Document:

Exhibit

Exhibit 10.33

Amendment to the TFC Officer Group Term Replacement Plan
Reference is hereby made to the undersigned’s Officer Group Term Replacement Plan (the “Plan”), dated on or about December 13, 2005. The parties agree that the Plan is hereby amended as set forth below. All other sections of the Plan shall continue in full force and effect except as expressly amended hereby.
1.Article 1 (General Definitions), definitions of “Change in Control,” “Disability,” and “Terminated for Cause” are hereby amended and superseded in their entirety as follows:
1.1 “Change in Control” is defined by reference to the definition used in the Tompkins Financial Corporation 2019 Equity Plan, as amended, restated, or otherwise replaced by a successor plan which contains a definition of Change in Control.
1.3 “Disability” is defined by reference to the definition used in the Insured’s Amended and Restated Supplemental Executive Retirement Agreement (dated on or about November 9, 2016), as the same as further amended, restated, or otherwise replaced by a successor plan which contains a definition of Disability.
1.13 “Terminated for Cause” means that the Company has terminated the Participant’s employment for Cause, as defined by reference to the definition used in the Insured’s Amended and Restated Supplemental Executive Retirement Agreement (dated on or about November 9, 2016), as the same as further amended, restated, or otherwise replaced by a successor plan which contains a definition of Cause.
2.Article 2 (Participation) - Section 2.5 (Retirement), is hereby amended and restated in its entirety as follows.
2.5 Retirement. So long as Participant retires on or following the earliest age set forth on the vesting schedule attached hereto as Exhibit C, then upon such retirement of the Participant, the Company shall maintain the Policy in full force and effect and in no event shall the Company amend, terminate, or otherwise abrogate the Participant’s interest in the Policy, provided, however that at all time the Policy shall be subject to the claims of the Company’s creditors.  The Participant’s interest in the Policy shall be subject to the vesting schedule attached hereto as Exhibit C.

3.Exhibit D – Section entitled “BENEFICIARIES,” is hereby amended and restated in its entirety as follows:

BENEFICIARIES.
The following provisions are expressly subject to Articles 2 (Participation) and 3 (Policy Ownership/Interests) of the Plan, which Plan shall control over any contrary or conflicting provisions in this section:
1.    Upon the death of the Insured during employment with Tompkins Financial Corporation, the beneficiary designated by the Insured, or his/her transferee, shall be the beneficiary of:

		
	(i)
	Four (4) times the Participant’s Base Annual Salary, less all sums as are payable by reason of any Other Group Term coverage on the life of the Participant.

If the Bank has not acquired and maintained a policy or policies of life insurance providing death benefits to the Bank sufficient to pay the benefits otherwise provided under subsection (i), as applicable, the benefit otherwise payable under subsection (i), as applicable, shall be reduced to the level of the death benefits payable under the policy or policies the Bank acquired and maintained as of the Executive’s date of death which is in excess of the booked asset of such policy or policies as reflected in the financial statements of the Bank as of the Executive’s date of death.

Notwithstanding the above, but subject to Articles 2 (Participation) and 3 (Policy Ownership/Interests) of the Plan, the minimum benefit payable under this Section 1 shall be $1,502,583, less all sums as are payable by reason of any Other Group Term coverage on the life of the Participant.

2.    Subject to Articles 2 (Participation) and 3 (Policy Ownership/Interests) of the Plan, upon the death of the Insured after retirement from Tompkins Financial Corporation, the beneficiary designated by the Insured, or his/her transferee, shall be the beneficiary of:

		
	(ii)
	The amount of death benefit based on the Vesting Schedule attached hereto as Exhibit C, less all sums as are payable by reason of any Other Group Term coverage on the life of the Participant.

If the Bank has not acquired and maintained a policy or policies of life insurance providing death benefits to the Bank sufficient to pay the benefits otherwise provided under subsection (ii), as applicable, the benefit otherwise payable under subsection (ii), as applicable, shall be reduced to the level of the death benefits payable under the policy or policies the Bank acquired and maintained as of the Executive’s date of death which is in excess of the booked asset of such policy or policies as reflected in the financial statements of the Bank as of the Executive’s date of death.
Notwithstanding the above, If the Insured’s retirement occurs on or after the attainment of age 62, the minimum benefit payable under this Section 2 shall be $1,502,583, less all sums as are payable by reason of any Other Group Term coverage on the life of the Participant.
		
	3.
	The beneficiary of any remaining death benefits payable under the policy or policies the Bank acquired and maintained as of the Executive’s date of death shall be Tompkins Financial Corporation (the “Company”).

IN WITNESS WHEREOF, the parties have executed this Amendment as of the last date written below:
TOMPKINS FINANCIAL CORPORATION    PARTICIPANT
(f/k/a Tompkins Trustco, Inc.)

