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E XHIBIT 10.3
A MENDMENT TO
A STORIA F
INANCIAL C ORPORATION
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 Financial
Corporation, a business corporation organized and operation under
the laws of the State of Delaware (the “Company”) and
Monte N. Redman (the“Executive”) is entered into as of
August 15, 2007.
W ITNESSETH :
W HEREAS ,
the Company and Executive have previously
entered into the Restated 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 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 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 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 to replace the salary set
forth in such Section from an initial annual rate of
Four
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Hundred Ten Thousand Dollars
($410,000) to an initial annual rate of Eight Hundred Thousand
Dollars ($800,000) which the Company 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 Severance
Benefits . of the Restated
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