Document:

Unassociated Document

    
      

    

    Exhibit 10.3

    CNB
BANCORP, INC. STOCK OPTION PLAN

    

    

    1. 
PURPOSE. The purpose of this CNB Bancorp, Inc. Stock Option Plan ("the Plan") is
to provide a method whereby those key employees of CNB Bancorp, Inc. and its
affiliates (collectively, "the Company"), who are primarily responsible for the
management and growth of the Company's business and who are presently making and
are expected to make substantial contributions to the Company's future
management and growth, may be offered incentives in addition to those presently
available, and may be stimulated by increased personal involvement in the
success of the Company to continue in its service, thereby advancing the
interests of the Company and its shareholders. The word "affiliate," as used in
the Plan, means any corporation in any unbroken chain of corporations beginning
or ending with the Company, if at the time of the granting of an option, each
corporation other than the last in that chain owns stock possessing fifty
percent (50%)or more of the total combined voting power of all classes of stock
in one of the other corporations in the chain.

    

    2.
 ADMINISTRATION. The following provisions shall govern the administration
of the Plan:

    

    (a)
 Board or Committee Administration. The Plan shall be administered by the
Board of Directors which may delegate its administrative powers and authority
under the Plan to the Compensation Committee of the Company's Board of Directors
(the "Compensation Committee"). (References in this Plan to the "Committee"
shall be deemed to refer to the Compensation Committee or the Board of
Directors, as the case may be.) The Board of Directors may from time to time
remove members from or add members to the Compensation Committee. Vacancies on
the Compensation Committee, however caused, shall be filled by the Board of
Directors. The Board of Directors may designate a Chairman and Vice-Chairman of
the Compensation Committee from among the committee members. Acts of the
Compensation Committee (i) at a meeting, held at a time and place and in
accordance with rules adopted by the committee at which a quorum of the
committee is present and acting, or (ii) reduced to and approved in writing by
all members of the committee, shall be the valid acts of the
committee.

    

    (b) 
Special Rule for Officers. The grant of options to employees who are officers of
the Company may be made by and all discretion with respect to the material terms
of the options may be exercised by either (i) the Board of Directors, or (ii)
the Compensation Committee composed solely of two or more nonemployee directors
having full authority to act in the matter.

    

    (c)
 Committee Powers. The Committee shall effect the grant of options under
the Plan by execution of instruments in writing in a form approved by the
Committee. Subject to the express terms and conditions of the Plan, the
Committee shall have full power to construe the Plan and the terms of any option
granted under the Plan, to prescribe, amend and rescind rules and regulations
relating to the Plan or options and to make all other determinations necessary
or advisable for the Plan's administration, including, without limitation, the
power to:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (i) 
determine which persons meet the requirements of Section 3 hereof for selection
as participants in the Plan;

    

    (ii) 
determine to whom of the eligible persons, if any, options shall be granted
under the Plan;

    

    (iii) 
establish the terms and conditions required or permitted to be included in every
option agreement or any amendments thereto, including whether options to be
granted thereunder shall be "incentive stock options," as defined in section 422
of the Internal Revenue Code of 1986, as amended (the "Code"), or nonqualified
stock options not described in sections 422 or 423 of the Code;

    

    (iv) 
specify the number of shares to be covered by each option;

    

    (v)  determine
the fair market value of shares of the Company's common stock for any purpose
under the Plan;

    

    (vi) 
take appropriate action to amend any option hereunder, provided that no such
action may be taken without the written consent of the affected
optionee;

    

    (vii) 
cancel outstanding options and issue replacement options therefor with the
consent of the affected optionee; and

    

    (viii) 
make all other determinations deemed necessary or advisable for administering
the Plan.

    

    The
Committee's determination on the foregoing matters shall be
conclusive.

    

    3. 
ELIGIBILITY. The persons who shall be eligible to receive the discretionary
grant of options under the Plan shall be those key employees and officers of the
Company selected for participation by the Committee ("Eligible Persons").
Notwithstanding any other provision of the Plan, no Eligible Person shall be
granted options to purchase more than an aggregate of 100,000 shares of the
Company's common stock under the Plan, as adjusted pursuant to Section
8.

    

    4. 
THE SHARES. The shares of stock subject to options authorized to be granted
under the Plan shall consist of 160,000 shares of the Company's Common Stock
(the "Shares"), or the number and kind of shares of stock or other securities
which shall be substituted for the Shares or to which the Shares shall be
adjusted as provided in Section 8 hereof. Upon the expiration or termination for
any reason of an outstanding option under the Plan which has not been exercised
in full, all unissued Shares thereunder shall again become available for the
grant of options under the Plan. Shares of the Company's common stock which are
(i) delivered by an optionee in payment of the exercise price of an option, or
(ii) delivered by an optionee, or withheld by the Company from the shares
otherwise due upon exercise of an option, in satisfaction of applicable
withholding taxes, shall again become available for the grant of options under
the Plan.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    5.
 INCENTIVE STOCK OPTION TERMS AND CONDITIONS. Options granted to employees
under the terms and conditions of this Section 5 are intended to be incentive
stock options (ISOS) under section 422 of the Code. Each incentive stock option
granted under the Plan shall be authorized by action of the Committee and shall
be evidenced by a written agreement in such form as the Committee shall from
time to time approve, which agreement shall comply with and be subject to the
following terms and conditions:

    

    (a)
 Exercise Price. The exercise price of each incentive stock option shall be
one hundred percent (100%) of the fair market value of a Share of common stock
of the Company on the date the option is granted; provided, however, that the
exercise price of an incentive stock option granted to an individual who owns
stock possessing more than ten percent (10%) of the total combined voting power
of all classes of stock of the Company, as determined under the stock ownership
rules specified in Subsection 5(c), shall be one hundred ten percent (110%) of
the fair market value of a Share of common stock of the Company on the date the
option is granted.

    

    (b)
 Duration of Options. No incentive stock option shall be exercisable after
the expiration of ten (10) years from the date on which that option is granted;
provided, however, that no incentive stock option granted to an individual who
owns stock possessing more than ten percent (10%) of the total combined voting
power of all classes of stock of the Company, as determined under the stock
ownership rules specified in Subsection 5(c), shall be exercisable after the
expiration of five (5) years from the date on which that option is
granted.

