EMPLOYMENT AGREEMENT

EXHIBIT 10.11 – EMPLOYMENT AGREEMENT BETWEEN REGISTRANT AND JOHN GRASSO

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[THE FIRST NATIONAL BANK OF LONG ISLAND LETTERHEAD]

January 1, 2007

Mr. John Grasso

Dear Mr. Grasso:

         This letter employment agreement (the “Agreement”) will serve to set forth the terms and conditions of your employment by The First of Long Island Corporation (“FLIC”), and its subsidiary, The First National Bank of Long Island (the “Bank”), as follows:

         The Initial Term of the Agreement shall run from January 22, 2007 through and including January 21, 2008 and, if not terminated as described below, the Agreement shall, on January 1 of each year, automatically be extended for an additional year, resulting in a new one-year term (the “Renewal Terms”), with such modifications hereto as the parties shall agree in writing; provided, however, that the Agreement shall not be so extended in the event that you or FLIC provides written notice of non-extension to the other party no later than October 31 of the preceding year. Notwithstanding the foregoing, FLIC may not provide such notice of non-extension during any period of time in which the Board of Directors of FLIC is actively negotiating a transaction the consummation of which would constitute a Change of Control Event (as hereinafter defined).

         A.      You shall be employed in the capacity of Executive Vice President of the Bank and such other senior executive title or titles of FLIC or the Bank as may from time to time be determined by the Board of Directors of the Bank and FLIC. You shall be the officer in charge of all operations of the branch system of the Bank, with such specific duties and responsibilities as shall be assigned to you by the Chief Executive Officer or by the Board of Directors of the Bank. You shall be responsible to the Chief Executive Officer of FLIC and the Bank.

         B.      You agree to devote your full time and attention and best efforts to the faithful and diligent performance of your duties to FLIC and the Bank and shall serve and further the best interests and enhance the reputation of FLIC and the Bank to the best of your ability. Nothing herein shall be construed as preventing you from serving as a member of the board of directors of any non-profit organization.

         As full compensation for your services, you shall receive the following from FLIC or, in the discretion of FLIC, it shall cause the following to be paid or provided by the Bank:

         A.      A Base Annual Salary of not less than One Hundred Sixty Thousand Dollars ($160,000.00), payable bi-weekly; provided , however , that no later than January 15 of each year that this Agreement shall remain in effect, the Chief Executive Officer and the Board of Directors of FLIC shall review your compensation, without any commitment, to determine whether to increase your Base Annual Salary hereunder. In the event that the Board of Directors of FLIC does, from time to time, increase your Base Annual Salary, the increased amount shall be your Base Annual Salary for all purposes of this Agreement, and such increased amount shall be the minimum amount payable hereunder.

         B.      Such other benefits as are consistent with the personnel benefits provided by the Bank and FLIC to its officers and employees.

         C.      The use of an appropriate automobile furnished by the Bank.

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         A.      You will be entitled to a payment (the “Termination Payment”) equal to One Hundred Per Cent (100%) of your then current Base Annual Salary (the dollar amount so calculated being hereafter referred to as the “Full Severance”) and FLIC shall make such Termination Payment to you, in the event of, and within ten (10) days after, the occurrence of any of the following:

                   (i) Your employment is terminated by the Bank, provided, however, that you shall not be entitled to receive such payment if such termination is due to gross and substantial dishonesty on your part; or

                   (ii) You resign your employment with the Bank for Good Reason (as hereinafter defined) within twenty-four months after a Change of Control Event.

         B.      You 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 you resign your employment with the Bank for any reason during the period beginning on the thirty-first day after a Change of Control Event (as hereinafter defined) and ending on the sixtieth day after such event.

         C.      FLIC may elect to discharge its obligation to make the Termination Payment by causing the Bank, its wholly owned subsidiary, to do so.

         Your failure to resign upon the occurrence of a particular event constituting Good Reason hereunder shall not bar you 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.

         Regardless of whether a Change of Control Event shall have occurred, you shall not be entitled to any Termination Payment in the event that your employment is terminated by reason of your death, normal retirement or disability.

         A.      “ Good Reason ” for resignation by you of your employment shall mean the occurrence (without your express written consent) of any one of the following acts or omissions to act by FLIC or the Bank:

               &nbs