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    Exhibit
      10.2

    

      FIRST
        AMENDMENT TO THE 

      SUPPLEMENTAL
        RETIREMENT AGREEMENT EFFECTIVE JULY 23, 2001

      

      The
        attached document First
        Amendment to the NBT Bancorp Inc. Supplemental Executive Retirement
        Plan,
        effective as of January 1, 2006 sets forth the terms of an amendment to the
        agreement for the payment of supplemental retirement income originally made
        as
        of July 23, 2001 between NBT
        Bancorp Inc.,
        a
        Delaware corporation and a registered financial holding company headquartered
        at
        52 S. Broad Street, Norwich, New York 13815, and Martin
        A. Dietrich,
        an
        individual residing at 122 Serenity Drive, Norwich, New York 13815. The parties
        hereby execute this agreement as follows:

      

      
        	
                NBT
                  BANCORP INC.

              	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
                By:

              	
                /S/
                  Daryl R. Forsythe

              	 	
                Date:

              	
                May
                  9, 2006

              
	
                Daryl
                  R. Forsythe

              	 	 	 
	
                Chairman

              	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
                /S/
                  

              	Martin
                A. Dietrich	
              	
                Date:

              	
                May
                  9, 2006

              
	
                Martin
                  A. Dietrich

              	 	 	 

      

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    First
      Amendment to the NBT Bancorp Inc. Supplemental Executive Retirement
      Plan

     

    WHEREAS,
      the NBT Bancorp Inc. Supplemental Executive Retirement Plan (the “Plan”) was
      effective as of July 23, 2001; and

     

    WHEREAS,
      the Plan provides, in Section 11.1, that the board of directors of NBT Bancorp,
      Inc. (the “Board”) shall have the power to extend, modify, amend or revise the
      Plan in such respects as the Board, by resolution, may deem advisable as long
      as
      no such extension, modification, amendment, revision, or termination shall
      deprive a participant or any beneficiary of a participant of any benefit accrued
      under the Plan; and

     

    WHEREAS,
      the Compensation Committee of the Board adopted a resolution on January 20,
      2006
      that changed the provisions of Article VI of the Plan.

     

    NOW,
      THEREFORE, the Plan is amended effective January 1, 2006 as
      follows:

     

    1.)   Effective
      January 1, 2006, Section 6.1 of the Plan is deleted in its entirety and replaced
      with the following:

     

    6.1
      If an
      eligible Participant shall remain employed by the Employer until reaching his
      or
      her 60th birthday, serving as a Full-Time Employee until such date, and subject
      to the other terms and conditions of this Plan, the Company shall pay such
      Participant an annual “Supplemental Retirement Benefit” determined as
      follows:

     

    
      	 	
              (a)

            	
              the
                Participant shall be entitled to a Supplemental Retirement Benefit
                on and
                after his or her 60th birthday but before his or her Social Security
                Retirement Age in an amount equal to the excess, if any, of (1) 60
                percent
                of the Participant’s Final Average Compensation, over (2) the
                Participant’s Other Retirement Benefits, determined as of the
                Determination Date.

            

    

     

    
      	 	
              (b)

            	
              the
                Participant shall be entitled to a Supplemental Retirement Benefit
                on and
                after his or her Social Security Retirement Age in an amount equal
                to the
                excess, if any, of (1) 60 percent of the Participant’s Final Average
                Compensation, over (2) the sum of (aa) the Participant’s Other Retirement
                Benefits, determined as of the Determination Date, plus (bb) the
                Participant’s Social Security
                Benefit.

            

    

     

    2.)   Effective
      January 1, 2006, Section 6.2 of the Plan is deleted in its entirety and replaced
      with the following:

     

    6.2
      If an
      eligible Participant shall remain employed by the Employer until reaching his
      or
      her 58th birthday, serving as a Full-Time Employee until such date and he or
      she
      continues to serve as a Full-Time Employee until the date of his or her
      retirement, and he or she retires then or thereafter but before reaching his
      or
      her 60th birthday, and subject to the other terms and conditions of this Plan,
      the Company shall pay such Participant after the date of his or her retirement,
      pursuant to Section 7.4(b), or to his or her spouse or other Beneficiary,
      pursuant and subject to Section 8.6(c) if he or she has died before his or
      her
      60th birthday, a reduced early Supplemental Retirement Benefit calculated in
      accordance with the following schedule:

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    
      	 	
              (a)

            	
              if
                the date of the Participant’s retirement shall be on or after his or her
                58th birthday but before his or her 59th birthday, the Company shall
                pay
                such Participant 75% of the Supplemental Retirement Benefit calculated
                in
                accordance with Section 6.1; and

            

    

     

    
      	 	
              (b)

            	
              if
                the date of the Participant’s retirement shall be on or after his or her
                59th birthday but before his or her 60th birthday, the Company shall
                pay
                such Participant 90% of the Supplemental Retirement Benefit so calculated.
                

