CONFIDENTIAL May 12, 2017 Ponce De Leon Federal Bank Bronx, New York 10462Letter Agreement • May 22nd, 2017 • PDL Community Bancorp • Savings institution, federally chartered
By letter dated December 2, 2016 (the “Engagement Letter”), Ponce De Leon Federal Bank (the “Bank”), on behalf of itself and the Company (as such term is defined in the Engagement Letter), and Raymond James & Associates, Inc., (“Raymond James”) entered into an agreement with respect to the terms under which Raymond James would assist the Company in connection with the Bank’s proposed reorganization into the mutual holding company form of organization. This letter hereby amends the Engagement Letter to clarify certain matters with regard to the engagement of Raymond James as provided herein. Accordingly, the Engagement Letter is hereby amended as follows:
