Document:

Employment Agreement

 Exhibit 10.4 
 EMPLOYMENT AGREEMENT 
 This EMPLOYMENT AGREEMENT (the
“Agreement”) is made and entered into this 4th
day of May 2012, by and between TIMOTHY L. BRENNER (“Executive”) and NBT BANCORP INC., a Delaware corporation having its principal office in Norwich, New York (“NBTB”). 

WITNESSETH THAT: 
 WHEREAS, Executive is an Executive Vice President of NBTB and President of Wealth Management of NBT Bank, National Association, a national banking association which is a wholly-owned subsidiary of NBTB
(“NBT Bank”); 
 WHEREAS, NBTB desires to secure the continued employment of Executive, subject to the provisions of
this Agreement; and 
 WHEREAS, Executive is desirous of entering into the Agreement for such periods and upon the terms and
conditions set forth herein; 
 NOW, THEREFORE, in consideration of the premises and mutual covenants and agreements hereinafter
set forth, intending to be legally bound, the parties agree as follows: 
  

	 	1.	Employment; Responsibilities and Duties. 

 (a) NBTB hereby agrees to continue to employ Executive and to cause NBT Bank and any successor organization to NBT Bank to employ Executive, and Executive hereby agrees to serve as an Executive Vice
President of NBTB and President of Wealth Management of NBT Bank and any successor organization to NBTB or NBT Bank, as applicable, during the Term of Employment (as defined in Section 2 below). During the Term of Employment, Executive shall
perform all duties and responsibilities, and have the authority as shall be set forth in the bylaws of NBTB or NBT Bank or as may otherwise be determined and assigned to him by NBTB or by NBT Bank. During the Term of Employment, Executive shall
report directly to the Chief Executive Officer of NBTB. 
 (b) Executive shall devote his full working time and best efforts to
the performance of his responsibilities and duties hereunder. During the Term of Employment, Executive shall not, without the prior written consent of the chief executive officer of NBTB, render services in any capacity, whether as an employee,
independent contractor, or otherwise, whether or not compensated, to any person or entity other than NBTB or its affiliates; provided that Executive may, where involvement in such activities does not individually or in the aggregate significantly
interfere with the performance of his duties or violate the provisions of section 4 hereof, (i) render services to charitable organizations, (ii) manage his personal investments in compliance with any NBTB limits or policies, and
(iii) with the prior permission of the chief executive officer of NBTB, hold such other directorships or part-time academic appointments or have such other business affiliations as would otherwise be prohibited under this section 1. 

	 	2.	Term of Employment. 

 (a)
The term of this Agreement (“Term of Employment”) shall be the period commencing on the date hereof (the “Commencement Date”), and continue until the Termination Date, which shall be the earliest of: 

(i) May 1, 2013, provided, however, that on April 30, 2013 and on each April 30 thereafter, the remaining Term of
Employment shall be extended by one additional year; 
 (ii) the death of Executive; 

(iii) Executive’s inability to perform his duties hereunder, reason of any medically determinable physical or mental impairment
that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months; 
 (iv)
the discharge of Executive by NBTB “for cause,” which shall mean one or more of the following: 
 (A) any willful or
gross misconduct with respect to the business and affairs of NBTB or NBT Bank, or with respect to any of its affiliates for which Executive is assigned material responsibilities or duties; 

(B) the conviction of Executive of a felony (after the earlier of the expiration of any applicable appeal period without perfection of
an appeal by Executive or the denial of any appeal as to which no further appeal or review is available to Executive) whether or not committed in the course of his employment by NBTB; 

(C) Executive’s willful neglect, failure, or refusal to carry out his duties hereunder in a reasonable manner (other than any such
failure resulting from disability or death or from termination by Executive for Good Reason, as hereinafter defined) after a written demand for substantial performance is delivered to Executive that specifically identifies the manner in which NBTB
believes that Executive has not substantially performed his duties and Executive has not resumed substantial performance of his duties on a continuous basis within 30 days of receiving such demand; or 

(D) the breach by Executive of any representation or warranty in section 6(a) hereof or of any agreement contained in section 1, 4, 5,
or 6(b) hereof, which breach is material and adverse to NBTB or any of its affiliates for which Executive is assigned material responsibilities or duties; 
 (v) Executive’s resignation from his position as Executive Vice President of NBTB and President of Wealth Management of NBT Bank other than for “Good Reason,” as hereinafter defined;

  
 2 

 (vi) the termination of Executive’s employment by NBTB “without cause,”
which shall be for any reason other than those set forth in subsections (i), (ii), (iii), (iv), or (v) of this section 2(a), at any time, upon the thirtieth day following notice to Executive; or 

(vii) Executive’s resignation for “Good Reason.” 

