Document:

Exhibit 10.5

 

Acamar Partners Acquisition Corp.

 

November 15, 2018

 

Acamar Partners Sponsor I LLC

 

RE: Securities Subscription Agreement

 

Ladies and Gentlemen:

 

This agreement (the
“Agreement”) is entered into on November 15, 2018 by and between Acamar Partners Sponsor I LLC, a Delaware limited
liability company (the “Subscriber” or “you”), and Acamar Partners Acquisition Corp., a Delaware
corporation (the “Company”, “we” or “us”). Pursuant to the terms hereof,
the Company hereby accepts the offer the Subscriber has made to purchase 8,625,000 shares of Class B common stock, $0.0001 par
value per share (the “Shares”), up to 1,125,000 of which are subject to forfeiture by you if the underwriters
of the initial public offering (“IPO”) of units (“Units”) of the Company, do not fully exercise
their over-allotment option (the “Over-allotment Option”). The Company and the Subscriber’s agreements
regarding such Shares are as follows:

 

1.               Purchase
of Securities.

 

1.1.         Purchase
of Shares. For the sum of $25,000 (the “Purchase Price”), which the Company acknowledges receiving
in cash, the Company hereby issues the Shares to the Subscriber, and the Subscriber hereby purchases the Shares from the Company,
subject to forfeiture, on the terms and subject to the conditions set forth in this Agreement. Concurrently
with the Subscriber’s execution of this Agreement, the Company shall, at its option, deliver to the Subscriber a certificate
registered in the Subscriber’s name representing the shares (the “Original Certificate”), or effect such
delivery in book-entry form.

 

2.               Representations,
Warranties and Agreements.

 

2.1.        Subscriber’s
Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber, the Subscriber
hereby represents and warrants to the Company and agrees with the Company as follows:

 

2.1.1.       No Government Recommendation or Approval. The Subscriber understands that no federal or state
agency has passed upon or made any recommendation or endorsement of the offering of the Shares.

 

2.1.2.      No Conflicts. The execution, delivery and performance of this Agreement and the consummation by
the Subscriber of the transactions contemplated hereby do not violate, conflict with or constitute a default under (i) the formation
and governing documents of the Subscriber, (ii) any agreement, indenture or instrument to which the Subscriber is a party or (iii)
any law, statute, rule or regulation to which the Subscriber is subject, or any agreement, order, judgment or decree to which
the Subscriber is subject.

 

2.1.3.      Organization and Authority. The Subscriber is a Delaware limited liability company, validly
existing and in good standing under the laws of Delaware and possesses all requisite power and authority necessary to carry out
the transactions contemplated by this Agreement. Upon execution and delivery by you, this Agreement is a legal, valid and binding
agreement of Subscriber, enforceable against Subscriber in accordance with its terms, except as such enforceability may be limited
by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights
generally and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in
equity).

 

     

     

    

 

2.1.4.      Experience, Financial Capability and Suitability. Subscriber is: (i) sophisticated in financial
matters and is able to evaluate the risks and benefits of the investment in the Shares and (ii) able to bear the economic risk
of its investment in the Shares for an indefinite period of time because the Shares have not been registered under the Securities
Act (as defined below) and therefore cannot be sold unless subsequently registered under the Securities Act or an exemption from
such registration is available. Subscriber is capable of evaluating the merits and risks of its investment in the Company and has
the capacity to protect its own interests. Subscriber must bear the economic risk of this investment until the Shares are sold
pursuant to: (i) an effective registration statement under the Securities Act or (ii) an exemption from registration available
with respect to such sale. Subscriber is able to bear the economic risks of an investment in the Shares and to afford a complete
loss of Subscriber’s investment in the Shares.

 

2.1.5.      Access to Information; Independent Investigation. Prior to the execution of this Agreement,
the Subscriber has had the opportunity to ask questions of and receive answers from representatives of the Company concerning an
investment in the Company, as well as the finances, operations, business and prospects of the Company, and the opportunity to obtain
additional information to verify the accuracy of all information so obtained. In determining whether to make this investment, Subscriber
has relied solely on Subscriber’s own knowledge and understanding of the Company and its business based upon Subscriber’s
own due diligence investigation and the information furnished pursuant to this paragraph. Subscriber understands that no person
has been authorized to give any information or to make any representations which were not furnished pursuant to this Section 2
and Subscriber has not relied on any other representations or information in making its investment decision, whether written or
oral, relating to the Company, its operations and/or its prospects.

 

2.1.6.      Regulation D Offering. Subscriber represents that it is an “accredited investor”
as such term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”)
and acknowledges the sale contemplated hereby is being made in reliance on a private placement exemption to “accredited investors”
within the meaning of Section 501(a) of Regulation D under the Securities Act or similar exemptions under state law.

