Document:

EXHIBIT 10.5 - EMPLOYMENT  AGREEMENT BETWEEN REGISTRANT AND ARTHUR J. LUPINACCI,
JR.

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                      THE FIRST OF LONG ISLAND CORPORATION
                                10 GLEN HEAD ROAD
                            GLEN HEAD, NEW YORK 11545

                                                           July 1, 1999

Mr. Arthur J. Lupinacci, Jr.

Dear Mr. Lupinacci:

     This letter employment agreement (the "Agreement")  supersedes and replaces
your Special  Severance  Agreement  dated as of November 20, 1998. The terms and
conditions of your employment by The First of Long Island Corporation  ("FLIC"),
and its subsidiary,  The First National Bank of Long Island (the "Bank"), are as
follows:

1.   TERM; RENEWAL

     The Initial Term of the  Agreement  shall run from July 1, 1999 through and
including  December 31, 2000,  and if not  terminated  as described  below,  the
Agreement  shall,  on July 1 of each  year,  automatically  be  extended  for an
additional  year,  resulting in a new one and one-half  year term (the  "Renewal
Terms"),  with such modifications  hereto as the parties shall agree in writing;
provided, however, that the Agreement shall not be so extended in the event that
you or FLIC provides written notice of non-extension to the other party no later
than  April 30 of any such year.  Notwithstanding  the  foregoing,  FLIC may not
provide  such  notice of  non-extension  during  any period of time in which the
Board  of  Directors  of  FLIC  is  actively   negotiating  a  transaction   the
consummation of which would constitute a Change of Control Event (as hereinafter
defined).

2.   CAPACITY

     (a) You shall be employed in the  capacity of Executive  Vice  President of
FLIC and such other senior  executive title or titles of FLIC or the Bank as may
from time to time be  determined by the Board of Directors of the Bank and FLIC.
You shall be the senior administrative officer of the Bank, with such duties and
responsibilities  as shall be assigned to you by the Chief Executive  Officer or
by the Board of Directors  of the Bank.  You shall be  responsible  to the Chief
Executive Officer of FLIC and the Bank.

     (b) You agree to devote your full time and  attention  and best  efforts to
the faithful and  diligent  performance  of your duties to FLIC and the Bank and
shall serve and further the best  interests  and enhance the  reputation of FLIC
and the Bank to the best of your ability.  Nothing  herein shall be construed as
preventing  you from  serving  as a member  of the  board  of  directors  of any
non-profit organization.

3.   COMPENSATION

     As full  compensation  for your  services,  you shall receive the following
from FLIC or, in the discretion of FLIC, it shall cause the following to be paid
or provided by the Bank:

     (a) A Base Annual Salary of not less than One Hundred  Eighty Five Thousand
Five Hundred Dollars ($185,500.00), payable semimonthly; provided, however, that
no later  than  January  15 of each  year that this  Agreement  shall  remain in
effect,  the Chief  Executive  Officer and the Board of  Directors of FLIC shall
review  your  compensation,  without any  commitment,  to  determine  whether to
increase  your Base  Annual  Salary  hereunder.  In the event  that the Board of
Directors of FLIC does, from time to time, increase your Base Annual Salary, the
increased  amount  shall be your Base  Annual  Salary for all  purposes  of this
Agreement,  and such  increased  amount  shall  be the  minimum  amount  payable
hereunder.

     (b) Such other  benefits  as are  consistent  with the  personnel  benefits
provided by the Bank and FLIC to its officers and employees.

     (c) The use of an appropriate automobile furnished by the Bank.

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     (d) The  funding  and  payment  of the Bank's  obligations  under The First
National Bank of Long Island Supplemental  Executive  Retirement Program through
the related Trust Agreement.

4.   TERMINATION PAYMENT.

     A. You will be entitled to a payment (the  "Termination  Payment") equal to
One Hundred  Fifty Per Cent (150%) of your then current  Base Annual  Salary and
FLIC shall make such Termination Payment to you, in the event of, and within ten
(10) days after, the occurrence of any of the following:

          (i) Your employment is terminated by the Bank, provided, however, that
     you shall not be entitled to receive  such payment if such  termination  is
     due to gross and substantial dishonesty on your part;

          (ii) You resign your  employment  with the Bank for any reason  during
     the  period  beginning  on the  thirty-first  day after a Change of Control
     Event (as  hereinafter  defined)  and ending on the sixtieth day after such
     event; or

          (iii) You resign  your  employment  with the Bank for Good  Reason (as
     hereinafter  defined) within  twenty-four  months after a Change of Control
     Event.

