Document:

ex10_18.htm

    
      

    

    
      
        Exhibit
10.18

         

      

      NBT
BANCORP INC.

      

      SUPPLEMENTAL
EXECUTIVE RETIREMENT PLAN

       

      (Effective
as of July 23, 2001)

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      TABLE OF
CONTENTS

      

      
        
          
            	 
      	
                    Page

                  
	 
      	 
      
	
                    Preamble

                  	
                    1

                  
	 
      	 
      
	
                    Article
      1 - Definitions

                  	
                    1

                  
	 
      	 
      
	
                    Article
      2 - Eligibility and Participation

                  	
                    6

                  
	 
      	 
      
	
                    Article
      3 - Retirement Date

                  	
                    7

                  
	 
      	 
      
	
                    Article
      4 - Retirement Income Benefit

                  	
                    7

                  
	 
      	 
      
	
                    Article
      5 - Supplemental 401(k)/ESOP Benefit and Deferral Credit
      Accounts

                  	
                    8

                  
	 
      	 
      
	
                    Article
      6 - Supplemental Retirement Benefit

                  	
                    9

                  
	 
      	 
      
	
                    Article
      7 - Modes of Benefit Payment and Vesting of Benefits

                  	
                    10

                  
	 
      	 
      
	
                    Article
      8 - Death Benefits

                  	
                    12

                  
	 
      	 
      
	
                    Article
      9 - Unfunded Plan

                  	
                    14

                  
	 
      	 
      
	
                    Article
      10 - Administration

                  	
                    15

                  
	 
      	 
      
	
                    Article
      11 - Amendment or Termination

                  	
                    17

                  
	 
      	 
      
	
                    Article
      12 - General Provisions

                  	
                    17

                  

          

        

      

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    
      SUPPLEMENTAL
RETIREMENT AGREEMENT

      EFFECTIVE
JULY 23, 2001

      

      

      The
attached document (NBT Bancorp
Inc. Supplemental Executive Retirement Plan, effective as of July 23,
2001) sets forth the terms of an agreement for the payment of supplemental
retirement income made as of July 23, 2001 between NBT Bancorp Inc., a Delaware
corporation and a registered financial holding company headquartered at 52 S.
Broad Street, Norwich, New York  13815, and Michael J. Chewens, an
individual residing at 2613 Pine Bluff Drive, Vestal, New
York  13815.  The parties hereby execute this agreement as
follows:

      

      

      NBT
BANCORP INC.

      

      

      
        
          	
                  By:  /s/ Daryl R.
      Forsythe

                	
                  Date:  July 23,
      2001

                
	
                  Daryl
      R. Forsythe

                	 
      
	
                  Chairman,
      President and

                	 
      
	
                  Chief
      Executive Officer

                	 
      
	 
      	 
      
	 
      	 
      
	
                  /s/ Micheal J. Chewens

                	
                  Date:  July 23,
      2001

                
	
                  Michael
      J. Chewens

                	 
      

        

      

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      PREAMBLE

       

      This NBT
Bancorp Inc. Supplemental Executive Retirement Plan (the “Plan”) is effective as
of July 23, 2001.  The purpose of the Plan is to permit certain
employees of NBT Bancorp Inc. (the “Company”), its subsidiary, NBT Bank,
National Association (the “Bank”) and adopting affiliated employers to receive
supplemental retirement income when such amounts would be due under the benefit
and contribution formulas in the tax-qualified NBT Bancorp Inc. Defined Benefit
Pension Plan and NBT Bancorp Inc. 401(k) and Employee Stock Ownership Plan but
cannot be paid thereunder due to the reductions and other limitations imposed by
Sections 401(a)(17), 401(k)(3), 401(m) and 415 of the Internal Revenue Code of
1986, as amended and to provide such employees’ with an aggregate retirement
benefit (taking into consideration amounts paid under such Plans and social
security benefits) commencing following retirement at or after age 62 of not
less than 50% of such employees’ final average compensation, subject to the
terms of the Plan.  Capitalized terms are defined in Article 1
below.

       

      The Plan
is intended to be an unfunded, non-qualified deferred compensation
plan.  Neither the Employer, the Committee, nor the individual members
of the Committee shall segregate or otherwise identify specific assets to be
applied to the purposes of the Plan, nor shall any of them be deemed to be a
trustee of any amounts to be paid under the Plan.  Any liability of
the Employer to any person with respect to benefits payable under the Plan shall
be based solely upon such contractual obligations, if any, as shall be created
by the Plan, and shall give rise only to a claim against the general assets of
the Employer.  No such liability shall be deemed to be secured by any
pledge or any other encumbrance on any specific property of the
Employer.

      

      ARTICLE
1

       

      DEFINITIONS

       

       

      The
following words and phrases shall have the meanings hereafter ascribed to
them.  Those words and phrases which have limited application are
defined in the respective Articles in which such terms appear.

       

      
        	
                1.1

              	
                “Actuarial
      Equivalent” shall have the same meaning the term “Actuarial Equivalent”
      has under Section 2.03 of Appendix A to the Basic Retirement Plan using
      the following actuarial
assumptions:

              

      

       

      Mortality:  “Applicable
Mortality Rate” as such term is defined in Section 2.03c of Appendix A to the
Basic Retirement Plan.

       

      Interest
Rate:  “Applicable Interest Rate” as such term is defined in
Section 2.09b of Appendix A to the Basic Retirement Plan.

       

      
        	
                1.2

              	
                “Bank”
      means NBT Bank, National Association or any successor thereto by merger,
      consolidation or otherwise by operation of
law.

              

      

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      
        	
                1.3

              	
                “Basic
      401(k)/ESOP” means the NBT Bancorp Inc. 401(k) and Employee Stock
      Ownership Plan, as amended from time to
time.

              

      

       

      
        	
                1.4

              	
                “Basic
      401(k)/ESOP Benefit” means the benefit paid to a Participant under the
      Basic 401(k)/ESOP and includes benefits payable upon Normal Retirement,
      Early Retirement, Postponed Retirement, death or termination of
      service.

              

      

       

      
        	
                1.5

              	
                “Basic
      401(k)/ESOP Surviving Spouse Benefit” means the benefit payable to a
      Participant’s surviving spouse under the Basic 401(k)/ESOP upon the
      Participant’s death before a distribution of the Participant’s entire
      Basic 401(k)/ESOP account balance.

              

      

       

      
        	
                1.6

              	
                “Basic
      Retirement Plan” means the NBT Bancorp Inc. Defined Benefit Pension Plan,
      as amended from time to time.

              

      

       

      
        	
                1.7

              	
                “Basic
      Retirement Plan Benefit” means the benefit payable to a Participant under
      the Basic Retirement Plan and includes benefits payable upon Normal
      Retirement, Early Retirement, Postponed Retirement, death or termination
      of service.

              

      

       

      
        	
                1.8

              	
                “Basic
      Retirement Plan Surviving Spouse Benefit” means the benefit payable to a
      Participant’s surviving spouse or eligible children under the Basic
      Retirement Plan upon the Participant’s death, if
  any.

              

      

       

      
        	
                1.9

              	
                “Beneficiary”
      means such living person or living persons designated by the Participant
      in accordance with Section 7.5(a) to receive the Supplemental Retirement
      Benefit after his or her death, or his or her personal or legal
      representative, all as herein described and provided.  If no
      Beneficiary is designated by the Participant or if no Beneficiary survives
      the Participant, the Beneficiary shall be the Participant’s
      estate.

              

      

       

      
        	
                1.10

              	
                “Board”
      means the Board of Directors of the Company, as duly constituted from time
      to time.

              

      

       

      
        	
                1.11

              	
                “Cause”
      means the Participant’s (a) conviction of robbery, bribery, extortion,
      embezzlement, fraud, grand larceny, burglary, perjury, income tax evasion,
      misapplication of Employer funds, false statements in violation of 18
      U.S.C. § 1001, or any other felony that is punishable by a term of
      imprisonment of more than one year; (b) material breach of his or her duty
      of loyalty to the Employer; (c) acts or omissions in the performance of
      his or her duties having a material adverse effect on the Employer that
      were not done or omitted to be done in good faith or which involved
      intentional misconduct or a knowing violation of law; or (d) any
      transaction in the performance of his or her duties with the Employer from
      which he or she derived a material improper personal
    benefit.

              

      

       

      
        	
                1.12

              	
                “Change
      in Control” means:

              

      

       

      (i)           A
change in control with respect to the Company or the Bank of a nature that would
be required to be reported in response to Item 6(e) of Schedule 14A of
Regulation 14A as in effect on the date hereof pursuant to the Securities
Exchange Act of 1934 (the “Exchange Act”); provided that, without limitation,
such a change in control shall be deemed to have occurred at such time as any
person (including an individual, corporation, partnership, trust, association,
joint venture, pool, syndicate, unincorporated organization, joint-stock company
or similar organization or group acting in concert) hereafter becomes the
“beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly
or indirectly, of 30 percent or more of the combined voting power of the common
stock and other voting securi­ties of the Company; or

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      (ii)          
During any period of two consecutive years, individuals who at the beginning of
such period constitute the Board cease for any reason to con­stitute at
least a majority thereof unless the election, or the nomination for election by
the shareholders of the Company, of each new director was approved by a vote of
at least two-thirds of the directors then still in office who were directors at
the beginning of the period; or

       

      (iii)           There
shall be consummated (x) any consoli­dation or merger of the Company in
which it is not the continuing or surviving corporation or pursuant to which
voting securities of the Company would be converted into cash, securities, or
other property, other than a merger of the Company in which the holders of its
common stock and other voting securities immediately before the merger have
substantially the same propor­tionate ownership of common stock and other
voting securities, respectively, of the surviving corporation immedi­ately
after the merger, or (y) any sale, lease, exchange, or other transfer (in one
transaction or a series of related transac­tions) of all, or
sub­stantially all of the assets of the Company or the Bank, pro­vided
that any such consolidation, merger, sale, lease, exchange or other transfer
consummated at the insistence of an appropriate banking regulatory agency shall
not constitute a change in control; or

       

      (iv)          
Approval by the shareholders of the Company of any plan or proposal for
its liquidation or dissolution.

       

      
        	
                1.13

              	
                “Code”
      means the Internal Revenue Code of 1986, as amended from time to
      time.

              

      

       

      
        	
                1.14

              	
                “Committee”
      means the Plan’s administrative committee, as appointed by the Board to
      administer the Plan, as described in Article
10.

              

      

       

      
        	
                1.15

              	
                “Company”
      means NBT Bancorp, Inc. or any successor thereto by merger, consolidation
      or otherwise by operation of law.