“Good Reason” shall mean, without Executive’s express written consent, reassignment of Executive to a material reduction
in duties, responsibilities or position other than for “Cause,” or a material decrease in the amount or level of Executive’s salary or benefits from the amount or level established in section 3 hereof. Notwithstanding the foregoing,
if there exists (without regard to this sentence) an event or condition that constitutes Good Reason, NBTB shall have thirty (30) days from the date on which Executive gives the written notice thereof to cure such event or condition (such
notice to be given from Executive within ninety (90) days from the date the event or condition first occurs) and, if NBTB does so, such event or condition shall not constitute Good Reason hereunder. Further, an event or condition shall cease to
constitute Good Reason thirty (30) days after the end of the cure period. 
 A Termination Date shall not be deemed to have
occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and, for purposes of any such provision of this Agreement, any references to a “termination,” “termination of employment” or like terms
shall mean a “separation from service.” 
 (b) In the event that the Term of Employment shall be terminated for any
reason other than that set forth in section 2(a)(vi) or 2(a)(vii) hereof, Executive shall, in consideration for Executive’s covenant not to compete and other post-termination obligations, be entitled to receive, upon the occurrence of any such
event: 
 (i) any salary (as hereinafter defined) payable pursuant to section 3(a)(i) hereof which shall have accrued as of the
Termination Date; and 
 (ii) such rights as Executive shall have accrued as of the Termination Date under the terms of any
plans or arrangements in which he participates pursuant to section 3(b) hereof, any right to reimbursement for expenses accrued as of the Termination Date payable pursuant to section 3(j) hereof, and the right to receive the cash equivalent of paid
annual leave accrued as of the Termination Date pursuant to section 3(d) hereof. 
 (c) In the event that the Term of Employment
shall be terminated for the reasons set forth in section 2(a)(vi) or 2(a)(vii) hereof, and upon execution of a Separation Agreement and Release in substantially the form attached hereto, which shall be incorporated by reference into this Agreement
and become a part hereof, Executive shall be entitled to receive the following: 
 (i) any salary payable pursuant to section
3(a)(i) hereof which shall have accrued as of the Termination Date, and, for a one year period, salary payable at the rate established pursuant to section 3(a)(i) hereof, on a monthly basis; 

 

  
 3 

 (ii) such rights as Executive may have accrued as of the Termination Date under the terms
of any plans or arrangements in which he participates pursuant to section 3(b) hereof, any right to reimbursement for expenses accrued as of the Termination Date payable pursuant to section 3(h) hereof, and the right to receive the cash equivalent
of paid annual leave accrued as of the Termination Date pursuant to section 3(d) hereof; and 
 (d) Regulatory Limits.
Notwithstanding any other provision in this Agreement NBTB may terminate or suspend this Agreement and the employment of Executive hereunder, as if such termination were for Cause, to the extent required by the applicable federal or state statue
related to banking, deposit insurance or bank or savings institution holding companies or by regulations or orders issued by the Office of the Controller of the Currency, the Federal Deposit Insurance Corporation or any other state or federal
banking regulatory agency having jurisdiction over NBT Bank or NBTB, and no payment shall be required to be made to or for the benefit of Executive under this Agreement to the extent such payment is prohibited by applicable law, regulation or order
issued by a banking agency or a court of competent jurisdiction; provided, that it shall be NBTB’s burden to prove that any such action was so required. 
 (e) Any provision of this section 2 to the contrary notwithstanding, in the event that the employment of Executive with NBTB is terminated in any situation described in section 3 of the change-in-control
letter agreement dated May 4, 2012, between NBTB and Executive (the “Change-in-Control Agreement”) so as to entitle Executive to a severance payment and other benefits described in section 3 of the Change-in-Control Agreement, then
Executive shall be entitled to receive the following, and no more, under this section 2: 
 (i) compensation and benefits
earned or accrued through the Termination Date; 
 (ii) the severance payment and other benefits provided in the
Change- in-Control Agreement. 
 (f) Notwithstanding any other payment schedule provided herein to the contrary, if Executive is
deemed on the Termination Date a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B), then each of the following shall apply: 
 (i) With regard to any payment that is considered deferred compensation under Code Section 409A payable on account of a “separation from service,” such payment shall be made on the
date which is the earlier of (A) the expiration of the six (6) month period measured from the date of Executive’s “separation from service”, and (B) the date of Executive’s death (the “Delay Period”) to
the extent required under Code Section 409A. Upon the expiration of the Delay Period, all payments delayed pursuant to this Section (whether they would have otherwise been payable in a single sum or in installments in the absence of such
delay) shall be paid to Executive in a lump sum, and all remaining payments due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein; and 

(ii) To the extent that any benefits to be provided during the Delay Period is considered deferred compensation under Code
Section 409A provided on account of a “separation from service,” and such benefits are not otherwise exempt from Code Section 409A, 

  
 4 

 
Executive shall pay the cost of such benefits during the Delay Period, and the Company shall reimburse Executive, to the extent that such costs would otherwise have been paid by the Company or to
the extent that such benefits would otherwise have been provided by the Company at no cost to Executive, the Company’s share of the cost of such benefits upon expiration of the Delay Period, and any remaining benefits shall be reimbursed or
provided by the Company in accordance with the procedures specified herein. 
 (iii) For purposes of Code
Section 409A, Executive’s right to receive any installment payment pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. 

