Document:

Exhibit 10.1

NEW YORK COMMUNITY BANCORP, INC.

EMPLOYMENT AGREEMENT

     AGREEMENT made as of ____________, 2006 (this "Agreement"), by and between
NEW YORK COMMUNITY BANCORP, INC., a Delaware corporation, with its principal
place of business at 615 Merrick Avenue, Westbury, NY 11590 (the "Company"), and
______________, (the "Executive").

     WHEREAS, the Company desires to continue to provide for the Executive's
employment by the Company;

     NOW THEREFORE, in consideration of the mutual covenants contained herein,
the Company and the Executive agree as follows:

     1.   EMPLOYMENT. The Executive shall serve the Company as ___________. In
such position(s), the Executive shall have the duties, responsibilities,
functions, and authority determined and designated from time to time by the
Board of Directors of the Company. The Executive also agrees to serve as an
officer of one or more Company affiliates upon such designation. The Executive
shall render such administrative and management services to the Company and its
affiliates as are customarily performed by persons in a similar executive
capacity.

     2.   EFFECTIVE DATE AND TERM. The Company agrees to employ the Executive
during an initial period of three (3) years beginning on the date first above
written (the "Effective Date") and ending on the day before the third (3rd)
anniversary of the Effective Date, and during the period of any additional
extensions described below in this Section 2 (the "Term of Employment"). The
parties intend that, at any point in time during the Executive's employment
hereunder, the then-remaining Term of Employment shall be three (3) years. On
the day after the Effective Date and on each day thereafter, the Term of
Employment shall be extended by one day, such that on any date the Term of
Employment will expire on the day before the third (3rd) anniversary of such
date. These extensions shall continue unless: (i) the Company gives notice to
the Executive that it has elected to discontinue the extensions; (ii) the
Executive gives notice to the Company that the Executive has elected to
discontinue the extensions; or (iii) the Executive's employment with the Company
is terminated, whether by resignation, Disability (as provided in Section 12.1),
discharge or otherwise. On the earlier of (i) the date on which such a notice is
deemed given or (ii) the effective date of a termination of the Executive's
employment with the Company, the Term of Employment shall be converted to a
fixed period of three (3) years ending on the day before the third (3rd)
anniversary of such date (provided, however, that, subject to any rights of the
Executive under this Agreement, the Term of Employment shall terminate on such
earlier date as may be specifically provided in this Agreement in the event of
the Executive's death, Retirement, Voluntary Termination or Termination for
Cause or Termination Without Cause). The last day of such term, as so extended
from time to time, is herein sometimes referred to as the "Expiration Date".

     3.   COMPENSATION AND BENEFITS. The compensation and benefits payable to
the Executive under this Agreement shall be as follows, it being understood that
(i) references to benefits offered by, or to officers of, the Company are
intended to include benefits offered by, or to officers of, any affiliate of the
Company which employs the Executive and (ii) payments or benefits required to be
provided by the Company may be provided by an affiliate:

          3.1  SALARY. For all services rendered by the Executive to the Company
          and its affiliates, the Executive shall be entitled to receive a base
          salary at an annual rate not less than the Executive's base salary as
          in effect on the Effective Date, subject to increase from time to time

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          in accordance with the usual practices of the Company with respect to
          review of compensation of its senior executives. Any increase in the
          Executive's base salary shall become the "base salary" for purposes of
          this Agreement. The Executive's salary shall be payable in periodic
          installments in accordance with the Company's usual practice for its
          senior executives.

          3.2  EMPLOYEE BENEFITS. The Executive shall also be entitled to
          participate in any and all employee benefit plans, medical insurance
          plans, disability income plans, retirement plans, bonus incentive
          plans, and other benefit plans from time to time in effect for senior
          executives of the Company. Such participation shall be subject to (i)
          the terms of the applicable plan documents, (ii) generally applicable
          policies of the Company and (iii) the discretion of the Board or any
          administrative or other committee provided for in, or contemplated by,
          such plans.

          3.3  INCENTIVE COMPENSATION. The Executive shall be eligible to
          participate in any incentive compensation or bonus program sponsored
          by the Company on such terms as the Board of Directors of the Company
          may establish for the Executive's participation.

          3.4  BUSINESS EXPENSES. The Company shall provide for, or reimburse,
          the Executive's reasonable travel and other business expenses
          (including, without limitation, automobile and cellphone expenses)
          incurred by the Executive in the performance of the Executive's duties
          and responsibilities, subject to such reasonable requirements with
          respect to substantiation and documentation as may be specified by the
          Company.

          3.5  LEAVE. The Executive shall be entitled to leave (vacation, sick
          and personal) in accordance with the Company's standard policies for
          senior executives; provided, however, that the Executive shall receive
          not less than four (4) weeks vacation leave during each calendar year.

          3.6  GENERAL. Nothing paid to the Executive under any plan, policy or
          arrangement currently in effect or made available in the future shall
          be deemed to be in lieu of other compensation to the Executive as
          described in this Agreement.

          3.7  OTHER EMPLOYEE BENEFITS. Executive shall be entitled to
          participate in any compensatory plans, arrangements or programs the
          Company makes available to its senior executive officers, including,
          but not limited to, stock compensation programs, supplemental
          retirement arrangements, or executive health or life insurance
          programs, subject to, and on a basis consistent with, the terms and
          conditions of such plans, arrangements or programs. The Executive's
          participation in such plans, arrangements or programs shall not be
          deemed in lieu of other compensation to which the Executive is
          entitled under this Agreement.

     4.   EXTENT OF SERVICE. During the Term of Employment, the Executive shall
devote the Executive's full time, best efforts and business judgment, skill and
knowledge to the advancement of the Company's interests and to the discharge of
the Executive's duties and responsibilities hereunder. The Executive shall not
engage in any other business activity, except as may be approved by the Board;
provided, however, that nothing herein shall be construed as preventing the
Executive from:

     (a)  investing the Executive's assets in such form or manner as shall not
     require any material services on the Executive's part in the operations or
     affairs of the companies or the other entities in which such investments
     are made, provided that the Executive may not own any interest in any
     entity that competes with the Company or any affiliate (other than up to
     4.9% of the outstanding voting stock of such an entity that is a publicly
     traded entity); or

     (b)  serving on the board of directors of any company not in competition
     with the Company or any affiliate, provided that the Executive shall not
     render any material services with respect to the operations or affairs of
     any such company; or

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     (c)  engaging in religious, charitable or other community or non-profit
     activities which do not impair the Executive's ability to fulfill the
     Executive's duties and responsibilities under this Agreement.

     5.   TERMINATION UPON DEATH. In the event of the Executive's death during
the Term of Employment, the Executive's employment (and the Term of Employment)
shall terminate on the date of the Executive's death. The Company shall pay to
the Executive's beneficiary, designated in writing to the Company prior to the
Executive's death (or to the Executive's estate, if the Executive fails to make
such designation), (i) any base salary or other compensation earned through the
date of death, plus (ii) any other compensation and benefits as may be provided
in accordance with the terms and provisions of any applicable plans and
programs, if any, of the Company in which the Executive participated as of his
date of death.

     6.   DISCHARGE FOR CAUSE.

          6.1  NOTICE AND DETERMINATION OF CAUSE. The Company may terminate the
     Executive's employment during the Term of Employment for Cause. Such
     termination shall be deemed to have occurred for Cause only if:

               (a)  the Board of Directors of the Company, by a separate
          affirmative vote of at least three-fourths (3/4) of the entire
          membership, determines that the Executive has (i) engaged in acts of
          personal dishonesty which have resulted in loss to the Company, or one
          of its affiliates, (ii) intentionally failed to perform stated duties,
          (iii) committed a willful violation of any law, rule, regulation
          (other than traffic violations or similar offenses), (iv) become
          subject to the entry of a final cease and desist order which results
          in substantial loss to the Company or one of its affiliates, (v) been
          convicted of a crime or act involving moral turpitude, (vi) willfully
          breached the Company's code of conduct and business ethics, (vii) been
          disqualified or barred by any governmental or self-regulatory
          authority from serving in the Executive's then-current employment
          capacity or (viii) willfully attempted to obstruct or failed to
          cooperate with any investigation authorized by the Board of Directors
          or any governmental or self-regulatory entity. No act or failure to
          act on the part of the Executive shall be considered "willful" unless
          it is done, or omitted to be done, by the Executive in bad faith or
          without reasonable belief that the Executive's action or omission was
          in the best interests of the Company. Any act or failure to act that
          is based upon authority given pursuant to a resolution duly adopted by
          the Board of Directors, or upon the advice of legal counsel for the
          Company, shall be conclusively presumed to be done, or omitted to be
          done, by the Executive in good faith and in the best interests of the
          Company; and

               (b)  at least ten (10) days prior to the vote contemplated by
          Section 6.1(a), the Company has provided the Executive with notice of
          intent of the Company to discharge the Executive 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 votes contemplated by Section 6.1(a), the
          Executive (together with the Executive's legal counsel, if the
          Executive so desires) is afforded a reasonable opportunity to make
          both written and oral presentations before the Board of Directors for
          the purpose of refuting the alleged grounds for Cause for the
          Executive's discharge; and

               (d)  after the vote contemplated by Section 6.1(a), the Company
          has furnished to the Executive a notice of termination which shall
          specify the effective date of the Executive'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 authorizing the
          termination of the Executive's employment for Cause and stating with
          particularity the facts and circumstances found to constitute Cause
          for the Executive's discharge (the "Final Discharge Notice").

