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E XHIBIT 10.12
A MENDMENT TO
A STORIA F
EDERAL S AVINGS
AND L OAN A
SSOCIATION
A MENDED AND
R ESTATED
E
MPLOYMENT A GREEMENT
WITH E XECUTIVE O FFICER
This Amendment to the Amended and Restated
Employment Agreement (the “Restated Employment
Agreement”) entered into as of January 1, 2000 by and between
Astoria Federal Savings and Loan Association, a savings association
organized and operation under the federal laws of the United
States(the “Association”) and Gerard C. Keegan (the
“Executive”) is entered into as of August 15,
2007.
W ITNESSETH :
W HEREAS ,
the Association and Executive have previously
entered into the Restated Employment Agreement which remains in
full force and effect; and
W HEREAS ,
the Association has realigned its executive
management staff; and
W HEREAS ,
prior to such realignment the Executive served
as Vice Chairman and Chief Administrative Officer; and
W HEREAS ,
following such realignment Executive has agreed
to continue to serve as Vice Chairman and Chief Administrative
Officer; and
W HEREAS ,
the Board of Directors of the Association has
determined that it is in the best interests of the shareholders of
the Association to rescind the Association’s mandatory
retirement policy for executive officers;
N OW T
HEREFORE , in consideration of the
premises and the mutual covenants and conditions hereinafter set
forth, the Association and Executive hereby agree to amend the
Restated Employment Agreement as follows from and after the date
hereof:
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A) |
Section 4. Cash Compensation . of the
Restated Employment Agreement is amended to replace the salary set
forth in such Section from an initial annual rate of Three Hundred
Seventy Five Thousand Dollars ($375,000) to an initial annual rate
of Five Hundred Twenty Four Thousand Dollars ($524,000) which the
Association and Executive acknowledge is Executive’s current
rate of annual salary.
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B) |
Section 9. Termination of Employment with Severance
Benefits . and Section 17.
Notices
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