     B. FLIC may  elect to  discharge  its  obligation  to make the  Termination
Payment by causing the Bank, its wholly owned subsidiary, to do so.

5.   NON-WAIVER.

     Your  failure  to  resign  upon  the  occurrence  of  a  particular   event
constituting  Good Reason  hereunder  shall not bar you from  resigning upon the
subsequent  occurrence of any other or further event  constituting  Good Reason,
and thereby becoming eligible to receive the Termination Payment,  provided that
such  resignation  occurs  within  twenty-four  months after a Change of Control
Event.

6.   INELIGIBILITY FOR TERMINATION PAYMENT.

     Regardless  of whether a Change of Control Event shall have  occurred,  you
shall  not be  entitled  to any  Termination  Payment  in the  event  that  your
employment  is  terminated  by  reason  of  your  death,  normal  retirement  or
disability.

7.   DEFINITIONS.

     A. "Good Reason" for resignation by you of your  employment  shall mean the
occurrence  (without your express  written  consent) of any one of the following
acts or omissions to act by FLIC or the Bank:

          (i) The assignment to you of any duties  materially  inconsistent with
     the  nature  and  status of your  responsibilities  immediately  prior to a
     Change of Control Event, or a substantial  adverse alteration in the nature
     or status of your  responsibilities  from those in effect immediately prior
     to the Change of Control Event; provided,  however, that a redesignation of
     your  title  shall  not in and of  itself  constitute  Good  Reason if your
     overall  duties and status  within FLIC and the Bank are not  substantially
     adversely affected.

          (ii) The  failure  by FLIC or the Bank to pay you any  portion of your
     current  compensation,  or to pay you any  portion of an  installment  of a
     deferred  compensation  amount  under any  deferred  compensation  program,
     within fourteen (14) days of the date such compensation is due.

     B. "Change of Control  Event" shall mean the  occurrence  of any one of the
following:

          (i) Continuing  Outside  Directors (as hereinafter  defined) no longer
     constitute at least two-thirds  (2/3) of Outside  Directors (as hereinafter
     defined) of FLIC;

          (ii) There shall be  consummated  a merger or  consolidation  of FLIC,
     unless at least  two-thirds  (2/3) of Continuing  Outside  Directors are to
     continue to constitute at least two-thirds (2/3) of Continuing Directors;

          (iii)  At  least  two-thirds  (2/3) of  Continuing  Outside  Directors
     determine that action taken by stockholders constitutes a Change of Control
     Event; or

          (iv) The Bank shall cease to be a wholly-owned subsidiary of FLIC.

     C.  "Continuing  Outside  Director" shall mean any individual who is not an
employee  of FLIC or the Bank and who (i) is a  director  of FLIC as of the date
hereof, (ii) prior to election as a director is nominated by at least two-thirds
(2/3) of the Continuing

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Outside  Directors,  or (iii)  following  election as a director is designated a
Continuing  Outside Director by at least two-thirds (2/3) of Continuing  Outside
Directors.

     D. "Outside  Director"  shall mean an individual  who is not an employee of
FLIC or the Bank who is a director of FLIC.

8.   INSURANCE.

     8.1 In the event  that you shall  cease to be  employed  by the Bank  under
circumstances  entitling you to receive a  Termination  Payment  hereunder,  you
shall be entitled to the following insurance coverage:

          (a) Health Insurance. FLIC shall, at no cost to you, continue to cover
     you  under,  or  provide  you with,  family  medical  and  dental  coverage
     subsequent to the date of  termination  of your  employment.  Such coverage
     shall be continued  until January 31, 2006,  and shall be no less favorable
     than your medical and dental coverage in effect on such  termination  date;
     provided,  however,  that if such  termination  date is  subsequent  to the
     occurrence  of a Change of  Control  Event,  the  coverage  to be  provided
     hereunder   shall  be  no  less  favorable  than  the  coverage  in  effect
     immediately prior to the occurrence of such Change of Control Event.

          (b) Additional Insurance. FLIC shall also continue to cover you under,
     or provide you with insurance coverage no less favorable than that provided
     by, your  disability,  group term life and any other insurance  policies in
     effect on the date of termination of your employment for a period ending on
     the date which is eighteen (18) months after such termination date.

     8.2  Notwithstanding  the provisions of the foregoing  Sections  8.1(a) and
8.1(b),  the  obligation  of FLIC to  provide  the  health  and other  insurance
coverage  described  therein  shall  cease,  as to each such  policy and form of
coverage,  on the date when  another  employer  makes  available to you benefits
which  are  substantially  comparable  to  those  described  in  such  sections,
regardless  of whether the benefits made  available by such  employer  require a
contribution on your part.

