EXHIBIT 10.22 WAIVER

The undersigned is a party to an Employment Agreement with Dime Community Bancshares, Inc. (the "Company") made and entered into as of January 1, 2003 (the "Company Agreement") and an Amended and Restated Employment Agreement with The Dime Savings Bank of Williamsburgh (the "Bank") made and entered into as of June 26, 1995 (the "Bank Agreement").

The Company proposes to adopt Amendment No. 09 to the Dime Community Bancshares, Inc. Employee Stock Ownership Plan ("ESOP"), the effect of which would be to exclude from compensation used to calculate benefits under the ESOP, the Dime Savings Bank of Williamsburgh 401(k) Savings Plan ("401(k)") and Dime Community Bancshares, Inc. Benefit Maintenance Plan (the "BMP") income attributable to the grant or vesting of restricted stock awards, the exercise of stock opt