ASTORIA FINANCIAL CORP
EXHIBIT 10.1
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<TYPE>EX-10.1
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<DESCRIPTION>EXHIBIT 10.1
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<p  align=right><font size="2" face="Times New Roman"><b>Exhibit 10.1</b></font></p>
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<font size="2" face="Times New Roman"><b>ASTORIA FEDERAL SAVINGS AND LOAN ASSOCIATION<br> and<br> ASTORIA FINANCIAL CORPORATION<br> DIRECTORS&#146; RETIREMENT PLAN</b></font></p>
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<font size="2" face="Times New Roman"><b>Effective January 1, 1990, as amended and restated effective April 1, 2006</b></font></p>
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<font size="2" face="Times New Roman">1.</font></p>  </td>
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<font size="2" face="Times New Roman">Directors   eligible to participate (&#147;Eligible Directors&#148;) in this Directors&#146; Retirement   Plan (the &#147;Plan&#148;) shall only be those who retire from the latter of the Board   of Directors of Astoria Federal Savings and Loan Association (the   &#147;Association&#148;) and Astoria Financial Corporation (the &#147;Company&#148;) and are not   or were not full-time employees of the Association or institutions merged   with the Association prior to the formation of the Company, or of companies   merged with or acquired by the Association or Company thereafter.</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">2.</font></p>  </td>
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<font size="2" face="Times New Roman">The   mandatory retirement age for members of the Board of Directors of the   Association shall be as set forth in the Bylaws of the Association, as   amended from time to time,&#160; as in   effect on January 1, 1990 or, if later, the date on which the individual   became an Eligible Director.</font></p>  </td>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">3.</font></p>  </td>
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<font size="2" face="Times New Roman">The   mandatory retirement age for members of the Board of Directors of the Company   shall be as set forth in the Bylaws of the Company, as amended from time to   time, as in effect on January 1, 2004 or, if later, the date on which the   individual became an Eligible Director.</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">4.</font></p>  </td>
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<font size="2" face="Times New Roman">For purposes   of determining benefits (the &#147;Monthly Benefits&#148;) under Paragraph 5 hereof the   following definitions shall apply;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">(a)</font></p>  </td>
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<font size="2" face="Times New Roman">Full Years   of Service shall be the greater of years of service for the Board of   Directors of the Association or the Company.&#160;   Years of Service on the Board of Directors of an Acquired Company   shall be recognized as Years of Service with the Association or the Company   in the case of any Eligible Director who (i) served on the Board of Directors   of an Acquired Company immediately prior to its acquisition by the   Association or the Company and (ii) became a member of the Board of Directors   of the Association or the Company immediately upon such acquisition.&#160; In the event of a Change of Control (as   defined below), Years of Service shall be computed as if the Eligible   Director&#146;s service had continued through May 31st of the calendar year in   which the Eligible Director&#146;s current term would expire.</font></p>  </td>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">(b)</font></p>  </td>
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<font size="2" face="Times New Roman">Monthly Fee   for any Eligible Director as of any date shall mean the aggregate of the   following: (i) one-twelfth of the annual retainer(s) rate in effect for   service as a director of the Boards of Directors of the Association and the   Company, (ii) one-twelfth of the annual retainer in effect for service as chairman   of a committee of the Boards of Directors of the Association and the Company   of which such Eligible Director is chairman; and (iii) one-twelfth of the   aggregate per-meeting fees (if any) actually paid to such Eligible Director   for attendance at meetings of the Board of Directors of the Association and   the Company and any committees thereof during the twelve consecutive calendar   month period ending with the month that includes the date in question.</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">(c)</font></p>  </td>
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<font size="2" face="Times New Roman">Acquired   Company shall mean Fidelity New York, F.S.B., The Greater New York Savings   Bank, Long Island Bancorp, Inc, and The Long Island Savings Bank, FSB.</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p><font size="2" face="Times New Roman">5.</font></p>  </td>
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<font size="2" face="Times New Roman">The Monthly   Benefit to which an Eligible Director shall be entitled shall be based upon   the following vesting schedule:</font></p>  </td>
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<font size="1" face="Times New Roman"><b>Full Years<br>   of Service</b></font></p>  </td>
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  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
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<font size="1" face="Times New Roman"><b>Monthly   Benefit, calculated by multiplying <br>   the percentage below by the Monthly Fee</b></font></p>  </td>
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  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">Less than 10</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">0%</font></p>  </td>
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<font size="2" face="Times New Roman">10</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">50%</font></p>  </td>