 

2.1.7.      Investment Purposes. The Subscriber is purchasing the Shares solely for investment purposes,
for the Subscriber’s own account and not for the account or benefit of any other person, and not with a view towards the
distribution or dissemination thereof. The Subscriber did not decide to enter into this Agreement as a result of any general solicitation
or general advertising within the meaning of Rule 502 under the Securities Act.

 

2.1.8.      Restrictions on Transfer; Shell Company. Subscriber understands the Shares are being offered
in a transaction not involving a public offering within the meaning of the Securities Act. Subscriber understands the Shares will
be “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, and Subscriber understands
that the certificates or book-entries representing the Shares will contain a legend in respect of such restrictions. If in the
future the Subscriber decides to offer, resell, pledge or otherwise transfer the Shares, such Shares may be offered, resold, pledged
or otherwise transferred only pursuant to: (i) registration under the Securities Act, or (ii) an available exemption from registration.
Subscriber agrees that if any transfer of its Shares or any interest therein is proposed to be made, as a condition precedent to
any such transfer, Subscriber may be required to deliver to the Company an opinion of counsel satisfactory to the Company. Absent
registration or an exemption, the Subscriber agrees not to resell the Shares. Subscriber further acknowledges that because the
Company is a shell company, Rule 144 may not be available to the Subscriber for the resale of the Shares until one year following
consummation of the initial business combination of the Company, despite technical compliance with the requirements of Rule 144
and the release or waiver of any contractual transfer restrictions.

 

2.1.9.      No Governmental Consents. No governmental, administrative or other third party consents or
approvals are required, necessary or appropriate on the part of Subscriber in connection with the transactions contemplated by
this Agreement.

 

     

     

    

 

2.2.        Company’s
Representations, Warranties and Agreements. To induce the Subscriber to purchase the Shares, the Company hereby represents
and warrants to the Subscriber and agrees with the Subscriber as follows:

 

2.2.1.      Organization and Corporate Power. The Company is a Delaware corporation and is qualified
to do business in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse
effect on the financial condition, operating results or assets of the Company. The Company possesses all requisite corporate power
and authority necessary to carry out the transactions contemplated by this Agreement.

 

2.2.2.      No Conflicts. The execution, delivery and performance of this Agreement and the consummation
by the Company of the transactions contemplated hereby do not violate, conflict with or constitute a default under (i) the Certificate
of Incorporation or By Laws of the Company, (ii) any agreement, indenture or instrument to which the Company is a party or (iii)
any law, statute, rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to which the
Company is subject.

 

2.2.3.      Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms
hereof, the Shares will be duly and validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment
pursuant to, the terms hereof, the Subscriber will have or receive good title to the Shares, free and clear of all liens, claims
and encumbrances of any kind, other than (a) transfer restrictions hereunder and other agreements to which the Shares may be subject
which have been notified to the Subscriber in writing, (b) transfer restrictions under federal and state securities laws, and (c)
liens, claims or encumbrances imposed due to the actions of the Subscriber.

 

2.2.4.      No Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened
against or affecting the Company which: (i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions
contemplated by this Agreement or (ii) question the validity or legality of any transactions or seeks to recover damages or to
obtain other relief in connection with any transactions.

 

3.               Forfeiture
of Shares.

 

3.1.        Partial
or No Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to the underwriters of the
IPO is not exercised in full, the Subscriber acknowledges and agrees that it (or, if applicable, it and any transferees of Shares)
shall forfeit any and all rights to such number of Shares (up to an aggregate of 1,125,000 Shares and pro rata based upon the percentage
of the Over-allotment Option exercised) such that immediately following such forfeiture, the Subscriber (and all other initial
stockholders prior to the IPO, if any) will own an aggregate number of Shares, not including Shares issuable upon exercise of any
warrants or any Common Stock purchased by Subscriber in the IPO or in the aftermarket, equal to 20% of the issued and outstanding
Shares immediately following the IPO.

 

3.2.        Termination
of Rights as Stockholder. If any of the Shares are forfeited in accordance with this Section 3, then after such time the
Subscriber (or successor in interest), shall no longer have any rights as a holder of such forfeited Shares, and the Company shall
take such action as is appropriate to cancel such forfeited Shares.

 

3.3.        Share
Certificates. In the event an adjustment to the Original Certificates, if any, is
required pursuant to this Section 3, then the Subscriber shall return such Original Certificates to the Company or its designated
agent as soon as practicable upon its receipt of notice from the Company advising Subscriber of such adjustment, following which
a new certificate (the “New Certificate”), if any, shall be issued in such amount representing the adjusted
number of Shares held by the Subscriber. The New Certificate, if any, shall be returned to the Subscriber as soon as practicable.
Any such adjustment for any uncertificated securities held by the Subscriber shall be made in book-entry form.

