NEW YORK COMMUNITY BANCORP INC
RETENTION BONUS AGREEMENT DATED AS OF JUNE 27, 2003
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<TYPE>EX-10.18
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<FILENAME>dex1018.htm
<DESCRIPTION>RETENTION BONUS AGREEMENT DATED AS OF JUNE 27, 2003
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<TITLE>Retention Bonus Agreement dated as of June 27, 2003</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">EXHIBIT 10.18 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>New York Community Bancorp, Inc.&nbsp;</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>615 Merrick Avenue </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Westbury, New York 11590 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">June 27, 2003 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Daniel L. Murphy &nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT
FACE="Times New Roman" SIZE="2">The Roslyn Savings Bank </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">One Jericho Plaza </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Jericho, New York 11753-8905 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Dear Daniel: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">I am pleased to have this opportunity to set forth in writing certain additional information relating to your employment at New York Community Bank (the
&#147;Bank&#148;) following the consummation of the transactions contemplated by the Agreement and Plan of Merger (the &#147;Merger Agreement&#148;) entered between New York Community Bancorp, Inc. (the &#147;Holding Company&#148;) and Roslyn
Bancorp, Inc. on this date. This letter is intended to supplement your new employment agreement with the Holding Company. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">At such time as you become an employee of the Bank under your new employment agreement as a result of the merger contemplated by the Merger Agreement, you
will receive a retention bonus of $600,000. However, if you voluntarily terminate employment prior to the completion of 365 days of employment after the Effective Time other than by reason of an &#147;Event of Termination&#148; (as defined in your
new employment agreement), or if you are terminated for &#147;Just Cause&#148; (as defined in your new employment agreement) within such 365-day period, you will immediately return to the Holding Company a portion of the retention bonus equal to the
product of (x) the retention bonus and (y) a fraction the numerator of which is the total number of days remaining in such 365-day period and the denominator of which is 365. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">Notwithstanding the foregoing, if the Merger Agreement is terminated pursuant to Article VI of the Merger
Agreement, this letter agreement will be null and void. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">Please
acknowledge the foregoing in the space indicated below. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="top" COLSPAN="3" WIDTH="41%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Sincerely,</FONT></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">/s/ Joseph R. Ficalora</FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
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<TD VALIGN="top" COLSPAN="3" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Joseph R. Ficalora<BR></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">President and Chief Executive Officer</FONT></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3" WIDTH="40%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Acknowledged and Agreed:</FONT></P></TD>
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<TD VALIGN="top" COLSPAN="3" WIDTH="40%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">/s/ Daniel L. Murphy</FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
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<TD VALIGN="top" COLSPAN="3" WIDTH="40%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Daniel L. Murphy</FONT></P></TD>
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