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          6.2  SUSPENSION; FINAL DISCHARGE. Following the giving of a Notice of
     Intent to Discharge, the Company may temporarily suspend the Executive's
     duties and authority and, in such event, may also suspend the payment of
     salary and other cash compensation, but not the Executive's participation
     in retirement, insurance and other employee benefit plans. If the Executive
     is discharged for Cause, all payments withheld during the period of
     suspension shall be deemed forfeited and shall not be payable to the
     Executive. If the Company does not give a Final Discharge Notice to the
     Executive within one hundred twenty (120) 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 Executive for Cause shall
     require the giving of a new Notice of Intent to Discharge.

          6.3  EFFECT OF TERMINATION. In the event of termination pursuant to
     this Section 6, the Term of Employment shall terminate and the Company
     shall pay to the Executive an amount equal to the sum of (i) base salary or
     other compensation earned through the date of termination, plus (ii) any
     other compensation and benefits as may be provided in accordance with the
     terms and provisions of any applicable plans and programs, if any, of the
     Company. All other obligations of the Company under this Agreement shall
     terminate as of the date of termination.

7.   TERMINATION BY THE EXECUTIVE.

          7.1  TERMINATION BY THE EXECUTIVE FOR GOOD REASON.

               (a)  The Executive shall be entitled to terminate employment
          hereunder for or with Good Reason (as defined in Section 7.4). Upon
          any such termination, the Executive shall be entitled to receive the
          benefits set forth in Section 9. A termination of employment by the
          Executive for Good Reason shall be effectuated by giving the Company
          written notice ("Notice of Termination for Good Reason") of the
          termination, setting forth in reasonable detail the specific conduct
          of the Company that constitutes Good Reason and the specific
          provision(s) of this Agreement on which the Executive relies. A
          termination of employment by the Executive for Good Reason shall be
          effective on the fifth business day following the date when the Notice
          of Termination for Good Reason is given, unless the notice sets forth
          a later date (which date shall in no event be later than thirty (30)
          days after the notice is given).

               (b)  The failure to set forth any fact or circumstance in a
          Notice of Termination for Good Reason shall not constitute a waiver of
          the right to assert, and shall not preclude the Executive from
          asserting, such fact or circumstance in an attempt to enforce any
          right under or provision of this Agreement.

          7.2  OTHER VOLUNTARY TERMINATION BY THE EXECUTIVE. During the Term of
     Employment, the Executive may effect, upon sixty (60) days prior written
     notice to the Company, a Voluntary Termination of employment hereunder and
     thereupon the Term of Employment shall end. A "Voluntary Termination" shall
     mean a termination of employment by the Executive on the Executive's own
     initiative other than (i) a termination due to death or Disability (as
     defined in Section 12), (ii) a termination for Good Reason (as defined in
     Section 7.4), (iii) a termination due to Retirement (as defined in Section
     7.3), or (d) a termination as a result of the normal expiration of the full
     Term of Employment. If, during the Term of Employment, the Executive's
     employment is terminated due to a Voluntary Termination, the Term of
     Employment shall thereupon end and the Company shall pay to the Executive
     an amount equal to the sum of (i) base salary or other compensation earned
     through the date of termination, plus (ii) any other compensation and
     benefits as may be provided in accordance with the terms and provisions of
     any applicable plans and programs, if any, of the Company.

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          7.3  TERMINATION DUE TO RETIREMENT. "Retirement" shall mean the
     termination of the Executive's employment with the Company for any reason
     by the Executive at any time after the Executive attains "Retirement Age"
     (as hereinafter defined). "Retirement Age" means the earlier to occur of
     (i) age 65 or (ii) such other age which the Company, by resolution of the
     Board, may establish as the Executive's Retirement Age. The Executive may
     terminate employment hereunder due to Retirement upon thirty (30) days
     prior written notice to the Company. If, during the Term of Employment, the
     Executive's employment is terminated due to Retirement, the Term of
     Employment shall thereupon end and the Executive shall be entitled to (i)
     base salary or other compensation earned through the Retirement Date, and
     (ii) any other compensation and benefits as may be provided in accordance
     with the terms and provisions of any applicable plans and programs, if any,
     of the Company.

          7.4  GOOD REASON. For purposes of this Agreement, the term "Good
     Reason" shall mean any of the following:

               (i)   any change in the duties, functions or responsibilities of
                     the Executive that is inconsistent in any material and
                     adverse respect with the Executive's duties, functions or
                     responsibilities with the Company and its affiliates at the
                     Effective Date (including any material and adverse
                     diminution of such duties, functions or responsibilities);

               (ii)  a reduction of the Executive's base salary other than in
                     connection with an across-the-board reduction in base
                     salary for all similarly situated employees;

               (iii) the relocation of the Executive's office to a location more
                     than thirty (30) miles from its location at the Effective
                     Date; or

               (iv)  the taking of any action by the Company or any of its
                     affiliates or successors which would materially and
                     adversely affect the Executive's overall compensation and
                     benefits package, excluding (A) changes to the compensation
                     and benefits package made on a non-discriminatory basis to
                     substantially all similarly situated employees and (B) any
                     isolated, insubstantial and inadvertent action not taken in
                     bad faith and which is remedied reasonably promptly after
                     receipt of written notice thereof given by the Executive.

               (v)   failure to nominate or reelect the Executive as a member of
                     the Board of the Company if the Executive is serving on
                     such Board as of the Effective Date, or the failure to
                     reappoint the Executive as an officer of the Company.

               (vi)  the liquidation or complete dissolution of the Company; or

               (vii) a material breach of this Agreement by the Company.

          7.5  CHANGE IN CONTROL. For purposes of this Agreement, a "Change in
     Control" shall be deemed to have occurred in any of the following events:

               (i)   individuals who, on the date of this Agreement, constitute
                     the Board (the "Incumbent Directors") cease for any reason
                     to constitute at least half of the Board, provided that any
                     person becoming a director subsequent to such time, whose
                     election or nomination for election was approved by a vote
                     of at least two-thirds (2/3) of the Incumbent Directors
                     then on the Board (either by a specific vote or by approval
                     of the proxy statement of the Company in which such person
                     is named as a nominee for director, without written
                     objection to such nomination) shall be an Incumbent
                     Director; provided, however, that no individual initially
                     elected or nominated as a director of the Company as a
                     result of an actual or threatened election contest with
                     respect to directors or as a result of any other actual or
                     threatened solicitation of proxies or consents by or on
                     behalf of any person other than the Board shall be deemed
                     to be an Incumbent Director;

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               (ii)  any "person" (as such term is defined in Section 3(a)(9) of
                     the Securities Exchange Act of 1934 (the "Exchange Act")
                     and as used in Sections 13(d)(3) and 14(d)(2) of the
                     Exchange Act) is or becomes a "beneficial owner" (as
                     defined in Rule 13d-3 under the Exchange Act), directly or
                     indirectly, of securities of the Company representing 25%
                     or more of the combined voting power of the Company's then
                     outstanding securities eligible to vote for the election of
                     the Board (the "Company Voting Securities"); provided,
                     however, that the event described in this paragraph (ii)
                     shall not be deemed to be a Change in Control by virtue of
                     any of the following acquisitions: (A) by the Company or
                     any subsidiary, (B) by any employee benefit plan (or
                     related trust) sponsored or maintained by the Company or
                     any subsidiary, (C) by any underwriter temporarily holding
                     securities pursuant to an offering of such securities or
                     (D) a transaction (other than one described in (iii) below)
                     in which Company Voting Securities are acquired from the
                     Company, if a majority of the Incumbent Directors approve a
                     resolution providing expressly that the acquisition
                     pursuant to this clause (D) does not constitute a Change in
                     Control under this paragraph (ii);