    

    (c)
 Determination of Stock Ownership. For purposes of determining in
Subsections 5(a) and 5(b) whether an employee owns stock possessing more than
ten percent (10%) of the total combined voting power of all classes of stock of
the Company, an employee shall be considered as owning the stock owned, directly
or indirectly, by or for his or her brothers and sisters (whether by the whole
or half blood), spouse, ancestors, and lineal descendants. Stock owned, directly
or indirectly, by or for a corporation, partnership, estate, or trust shall be
considered as being owned proportionately by or for its shareholders, partners,
or beneficiaries. Stock with respect to which the employee holds an option shall
not be counted.

    

    (d) 
Right to Exercise. Each incentive stock option shall become exercisable and vest
according to the terms and conditions established by the Committee and reflected
in the written agreement evidencing the option, provided, however, that no
option shall vest at a rate of less than twenty-five percent (25%) per year
during the four (4) year period following the date of grant of the option.
Notwithstanding the preceding sentence, all options shall become immediately
exercisable in the event of (1) the employee's attainment of age 65, (2) the
closing of the sale of all or substantially all of the assets of the Company,
(3) the merger or consolidation of the Company into or with another corporation
in a transaction where the Company is not the surviving corporation, (4) if any
person (other than a trustee or other fiduciary holding securities under an
employee benefit plan of the Company or its affiliate is or becomes the
beneficial owner of 25% or more of the common stock of the Company, or (5) if,
during any period of two consecutive years, individuals who at the beginning of
such period constitute the Board of Directors of the Company (each an "Incumbent
Board Member") cease for any reason to constitute at least a majority thereof,
provided, however, that any person becoming a director of the Company after the
beginning of such period whose election is approved by a vote of at least
three-quarters of the Incumbent Board Members shall be considered to be an
incumbent Board Member. In addition, the Board of Directors shall have the
authority to accelerate the exercisability of any options granted to an
employee. Each incentive stock option shall be subject to termination before its
date of expiration as provided in Subsection 5(e).

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (e)
 Terminations of Options. If an optionee ceases to be an employee of the
Company, his or her rights to exercise an incentive stock option then held shall
be only as follows:

    

    DEATH: If
an optionee dies while he or she is employed by the Company, the optionee's
estate shall have the right for a period of twelve (12) months after the date of
death to exercise the option to the extent the optionee was entitled to exercise
the option on that date, provided the date of exercise is in no event after the
expiration of the term of the option. To the extent the option is not exercised
within this period, the option will terminate. An optionee's "estate" shall mean
the optionee's legal representative or any person who acquires the right to
exercise an option by reason of the optionee's death.

    

    DISABILITY:
If an optionee's employment with the Company ends because the optionee becomes
disabled, the optionee or his or her qualified representative (in the event of
the optionee's mental disability) shall have the right for a period of twelve
(12) months after the date on which the optionee's employment ends to exercise
the option to the extent the optionee was entitled to exercise -the option on
that date, provided the date of exercise is in no event after the expiration of
the term of the option. To the extent the option is not exercised within this
period, the option will terminate.

    

    RESIGNATION:
If an optionee voluntarily resigns from the Company, the optionee shall have the
right for a period of three (3) months after the date of resignation to exercise
the option to the extent the optionee was entitled to exercise the option on
that date, provided the date of exercise is in no event after the expiration of
the term of the option. To the extent the option is not exercised within this
period, the option will terminate.

    

    TERMINATION
FOR REASONS OTHER THAN CAUSE: If an optionee's employment is terminated by the
Company for reasons other than "Cause," the optionee shall have the right for a
period of three (3) months after the date of termination to exercise the option
to the extent the optionee was entitled to exercise the option on that date,
provided the date of exercise is in no event after the expiration of the term of
the option. To the extent the option is not exercised within this period, the
option will terminate. Notwithstanding the above, an employee shall have five
(5) years from the date of his/her retirement from the Company to exercise
incentive stock options, provided, however, that at the expiration of the three
(3) month period following retirement, such option shall no longer be treated as
incentive stock options, but shall be treated as non-qualified stock options
pursuant to Section 6 below.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    For the
purpose of this clause, "Cause" shall mean that: the optionee is determined by
the Committee to have committed an act of embezzlement, fraud, dishonesty, or
breach of fiduciary duty to the Company, or to have deliberately disregarded the
rules of the Company which resulted in loss, damage, or injury to the Company,
or because the optionee has made any unauthorized disclosure of any of the
secrets or confidential information of the Company, has induced any client or
customer of the Company to break any contract with the Company, has induced any
principal for whom the Company acts as agent to terminate the agency
relationship, or has engaged in any conduct that constitutes unfair competition
with the Company.

    

    OTHER
REASONS: If an optionee's employment with the Company ends for any reason not
mentioned above in this Subsection 5(e), all rights of the optionee in an
incentive stock option, to the extent that it has not been exercised, shall
terminate on the date the optionee's employment ends.

    

    (f)
 Notice of Sale. If an optionee sells or otherwise disposes of any Shares
acquired upon exercise of an incentive stock option, and the sale or disposition
occurs within two (2) years after the grant of the option or within one (1) year
after the exercise of the option, the optionee shall give the Company notice of
the sale or disposition within fifteen (15) days thereafter.

    

    (g)
 Limit on Exercise of Incentive Stock Options.  To the extent
that the aggregate fair market value (determined as of the time the option is
granted) of the Stock with respect to which incentive stock options are
exercisable for the first time by any individual during any calendar year (under
all plans of the Company and its parent and subsidiary corporations) exceeds One
Hundred Thousand Dollars ($100,000), the options shall be treated as options
that are not incentive stock options.

    

    6. 
NONQUALIFIED STOCK OPTION TERMS AND CONDITIONS. The options granted under the
terms and conditions of this Section 6 are nonqualified stock options and are
not intended to qualify as either a qualified stock option or an incentive stock
option as those tenons are defined by applicable provisions of the Code. Each
nonqualified stock option granted under the Plan shall be authorized by action
of the Committee and shall be evidenced by a written agreement in such form as
the Committee shall from time to time approve, which agreement shall comply with
and be subject to the following terms and conditions:

    

    (a) 
Exercise Price. The exercise price of each nonqualified stock option shall not
be less than one hundred percent (100%) of the fair market value of a Share of
the Company on the date the option is granted.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b)
 Duration of Options. Each nonqualified stock option shall be for a term
determined by the Committee; provided, however, that the term of any option may
not exceed ten (10) years.

