FLUSHING FINANCIAL CORPORATION
This EMPLOYMENT AGREEMENT ("Agreement") is made and entered into as of the 9th day of September,
1997, by and between Flushing Financial Corporation, a Delaware corporation having its executive offices at
144-51 Northern Boulevard, Flushing, New York 11354 (the "Holding Company"), and Donald L. Shapiro,
residing at 27 East 65th Street, New York, New York 10021 ("Officer").
W I T N E S S E T H:
WHEREAS, the Holding Company considers the availability of the Officer's services to be important to the
successful management and conduct of the Holding Company's business and desires to secure for itself the
availability of his services; and
WHEREAS, for purposes of securing for the Holding Company the Officer's services, the Board of Directors of
the Holding Company ("Board") has authorized the proper officers of the Holding Company to enter into an
employment agreement with the Officer on the terms and conditions set forth herein; and
WHEREAS, the Officer is willing to make his services available to the Holding Company on the terms and
conditions set forth herein;
NOW, THEREFORE, in consideration of the premises and the mutual covenants and obligations hereinafter set
forth, the Holding Company and the Officer hereby agree as follows:
Section 1. EMPLOYMENT.
The Holding Company hereby agrees to employ the Officer, and the Officer hereby agrees to accept such
employment, during the period and upon the terms and conditions set forth in this Agreement.
Section 2. EMPLOYMENT PERIOD.
(a) Except as otherwise provided in this Agreement to the contrary, the terms and conditions of this Agreement
shall be and remain in effect during the period of employment ("Employment Period") established under this
section 2. The Employment Period shall be for a term commencing on the Effective Time, as defined in the
Agreement and Plan of Merger, dated as of the 24th day of April, 1997 among the Holding Company, Flushing
Savings Bank, FSB (t