By: /S/ Bonita N. Lindberg         /S/ David S. Boyce        
Name/Title: Bonita N. Lindberg,                Name:  David S. Boyce    , as Participant 
                       SVP, Director of HR                Date:  February 28, 2020        
Date: February 28, 2020Exhibit 4.5

    

    

    DESCRIPTION OF COMMUNITY BANK SYSTEM, INC.’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

     

    As of December 31, 2019, Community Bank System, Inc. (the “Company” or “our”) had one class of securities, our common stock, par value $1.00 per share (“Common Stock”), registered under Section 12 of the Securities
      Exchange Act of 1934, as amended.  The Common Stock is listed on the New York Stock Exchange under the symbol “CBU.”

     

    The following description of the Company’s capital stock is a summary and subject to, and is qualified in its entirety by reference to the provisions of our Certificate of Incorporation, as amended (the “Charter”), and
      our By-laws, as amended (the “By-laws”), copies of which are incorporated by reference as Exhibits 3.1 through 3.4 to the Annual Report on Form 10-K for the year ended December 31, 2019 of which this Exhibit 4.5 is a part.  We encourage you to read
      our Charter, our By-laws and the applicable provisions of Delaware General Corporation Law for additional information.

     

    DESCRIPTION OF CAPITAL STOCK

     

    Authorized Capital Stock.  The total number of shares of capital stock authorized by the Charter is 75,500,000 shares, consisting of 75,000,000 shares of Common Stock and 500,000 shares of preferred stock,
      par value $1.00 per share.  As of the date of this Exhibit, there were no shares of preferred stock issued and outstanding.

     

    Voting Rights.  The holders of Common Stock are entitled to one vote per share on all matters to be voted on by the shareholders.  No shareholders have cumulative voting rights in the election of directors.

     

    Dividends.  The Company may pay dividends as declared from time to time by the Board of Directors out of funds legally available for dividends, subject to certain restrictions.  The holders of the Company’s
      Common Stock will be entitled to receive any dividends on the Common Stock in proportion to their holdings.

     

    Rights in Liquidation.  In the event of a liquidation, dissolution or winding up of the Company, each holder of Common Stock would be entitled to receive, after payment of all debts and liabilities of the
      Company and after any required distribution to holders of any issued and outstanding preferred stock, a pro rata portion of all remaining assets of the Company.

     

    No Preemptive Rights; No Redemption.  Holders of shares of Common Stock are not entitled to preemptive rights with respect to any shares of any capital stock of the Company that may be issued.  The Company’s
      Common Stock is not subject to call or redemption.

     

    Certain Charter and By-laws Provisions.

     

    There are provisions in the Company’s Charter and By-laws which are intended to discourage non-negotiated takeover attempts.  These provisions are intended to avoid costly takeover battles and lessen the Company’s exposure to coercive takeover
      attempts at an unfair price, and are designed to maximize shareholder value in connection with unsolicited takeover attempts.

     

    The Company’s Charter authorizes the Board of Directors to issue, without further shareholder approval, up to 500,000 shares of preferred stock with rights senior to those of our Common Stock, except as may be required with respect to a particular
      transaction by applicable law or by regulatory agencies having jurisdiction over the Company.  The Board of Directors of the Company is permitted to establish from time to time the relative rights, designations, preferences and limitations or
      restrictions of the preferred stock.  The preferred stock could be used to deter future attempts to gain control of the Company.

     

    The Company has a classified board which provides for the Board to be divided into three classes, as nearly equal in number as possible, with approximately one-third of the directors to be elected annually for three-year terms.  A classified board
      helps to assure continuity and stability of corporate leadership and policy by extending the time required to elect a majority of the directors to at least two successive annual meetings.  This extension of time may also discourage a tender offer or
      takeover bid by making it more difficult for a majority of shareholders to change the composition of the Board of Directors.

     

    

    
      
        

    

    
      In addition, the Company’s Charter contains a provision which requires that certain business combinations be approved by the affirmative vote of either (a) the holders of three-fourths of the outstanding shares of Common Stock and a majority of
        the Board of Directors; or (b) the holders of two-thirds of the outstanding shares of Common Stock and two-thirds of the continuing Directors.  These “supermajority” requirements could result in the Company’s Board exercising a stronger influence
        over any proposed takeover (subject to its fiduciary duties) by refusing to approve a proposed business combination and by obtaining sufficient additional votes, including votes obtained through the issuance of additional shares to parties friendly
        to their interests, to preclude the two-thirds or three-fourths shareholder approval requirement.

       

      The Company’s Charter also provides that the above described provisions designed to protect the Company from unfriendly takeover attempts can only be amended by the affirmative vote of (a) holders of at least three-fourths of the outstanding
        shares of Common Stock and a majority of the Board of Directors, or (b) holders of at least two-thirds of the outstanding shares of Common Stock and two-thirds of the continuing directors.

       

      Under the Charter, the shareholders of the Company are prohibited from approving corporate actions by a written consent in lieu of a meeting.  Instead, any corporate action to be approved by the Company’s
        shareholders must be so approved at a shareholders’ meeting.

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