              

      

       

      
        	
                1.16

              	
                “Confidential
      Information” means business methods, creative techniques and technical
      data of the Company, the Bank and their affiliates that are deemed by the
      Company, the Bank or any such affiliate to be and are in fact confidential
      business information of the Company, the Bank or its affiliates or are
      entrusted to the Company, the Bank or its affiliates by third parties, and
      includes, but is not limited to, procedures, methods, sales relationships
      developed while the Participant is in the service of the Company, the Bank
      or their affiliates, knowledge of customers and their requirements,
      marketing plans, marketing information, studies, forecasts and surveys,
      competitive analyses, mailing and marketing lists, new business proposals,
      lists of vendors, consultants, and other persons who render service or
      provide material to the Company, the Bank or their affiliates, and
      compositions, ideas, plans, and methods belonging to or related to the
      affairs of the Company, the Bank or their affiliates, except for such
      information as is clearly in the public domain, provided, that
      information that would be generally known or available to persons skilled
      in the Participant’s fields shall be considered to be “clearly in the
      public domain” for this
purpose.

              

      

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      
        	
                1.17

              	
                “Deferral
      Credit Account” means the bookkeeping account maintained in the name of
      the Employer, on behalf of each Participant, pursuant to Article
      5.

              

      

       

      
        	
                1.18

              	
                “Determination
      Date” means the earlier of (i) the date of termination of the
      Participant’s employment with the Employer or (ii) the first day of the
      month following the Participant’s 65th
birthday.

              

      

       

      
        	
                1.19

              	
                “Effective
      Date” means July 23, 2001.

              

      

       

      
        	
                1.20

              	
                “Employee”
      means a person who is an employee of the
  Employer.

              

      

       

      
        	
                1.21

              	
                “Employer”
      means the Company, the Bank and any subsidiary or affiliated corporation
      of either of them which, with the approval of the Board and subject to
      such conditions as the Board may impose, adopts the Plan, and any
      successor or successors of any of
them.

              

      

       

      
        	
                1.22

              	
                “Final
      Average Compensation” shall have the same meaning as the term “Final
      Average Compensation” has under Section 2.27 of Appendix A to the Basic
      Retirement Plan, except that in determining the amount of Compensation (as
      defined in Section 2.14 of Appendix A to the Basic Retirement Plan) to be
      used in calculating Final Average Compensation under Section 2.27 of
      Appendix A to the Basic Retirement Plan, Compensation shall not be subject
      to the compensation limitation of section 401(a)(17) of the
      Code.

              

      

       

      
        	
                1.23

              	
                “401(k)/ESOP
      Benefit” means the deferred compensation 401(k)/ESOP Benefit provided to
      Participants and their beneficiaries in accordance with the applicable
      provisions of the Plan.

              

      

       

      
        	
                1.24

              	
                “Full-Time
      Employee” shall mean an Employee who works not less than 1,000 hours in a
      calendar year.

              

      

       

      
        	
                1.25

              	
                “Other
      Retirement Benefits” means the sum
of:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                The
      annual benefit payable to the Participant from the Basic Retirement Plan;
      plus

              

      

       

      
        	
                 
      

              	
                (b)

              	
                The
      annual Retirement Income Benefit payable to the Participant hereunder;
      plus

              

      

       

      
        	
                 
      

              	
                (c)

              	
                The
      annual amount of any supplemental retirement benefit payable to the
      Participant by the Employer or any other Employer pursuant to any
      Supplemental Retirement Agreement with the Participant (other than amounts
      attributable to elective deferrals of such Participant’s compensation);
      plus

              

      

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                (d)

              	
                The
      annual benefit that could be provided by (A) Employer contributions (other
      than elective deferrals) made on the Participant’s behalf under the Basic
      401(k)/ESOP, and (B) actual earnings on contributions in (A), if such
      contributions and earnings were converted to a benefit payable at age 62
      in the same form as the Supplemental Retirement Benefit, using the same
      actuarial assumptions as are provided under Section 1.1;
    plus

              

      

       

      
        	
                 
      

              	
                (e)

              	
                The
      annual benefit that could be provided by the Participant’s Deferral Credit
      Account, if such Deferral Credit Account were converted to a benefit
      payable at age 62 in the same form as the Supplemental Retirement Benefit,
      using the same actuarial assumptions as are provided under Section
      1.1.

              

      

       

      The
amount of Other Retirement Benefits shall be determined by an actuary selected
by the Company, with such determination to be made without regard to whether the
Participant is receiving payment of such benefits on the Determination
Date.  To the extent the Participant receives a payment of Other
Retirement Benefits described in 1.25(d) or (e) prior to the date the
Supplemental Retirement Benefit is determined pursuant to this Plan, the total
of such Other Retirement Benefits shall be determined by including and assuming
that such amounts earned interest at a variable rate equal to the one-year
United States Treasury bill rate as reported in the New York edition of The Wall Street Journal on
the Determination Date from the date received to the date Other Retirement
Benefits are calculated for purposes of this Plan.

       

      
        	
                1.26

              	
                “Participant”
      means an Employee who has been designated by the Employer as eligible to
      participate in the Plan and who becomes a Participant pursuant to the
      provisions of Article 2.

              

      

       

      
        	
                1.27

              	
                “Plan”
      means the NBT Bancorp Inc. Supplemental Executive Retirement Plan, as
      herein set forth, and as it may hereafter be amended from time to
      time.

              

      

       

      
        	
                1.28

              	
                “Plan
      Limitation Provisions” means provisions of the Basic 401(k)/ESOP and the
      Basic Retirement Plan that reduce or restrict an Employee’s
      employer-provided benefits under the Basic Retirement Plan and employer
      matching contributions to the Basic 401(k)/ESOP (including Article IX and
      the last sentence of Section 1.12 of the Basic Retirement Plan and the
      next to last paragraph of Section 1.14, the third paragraph of Section
      1.33 and Sections 4.5, 4.7 and 4.9 of the Basic 401(k)/ESOP, or the
      corresponding provisions of any amendment to such Plans) in order to
      satisfy the limitations imposed by one or more of the
      following:  (i) Section 401(a)(17) of the Code, (ii) Section
      401(k)(3) of the Code, (iii) Section 401(m) of the Code, or (iv) Section
      415 of the Code.

              

      

       

      
        	
                1.29

              	
                “Plan
      Year” means the period from the Effective Date through December 31, 2001
      and each calendar year thereafter within which the Plan is in
      effect.

              

      

       

      
        	
                1.30

              	
                “Present
      Value” means the present value of a benefit determined on the basis of the
      actuarial assumptions specified in Section
1.1

              

      

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      
        	
                1.31

              	
                “Social
      Security Benefit” means the Participant’s actual social security benefit
      at his or her Social Security Retirement
Age.

              

      

       

      
        	
                1.32

              	
                “Social
      Security Retirement Age” shall have the same meaning the term “Social
      Security Retirement Age” has under Section 2.58 of Appendix A to the Basic
      Retirement Plan.

              

      

       

      
        	
                1.33

              	
                “Retirement
      Income Benefit” means the deferred compensation retirement income benefit
      determined pursuant to Article 4.

              

      

       

      
        	
                1.34

              	
                “Supplemental
      Retirement Benefit” means the deferred compensation retirement benefit
      determined pursuant to Article 6.

              

      

       

      
        	
                1.35

              	
                “Supplemental
      Surviving Spouse Benefit” means the survivor death benefit payable to a
      Participant’s surviving spouse, pursuant to the provisions of Sections 8.1
      through 8.3.

              

      

       

      
        	
                1.36

              	
                “Year
      of Service” means a calendar year in which the Participant completes not
      less than 1,000 Hours of Service (as defined in Section 1.25 of the Basic
      Retirement Plan) with an Employer.

              

      

       

      Words
importing males shall be construed to include females and the singular shall be
construed to include the plural, and vice versa, wherever
appropriate.

       

      ARTICLE
2

       

      ELIGIBILITY AND
PARTICIPATION

       

       

      
        	
                2.1

              	
                Plan
      eligibility is limited to a select group of management or highly
      compensated Employees, as designated in writing by the Board, who
      participate in the Basic Retirement Plan, the Basic 401(k)/ESOP or both
      such plans.

              

      

       

      From time
to time, the Company may designate one or more Employees who participate in the
Basic Retirement Plan, the Basic 401(k)/ESOP or both such plans as participants
in the Plan, from the class of Employees participating in the Basic Retirement
Plan, the Basic 401(k)/ESOP or both such plans who are members of a select group
of management Employees or are highly compensated Employees.  Newly
eligible Employees shall participate as of the date specified by the
Board.

       

      
        	
                2.2

              	
                The
      Company may, from time to time, remove any Participant from participation
      in the Plan; provided, however,
      that, subject to Section 12.4, such removal will not reduce the amount of
      Retirement Income Benefit and 401(k)/ESOP Benefit credited to the
      Participant under the Plan, as determined as of the date of such
      Participant’s removal.  A Participant so removed shall remain a
      Participant until all benefits are distributed in accordance with the
      provisions of the Plan.

              

      

       

      
        	
                2.3

              	
                The
      Committee may provide each eligible Employee with appropriate forms in
      connection with participation in the
Plan.

              

      

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      ARTICLE
3

       

      RETIREMENT
DATE

       

       

      
        	
                3.1

              	
                A
      Participant’s Retirement Date shall be his or her date of actual
      retirement, which may be his or her Normal, Early, Disability or Postponed
      Retirement Date, whichever is applicable pursuant to the following
      sections of this Article 3.

              

      

       

      
        	
                3.2

              	
                A
      Participant’s Normal Retirement Age shall be the 65th anniversary of his
      or her birth.  Such Participant’s Normal Retirement Date shall
      be the date coinciding with Normal Retirement Date under the Basic
      Retirement Plan.

              

      

       

      
        	
                3.3

              	
                A
      Participant may retire on an Early Retirement Date, which shall be the
      date coinciding with the initial distribution of an early retirement
      benefit under the Basic Retirement
Plan.

              

      

       

      
        	
                3.4

              	
                A
      Participant may retire on a Disability Retirement Date, which shall be the
      date coinciding with the initial distribution of a disability retirement
      benefit under the Basic Retirement
Plan.

              

      

       

      
        	
                3.5

              	
                If
      a Participant continues in the employment of the Employer beyond Normal
      Retirement Date, the date coinciding with postponed retirement under the
      Basic Retirement Plan shall be the Participant’s Postponed Retirement
      Date.

