EXHIBIT 10.36
OPTION CONVERSION AGREEMENT
This OPTION CONVERSION AGREEMENT ("Agreement") is made and entered into as of the 30th day of
September, 1997 by and between ASTORIA FINANCIAL CORPORATION, a corporation organized and
existing under the laws of the State of Delaware and having an office at One Astoria Federal Plaza, Lake
Success, New York 11042-1085 ("Corporation") and MICHAEL J. HENCHY residing at 119 Tullamore
Road, Garden City, New York 11530 ("Option Holder").
WITNESSETH:
WHEREAS, the Option Holder holds certain options to purchase shares of common stock of The Greater New
York Savings Bank ("Existing Options"); and
WHEREAS, pursuant to an Agreement and Plan of Merger dated as of March 29, 1997 by and among the
Corporation, Astoria Federal Savings and Loan Association ("Association") and The Greater New York Savings
Bank ("Merger Agreement"), the Corporation will purchase all of the outstanding common stock of The Greater
New York Savings Bank ("Seller") and will cause the Seller to be merged with and into the Association; and
WHEREAS, pursuant to the Merger Agreement, the Option Holder may elect to cause all or any portion of the
Existing Options to be converted into an option to purchase shares of the common stock of the Corporation
("Converted Option"); and
WHEREAS, the Option Holder has made such an election, and the Option Holder and the Corporation desire to
set forth the terms and conditions of the Converted Option;
NOW, THEREFORE, the Option Holder and the Corporation agree as follows:
SECTION 1. GRANT OF CONVERTED OPTION.
The Corporation hereby grants, and the Option Holder hereby accepts the Corporation's grant of, a Converted
Option, on the terms and conditions hereinafter set forth, to purchase the number of shares of the Corporation's
Common Stock (each, an "Optioned Share"), at the exercise price(s) per share (each, an "Applicable Exercise
Price"), and generally for the period beginning on the date hereof and ending on the expiration date(s) (each, an
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