Document:

Exhibit 10.2

 Exhibit 10.2 
 RETENTION AGREEMENT 
 This Retention Agreement (the “Agreement”) is made and entered into
on November 2, 2006 (but effective at the time specified in Section 1 below) by and between New York Community Bank (the “Bank”) and Joseph L. LaMonica, an individual (the “Employee”). 
 INTRODUCTORY STATEMENT 
 New York
Community Bancorp, Inc. (“NYB”), the parent holding company of the Bank and PennFed Financial Services, Inc. (“PFSI”), the parent holding company of Penn Federal Savings Bank (“Penn Federal”) have entered into an
Agreement and Plan of Merger dated as of November 2, 2006 (the “Merger Agreement”). Employee is a senior officer of Penn Federal. NYB considers the Employee’s continued services important to the successful integration of the
operation of Penn Federal’s business with the Bank’s business and wishes to secure the Employee’s continued services during a transition period following the Effective Time by providing the Employee with a financial incentive to
remain in the Bank’s employ. The Employee, understanding the circumstances, has agreed to execute this Agreement and observe its terms. 
 1. Term of Agreement. 
 This Agreement shall become effective and begin immediately following the Effective Time (as
such term is defined in the Merger Agreement) and shall continue for nine (9) months thereafter (the “Term”). 
 2.
Place of Employment and Extent of Services. 
 (a) The Employee’s principal place of employment shall be at the same location
as immediately before the Effective Time. 
 (b) During the Term, the Employee shall serve as an employee of the Bank, performing such duties
and having such position, title and authority as may be assigned to him by the Bank. The Employee shall devote his full business time and attention (other than during weekends, holidays, approved vacation periods (which shall be not less than six
weeks, which may be taken consecutively) and periods of illness or approved leave of absence) to the business and affairs of the Bank and shall use his best efforts to advance its best interests. 
 3. Compensation and Benefits. 
 In consideration for the services to be rendered by the Employee during the Term pursuant to this Agreement, the Bank shall pay the Employee total retention compensation of $645,000 (“Retention Compensation”), payable in
substantially equal installments over the Term in accordance with the Bank’s customary payroll practices. The Employee shall be an employee of the Bank and shall be eligible to participate in and receive benefits under any and all qualified or
non-qualified retirement, pension, savings, profit-sharing or stock bonus plans, any and all group life, health (including hospitalization, medical and major medical), dental, accident and long-term disability insurance plans, and any other employee
benefit plan as may from time to time be maintained by, or cover employees of, the Bank, in accordance with the terms and conditions of such employee benefit plans and programs and consistent with the Bank’s customary practices. 

 4. Termination of Employment During the Term. 
 The Employee’s employment with the Bank may be terminated during the Term at any time and for any reason and, in such event: 
 (a) If such termination results from the Employee’s resignation or discharge for cause (as hereinafter defined), the Bank shall pay to the Employee
(or, in the event of his death, to his estate) his earned but unpaid compensation (including, without limitation, salary and all other items which constitute wages under applicable law) as of the date of his termination of employment. This payment
shall be made at the time and in the manner prescribed by law applicable to the payment of wages but in no event later than thirty (30) days after the date of the Employee’s termination of employment. 
 (b) If such termination results from the Employee’s discharge by the Bank other than for “cause” (as hereinafter defined), death,
disability as a result of which the Employee qualifies for disability insurance benefits under the Bank’s group long-term disability insurance plan or under the federal Social Security Act, the Bank shall pay the Employee the amount, if any, of
the remaining amount of Retention Compensation the Employee would have received over the Term but for the early termination of the Agreement. The Bank shall pay such amount, if any, in a single lump sum as soon as practicable following termination
of employment. 
 The Bank shall have the right to discharge the Employee for “cause” if it determines that the Employee has committed gross
negligence in the performance of, or continually neglects, after due notice, to perform his assigned duties; has been convicted or entered a plea of guilty or nolo contendere to, the commission of a felony or any other crime involving
dishonesty, personal profit or other circumstance likely, in the reasonable judgment of the Bank, to have a material adverse effect on the Bank or its business, operations or reputation; or has violated, in any material respect, any law, rule,
regulation, written agreement or final cease-and-desist order applicable to the Bank in his performance of services for the Bank. 
 5.
Termination After the Term. 
 Unless otherwise agreed by the parties, the expiration of the Term shall result in a termination of
the Employee’s employment with the Bank. 
 6. Successors and Assigns. 
 This Agreement will inure to the benefit of and be binding upon the Employee, his legal representatives and testate or intestate distributes, and the Bank
and its successors and assigns, including any successor by merger or consolidation or a statutory receiver or any other person or firm or corporation to which all or substantially all of the assets and business of the Bank may be sold or otherwise
transferred. 
 7. Notices. 
 Any communication required or permitted to be given under this Agreement, including any notice, direction, designation, consent, instruction, objection or waiver, shall be in writing and shall be deemed to have been
given at such time as it is delivered personally, or five (5) days after mailing if mailed, postage prepaid, by registered or certified mail, return receipt requested, addressed to such party at the address listed below or at such other address
as one such party may by written notice specify to the other party: 
  