(g) To the extent that severance payments or benefits pursuant to this Agreement are conditioned upon the execution and delivery by
Executive of a release of claims, Executive shall forfeit all rights to such payments and benefits unless such release is signed and delivered (and no longer subject to revocation, if applicable) within sixty (60) days following the date of
Executive’s Termination Date. If the foregoing release is executed and delivered and no longer subject to revocation as provided in the preceding sentence, payments or benefits shall commence upon the first scheduled payment date immediately
after the date the release is executed and no longer subject to revocation (the “Release Effective Date”). The first such cash payment shall include payment of all amounts that otherwise would have been due prior to the Release Effective
Date under the terms of this Agreement applied as though such payments commenced immediately upon Executive’s Termination Date, and any payments made thereafter shall continue as provided herein. The delayed benefits shall in any event expire
at the time such benefits would have expired had such benefits commenced immediately following Executive’s Termination Date. 
 The Company may provide, in its sole discretion, that Executive may continue to participate in any benefits delayed pursuant to this section during the period of such delay, provided that Executive shall
bear the full cost of such benefits during such delay period. Upon the date such benefits would otherwise commence pursuant to this Section, the Company may reimburse Executive the Company’s share of the cost of such benefits, to the
extent that such costs would otherwise have been paid by the Company or to the extent that such benefits would otherwise have been provided by the Company at no cost to Executive, in each case had such benefits commenced immediately upon
Executive’s Termination Date. Any remaining benefits shall be reimbursed or provided by the Company in accordance with the schedule and procedures specified herein. 
 3.     Compensation. For the services to be performed by Executive for NBTB and its affiliates under this Agreement, Executive shall be compensated in the following manner:

 (a) Base Salary. During the Term of Employment: 

(i) NBTB shall pay Executive a salary, which, on an annual basis, shall be three hundred thousand dollars ($300,000) commencing on
March 5, 2012. Salary commencing on January 1, 2013 will be negotiated between Executive and the Chief Executive Officer of NBTB based on recommendations from the Compensation and Benefits Committee and in line with compensation for
comparable positions in companies of similar size and structure, but in no case less than $300,000. Salary shall be payable in accordance with the normal payroll 

  
 5 

 
practices of NBTB with respect to executive personnel as presently in effect or as they may be modified by NBTB from time to time. 

(ii) Executive shall be eligible to be considered for performance bonuses commensurate with Executive’s title and salary grade in
accordance with the compensation policies of NBTB with respect to executive personnel in effect as of the Commencement Date or as they may be modified by NBTB from time to time. 

(b) Employee Benefit Plans or Arrangements. During the Term of Employment, Executive shall be entitled to participate in all
employee benefit plans of NBTB, as presently in effect as of the Commencement Date or as they may be modified by NBTB from time to time, under such terms as may be applicable to officers of Executive’s rank employed by NBTB or its affiliates,
including, without limitation, plans providing retirement benefits, restricted stock or stock units, medical insurance, life insurance, disability insurance, long term care plan, and accidental death or dismemberment insurance, provided that there
be no duplication of such benefits as are provided under any other provision of this Agreement. 
 (c) Equity Awards.
Executive will be eligible for awards under NBTB’s Omnibus Incentive Plan as applicable to officers of Executive’s rank. 
 (d) Vacation and Sick Leave. During the Term of Employment, Executive shall be entitled to paid annual vacation periods and sick leave in accordance with the policies of NBTB applicable to officers
of Executive’s rank employed by NBTB or its affiliates and as in effect as of the Commencement Date or as may be modified by NBTB from time to time as may be applicable to officers of Executive’s rank employed by NBTB or its affiliates,
but in no event shall Executive be entitled to less than four weeks of paid vacation per year. 
 (e) Automobile. During
the Term of Employment, Executive shall be entitled to the use of an automobile owned by NBTB or an affiliate of NBTB, the make, model, and year of which automobile shall be appropriate to an officer of Executive’s rank and which will be
replaced every three years (or earlier if the accumulated mileage exceeds 75,000 miles). Executive shall be responsible for all expenses of ownership and use of any such automobile, subject to reimbursement of expenses for business use in accordance
with section 3(i). 
 (f) Country Club Dues. During the Term of Employment, Executive shall be reimbursed for dues and
assessments incurred in relation to Executive’s membership at a country club mutually agreed upon by the chief executive officer of NBTB and Executive, subject to specific IRS rules. Executive shall be responsible for any income taxes
associated with the personal use of such club membership. 
 (g) Withholding. All compensation to be paid to Executive
hereunder shall be subject to applicable federal, state, and local taxes and all other required withholdings. Executive hereby acknowledges and agrees that he is responsible for all taxes in connection with any benefits, fringe benefits, or
perquisites provided under this Agreement and he is not entitled to any gross-up payment for any taxes to which Executive may be subject. 
 (h) Enhanced Retirement Benefit. As an Executive, effective beginning January 1, 2013, NBTB may contribute to the Executive’s deferred compensation account on an annual basis an amount
between 0%-10% of Executive’s base salary, at the discretion of the Board of Directors. 