 

     

     

    

 

4.               Waiver
of Liquidation Distributions; Redemption Rights. In connection with the Shares purchased pursuant to this Agreement, the
Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any distributions by the Company from
the trust account which will be established for the benefit of the Company’s public stockholders and into which substantially
all of the proceeds of the IPO will be deposited (the “Trust Account”), in the event of a liquidation of the
Company upon the Company’s failure to timely complete an initial business combination. For purposes of clarity, in the event
the Subscriber purchases Shares in the IPO or in the aftermarket, any additional Shares so purchased shall be eligible to receive
any liquidating distributions by the Company. However, in no event will the Subscriber have the right to redeem any Shares into
funds held in the Trust Account upon the successful completion of an initial business combination.

 

5.               Restrictions
on Transfer.

 

5.1.        Securities
Law Restrictions. In addition to any restrictions to be contained in that certain letter agreement (commonly known as
an “Insider Letter”) to be dated as of the closing of the IPO by and between Subscriber and the Company, Subscriber
agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares unless, prior thereto (a)
a registration statement on the appropriate form under the Securities Act and applicable state securities laws with respect to
the Shares proposed to be transferred shall then be effective or (b) the Company has received an opinion from counsel reasonably
satisfactory to the Company, that such registration is not required because such transaction is exempt from registration under
the Securities Act and the rules promulgated by the Securities and Exchange Commission thereunder and with all applicable state
securities laws.

 

5.2.        Lock-up.
Subscriber acknowledges that the Securities will be subject to lock-up provisions (the “Lock-up”) contained
in the Insider Letter.

 

5.3.        Restrictive
Legends. Any certificates representing the Shares shall have endorsed thereon legends substantially as follows:

 

“THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES
NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL,
IS AVAILABLE.”

 

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF
THE LOCKUP.”

 

5.4.        Additional
Shares or Substituted Securities. In the event of the declaration of a share dividend, the declaration of an extraordinary
dividend payable in a form other than Shares, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization
or a similar transaction affecting the Company’s outstanding Shares without receipt of consideration, any new, substituted
or additional securities or other property which are by reason of such transaction distributed with respect to any Shares subject
to this Section 5 or into which such Shares thereby become convertible shall immediately be subject to this Section 5 and Section
3. Appropriate adjustments to reflect the distribution of such securities or property shall be made to the number and/or class
of Shares subject to this Section 5 and Section 3.

 

     

     

    

 

5.5.        Registration
Rights. Subscriber acknowledges that the Shares are being purchased pursuant to an exemption from the registration requirements
of the Securities Act and will become freely tradable only after certain conditions are met or they are registered pursuant to
a registration rights agreement to be entered into with the Company prior to the closing of the IPO.

 

6.               Other
Agreements.

 

6.1.        Further
Assurances. Subscriber agrees to execute such further instruments and to take such further action as may reasonably be
necessary to carry out the intent of this Agreement.

 

6.2.        Notices. All
notices, statements or other documents which are required or contemplated by this Agreement shall be: (i) in writing and delivered
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address
or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently
provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other
communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business
day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery
to an overnight courier service or five (5) days after mailing if sent by mail.

 

6.3.        Entire
Agreement. This Agreement, together with the Insider Letter and the Registration Rights Agreement, each substantially
in the form to be filed as an exhibit to the Registration Statement on Form S-1 associated with the Company’s IPO, embodies
the entire agreement and understanding between the Subscriber and the Company with respect to the subject matter hereof and supersedes
all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty,
covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict,
the express terms and provisions of this Agreement.

 

6.4.        Modifications
and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed
by all parties hereto.

 

6.5.        Waivers
and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted,
only by a written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent
shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement,
whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which
it was given, and shall not constitute a continuing waiver or consent.

 

6.6.       Assignment. The
rights and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of the
other party.

 

6.7.        Benefit. All
statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto and
shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement shall
be construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded as
a third-party beneficiary of this Agreement.

 

6.8.        Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and
governed by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving effect
to the conflict of law principles thereof.

 

     

     

    

 

6.9.        Severability. In
the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in this
Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent that
such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that such
court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement shall
nevertheless remain in full force and effect.

 

6.10.      No
Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy
under this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or
remedy of such party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any
abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or
further exercise thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto
shall not constitute a waiver of the right of such party to pursue other available remedies. No notice to or demand on a party
not expressly required under this Agreement shall entitle the party receiving such notice or demand to any other or further notice
or demand in similar or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any
other or further action in any circumstances without such notice or demand.

 

6.11.      Survival
of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement or
in any other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery
hereof and any investigations made by or on behalf of the parties.

 

6.12.      No
Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial
consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to
create any liability on the other. Each of the parties hereto agrees to indemnify and save the other harmless from any claim or
demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been
employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.