9.   DEATH.

     In the event of your death  subsequent to termination  of your  employment,
all payments and benefits  due you  hereunder  shall be paid to your  designated
beneficiary  or  beneficiaries  or, if you have not  designated a beneficiary or
beneficiaries, to your estate.

10.  MISCELLANEOUS.

     10.1 Legal Expenses.  FLIC shall pay all costs and expenses incurred by you
or us, including attorneys' fees and disbursements (at least monthly in the case
of costs and expenses incurred by you), in connection with any legal proceedings
(including,  but not limited to, arbitration),  whether or not instituted by you
or us,  relating to the  interpretation  or enforcement of any provision of this
Agreement in  connection  with the  termination  of your  employment.  FLIC also
agrees to pay  prejudgment  interest on any money judgment  obtained by you as a
result of such proceedings, calculated at the prime interest rate of the Bank as
in effect from time to time from the date that payment  should have been made to
you  hereunder.  Notwithstanding  the  foregoing,  in the  event  that any legal
proceedings  referred to above  result in a final  non-appealable  determination
that your employment was terminated because of gross and substantial  dishonesty
on your part,  FLIC shall have no further  obligation  to you under this section
and you shall refund to FLIC all amounts previously paid to you pursuant to this
section.

     10.2 Binding  Effect;  Successors.  This  Agreement  shall be binding upon,
inure to the  benefit of and be  enforceable  by you and us, your heirs and your
and our respective legal representatives,  successors and assigns. If FLIC shall
be merged into or consolidated with another entity,  the provisions hereof shall
be binding upon and inure to the benefit of the entity  surviving such merger or
resulting  from such  consolidation.  We shall  require any  successor  (whether
direct or indirect, by purchase,  merger,  consolidation or otherwise) to all or
substantially  all of the  business or assets of FLIC,  by agreement in form and
substance  satisfactory  to you,  to  expressly  assume  and  agree  to  perform
hereunder in the same manner and to the same extent that we would be required to
perform  hereunder if no such succession had taken place. The provisions  hereof
shall continue to apply to each subsequent merger,  consolidation or transfer of
assets of such subsequent employer.

     10.3 Notices.  Any notices required to be given under this Agreement shall,
unless  otherwise  agreed to by you and us, be in  writing  and shall be sent by
certified  mail,  return receipt  requested,  to FLIC at 10 Glen Head Road, Glen
Head,  New York 11545,  Attention:  Board of  Directors,  and to you at the home
address which you have designated in writing; or at such other address as you or
we may designate in writing, respectively.

     10.4 Waiver; Modification. No waiver or modification in whole or in part of
this Agreement,  or any term or condition hereof, shall be effective against any
party  unless in writing  and duly signed by the party  sought to be bound.  Any
waiver of any breach of any provision  hereof or any right or power by any party
on one occasion shall not be construed as a waiver of, or a bar to, the exercise
of such right or power on any other  occasion  or as a waiver of any  subsequent
breach.

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     10.5  Separability.  Any provision of this Agreement which is unenforceable
or  invalid in any  respect in any  jurisdiction  shall be  ineffective  in such
jurisdiction to the extent that it is unenforceable or invalid without affecting
the remaining  provisions hereof, which shall continue in full force and effect.
The  enforceability  or  invalidity  of a  provision  of  the  Agreement  in one
jurisdiction shall not invalidate or render  unenforceable such provision in any
other jurisdiction.

     10.6  Controlling Law. This Agreement shall be governed by and construed in
accordance  with the laws of the State of New York  applicable to contracts made
and to be performed therein.

     If this Agreement is  satisfactory  to you, would you kindly  indicate your
acceptance by signing and returning the enclosed copy thereof to the Bank.

                                         Very truly yours,

                                         THE FIRST OF LONG ISLAND CORPORATION

                                         By:/s/ J. William Johnson
                                         -------------------------
                                         J. William Johnson, President

Accepted and agreed to as
of the 1st day of July, 1999

/s/ Arthur J. Lupinacci
-----------------------
Arthur J. Lupinacci, Jr.

                                       25EXHIBIT 10.6 - AMENDED SPECIAL SEVERANCE AGREEMENT BETWEEN REGISTRANT AND DONALD
                                 L. MANFREDONIA

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                      THE FIRST OF LONG ISLAND CORPORATION

                       AMENDED SPECIAL SEVERANCE AGREEMENT

     AGREEMENT  dated as of July 1, 1999 by and between THE FIRST OF LONG ISLAND
CORPORATION  (hereinafter  referred  to as  "FLIC")  and  DONALD L.  MANFREDONIA
(hereinafter referred to as the "Officer").