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 if to the Employee, at the address on file in the Bank’s personnel records for the Employer:

 if to the Bank: 
 New York Community Bank 
 615 Merrick Avenue 
 Westbury, New York 11590 
 Attention: Joseph R. Ficalora, President and Chief Executive Officer 
 8. Severability.

 A determination that any provision of this Agreement is invalid or unenforceable shall not affect the validity or enforceability of any
other provision hereof. 
 9. Waiver. 
 Failure to insist upon strict compliance with any of the terms or conditions hereof shall not be deemed a waiver of such term or condition. A waiver of any provision of this Agreement must be made in writing,
designated as a waiver, and signed by the party against whom its enforcement is sought. Any waiver or relinquishment of any right or power hereunder at any one or more times shall not be deemed a waiver or relinquishment of such right or power at
any other time or times. 
 10. Counterparts. 
 This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same agreement. 
 11. Governing Law. 
 This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts entered into and to be performed entirely within the State of New York, except to the extent that such laws are
pre-empted by the federal laws of the United States. 
 12. Entire Agreement; Modifications. 
 This instrument contains the entire agreement of the parties relating to the subject matter hereof, and supersedes in its entirety any and all prior
agreements, understandings or representations relating to the subject matter hereof. No modifications of this agreement shall be valid unless made in writing and signed by the parties hereto. 
 13. Dispute Resolution. 
 Any
dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration in New York, New York in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration
Association then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. 
 14. Effect of
Failure to Complete the Merger. 
 The parties’ obligations to each other under this Agreement are conditioned on the
consummation of the transactions contemplated by the Merger Agreement. If NYB or PFSI terminate the Merger Agreement, the parties shall have no obligation to each other under this Agreement. 

 The Bank has caused this Retention Agreement to be executed and the Employee has hereunto set his hand,
all as of the day and year first above written. 
  

			
	NEW YORK COMMUNITY BANK
		
	By:	 	 /s/ Joseph R. Ficalora

	Name:	 	 Joseph R. Ficalora

	Title:	 	 President and Chief Executive Officer

	
	 /s/ Joseph L. LaMonica

	JOSEPH L. LAMONICAExhibit 10.3

 Exhibit 10.3 
 NONCOMPETlTION AGREEMENT 
 This Noncompetition Agreement (the “Agreement”) is entered into
as of November 2, 2006 (but effective immediately following the consummation of the Merger (as such term is defined below) by and between New York Community Bancorp, Inc. (“NYB”) and Joseph L. LaMonica (the “Employee”).