    

    (c) 
Right to Exercise. Each nonqualified stock option shall become exercisable and
vest according to the terms and conditions established by the Committee and
reflected in the written agreement evidencing the option, provided, however,
that no option shall vest at a rate of less than fifty percent (50%) per year
during the two (2) year period following the date of grant of the option.
Notwithstanding the preceding sentence, all options shall become immediately
exercisable in the event of (1) the employee's attainment of age 65, (2) the
closing of the sale of all or substantially all of the assets of the Company,
(3) the merger or consolidation of the Company into or with another corporation
in a transaction where the Company is not the surviving corporation, (4) if any
person (other than a trustee or other fiduciary holding securities under an
employee benefit plan of the Company or its affiliate is or becomes the
beneficial owner of 25% or more of the common stock of the Company, or (5) if,
during any period of two consecutive years, individuals who at the beginning of
such period constitute the Board of Directors of the Company (each an "Incumbent
Board Member") cease for any reason to constitute at least a majority thereof,
provided, however, that any person becoming a director of the Company after the
beginning of such period whose election is approved by a vote of at least
three-quarters of the Incumbent Board Members shall be considered to be an
incumbent Board Member. In addition, the Board of Directors shall have the
authority to accelerate the exercisability of any options granted to an
employee. Each nonqualified stock option shall be subject to termination before
its date of expiration as provided in Subsection 6(d).

    

    (d) 
Terminations of Options. If an optionee ceases to be an employee of the Company,
his or her rights to exercise a nonqualified stock option then held shall be
only as follows:

    

    DEATH: If
an optionee dies while he or she is employed by the Company, the optionee's
estate shall have the right for a period of twelve (12) months after the date of
death to exercise the option to the extent the optionee was entitled to exercise
the option on that date, provided the date of exercise is in no event after the
expiration of the term of the option. To the extent the option is not exercised
within this period, the option will terminate. An optionee's "estate" shall mean
the optionee's legal representative or any person who acquires the right to
exercise an option by reason of the optionee's death.

    

    DISABILITY:
If an optionee's employment with the Company ends because the optionee becomes
disabled, the optionee or his or her qualified representative (in the event of
the optionee's mental disability) shall have the right for a period of twelve
(12) months after the date on which the optionee's employment ends to exercise
the option to the extent the optionee was entitled to exercise the option on
that date, provided the date of exercise is in no event after the expiration of
the term of the option. To the extent the option is not exercised within this
period, the option will terminate.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    RESIGNATION:
If an optionee voluntarily resigns from the Company, the optionee shall have the
right for a period of three (3) months after the date of resignation to exercise
the option to the extent the optionee was entitled to exercise the option on
that date, provided the date of exercise is in no event after the expiration of
the term of the option. To the extent the option is not exercised within this
period, the option will terminate.

    

    TERMINATION
FOR REASONS OTHER THAN CAUSE: If an optionee's employment is terminated by the
Company for reasons other than "Cause," the optionee shall have the right for a
period of three (3) months after the date of termination to exercise the option
to the extent the optionee was entitled to exercise the option on that date,
provided the date of exercise is in no event after the expiration of the term of
the option. To the extent the option is not exercised within this period, the
option will terminate. Notwithstanding the above, an employee shall have five
(5) years from the date of his/her retirement from the Company to exercise
non-qualified options.

    

    For the
purpose of this clause, "Cause" shall mean that: the optionee is determined by
the Committee to have committed an act of embezzlement, fraud, dishonesty, or
breach of fiduciary duty to the Company, or to have deliberately disregarded the
rules of the Company which resulted in loss, damage, or injury to the Company,
or because the optionee has made any unauthorized disclosure of any of the
secrets or confidential information of the Company, has induced any client or
customer of the Company to break any contract with the Company, has induced any
principal for whom the Company acts as agent to terminate the agency
relationship, or has engaged in any conduct that constitutes unfair competition
with the Company.

    

    OTHER
REASONS: If an optionee's employment with the Company ends for any reason not
mentioned above in this Subsection 6(d), all rights of the optionee in a
nonqualified stock option, to the extent that it has not been exercised, shall
terminate on the date the optionee's employment ends.

    

    7. 
ADDITIONAL TERMS AND CONDITIONS OF ALL OPTIONS. The following terms and
conditions shall apply to all options granted pursuant to the Plan:

    

    (a) 
Exercise of Options. To the extent the right to purchase Shares has vested under
an optionee's stock option agreement, options may be exercised from time to time
by:

    

    
      	
               
      

            	
              (1)

            	
              delivering
      payment therefor in cash, certified check, official bank check, or the
      equivalent thereof acceptable to the Company, together with written notice
      to the Company at the address specified in the written agreement
      evidencing the option. The written notice must identify the option or part
      thereof being exercised and specify the number of Shares for which payment
      is being tendered.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (2)

            	
              the
      delivery and surrender of Shares which (i) have been owned by the optionee
      for at least twelve (12) months or for such other period as the Committee
      may require; and (ii) have an aggregate fair market value on the date of
      surrender equal to the exercise
price.

            

    

    

    
      	
               
      

            	
              (3)

            	
              delivering
      to the Company (i) an exercise notice instructing the Company to deliver
      the certificates for the Shares purchased to a designated brokerage firm;
      and (ii) a copy of irrevocable instructions delivered to the brokerage
      firm to sell the Shares acquired upon exercise of the option and to
      deliver to the Company from the sale proceeds sufficient cash to pay the
      exercise price and applicable withholding taxes arising as a result of the
      exercise.

            

    

    

    The
Company shall deliver to the optionee, without transfer or issue tax to the
optionee (or other person entitled to exercise the option), at the principal
office of the Company, or such other place as shall be mutually acceptable, a
certificate or certificates for the Shares acquired under the option dated the
date the option was validly exercised; provided, however, that the time of
delivery may be postponed by the Company for such period as may be required for
it with reasonable diligence to comply with any requirements of
law.

