EMPLOYMENT TERMINATION AND RELEASE AGREEMENT
This EMPLOYMENT TERMINATION AND RELEASE AGREEMENT (hereinafter referred to as the
"Agreement") is made and entered into by and among JOHN J. CONEFRY, JR. (referred to below as "You" or
"Your"), ASTORIA FEDERAL SAVINGS AND LOAN ASSOCIATION (referred to below as the
"Company") and ASTORIA FINANCIAL CORPORATION (referred to below as the "Holding Company").
Your employment with the Holding Company and/or the Company is being terminated. The Holding Company is
prepared to pay You severance benefits, but will do so only if You give up Your rights to bring or participate in
certain types of lawsuits. By signing this Agreement, You will give up those rights, and the Holding Company will
agree to pay You severance benefits. This Agreement was given to You on November 21, 2000. This
Agreement will be of no force or effect unless it is properly signed and returned to the Company no later than
December 29, 2000.
YOU SHOULD THOROUGHLY REVIEW AND UNDERSTAND THE TERMS, CONDITIONS AND
EFFECT OF THIS AGREEMENT. THEREFORE, YOU HAVE A MINIMUM OF TWENTY-ONE (21)
DAYS AFTER THIS AGREEMENT IS GIVEN TO YOU TO CONSIDER IT BEFORE SIGNING IT.
YOU ARE ADVISED TO CONSULT WITH AN ATTORNEY BEFORE YOU SIGN.
1. You shall resign from your position as an operating officer, as well as from any and all other positions that You
hold in Your capacity as an employee of the Holding Company, the Company and their direct or indirect
subsidiaries and affiliates, effective at the close of business on December 29, 2000 (the "Termination Date").
Your resignation shall have no effect on Your status as a non-employee Vice Chairman and director of the
Company or the Holding Company and shall result in the commencement, on the day after the Termination Date,
of the Consulting Period under the Litigation Advisory Committee Consulting Agreement between You and the
Holding Company made and entered into as of April 2, 1998 (the "Litigation Commit