 WHEREAS, pursuant to an Agreement and Plan of Merger dated as of November 2, 2006 (the “Merger Agreement”), by and
between NYB and PennFed Financial Services, Inc. (“PFSI”), PFSI will merge with and into NYB (the “Merger”); 
 WHEREAS, the Employee has served as a senior officer of PFSI and its subsidiaries; and 
 WHEREAS, the parties hereto
recognize and acknowledge that the covenants set forth in this Agreement are necessary to protect the business and goodwill acquired by NYB in connection with the Merger; 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, including the payments to be made to the Employee pursuant to Section 5 of this
Agreement, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Noncompetition.
During his employment with New York Community Bank, a wholly owned subsidiary of NYB and for a period of three (3) years thereafter (the “Noncompete Period”), the Employee shall not, without the prior written consent of NYB, directly
or indirectly, whether or not for compensation, engage or invest in, own, manage, operate, finance, control, or participate in the ownership, management, operation, financing, or control of, be employed by, associated with, or in any manner
connected with, lend Employee’s name or any similar name to, lend Employee’s credit to, or render services or advice to, any business, including a savings bank, savings and loan association, savings and loan holding company, bank, bank
holding company, mortgage company or similar type financial institution (including, without limitation, a de novo financial institution in its organizational phase), or any direct or indirect subsidiary or affiliate of such entity, whose
products or activities compete or would compete in whole or in part with the products or activities of NYB or its subsidiaries within a twenty-five (25) mile radius of any of the offices of NYB or any of its subsidiaries in existence
immediately following the consummation of the Merger (the “Noncompete Area”), provided, however, that the Employee may purchase or otherwise acquire up to (but not more than) five percent of any class of securities of any enterprise (but
without otherwise participating in the activities of such enterprise). The Employee agrees that this covenant is reasonable with respect to its duration, geographical area, and scope. In the event of a breach by the Employee of any covenant set
forth in this Section 1 of this Agreement, the term of such covenant will be extended by the period of the duration of such breach; 
 2. Nonsolicitation. During the Noncompete Period, the Employee will not, directly or indirectly, either for himself or any other Person (as defined herein), (i) induce or attempt to induce any employee of NYB or its subsidiaries
to leave the employ of NYB or its subsidiaries, (ii) in any way interfere with the relationship between NYB or its subsidiaries and any employee of NYB or its subsidiaries, (iii) employ, or otherwise engage as an employee, independent
contractor, or otherwise, any employee of NYB or its subsidiaries, or (iv) induce or attempt to induce any customer, supplier, licensee, or business relation of NYB or its subsidiaries to cease doing business with NYB or its subsidiaries, or in
any way interfere with the relationship between any customer, supplier, licensee, or business relation of NYB or its subsidiaries. During the Noncompete Period, the Employee will not, directly or indirectly, either for himself or any other Person
solicit the business of any Person known to the Employee to be a customer of NYB or its subsidiaries, whether or not the Employee had personal contact with such Person, 

 with respect to products or activities which compete in whole or in part with the products or activities of NYB or its
subsidiaries. For purposes of this Agreement, “Person” shall include an individual, trust, estate, corporation, limited liability company, savings bank, savings and loan association, savings and loan holding company, bank, bank holding
company, mortgage company or similar type financial institution, including, without limitation, a de novo financial institution in its organizational phase. 
 3. Nondisparagement. The Employee will not during or after the Noncompete Period disparage NYB or its subsidiaries, or any of its shareholders, directors, officers, employees, or agents. 
 4. Confidentiality. The Employee acknowledges and agrees to treat as confidential all information known or obtained by the Employee, whether
before or after the date hereof, concerning PFSI’s or NYB’s or their respective subsidiaries’ records, properties, books, contracts, commitments and affairs, including but not limited to, information regarding accounts, shareholders,
finances, strategies, marketing, customers and potential customers and other information of a similar nature (such information, “Confidential Information”). The Employee agrees that he will not, at any time, disclose to any unauthorized
Persons, or use for his own account or for the benefit of any third party any Confidential Information, whether or not the Confidential Information is embodied in writing or other physical form, without NYB’s express written consent, unless and
to the extent that such Confidential Information is or becomes generally known to and available for use by the public other than as a result of Employee’s fault or the fault of any other Person bound by a duty of confidentiality to NYB.