               (iii) the consummation of a merger, consolidation, statutory
                     share exchange or similar form of corporate transaction
                     involving the Company or any of its subsidiaries that
                     requires the approval of the Company's stockholders,
                     whether for such transaction or the issuance of securities
                     in the transaction (a "Business Combination"), unless
                     immediately following such Business Combination: (A) at
                     least 50% of the total voting power of (x) the corporation
                     resulting from such Business Combination (the "Surviving
                     Corporation"), or (y) if applicable, the ultimate parent
                     corporation that directly or indirectly has beneficial
                     ownership of 100% of the voting securities eligible to
                     elect directors of the Surviving Corporation (the "Parent
                     Corporation"), is represented by the Company Voting
                     Securities that were outstanding immediately prior to such
                     Business Combination (or, if applicable, is represented by
                     shares into which such Company Voting Securities were
                     converted pursuant to such Business Combination), and such
                     voting power among (and only among) the holders thereof is
                     in substantially the same proportion as the voting power of
                     such Company Voting Securities among the holders thereof
                     immediately prior to the Business Combination, (B) no
                     person (other than any employee benefit plan (or related
                     trust) sponsored or maintained by the Surviving Corporation
                     or the Parent Corporation) is or becomes the beneficial
                     owner, directly or indirectly, of 25% or more of the total
                     voting power of the outstanding voting securities eligible
                     to elect directors of the Parent Corporation (or, if there
                     is no Parent Corporation, the Surviving Corporation) and
                     (C) at least 50% of the members of the board of directors
                     of the Parent Corporation (or, if there is no Parent
                     Corporation, the Surviving Corporation) following the
                     consummation of the Business Combination were Incumbent
                     Directors at the time of the Company Board's approval of
                     the execution of the initial agreement providing for such
                     Business Combination; or

               (iv)  the stockholders of the Company approve a plan of complete
                     liquidation or dissolution of the Company or a sale of all
                     or substantially all of the Company's assets.

     Notwithstanding the foregoing, a Change in Control shall not be deemed to
occur solely because any person acquires beneficial ownership of more than 25%
of Company Voting Securities as a result of the acquisition of Company Voting
Securities by the Company which reduces the number of Company Voting Securities
outstanding; provided, that if after such acquisition by the Company such person
becomes the beneficial owner of additional Company Voting Securities that
increases the percentage of outstanding Company Voting Securities beneficially
owned by such person, a Change in Control of the Company shall then occur.

     8.   TERMINATION BY THE COMPANY WITHOUT CAUSE. The Executive's employment
with the Company may be terminated without Cause by the Board, provided,
however, that the Company shall have the obligation upon any such termination to
make the payments to the Executive provided for under Section 9 of this
Agreement.

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     9.   CERTAIN TERMINATION BENEFITS. In the event of termination pursuant to
Section 7.1 or 8, the Executive shall be entitled to each of the following
benefits:

          9.1  EARNINGS TO DATE OF TERMINATION. An amount equal to the sum of
     (i) base salary or other compensation earned through the date of
     termination, plus (ii) the Executive's pro rata share (based on the portion
     of the then-current calendar year during which the Executive was employed
     before termination of the Executive's employment) of the average of the
     aggregate annual amounts paid to the Executive as bonuses or other cash
     incentive compensation for the three (3) calendar years preceding the
     termination of employment, plus (iii) any other compensation and benefits
     as may be provided in accordance with the terms and provisions of any
     applicable plans and programs, if any, of the Company.

          9.2  LUMP SUM PAYMENT. A lump sum severance benefit equal to the sum
     of the following items:

               (a)  three (3) times the Executive's "Highest Total
          Compensation". "Highest Total Compensation" shall mean the Executive's
          Total Compensation in the calendar year among the three most recently
          completed calendar years preceding the date of his termination of
          employment in which the Executive received the highest Total
          Compensation. "Total Compensation" for each year shall be the
          aggregate of (i) all base salary paid for such year; (ii) any bonuses
          or other incentive compensation paid during such year (whether paid in
          the form of cash of immediately vested shares of Company common
          stock); (iii) any amount which is contributed by the Company on the
          Executive's behalf pursuant to a salary reduction agreement and which
          is not included in the Executive's gross income under Sections 125,
          132(f) or 402(e)(3) of the Internal Revenue Code of 1986, as amended;
          (iv) any amounts earned but deferred with respect to such calendar
          year, and (v) any other amounts reported on the Executive's Form W-2
          for such year (but excluding any income realized by the Executive upon
          the exercise of non-statutory stock options or upon a disqualifying
          disposition of stock acquired upon the exercise of incentive stock
          options; and

               (b)  three (3) times the Executive's Average Retirement Plan
          Credit. "Average Retirement Plan Credit" shall mean an amount equal to
          the average of the contributions or allocations made to the Executive
          by the Company during the three (3) most recently completed calendar
          years preceding the Executive's termination of employment under all
          tax-qualified retirement plans sponsored by the Company. For purposes
          of the preceding sentence, (i) the value of contributions or
          allocations in the form of Company common stock shall be determined by
          reference to the closing price of the common stock on the New York
          Stock Exchange on the date of allocation and (ii) the determination of
          the Executive's Average Retirement Plan Credit shall exclude any
          allocation under the Company's Employee Stock Ownership Plan made
          solely on account of a Change in Control.

Subject to Section 17.20, the severance benefit payment under this Section 9.2
shall be made to the Executive in one lump sum on the date of the Executive's
termination of employment.

          9.3  BENEFIT CONTINUATION. Continuation of the medical, dental and
     life insurance benefits described in Section 3.2 and existing on the date
     of termination at the level in effect on, and at the same out-of-pocket
     premium cost to the Executive as of, the date of termination for a period
     of thirty-six (36) months following the Executive's date of termination of
     employment.

          9.4  VESTING OF STOCK AWARDS AND OPTIONS. If the Executive's
     termination of employment occurs on or after the effective date of a Change
     in Control, there shall be an acceleration of all vesting provisions, so
     that as of the date of termination of the Executive's employment, all stock
     awards made by the Company to the Executive, to the extent then unvested or
     forfeitable, shall become immediately and fully vested and non-forfeitable,
     and all options to purchase common stock of the Company, to the extent then
     not exercisable, shall become immediately and fully exercisable.

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     10.  ADJUSTMENT FOR UNAVAILABILITY OF BENEFITS. If the benefits under
any benefit plan or program continued pursuant to Section 9.3 may not be
provided under any such plan to the Executive or to the Executive's dependents
because the Executive is no longer deemed to be an employee of the Company or an
affiliate, the Company shall pay or provide for coverage on a comparable basis
for the Executive and, where applicable, the Executive's dependents.

     11.  DEATH OR DISABILITY BEFORE COMPLETION OF CHANGE IN CONTROL.

          11.1 CERTAIN PAYMENTS. The Executive shall be entitled to receive
     payments provided for under Section 9 of this Agreement that would have
     been payable if the Executive had resigned with Good Reason on the date of
     the Executive's termination of employment if

               (a)  the Executive's employment terminates due to Disability
               pursuant to Section 12 or due to death, and

               (b)  either

                    (i)  such termination of employment occurred within one (1)
               year after the occurrence of a Change in Control; or

                    (ii) such termination occurred within one (1) year after the
               occurrence of a Preliminary Change in Control (as hereinafter
               defined), AND, in addition, a Change in Control occurs within two
               (2) years after such termination of employment.

          11.2 PRELIMINARY CHANGE IN CONTROL. "Preliminary Change in Control"
     shall mean each of (i) the signing of a definitive agreement for a
     transaction that, if consummated, would result in a Change in Control, (ii)
     the commencement of a tender offer that, if successful, would result in a
     Change in Control, and (iii) the circulation of a proxy statement seeking
     proxies in opposition to management in an election contest that, if
     successful, would result in a Change in Control. Any payment required to be
     made pursuant to this Section 11 shall be deferred without interest until,
     and shall be payable immediately upon, the actual occurrence of a Change in
     Control. Payments to be made pursuant to this Section 11 shall be in lieu
     of and in substitution for payments required to be made in connection with
     disability pursuant to Section 12.