            

    

     

    3.)   
      Capitalized terms used but not defined herein shall have the same meaning as
      ascribed to them under the Plan.

     

    4.)    In
      all other respects the Plan shall remain
      in full force and effect.

     

    *
      * * *
      *

     

    3Exhibit 10.3

    
      

    

    Exhibit
      10.3

    

    January
      20, 2006

    

    Mr.
      Ronald M. Bentley

    20
      Springfield Drive

    Voorheesville,
      NY 12186

    

    Dear
      Mr.
      Bentley:

    

    Reference
      is made to that certain letter agreement between NBT Bancorp, Inc. (which,
      together with its wholly-owned subsidiary, NBT Bank, National Association,
      is
      referred to as the “Company”) and you dated May 1, 2003 (the “Letter
      Agreement”). In accordance with the terms of Section 10 of the Letter Agreement,
      the Company wishes to amend certain provisions of the Letter Agreement on the
      terms set forth herein. Capitalized terms used herein but not otherwise defined
      herein shall have the meanings ascribed to them in the Letter
      Agreement.

    

    Effective
      January 1, 2006, Section 3(b)(ii) is deleted in its entirety and replaced with
      the following:

    

    
      	 	
              (ii)

            	
              As
                severance pay, an amount equal to the product of 2.99 multiplied
                by the
                amount of your Base Salary. As used in this subsection 3(b)(ii),
“Base
                Salary” means your base rate of annual compensation excluding bonus,
                income form the exercise of nonqualified options, compensation income
                from
                any disqualifying disposition of stock acquired pursuant to the exercise
                of incentive stock options and any other similar amounts that constitute
                taxable income to you from the Company, without reduction for salary
                reduction amounts excludible from income under Section 402(e)(3)
                or 125 of
                the Code.

            

    

    

    If
      the
      change proposed by this letter is acceptable to you, kindly sign and return
      to
      the Company the enclosed copy of this letter, which will then constitute an
      amendment to the Letter Agreement effective as of January 1, 2006.

    

    
      	 	 	
              Very
                Truly Yours,

            	 
	 	 	 	 	 
	 	 	
              NBT
                BANCORP INC.

            	 
	 	 	 	 	 
	 	 	
              By:

            	
              /S/
                Martin A. Dietrich

            	 
	 	 	
              Martin
                A. Dietrich

            	 
	 	 	 	 
	 	 	
              President
                and Chief Executive Officer

            	 

    

    ACCEPTED
      AND AGREED:

    

    
      	
              /S/
                Ronald M. Bentley

            	 	
              Date:
                January 20, 2006

            
	
              Ronald
                M . BentleyExhibit 10.47

    
      

    

    EXHIBIT
      10.47

    

    AMENDMENT
      TO 1990 STOCK OPTION PLAN

    

    The
      1990
      Stock Option Plan (the “Plan”) is hereby amended effective as of June 8, 2005
      (the “Effective Date”) with respect to all Options granted pursuant to the Plan,
      including grants outstanding before the Effective Date, as set forth
      below.

    

    
      	
              1.

            	
              The
                Plan is hereby amended by adding the following new
                paragraph:

            

    

    

    26.   Re-pricing
      and Exchange of options.
      The
      Board of Directors or the Committee shall have the authority to effect, at
      any
      time and from time to time with the consent of any adversely affected holder
      of
      the Option, (i) the reduction of the exercise price of any outstanding Option
      under the Plan and/or (ii) the cancellation of any outstanding Options under
      the
      Plan in exchange for (A) the grant of a stock award, including restricted stock,
      a stock appreciation right or any other award based on the Company’s Common
      Stock, whether under the Plan, under another stock plan of the Company or
      otherwise; (B) cash; (C) the grant in substitution therefor of new Options
      under
      the Plan or options under another stock plan of the Company or otherwise, having
      an exercise price per share not less than as provided for new option grants
      made
      under the Plan or such other plan; or (D) any other valuable consideration
      (as
      determined by the Board in its sole discretion). The Board shall determine
      the
      exchange ratio (which may be for more or less shares of Common Stock than those
      then subject to the outstanding Option) in its sole discretion as well as all
      other terms of the re-pricing or exchange not specifically provided for in
      this
      paragraph.

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