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E XHIBIT 10.4
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 Monte N. Redman (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 Executive Vice President and Chief Financial Officer;
and
W HEREAS ,
following such realignment Executive has agreed
to continue to serve as President and Chief Operating 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)
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Section 3. Duties . of the Restated
Employment Agreement is amended to replace the title Executive Vice
President and Chief Financial Officer with the title President and
Chief Operating Officer where it appears in such
Section.
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B)
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Section 4. Cash Compensation . of the
Restated Employment Agreement is amended
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to replace the salary set forth
in such Section from an initial annual rate of Four Hundred Ten
Thousand Dollars ($410,000) to an initial annual rate of Eight
Hundred Thousand Dollars ($800,000) which the Association and
Executive acknowledge is Executive’s current rate of annual
salary.
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C)
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Section 9. Termination of Employment with Severa
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