Stock (the "Initial Per Share Exercise Price"). The number
of shares of Common Stock to be received upon exercise of this Warrant and the
price to be paid for each share of Common Stock are subject to possible
adjustment from time to time as hereinafter set forth. The shares of Common
Stock or other securities or property deliverable upon such exercise as adjusted
from time to time is hereinafter sometimes referred to as the "WARRANT SHARES."
The exercise price of a share of Common Stock in effect at any time and as
adjusted from time to time is hereinafter sometimes referred to as the "PER
SHARE EXERCISE PRICE." The Per Share Exercise Price is subject to adjustment as
hereinafter provided.

         1. EXERCISE OF WARRANT.

         (a) This Warrant may be exercised in whole or in part, at any time by
its holder commencing on the Initial Exercise Date and prior to the Termination
Date by presentation and surrender of this Warrant, together with the duly
executed subscription form and representations and warranties attached at the
end hereof, at the address set forth in Subsection 8(a) hereof, together with
payment, by certified or official bank check or wire transfer payable to the
order of the Company, of the product of (x) the Per Share Exercise Price
multiplied by (y) the number of shares of Common Stock subject to (1) this
Warrant or (2) the proportionate part thereof if exercised in part.
<PAGE>   2
         (b) If this Warrant is exercised in part only, the Company shall, upon
presentation of this Warrant upon such exercise, execute and deliver (along with
the certificate for the Warrant Shares purchased) a new Warrant evidencing the
rights of the Holder hereof to purchase the balance of the Warrant Shares
purchasable hereunder upon the same terms and conditions as herein set forth.
Upon proper exercise of this Warrant, the Company promptly shall deliver
certificates for the Warrant Shares to the Holder duly legended as authorized by
the subscription form. No fractional shares or scrip representing fractional
shares shall be issued upon exercise of this Warrant; provided that the Company
shall pay to the holder of the Warrant cash in lieu of such fractional shares.

         2. RESERVATION OF WARRANT SHARES; FULLY PAID SHARES; TAXES. The Company
hereby represents that it has, and until expiration of this Warrant agrees that
it shall, reserve for issuance or delivery upon exercise of this Warrant, such
number of shares of the Common Stock as shall be required for issuance and/or
delivery upon exercise of this Warrant in full, and agrees that all Warrant
Shares so issued and/or delivered will be validly issued, fully paid and
non-assessable, and further agrees to pay all taxes and charges (other than
income taxes) that may be imposed upon such issuance and/or delivery. The
Company shall not, however, be required to pay any tax which may be payable in
respect of any transfer involved in the issue or delivery of Common Stock (or
other securities or assets) in a name other than that in which this Warrant is
registered, and no such issue or delivery shall be made unless and until the
person requesting such issue has paid to the Company the amount of such tax or
has established, to the satisfaction of the Company, that such tax has been paid
or need not be paid.

         3. PROTECTION AGAINST DILUTION.

         (a) In case the Company shall hereafter (i) pay a dividend or make a
distribution on its Common Stock in shares of Common Stock, (ii) subdivide its
outstanding shares of Common Stock into a greater number of shares or (iii)
combine its outstanding shares of Common Stock into a smaller number of shares
(each of (i) through (iii) an "Action"), then the Per Share Exercise Price shall
be adjusted to be equal to the product of (i) a fraction, the numerator of which
is the number of shares of Common Stock outstanding immediately prior to such
Action and the denominator of which is the number of shares of Common Stock
outstanding immediately following such Action, multiplied by (ii) the Per Share
Exercise Price immediately prior to such Action. An adjustment made pursuant to
this Subsection 3(a) shall become effective immediately after the record date in
the case of a dividend or distribution and shall become effective immediately
after the effective date in the case of a subdivision, combination or
reclassification.

