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E XHIBIT 10.2
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 George L. Engelke, Jr. (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 Chairman, President and Chief Executive Officer; and
W HEREAS ,
following such realignment Executive has agreed
to continue to serve as Chairman and Chief Executive 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 and, as a result,
requested that Executive remain in the employ of the Association
beyond his 70 th
birthday, which Executive is agreeable to
do;
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)
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Section 3. Duties . of the Restated
Employment Agreement is amended to replace the title Chairman,
President and Chief Executive Officer with the title Chairman and
Chief Executive Officer where it appears in such
Section.
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Page 1 of 4
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B)
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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 Eight Hundred
Ten Thousand Dollars ($810,000) to an initial annual rate of One
Million One Hundred Thousand Dollars ($1,100,000) which the
Association and Executive acknowledge is Ex
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