    

    (b) 
Transferability of Options and Shares. Each option shall be transferable only by
will or the laws of descent and distribution and shall be exercisable during the
optionee's lifetime only by the optionee, or in the event of disability, the
optionee's qualified representative. In addition, in order for Shares acquired
upon exercise of incentive stock options to receive the tax treatment afforded
such Shares, the-Shares may not be disposed of within two years from the date of
the option grant nor within one year after the date of transfer of such Shares
to the optionee.

    

    (c)
 Withholding. The Company shall have the right to condition the issuance of
Shares upon exercise of an option upon payment by the optionee of any applicable
taxes required to be withheld under federal, state or local tax laws or
regulations in connection with the exercise. To the extent permitted in an
optionee's stock option agreement, an optionee may elect to pay such tax by (i)
requesting the Company to withhold a sufficient number of Shares from the total
number of Shares issuable upon exercise of the option or (ii) delivering a
sufficient number of Shares which have been held by the optionee for at least
twelve (12) months to the Company. This election is subject to approval or
disapproval by the Committee. The value of Shares withheld or delivered shall be
the fair market value of the Shares on the date the exercise becomes taxable as
determined by the Committee.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (d) 
Fair Market Value of Shares. For any purposes under the Plan, fair market value
per Share shall mean, where there is a public market for the Shares, the mean of
the bid and asked prices (or the closing price if listed on a stock exchange or
the NASDAQ National Market) of the Shares for the date of grant, as reported in
the Wall Street Journal (or, if not so reported, as otherwise reported by the
NASDAQ Stock Market or the National Quotation Bureau). If this fair market value
information is not available for the date of grant, then such information for
the last preceding date for which it is available shall be considered as the
fair market value.

    

    (e)
 Other Terms and Conditions. Options may also contain such other
provisions, which shall not be inconsistent with any of the foregoing terms, as
the Committee shall deem appropriate. No option, however, nor anything contained
in the Plan, shall confer upon any optionee any right to continue in the employ
or in the status as a director of the Company, nor limit in any way the right of
the Company to terminate an optionee's employment at any time.

    

    8. 
ADJUSTMENT OF, AND CHANGES IN, THE SHARES.

    

    (a) 
Changes in Capitalization. Subject to any required action by the shareholders of
the Company, the number of Shares covered by each outstanding option, and the
number of Shares which have been authorized for issuance under the Plan but as
to which no options have yet been granted, as well as the price per Share
covered by each outstanding option, shall be proportionately adjusted for any
increase or decrease in the number of issued Shares resulting from a stock
split, reverse stock split, stock dividend,  recapitalization,
combination or reclassification of the Shares, or any other increase or decrease
in the number of issued Shares effected without receipt of consideration by the
Company; provided, however, that conversion of any convertible securities of the
Company shall not be deemed to have been "effected without receipt of
consideration." Such adjustment shall be made by the Committee, whose
determination in that respect shall be final, binding, and conclusive. Except as
expressly provided herein, no issuance by the Company of shares of stock of any
class, or securities convertible into shares of stock of any class, shall
affect, and no adjustment by reason thereof shall be made with respect to, the
number or price of Shares subject to an option.

    

    (b)
 Dissolution, Liquidation, Sale, or Merger. In the event of a proposed
dissolution or liquidation of the Company, options outstanding under the Plan
shall terminate immediately before the consummation of such proposed action. The
Committee will, in such circumstances, provide written notice to the optionees
of the expected dates of termination of outstanding options and consummation of
the proposed dissolution or liquidation.

    

    In the
event of a proposed sale of all or substantially all of the assets of the
Company, or the merger or consolidation of the Company with or into another
corporation in a transaction in which the Company is not the surviving
corporation, outstanding options may be assumed or equivalent options may be
substituted by the successor corporation (or a parent or subsidiary of the
successor corporation), unless the successor corporation does not agree to
assume the options or to substitute equivalent options. If outstanding options
are not assumed or substituted by equivalent options, the Committee shall have
the power to cause the termination of all outstanding options (subject to the
actual consummation of the sale or merger) and the Company shall provide written
notice to the optionees of the expected dates of termination of the options and
consummation of the transaction. If the transaction is not consummated,
unexercised options shall continue in accordance with their original
terms.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (c) 
Notice of Adjustments, Fractional Shares. To the extent the foregoing
adjustments relate to stock or securities of the Company, such adjustments shall
be made by the Committee, whose determination in that respect shall be final,
binding, and conclusive. No right to purchase fractional shares shall result
from any adjustment in options pursuant to this Section 8. In case of any such
adjustment, the shares subject to the option shall be rounded up to the nearest
whole share. Notice of any adjustment shall be given by the Company to each
holder of an option which was in fact so adjusted and the adjustment (whether or
not notice is given) shall be effective and binding for all purposes of the
Plan.

    

    No
adjustment shall be made for dividends or other rights for which the record date
is prior to the date of such issuance, except as provided in this Section
8.

    

    Any issue
by the Company of shares of stock of any class, or securities convertible into
shares of any class, shall not affect the number or price of Shares subject to
the option, and no adjustment by reason thereof shall be made. The grant of an
option pursuant to the Plan shall not affect in any way the right or power of
the Company to make adjustments, reclassifications, reorganizations or changes
of its capital or business structure or to merge or to consolidate or to
dissolve, liquidate or sell, or transfer all or any part of its business or
assets.

    

    9.
AMENDMENT AND TERMINATION OF THE PLAN. The Board shall have complete power and
authority to terminate or amend the Plan; provided, however, that the Board
shall not, without the approval of the shareholders of the Company, amend the
Plan in a manner that requires shareholder approval for continued compliance
with section 422 of the Code, any successor rules, or other regulatory
authority. Except as provided in Section 8, no termination, modification or
amendment of the Plan may, without the consent of optionees to whom options were
previously granted under the Plan, adversely effect the rights of those
optionees. Any consent required by the preceding sentence may be obtained in any
manner deemed appropriate by the Committee.