         (b) Whenever the Per Share Exercise Price is adjusted pursuant to
subsection 3(a), the number of Warrant Shares issuable upon payment of the
Aggregate Exercise Price shall be adjusted to be equal to the product of the
number of Warrant Shares issuable upon payment of the Aggregate Exercise Price
immediately prior to such adjustment multiplied by a fraction, the numerator of
which shall be the Aggregate Exercise Price payable immediately prior to such
adjustment and the denominator which shall be the Aggregate Exercise Price
payable immediately after such adjustment.

                                      -2-
<PAGE>   3
         (c) In the event of any capital reorganization or reclassification, or
any consolidation or merger to which the Company is a party other than a merger
or consolidation in which the Company is the continuing corporation, or in case
of any sale or conveyance to another entity of the property of the Company as an
entirety or substantially as an entirety, or in the case of any statutory
exchange of securities with another corporation (including any exchange effected
in connection with a merger of a third corporation into the Company), the Holder
of this Warrant shall have the right thereafter to receive on the exercise of
this Warrant the kind and amount of securities, cash or other property which the
Holder would have owned or have been entitled to receive immediately after such
reorganization, reclassification, consolidation, merger, statutory exchange,
sale or conveyance had this Warrant been exercised immediately prior to the
effective date of such reorganization, reclassification, consolidation, merger,
statutory exchange, sale or conveyance and in any such case, if necessary,
appropriate adjustment shall be made in the application of the provisions set
forth in this Section 3 with respect to the rights and interests thereafter of
the Holder of this Warrant to the end that the provisions set forth in this
Section 3 shall thereafter correspondingly be made applicable, as nearly as may
reasonably be, in relation to any shares of stock or other securities or
property thereafter deliverable on the exercise of this Warrant. The above
provisions of this Subsection 3(b) shall similarly apply to successive
reorganizations, reclassifications, consolidations, mergers, statutory
exchanges, sales or conveyances. The issuer of any shares of stock or other
securities or property thereafter deliverable on the exercise of this Warrant
shall be responsible for all of the agreements and obligations of the Company
hereunder. A sale of all or substantially all of the assets of the Company for a
consideration consisting primarily of securities shall be deemed a consolidation
or merger for the foregoing purposes.

         (d) No adjustment in the Per Share Exercise Price shall be required
unless such adjustment would require an increase or decrease of at least $0.05
per share of Common Stock; provided, however, that any adjustments which by
reason of this Subsection 3(c) are not required to be made shall be carried
forward and taken into account in any subsequent adjustment. All calculations
under this Section 3 shall be made to the nearest cent or to the nearest 1/100th
of a share, as the case may be. Anything in this Section 3 to the contrary
notwithstanding, the Company shall be entitled to make such reductions in the
Per Share Exercise Price, in addition to those required by this Section 3, as it
in its discretion shall deem to be advisable in order that any stock dividend,
subdivision of shares or distribution of rights to purchase stock or securities
convertible or exchangeable for stock hereafter made by the Company to its
stockholders shall not be taxable.

         (e) Whenever the Per Share Exercise Price is adjusted as provided in
this Section 3 and upon any modification of the rights of a Holder of Warrants
in accordance with this Section 3, the Chief Financial Officer, or equivalent
officer, of the Company shall prepare a certificate setting forth the Per Share
Exercise Price and the number of Warrant Shares after such adjustment or the
effect of such modification, a brief statement of the facts requiring such
adjustment or modification and the manner of computing the same and cause copies
of such certificate to be mailed to the Holder.

         (f) If, as a result of an adjustment made pursuant to this Section 3,
the Holder of any Warrant thereafter surrendered for exercise shall become
entitled to receive shares of two or more classes of capital stock or shares of
Common Stock and other capital stock of the

                                      -3-
<PAGE>   4
Company, the Board of Directors (whose determination shall be conclusive and
shall be described in a written notice to the Holder of any Warrant promptly
after such adjustment) shall determine the allocation of the adjusted Per Share
Exercise Price between or among shares or such classes of capital stock or
shares of Common Stock and other capital stock.