     12.  DISABILITY.

          12.1 TERMINATION DUE TO DISABILITY. The Company may terminate the
     Executive's employment upon a determination, by vote of a majority of the
     Board, acting in reliance on the written advice of a medical professional
     acceptable to the Board, that the Executive is suffering from a physical or
     mental impairment which, at the date of the determination, has prevented
     the Executive from performing the Executive'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 Executive
     from performing the Executive'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 (such impairment, the "Disability"). In such event:

               (a)  The Company shall pay to the Executive an amount equal to
          the sum of (i) base salary or other compensation earned through the
          date of termination, plus (ii) any other compensation and benefits as
          may be provided in accordance with the terms and provisions of any
          applicable plans and programs, if any, of the Company.

               (b)  In addition to the amounts payable pursuant to Section
          12.1(a), the Company shall continue to pay the Executive the

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          Executive's base salary, at the annual rate in effect for the
          Executive immediately prior to the termination of the Executive's
          employment, during the Initial Continuation Period. The "Initial
          Continuation Period" shall commence on the date of termination of
          employment pursuant to Section 12.1 and shall end on the earliest of:
          (i) the expiration of one hundred and eighty (180) days after the date
          of termination of the Executive's employment; (ii) the date on which
          long-term disability insurance benefits are first payable to the
          Executive under any long-term disability insurance plan ("LTD Plan")
          covering employees of the Company (the "LTD Eligibility Date"); (iii)
          the date of the Executive's death; and (iv) the Expiration Date. If
          the end of the Initial Continuation Period is neither the LTD
          Eligibility Date nor the date of the Executive's death, the Company
          shall continue to pay the Executive the Executive's base salary, at an
          annual rate equal to sixty percent (60%) of the annual rate in effect
          for the Executive immediately prior to the termination of the
          Executive's employment (the "60% Amount"), during an additional period
          ending on the earliest of the LTD Eligibility Date, the date of the
          Executive's death and the Expiration Date. While receiving disability
          payments under such LTD Plan, the Company shall pay to the Executive
          an additional payment of such an amount, if any, as may be necessary
          so that the aggregate of such additional payment and the Executive's
          disability income payments will equal the 60% Amount, and the
          Executive shall continue to participate in the Company's benefit plans
          and to receive other benefits as specified in Section 3.2 until the
          Expiration Date, with all such benefits to be at the level in effect
          on, and at the same out-of-pocket cost to the Executive as of, the
          date of Disability.

          12.2 EFFECTIVE DATE OF TERMINATION. A termination of employment due to
     Disability under this Section 12 shall be effected by notice of termination
     given to the Executive by the Company 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 to the Executive.

     13.  EXCISE TAXES.

          13.1 COVERED BENEFITS. "Covered Benefits" shall mean any payment or
     benefit paid or provided to the Executive by the Company or any affiliate
     or any successor in interest to the Company (whether pursuant to this
     Agreement or otherwise) that will be (or in the opinion of Tax Counsel (as
     defined below) might reasonably be expected to be) subject to any excise
     tax (the "Excise Tax") imposed under Section 4999 of the Internal Revenue
     Code of 1986, as amended (the "Code"). In the event that at any time during
     or after the Term of Employment the Executive shall receive any Covered
     Benefits, the Company shall pay to the Executive an additional amount (the
     "Gross-Up Payment") such that the net amount retained by the Executive from
     the Gross-Up Payment, after deduction of any federal, state and local
     income taxes, Excise Tax, and FICA and Medicare withholding taxes on the
     Gross-Up Payment, shall be equal to the Excise Tax on the Covered Benefits.
     For purposes of determining the amount of such Excise Tax on the Covered
     Benefits, the amount of the Covered Benefits that shall be taken into
     account in calculating the Excise Tax shall be equal to (i) the Covered
     Benefits, less (ii) the amount of such Covered Benefits that, in the
     opinion of tax counsel selected by the Company and reasonably acceptable to
     the Executive ("Tax Counsel"), are not parachute payments (within the
     meaning of Section 280G(b)(1) of the Code).

          13.2 CERTAIN ASSUMPTIONS. For purposes of this Section 13, the
     Executive shall be deemed to pay federal income taxes at the highest
     marginal rate of federal income taxation in the calendar year in which the
     Excise Tax is payable and state and local income taxes at the highest
     marginal rate of taxation in the state and locality of the Executive's
     residence on the effective date of the Executive's termination, net of the
     reduction in federal income taxes which could be obtained from deduction of
     such state and local taxes. Except as otherwise provided herein, all
     determinations required to be made under this Section 13 shall be made by
     Tax Counsel, which determinations shall be conclusive and binding on the
     Executive and Company, absent manifest error.

<PAGE>

          13.3 TAX INDEMNIFICATION. The Company shall indemnify and hold the
     Executive harmless from any and all losses, costs and expenses (including
     without limitation, reasonable attorney's fees, reasonable accountant's
     fees, interest, fines and penalties of any kind) which the Executive incurs
     as a result of any administrative or judicial review of the Executive's
     liability under Section 4999 of the Code by the Internal Revenue Service or
     any comparable state agency through and including a final judicial
     determination or final administrative settlement of any dispute arising out
     of the Executive's liability for the Excise Tax or otherwise relating to
     the classification for purposes of Section 280G of the Code of any of the
     Covered Benefits or other payment or benefit in the nature of compensation
     made or provided to the Executive by the Company. The Executive shall
     promptly notify the Company in writing whenever the Executive receives
     notice of the commencement of any judicial or administrative proceeding,
     formal or informal, in which the federal tax treatment under Section 4999
     of the Code of any amount paid or payable under this Agreement or otherwise
     is being reviewed or is in dispute (including a notice of audit or other
     inquiry concerning the reporting of the Executive's liability under Section
     4999). The Company may assume control at its expense over all legal and
     accounting matters pertaining to such federal or state tax treatment
     (except to the extent necessary or appropriate for the Executive to resolve
     any such proceeding with respect to any matter unrelated to the Covered
     Benefits or other payment or benefit in the nature of compensation made or
     provided to the Executive by the Company) and the Executive shall cooperate
     fully with the Company in any such proceeding. The Executive shall not
     enter into any compromise or settlement or otherwise prejudice any rights
     the Company may have in connection therewith without prior consent of the
     Company. In the event that the Company elects not to assume control over
     such matters, the Company shall promptly reimburse the Executive for all
     expenses related thereto as and when incurred upon presentation of
     appropriate documentation relating thereto.

     14.  CONFIDENTIAL INFORMATION. The Executive will not disclose to any other
Person (as defined in Section 17.2) (except as required by applicable law or in
connection with the performance of the Executive's duties and responsibilities
hereunder), or use for the Executive's own benefit or gain, any confidential
information of the Company or any affiliate obtained by the Executive incident
to the Executive's employment with the Company or its affiliates. The term
"Confidential Information" includes, without limitation, financial information,
business plans, prospects and opportunities (such as lending relationships,
financial product developments, or possible acquisitions or dispositions of
business or facilities) which have been discussed or considered by the
management of the Company or its affiliates but does not include any information
which has become part of the public domain by means other than the Executive's
failure to honor the obligations hereunder.

     15.  NO MITIGATION; NO OFFSET. In the event of any termination of
employment under this Agreement, the Executive shall be under no obligation to
seek other employment or to mitigate damages, and there shall be no offset
against any amounts due to the Executive under this Agreement for any reason,
including, without limitation, on account of any remuneration attributable to
any subsequent employment that the Executive may obtain. Any amounts due under
this Agreement are in the nature of severance payments or liquidated damages, or
both, and are not in the nature of a penalty.

     16.  INDEMNIFICATION AND INSURANCE.

          16.1 INDEMNIFICATION. To the maximum extent permitted under applicable
     law, during the Term of Employment and for a period of six years
     thereafter, the Company shall indemnify the Executive against and hold the
     Executive harmless from any costs, liabilities, losses and exposures to the
     fullest extent and on the most favorable terms and conditions that similar
     indemnification is offered to any director or officer of the Company or any
     affiliate thereof.

          16.2 INSURANCE. During the Term of Employment and for a period of six
     years thereafter, the Company shall cause the Executive to be covered by
     and named as an insured under any policy or contract of insurance obtained
     by either the Company to insure directors and officers against personal
     liability for acts or omissions in connection with service as an officer or
     director of the Company or any of its affiliates service in other
     capacities at its request. The coverage provided to the Executive pursuant
     to this Section 16 shall be of the same scope and on the same terms and
     conditions as the coverage (if any) provided to other officers or directors
     of the Company.

