Common use of COMPLIANCE WITH TAX AND SECURITIES LAWS Clause in Contracts

COMPLIANCE WITH TAX AND SECURITIES LAWS. I understand that I must rely on, and consult with, my own tax and legal counsel (and not Tappan Zee Financial, Inc.) regarding the application of all laws -- particularly tax and securities laws -- to the transactions to be effected pursuant to my Option and this Notice. I understand that I will be responsible for paying any federal, state and local taxes that may become due upon the sale (including a sale pursuant to a "cashless exercise") or other disposition of Shares issued pursuant to this Notice and that I must consult with my own tax advisor regarding how and when such income will be reportable.

COMPLIANCE WITH TAX AND SECURITIES LAWS. I understand that I must rely on, and consult with, my own tax and legal counsel (and not Tappan Zee Financial, Inc.The Warwick Savings Bank or the Company) regarding the application of all laws -- laws-- particularly tax and securities laws -- laws-- to the transactions to be effected pursuant to my the Option and this Notice. I understand that I will be responsible for paying any federal, state and local taxes that may become due upon the purchase and/or sale (including a sale pursuant to a "cashless exercise") or other disposition of Shares issued pursuant to this Notice and that I must consult with my own tax advisor regarding how and when such income will be reportable.