              

      

       

      ARTICLE
4

       

      RETIREMENT INCOME
BENEFIT

       

       

      
        	
                4.1

              	
                The
      Retirement Income Benefit payable to an eligible Participant in the form
      of a life annuity with five years certain commencing on his or her Normal,
      Early, Disability or Postponed Retirement Date, as the case may be, shall
      be equal to the excess, if any, of the amount specified in (a) over the
      amount specified in (b), as stated
below:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                the
      monthly amount of Basic Retirement Plan retirement income payable upon
      Normal, Early or Postponed Retirement Date, as the case may be, to which
      the Participant would have been entitled under the Basic Retirement Plan,
      if such benefit were calculated under the Basic Retirement Plan without
      giving effect to the limitations and restrictions imposed by the
      application of Plan Limitation Provisions and any other provisions of the
      Basic Retirement Plan that are necessary to comply with Code Sections
      401(a)(17) and 415, or any successor provisions
  thereto;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                the
      sum of (i) the monthly amount of Basic Retirement Plan retirement income
      payable upon Normal, Early or Postponed Retirement Date, as the case may
      be, actually payable to the Participant under the Basic Retirement Plan,
      after the limitations and restrictions imposed by the application of the
      Plan Limitation Provisions and any other provisions of the Basic
      Retirement Plan that are necessary to comply with Code Sections 401(a)(17)
      and 415, or any successor provisions thereto, plus (ii) the monthly amount
      of retirement income that is the actuarial equivalent (determined in
      accordance with the Basic Retirement Plan) of any supplemental retirement
      benefit payable to the Participant by any Employer upon Normal, Early or
      Postponed Retirement Date, as the case may be, pursuant to any
      Supplemental Retirement Agreement with the
  Participant.

              

      

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

      
        	
                4.2

              	
                With
      respect to eligible Participants who terminate their employment other than
      on a Retirement Date specified in Article 3, the vested Retirement Income
      Benefit payable in the form of a life annuity with five years certain,
      commencing on the date the Participant is eligible for a vested retirement
      benefit under the Basic Retirement Plan, shall be equal to the excess, if
      any, of the amount specified in (a) over the amount specified in (b), as
      stated below:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                the
      monthly amount of Basic Retirement Plan vested retirement income payable
      upon termination of service to which the Participant would have been
      entitled under the Basic Retirement Plan, if such benefit were calculated
      under the Basic Retirement Plan without giving effect to the limitations
      and restrictions imposed by the application of the Plan Limitation
      Provisions and any other provisions of the Basic Retirement Plan that are
      necessary to comply with Code Sections 401(a)(17) and 415, or any
      successor provisions thereto;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                the
      sum of (i) the monthly amount of Basic Retirement Plan vested retirement
      income payable upon termination of service actually payable to the
      Participant under the Basic Retirement Plan, after the limitations and
      restrictions imposed by the application of the Plan Limitation Provisions
      and any other provisions of the Basic Retirement Plan that are necessary
      to comply with Code Sections 401(a)(17) and 415, or any successor
      provisions thereto, plus (ii) the monthly amount of retirement income that
      is the actuarial equivalent (determined in accordance with the Basic
      Retirement Plan) of any supplemental retirement benefit payable to the
      Participant by any Employer following such termination of service pursuant
      to any Supplemental Retirement Agreement with the
    Participant.

              

      

       

      ARTICLE
5

       

      SUPPLEMENTAL
401(k)/ESOP

      BENEFIT AND DEFERRAL CREDIT
ACCOUNTS

       

       

      
        	
                5.1

              	
                The
      401(k)/ESOP Benefit under the Plan shall equal the discretionary and
      matching contributions or other Employer-provided benefit to the extent
      provided for under the Basic 401(k)/ESOP (disregarding the limitations and
      restrictions imposed by the application of the Plan Limitation Provisions
      and any other provisions of the Basic 401(k)/ESOP that are necessary to
      comply with Code Sections 401(a)(17), 401(k)(3), 401(m), and 415, or any
      successor provisions thereto) for plan years of the Basic 401(k)/ESOP
      ending after the Effective Date, less any such amount actually contributed
      by the Employer to the Basic 401(k)/ESOP for such plan years (to the
      extent permitted by the terms thereof, taking into account the limitations
      and restrictions imposed by the application of the Plan Limitation
      Provisions and any other provisions of the Basic 401(k)/ESOP that are
      necessary to comply with Code Sections 401(a)(17), 401(k)(3), 401(m), and
      415, or any successor provisions thereto), adjusted for income, gains and
      losses based on deemed investments, pursuant to Section 5.4
      below.  For purposes of this Section 5.1, it shall be assumed
      that the Participant has made Basic 401(k)/ESOP contributions, on a
      before-tax or after-tax basis, as are necessary to qualify for the maximum
      Employer provided benefit available under the Basic 401(k)/ESOP to
      similarly situated Basic 401(k)/ESOP Participants who are not affected by
      such restrictions and
limitations.

              

      

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

      
        	
                5.2

              	
                The
      401(k)/ESOP Benefit under the Plan shall be accounted for by the Employer
      under a Deferral Credit Account, maintained in the name of the Employer,
      on behalf of each Participant.

              

      

       

      
        	
                5.3

              	
                Each
      Deferral Credit Account maintained by the Employer shall be credited with
      units on behalf of each Participant, as appropriate in accordance with the
      401(k)/ESOP Benefit, as soon as administratively practicable, but in no
      event later than March 15 of the Plan Year following the Plan Year in
      which Basic 401(k)/ESOP contributions on behalf of the Participant were
      limited or restricted.

              

      

       

      
        	
                5.4

              	
                The
      401(k)/ESOP Benefit credited annually to each Participant’s Deferral
      Credit Account under the Plan shall be deemed to be invested on a time
      weighted basis, based upon the crediting of the Deferral Credit Account
      under Section 5.3 above, as if such amounts had been invested in the same
      manner as the investment of the corresponding amounts pursuant to the
      Basic 401(k)/ESOP, and such Account shall be credited with income and
      gains, and charged with losses, as if such investments had actually been
      made.

              

      

       

      ARTICLE
6

       

      SUPPLEMENTAL RETIREMENT
BENEFIT

       

       

      
        	
                6.1

              	
                If
      an eligible Participant shall remain employed by the Employer until
      reaching his or her 62nd birthday, serving as a Full-Time Employee until
      such date, and subject to the other terms and conditions of this Plan, the
      Company shall pay such Participant an annual “Supplemental Retirement
      Benefit” determined as follows:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                the
      Participant shall be entitled to a Supplemental Retirement Benefit on and
      after his or her 62nd birthday but before his or her Social Security
      Retirement Age in an amount equal to the excess, if any, of (1) 50 percent
      of the Participant’s Final Average Compensation, over (2) the
      Participant’s Other Retirement Benefits, determined as of the
      Determination Date.

              

      

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                (b)

              	
                the
      Participant shall be entitled to a Supplemental Retirement Benefit on and
      after his or her Social Security Retirement Age in an amount equal to the
      excess, if any, of (1) 50 percent of the Participant’s Final Average
      Compensation, over (2) the sum of (aa) the Participant’s Other Retirement
      Benefits, determined as of the Determination Date, plus (bb) the
      Participant’s Social Security
Benefit.

              

      

       

      
        	
                6.2

              	
                If
      an eligible Participant shall remain employed by the Employer until
      reaching his or her 60th birthday, serving as a Full-Time Employee until
      such date and he or she continues to serve as a Full-Time Employee until
      the date of his or her retirement, and he or she retires then or
      thereafter but before reaching his or her 62nd birthday, and subject to
      the other terms and conditions of this Plan, the Company shall pay such
      Participant after the date of his or her retirement, pursuant to Section
      7.4(b), or to his or her spouse or other Beneficiary, pursuant and subject
      to Section 8.6(c) if he or she has died before his or her 62nd birthday, a
      reduced early Supplemental Retirement Benefit calculated in accordance
      with the following schedule:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                if
      the date of the Participant’s retirement shall be on or after his or her
      60th birthday but before his or her 61st birthday, the Company shall pay
      such Participant 60% of the Supplemental Retirement Benefit calculated in
      accordance with Section 6.1; and

              

      

       

      
        	
                 
      

              	
                (b)

              	
                if
      the date of the Participant’s retirement shall be on or after his or her
      61st birthday but before his or her 62nd birthday, the Company shall pay
      such Participant 70% of the Supplemental Retirement Benefit so
      calculated.

              

      

       

      ARTICLE
7

      

      MODES OF BENEFIT PAYMENT
AND

      VESTING OF
BENEFITS

       

      
        	
                7.1

              	
                Except
      as otherwise provided in the following paragraph, any Retirement Income
      Benefit and 401(k)/ESOP Benefit payable under the Plan to a Participant,
      beneficiary, joint or contingent annuitant or eligible child, shall be
      payable in the modes provided by, and subject to the provisions of, the
      Basic Retirement Plan and Basic 401(k)/ESOP, respectively, as the case may
      be.  Any Retirement Income Benefit paid from the Plan in a form
      other than a life annuity shall be the actuarial equivalent of a life
      annuity, utilizing the actuarial equivalent factors set forth in the Basic
      Retirement Plan and applied to obtain the optional mode of payment
      thereunder.

              

      

       

      The
Committee, in its sole discretion and consistent with the best interests of the
Employer may distribute any Retirement Income Benefit and 401(k)/ESOP Benefit
payable under the Plan to a Participant, beneficiary, joint or contingent
annuitant, or eligible child, as a single lump sum benefit, using, in the case
of a Retirement Income Benefit, the actuarial equivalent factors set forth in
the Basic Retirement Plan for lump-sum cashouts.  In exercising its
discretion hereunder, the Committee shall not be bound by any request by a
Participant, beneficiary, joint or contingent annuitant, or eligible child, to
receive any Retirement Income Benefit and 401(k)/ESOP Benefit payable under the
Plan as a single lump-sum benefit.

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

      
        	
                7.2

              	
                Except
      with respect to receipt of a lump sum benefit under Section 7.1, any
      elections for an optional mode of benefit payment made by a Participant
      under the Basic Retirement Plan and the Basic 401(k)/ESOP, shall also be
      effective with respect to any Retirement Income Benefit and 401(k)/ESOP
      Benefit, as the case may be, payable under the Plan to a Participant,
      beneficiary, joint or contingent annuitant, or eligible
    child.

              

      

       

      
        	
                7.3

              	
                Except
      with respect to receipt of a lump sum benefit under Section 7.1, payment
      of any Retirement Income Benefit and 401(k)/ESOP Benefit under the Plan
      shall commence on the same date as payment of a Basic Retirement Plan and
      401(k)/ESOP Plan distribution payable to a Participant or beneficiary, and
      shall terminate on the date of last payment of Basic Retirement Plan and
      401(k)/ESOP Plan distribution, as the case may
  be.