  
 6 

 (j) Expenses. During the Term of Employment, Executive shall be
reimbursed for reasonable travel and other expenses incurred or paid by Executive in connection with the performance of his services under this Agreement, upon presentation of expense statements or vouchers or such other supporting information as
may from time to time be requested by NBTB, in accordance with such policies of NBTB as are in effect as of the date hereof and as may be modified by NBTB from time to time, under such terms as may be applicable to officers of Executive’s rank
employed by NBTB or its affiliates. All expenses or other reimbursements under this Agreement shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by Executive (provided that
if any such reimbursements constitute taxable income to Executive, such reimbursements shall be paid no later than March 15th of the calendar year following the calendar year in which the expenses to be reimbursed were incurred), and no such
reimbursement or expenses eligible for reimbursement in any taxable year shall in any way affect the expenses eligible for reimbursement in any other taxable year. 
  

	 	4.	Confidential Business Information; Non-Competition. 

 (a) Executive acknowledges that certain business methods, creative techniques, and technical data of NBTB and its affiliates and the like are deemed by NBTB to be and are in fact confidential business
information of NBTB, NBT Bank, or any of their affiliates or are entrusted to third parties. Such confidential information includes but is not limited to procedures, methods, sales relationships developed while in the service of NBTB or its
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 NBTB or NBT Bank or their affiliates, and compositions, ideas, plans, and methods belonging to or related to the affairs of NBTB or NBT Bank or their affiliates (collectively, “Confidential
Information”). In this regard, NBTB asserts proprietary rights in all of its Confidential Information and that of its affiliates, except for such information as is clearly in the public domain. Notwithstanding the foregoing, information that
would be generally known or available to persons skilled in Executive’s fields shall be considered to be “clearly in the public domain” for the purposes of the preceding sentence. Executive acknowledges that in connection with his
employment with NBTB, Executive has had or may have access to such Confidential Information, and he agrees that he will not disclose or divulge to any third party, except as may be required by his duties hereunder, by law, regulation, or order of a
court or government authority, or as directed by NBTB, nor shall he use to the detriment of NBTB or its affiliates or use in business or on behalf of any business competitive with or substantially similar to any business of NBTB or its affiliates,
any Confidential Information obtained during the course of his employment by NBTB. In the event that disclosure is required by law, regulation, or order of a court or government authority, Executive agrees that as soon as practical and in any event
no later than 30 days after receiving notice that Executive is required to make such disclosure, Executive will provide notice to the Company of such requirement by law, regulation, order of a court or government authority. This Section 4(a)
shall not be construed as restricting Executive from disclosing such information to the employees of NBTB, NBT Bank or their affiliates. On or before the Termination Date, Executive shall promptly deliver to NBTB any and all Confidential Information
in his possession, whether tangible, electronic or intangible form. 
 (b) Executive acknowledges that in the course of
employment with NBTB, 

  
 7 

 
Executive has had access to and gained knowledge of the trade secrets and other Confidential Information of NBTB, NBT Bank, or their affiliates; has had substantial relationships with the
customers of NBTB, NBT Bank, or their affiliates; and has performed services of special, unique, and extraordinary value to NBTB, NBT Bank, or their affiliates. Therefore, Executive agrees that notwithstanding the termination of this Agreement for
any reason, from the Commencement Date until the first anniversary of the Termination Date, the Executive shall not, directly or indirectly, on behalf of himself or any other person or entity, without the written consent of NBTB: 

(i) become an officer, employee, consultant, director, or trustee of any savings bank, savings and loan association, savings and loan
holding company, bank or bank holding company, where such position entails providing services to such company in any city, town, or county in which NBTB or NBT Bank or their affiliates has an office, determined as of the Termination Date, where
Executive’s position or service for such business is competitive with or otherwise similar to any of Executive’s positions or services for NBTB or NBT Bank; 
 (ii) induce or solicit any customer, supplier, or agent of NBTB, NBT Bank, or their affiliates about whom Executive has gained Confidential Information or with whom Executive, by virtue of his employment
with NBTB, has established a relationship or had frequent contact, to terminate or curtail an existing business or commercial relationship with NBTB, NBT Bank, or their affiliates; 

