EXHIBIT 10.1
[THE FIRST OF LONG ISLAND LETTERHEAD]
August 31, 2003
Mr. X. Xxxxxxx Xxxxxxx
Dear Xx. Xxxxxxx:
I refer to the letter employment agreement dated January 31, 1996 (the
"Agreement) which, as heretofore amended, sets forth the terms and conditions of
your employment by The First of Long Island Corporation ("FLIC") and its
subsidiary, The First National Bank of Long Island (the "Bank").
This will serve to confirm that the parties have agreed to amend the
Agreement, effective as of the date hereof, as follows:
1. Compensation. The Base Annual Salary, payable in accordance with
Section 3(a) of the Agreement, shall be One Hundred Ninety One Thousand Five
Hundred Dollars ($191,500.00) per annum.
2. Capacity. The text of Section "2" of the Agreement ("Capacity") is
hereby deleted in its entirety and replaced by the following:
"(a) You shall be employed as an officer of FLIC, in the capacity of
Chairman of the Board of Directors of FLIC. You also agree to serve as officer
and Chairman of the Board of Directors of the Bank upon your election as such.
You shall be proposed for election to the Boards of Directors of the Bank and
FLIC at each annual meeting of shareholders of the Bank and of FLIC,
respectively, at which you must stand for election in order to continue as a
director. You shall report directly to the Boards of Directors of the Bank and
FLIC.
(b) Your responsibilities shall consist of the normal and customary duties
of a board chairman and shall also include the following:
(i) Advising and consulting with the Chief Executive Officer of
the Bank and FLIC with regard to matters relating to the
management of the Bank and FLIC;
(ii) Advising and consulting with senior officers of the Bank with
regard to strategic planning and initiatives;
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Mr. X. Xxxxxxx Xxxxxxx
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August 31, 2003
(iii) Advising and consulting with the Chief Financial Officer and
other senior officers of the Bank and FLIC with regard to
financial and investment matters;
(iv) Managing all matters relating to legislative issues affecting
the business of FLIC and the Bank;
(v) Developing and enhancing customer relationships and good will.
(c) You shall serve on such board committees of FLIC and the Bank as you
deem appropriate, except for the Audit and Compensation and Stock Option
Committees. You shall also chair such committees as you deem appropriate.
(d) You agree to devote reasonable time to the faithful and diligent
performance of your duties to FLIC and the Bank, it being understood that such
duties will not require your full time and attention. You shall serve and
further the best interests and enhance the reputation of FLIC and the Bank to
the best of your ability."
All other terms and conditions set forth in the Agreement, as heretofore
amended, including, but not limited to, the term of the Agreement and renewal
terms thereof, shall remain in full force and effect.
This letter reflects the entire understanding with respect to the subject
of modification of the Agreement.
If the foregoing accurately sets forth our agreement, please so indicate
by signing and returning the enclosed copy of this letter.
Very truly yours,
THE FIRST OF LONG ISLAND CORPORATION
By: /s/ X. Xxxxxxx Xxxxxxx, Xx.
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X. Xxxxxxx Xxxxxxx Xx., Director
Accepted and Agreed this
31st day of August, 2003
/s/ X. Xxxxxxx Xxxxxxx
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X. Xxxxxxx Xxxxxxx
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