    

    The Plan,
unless sooner terminated, shall terminate on ten (10) years from the date the
Plan was originally adopted by the Board. An option may not be granted under the
Plan after the Plan is terminated.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    10.
EFFECTIVENESS OF THE PLAN. The Plan will become effective upon approval by the
Company's shareholders within twelve months of the date the Plan is adopted by
the Company's Board of Directors.

    

    11.
INFORMATION TO OPTIONEES. The Company shall provide to each optionee during the
period for which he or she has one or more outstanding options, copies of all
annual reports and all other information which is provided to shareholders of
the Company. The Company shall not be required to provide such information to
key employees whose duties in connection with the Company assure their access to
equivalent information.

    

    12.
PRIVILEGES OF STOCK OWNERSHIP, SECURITIES LAW COMPLIANCE. No optionee shall be
entitled to the privileges of stock ownership as to any Shares not actually
issued and delivered to the optionee. The exercise of any option under the Plan
shall be conditioned upon the registration of the Shares with the SEC and
qualification of the options and underlying Shares under applicable state
securities laws, unless in the opinion of counsel to the Company registration or
qualification is not necessary. The Company shall diligently endeavor to comply
with all applicable securities laws before any options are granted under the
Plan and before any Shares are issued pursuant to the exercise of such
options.

    

    13.
INDEMNIFICATION. To the extent permitted by applicable law in effect from time
to time, no member of the Board or the Committee shall be liable for any action
or omission of any other member of the Board or Committee nor for any act or
omission on the member's own part, excepting only the member's own willful
misconduct or gross negligence. The Company shall pay expenses incurred by, and
satisfy a judgment or fine rendered or levied against, a present or former
director or member of the Committee in any action against such person (whether
or not the Company is joined as a party defendant) to impose liability or a
penalty on such person for an act alleged to have been committed by such person
while a director or member of the Committee arising with respect to the Plan or
administration thereof or out of membership on the Committee or by the Company,
or all or any combination of the preceding; provided the director or Committee
member was acting in good faith, within what such director or Committee member
reasonably believed to have been within the scope of his or her employment or
authority and for a purpose which he or she reasonably believed to be in the
best interests of the Company or its shareholders. Payments authorized hereunder
include amounts paid and expenses incurred in settling any such action or
threatened action. This section does not apply to any action instituted or
maintained in the right of the Company by a shareholder or holder of a voting
trust certificate representing shares of the Company. The provisions of this
section shall apply to the estate, executor, administrator, heirs, legatees or
devisees of a director or Committee member, and the term "person" as used in
this section shall include the estate, executor, administrator, heirs, legatees
or devisees of such person.Unassociated Document

    
      

    

    
      Exhibit 10.4

      

      NBT
Bancorp Inc. Employee Stock Purchase Plan

      

       

      NBT
BANCORP INC.

      EMPLOYEE
STOCK PURCHASE PLAN

      

      

      ARTICLE
I-PURPOSE

      

      The NBT
Bancorp Inc. Employee Stock Purchase Plan (the "Plan") is intended to provide to
employees of NBT Bancorp Inc. (the "Corporation") and its subsidiaries the
opportunity to acquire ownership interests in the Corporation through a regular
investment program. The Corporation believes that ownership of its Common Stock
will motivate employees to improve their job performance, and enhance the
financial results of the Corporation. The Plan is intended to qualify as an
"employee stock purchase plan" under section 423 of the Internal Revenue Code of
1986, as amended (the "Code"), and shall be construed so as to extend and limit
participation in a manner consistent with the requirements thereof.

      

      ARTICLE
II-DEFINITIONS

      

      2.01.       
BASE PAY

      "Base
Pay" shall mean an Employee's basic hourly wage or salary, excluding any
bonuses, overtime, or other extra or incentive pay. With respect to any Employee
compensated on a commission basis, the Committee shall make a good faith
estimate of the Employee's expected "Base Pay" by taking into account prior-year
compensation, excluding any bonuses, overtime, or other extra or incentive pay,
and any changes in circumstances for the current year.

      

      2.02.        BOARD

      "Board"
shall mean the Board of Directors of the Corporation.

      

      2.03.        CODE

      "Code"
shall mean the Internal Revenue Code of 1986, as amended from time to
time.

      

      2.04.        COMMENCEMENT
DATE

      "Commencement
Date" shall mean March 31, 2000 and each January 1 thereafter during which the
Plan is in effect.

      

      2.05.        COMMITTEE

      "Committee"
shall mean the individuals described in Article IX.

      

      2.06.        COMMON
STOCK

      "Common
Stock" shall mean the Common Stock, par value $.01 per share, of the
Corporation.

      

      2.07.        CORPORATION

      "Corporation"
shall mean NBT Bancorp Inc., a Delaware corporation.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      2.08.        EMPLOYEE

      "Employee"
shall mean any person employed by the Corporation or a Subsidiary Corporation
(as defined in Sec. 2.10).

      

      2.09.        OFFERING

      "Offering"
shall mean an annual offering of Common Stock pursuant to Sec.
4.01.

      

      2.10.        SUBSIDIARY
CORPORATION

      

      "Subsidiary
Corporation" shall mean any present or future corporation which would be a
"subsidiary corporation" of the Corporation as that term is defined in section
424 of the Code.

      

      2.11.        TERMINATION
DATE

      "Termination
Date" shall mean the December 31 immediately following the Commencement Date of
an Offering.

      

      ARTICLE
III-ELIGIBILITY AND PARTICIPATION

      

      3.01.        INITIAL
ELIGIBILITY

      Except as
otherwise provided in Sec.Sec. 3.02 and 9.01, each Employee shall be eligible to
participate in Offerings that commence on or after the date he or she becomes an
Employee.

      

      3.02.        RESTRICTIONS
ON PARTICIPATION

      No
Employee shall participate in an Offering:

      (a)   
if, immediately after the Commencement Date, such Employee would own stock,
and/or hold outstanding options to purchase stock, possessing 5% or more of the
total combined voting power or value of all classes of stock of the Corporation
(for purposes of this paragraph, the rules of section 424(d) of the Code shall
apply in determining stock ownership of any Employee); or

      (b)   
to the extent that his or her rights to purchase stock under all employee stock
purchase plans of the Corporation accrue at a rate which exceeds $25,000 in fair
market value of the stock (determined at the time such options are granted) for
each calendar year in which such options are outstanding.