(iii) induce or solicit any customer or supplier of NBTB, NBT Bank, or their affiliates about whom Executive has gained Confidential
Information or with whom Executive, by virtue of his employment with NBTB, has established a relationship or had frequent contact, to provide or purchase goods or services similar to the goods or services provided by it to or purchased by it from
NBTB, NBT Bank, or their affiliates; provided however, that the provisions of this clause (iii) only apply to those persons or entities who are customers or suppliers of NBTB, NBT Bank, or their affiliates as of the Termination Date or who were
customers of NBTB, NBT Bank, or their affiliates during the one-year period prior to the Termination Date; or 
 (iv) solicit,
induce, recruit, offer employment to, hire, or take any other action intended, or that a reasonable person acting in like circumstances would expect, to have the effect of causing any officer or employee of NBTB, NBT Bank, or their affiliates, to
terminate his or her employment. 
 (c) Executive acknowledges and agrees that irreparable injury will result to NBTB in the
event of a breach of any of the provisions of this section 4 (the “Designated Provisions”) and that NBTB will have no adequate remedy at law with respect thereto. Accordingly, in the event of a material breach of any Designated Provision,
and in addition to any other legal or equitable remedy NBTB may have, NBTB shall be entitled to the entry of a preliminary and permanent injunction (including, without limitation, specific performance) by a court of competent jurisdiction in
Chenango County, New York, or elsewhere, to restrain the violation or breach thereof by Executive, and Executive submits to the jurisdiction of such court in any such action. 
 (d) It is the desire and intent of the parties that the provisions of this section 4 shall be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in
which enforcement is sought. Accordingly, if any particular provision of this 

  
 8 

 
section 4 shall be adjudicated to be invalid or unenforceable, such provision shall be deemed amended to delete therefrom 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 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 NBTB, to the fullest extent permitted by applicable law, the
benefits intended by this section 4. 
 5.     Life Insurance. In light of the unusual abilities and
experience of Executive, NBTB (or NBT Bank or their affiliates), in their discretion, may apply for and procure as owner, and for their own benefit, insurance on the life of Executive, in such amount and in such form as NBTB may choose. NBTB shall
make all payments for such insurance and shall receive all benefits from it. Executive shall have no interest whatsoever in any such policy or policies but, at the request of NBTB, shall submit to medical examinations and supply such information and
execute such documents as may reasonably be required by the insurance company or companies to which NBTB has applied for insurance. 
  

	 	6.	Representations and Warranties. 

 (a) Executive represents and warrants to NBTB that his execution, delivery, and performance of this Agreement will not result in or constitute a breach of or conflict with any term, covenant, condition,
or provision of any commitment, contract, or other agreement or instrument, including, without limitation, any other employment agreement, to which Executive is or has been a party. 

(b) Executive shall indemnify, defend, and hold harmless NBTB for, from, and against any and all losses, claims, suits, damages,
expenses, or liabilities, including court costs and counsel fees, which NBTB has incurred or to which NBTB may become subject, insofar as such losses, claims, suits, damages, expenses, liabilities, costs, or fees arise out of or are based upon any
failure of any representation or warranty of Executive in section 6(a) hereof to be true and correct when made. 

7.     Notices. All notices, consents, waivers, or other communications which are required or permitted
hereunder shall be in writing and deemed to have been duly given if delivered personally or by messenger, transmitted by telex or telegram, by express courier, or sent by registered or certified mail, return receipt requested, postage prepaid. All
communications shall be addressed to the appropriate address of each party as follows: 
 If to NBTB: 

NBT Bancorp Inc. 

52 South Broad Street 
 Norwich, New York 13815 
 Attention: Chief Executive Officer 

With a required copy (which shall not constitute notice) to: 

  
 9 

 Stuart G. Stein, Esq. 

Hogan Lovells US L.L.P. 
 555 13th
Street, N.W. 
 Washington, D.C. 20004 
 Fax: (202) 637-5910 
 If to Executive: 

Mr. Timothy L. Brenner 2 
 Grand View Trail 
 Orchard Park, New York 14127 

All such notices shall be deemed to have been given on the date delivered, transmitted, or mailed in the manner provided above. 

