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E XHIBIT 10.13
A MENDMENT TO
A STORIA F
INANCIAL C ORPORATION
E MPLOYMENT A
GREEMENT WITH
E XECUTIVE O
FFICER
This Amendment to the Employment Agreement (the
“Employment Agreement”) entered into as of December 1,
2003 by and between Astoria Financial Corporation, a business
corporation organized and operation under the laws of the State of
Delaware (the “Company”) and Gary T. McCann (the
“Executive”) is entered into as of August 15,
2007.
W ITNESSETH :
W HEREAS ,
the Company and Executive have previously
entered into the Employment Agreement which remains in full force
and effect; and
W HEREAS ,
the Company has realigned its executive
management staff; and
W HEREAS ,
prior to such realignment the Executive served
as Executive Vice President; and
W HEREAS ,
following such realignment Executive has agreed
to continue to serve as Executive Vice President; and
W HEREAS ,
the Board of Directors of the Company has
determined that it is in the best interests of the shareholders of
the Company to rescind the Company’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 Company and Executive hereby agree to amend the
Employment Agreement as follows from and after the date
hereof:
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A) |
Section 4. Cash Compensation . of the
Employment Agreement is amended to replace the salary set forth in
such Section from an initial annual rate of Two Hundred Twelve
Thousand Dollars ($212,000) to an initial annual rate of Four
Hundred Thousand Dollars ($400,000) which the Company and Executive
acknowledge is Executive’s current rate of annual
salary.
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B) |
Section 10.
Termination without Additional Company
Liability . of
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