1.   Term.

         The  term of this  agreement  shall  be for a  period  of one (1)  year
commencing  on the date  hereof.  The term shall be  automatically  renewed  for
additional one (1) year terms, unless the Board of Directors of FLIC chooses not
to renew and  notifies  Officer of such  intention  not to renew at least thirty
(30)  days  prior to the end of a term;  provided,  however,  that  FLIC may not
decline to renew  during any period of time in which the Board of  Directors  is
actively  negotiating a transaction  the  consummation  of which would result in
Officer becoming entitled to a Termination Payment hereunder.

2.   Termination Payment.

     A. Officer will be entitled to a payment (the "Termination  Payment") equal
to One  Hundred  Twenty-Five  Per Cent  (125%) of his then  current  annual base
salary (the dollar amount so calculated being hereafter referred to as the "Full
Severance"),  and FLIC shall make such  Termination  Payment to Officer,  in the
event of the occurrence of any of the following:

          (i) The employment of Officer is terminated by The First National Bank
     Of Long  Island  ("FNBLI")  within  twenty-four  months  after a Change  Of
     Control Event (as hereinafter defined);

          (ii)  Officer  resigns his  employment  with FNBLI for Good Reason (as
     hereinafter  defined) within  twenty-four  months after a Change of Control
     Event; or

          (iii)  The  employment  of  Officer  is  terminated  by  FNBLI  within
     twenty-four  months after any entity,  person or group shall have  acquired
     more than  twenty per cent (20%) of the voting  shares of FLIC and,  at the
     time of such  termination,  the Chief Executive Officer of FNBLI serving in
     that  capacity  as of the  first  day of the  term  hereof,  or of the then
     current  renewal term, as the case may be, shall have ceased to be employed
     by FNBLI in such capacity.

     B. Officer will be entitled to a Termination Payment equal to Sixty Six and
Two Thirds Per Cent (66 2/3%) of the Full  Severance  in the event that  Officer
shall resign for any reason during the period  beginning on the thirty-first day
after a Change of Control Event and ending on the sixtieth day after such event.

     C. In the event that Officer shall become entitled to a Termination Payment
pursuant to Section  2(A) or 2(B)  hereof,  FLIC  shall,  at no cost to Officer,
continue to provide family  medical and dental  coverage to Officer for a period
of twelve (12) months after Officer ceases to be employed by FNBLI, on terms and
conditions  substantially  the  same as  FNBLI  may,  from  time to  time,  make
available to its employees generally during such period; provided, however, that
the obligation of FLIC to provide such coverage

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shall cease on the date when another  employer  makes  substantially  comparable
coverage available to Officer, regardless of whether the benefits made available
by such employer require a contribution on the part of Officer.

     D. FLIC may  elect to  discharge  its  obligation  to make the  Termination
Payment and provide such insurance  coverage by causing FNBLI,  its wholly owned
subsidiary, to do so.

3.   Non-Waiver.

     The failure of Officer to resign upon the occurrence of a particular  event
constituting Good Reason hereunder shall not bar the Officer from resigning upon
the  subsequent  occurrence  of any other or  further  event  constituting  Good
Reason,  and  thereby  becoming  eligible to receive  the  Termination  Payment,
provided that such resignation  occurs within  twenty-four months after a Change
of Control Event.

4.   Ineligibility For Termination Payment.

     Regardless  of  whether a Change of  Control  Event  shall  have  occurred,
Officer shall not be entitled to any  Termination  Payment in the event that his
employment  is  terminated  (i) by reason of his  death,  normal  retirement  or
disability, or (ii) by FNBLI for Cause (as hereinafter defined).

5.   Definitions.

     A. "Good Reason" for  resignation by Officer of his  employment  shall mean
the occurrence (without the Officer's express written consent) of any one of the
following acts or omissions to act by FLIC or FNBLI:

          (i) The  assignment to Officer of any duties  materially  inconsistent
     with the nature and status of his  responsibilities  immediately prior to a
     Change of Control Event, or a substantial  adverse alteration in the nature
     or status of his responsibilities from those in effect immediately prior to
     the Change of Control Event; provided, however, that a redesignation of his
     title  shall not in and of itself  constitute  Good  Reason if his  overall
     duties and status  within  FLIC and FNBLI are not  substantially  adversely
     affected.

          (ii) A reduction in his annual base salary as in effect at the time of
     a Change of Control Event. For purposes hereof,  "annual base salary" shall
     mean regular basic annual compensation prior to any reduction therein under
     a salary reduction  agreement  pursuant to Section 401(k) or Section 125 of
     the Internal  Revenue Code and,  without  limitation,  shall  exclude fees,
     bonuses, incentive awards or similar payments.