8.     Assignment. Neither party may assign this Agreement or any rights or obligations hereunder without the
consent of the other party. 
 9.     Governing Law, Jurisdiction and Venue. This Agreement shall be
governed by, construed, and enforced in accordance with the laws of the State of New York, without giving effect to the principles of conflicts of law thereof. The parties hereby designate Chenango County, New York to be the proper jurisdiction and
venue for any suit or action arising out of this Agreement. Each of the parties consents to personal jurisdiction in such venue for such a proceeding and agrees that it may be served with process in any action with respect to this Agreement or the
transactions contemplated thereby by certified or registered mail, return receipt requested, or to its registered agent for service of process in the State of New York. Each of the parties irrevocably and unconditionally waives and agrees, to the
fullest extent permitted by law, not to plead any objection that it may now or hereafter have to the laying of venue or the convenience of the forum of any action or claim with respect to this Agreement or the transactions contemplated thereby
brought in the courts aforesaid. 
 10.     Entire Agreement. This Agreement and any other agreements
expressly incorporated by reference herein constitute the entire understanding between NBTB and Executive relating to the subject matter hereof Any previous discussions, agreements, commitments or understandings of any kind or nature between the
parties hereto or between Executive and NBTB or any of its affiliates, whether oral or written, regarding the subject matter hereof, including without limitation the terms and conditions of employment, compensation, benefits, retirement, competition
following employment, and the like, are merged into and superseded by this Agreement. Neither this Agreement nor any provisions hereof can be modified, changed, discharged, or terminated except by an instrument in writing signed by the party against
whom any waiver, change, discharge, or termination is sought. 
  

	 	11.	Illegality; Severability. 

(a) Anything in this Agreement to the contrary notwithstanding, this Agreement is not intended and shall not be construed to require any
payment to Executive 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. 

  
 10 

 (b) If any provision or provisions of this Agreement shall be held to be invalid, illegal,
or unenforceable for any reason whatsoever: 
 (i) the validity, legality, and enforceability of the remaining provisions of
this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal, or unenforceable) shall not in any way be affected or impaired thereby; and 

(ii) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any section of
this Agreement containing any such provisions held to be invalid, illegal, or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal, or unenforceable. 

12.     409A Compliance. The intent of the parties is that payments and benefits under this Agreement comply
with Code Section 409A and the regulations and guidance promulgated thereunder and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. In no event whatsoever shall NBTB be
liable for any additional tax, interest of penalty that may be imposed on Executive by Code Section 409A or damages for failing to comply with Code Section 409A. Notwithstanding any other provision of this Agreement to the contrary,
in no event shall any payment under this Agreement that constitutes “deferred compensation” for purposes of Code Section 409A be subject to offset, counterclaim or recoupment by any other amount payable to the Executive unless
otherwise permitted by Code Section 409A. 
 13.     Arbitration. Subject to the right of each
party to seek specific performance (which right shall not be subject to arbitration), if a dispute arises out of or is in any way related to this Agreement, or the asserted breach thereof, such dispute shall be referred to arbitration before the
American Arbitration Association the (“AAA”) pursuant to the AAA’s National Rules for the Resolution of Employment Disputes (the “Arbitration Rules”). A dispute subject to the provisions of this section will exist if either
party notifies the other party in writing that a dispute subject to arbitration exists and states, with reasonable specificity, the issue subject to arbitration (the “Arbitration Notice”). The parties agree that, after the issuance of the
Arbitration Notice, the parties will try in good faith between the date of the issuance of the Arbitration Notice and the date the dispute is set for arbitration to resolve the dispute by mediation in accordance with the Arbitration Rules. If the
dispute is not resolved by the date set for arbitration, then any controversy or claim arising out of this Agreement or the asserted breach hereof shall be resolved by binding arbitration and judgment upon any award rendered by arbitrator(s) may be
entered in a court having jurisdiction. In the event any claim or dispute involves an amount in excess of $100,000, either party may request that the matter be heard and resolved by a single arbitrator. The arbitrator shall have the same power to
compel the attendance of witnesses and to order the production of documents or other materials and to enforce discovery as could be exercised by a United States District Court judge sitting in Chenango County, New York. In the event of any
arbitration, each party shall have a reasonable right to conduct discovery to the same extent permitted by the Federal Rules of Civil Procedure, provided that discovery shall be concluded within 90 days after the date the matter is set for
arbitration. The arbitrator or arbitrators shall have the power to award reasonable attorneys’ fees to the prevailing party. Any provisions in this Agreement to the contrary notwithstanding, this section shall be governed by the Federal
Arbitration Act and the parties have entered into this Agreement pursuant to such Act. 
  

  
 11 

 14.     Costs of Litigation. In the event litigation is commenced
to enforce any of the provisions hereof, or to obtain declaratory relief in connection with any of the provisions hereof, the prevailing party shall be entitled to recover reasonable attorneys’ fees. In the event this Agreement is asserted in
any litigation as a defense to any liability, claim, demand, action, cause of action, or right asserted in such litigation, the party prevailing on the issue of that defense shall be entitled to recovery of reasonable attorneys’ fees.