<PAGE>

     17.  MISCELLANEOUS.

          17.1 CONFLICTING AGREEMENTS. The Executive hereby represents and
     warrants that the execution of this Agreement and the performance of the
     Executive's obligations hereunder will not breach or be in conflict with
     any other agreement to which the Executive is a party or is bound, and that
     the Executive is not now subject to any covenants against competition or
     similar covenants which would affect the performance of the Executive's
     obligations hereunder.

          17.2 DEFINITION OF "PERSON". For purposes of this Agreement, the term
     "PERSON" shall mean an individual, a corporation, an association, a
     partnership, an estate, a trust and any other entity or organization.

          17.3 WITHHOLDING. All payments made under this Agreement shall be net
     of any tax or other amounts required to be withheld under applicable law.

          17.4 ARBITRATION. The Company and Executive agree that any claim,
     dispute or controversy arising under or in connection with this Agreement
     (including, without limitation, any such claim, dispute or controversy
     arising under any federal, state or local statute, regulation or ordinance
     or any of the Company's employee benefit plans, policies or programs) shall
     be resolved solely and exclusively by binding arbitration. The arbitration
     shall be held in the County of Nassau, New York (or at such other location
     as shall be mutually agreed to by the parties). The arbitration shall be
     conducted in accordance with the Commercial Arbitration Rules (the "Rules")
     of the American Arbitration Association (the "AAA") in effect at the time
     of the arbitration, except that the arbitrator shall be selected by
     alternatively striking from a list of five arbitrators supplied by the AAA.
     All fees and expenses of the arbitration, excluding a transcript, shall be
     borne equally by the parties. Each party will pay for the fees and expenses
     of its own attorneys, experts, witnesses, and preparation and presentation
     of proofs and post-hearing briefs (unless the Executive prevails on a claim
     for which attorney's fees are recoverable under the Agreement). Any action
     to enforce or vacate the arbitrator's award shall be governed by the
     Federal Arbitration Act, if applicable, and otherwise by applicable state
     law. If either the Company or Executive pursues any claim, dispute or
     controversy against the other in a proceeding other than the arbitration
     provided for herein, the responding party shall be entitled to dismissal or
     injunctive relief regarding such action and recovery of all costs, losses
     and attorney's fees related to such action. Notwithstanding the provisions
     of this paragraph, either party may seek injunctive relief in a court of
     competent jurisdiction, whether or not the case is then pending before the
     panel of arbitrators. Following the court's determination of the injunction
     issue, the case shall continue in arbitration as provided herein.

          17.5 INDEMNIFICATION FOR ATTORNEYS' FEES. In the event any dispute or
     controversy arising under or in connection with the Executive's termination
     of this Agreement is resolved in favor of The Executive, whether by
     judgment, arbitration or settlement, The Executive shall be entitled to the
     payment of: (i) all legal fees and expenses incurred by the Executive in
     resolving such dispute or controversy, and (ii) any back-pay, including
     salary, bonuses and any other cash compensation, fringe benefits and any
     compensation and benefits due the Executive under this Agreement.

          17.6 INTERPRETATION. The recitals hereto constitute an integral part
     of this Agreement. References to Sections include subsections, which are
     part of the related Section (e.g., a section numbered "Section 5.5" would
     be part of "Section 5" and references to "Section 5" would also refer to
     material contained in the subsection described as "Section 5.5").

          17.7 ASSIGNMENT; SUCCESSORS AND ASSIGNS, ETC.

               (a)  This Agreement is personal to the Executive and, without the
          prior written consent of the Company, shall not be assignable by the

<PAGE>

          Executive otherwise than by will or the laws of descent and
          distribution. This Agreement shall inure to the benefit of and be
          enforceable by the Executive's legal representatives.

               (b)  This Agreement shall inure to the benefit of and be binding
          upon the Company and its successors and permitted assigns.

               (c)  The Company may not assign this Agreement or any interest
          herein without the prior written consent of the Executive and without
          such consent any attempted transfer or assignment shall be null and of
          no effect; provided, however, that the Company shall require any
          successor (whether direct or indirect, by purchase, merger,
          consolidation or otherwise) to all or substantially all of the
          business and/or assets of the Company expressly to assume and to agree
          to perform this Agreement in the same manner and to the same extent
          that the Company would have been required to perform it if no such
          succession had taken place. As used in this Agreement, "the Company"
          shall mean both the Company as defined above and any such successor
          that assumes and agrees to perform this Agreement, by operation of law
          or otherwise.

          17.8 ENFORCEABILITY. If any portion or provision of this Agreement
     shall to any extent be declared illegal or unenforceable by a court of
     competent jurisdiction, then the remainder of this Agreement, or the
     application of such portion or provision in circumstances other than those
     as to which it is so declared illegal or unenforceable, shall not be
     affected thereby, and each portion and provision of this Agreement shall be
     valid and enforceable to the fullest extent permitted by law.

          17.9 REDUCTIONS. Notwithstanding anything to the contrary contained in
     this Agreement, any and all payments and benefits to be provided to the
     Executive hereunder are subject to reduction to the extent required by
     applicable statutes, regulations, rules and directives of federal, state
     and other governmental and regulatory bodies having jurisdiction over the
     Company and its affiliates. The Executive confirms that the Executive is
     aware of the fact that the Federal Deposit Insurance Corporation has the
     power to preclude the Company or its affiliates from making payments to the
     Executive under this Agreement under certain circumstances. The Executive
     agrees that neither the Company nor its affiliates shall be deemed to be in
     breach of this Agreement if it is precluded from making a payment otherwise
     payable hereunder by reason of regulatory requirements binding on the
     Company or its affiliates, as the case may be.

          17.10 WAIVER. No waiver of any provision hereof shall be effective
     unless made in writing and signed by the waiving party. The failure of any
     party to require the performance of any term or obligation of this
     Agreement, or the waiver by any party of any breach of this Agreement,
     shall not prevent any subsequent enforcement of such term or obligation or
     be deemed a waiver of any subsequent breach.

          17.11 NOTICES. Any notices, requests, demands and other communications
     provided for by this Agreement shall be sufficient if in writing and
     delivered in person or sent by registered or certified mail, postage
     prepaid, and addressed to the Executive at the Executive's last known
     address on the books of the Company or, in the case of the Company, at its
     main office, attention to the office of the Chief Operating Officer, with a
     copy to the General Counsel.

          17.12 ELECTION OF REMEDIES. An election by the Executive to resign for
     Good Reason under the provisions of this Agreement shall not constitute a
     breach by the Executive of any agreement the Executive may have with the
     Company and shall not be deemed a voluntary termination of employment by
     the Executive for the purpose of interpreting the provisions of any of the
     Company's benefit plans, programs or policies.

          17.13 AMENDMENT. This Agreement may be amended or modified only by a
     written instrument signed by the Executive and by a duly authorized
     representative of the Company.

<PAGE>

          17.14 NO EFFECT ON LENGTH OF SERVICE. Nothing in this Agreement shall
     be deemed to prohibit the Company from terminating the Executive's
     employment before the end of the Term of Employment with or without notice
     for any reason. This Agreement shall determine the relative rights and
     obligations of the Company and the Executive in the event of any such
     termination. In addition, nothing in this Agreement shall require the
     termination of the Executive's employment at the expiration of the Term of
     Employment. Any continuation of the Executive's employment beyond the
     expiration of the Term of Employment shall be on an "at-will" basis unless
     the Company and the Executive agree otherwise.

          17.15 ALLOCATION OF OBLIGATIONS AS BETWEEN THE COMPANY AND ITS
     AFFILIATES. The parties understand that the Executive will perform
     substantial services for the Company, and its affiliates. Unless otherwise
     determined by the Board of Directors of the Company, the Executive shall
     not be entitled to compensation in addition to the compensation set forth
     in Section 3 of this Agreement as a result of the Executive's serving as an
     officer of any affiliate of the Company. The Company and its affiliates
     shall apportion between them the amounts to be paid under this Agreement,
     based upon the services rendered by the Executive to each of the affiliates
     and the Company, respectively. Any entitlement of the Executive to
     severance compensation or other termination benefits under this Agreement
     shall be determined on the basis of the aggregate compensation payable to
     the Executive by the affiliates and the Company, and liability therefore
     shall be apportioned between the affiliates and the Company in the same
     manner as compensation paid to the Executive for services to each of them.
     It is the intent and purpose of this Section 17.15 that the Executive have
     the same legal and economic rights that the Executive would have if all of
     the Executive's services were rendered to and all of the Executive's
     compensation were paid by the Company.

