Exhibit 10.18 Consulting
Agreement between Flushing Savings Bank, FSB, Flushing Financial
Corporation and Gerard P. Tully, Sr.
AGREEMENT
Agreement
effective as of December 1, 2008, between Flushing Savings Bank,
FSB, a federal savings bank (the “Bank”), Flushing
Financial Corporation, a Delaware corporation (the
“Company”) and Gerard P. Tully, Sr. (“Mr.
Tully”).
WITNESSETH:
A.
Mr. Tully is Chairman of the Board of Directors of the Bank and
Chairman of the Board of Directors of the Company (collectively
referred to as “Chairman”);
B.
The Bank and Company recognize that Mr. Tully, as Chairman, devotes
substantial time to the business affairs of the Bank and the
Company above and beyond that required of directors; and
C.
The Bank and the Company desire to have availability the
leadership, advice and counsel of Mr. Tully and the parties wish to
formalize the arrangement whereby Mr. Tully receives compensation
for his additional services as Chairman.
NOW,
THEREFORE, in consideration of the premises and of the mutual
covenants herein contained, the parties hereto agree as
follows:
1.
Term . The term of this Agreement shall
commence on December 1, 2008 and end on November 30, 2009, unless
the Agreement is terminated earlier as provided in Section
7.
2.
Services. During the term of this
Agreement, Mr. Tully shall consult with and advise the officers of
the Bank and the Company and their respective Boards concerning the
business and financial affairs of the Bank and Company. Mr. Tully
shall be free to exercise his own discretion and judgment in the
performance of such services and with respect to the time, place,
method, and manner of performance, subject to his fiduciary
obligations to the Bank and the Company as a director and Chairman.
Mr. Tully is expected periodically to meet in person and to confer
by telephone with Senior Officers, but shall not be required to
perform all of such services on the premises of the Bank or the
Company.
3.
Compensation . During the term of this
Agreement, the Bank and the Company will pay Mr. Tully an aggregate
fee of $13,333.33 per month. Payment will be made on the last
business day of the month for which the fee is paid.
4.
E