              

      

       

      
        	
                7.4

              	
                The
      Supplemental Retirement Benefit shall be
paid:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                except
      as provided in Section 7.4(b) (early retirement) and Section 8.6 (death),
      commencing on the first day of the month following the later of the
      Participant’s retirement or his or her attainment of age 62;
      or

              

      

       

      
        	
                 
      

              	
                (b)

              	
                commencing
      on the first day of the month following the Participant’s Determination
      Date in connection with early retirement after reaching age 60 and prior
      to the date of his or her 62nd
birthday.

              

      

       

      
        	
                7.5

              	
                The
      Supplemental Retirement Benefit shall be paid in the form specified
      below:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                The
      Supplemental Retirement Benefit shall be paid as a straight life annuity,
      payable in monthly installments, for the Participant’s life; provided, however, that
      if the Participant has no surviving spouse and dies before having received
      60 monthly payments, such monthly payments shall be continued to his or
      her Beneficiary until the total number of monthly payments to the
      Participant and his or her Beneficiary equal 60, whereupon all payments
      shall cease and the Company’s obligation to pay the Supplemental
      Retirement Benefit under shall be deemed to have been fully
      discharged.  If the Participant and his or her Beneficiary shall
      die before having received a total of 60 monthly payments, an amount equal
      to the Actuarial Equivalent of the balance of such monthly payments shall
      be paid in a single sum to the estate of the survivor of the Participant
      and his or her Beneficiary.  If Supplemental Retirement Benefits
      are payable in the form described in this Section 7.5(a), the Participant
      shall designate in writing, as his or her Beneficiary, any person or
      persons, primarily, contingently or successively, to whom the Company
      shall pay benefits following the Participant’s death if the Participant’s
      death occurs before 60 monthly payments have been
  made.

              

      

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                (b)

              	
                Notwithstanding
      the form of payment described in Section 7.5(a), if the Participant is
      married on the date payment of the Supplemental Retirement Benefit
      commences, the benefit shall be paid as a 50% joint and survivor annuity
      with the Participant’s spouse as the Beneficiary.  The 50% joint
      and survivor annuity shall be the Actuarial Equivalent of the benefit
      described in Section 7.5(a).  If the Supplemental Retirement
      Benefit is payable pursuant to this Section 7.5(a), but the Participant’s
      spouse fails to survive him or her, no payments of the Supplement
      Retirement Benefit will be made following the Participant’s
      death.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                Notwithstanding
      the foregoing provisions of this Section 7.5, the Company, in its sole
      discretion, may accelerate the payment of all or any portion of the
      Supplemental Retirement Benefit or the reduced early Supplemental
      Retirement Benefit at any time.  Any payment accelerated in
      accordance with this Section 7.5(c) shall be the Actuarial Equivalent of
      the payment being accelerated.

              

      

       

      
        	
                7.6

              	
                Subject
      to Section 12.4, each Participant shall have a 100 percent vested and
      non-forfeitable right to benefits under the
  Plan.

              

      

       

      ARTICLE
8

       

      DEATH
BENEFITS

       

       

      
        	
                8.1

              	
                Upon
      the death of:  (i) a Participant who has not terminated from
      employment before Retirement Date as defined in Section 3.1, or (ii) a
      Participant who retires on a Retirement Date as defined in Section 3.1 and
      dies before the complete distribution of Basic Retirement Plan Benefit and
      Basic 401(k)/ESOP Benefit, as the case may be, benefits shall be payable
      as set forth in Sections 8.2, 8.3 and
8.4.

              

      

       

      
        	
                8.2

              	
                With
      respect to any Retirement Income Benefit, if a Basic Retirement Plan
      pre-retirement survivor annuity or post retirement survivor annuity, as
      the case may be, is payable to a Participant’s surviving spouse or
      eligible children, if applicable, a supplemental pre-retirement survivor
      annuity or post retirement survivor annuity, as the case may be, shall be
      payable to the surviving spouse or eligible children, if applicable, under
      the Plan.  The monthly amount of the Supplemental Surviving
      Spouse Benefit pre-retirement survivor annuity or post retirement survivor
      annuity, as the case may be, payable to a surviving spouse or eligible
      children, if applicable, shall be equal to the excess, if any, of the
      amount specified in (a) over the amount specified in (b), as stated
      below:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                the
      monthly amount of Basic Retirement Plan pre-retirement survivor annuity or
      post retirement survivor annuity, as the case may be, to which the
      surviving spouse or eligible children, if applicable, would have been
      entitled under the Basic Retirement Plan, if such benefit were calculated
      under the Basic Retirement Plan without giving effect to the limitations
      and restrictions imposed by the Plan Limitation Provisions and any other
      provisions of the Basic Retirement Plan that are necessary to comply with
      Code Sections 401(a)(17) and 415, or any successor provisions
      thereto;

              

      

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                (b)

              	
                (i)  the
      monthly amount of Basic Retirement Plan pre-retirement survivor annuity or
      post retirement survivor annuity, as the case may be, actually payable to
      the surviving spouse or eligible children, if applicable, under the Basic
      Retirement Plan, after the limitations imposed by the application of Plan
      Limitation Provisions and any other provisions of the Basic Retirement
      Plan that are necessary to comply with Code Sections 401(a)(17) and 415,
      or any successor provisions thereto plus (ii) the monthly amount that is
      the actuarial equivalent (determined in accordance with the Basic
      Retirement Plan) of any supplemental retirement benefit payable to the
      surviving spouse or eligible children, if applicable, by any Employer
      following the Participant’s death pursuant to any Supplemental Retirement
      Agreement with the Participant.

              

      

       

      
        	
                8.3

              	
                The
      Retirement Income Benefit supplemental pre-retirement survivor annuity or
      post retirement survivor annuity shall be payable over the lifetime of the
      surviving spouse, or to eligible children to the extent provided in the
      Basic Retirement Plan, in monthly installments commencing on the same date
      as payment of the Basic Retirement Plan pre-retirement survivor annuity or
      post retirement survivor annuity, as the case may be, and shall terminate
      on the date of the last payment of the Basic Retirement Plan
      pre-retirement survivor annuity or post retirement survivor annuity, as
      the case may be.

              

      

       

      
        	
                8.4

              	
                With
      respect to any 401(k)/ESOP Benefit, all amounts credited to the
      Participant’s Deferral Credit Account shall be payable in a single lump
      sum to the Participant’s surviving spouse, if any, as a Supplemental
      Surviving Spouse Benefit, unless an optional mode has been elected
      pursuant to Article 7.

              

      

       

      
        	
                8.5

              	
                Upon
      the death of a Participant under the circumstances set forth in clauses
      (i) and (ii) of Section 8.1, if no Basic Retirement Plan Surviving Spouse
      Benefit, or Basic 401(k)/ESOP Surviving Spouse Benefit, as the case may
      be, is payable, (a) no further Retirement Income Benefit shall be payable,
      unless an optional mode has been elected pursuant to Article 7, and (b)
      all amounts credited to the Participant’s Deferral Credit Account shall be
      payable to the Participant’s designated beneficiary in a single lump sum,
      unless an optional mode has been elected pursuant to Article
      7.

              

      

       

      
        	
                8.6

              	
                The
      following provisions shall apply with respect to payment of the
      Supplemental Retirement Benefit after the death of a
      Participant:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                Except
      as provided in Section 8.6(b), if a Participant shall die before his or
      her 62nd birthday, no Supplemental Retirement Benefit shall be
      payable.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                If
      a Participant shall die on or after his or her 60th birthday, after he or
      she has retired but before payment of any Supplemental Retirement Benefit
      has commenced, the Participant’s surviving spouse, if any, shall be paid
      as a straight life annuity 50 percent of the Supplemental Retirement
      Benefit for her life commencing within 30 days following the Participant’s
      death.  Such payments shall be made in monthly installments,
      subject to the right of the Company to accelerate payment at any time in
      accordance with Section 7.5(c).  However, if such Participant is
      not married at the time of his or her death, the Company shall pay to the
      Participant’s Beneficiary a lump sum benefit equal to 50 percent of the
      Present Value of the Participant’s Supplemental Retirement
      Benefit.

              

      

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                (c)

              	
                Except
      as provided in Section 8.6(b), no Supplemental Retirement Benefit shall be
      payable if the Participant dies before payment of any Supplement
      Retirement Benefit has begun without having a spouse who survives him or
      her.

              

      

       

      
        	
                 
      

              	
                (d)

              	
                If
      a Participant dies after payment of a Supplemental Retirement Benefit has
      commenced, the amount, if any, of the Supplemental Retirement Benefit
      payable to the Participant’s surviving spouse or other Beneficiary shall
      be determined pursuant to the applicable provisions of Section
      7.5.

              

      

       

      ARTICLE
9

       

      UNFUNDED
PLAN

       

       

      
        	
                9.1

              	
                The
      Plan shall be administered as an unfunded plan and is not intended to meet
      the qualification requirements of Sections 401(a) and 401(k) of the
      Code.  No Participant or beneficiary shall be entitled to
      receive any payment or benefits under the Plan from the qualified trust
      maintained in connection with the Basic Retirement Plan and Basic
      401(k)/ESOP.

              

      

       

      
        	
                9.2

              	
                The
      Employer shall have the right to establish a reserve, establish a grantor
      trust or make any investment for the purposes of satisfying its obligation
      hereunder for payment of benefits, including, but not limited to,
      investments in one or more registered investment companies under the
      Investment Company Act of 1940, as amended, to the extent permitted by
      applicable banking or other law; provided, however, that
      no Participant or beneficiary shall have any interest in such investment,
      trust, or reserve.

              

      

       

      
        	
                9.3

              	
                To
      the extent that any Participant or beneficiary acquires a right to receive
      benefits under the Plan, such rights shall be no greater than those rights
      which guarantee to the Participant or beneficiary the strongest claim to
      such benefits, without resulting in the Participant’s or beneficiary’s
      constructive receipt of such
benefits.

              

      

       

      
        	
                9.4

              	
                With
      respect to any 401(k)/ESOP Benefit, 100% of the Participant’s Deferral
      Credit Account shall be deemed to be invested as provided in Section 5.4
      above.  A Participant’s Deferral Credit Account may not be
      encumbered or assigned by a Participant or any
  beneficiary.

              

      

       

      
        	
                9.5

              	
                A
      Participant or beneficiary with a Retirement Income Benefit, the
      401(k)/ESOP Benefit or both such Benefits under the Plan shall be an
      unsecured creditor of the Employer as to any benefit payable under the
      Plan.