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<font size="2" face="Times New Roman">11</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">55%</font></p>  </td>
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  <p  align="center"><font size="2" face="Times New Roman">12</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">60%</font></p>  </td>
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<font size="2" face="Times New Roman">13</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">65%</font></p>  </td>
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<font size="2" face="Times New Roman">14</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">70%</font></p>  </td>
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<font size="2" face="Times New Roman">15</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">75%</font></p>  </td>
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<font size="2" face="Times New Roman">16</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">80%</font></p>  </td>
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<font size="2" face="Times New Roman">17</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">85%</font></p>  </td>
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<font size="2" face="Times New Roman">18</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">90%</font></p>  </td>
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<font size="2" face="Times New Roman">19</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">95%</font></p>  </td>
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  <p  align="center"><font size="2" face="Times New Roman">20 or more</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">100%</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">In the case   of an Eligible Director who has received or is eligible to receive a benefit   under another director retirement plan for service as a director of an   Acquired Company, the Monthly Benefit payable under this Plan (when expressed   as a single life annuity) shall be reduced by the monthly benefit paid or   payable under such other plan (when expressed as a single life annuity   payable at the same time as the Monthly Benefit is payable under this Plan).</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">Except as   provided below with respect to Monthly Benefits which become payable   following a Change of Control (as defined below), the Monthly Benefit shall   be paid as follows:</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">(a)</font></p>  </td>
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<font size="2" face="Times New Roman"><u>Normal   Retirement</u>:&#160;   Monthly Benefits shall be paid monthly commencing on the first day of   the month following retirement upon reaching the later of the mandatory   retirement ages set forth in the Bylaws of the Company and the Association as   in effect on January 1, 2004 and January 1, 1990, respectively, or, if later,   the date on which the individual became an Eligible Director.</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">(b)</font></p>  </td>
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<font size="2" face="Times New Roman"><u>Early   Retirement</u>:&#160;   Monthly Benefits shall be paid monthly commencing on the later of the   first day of the month following retirement or the first day of the month   following attainment of age 65. For purposes of the Plan and subject to   Paragraph 11, Early Retirement shall include all manner and means by which an   Eligible Director ceases to serve as a director of the Company and the   Association, excluding only normal retirement, removal for cause or, as   provided in Paragraph 8, death.</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">6.</font></p>  </td>
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<font size="2" face="Times New Roman">The Plan is   intended to be an unfunded plan and the Monthly Benefits will be paid as due   by the Association from its general assets.</font></p>  </td>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">7.</font></p>  </td>
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<font size="2" face="Times New Roman">In the event   that an Eligible Director&#146;s service on the Boards of Directors of the Company   and the Association ceases as a result of such Eligible Director&#146;s   disability, the Monthly Benefit to which such Eligible Director would   otherwise have been entitled pursuant to the Plan may, at the discretion of   the Board of Directors of the Association, be increased to an amount up to   100% of the Monthly Fee received by the Eligible Director and the timing of   such payment shall be accelerated to the first day of the calendar month   immediately following cessation of service due to disability.&#160; Disability for this purpose shall mean any   medically determinable physical or mental impairment which can be expected to   result in death or to last for a continuous period of at least twelve (12)   months and as a result of which either: (a) the Eligible Director is unable   to engage in any substantial gainful activity or (b) the Eligible Director
has been receiving income replacement benefits for a period of at least three   (3) months under an accident and health plan covering employees of the   Eligible Director&#146;s employer, as determined by the Board of Directors of the   Association in accordance with section 409A of the Internal Revenue Code of   1986, as amended (the &#147;Code&#148;) and the regulations thereunder.</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">8.</font></p>  </td>
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<font size="2" face="Times New Roman">All benefits   payable to an Eligible Director pursuant to the Plan shall terminate with the   monthly payment made for the month that includes the date of death of the   Eligible Director, unless the Eligible Director elects that benefits be paid   in one of the following optional forms:</font></p>  </td>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">(a)</font></p>  </td>
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<font size="2" face="Times New Roman">a single   lump sum payment</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">(b)</font></p>  </td>
