EXHIBIT 10.1
JOSEPH L. MANCINO
109 Tanners Pond Road
Garden City, New York 11530
October 6, 2005
Mr. R. Patrick Quinn
Executive Vice President, Chief Corporate
Governance Officer
and Corporate Secretary
New York Community Bancorp, Inc.
615 Merrick Avenue
Westbury, NY 11590
Re: Retirement
as Director
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Dear Pat:
This will confirm that I am voluntarily resigning as a
director of New York Community Bancorp,
Inc. ("NYB"), New York Community Bank
and New York Commercial Bank by reason of
retirement. The resignations are
effective immediately.
In connection with my retirement, I understand and agree that
the Consulting Agreement made as of
December 1, 2004 (the "Consulting
Agreement") by and among NYB, New York
Community Bank ("NYCB") and me has been
terminated, other than its paragraph 3.
Based on such termination, I am being
paid the accrued but unpaid monthly
consulting fees and expenses due under the
Consulting Agreement through the date of
such termination, plus $250,000.05,
representing the amount of such fees
through the scheduled end of the Consulting
Period (as defined in the Consulting
Agreement), as if the early termination had
not occurred, all in accordance with the
terms of the Consulting Agreement.
As we agreed, you will provide me with copies of any insurance
policies procured by NYB that may insure me
against any pending litigation or
any future claims that may be asserted
against me in connection with my service
as an officer or director of NYB or its
subsidiaries. For the avoidance of
doubt, by countersigning this letter below,
NYB, on behalf of itself and its
banking subsidiaries, hereby releases me
and c
