Amendment to Employment Agreement between Flushing Financial Corporation and Michael J. Hegarty.
This AMENDMENT AGREEMENT ("Agreement") is made and entered into as of the 18th day of June 1996,
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 Michael J. Hegarty, residing at
Two Central Drive, Glen Head, New York 11545 ("Officer").
The Holding Company and the Officer agree that, effective as of the date hereof, the employment agreement
entered into between the Holding Company and the Officer as of November 21, 1995 (the "Employment
Agreement"), is hereby amended as provided herein.
1. The second sentence of Section 2(a) of the Employment Agreement is amended to read as follows:
"The Employment Period shall be for a term commencing on the day on which the conversion of Flushing Savings
Bank, FSB ("Bank") from the mutual to stock form of ownership becomes effective (the "Effective Date of the
Conversion") and ending on the third anniversary of such date, plus such extensions as are provided pursuant to
section 2(b) of this Agreement."
2. Section 7(b)(iii) of the Employment Agreement is amended to read as follows:
"continued group life, disability, health (including medical and major medical) and accident insurance benefits, in
addition to that provided pursuant to section 7(b)(ii), to the extent necessary to provide coverage for the Officer
for a period of 36 month ("Severance Period"). Such coverage shall be equivalent to that to which the Officer
would have been entitled if he had continued working for the Bank and the Holding Company during the
Severance Period at the highest annual rate of Current Salary achieved during the Employment Period; and"
3. Except as it may be amended as provided herein, the Employment Agreement shall continue in full force and
effect in accordance with its original terms.
IN WITNESS WHE