ContractSeverance Agreement • May 26th, 2005 • First of Long Island Corp • National commercial banks • New York
SEVERANCE AGREEMENT AGREEMENT dated May 25, 2005 between THE FIRST OF LONG ISLAND CORPORATION (the “Corporation”) and J. WILLIAM JOHNSON (“Officer”). WHEREAS, the Corporation, as employer, and Officer, as employee, are parties to a certain letter employment agreement dated January 31, 1996, as amended (the “Employment Contract”); and WHEREAS, the term of the Employment Contract expires on December 31, 2007; and WHEREAS, Officer desires to resign his employment under the Employment Contract and to retire from active service as an employee and director of the Corporation and its subsidiary, The First National Bank of Long Island (the “Bank”) on the terms and conditions set forth herein; and WHEREAS, the Corporation is willing to accept such resignation on such terms and conditions; NOW, THEREFORE, in consideration of the mutual promises contained herein and other good and valuable consideration, receipt of which is hereby acknowledged by each party, the parties do hereby agree as follows