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<font size="2" face="Times New Roman">fixed   monthly installments for 120 months</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">(c)</font></p>  </td>
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<font size="2" face="Times New Roman">a joint and   100% survivor annuity</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">Where the   Eligible Director has made such an election, benefit payments to a   Beneficiary shall be made in accordance with the form of payment elected,   and, if payments to the Eligible Director have not yet begun, shall commence   as of the first day of the month following the later of the date of the   Eligible Director&#146;s termination of service on both the Boards of the   Association and the Company or the date when the Eligible Director would have   attained age 65 if he had survived to such date. An election of an optional   form of payment shall be in writing in the form and manner determined by the   Board of Directors of the Association and must be made prior to the later of (i)   commencement of participation in the Plan and (ii) January 1, 2006.&#160; An Eligible Director who is also entitled   to a benefit under another plan for service as a director of The Long Island   Savings Bank, FSB or Long Island Bancorp, Inc. shall be deemed to have
elected fixed monthly installments for 120 months.&#160; An Eligible Director who is also entitled to a benefit under   another plan for service as a director of The Greater New York Savings Bank   shall be deemed to have elected a joint and 100% survivor annuity form of   payment with his spouse as his contingent annuitant.&#160; The amount of any optional form of payment   shall be determined by, and on the basis of, reasonable interest rate and   mortality assumptions prescribed by an enrolled actuary selected by the Board   of Directors of the Association such that the actuarial present value of the   payments made under the optional form of payment are equivalent to the   actuarial present value of the payments that would be made in the form of a   single life annuity.</font></p>  </td>
 </tr>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">Where an   Eligible Director elects a form of payment with a guaranteed minimum number   of payments, the Eligible Director may designate a beneficiary or   beneficiaries for any payments remaining to be made at the time of his death   by filing a written notice with the Corporate Secretary prior to the Eligible   Director&#146;s death, in such form and manner as the Corporate Secretary may   prescribe.&#160; An Eligible Director who   has designated a beneficiary or beneficiaries may change or revoke such   designation prior to the Eligible Director&#146;s death by means of a similar   written instrument.&#160; Where an Eligible   Director elects a joint and survivor annuity form of payment, the Eligible   Director may designate a contingent annuitant by filing a written notice with   the Corporate Secretary prior to the Eligible Director&#146;s death, in such form   and manner as the Corporate Secretary may prescribe.&#160; An Eligible Director who has
designated a   contingent annuitant may change or revoke such designation prior to the   commencement of payments or the Eligible Director&#146;s death (whichever is   earlier) by means of a similar written instrument.&#160; If no beneficiary shall have been designated or if any such   designation shall be ineffective, or in the event that no designated   beneficiary survives the Eligible Director, payments due to a beneficiary   shall be paid in a single lump sum to the Eligible Director&#146;s personal   representative, or if no personal representative is appointed within six (6)   months after the Eligible Director&#146;s death or such longer period as the Board   of Directors of the Association deems reasonable in its discretion, to his   surviving spouse, or if he has no surviving spouse, to his then living   descendants, <i>per stirpes.</i> If any Eligible Director and any one or more   of his designated beneficiary(ies) shall die in circumstances that leave   substantial doubt as to who shall
have been the first to die, the Eligible   Director shall be deemed to have survived the deceased Beneficiary(ies).&#160; The presence of substantial doubt for such   purposes shall be determined by the Board of Directors of the Association in   its sole and absolute discretion.&#160; If   the Eligible Director&#146;s designated contingent annuitant does not survive him,   then no survivor benefit shall be paid under a joint and survivor annuity   form of payment.</font></p>  </td>
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 <tr>
  <td width="5%" valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="90%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">9.</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(a)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">A Change of   Control means, with respect to an Eligible Director:&#160; (a) a change in ownership of the Eligible   Director&#146;s Service Recipient; (b) a change in effective control of the   Eligible Director&#146;s Service Recipient; or (c) a change in the ownership of a   substantial portion of the assets of the Eligible Director&#146;s Service   Recipient.&#160; Service Recipient means   with respect to an Eligible Director on any date:&#160; (i) the corporation for which the Eligible Director is performing   services on such date; (ii) all corporations that are liable to the Eligible   Director for the benefits due to him under the Plan; (iii) a corporation that   is a majority shareholder of a corporation described in section (i) or (ii)   above; or (iv) any corporation in a chain of corporations each of which is a   majority shareholder of another corporation in the chain, ending in a   corporation described in section (i) or (ii) above.&#160; The
existence of a Change of Control shall be determined by the   compensation committee of the Board of Directors of the Company (the   &#147;Committee&#148;) in accordance with section 409A of the Code and the regulations   thereunder.</font></p>  </td>