         4. LIMITED TRANSFERABILITY. This Warrant may not be sold, transferred,
assigned or hypothecated by the Holder except in compliance with the provisions
of the Act and the applicable state securities "blue sky" laws, and is so
transferable only upon the books of the Company which it shall cause to be
maintained for such purpose. The Company may treat the registered Holder of this
Warrant as he or it appears on the Company's books at any time as the Holder for
all purposes. The Company shall permit any Holder of a Warrant or his duly
authorized attorney, upon written request during ordinary business hours, to
inspect and copy or make extracts from its books showing the registered holders
of Warrants. All Warrants issued upon the transfer or assignment of this Warrant
will be dated the same date as this Warrant, and all rights of the holder
thereof shall be identical to those of the Holder.

         5. LOSS, ETC., OF WARRANT. Upon receipt of evidence satisfactory to the
Company of the loss, theft, destruction or mutilation of this Warrant, of
indemnity reasonably satisfactory to the Company and, if requested by the
Company, of a bond reasonably satisfactory to the Company, if lost, stolen or
destroyed, and upon surrender and cancellation of this Warrant, if mutilated,
the Company shall execute and deliver to the Holder a new Warrant of like date,
tenor and denomination.

         6. INVESTMENT INTENT.

         (a) The Holder represents, by accepting this Warrant, that it
understands that this Warrant and any securities obtainable upon exercise of
this Warrant have not been registered for sale under Federal or state securities
laws and are being offered and sold to the Holder pursuant to one or more
exemptions from the registration requirements of such securities laws. The
Holder is an "accredited investor" within the meaning of Regulation D under the
Securities Act of 1933, as amended (the "Act"). In the absence of an effective
registration of such securities or an exemption therefrom, any certificates for
such securities shall bear the legend set forth on the first page hereof. The
Holder understands that it must bear the economic risk of its investment in this
Warrant and any securities obtainable upon exercise of this Warrant for an
indefinite period of time, as this Warrant and such securities have not been
registered under Federal or state securities laws and therefore cannot be sold
unless subsequently registered under such laws, unless as exemption from such
registration is available.

         (b) The Holder, by his acceptance of its Warrant, represents to the
Company that it is acquiring this Warrant and will acquire any securities
obtainable upon exercise of this Warrant for its own account for investment and
not with a view to, or for sale in connection with, any distribution thereof in
violation of the Act. The Holder agrees that this Warrant and any such
securities will not be sold or otherwise transferred unless (i) a registration
statement with respect to such transfer is effective under the Act and any
applicable state securities laws or (ii) such sale or transfer is made pursuant
to one or more exemptions from the Act.

                                      -4-
<PAGE>   5
         7. STATUS OF HOLDER. This Warrant does not confer upon the Holder any
right to vote or to consent to or receive notice as a stockholder of the
Company, as such, in respect of any matters whatsoever, or any other rights or
liabilities as a stockholder, prior to the exercise hereof.

         8. NOTICES. No notice or other communication under this Warrant shall
be effective unless, but any notice or other communication shall be effective
and shall be deemed to have been given if, the same is in writing and is mailed
by first-class mail, postage prepaid, addressed to:

                  (a) the Company at 410 Park Avenue, Suite 830, New York, New
         York 10022 or such other address as the Company has designated in
         writing to the Holder; or

                  (b) the Holder at

or such other address as the Holder has designated in writing to the Company.

         9. HEADINGS. The headings of this Warrant have been inserted as a
matter of convenience and shall not affect the construction hereof.

         10. APPLICABLE LAW. This Warrant shall be governed by and construed in
accordance with the laws of the State of New York without giving effect to
principles of conflicts of law thereof.

                                      -5-
<PAGE>   6
         IN WITNESS WHEREOF, Ronald Altbach acting for and on behalf of the
Company, has executed this Warrant as of _____________________.