              

      

      
        
           

        

        
          14

          
            

          

        

        
           

        

      

      
        	
                9.6

              	
                Not
      later than the closing of any transaction that would constitute a Change
      of Control, the Employer shall transfer to an independent corporate
      trustee of a grantor trust within the meaning of section 671 of the Code
      that satisfies the applicable requirements of Revenue Procedure 92-64 or
      any successor thereto an amount sufficient to cover all potential
      liabilities under this Plan.

              

      

       

      ARTICLE
10

       

      ADMINISTRATION

       

       

      
        	
                10.1

              	
                Except
      for the functions reserved to the Company or the Board, the administration
      of the Plan shall be the responsibility of the Committee.  The
      Committee shall consist of three or more persons designated by the
      Company.  Members of the Committee shall serve for such terms as
      the Company shall determine and until their successors are designated and
      qualified.  Any member of the Committee may resign upon at least
      60 days written notice to the Company, or may be removed from office by
      the Company at any time, with or without
notice.

              

      

       

      
        	
                10.2

              	
                The
      Committee shall hold meetings upon notice at such times and places as it
      may determine.  Notice shall not be required if waived in
      writing.  Any action of the Committee shall be taken pursuant to
      a majority vote at a meeting, or pursuant to the written consent of a
      majority of its members without a meeting, and such action shall
      constitute the action of the Committee and shall be binding in the same
      manner as if all members of the Committee had joined therein.  A
      majority of the members of the Committee shall constitute a
      quorum.  No member of the Committee shall note or be counted for
      quorum purposes on any matter relating solely to himself or herself or his
      or her rights under the Plan.  The Committee shall record
      minutes of any actions taken at its meetings or of any other official
      action of the Committee.  Any person dealing with the Committee
      shall be fully protected in relying upon any written notice, instruction,
      direction or other communication signed by the Secretary of the Committee
      or by any of the members of the Committee or by a representative of the
      Committee authorized by the Committee to sign the same in its
      behalf.

              

      

       

      
        	
                10.3

              	
                The
      Committee shall have the power and the duty to take all actions and to
      make all decisions necessary or proper to carry out the
      Plan.  The determination of the Committee as to any question
      involving the Plan shall be final, conclusive and binding.  Any
      discretionary actions to be taken under the Plan by the Committee shall be
      uniform in their nature and applicable to all persons similarly
      situated.  Without limiting the generality of the foregoing, the
      Committee shall have the following powers and
  duties:

              

      

       

      
        	
              	
                (a)

              	
                the
      duty to furnish to all Participants, upon request, copies of the
      Plan;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                the
      power to require any person to furnish such information as it may request
      for the purpose of the proper administration of the Plan as a condition to
      receiving any benefits under the
Plan;

              

      

      
        
           

        

        
          15

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                (c)

              	
                the
      power to make and enforce such rules and regulations and prescribe the use
      of such forms as it shall deem necessary for the efficient administration
      of the Plan;

              

      

       

      
        	
                 
      

              	
                (d)

              	
                the
      power to interpret the Plan, and to resolve ambiguities, inconsistencies
      and omissions, which findings shall be binding, final and
      conclusive;

              

      

       

      
        	
                 
      

              	
                (e)

              	
                the
      power to decide on questions concerning the Plan in accordance with the
      provisions of the Plan;

              

      

       

      
        	
                 
      

              	
                (f)

              	
                the
      power to determine the amount of benefits which shall be payable to any
      person in accordance with the provisions of the Plan and to provide a full
      and fair review to any Participant whose claim for benefits has been
      denied in whole or in part;

              

      

       

      
        	
                 
      

              	
                (g)

              	
                the
      power to designate a person who may or may not be a member of the
      Committee as Plan “Administrator” for purposes of the Employee Retirement
      Income Security Act of 1974 (ERISA); if the Committee does not so
      designate an Administrator, the Committee shall be the Plan
      Administrator;

              

      

       

      
        	
                 
      

              	
                (h)

              	
                the
      power to allocate any such powers and duties to or among individual
      members of the Committee; and

              

      

       

      
        	
                 
      

              	
                (i)

              	
                the
      power to designate persons other than Committee members to carry out any
      duty or power which would otherwise be a responsibility of the Committee
      or Administrator, under the terms of the
Plan.

              

      

       

      
        	
                10.4

              	
                To
      the extent permitted by law, the Committee and any person to whom it may
      delegate any duty or power in connection with administering the Plan, the
      Company, any Employer, and the officers and directors thereof, shall be
      entitled to rely conclusively upon, and shall be fully protected in any
      action taken or suffered by them in good faith in the reliance upon, any
      actuary, counsel, accountant, other specialist, or other person selected
      by the Committee, or in reliance upon any tables, valuations,
      certificates, opinions or reports which shall be furnished by any of
      them.  Further, to the extent permitted by law, no member of the
      Committee, nor the Company, any Employer, nor the officers or directors
      thereof, shall be liable for any neglect, omission or wrongdoing of any
      other members of the Committee, agent, officer or employee of the Company
      or any Employer.  Any person claiming benefits under the Plan
      shall look solely to the Employer for
redress.

              

      

       

      
        	
                10.5

              	
                All
      expenses incurred before the termination of the Plan that shall arise in
      connection with the administration of the Plan (including, but not limited
      to administrative expenses, proper charges and disbursements, compensation
      and other expenses and charges of any actuary, counsel, accountant,
      specialist, or other person who shall be employed by the Committee in
      connection with the administration of the Plan), shall be paid by the
      Employer.

              

      

      
        
           

        

        
          16

          
            

          

        

        
           

        

      

      ARTICLE
11

       

      AMENDMENT OR
TERMINATION

       

       

      
        	
                11.1

              	
                The
      Board shall have the power to suspend or terminate the Plan in whole or in
      part at any time, and from time to time to extend, modify, amend or revise
      the Plan in such respects as the Board, by resolution, may deem advisable;
      provided,
      however, that no such extension, modification, amendment, revision, or
      termination shall deprive a Participant or any beneficiary of any benefit
      accrued under the Plan.

              

      

       

      
        	
                11.2

              	
                In
      the event of a termination or partial termination of the Plan, the rights
      of all affected parties, if any, to benefits accrued to the date of such
      termination or partial termination, shall become nonforfeitable to the
      same extent that such rights would be nonforfeitable if such benefits were
      provided under the Basic Retirement Plan or the Basic 401(k)/ESOP and such
      plans were terminated on such date.

              

      

       

      
        	
                11.3

              	
                No
      amendment of the Plan shall reduce the vested and accrued benefits, if
      any, of a Participant under this Plan, except to the extent that such a
      reduction would be permitted if such benefits were provided under the
      Basic Retirement Plan or the Basic
401(k)/ESOP.

              

      

       

      
        	
                11.4

              	
                In
      the event of the termination or partial termination of the
      Plan:  (a) the Company shall pay in one lump sum to affected
      Participants or their beneficiaries the 401(k)/ESOP Benefit, if any, to
      which they are entitled, as if such Participants’ termination of service
      had occurred on the date the Plan is terminated, and (b) the Retirement
      Income Benefit and Supplemental Retirement Benefit, if any, to which they
      are entitled shall continue to be
payable.

              

      

       

      ARTICLE
12

       

      GENERAL
PROVISIONS

       

       

      
        	
                12.1

              	
                The
      Plan shall not be deemed to constitute an employment contract between the
      Employer and any Employee or other person, whether or not in the employ of
      the Employer, nor shall anything herein contained be deemed to give any
      Employee or other person, whether or not in the employ of the Employer,
      any right to be retained in the employ of the Employer, or to interfere
      with the right of the Employer to discharge any Employee at any time and
      to treat such Employee without any regard to the effect which such
      treatment might have upon such Employee as a Participant of the
      Plan.

              

      

       

      
        	
                12.2

              	
                Except
      as provided in Section 12.4, or as may otherwise be required by law, no
      distribution or payment under the Plan to any Participant or beneficiary
      shall be subject in any manner to anticipation, alienation, sale,
      transfer, assignment, pledge, encumbrance or charge, whether voluntary or
      involuntary, and any attempt to so anticipate, alienate, sell, transfer,
      assign, pledge, encumber or charge the same shall be void; nor shall any
      such distribution or payment be in any way liable for or subject to the
      debts, contracts, liabilities, engagements or torts of any person entitled
      to such distribution or payment.  If any Participant or
      beneficiary is adjudicated bankrupt or purports to anticipate, alienate,
      sell, transfer, assign, pledge, encumber or charge any such distribution
      or payment, voluntarily or involuntarily, the Committee, in its sole
      discretion, may cancel such distribution or payment or may hold or cause
      to be held or applied such distribution or payment, or any part thereof,
      to or for the benefit of such Participant or beneficiary, in such manner
      as the Committee shall direct.

              

      

      
        
           

        

        
          17

          
            

          

        

        
           

        

      

      
        	
                12.3

              	
                If
      the Employer determines that any person entitled to payments under the
      Plan is incompetent by reason of physical or mental disability, it may
      cause all payments thereafter becoming due to such person to be made to
      any other person for his or her benefit, without responsibility to follow
      application of amounts so paid.  Payments made pursuant to this
      provision shall completely discharge the Plan, the Employer and the
      Committee.

