Document:

EXHIBIT 10.7 - AMENDED SPECIAL SEVERANCE AGREEMENT BETWEEN REGISTRANT AND
                                JOSEPH G. PERRI

                                       31

<PAGE>

                      THE FIRST OF LONG ISLAND CORPORATION

                       AMENDED SPECIAL SEVERANCE AGREEMENT

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

1.   Term.

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

2.   Termination Payment.

     A. Officer will be entitled to a payment (the "Termination  Payment") equal
to One  Hundred  Per Cent  (100%) of his then  current  annual  base salary (the
dollar  amount  so  calculated   being  hereafter   referred  to  as  the  "Full
Severance"),  and FLIC shall make such  Termination  Payment to Officer,  in the
event of the occurrence of any of the following:

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

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

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

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

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

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<PAGE>

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

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

3.   Non-Waiver.

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

4.   Ineligibility For Termination Payment.

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

5.   Definitions.

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

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

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

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

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

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

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<PAGE>

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

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

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

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

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

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

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

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

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

6. Withholding Taxes; Other Deductions.

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

7. Miscellaneous.

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

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

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

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<PAGE>

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

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

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

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

                                          THE FIRST OF LONG ISLAND CORPORATION

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

                                              /s/ Joseph G. Perri
                                              --------------------------------
                                              Joseph G. Perri

                                       35EXHIBIT 10.8 - AMENDED SPECIAL SEVERANCE AGREEMENT BETWEEN REGISTRANT AND
                                  RICHARD KICK

                                       36

<PAGE>

                      THE FIRST OF LONG ISLAND CORPORATION

                       AMENDED SPECIAL SEVERANCE AGREEMENT

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

1.   Term.

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

2.   Termination Payment.

     A. Officer will be entitled to a payment (the "Termination  Payment") equal
to One  Hundred  Per Cent  (100%) of his then  current  annual  base salary (the
dollar  amount  so  calculated   being  hereafter   referred  to  as  the  "Full
Severance"),  and FLIC shall make such  Termination  Payment to Officer,  in the
event of the occurrence of any of the following:

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

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

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

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

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

                                       37

<PAGE>

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

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

3.   Non-Waiver.

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

4.   Ineligibility For Termination Payment.

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

5.   Definitions.

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

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

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

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

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

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

                                       38

<PAGE>

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

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

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

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

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

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

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

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

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

6.   Withholding Taxes; Other Deductions.

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

7.   Miscellaneous.

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

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

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

                                       39

<PAGE>

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

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

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

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

                                         THE FIRST OF LONG ISLAND CORPORATION

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

                                             /s/ Richard Kick
                                             --------------------------------
                                             Richard Kick

                                       40

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