 </tr>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(b)</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">In the event   of a Change of Control, the Association shall pay:</font></p>  </td>
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  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(i)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">To the Eligible   Director, not later than thirty (30) days following the Change of Control or   upon the Eligible Director&#146;s termination of service as a director of the   Company and the Association, whichever is later, a lump sum payment equal to   the present value of the Monthly Benefits to which such Eligible Director is   then entitled under the Plan, where such present value is determined using   the mortality tables prescribed under section 415(b)(2)(E)(v) of the Code and   a discount rate, compounded monthly, equal to the annualized rate of interest   prescribed by the Pension Benefit Guaranty Corporation for the valuation of   immediate annuities payable under terminating single-employer defined benefit   plans (or, if no such rate is prescribed, the rate prescribed under section   417(e)(3) of the Code) for the month in which the Eligible Director&#146;s   termination of service as a director occurs; or</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(ii)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">If elected   by the Eligible Director in writing prior to the date of commencement of   participation in the Plan or, if later, January 1, 2006, to a trust fund to   be established for the benefit of the Eligible Director at the time of the   Change of Control, with a trustee selected by the Eligible Director, an   amount actuarially determined to be sufficient to pay to the Eligible   Director the Monthly Benefit provided pursuant to the Plan as such benefit   would be payable to the Eligible Director under the terms of the Plan but for   the Change of Control.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">To the   extent of any payment under Paragraph 9(b)(i), the Association shall have no   further liability with respect to the payment of benefits to the Eligible   Director under the Plan. The Association shall continue to be liable for the   payment of benefits under the Plan to the extent of any shortfall in the   funds held in trust for the payment of benefits pursuant to Paragraph   9(b)(ii). To the extent that upon the conclusion of the payment from the   trust of all benefits due to an Eligible Director under the Plan there is an   excess in the funds held in trust for the benefit of the Eligible Director,   such excess shall be returned to the Association.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(c)</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">The   Association shall pay all taxes, trustee&#146;s fees and other administrative   charges or expenses associated with the establishment or continuance of such   trust fund.</font></p>  </td>
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</table>
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<PAGE>
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 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">10.</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(a)</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">Whenever   appropriate in the Plan, words used in the singular may be read in the   plural, words in the plural may be read in the singular, and words importing   the masculine gender shall be deemed equally to refer to the feminine or the neuter.   Any reference to a Paragraph shall be to a Paragraph of the Plan, unless   otherwise indicated.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(b)</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">The right to   receive a benefit under the Plan shall not be subject in any manner to   anticipation, alienation or assignment, nor shall rights be liable for or   subject to debts, contracts liabilities or torts. This Plan shall be binding   upon the Association and its successors and assigns, including any successor   by merger or consolidation or a statutory receiver or other person or firm or   corporation to which all or substantially all of the assets and business of   the Association may be sold or otherwise transferred.</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(c)</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">The   Association shall indemnify, hold harmless and defend its Eligible Directors   against their reasonable costs, including legal fees, incurred by them or   arising out of any action, suit or proceeding in which they may be involved,   as a result of their efforts, in good faith, to defend or enforce terms of   the Plan.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(d)</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">A   determination that any provision of the Plan is invalid or unenforceable   shall not effect the validity or enforceability of any other provision   hereof.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(e)</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">Failure to   insist upon strict compliance with any terms, covenants or conditions of the   Plan shall not be deemed a waiver of such term, covenant or condition. A   waiver of any provision of the Plan must be in writing, designated as a   waiver, and signed by the party against whom enforcement is sought. Any   waiver or relinquishment of any right or power hereunder at any one or more   times shall not be deemed a waiver or relinquishment of such right or power   at any other time or times.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(f)</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">The Plan   shall be construed, administered and enforced according to the laws of the   State of New York without giving effect to the conflict of laws principles thereof,   except to the extent that such laws are preempted by federal law.&#160; The federal and state courts having   jurisdiction in Nassau, Suffolk and New York Counties, New York shall have   exclusive jurisdiction over any claim, action, complaint or lawsuit brought   under the terms of the Plan or in any way relating to the rights or   obligations of any person under, or the acts or omissions of the Board of   Directors of the Company and/or the Association or any duly authorized person   acting in their behalf in relation to, the Plan.&#160; By accepting participation in this Plan, the Eligible Director,   for himself and any other person claiming any rights under the Plan through   him, agrees to submit himself, and any such legal action described herein   that he shall bring, to the sole