          17.16 PAYMENTS TO ESTATE OR BENEFICIARIES. In the event of the
     Executive's death prior to the completion by the Company of all payments
     due the Executive under this Agreement, the Company shall continue such
     payments (other than payments which by their terms cease upon death) to the
     Executive's beneficiary designated in writing to the Company prior to the
     Executive's death (or to the Executive's estate, if the Executive fails to
     make such designation) and, as applicable, to the Executive's surviving
     dependents.

          17.17 ENTIRE AGREEMENT; EFFECT ON PRIOR AGREEMENTS. This Agreement
     constitutes the entire agreement between the parties pertaining to its
     subject matter and supersedes all prior and contemporaneous agreements,
     understandings, negotiations, prior draft agreements, and discussions of
     the parties, whether oral or written.

          17.18 COUNTERPARTS AND FACSIMILE SIGNATURES. This Agreement may be
     executed in two or more counterparts, all of which shall be considered one
     and the same agreement and shall become effective when one or more
     counterparts have been signed by each party and delivered to the other
     party, it being understood that all parties need not sign the same
     counterpart. This Agreement may be executed by facsimile signatures.

          17.19 GOVERNING LAW. This is a New York contract and shall be
     construed under and be governed in all respects by the laws of the State of
     New York without giving effect to its principles of conflicts of laws.

          17.20 EFFECT OF CODE SECTION 409A. Notwithstanding anything in this
     Agreement to the contrary, if the Company in good faith determines that
     amounts that, as of the effective date of the Executive's termination of
     employment are or may become payable to the Executive upon termination of
     his employment hereunder are required to be suspended or delayed for six
     months in order to satisfy the requirements of Section 409A of the Code,
     then the Company will so advise the Executive, and any such payments shall
     be suspended and accrued for six months, whereupon they shall be paid to
     the Executive in a lump sum (together with interest thereon at the
     then-prevailing prime rate). The Executive agrees that the Company shall be
     deemed to be in breach of this Agreement if it delays making a payment
     otherwise payable hereunder by reason of Section 409A.

<PAGE>

     IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument
by the Company, by its duly authorized officer, and by the Executive, as of the
date first above written.

NEW YORK COMMUNITY BANCORP, INC.                EXECUTIVE

By:
   -----------------------------                --------------------------------

Its:
    ----------------------------

Attest:                                         Witness:
       -------------------------                        ------------------------Exhibit 10.10(1)

December 16, 2005

Mr. James M. Papada, III
[Address Omitted]

Dear Jim:

This letter will serve as an agreement between you and Technitrol,  Inc. ("TNL")
regarding, among other things, what constitutes a termination of your employment
at TNL and  setting  forth the  rights  and  obligations  of each of us upon the
occurrence of such a termination. We intend that this letter constitutes a legal
and  binding   agreement  between  us  and  we  acknowledge  good  and  valuable
consideration for our joint promises in this letter.  This agreement  supersedes
the letter between you and TNL dated July 1, 2004.

      1.    Reaffirmation of Past Agreements

      We are parties to the letter agreements dated April 16, 1999,  October 18,
2000, April 23, 2001 and this letter (collectively the "Letter  Agreement"),  as
well as the Technitrol, Inc. Supplemental Retirement Plan dated January 1, 1994,
which was  amended on July l, 1999 and April 20,  2001 and which was amended and
restated in its entirety on January 1, 2002 (the  "SERP") (the Letter  Agreement
and the SERP are collectively the "Related Agreements").  All terms,  conditions
and provisions of the Related  Agreements shall continue to apply and be in full
force and effect as though set forth in full in their entirety.

      2.    Termination of Employment

      Your employment with TNL shall terminate on December 31, 2010, or upon the
earlier occurrence of any of the following events to be effective from and after
the date of such event:

            A.    your death;

            B.    you become totally disabled;

            C.    TNL terminates your employment for "cause" (as defined below);

            D.    TNL  terminates  your  employment  for any  reason  other than
                  "cause" (as defined below);

            E.    you terminate  your  employment  for "good reason" (as defined
                  below); or

<PAGE>

            F.    you terminate your  employment for any reason other than "good
                  reason", including your voluntary retirement.

      3.    Definitions

            A.    "Cause" means any of the following:

                  o     (a)  the  occurrence  of  gross  negligence  or  willful
                        misconduct  which  is  materially  injurious  to TNL and
                        which,  if  susceptible  of cure,  is not  cured  within
                        thirty  (30) days after  notice to you which  cites with
                        reasonable   particularity   the  actions  or  omissions
                        believed to constitute such gross  negligence or willful
                        misconduct; (b) conviction of or the entry of a pleading
                        of guilty or nolo  contendere to any felony,  unless the
                        Board of Directors  of TNL  concludes in good faith that
                        such event  does not  render  you unable to  effectively
                        manage TNL or  materially  and  adversely  affect  TNL's
                        reputation  or  ongoing  business  activities;   or  (c)
                        misappropriation  of TNL's  funds  or  other  dishonesty
                        which  in  the  good  faith  opinion  of  the  Board  of
                        Directors  of TNL,  renders  you  unable to  effectively
                        manage TNL or  materially  and  adversely  affects TNL's
                        reputation or ongoing business activities; or

                  o     your  continued and willful  refusal to carry out in all
                        material  respects  a lawful  written  directive  of the
                        Board  of  Directors  of TNL;  provided  that  prior  to
                        termination for cause on this ground the Board will give
                        you written  notice of the acts or omissions  alleged to
                        constitute   cause,   stating   them   with   reasonable
                        particularity,  and will  give you  twenty  (20) days to
                        cure  such  acts or  omissions  such  that  grounds  for
                        termination for cause no longer exist at the end of such
                        twenty (20) day period.

            B.    "Change in Control" means any of the following:

                  (A) any one  "person"  or any  "group"  as  defined in Section
                  3(a)(9) and 13(d)(3), respectively, of the Securities Exchange
                  Act of  1934,  as  amended  (the  "Act"),  is or  becomes  the
                  "beneficial  owner" (as  defined in Rule  13(d)-3 of the Act),
                  directly or indirectly, of securities of TNL representing more
                  than fifty percent (50%) of the combined voting power of TNL's
                  then outstanding securities, or

                  (B) more than fifty percent (50%) of the assets of TNL and its
                  subsidiaries,  which are used to generate more than 50% of the
                  earnings  of TNL and its  subsidiaries  in any one of the last
                  three fiscal years,  are disposed of,  directly or indirectly,
                  by TNL (including stock or assets of a

<PAGE>

                  subsidiary(ies)) in a sale, exchange,  merger,  reorganization
                  or similar transaction.

            C.    "Disability"  or "complete  disability" or "total  disability"
                  shall  mean that you are  unable to engage in any  substantial
                  gainful  activity  by  reason  of any  medically  determinable
                  physical or mental  impairment which can be expected to result
                  in death or can be  expected to last for a  continuous  period
                  not less than 12 months.

            D.    "Good Reason" means:

                  o     a  material   change  in  your   authority,   duties  or
                        responsibilities  so as to be inconsistent with the role
                        of the Chief  Executive  Officer of TNL as they exist on
                        the  date  of  this   letter   (unless   you   otherwise
                        voluntarily agree to such change); or

                  o     TNL's   continued   failure  to  perform  its   material
                        obligations  under the Letter  Agreement  which have not
                        been cured within twenty (20) days after written  notice
                        from you setting forth the acts or omissions  alleged to
                        constitute such a failure with reasonable particularity.

            E.    "Sec. 409A" means Section 409A of the Internal Revenue Code of
                  1986, as amended,  and the rules and  regulations  promulgated
                  thereunder.

      4.    Effect of Termination

                  (i)   Death or  Retirement:  Upon  termination  of the  Letter
                        Agreement   due  to  your  death,   or  your   voluntary
                        retirement after the age of 62, then (in addition to the
                        benefits  referred  to in  Sections  6(b) and (c) of the
                        Letter  Agreement  relating  to vesting of the PBRS upon
                        death), TNL will pay you or your estate a sum equal to:

                              a.    The  unpaid  portion  of  your  base  salary
                                    through  the  end  of  the  month  in  which
                                    termination occurs;

                              b.    any bonus  (commensurate  with those paid to
                                    other  executives)  for the six month  bonus
                                    period in which termination occurs pro rated
                                    to the date of termination; and

                              c.    any other ordinary  course benefits to which
                                    you  were  entitled  as an  employee  of TNL
                                    and/or  pursuant  to  the  Letter  Agreement
                                    which  were then due but  unpaid at the date
                                    of your death, such as

<PAGE>

                                    reimbursement  for expenses not yet paid and
                                    incurred in accordance with TNL's policy.

