HUDSON CITY SAVINGS BANK
POST RETIREMENT DEATH BENEFIT FOR SENIOR OFFICERS
(a form of Deferred Compensation)
This Agreement entered into this 23 day of December, 1999 between Hudson City Savings Bank, a corporation
having its principal place of business at West 80 Century Road, Paramus, N.J. (herein called the Bank) and
James C. Kranz (herein called the Senior Officer).
W I T N E S S E T H:
WHEREAS, Senior Officer has been employed by the Bank since August, 1993 and by reason thereof has
acquired experience and knowledge of considerable value to the Bank, and
WHEREAS, the Bank wishes to offer an inducement to Senior Officers to remain in its employ by providing a
Death Benefit, a form of Deferred Compensation, such benefit to be compensation beyond his regular salary for
services which he has rendered or will hereafter render, and such benefit may at the Bank's discretion, be funded
in part or whole by a life insurance policy on the life of the Senior Officer or by other appropriate assets
purchased by the Bank for purposes of this Agreement.
WHEREAS, if Senior Officer continues in the employ of the Bank until his retirement,
NOW THEREFORE, it is mutually agreed as follows:
(1) The Bank which currently employs the Senior Officer at the time of this Agreement, and Senior Officer
enjoying such employment, accept the conditions which are hereinafter set forth in the Agreement.
(2) As compensation for his services the Bank hereby agrees to provide Senior Officer, and Senior Officer
hereby agrees to accept from the Bank a Death Benefit payable upon his death following retirement as defined in
paragraph (3). This benefit to be determined by the Board of Managers of the Bank. Such Death Benefit to be
according to officer levels as follows:
(3) Upon Senior Officer's retirement from the Bank under the provisions of the Retirement Plan of Hudson City
Savings Bank and he being immediately eligible for a retirement benefit, the Bank commencing with the first day