 15.     Company Right to Recover. If the Company is required to prepare an accounting restatement
due to the material noncompliance of the Company as a result of misconduct, with regard to any financial reporting requirement under the securities laws, and Executive is subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley
Act of 2002 and Executive knowingly engaged in the misconduct, was grossly negligent in engaging in the misconduct, knowingly failed to prevent the misconduct or was grossly negligent in failing to prevent the misconduct, Executive shall reimburse
the Company the amount of any payment earned or accrued during the 12-month period following the first public issuance or filing with the United States Securities and Exchange Commission (whichever first occurred) of the financial document that
contained such material noncompliance. 
 Notwithstanding anything in this Agreement, if the Company is required to prepare an
accounting restatement, Executive will forfeit any payments made based on the achievement of pre-established performance goals that are later determined, as a result of the accounting restatement, not to have been achieved. 

16.     Affiliation. A company will be deemed to be an “affiliate” of, or “affiliated”
with NBTB or NBT Bank according to the definition of “Affiliate” set forth in Rule 12b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended. 

17.     Headings. The section and subsection headings herein have been inserted for convenience of reference
only and shall in no way modify or restrict any of the terms or provisions hereof. 
 IN WITNESS WHEREOF, the parties hereto executed or caused
this Agreement to be executed as of the day and year first above written. 
  

	
	NBT BANCORP INC.
	
	/s/ Martin A. Dietrich
	 Martin A. Dietrich

President and
 Chief Executive
Officer

  
  

	
	
	/s/ Timothy L. Brenner
	Timothy L. BrennerChange of Control Agreement

 Exhibit 10.5 
 May 4, 2012 
 Mr. Timothy L. Brenner 

2 Grand View Trail 
 Orchard Park, NY 14127

 Dear Mr. Brenner: 
 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, this agreement (the “Agreement”), sets forth the severance compensation which the Company agrees will be provided to you in the event your employment with the Company is terminated subsequent to a “change in control” of
the Company under the circumstances described below. 
 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. A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits
upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and, for purposes of
any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.” 

(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, notwithstanding the terms of any written employment agreement you may have with the Company, 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 (all as defined herein), 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 May 4, 2014; provided, however, that commencing May 4, 2014 and each May 4 thereafter, the remaining term of this Agreement shall
automatically be extended for one additional year 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 for any reason, including any reasons provided for under the terms of any written employment agreement you may have with the Company, 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 Within 24 Months of the Change 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: 
 (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 Within 24 Months of Change in Control or Without Good Reason within 12 Months of the
Change in Control. If your employment with the Company is terminated without Cause by the Company or with Good Reason by you within 24 months of a change in control, or by you within 12 months of a change in control of the Company without Good
Reason, then in consideration for your covenant not to compete and other post-termination obligations, then the Company shall pay to you, upon demand, the following amounts (net of applicable payroll taxes and other required withholding):

 (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 multiplied by the greater of the sum of your annualized salary for the calendar year in which the change in control of the 

 
Company occurs, the maximum 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. No other amounts will be included for purposes of determining the amount of severance pay. 

(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, 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 two years
after the Date of Termination, or such longer period as may be provided by the terms of the appropriate plan, certain noncash employee benefit plans, programs, or arrangements (including, without limitation, pension and retirement plans and
arrangements, life insurance and health, dental and vision plans, but excluding disability or accidental death and dismemberment insurance) 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 eligibility
for and participation in such plans, programs, and arrangements 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; provided, further, that for
health benefits that extend beyond the COBRA limitation period, the Company shall pay you a lump sum equal to the benefits that you would have received under this Section 3(c) without regard to such limitation, and (ii) your benefit under
any retirement plans maintained by the Company in which you are a participant shall be fully vested upon such termination of your employment and paid in a lump sum, and your benefit under such agreement or plan shall be determined as if you had
continued to be employed by the Company for two 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). 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, under this Section 3, 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. 
 (e) Installment Payout. The amounts
described in this subsection will be paid to you in 

 
equal annual payments over a period which is equal to the multiple of your annualized salary or compensation that is used to determine the amount of the severance pay with the first payment to be
made within 30 days of your termination and the subsequent payments, if any, to be made by January 1 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 except to the extent provided in Section 3(c) of this Agreement. 

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. 
 (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. 
 (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 inability to perform your duties, by reason of any medically
determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. 
 (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. 