jurisdiction of such courts for the   adjudication and resolution of such disputes.&#160; The filing of any action, suit or proceeding in any other   jurisdiction shall result in a forfeiture of all benefits due under the Plan   to or in respect of the person making such filing.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(g)</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">The   Association shall have the right to retain a sufficient portion of any   payment made under the Plan to cover the amount required to be withheld   pursuant to any applicable federal, state and local tax law.</font></p>  </td>
 </tr>
</table>
<BR>

<hr size="1" width="100%" noshade color=black>
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<PAGE>
<br>

<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(h)</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">Nothing in   this Plan shall be held or construed to establish any deposit account for any   Eligible Director or any deposit liability on the part of the Association. An   Eligible Directors&#146; rights hereunder shall be equivalent to those of a general   unsecured creditor.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(i)</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">The Plan may   be amended or terminated at any time by resolution of the Board of Directors   of the Company and the Board of Directors of the Association.&#160; If the Plan is terminated, no further   benefits shall be earned, but benefits earned through the termination date   will continue to be paid at the times and in the manner provided under the   Plan.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(j)</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">The Plan   shall be administered by the Committee.&#160;   The Committee shall have the exclusive right to interpret the Plan and   to decide any matters arising in connection with the administration and   operation of the Plan and to take all other necessary and proper actions to   fulfill its duties as administrator.&#160;   Any action taken or omitted by the Committee with respect to the Plan,   including any decision, interpretation, claim denial or review on appeal,   shall be conclusive and binding on the Company, the Association and Eligible   Directors.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">The   Committee shall not be liable for any actions by it under the Plan, unless   due to its own negligence, willful misconduct or lack of good faith.&#160; The Committee shall be indemnified and   held harmless by the Company and/or the Association from and against all   personal liability to which it may be subject by reason of any act done or   omitted to be done in its official capacity as administrator in good faith in   the administration of the Plan, including all expenses reasonably incurred in   its defense in the event the Company and/or the Association fails to provide   such defense upon the request of the Committee.&#160; The Committee is relieved of all responsibility in connection   with its duties hereunder to the fullest extent permitted by law, short of   breach of duty.</font></p>  </td>
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<font size="2" face="Times New Roman">Notwithstanding   anything herein contained to the contrary, any payments or benefits provided   to an Eligible Director pursuant to this Plan by the Association are subject   to and conditioned upon compliance with Section 18K of the Federal Deposit   Insurance Act, 12 U.S.C. &#167; 1825(k), and any regulations promulgated   thereunder.</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">12.</font></p>  </td>
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<font size="2" face="Times New Roman">The Plan is   intended to be a non-qualified deferred compensation plan described in   section 409A of the Code.&#160; The Plan   shall be operated, administered and construed to give effect to such intent.&#160; In addition, the Plan shall be subject to   amendment, with or without advance notice to Eligible Directors and other   interested parties, and on a prospective or retroactive basis, including but   not limited to amendment in a manner that adversely affects the rights of   Eligible Directors and other interested parties, to the extent necessary to   effect such compliance.</font></p>  </td>
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<font size="2" face="Times New Roman">Dated: April   19, 2006</font></p>  </td>
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<font size="2" face="Times New Roman"><b>Astoria Federal Savings and Loan   Association</b></font></p>  </td>
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<font size="2" face="Times New Roman">By:</font></p>  </td>
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<font size="2" face="Times New Roman">/s/George L.   Engelke, Jr.</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">George L.   Engelke, Jr.</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">President   and Chief Executive Officer</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">Dated: April   19, 2006</font></p>  </td>
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<font size="2" face="Times New Roman"><b>Astoria Financial Corporation</b></font></p>  </td>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p><font size="2" face="Times New Roman">By:</font></p>  </td>
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  <p><font size="2" face="Times New Roman">/s/ George   L. Engelke, Jr.</font></p>  </td>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p><font size="2" face="Times New Roman">George L.   Engelke, Jr.</font></p>  </td>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p><font size="2" face="Times New Roman">President   and Chief Executive Officer</font></p>  </td>
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