                              d.    all  of the  benefits  referred  to in  this
                                    Section 4(i)  (including  those contained in
                                    Sections   6(b)   and  (c)  of  the   Letter
                                    Agreement)  will  be  paid  not  later  than
                                    thirty  (30)  days  after  the  date of your
                                    death or retirement.

                  (ii)  Total   Disability:   Upon  termination  of  the  Letter
                        Agreement  due to your  complete  disability,  then  (in
                        addition to providing to you the benefits referred to in
                        Sections 6(b) and (c) of the Letter  Agreement  relating
                        to vesting of the PBRS upon  disability)TNL will pay you
                        a sum equal to:

                              a.    The  unpaid  portion  of  your  base  salary
                                    through  the  end  of  the  month  in  which
                                    termination is determined to have occurred;

                              b.    any bonus  (commensurate  with those paid to
                                    other  executives)  for the six month  bonus
                                    period in which termination is determined to
                                    have  occurred,  pro  rated  to the  date of
                                    termination;

                              c.    any other ordinary  course benefits to which
                                    you  were  entitled  as an  employee  of TNL
                                    and/or  pursuant  to  the  Letter  Agreement
                                    which  were then due but  unpaid at the date
                                    of your  disability,  such as  reimbursement
                                    for  expenses  not yet paid and  incurred in
                                    accordance with TNL's policy; and

                              d.    the benefits  payable under TNL's  long-term
                                    disability plan.

                              e.    the  benefits  set forth in  subsections  a.
                                    thru c. above and the  benefits  referred to
                                    in  Sections  6(b)  and  (c) of  the  Letter
                                    Agreement will be paid not later than thirty
                                    (30)  days  after  the  date on  which  your
                                    complete disability is deemed to commence.

                  (iii) By TNL for Cause or by You  Without  Good  Reason:  Upon
                        termination of the Letter  Agreement by TNL for Cause or
                        by you without  Good  Reason,  TNL will pay you,  within
                        thirty (30) days after the date of your  termination,  a
                        sum equal to:

<PAGE>

                              a.    The  unpaid  portion  of  your  base  salary
                                    through the effective  date of  termination;
                                    and

                              b.    any other ordinary  course benefits to which
                                    you  were  entitled  as an  employee  of TNL
                                    and/or  pursuant  to  the  Letter  Agreement
                                    which  were then due but  unpaid at the date
                                    of termination,  such as  reimbursement  for
                                    expenses   not  yet  paid  and  incurred  in
                                    accordance with TNL's policy.

                  (iv)  By TNL  Without  Cause or by You for Good  Reason:  Upon
                        termination of the Letter Agreement by TNL without Cause
                        or by you for Good  Reason,  you will receive all of the
                        benefits set forth in Section 8 of the Letter  Agreement
                        as though a Change in Control had occurred, with respect
                        to any  shares of  restricted  stock  held by you on the
                        date of such  termination  which  have not yet vested or
                        which are subject to additional  holding  period(s).  In
                        addition,  TNL will pay you a sum  equal to (in the case
                        of the  payments  due  under  Section  8 of  the  Letter
                        Agreement or  subsections  (a), (c) and (d) below,  such
                        payment  shall be made in a lump sum within  thirty (30)
                        days from the date of your termination or, if necessary,
                        in the  opinion of  counsel,  to ensure that this Letter
                        Agreement is in compliance  with Sec.  409A, on the date
                        that  is  six   months   after   your   termination   of
                        employment):

                              a.    The  unpaid  portion  of  your  base  salary
                                    through the date of termination;

                              b.    any bonus  (commensurate  with those paid to
                                    other executives) for the twelve month bonus
                                    period in which  termination  occurred,  pro
                                    rated  to the date of  termination  (without
                                    duplication  with  payments made pursuant to
                                    subsection  d. below) and paid within  2-1/2
                                    months  after  the end of the  year in which
                                    your termination occurs or, if necessary, in
                                    the opinion of counsel,  to ensure that this
                                    Letter  Agreement is in compliance with Sec.
                                    409A,  on the date that is six months  after
                                    your termination of employment;

                              c.    any other ordinary  course benefits to which
                                    you  were  entitled  as an  employee  of TNL
                                    and/or  pursuant  to  the  Letter  Agreement
                                    which  were then due but  unpaid at the date
                                    of termination,  such as  reimbursement  for
                                    expenses   not  yet  paid  and  incurred  in
                                    accordance with TNL's policy; and

<PAGE>

                              d.    the amount set forth in subsections 8(a) and
                                    (b) of the Letter Agreement, except that (1)
                                    such   amount   shall  not  be   payable  if
                                    termination  occurs  at  any  time  after  a
                                    Change   in   Control,   and   (2)  if  such
                                    termination  occurs at any time after August
                                    21, 2008, you will be entitled to one year's
                                    base salary  (instead of two) and six months
                                    of bonus  (commensurate  with  those paid to
                                    other executives) (instead of one year); and

                              e.    health and life  insurance  benefits on your
                                    behalf  as you  were  receiving  them on the
                                    date of  termination  along with your health
                                    club  membership,   in  each  case  for  the
                                    applicable time period  corresponding to the
                                    salary  severance  period (that is, one year
                                    or two years)  provided in  subsection  d(2)
                                    above.   TNL  will  continue  to  pay  these
                                    expenses  on your  behalf  when  due for the
                                    period indicated in the preceding  sentence.
                                    However, if it is necessary,  in the opinion
                                    of  counsel,  to  ensure  that  this  Letter
                                    Agreement is in compliance  with Sec.  409A,
                                    you  may pay  any or all of  these  expenses
                                    when due until  the date that is six  months
                                    after  the  date  of  your   termination  of
                                    employment  and TNL will  reimburse  you for
                                    such expenses that you have paid on the date
                                    which is six months  after your  termination
                                    date.

                  (v)   General.

                              a.    Any  indemnification  obligations  of TNL to
                                    which  you  are   entitled  as  a  director,
                                    officer  and  employee  of TNL,  whether  by
                                    contract  or  pursuant  to TNL's  charter or
                                    by-laws,  relating  to the  period  prior to
                                    termination,  shall survive such termination
                                    but no payment  relating to such obligations
                                    shall be paid to you  after  termination  of
                                    your employment  until the date which is six
                                    months  after  the date of your  termination
                                    and shall  thereafter  be paid to you as and
                                    when due in accordance  with  applicable law
                                    and the constituent documents of TNL.

                              b.    The  obligations  of TNL in this  Section  4
                                    (together  with  TNL's  obligations  to  you
                                    under the SERP,  TNL's Restricted Stock Plan
                                    (or  any   substitute   therefor)   and  the
                                    "Technitrol, Inc. Retirement

<PAGE>

                                    Plan")   shall  be  in  lieu  of  any  other
                                    damages,  compensation  or benefits to which
                                    you   might   be   entitled,   directly   or
                                    indirectly,  in connection  with the Related
                                    Agreements.

                              c.    The payments due to you under this Section 4
                                    are expressly conditioned upon the execution
                                    and  delivery  by you and/or  your  personal
                                    representatives  of a valid general release,
                                    not revoked, rescinded or withdrawn, in form
                                    and content reasonably acceptable to you and
                                    TNL, pursuant to which you shall release TNL
                                    from all claims  relating to your employment
                                    or   otherwise,   except  TNL's   continuing
                                    obligations under subsection 4(v) a. above.

      5.    Participation in Restricted Stock Plan

            From and after  December 31,  2004,  you will  participate  in TNL's
Restricted Stock Plan (or any substitute therefor) in accordance with its terms.
Your awards will be  determined by the Board of Directors in the same fashion as
awards are determined for other participants.

      6.    Capacity and Duties.

            You shall  devote your full  working  time,  energy,  skill and best
efforts to the performance of your duties set forth in the Letter Agreement,  in
a manner which will faithfully and diligently further the business and interests
of TNL and its  subsidiaries,  and shall not be employed by, or  participate  or
engage in, or be a part of in any manner,  the  management  or  operation of any
other business  enterprise without the prior written consent of the Board, which
consent may be granted or withheld in its sole discretion.