          (iii) The  failure by FLIC or FNBLI to pay  Officer any portion of his
     current  compensation,  or to pay him any  portion of an  installment  of a
     deferred  compensation  amount  under any  deferred  compensation  program,
     within fourteen (14) days of the date such compensation is due.

     B. "Cause" shall mean any of the following:

          (i) The  willful  and  continued  failure by Officer to  substantially
     perform  his  duties,  as they may be defined by FLIC or FNBLI from time to
     time, or to abide by the written  policies of FLIC or FNBLI after a written
     demand for substantial performance

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     is delivered to him by the Chief Executive Officer of FLIC or FNBLI, as the
     case may be,  which  specifically  identifies  the  manner  in which he has
     failed  substantially  to perform his duties or has failed to abide by such
     written policies, and

          (ii) The willful  engaging by Officer in conduct  which is  materially
     injurious to FLIC or FNBLI, monetarily or otherwise. For the purpose of the
     preceding sentence, no act, or failure to act, on the part of Officer shall
     be deemed  "willful" unless done, or omitted to be done, by him not in good
     faith and without reasonable belief that his act, or failure to act, was in
     the best interest of FLIC or FNBLI, as the case may be.

     C. "Change of Control  Event" shall mean the  occurrence  of any one of the
following:

          (i) Continuing  Outside  Directors (as hereinafter  defined) no longer
     constitute at lease two-thirds  (2/3) of Outside  Directors (as hereinafter
     defined) of FLIC;

          (ii) There shall be  consummated  a merger or  consolidation  of FLIC,
     unless at least  two-thirds  (2/3) of Continuing  Outside  Directors are to
     continue to constitute at least two-thirds (2/3) of Continuing Directors;

          (iii)  At  least  two-thirds  (2/3) of  Continuing  Outside  Directors
     determine that action taken by stockholders constitutes a Change of Control
     Event; or

          (iv) FNBLI is no longer a wholly-owned subsidiary of FLIC.

     D.  "Continuing  Outside  Director" shall mean any individual who is not an
employee  of FLIC or  FNBLI  and who (i) is a  director  of FLIC as of the  date
hereof, (ii) prior to election as a director is nominated by at least two-thirds
(2/3) of the Continuing  Outside  Directors,  or (iii)  following  election as a
director is  designated a  Continuing  Outside  Director by at least  two-thirds
(2/3) of Continuing Outside Directors.

     E. "Outside  Director"  shall mean an individual  who is not an employee of
FLIC or FNBLI who is a director of FLIC.

6.   Withholding Taxes; Other Deductions.

     FLIC and FNBLI  shall have the right (i) to deduct  from any  payments  due
under this Agreement amounts  sufficient to cover withholding as required by law
for any  federal,  state or local  taxes and any amounts due from the Officer to
FLIC or FNBLI and (ii) to take such other  action as may be necessary to satisfy
any  such  withholding  or  other  obligations,  including  but not  limited  to
withholding  amounts equal to such taxes or  obligations  from any other amounts
due or to become due from FLIC or FNBLI to Officer.

7.  Miscellaneous.

     A. Prior Agreement  Superseded.  This Agreement supersedes and replaces the
Special Severance Agreement between FNBLI and Officer dated November 20, 1998.

     B. Employment at Will.  Nothing  contained  herein shall be construed as an
agreement  that Officer will continue to be employed by FNBLI for any particular
period of time and the  employment  of Officer may be terminated by FNBLI at any
time.

     C. Accrued Rights.  The determination of the Board of Directors of FLIC not
to renew this Agreement  shall not

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deprive  Officer of any right that has accrued to Officer during the term hereof
by  reason  of the  occurrence  during  the term of this  Agreement  of an event
described in Section "2" hereof.

     D. Notices.  Any notices required to be given under this Agreement shall be
in writing and shall be sent by certified  mail,  return receipt  requested,  to
FLIC at 10 Glen Head Road, Glen Head, New York 11545, Attention: Chief Executive
Officer,  and to you at your  residence  address as  reflected in the records of
FLIC; or to such other  address as either party may designate by written  notice
to the other.

     E.  Controlling  Law. This Agreement  shall be governed by and construed in
accordance  with the laws of the State of New York  applicable to contracts made
and to be performed therein.

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

                                         THE FIRST OF LONG ISLAND CORPORATION

                                         By: /s/ J. William Johnson, Chairman
                                             --------------------------------
                                             J. William Johnson, Chairman

                                             /s/ Donald L. Manfredonia
                                             -------------------------
                                             Donald L. Manfredonia

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