 5. Compensation. In consideration of the covenants contained in this Agreement, NYB shall pay the Employee (or his estate) the sum
of $1,300,000 in accordance with the following schedule: (i) $575,000 on the date of his termination of employment for any reason with new York Community Bank, (ii) $430,000 on the first anniversary of such employment termination, and
$295,000 on the second anniversary of such employment termination. All payments shall be less applicable withholding taxes. In the event of the death of the Employee on or after the date of the consummation of the Merger, the unpaid amounts under
this Section 5 shall become immediately payable in full in a single lump sum payment to the estate of the Employee, which payment shall be made within thirty (30) days after his death. 
 6. Remedies. The parties hereto, recognizing that irreparable injury will result to NYB, its business and property in the event of the
Employee’s breach of this Agreement, hereby consent, in the event of any such breach by the Employee, to an injunction in favor of NYB, in addition to any other remedies and damages available, to restrain the violation hereof by the Employee,
the Employee’s partners, agents, servants, employers, employees and all persons acting for or with the Employee. The Employee represents and admits that the Employee’s experience and capabilities are such that the Employee can obtain
employment in a business engaged in other industries and/or of a different nature than NYB, and that the enforcement of a remedy by way of injunction will not prevent the Employee from earning a livelihood. Nothing herein will be construed as
prohibiting NYB from pursuing any other remedies available to NYB for such breach or threatened breach, including the recovery of damages from the Employee. In no event will NYB’s monetary relief for damages be less than all amounts previously
paid by it to the Employee pursuant to this Agreement. 
 7. Waiver. The rights and remedies of the parties to this Agreement are
cumulative and not alternative. Neither the failure nor any delay by any party in exercising any right, power, or privilege under this Agreement will operate as a waiver of such right, power, or privilege, and no single or partial exercise of any
such right, power, or privilege will preclude any other or further exercise of such right, power, or privilege or the exercise of any other right, power, or privilege. To the maximum extent permitted by applicable law, (a) no claim or right
arising out of this Agreement can be discharged by one party, in whole or in part, by a waiver or renunciation of the claim or right unless in writing signed by the other party; (b) no waiver that may be given by a party will be applicable
except in the specific instance 
  

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 for which it is given; and (c) no notice to or demand on one party will be deemed to be a waiver of any obligation
of such party or of the right of the party giving such notice or demand to take further action without notice or demand as provided in this Agreement. 
 8. Successors and Assigns. This Agreement shall be binding upon the Employee and NYB and will inure to the benefit of NYB and its affiliates, successors and assigns and the Employee and the Employee’s
assigns, estate, heirs and legal representatives. 
 9. Governing Law. This Agreement shall be construed and enforced in accordance
with the laws of the State of New York without regard to conflicts of laws principles. 
 10. Severability. If any provision in this
Agreement is declared or determined by any court to be illegal, void, or unenforceable, the illegality or unenforceability of such provision shall have no effect upon, and shall not impair, the enforceability or validity of any other provisions in
this Agreement. If any of the covenants set forth in this Agreement are held to be unreasonable, arbitrary, or against public policy, such covenants will be considered divisible with respect to scope, time, and geographic area, and in such lesser
scope, time and geographic area, will be effective, binding and enforceable against the Employee. 
 11. Arbitration. Any dispute or
controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration, conducted before a single arbitrator selected mutually by NYB and Employee, which arbitration shall be conducted within the State of New York
in accordance with the rules of the American Arbitration Association then in effect. 
 12. Counterparts. This Agreement may be
executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same agreement. 
 13. Termination. This Agreement shall be terminated and shall have no further force or effect if, and at such time as, the Merger Agreement is terminated. 
  

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 The parties hereto have executed and delivered this Noncompetition Agreement as of the date first written
above. 
  

	
	NEW YORK COMMUNITY BANCORP, INC.
	
	 /s/ Joseph R. Ficalora

	 Joseph R. Ficalora
 President and Chief Executive
Officer

	
	EMPLOYEE
	
	 /s/ Joseph L. LaMonica

  

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