      7.    Confidentiality.

            You acknowledge a duty of confidentiality owed to TNL and shall not,
at any time during or after your  employment  by TNL,  retain in  writing,  use,
divulge,   furnish,   or  make   accessible  to  anyone,   without  the  express
authorization  of  the  Board,   any  trade  secret,   private  or  confidential
information or knowledge of TNL or any of its subsidiaries  obtained or acquired
while so employed. All computer software,  customer lists, price lists, contract
forms,  catalogs,  books,  records,  and files and  know-how  acquired  while an
employee of TNL,  are  acknowledged  to be the  property of TNL and shall not be
duplicated,  removed from TNL's possession, or made use of other than in pursuit
of TNL's business; and, upon termination of employment for any reason, you shall
promptly  deliver to TNL,  without further demand,  all copies thereof which are
then in your possession or control.

<PAGE>

      8.    Inventions and Improvements.

            During the term of your employment,  you shall promptly  communicate
to TNL all ideas,  discoveries and inventions  which are or may be useful to TNL
or its business. You acknowledge that all ideas,  discoveries,  inventions,  and
improvements which are made, conceived,  or reduced to practice by you and every
item of knowledge  relating to TNL's  business  interests  (including  potential
business  interests)  gained by you during your  employment  are the property of
TNL,  and you  irrevocably  assign  all  such  ideas,  discoveries,  inventions,
improvements,  and  knowledge  to TNL for its  sole  use  and  benefit,  without
additional compensation. The provisions of this Section shall apply whether such
ideas, discoveries, inventions, improvements or knowledge are conceived, made or
gained by you alone or with others, whether during or after usual working hours,
whether on or off the job, whether  applicable to matters directly or indirectly
related to TNL's business interests  (including  potential business  interests),
and  whether  or not  within  the  specific  realm of your  duties.  It shall be
conclusively presumed that ideas, inventions, and improvements relating to TNL's
business  interests or potential  business  interests  conceived  during the six
month period  following  termination of employment are, for the purposes of this
Agreement, conceived prior to termination of employment. You shall, upon request
of TNL,  at any  time  during  or  after  your  employment  with  TNL,  sign all
instruments and documents  requested by TNL and otherwise  cooperate with TNL to
protect  its right to such ideas,  discoveries,  inventions,  improvements,  and
knowledge,   including  applying  for,  obtaining,  and  enforcing  patents  and
copyrights thereon in any and all countries.

      9.    Noncompetition.

            During the term of your  employment  and for two (2) years after any
termination of employment, you shall not directly or indirectly:

                  (i)   engage,  directly or indirectly,  anywhere in the world,
                        in the manufacture,  assembly,  design,  distribution or
                        marketing  of any  product  or  equipment  substantially
                        similar  to  or  in  competition  with  any  product  or
                        equipment  which  at any  time  during  the term of such
                        employment  or the  immediately  preceding  twelve month
                        period has been manufactured, sold or distributed by TNL
                        or any subsidiary or any product or equipment  which TNL
                        or any subsidiary was developing  during such period for
                        future manufacture, sale or distribution;

                  (ii)  be or become a  stockholder,  partner,  owner,  officer,
                        director or employee or agent of, or a consultant  to or
                        give  financial  or other  assistance  to, any person or
                        entity considering engaging in any such activities or so
                        engaged;

                  (iii) seek in competition  with the business of TNL to procure
                        orders from or do business with any customer of TNL;

<PAGE>

                  (iv)  solicit,  or contact  with a view to the  engagement  or
                        employment by, any person or entity of any person who is
                        an employee of TNL;

                  (v)   seek to  contract  with or  engage  (in such a way as to
                        adversely  affect or interfere with the business of TNL)
                        any  person or entity  who has been  contracted  with or
                        engaged  to  manufacture,  assemble,  supply or  deliver
                        products, goods, materials or services to TNL; or

                  engage in or participate in any effort or act to induce any of
                  the customers, associates, consultants, or employees of TNL or
                  any of its  affiliates  to take  any  action  which  might  be
                  disadvantageous  to TNL or any of its affiliates;  except that
                  nothing in this Agreement shall prohibit you from owning, as a
                  passive  investor,  in the  aggregate  not more than 5% of the
                  outstanding  publicly  traded  stock  of  any  corporation  so
                  engaged.  The  duration  of your  covenants  set forth in this
                  Section  shall be  extended  by a period of time  equal to the
                  number of days,  if any,  during which you are in violation of
                  the provisions contained in this Agreement.

      10.   Certain Change in Control Payment Timing Issues.

            If a Change  in  Control  occurs  and you are  entitled  to  payment
pursuant to Section 8 of the Letter  Agreement for that reason,  then (a) if the
Change in Control event is one which is described in Sec. 409A, all benefits due
you shall be paid to you  immediately  upon the Change in Control and (b) if the
Change in Control event is not one which is described in Sec. 409A, the benefits
due to you shall be paid on the date which is six months  after the  termination
of your employment.

      11.   Injunctive and Other Relief.

            A.    You acknowledge that the covenants contained in this Agreement
                  are fair and  reasonable  in light of the  consideration  paid
                  under this  Agreement,  and that damages alone shall not be an
                  adequate remedy for any breach by you of such  covenants,  and
                  accordingly  expressly  agree  that,  in addition to any other
                  remedies  which  TNL  may  have,  TNL  shall  be  entitled  to
                  injunctive  relief in any court of competent  jurisdiction for
                  any breach or threatened  breach of any such covenants by you.
                  Nothing contained in this Agreement shall prevent or delay TNL
                  from seeking, in any court of competent jurisdiction, specific
                  performance  or other  equitable  remedies in the event of any
                  breach or  intended  breach by you of any of your  obligations
                  under this Agreement.

            B.    Notwithstanding the equitable relief available to TNL, you, in
                  the event of a breach of your covenants  contained in Sections
                  7,  8  and  9  of  this   Agreement,   understand   that   the
                  uncertainties  and delays  inherent in the legal process would
                  result in a continuing breach for some period of time,

<PAGE>

                  and therefore,  continuing  injury to TNL until and unless TNL
                  can obtain such equitable  relief.  Therefore,  in addition to
                  such  equitable  relief,  TNL shall be  entitled  to  monetary
                  damages for any such period of breach until the termination of
                  such  breach,  in an  amount  deemed  reasonable  to cover all
                  actual and consequential  losses,  plus all monies received by
                  you as a result of said  breach  and all costs and  attorneys'
                  fees  incurred  by TNL in  enforcing  this  Agreement.  If you
                  should  use or  reveal  to any  other  person  or  entity  any
                  confidential information, this will be considered a continuing
                  violation  on a daily  basis  for so long a period  of time as
                  such  confidential  information  is made  use of by you or any
                  such other person or entity.

      12.   Miscellaneous Provisions

            A.    Neither you nor TNL will assign the Letter  Agreement  without
                  the prior written consent of the other.  The Letter  Agreement
                  will bind any successors to TNL by merger or stock purchase.

            B.    Notices shall be as set forth in the Related Agreements.

            C.    The Related  Agreements  are the entire  agreement  between us
                  regarding the subject matter to which it relates and supersede
                  all prior agreements and understandings, oral or written. They
                  cannot be  amended,  changed or  modified  except in a writing
                  signed by both parties.

            D.    The  Letter  Agreement  will  be  governed  and  construed  in
                  accordance with Pennsylvania law.

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<PAGE>

            E.    The invalidity or unenforceability of any particular provision
                  or part of any  provision  of the Letter  Agreement  shall not
                  affect the other provisions or parts of the Letter  Agreement.
                  If any  provision of the Letter  Agreement is determined to be
                  invalid or unenforceable by a court of competent jurisdiction,
                  such provision  shall be interpreted to provide  protection as
                  nearly equivalent to that found to be invalid or unenforceable
                  and if any such provision shall be so determined to be invalid
                  or  unenforceable  by reason of the  duration or  geographical
                  scope  of the  covenants  contained  in this  Agreement,  such
                  duration or geographical  scope, or both,  shall be considered
                  to be  reduced  to a  duration  or  geographical  scope to the
                  extent necessary to cure such invalidity.

If the foregoing meets with your approval, please sign where indicated below and
return a signed copy to me.

                                        Sincerely,

                                        TECHNITROL, INC.

                                        /s/ David W. Lacey
                                        --------------------------------------
                                        David W. Lacey
                                        Vice President, Human Resources

                                        ACCEPTED AND AGREED

Witness:

/s/ David W. Lacey                      /s/ James M. Papada, III
------------------------------          --------------------------------------
David W. Lacey                          James M. Papada, III

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