      

      3.03.        COMMENCEMENT
OF PARTICIPATION

      An
Employee may participate in Offerings by completing an authorization for regular
payroll deductions on the form provided by the Corporation and filing it with
the Corporation on or before the date set therefor by the Committee, which date
shall be prior to the Commencement Date for an Offering. Payroll deductions for
an Employee shall commence on the applicable Commencement Date. Once enrolled,
an Employee shall continue to participate in this Plan for each succeeding
Offering until the Employee terminates his or her participation as provided in
Article VII or ceases to be an Employee. An Employee who desires to change his
or her rate of contribution may do so effective as of the beginning of the next
Commencement Date for an Offering by completing an authorization and filing it
with the Corporation prior to that Commencement Date.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      ARTICLE
IV-GRANTING OF OPTIONS

      

      4.01.        ANNUAL
OFFERINGS

      The Plan
shall be implemented by annual offerings of Common Stock beginning on March 31,
2000 and on the 1st day of January in each subsequent year, each Offering
terminating on the December 31 immediately following the Commencement Date (the
Termination Date).

      

      4.02.        NUMBER
OF OPTION SHARES

      On the
Commencement Date of each Offering, a participating Employee shall be deemed to
have been granted an option to purchase a number of shares of Common Stock equal
to (i) the aggregate amount of payroll deductions during the Offering elected by
the Employee, divided by (ii) the option price determined under Sec.
4.03(i).

      

      4.03.        OPTION
PRICE

      The
option price of Common Stock purchased in an Offering shall be the lower
of:

      (i)      
85% of the fair market value of Common Stock on the Commencement
Date,

               
or

      (ii)     
85% of the fair market value of Common Stock on the Termination
Date.

      

      Fair
market value as of any date shall mean:

      (a)  
   if the Common Stock is listed on a national securities exchange or
traded in the over-the-counter market and sales prices are regularly reported
for the Common Stock, the average of the closing or last prices of the Common
Stock on the Composite Tape or other comparable reporting system for the 10
consecutive trading days immediately preceding such date;

      (b)    
 if the Common Stock is traded on the over-the-counter market, but sales
prices are not regularly reported for the Common Stock for the 10 days referred
to in (a) above, and if bid and asked prices for the Common Stock are regularly
reported, the average of the mean between the bid and the asked price for the
Common Stock at the close of trading in the over-the-counter market for such 10
days; and

      (c)    
 if the Common Stock is neither listed on a national securities exchange
nor traded on the over-the counter market, such value as the Committee, in good
faith, shall determine.

      

      4.04.        MAXIMUM
SHARES

      The
maximum number of shares which shall be issued under the Plan, subject to
adjustment upon changes in capitalization of the Corporation as provided in Sec.
11.02, shall be 500,000 shares. If the total number of shares for which options
are exercised on any Offering Termination Date, together with the aggregate
number of shares as to which options were exercised on all previous Offering
Termination Dates, exceeds the foregoing maximum number of shares, the
Corporation shall make a pro rata allocation of the shares available for
purchase in as nearly a uniform manner as shall be practicable and as it shall
determine to be equitable, and the balance credited to the account of each
Employee under Sec. 5.02 not used to purchase Common Stock shall be returned to
him or her as promptly as possible. Common Stock issued pursuant to the Plan
may be
either authorized but unissued shares or shares held in the treasury of the
Corporation.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      4.05.        EMPLOYEE'S
INTEREST IN OPTION STOCK

      The
Employee shall have no interest in Common Stock covered by his or her option
until such option has been exercised in accordance with the provisions of
Article VI.

      

      ARTICLE
V-PAYROLL DEDUCTIONS

      

      5.01.        AMOUNT
OF DEDUCTION

      An
Employee's authorization for payroll deduction shall elect deductions of at
least 1% of Base Pay, but not more than 10% of Base Pay, in effect on the
Commencement Date of each Offering. No change in the amount of payroll
deductions shall be made during a year if the Employee's rate of Base Pay
changes during the year.

      

      5.02.        EMPLOYEE'S
ACCOUNT

      All
payroll deductions made for an Employee shall be credited to his or her account
under the Plan. An Employee may not make any separate cash payment into such
account except when on leave of absence, and then only as provided in Sec.
5.04.

      

      5.03.        CHANGES
IN PAYROLL DEDUCTIONS

      An
Employee may discontinue his or her payroll deductions under the Plan as
provided in Article VII, but may make no other change during an Offering and,
specifically, may not alter the amount of his or her payroll deductions for that
Offering.

      

      5.04.        LEAVE
OF ABSENCE

      An
Employee on a leave of absence without pay shall have the right to (i)
discontinue contributions to the Plan, or (ii) make a cash payment to the
Corporation at the end of each payroll period in the amount of the Employee's
authorized Plan deductions.

       

      ARTICLE
VI-EXERCISE OF OPTIONS

       

      6.01.        AUTOMATIC
EXERCISE

      Unless an
Employee gives written notice to the Corporation as hereinafter provided, his or
her option with respect to any Offering shall be exercised automatically on the
Termination Date applicable to such Offering, for the number of full and
fractional shares of Common Stock subject to his or her option, as determined
under Sec. 4.02. Any amount in his or her account not used to purchase Common
Stock shall be returned to the Employee within a reasonable time after the
Termination Date of the Offering.

      

      6.02.        BOOK
ENTRY ACCOUNTS; DELIVERY OF STOCK

      The
Corporation shall maintain a book entry account, in the name of each Employee
who purchased shares of Common Stock under Sec. 6.01, to record book entries of
the number of full and fractional shares (to 1/1,000 of a share) of Common Stock
purchased by an Employee. Statements of shares held in each Employee's book
entry account shall be delivered to each Employee within a reasonable time after
the Termination Date of each Offering. Shares credited to an Employee's book
entry account will be held in uncertificated form for a period of one year from
the date of purchase, except as provided in Sec.Sec. 6.04 and 7.03. Thereafter,
Employees may obtain stock certificates for those shares that have been held for
one year in their respective book entry accounts upon submitting a written
request to the Committee.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      6.03.        REGISTRATION
OF STOCK

      Common
Stock to be delivered to an Employee under the Plan shall be registered in the
name of the Employee, or, if the Employee so directs by written notice to the
Corporation prior to the Offering Termination Date applicable thereto, in the
names of the Employee and one such other person as may be designated by the
Employee, as joint tenants with rights of survivorship or as tenants by the
entirety, to the extent permitted by applicable law.