              

      

       

      
        	
                12.4

              	
                Notwithstanding
      any other provision of this Plan:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                if
      the Employer determines that Cause exists for the termination of the
      Participant’s employment, the Participant and his or her spouse and
      beneficiaries shall forfeit all rights to any payments under this
      Plan;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                if
      a Participant separates from service before having completed five Years of
      Service with any Employer, no Supplemental Retirement Benefit shall be
      payable hereunder;

              

      

       

      
        	
                 
      

              	
                (c)

              	
                no
      amounts shall be payable hereunder to the Participant and his or her
      spouse and beneficiaries:

              

      

       

      (i)          
following any breach by the Participant of any provision of any
employment or other written agreement with the Company, the Bank or any other
Employer with respect to confidentiality, non-competition, non-interference
with, or non-solicitation of, employees, customers, suppliers or agents or
similar matters, provided that no Change in
Control shall have occurred before such breach;

       

      (ii)          
if, without the prior written consent of the Company, the Participant
discloses or divulges to any third party, except as may be required by his or
her duties, by law, regulation, or order of a court or government authority, or
as directed by the Company, or uses to the detriment of the Company or its
affiliates or in any business or on behalf of any business competitive with or
substantially similar to any business of the Company or the Bank or their
affiliates, any Confidential Information obtained during the course of his or
her employment by the Company, the Bank or any affiliate of any of either of
them, provided that
this Section 12.4(c)(ii) shall not be construed as restricting the Participant
from disclosing such information to the employees of the Company or the Bank or
their affiliates;

      

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

       

      (iii)          
if while the Participant is employed by the Company, the Bank, any
Employer or any affiliate of any of them or within two years after any
termination of such employment other than in anticipation of or following a
Change in Control, the Participant (A) interferes with the relationship of the
Company, the Bank or their affiliates with any of their employees, suppliers,
agents, or representatives (including, without limitation, causing or helping
another business to hire any employee of the Company, the Bank or their
affiliates), or (B) directly or indirectly diverts or attempts to divert from
the Company, the Bank or their affiliates any business in which any of them has
been actively engaged during the period of such employment, or interferes with
the relationship of the Company, the Bank or their affiliates with any of their
customers or prospective customers, provided, that this Section
12.4(c)(iii) shall not, in and of itself, prohibit the Participant from engaging
in the banking, trust, or financial services business in any capacity, including
that of an owner or employee; and

       

      
        	
                 
      

              	
                (d)

              	
                if
      any particular provision of this section 12.4 shall be adjudicated to be
      invalid or unenforceable, such provision shall be deemed amended to delete
      from the portion thus adjudicated to be invalid or unenforceable, such
      deletion to apply only with respect to the operation of such provision in
      the particular jurisdiction in which such adjudication is
      made.  In addition, should any court determine that the
      provisions of this section 12.4 shall be unenforceable with respect to
      scope, duration, or geographic area, such court shall be empowered to
      substitute, to the extent enforceable, provisions similar hereto or other
      provisions so as to provide to the Company, the Bank and their affiliates,
      to the fullest extent permitted by applicable law, the benefits intended
      by this section 12.4.

              

      

       

      
        	
                12.5

              	
                The
      Employer shall be the sole source of benefits under the Plan, and each
      Employee, Participant, beneficiary, or any other person who shall claim
      the right to any payment or benefit under the Plan shall be entitled to
      look solely to the Employer for payment of
  benefits.

              

      

       

      
        	
                12.6

              	
                If
      the Employer is unable to make payment to any Participant, beneficiary, or
      any other person to whom a payment is due under the Plan, because it
      cannot ascertain the identity or whereabouts of such Participant,
      beneficiary, or other person after reasonable efforts have been made to
      identify or locate such person (including a notice of the payment so due
      mailed to the last known address of such Participant, beneficiary, or
      other person shown on the records of the Employer), such payment and all
      subsequent payments otherwise due to such Participant, beneficiary or
      other person shall be forfeited 24 months alter the date such payment
      first became due; provided, however, that
      such payment and any subsequent payments shall be reinstated,
      retroactively, no later than 60 days after the date on which the
      Participant, beneficiary, or other person shall make application
      therefor.  Neither the Company, the Committee nor any other
      person shall have any duty or obligation under the Plan to make any effort
      to locate or identify any person entitled to benefits under the Plan,
      other than to mail a notice to such person’s last known mailing
      address.

              

      

      
        
           

        

        
          19

          
            

          

        

        
           

        

      

      
        	
                12.7

              	
                If
      upon the payment of any benefits under the Plan, the Employer shall be
      required to withhold any amounts with respect to such payment by reason of
      any federal, state or local tax laws, rules or regulations, then the
      Employer shall be entitled to deduct and withhold such amounts from any
      such payments.  In any event, such person shall make available
      to the Employer, promptly when requested by the Employer, sufficient funds
      or other property to meet the requirements of such
      withholding.  Furthermore, at any time the Employer shall be
      obligated to withhold taxes, the Employer shall be entitled to take and
      authorize such steps as it may deem advisable in order to have the amounts
      required to be withheld made available to the Employer out of any funds or
      property due to become due to such person, whether under the Plan or
      otherwise.

              

      

       

      
        	
                12.8

              	
                The
      Committee, in its discretion, may increase or decrease the amount of any
      benefit payable hereunder if and to the extent that it determines, in good
      faith, that an increase is necessary in order to avoid the omission of a
      benefit intended to be payable under this Plan or that a decrease is
      necessary in order to avoid a duplication of the benefits intended to be
      payable under this Plan.

              

      

       

      
        	
                12.9

              	
                The
      provisions of the Plan shall be construed, administered and governed under
      applicable federal laws and the laws of the State of New
      York.  In applying the laws of the State of New York, no effect
      shall be given to conflict of laws principles that would cause the laws of
      another jurisdiction to apply.

              

      

       

      20ex10_19.htm

    
      

    

    Exhibit
10.19

     

     

    July 23,
2001

    

    

    Mr.
Michael J. Chewens

    2613
Pinebluff Drive

    Vestal,
NY 13850

    

    Dear Mr.
Chewens:

    

    NBT
Bancorp Inc. (which, together with its wholly-owned subsidiary, NBT Bank,
National Association, is referred to as the "Company") considers the stability
of its key management group to be essential to the best interests of the Company
and its share­holders.  The Company recognizes that, as is the
case with many publicly-held corporations, the possibility of a change in
control may arise and that the attendant uncertainty may result in the departure
or distraction of key management personnel to the detriment of the Company and
its shareholders.

    

    Accordingly,
the Board of Directors of the Company (the "Board") has determined that
appropriate steps should be taken to encourage members of the Company's key
management group to continue as employees notwithstanding the possibility of a
change in control of the Company.

    

    The Board
also believes it important that, in the event of a proposal for transfer of
control of the Company, you be able to assess the proposal and advise the Board
without being influenced by the uncertainties of your own
situation.

    

    In order
to induce you to remain in the employ of the Company, we entered an agreement,
approved by the Board, dated January 1, 1998, and revised by Board action most
recently on July 23, 2001, providing for severance compensation that the Board
agreed would be provided to you in the event your employment with the Company
terminated subsequent to a change in control of the Company
("Agreement").  We have agreed upon various changes to the Agreement,
agreed to by the Board, and have agreed to amend and restate the Agreement in
its entirety as follows:

    

    
      	
               
      

            	
              1.

            	
              Agreement to Provide
      Services; Right to
Terminate.

            

    

    

    (a)           Termination Prior to Certain
Offers.  Except as otherwise provided in paragraph (b) below,
or in any written employment agreement between you and the Company, the Company
or you may terminate your employment at any time.  If, and only if,
such termination occurs after a "change in control of the Company" (as defined
in section 6), the provisions of this Agreement regarding the payment of
severance compensation and benefits shall apply.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b)           Termination Subsequent to
Certain Offers.  In the event a tender offer or exchange offer
is made by a "person" (as defined in section 6) for more than 30 percent of the
combined voting power of the Company's outstanding securities ordinarily having
the right to vote at elections of directors ("Voting Securities"), including
shares of common stock, no par value, of the Company (the "Company Shares"), you
agree that you will not leave the employ of the Company (other than as a result
of Disabil­ity as such term is defined in section 6) and will render
services to the Company in the capacity in which you then serve until such
tender offer or exchange offer has been abandoned or terminated or a change in
control of the Company has occurred as a result of such tender offer or exchange
offer.  If, during the period you are obligated to continue in the
employ of the Company pursuant to this section 1(b), the Company reduces your
compensation, terminates your employment without Cause, or you provide written
notice of your decision to terminate your employment for Good Reason, your
obligations under this section 1(b) shall thereupon terminate and you will be
entitled to payments provided under Section 3(b).

    

    2.           Term of
Agreement.  This Agreement shall commence on the date hereof
and shall continue in effect until December 31, 2003; provided, however, that
commencing December 31, 2001 and each December 31 thereafter, the remaining term
of this Agreement shall auto­mati­cally be extended for one additional
year (to a total of three years) unless at least 90 days prior to such
anniversary, ­the Company or you shall have given notice that this
Agree­ment shall not be ex­tended; and provided, however, that if a
change in control of the Company shall occur while this Agree­ment is in
effect, this Agree­ment shall auto­mati­cally be extended for 24
months from the date the change in control of the Company
occurs.  This Agreement shall terminate if you or the Compa­ny
termi­nates your employ­ment prior to a change in control of the Company
but without preju­dice to any remedy the Company may have for breach of your
obligations, if any, under section 1(b).

    

    3.           Severance Payment and
Benefits If Termination Occurs Following Change in Control for Disability,
Without Cause, With Good Reason or Without Good Reason within 12 Months of the
Change.  If, (I) within 24 months from the date of occurrence
of any event constituting a change in control of the Company (it being
recognized that more than one such event may occur in which case the 24-month
period shall run from the date of occurrence of each such event), your
employment with the Company is terminated (i) by the Company for Disability,
(ii) by the Company without Cause, or (iii) by you with Good Reason (as defined
in section 6), or (II) within 12 months from the date of occurrence of any event
constituting a change in control of the Company (it being recognized that more
than one such event may occur in which case the 12-month period shall run from
the date of occurrence of each such event) you terminate your employment either
with or without Good Reason, you shall be entitled to a sever­ance payment
and other benefits as follows:

    
      
        July
23, 2001

         

      

      
        2

        
          

        

      

      
         

      

    

    (a)           Disability.  If
your employment with the Company is terminated for Disability, your benefits
shall thereafter be determined in accordance with the Company's long-term
disability income insurance plan.  If the Company's long-term
disability income insurance plan is modified or terminated following a change in
control, the Company shall substitute such a plan with benefits applicable to
you substantially similar to those provided by such plan prior to its
modification or termination.  During any period that you fail to
perform your duties hereunder as a result of incapacity due to physical or
mental illness, you shall continue to receive your full base salary at the rate
then in effect until your employment is termi­nated by the Company for
Disability.

    

    (b)           Termination Without Cause or
With Good Reason or Within 12 Months of Change in Control.  If
your employment with the Company is terminated without Cause by the Company or
with Good Reason by you, or by you within 12 months of a change in control of
the Company without Good Reason, then the Company shall pay to you, upon demand,
the following amounts (net of applicable payroll taxes):

    

    (i)   
        Your full base salary through
the Date of Termination at the rate in effect on the date the change in control
of the Company occurs plus year-to-date ac­crued vacation.

