Flushing Financial CorporationStock Option Assumption Agreement • August 16th, 2006 • Flushing Financial Corp • Savings institution, federally chartered
As you know, on June 30, 2006 (the “Closing Date”), Atlantic Liberty Financial Corp. (“ALFC”) merged with and into Flushing Financial Corporation (“FFC”), a Delaware corporation (the “Merger”) pursuant to the Agreement and Plan of Merger by and between FFC and ALFC dated December 20, 2005 (the “Merger Agreement”). In the Merger, each holder of shares of ALFC common stock could elect to receive (i) $24.00 in cash (the “Cash Consideration”), (ii) 1.43 shares (the “Exchange Ratio”) of FFC common stock (the “Stock Consideration”), or (iii) a combination of Cash Consideration and the Stock Consideration for each share of ALFC common stock. On the Closing Date you held one or more outstanding options to purchase shares of ALFC common stock granted to you under the ALFC 2003 Incentive Stock Benefit Plan (the “Plan”) and documented with a Stock Option Agreement(s) and any amendment(s) or waiver(s) thereto (collectively, the “Option Agreement”) issued to you under the Plan (the “ALFC Options”).