      

      6.04.        TRANSFERABILITY
OF STOCK

      Common
Stock issued pursuant to the Plan shall not be transferable, other than to the
Employee's estate or by bequest or inheritance, incident to the Employee's
divorce, or due to the Employee's immediate and heavy financial need, for one
year after the date of purchase.

      

      Stock
certificates representing those shares that have been held in an Employee's book
entry account for less than one year from the date of purchase will be issued to
an Employee due to an immediate and heavy financial need of the Employee if the
Employee has incurred (or is about to incur) any of the following financial
obligations:

      

      (i)     
 Expenses incurred or necessary for medical care described in
Code   section 213(d) for the Employee, his or her spouse,
children or other dependents;

      (ii)     
Costs directly related to the purchase of the principal residence for the
Employee (excluding mortgage payments);

      (iii)    
Payment of tuition, related educational fees, and room and board expenses, for
the next twelve (12) months of post-secondary education for the Employee, his or
her spouse, children or other dependents; or

      (iv)    
Payments necessary to prevent the eviction of the Employee from his or her
principal residence or foreclosure on the mortgage of his or her principal
residence.

      

      A
financial hardship request for stock certificates must be submitted to the
Committee in writing. The Employee making the application shall have the burden
of presenting to the Committee evidence that he or she has an immediate and
heavy financial need and that the issuance of stock certificates and subsequent
sale of those shares of Common Stock is necessary to satisfy that financial
need. Action upon any such application shall be taken by the Committee in its
absolute discretion.

      

      6.05.        WITHHOLDING

      

      The
Corporation shall have the right to withhold from an Employee's compensation
amounts sufficient to satisfy all federal, state and local tax withholding
requirements, and shall have the right to require the Employee to remit to the
Corporation such additional amounts as may be necessary to satisfy such
requirements.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      ARTICLE
VII-WITHDRAWAL

      

      7.01.        IN
GENERAL

      An
Employee may withdraw the full amount credited to his or her account under the
Plan at any time by giving written notice to the Corporation. The balance
credited to the Employee's account shall be paid to him or her promptly after
receipt of the notice of withdrawal, and no further deductions shall be made
from his or her pay during such Offering.

      

      7.02.        EFFECT
ON SUBSEQUENT PARTICIPATION

      An
Employee's withdrawal from any Offering shall not have any effect upon his or
her eligibility to participate in any succeeding Offering by filing with the
Corporation a new authorization for payroll deduction.

      

      7.03.        TERMINATION
OF EMPLOYMENT

      Upon
termination of an Employee's employment for any reason, including retirement
(but excluding death while in the employ of the Corporation), the amount
credited to his or her account shall be returned to him or her or, in the case
of death subsequent to the termination of his or her employment, to the person
or persons entitled thereto under Sec. 11.08. Certificates for the number of
full shares of Common Stock allocated to a terminated Employee's book entry
account shall be issued to him or her as promptly as practicable after his or
her termination date, with any fractional shares paid in cash.

      

      7.04.        TERMINATION
OF EMPLOYMENT DUE TO DEATH

      Upon
termination of an Employee's employment because of his or her death, his or her
beneficiary (as defined in Sec. 11.08) shall have the right to elect, by written
notice given to the Corporation prior to the Offering Termination Date,
either:

      (i)      
to withdraw the amount credited to the Employee's account under the Plan,
or

      (ii)      to
exercise his or her option on the Termination Date next following the date of
the Employee's death for the number of full and fractional shares of Common
Stock which the Employee's payroll deductions prior to death will purchase at
the applicable option price, but not more than the number of shares subject to
the Employee's option determined under Sec. 4.02, with any amount in such
account not used to purchase Common Stock returned to the
beneficiary.

      In the
event that no such timely written notice of election shall be received by the
Corporation, the beneficiary shall automatically be deemed to have elected,
pursuant to paragraph (ii), to exercise the Employee's option.

      

      ARTICLE
VIII-INTEREST

      

      8.01.        PAYMENT
OF INTEREST

      No
interest shall be paid or allowed on any money paid into the Plan or credited to
the account of any Employee; provided, however, that interest shall be paid on
any and all money which is distributed to an Employee or his or her beneficiary
pursuant to the provisions of Sec.Sec. 7.01, 7.03 and 7.04. Such distributions
shall bear simple interest during the period from the date of withholding to the
date of return at the regular passbook savings account rate per annum in effect
at NBT Bank, N.A., Norwich, New York. Where the amount returned represents an
excess amount in an Employee's account after such account has been applied to
the purchase of Common Stock under Sec. 6.01, the Employee's withholding account
shall be deemed to have been applied first toward purchase of Common Stock under
the Plan, so that interest shall be paid on the last withholdings during the
period which results in the excess amount.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      ARTICLE
IX-ADMINISTRATION

      

      9.01.        APPOINTMENT
OF COMMITTEE

      The Board
shall appoint the Compensation and Benefits Committee to administer the Plan,
which shall consist of no fewer than two members of the Board. No members of the
Committee shall be eligible to purchase Common Stock under the Plan. If at any
time no Committee is in existence, the Board shall have the authority and
responsibility to carry out the duties of the Committee under the
Plan.

      

      9.02.        AUTHORITY
OF COMMITTEE

      Subject
to the express provisions of the Plan, the Committee shall have plenary
authority in its discretion to interpret and construe any and all provisions of
the Plan, to adopt rules and regulations for administering the Plan, to make all
other determinations deemed necessary or advisable for administering the Plan.
The Committee's determination on the foregoing matters shall be
conclusive.