(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. 
 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. Maximization of After-Tax Amounts. Notwithstanding any other provision of this Agreement, and notwithstanding any other agreement or formal or
informal compensation plan or arrangement, if you are a “disqualified individual,” as defined in Section 280G(c) of the Internal Revenue Code of 1986, as amended (the “Code”), your right to receive any payment or benefit
under this Agreement shall be limited to the extent that: (i) such payment or benefit, taking into account any other “payment in the nature of compensation” (within the meaning of Section 280G of the Code) to you or for your
benefit (“Compensation”), would cause any payment or benefit under this Agreement to be considered a “parachute payment” within the meaning of Section 280G(b)(2) of the Code as then in effect (a “Parachute
Payment”) and (ii) as a result of receiving a Parachute Payment, the aggregate after-tax amount you would receive (under this Agreement and otherwise) would be less than the maximum after-tax amount that you could receive without causing
any such payment or benefit to be considered a Parachute Payment. In the event that the receipt of any such payment or benefit under this Agreement, in conjunction with your other Compensation, would cause you to be considered to have received a
Parachute Payment that would have the effect of decreasing the after-tax amount received by you as described in clause (ii) of the preceding sentence, then you shall have the right, in your sole discretion, to designate any payments or benefits
under this Agreement, and any other Compensation, that shall be reduced or eliminated so as to avoid having the payment or benefit to you under this Agreement be deemed to be a Parachute Payment. 

10. Delay for Specified Employees. Notwithstanding any other payment schedule provided herein to the contrary, if you are deemed on the Date of
Termination a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B), then each of the following shall apply: 
 (i) With regard to any payment that is considered deferred compensation under Code Section 409A payable on account of a “separation from service,” such payment shall be made on the date
which is the earlier of (A) the expiration of the six (6) month period measured from the date of your “separation from service,” and (B) the date of your death (the “Delay Period”) to the extent required under Code
Section 409A. Upon the expiration of the Delay Period, all payments delayed pursuant to this Section (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid to you in a lump
sum, and all remaining payments due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein; and 
 (ii) To the extent that any benefits to be provided during the Delay Period is considered deferred compensation under Code Section 409A provided on account of a “separation from service,”
and such benefits are not otherwise exempt from Code Section 409A, you shall pay the cost of such benefits during the Delay Period, and the Company shall reimburse you, to the extent that such costs would otherwise have been paid by the Company
or to the extent that such benefits would otherwise have been provided by the Company at no cost to you, the Company’s share of the cost of such benefits upon expiration of the Delay Period, and any remaining benefits shall be reimbursed or
provided by the Company in accordance with the procedures specified herein. 

 11. 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. This agreement shall replace and supercede any agreement, whether written or oral, between the parties dated on or prior to the date
hereof, as to the subject matter contained herein, which shall be of no further force or effect. 
 12. 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, provided that you ultimately prevail on a substantial
claim in connection with such action. 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.
All expenses and reimbursements under this Agreement shall be made on or prior to the last day of the taxable year following the taxable year in which you incurred such expenses (provided that if any such reimbursements constitute taxable income to
you, such reimbursements shall be paid no later than March 15th of the calendar year following the calendar year in which the expenses to be reimbursed were incurred), and no such reimbursement or expenses eligible for reimbursement in any
taxable year shall in any way affect the expenses eligible for reimbursement in any other taxable year. 
 13. 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. 
 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. 

15. Code Section 409A Compliance. The intent of the parties is that payments and benefits under this Agreement comply with Code
Section 409A and the regulations and guidance promulgated thereunder, and accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. In no event whatsoever shall the Company be liable for
any additional tax, interest or penalty that may be imposed on you by Code Section 409A or damages for failing to comply with Code Section 409A. Notwithstanding any other provision of this Agreement to the contrary, in no event shall any
payment under this Agreement that constitutes “deferred compensation” for purposes of Code Section 409A be subject to offset, counterclaim or recoupment by any other amount payable to you unless otherwise permitted by Code
Section 409A. 
 16. Company Right to Recover. If the Company is required to prepare an accounting restatement due to the material
noncompliance of the Company as a result of misconduct, with regard to any financial reporting requirement under the securities laws, and you are subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002 and you
knowingly engaged in the misconduct, was grossly negligent in engaging in the misconduct, knowingly failed to prevent the misconduct or was grossly 

 
negligent in failing to prevent the misconduct, you shall reimburse the Company the amount of any payment earned or accrued during the 12-month period following the first public issuance or
filing with the United States Securities and Exchange Commission (whichever first occurred) of the financial document that contained such material noncompliance. Notwithstanding anything in this Agreement, if the Company is required to prepare an
accounting restatement, you will forfeit any payments made based on the achievement of pre-established performance goals that are later determined, as a result of the accounting restatement, not to have been achieved. 

[Signatures on Next Page] 

 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/ Martin A. Dietrich
		 	 Martin A. Dietrich

President and
 Chief Executive
Officer

  

	
	AGREED TO:
	
	/s/ Timothy L. Brenner
	Timothy L. Brenner

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00212-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00212-of-00352.parquet"}]]