Re: Letter Employment Agreement dated January 1, 2005 (the “Agreement”), as amended
Exhibit 10.10 - Amendment To Employment Agreement Between the
Registrant and Xxxx X. Xxxxxx
June 1,
2009
Xx. Xxxx
X. Xxxxxx
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Re:
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Letter
Employment Agreement dated January 1, 2005 (the “Agreement”), as
amended
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Dear Xx.
Xxxxxx:
This will
serve to confirm that we have agreed to further amend the captioned Agreement,
effective as of January 1, 2009, in the following respects:
1.
Section “1” of the Agreement is hereby deleted in its entirety, and the
following section is hereby substituted therefor:
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“1.
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TERM;
RENEWAL
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The Term
of the Agreement shall be two (2) years. If not terminated as
described below, the term shall, on January 1 of each year during the Term,
automatically be extended for an additional year, resulting in a new two (2)
year term (the “Renewal Terms”), with such modifications hereto as the parties
shall agree in writing; provided, however, that the Agreement shall not be so
extended in the event that you or FLIC provides written notice of non-extension
to the other party no later than October 31 of the preceding
year. Notwithstanding the foregoing, FLIC may not provide such notice
of non-extension during any period of time in which the Board of Directors of
FLIC is actively negotiating a transaction, the consummation of which would
constitute a Change of Control Event (as hereinafter defined).”
2. Section
4(A) of the Agreement is hereby amended by the deletion of “One Hundred Twenty
Five Per Cent (125%)” and the insertion of “Two Hundred Per Cent (200%)” in
place thereof.
3.
Section 8.1 of the Agreement is hereby amended by the deletion of “eighteen
(18)” and the insertion of “twenty-four (24)” in place thereof.
Please
confirm that the foregoing accurately sets forth our understanding by signing
and returning the enclosed copy of this letter. The Agreement will
thereupon be deemed amended in the foregoing respects and, except as amended
hereby, its terms will continue in full force and effect.
Very
truly yours,
THE FIRST
OF LONG ISLAND CORPORATION
By: /s/ XXXXXXX X.
XXXXXXXX
Xxxxxxx
X. Xxxxxxxx,
President
and Chief Executive Officer
Date
Executed - October 15, 2009
Accepted
and agreed:
By: /s/ XXXX X.
XXXXXX
Xxxx X.
Xxxxxx
Date
Executed - October 15, 2009
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