    

    (ii)           As
severance pay, an amount equal to the product of 2.99 multiplied by the greater
of (A) the sum of your annualized salary for the calendar year in which the
change in control of the Company occurs, the maximum target bonus that could
have been paid to you for such year if all applicable targets and objectives had
been achieved, or if no formal bonus program is in effect, the largest bonus
amount paid to you during any one of the three preceding calendar years, your
income from the exercise of nonqualified options during such year, your
compensation income from any disqualifying disposition during such year of stock
acquired pursuant to the exercise of incentive stock options and other
annualized amounts that constitute taxable income to you from the Company for
such year, without reduction for salary reduction amounts excludible from income
under Section 402(e)(3) or 125 of the Internal Revenue Code of 1986, as amended
(the "Code"), or (B) your average "Compensation" (as defined below) for the
three calendar years preceding the calendar year in which the change in control
of the Company occurs.  As used in this subsection 3(b)(ii) your
"Compensation" shall mean your base salary, bonus, income from the exercise of
nonqualified options, compensation income from any disqualifying disposition of
stock acquired pursuant to the exercise of incentive stock options and any other
amounts that constitute taxable income to you from the Company, without
reduction for salary reduction amounts excludible from income under Section
402(e)(3) or 125 of the Code.

    
      
        July
23, 2001

         

      

      
        3

        
          

        

      

      
         

      

    

    (c)           Related
Benefits.  Unless you die or your employment is terminated by
the Company for Cause or Disability, or by you other than for Good Reason and
not within 12 months after a change in control of the Company, (i) the Company
shall maintain in full force and effect, for your continued benefit and, if
applicable, for the continued benefit of your spouse and family, for three years
after the Date of Termina­tion, or such longer period as may be provided by
the terms of the appropriate plan, all noncash employee benefit plans, programs,
or arrangements (including, without limitation, pension and retirement plans and
arrangements, stock option plans, life insurance and health and accident plans
and arrange­ments, medical insurance plans, disability plans, and vacation
plans) in which you were entitled to participate immediately prior to the Date
of Termination, as in effect at the Date of Termination, or, if more favorable
to you and, if applicable, your spouse and family, as in effect generally at any
time thereafter with respect to executive employees of the Company or any
successor; provided that your continued participation is possible after
Termination under the general terms and provisions of such plans, programs, and
arrangements; provided, however, that if you become eligible to participate in a
benefit plan, program, or arrangement of another employer which confers
substantially similar benefits upon you, you shall cease to receive benefits
under this subsection in respect of such plan, program, or arrange­ment, and
(ii) your benefit under any supplemental retirement agreement or supplemental
retirement plan maintained by the Company in which you are a participant shall
be fully vested upon such termination of your employment, and your benefit under
such agreement or plan shall be determined as if you had continued to be
employed by the Company for three additional years (or the period after which
the maximum benefit payable is attained, if less) and if your annual
compensation for purposes of such agreement or plan during such period of
additional employment had been equal to the amount specified in Section
3(b)(ii)(A) or (B), whichever is higher.  In the event that your
participation in any such plan, program, or arrangement is not possible after
Termination under the general terms and provisions of such plans, programs, and
arrangements, the Company shall arrange to provide you with benefits
substantially similar to those which you are entitled to receive under such
plans, programs and arrangements or alternatively, pay an amount equal to the
reasonable value of such substantially similar benefits.  If, after
termination of employment following a change in control of the Company, you
elect or, if applicable, your spouse or family elects, COBRA continuation
coverage, the Company will pay the applicable COBRA premium for the maximum
period during which such coverage is available.  If termination
follows a change in control of the Company specified in Section 6(b)(iii), then
you and, if applicable, your spouse and family may elect in lieu of COBRA
continuation coverage to have the acquiring entity obtain an individual or group
health insurance coverage and the acquiring entity will pay premiums thereunder
for the maximum period during which you and, if applicable, your spouse and
family could have elected to receive COBRA continuation coverage.

    

    (d)           Establishment of
Trust.  Within five days following conclusion of a change in
control of the Company, the Company shall establish a trust that conforms in all
regards with the model trust published in Revenue Procedure 92-64 and deposit an
amount sufficient to satisfy all liabilities of the Company under Section 3(b)
of this Agreement.

    
      
        July
23, 2001

         

      

      
        4

        
          

        

      

      
         

      

    

    (e)           Automatic
Extension.  Notwithstanding the prior provisions of this
Section, if an individual is elected to the Board of Directors who has not been
nominated by the Board of Directors as constituted prior to his election, then
the term of this Agreement will automatically be extended until two years from
the date on which such individual was elected if such extended termination date
is later than the normal termination date of this Agreement, otherwise, the
termination date of this Agreement will be as provided above.  This
extension will take effect only upon the first instance of an individual being
elected to the Board of Directors without having been nominated by the original
Board.

    

    (f)           Alternative to Lump Sum
Payout.  The amount described in this subsection will be paid
to you in a single lump-sum unless, at least 30 days before the conclusion of a
change in control of the Company, you elect in writing to receive the severance
pay in 3 equal annual payments with the first payment to be made within 30 days
of demand and the subsequent payments to be made by January 31st of each year
subsequent to the year in which the first payment is made, provided that under
no circumstances will two payments be made during a single tax year of the
recipient.

    

    4.           Payment If Termination
Occurs Following Change in Control, Because of Death, For Cause, or Without Good
Reason and not within 12 Months of the Change in Control.  If
your employment shall be terminated following any event constitut­ing a
change in control of the Company because of your death, or by the Company for
Cause, or by you other than for Good Reason and not within 12 months after a
change in control of the Company, the Company shall pay you your full base
salary through the Date of Termination at the rate in effect on the date the
change in control of the Company occurs plus year-to-date accrued
vacation.  The Company shall have no further obligations to you under
this Agreement.

    

    5.           No
Mitigation.  You shall not be required to mitigate the amount
of any payment provided for in this Agreement by seeking other employment or
otherwise, nor, except as express­ly set forth herein, shall the amount of
any payment provided for in this Agreement be reduced by any compensation earned
by you as the result of employment by another employer after the Date of
Termination, or otherwise.

    

    6.           Definitions of Certain
Terms.  For the purpose of this Agreement, the terms defined in
this section 6 shall have the meanings assigned to them herein.

    
      
        July
23, 2001

         

      

      
        5

        
          

        

      

      
         

      

    

    (a)           Cause.  Termination
of your employment by the Company for "Cause" shall mean termination because,
and only because, you committed an act of fraud, embezzle­ment, or theft
constituting a felony or an act intention­ally against the interests of the
Company which causes the Company material injury.  Notwithstanding the
foregoing, you shall not be deemed to have been terminat­ed for Cause unless
and until there shall have been delivered to you a copy of a resolution duly
adopted by the affirmative vote of not less than three-quarters of the entire
membership of the Board at a meeting of the Board called and held for the
purpose (after reasonable notice to you and an opportunity for you, together
with your counsel, to be heard before the Board), finding that in the good faith
opinion of the Board you were guilty of conduct constituting Cause as defined
above and specify­ing the particulars thereof in detail.

    

    (b)           Change in Control of the
Company.  A "change in control of the Company" shall
mean:

    

    (i)     
      A change in control of a nature that would
be required to be reported in response to Item 6(e) of Schedule 14A of
Regulation 14A as in effect on the date hereof pursuant to the Securities
Exchange Act of 1934 (the "Exchange Act"); provided that, without limitation,
such a change in control shall be deemed to have occurred at such time as any
Person hereafter becomes the "Beneficial Owner" (as defined in Rule 13d-3 under
the Exchange Act), directly or indirectly, of 30 percent or more of the combined
voting power of the Company's Voting Securi­ties; or

    

    (ii)           During
any period of two consecutive years, individuals who at the beginning of such
period constitute the Board cease for any reason to con­stitute at least a
majority thereof unless the election, or the nomination for election by the
Company's shareholders, of each new director was approved by a vote of at least
two-thirds of the directors then still in office who were directors at the
beginning of the period; or

    

    (iii)           There
shall be consummated (x) any consoli­dation or merger of the Company in
which the Compa­ny is not the continuing or surviving corporation or
pursuant to which Voting Securities would be converted into cash, securities, or
other property, other than a merger of the Company in which the holders of
Voting Securities immediately prior to the merger have the same
propor­tionate ownership of common stock of the surviving corporation
immedi­ately after the merger, or (y) any sale, lease, exchange, or other
transfer (in one transaction or a series of related transac­tions) of all,
or sub­stantially all of the assets of the Company, pro­vided that any
such consolidation, merger, sale, lease, exchange or other transfer consummated
at the insistence of an appropriate banking regulatory agency shall not
constitute a change in control of the Company; or

    

    (iv)           Approval
by the shareholders of the Company of any plan or proposal for the liquidation
or dissolution of the Company.

    
      
        July
23, 2001

         

      

      
        6

        
          

        

      

      
         

      

    

    (c)           Date of
Termination.  "Date of Termination" shall mean (i) if your
employment is terminated by the Company for Disability, 30 days after Notice of
Termination is given (provided that you shall not have returned to the
performance of your duties on a full-time basis during such 30-day period), and
(ii) if your employment is terminated for any other reason, the date on which a
Notice of Termination is given; provided that if within 30 days after any Notice
of Termination is given the party receiving such Notice of Termination notifies
the other party that a dispute exists concerning the termination, the Date of
Termination shall be the date on which the dispute is finally determined, either
by mutual written agreement of the parties or by a final judg­ment, order,
or decree of a court of competent jurisdiction (the time for appeal therefrom
having expired and no appeal having been perfect­ed).  The term of
this Agreement shall be extended until the Date of Termination.

    

    (d)           Disability.  Termination
of your employment by the Company for "Disability" shall mean termination
because of your absence from your duties with the Company on a full-time basis
for 180 consecutive days as a result of your incapacity due to physical or
mental illness and your failure to return to the performance of your duties on a
full-time basis during the 30-day period after Notice of Termination is
given.

    

    (e)           Good
Reason.  Termination by you of your employment for "Good
Reason" shall mean termination based on any of the following:

    

    (i)     
      A change in your status or position(s) with
the Company, which in your reasonable judgment, does not represent a promotion
from your status or position(s) as in effect immediately prior to the change in
control of the Company, or a change in your duties or responsibili­ties
which, in your reasonable judgment, is inconsis­tent with such status or
position(s), or any removal of you from, or any failure to reappoint or reelect
you to, such position(s), except in connection with the termination of your
employment for Cause or Disability or as a result of your death or by you other
than for Good Reason.

    

    (ii)           A
reduction by the Company in your base salary as in effect immediately prior to
the change in control of the Company.

    

    (iii)           The
failure by the Company to continue in effect any Plan (as hereinafter defined)
in which you are participat­ing at the time of the change in control of the
Company (or Plans providing you with at least substantial­ly similar
benefits) other than as a result of the normal expiration of any such Plan in
accordance with its terms as in effect at the time of the change in control of
the Company, or the taking of any action, or the failure to act, by the Company
which would adversely affect your continued participation in any of such Plans
on at least as favorable a basis to you as is the case on the date of the change
in control of the Company or which would materially reduce your benefits in the
future under any of such Plans or deprive you of any material benefit enjoyed by
you at the time of the change in control of the Company.