                                          CROSS MEDIA MARKETING CORPORATION

                                          By:
                                             -----------------------------------
                                             Name:   Ronald Altbach
                                             Title:  Chief Executive Officer

                                      -6-
<PAGE>   7
                                  SUBSCRIPTION

         The undersigned, ____________________________, pursuant to the
provisions of the foregoing Warrant, hereby elects to exercise the within
Warrant to the extent of purchasing _____________________ shares of Common Stock
of Symposium Corporation thereunder and hereby makes payment of $_______________
by certified or official bank check in payment of the exercise price therefor.

Dated:_______________              Signature:_____________________________

                                   Address:_______________________________

                         REPRESENTATIONS AND WARRANTIES

         The undersigned Holder, in connection with the exercise of this
Warrant, hereby represents and warrants to the Company as follows:

         a. The Holder is acquiring the Warrant Shares for its own account, for
investment purposes only and not with a view towards or in connection with
public sale or distribution thereof. The Warrant Shares may not be offered for
sale, sold or otherwise transferred except pursuant to an effective registration
statement under the Act and in compliance with the applicable securities laws of
any state or other jurisdiction, or pursuant to an opinion of counsel
satisfactory to the Company that such registration is not required and such
compliance has been obtained. The Company may affix an appropriate legend to any
certificate(s) representing the Warrant Shares to reflect the foregoing.

         b. The Holder understands that the Warrant Shares are being offered and
sold by the Company in reliance on an exemption from the registration
requirements of the Securities Act and equivalent state securities and "blue
sky" laws, and that the Company is relying upon the accuracy of, and the
compliance by the Holder with its representations and warranties set forth in
this letter, in determining the availability of such exemption and the
eligibility of the Holder to acquire the Warrant Shares.

         c. The Holder acknowledges that it has had access to the reports and
other documents filed by the Company with the Securities and Exchange Commission
pursuant to the Securities Exchange Act of 1934, as amended, and that it has
been given an opportunity to ask questions of, and to receive answers from, the
Company's management personnel concerning the Company's business and the Warrant
Shares. The Holder has been provided access to all materials relating to the
business, financial position and results of operations of the Company, and all
other materials requested by the Holder by enable it to make an informed
investment decision with respect to the acquisition of the Warrant Shares. The
Holder has such knowledge and experience in financial and business matters that
he is capable of evaluating the merits and risks of an investment in the
Company's securities.

         d. The Holder is, and upon exercise of the Warrant will be, (i) an
"accredited investor" within the meaning of Rule 501 of Regulation D under the
Securities Act, (ii)

                                      -7-
<PAGE>   8
experienced in making investments of the kind represented by the Warrant Shares,
and (iii) capable, by reason of its business and financial experience, of
evaluating the relative merits and risks of an investment in the Warrant Shares.

         e. The Holder understands that an investment in the Warrants involves a
high degree of risk, and has the financial ability to bear the economic risk of
this investment in the Warrants, including a complete loss of such investment.
The Holder has adequate means for providing for its current financial
requirements and has no need for liquidity with respect to this investment.

Date:_______________                            Signature:____________________

                                                Address:______________________

                                      -8-
<PAGE>   9
                                   ASSIGNMENT

         FOR VALUE RECEIVED _______________________________________ hereby
sells, assigns and transfers unto _____________________________________ the
foregoing Warrant and all rights evidenced thereby, and does irrevocably
constitute and appoint _____________________________, attorney, to transfer said
Warrant on the books of Symposium Corporation.

Dated:_______________                    Signature:_____________________________

            Address:______________________________

                               PARTIAL ASSIGNMENT

         FOR VALUE RECEIVED __________________________ hereby assigns and
transfers unto _________________________ the right to purchase __________ shares
of the Common Stock, no par value per share, of Symposium Corporation covered by
the foregoing Warrant, and a proportionate part of said Warrant and the rights
evidenced thereby, and does irrevocably constitute and appoint
__________________________, attorney, to transfer that part of said Warrant on
the books of Symposium Corporation.

Dated:_______________                      Signature:___________________________

            Address:_____________________________

                                      -9-

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