      

      9.03.        RULES
GOVERNING THE COMMITTEE

      The Board
may from time to time appoint members of the Committee in substitution for or in
addition to members previously appointed and may fill vacancies, however caused,
in the Committee. The Committee may select one of its members as its Chairman
and shall hold its meetings at such times and places as it shall deem advisable,
and may hold telephonic meetings. A majority of its members shall constitute a
quorum. All determinations of the Committee shall be made by a majority of its
members. The Committee may correct any defect or omission or reconcile any
inconsistency in the Plan, in the manner and to the extent it shall deem
desirable. Any decision or determination reduced to writing and signed by a
majority of the members of the Committee shall be as fully effective as if it
had been made by a majority vote at a meeting duly called and held. The
Committee may appoint a secretary and shall make such rules and regulations for
the conduct of its business as it shall deem advisable.

      

      ARTICLE
X-INDEMNIFICATION OF COMMITTEE

      

      10.01.      INDEMNIFICATION
OF COMMITTEE

      In
addition to such other rights of indemnification as they may have as directors
or as members of the Committee, the members of the Committee shall be
indemnified by the Corporation against the reasonable expenses, including
attorneys' fees actually and necessarily incurred in connection with the defense
of any action, suit or proceeding, or in connection with any appeal therein, to
which they or any of them may be a party by reason of any action taken or
failure to act under or in connection with the Plan or any option granted
thereunder, and against all amounts paid by them in settlement thereof (provided
such settlement is approved by independent legal counsel selected by the
Corporation) or paid by them in satisfaction of a judgment in any such action,
suit or proceeding, except in relation to matters as to which it shall be
adjudged
in such action, suit or proceeding that such Committee member is liable for
negligence or misconduct in the performance of his or her duties; provided that
within sixty (60) days after institution of any such action, suit or proceeding,
a Committee member shall in writing offer the Corporation the opportunity, at
its own expense, to handle and defend the same.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      ARTICLE
XI-MISCELLANEOUS

      

      11.01.      TRANSFERABILITY

      Neither
payroll deductions credited to an Employee's account nor any rights with regard
to the exercise of an option or to receive Common Stock or a return of payroll
deductions under the Plan may be assigned, transferred, pledged, or otherwise
disposed of in any way other than by the laws of descent and distribution, nor
shall be subject to execution, attachment or similar process. Any such attempted
voluntary or involuntary disposition shall be without effect, except that the
Corporation may treat such act as an election to withdraw funds in accordance
with Sec. 7.01. During an Employee's lifetime, options granted to the Employee
shall be exercisable only by the Employee.

      

      11.02.      ADJUSTMENT
UPON CHANGES IN CAPITALIZATION

      If, while
any options under the Plan are outstanding, the outstanding shares of Common
Stock have increased, decreased, changed into, or been exchanged for a different
number or kind of shares or securities of the Corporation, or of another
corporation, through reorganization, recapitalization, reclassification, merger,
consolidation, spin-off, stock dividend (either in shares of the Corporation's
Common Stock or of another class of the Corporation's stock),stock split, or
similar transaction, appropriate and proportionate adjustments may be made by
the Committee in the number and/or kind of shares which are subject to purchase
under outstanding options and in the exercise price applicable to such
outstanding options. In addition, in any such event, the number and/or kind of
shares which may be offered in the Offerings shall also be proportionately
adjusted.

      

      11.03.      AMENDMENT
AND TERMINATION

      The Board
shall have complete power and authority to terminate or amend the Plan;
provided, however, that the Board shall not, without the approval of the
stockholders of the Corporation, (i) increase the maximum number of shares which
may be issued under the Plan (except pursuant to Sec. 11.02); or (ii) amend the
requirements as to the class of Employees eligible to purchase Common Stock
under the Plan or permit the members of the Committee or non-employee directors
to purchase Common Stock under the Plan. No termination, modification, or
amendment of the Plan may, without the consent of an Employee then having an
option under the Plan to purchase Common Stock, adversely affect the rights of
such Employee under the option as to payroll deductions previously credited to
the Employee's account. The Plan shall not be amended more than once every 6
months, other than to comport with changes in the Code or the rules
thereunder.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      11.04.      USE
OF FUNDS

      All
payroll deductions received or held by the Corporation under this Plan may be
used by the Corporation for any corporate purpose and the Corporation shall not
be obligated to segregate such payroll deductions.

      

      11.05.      EFFECTIVE
DATE

      The Plan
shall become effective as of March 31, 2000, subject to approvalby the holders
of a majority of the Common Stock present and represented at a special or annual
meeting of the shareholders held within 12 months after the Plan is adopted by
the Board. If the Plan is not so approved, the Plan shall not become effective,
and all account balances under the Plan shall be distributed promptly to the
contributing Employees.

      

      11.06.      NO
EMPLOYMENT RIGHTS

      The Plan
does not, directly or indirectly, create in any Employee or class of Employees
any right with respect to continuation of employment by the Corporation, and it
shall not be deemed to interfere in any way with the Corporation's right to
terminate, or otherwise modify, an Employee's employment at any
time.

      

      11.07.      GOVERNING
LAW

      The laws
of the State of Delaware, without regard to conflicts of laws principles, shall
govern all matters relating to this Plan except to the extent they are
superseded by federal law.

      

      11.08.      DESIGNATION
OF BENEFICIARY

      An
Employee may file a written designation of a beneficiary who is to receive any
Common Stock and/or cash credited to the Employee under this Plan in the event
of such Employee's death prior to the delivery to him or her of such Common
Stock and/or cash. Such designation of beneficiary may be changed by the
Employee at any time by written notice to the Treasurer of the Corporation. Upon
the death of an Employee and upon receipt of the Corporation of proof of
identity and existence at the Employee's death of a beneficiary validly
designated by him or her under the Plan, the Corporation shall deliver such
Common Stock and/or cash to such beneficiary. In the event of the death of an
Employee and in the absence of a beneficiary validly designated under the Plan
who is living at the time of such Employee's death, the Corporation shall
deliver such Common Stock and/or cash to the executor or administrator of the
estate of the Employee, or if no such executor or administrator has been
appointed (to the knowledge of the Corporation), the Corporation, in its sole
discretion, may deliver such Common Stock and/or cash to the spouse or to any
one or more dependents or relatives of the Employee, or if no spouse, dependent,
or relative is known to the Corporation, then to such other person as the
Corporation may designate. No designated beneficiary shall, prior to the death
of the Employee by whom he or she has been designated, acquire any interest in
the Common Stock or cash credited to the Employee under this
Plan.

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