    

    (iv)          The
failure by the Company to provide and credit you with the number of paid
vacation days to which you are then entitled in accordance with the Company's
normal vacation policy as in effect immediately prior to the change in control
of the Company.

    
      
        July
23, 2001

         

      

      
        7

        
          

        

      

      
         

      

    

    (v)           The
Company's requiring you to be based anywhere other than where your office is
located immediately prior to the change in control of the Company except for
required travel on the Company's business to an extent substantially consistent
with the business travel obligations which you undertook on behalf of the
Company prior to the change in control of the Company.

    

    (vi)          The
failure by the Company to obtain from any successor the assent to this Agreement
contemplated by section 8 hereof.

    

    (vii)         Any
purported termination by the Company of your employment which is not effected
pursuant to a Notice of Termina­tion satisfying the requirements of this
Agree­ment; and for purposes of this Agreement, no such purported
termination shall be effective.

    

    (viii)        Any
refusal by the Company to continue to allow you to attend to matters or engage
in activities not directly related to the business of the Company which, prior
to the change in control of the Company, you were permitted by the Board to
attend to or engage in.

    

    For
purposes of this subsection, "Plan" shall mean any compensation plan such as an
incentive or stock option plan or any employee benefit plan such as a thrift,
pension, profit sharing, medical, disability, accident, life insurance plan, or
a relocation plan or policy or any other plan, program, or policy of the Company
intended to benefit employees.

    

    (f)           Notice of
Termination.  A "Notice of Termination" of your employment
given by the Company shall mean a written notice given to you of the termination
of your employment which shall indicate the specific termination provision in
this Agreement relied upon, and shall set forth in reasonable detail the facts
and circumstanc­es claimed to provide a basis for termination of your
employment under the provision so indicat­ed.

    

    (g)           Person.  The
term "Person" shall mean and include any individual, corporation, partnership,
group, association, or other "person," as such term is used in section 14(d) of
the Exchange Act, other than the Company or any employee benefit plan(s)
sponsored by the Company.

    

    7.           Notice.  For
the purposes of this Agreement, notices and all other communications provided
for in the Agreement shall be in writing and shall be deemed to have been duly
given when delivered or mailed by United States certified or registered mail,
return receipt requested, postage prepaid, addressed to the respective addresses
set forth on the first page of this Agreement, provided that all notices to the
Company shall be directed to the attention of the Chief Executive Officer of the
Company with a copy to the Secretary of the Company, or to such other address as
either party may have furnished to the other in writing in accordance herewith,
except that notices of change of address shall be effective only upon
receipt.

    
      
        July
23, 2001

         

      

      
        8

        
          

        

      

      
         

      

    

    8.           Successors; Binding
Agreement.

    

    (a)           This
Agreement shall inure to the benefit of, and be binding upon, any corporate or
other successor or assignee of the Company which shall acquire, directly or
indirectly, by merger, consolida­tion or purchase, or otherwise, all or
substantially all of the business or assets of the Company.  The
Company shall require any such successor, by an agreement in form and substance
satisfactory to you, expressly to assume and agree to perform this Agreement in
the same manner and to the same extent as the Company would be required to
perform if no such succession had taken place.

    

    (b)           This
Agreement shall inure to the benefit of and be enforce­able by your personal
or legal representatives, execu­tors, adminis­trators, successors,
heirs, distributees, devisees and legatees.  If you should die while
any amount would still be payable to you hereunder if you had continued to live,
all such amounts, unless otherwise provided herein, shall be paid in accordance
with the terms of this Agreement to your devisee, legatee, or other designee or,
if there is no such designee, to your estate.

    

    9.           Increased Severance Payments
Upon Application of Excise Tax.

    

    (a)           Adjustment of
Payment.  In the event any payments or benefits you become
entitled to pursuant to the Agreement or any other payments or benefits received
or to be received by you in connec­tion with a change in control or your
termination of employment (whether pursuant to the terms of any other agreement,
plan, or arrangement, or otherwise, with the Company, any person whose actions
result in a change in control or any person affiliat­ed with the Company or
such person) (collective­ly the "Severance Payments") will be subject to the
tax (the "Excise Tax") imposed by section 4999 of the Internal Revenue Code of
1986, as amended (the "Code"), the Company shall pay you an additional amount
(the "Gross-Up Payment") so that the net amount retained by you, after deduction
of the Excise Tax (but before deduction for any federal, state or local income
tax) on the Severance Payments and after deduction for the aggregate of any
federal, state, or local income tax and Excise Tax upon the Gross-Up Payment,
shall be equal to the Severance Payments.  For purposes of determining
whether any of the Severance Payments will be subject to the Excise Tax and the
amount of such Excise Tax, (i) the entire amount of the Severance Payments shall
be treated as "parachute payments" within the meaning of section 280G(b)(2) of
the Code and as subject to the Excise Tax, unless and to the extent, in the
written opinion of outside tax counsel selected by the Company's independent
accoun­tants and reasonably acceptable to you, such payments (in whole or in
part) are not subject to the Excise Tax; and (ii) the value of any noncash
benefits or any deferred payment or benefit (constituting a part of the
Severance Payments) shall be determined by the Company's independent auditors in
accordance with the principles of sections 280G(d)(3) and (4) of the
Code.  For purposes of determining the amount of the Gross-Up Payment,
you shall be deemed to pay federal income taxes at the highest marginal rate of
the federal income taxation applicable to individuals (without taking into
account surtaxes or loss or reduction of deductions) for the calendar year in
which the Gross-Up Payment is to be made and state and local income taxes at the
highest marginal rates of taxation in the state and locality of your residence
on the date of Termination.  In the event that the amount of Excise
Tax you are required to pay is subsequently determined to be less than the
amount taken into account hereunder, you shall repay to the Company promptly
after the time that the amount of such reduction in Excise Tax is finally
determined the amount of the reduction, together with interest on the amount of
such reduction at the rate of 6 percent per annum from the date of the Gross-Up
Payment, plus, if in the written opinion of outside tax counsel selected by the
Company's independent accountants and reasonably acceptable to you, such payment
(or a portion thereof) was not taxable income to you when reported or is
deductible by you for federal income tax purposes, the net federal income tax
benefit you actually realize as a result of making such payment pursuant to this
sentence.  In the event that the amount of Excise Tax you are required
to pay is subsequently determined to exceed the amount taken into account
hereunder, the Company shall make an additional Gross-Up Payment in the manner
set forth above in respect of such excess (plus any interest, additions to tax,
or penalties payable by you with respect to such excess) promptly after the time
that the amount can be reasonably determined.

    
      
        July
23, 2001

         

      

      
        9

        
          

        

      

      
         

      

    

    (b)           Time of Payment: Estimated
Payment.  The payments provided for in subsection (a) above,
shall be made not later than the fifth business day following the Date of
Termination; provided, however, that if the amounts of such payments cannot be
finally determined on or before such day, the Company shall pay to you on such
day an estimate, as determined in good faith by the Company, of the minimum
amount of such payments, and shall pay the remainder of such payments (together
with interest at the rate of 6 percent per annum) as soon as the amount thereof
can be determined.  In the event that the amount of the estimated
payments exceeds the amount subse­quently determined to have been due, such
excess shall constitute a loan by the Company to you, payable on the fifth day
after demand by the Company (together with interest at the rate of 6 percent per
annum).

    

    10.           Miscellaneous.  No
provision of this Agreement may be modified, waived, or discharged unless such
modification, waiver, or discharge is agreed to in a writing signed by you and
the Chief Executive Officer or President of the Company.  No waiver by
either party hereto at any time of any breach by the other party hereto of, or
of compliance with, any condition or provision of this Agreement to be performed
by such other party shall be deemed a waiver of similar or dissimilar provisions
or conditions at the same, or at any prior or subsequent, time.  No
agreements or representations, oral or otherwise, express or implied, with
respect to the subject matter hereof have been made by either party which are
not expressly set forth in this Agreement.  The validity,
interpretation, construction, and performance of this Agreement shall be
governed by laws of the State of New York without giving effect to the
principles of conflict of laws thereof.

    

    11.           Legal Fees and
Expenses.  The Company shall pay or reimburse any reasonable
legal fees and expenses you may incur in connection with any legal action to
enforce your rights under, or to defend the validity of, this
Agreement.  The Company will pay or reimburse such legal fees and
expenses on a regular, periodic basis upon presentation by you of a statement or
statements prepared by your counsel in accordance with its usual
practices.

    

    12.           Validity.  The
invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provision of this Agreement,
which shall remain in full force and effect.

    
      
        July
23, 2001

         

      

      
        10

        
          

        

      

      
         

      

    

    13.           Payments During
Controversy.  Notwithstanding the pendency of any dispute or
controversy, the Company will continue to pay you your full compensation in
effect when the notice giving rise to the dispute was given (including, but not
limited to, base salary and installments of incentive compensation) and continue
you as a participant in all compensation, benefit, and insurance plans in which
you were participating when the notice giving rise to the dispute was given,
until the dispute is finally resolved in accordance with section
7(c).  Amounts paid under this section are in addition to all other
amounts due under this Agreement and shall not be offset against or reduce any
other amounts due under this Agreement.  You shall be entitled to seek
specific performance of your right to be paid until the Date of Termination
during the pendency of any dispute or controversy arising under or in connection
with this Agreement.

    

    14.           Illegality.  Anything
in this Agreement to the contrary notwithstanding, this Agreement is not
intended and shall not be construed to require any payment to you which would
violate any federal or state statute or regulation, including without limitation
the "golden parachute payment regulations" of the Federal Deposit Insurance
Corporation codified to Part 359 of title 12, Code of Federal
Regulations.

    

    If this
letter correctly sets forth our agreement on the subject matter hereof, kindly
sign and return to the Company the enclosed copy of this letter, which will then
constitute our agreement on this subject.

    

    
      
        
          
            	 
      	
                    Very
      truly yours,

                  
	 
      	 
      	 
      
	 
      	
                    NBT
      BANCORP INC.

                  
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                    By:

                  	 /s/
      Daryl Forsythe
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                    AGREED
      TO:

                  
	 
      	 
      	 
      
	 
      	 
      	 
	 
      	 /s/
      Michael J. Chewens
	 
      	
                    Michael
      J. Chewens

                  

          

        

      

    

     

    July 23, 2001

     

     

    11

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