 

6.13.      Headings
and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience of reference
only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

6.14.      Counterparts. This
Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood
that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or
any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or on
whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

6.15.      Construction. The
parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent
or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden
of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement. The
words “include,” “includes,” and “including” will be deemed to be followed
by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include any
other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise
requires. The words “this Agreement,” “herein,” “hereof,” “hereby,”
“hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision
unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have
independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect,
the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the
relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party
hereto is in breach of the first representation, warranty, or covenant.

 

     

     

    

 

6.16.      Mutual
Drafting. This Agreement is the joint product of the Subscriber and the Company and each provision hereof has been subject
to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

7.               Voting
and Tender of Shares. Subscriber agrees to vote the Shares in favor of an initial business combination that the Company
negotiates and submits for approval to the Company’s stockholders and shall not seek redemption with respect to such Shares.
Additionally, the Subscriber agrees not to tender any Shares in connection with a tender offer presented to the Company’s
stockholders in connection with an initial business combination negotiated by the Company.

 

8.               Indemnification. 
Each party shall indemnify the other against any loss, cost or damages (including reasonable attorney’s fees and expenses)
incurred as a result of such party’s breach of any representation, warranty, covenant or agreement in this Agreement.

 

[Signature Page Follows]

 

     

     

    

 

If the foregoing accurately
sets forth our understanding and agreement, please sign the enclosed copy of this Agreement and return it to us.

 

	 	Very truly yours,
	 	 
	 	ACAMAR PARTNERS ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Luis Solorzano
	 	 	Name: Luis Solorzano
	 	 	Title:  Chief Executive Officer

 

	Accepted and agreed as of the date first written above.	 
	 	 
	ACAMAR PARTNERS SPONSOR I LLC	 
	 	 
	By:	/s/ Luis Solorzano	 
	 	Name: Luis Solorzano	 
	 	Title:  Managing Member	 

 

[Signature Page to Securities Subscription
Agreement]Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This sets forth the terms
of the Employment Agreement made as of January 1, 2019 between (i) COMMUNITY BANK SYSTEM, INC., a Delaware corporation and registered
bank holding company (“CBSI”), and COMMUNITY BANK, N.A., a national banking association (“CBNA”), both
having offices located in Dewitt, New York (collectively, the “Employer”), and (ii) JOSEPH F. SERBUN, an individual
currently residing at Syracuse, New York (“Employee”). This Agreement is effective as of January 1, 2019 and supersedes
the Employment Agreement between the parties dated January 1, 2016.

 

W I T N E S S E T H

 

IN CONSIDERATION of the
promises and mutual agreements and covenants contained herein, and other good and valuable consideration, the parties agree as
follows:

 

		1.	Employment.

 

(a)       Term.
Employer shall continue to employ Employee, and Employee shall continue to serve, as Chief Credit Officer and Executive Vice President
of Employer for a term commencing on January 1, 2019 and ending on December 31, 2021 (“Period of Employment”), subject
to termination as provided in paragraph 3 hereof.

 

(b)       Salary.
During the Period of Employment, Employer shall pay Employee a base salary at an annual rate of not less than $334,750 (“Base
Salary”). Employee’s Base Salary shall be reviewed and adjusted annually in accordance with Employer’s regular
payroll practice for executive employees. Employee’s Base Salary is payable in accordance with Employer’s regular payroll
practices for executive employees.

 

(c)       Incentive
Compensation. During the Period of Employment, Employee shall be entitled to annual incentive compensation as a Tier 2 Executive
of the Employer pursuant to the terms of the Management Incentive Plan, which has been approved by the Board of Directors of Employer
to cover Employee and other key personnel of Employer, as well as other incentive plans that may be established by Employer and
that are applicable to Employer’s executives of similar salary tier to Employee. Upon termination of Employee’s employment
pursuant to subparagraph 3(a), 3(b), 3(c) or paragraph 6, Employee shall be entitled to a pro rata portion (based on Employee’s
complete months of active employment in the applicable year) of the annual incentive awards that are payable with respect to the
year during which the termination occurs or, if the annual awards for such year are not determinable at the time of termination,
then the immediately prior year’s awards shall be used to determine such pro rata portion.

 

2.       Duties
during the Period of Employment. Employee shall have full responsibility, subject to the control of the Board and Employer’s
President and Chief Executive Officer or authorized designee, for the supervision of all aspects of Employer’s lending and
credit operations, including all activities related to commercial lending, residential lending, direct and indirect consumer lending,
credit administration, cash management and regional banking, and the discharge of such other duties and responsibilities to Employer
as may from time to time be reasonably assigned to Employee by the Employer’s President and Chief Executive Officer, or the
authorized designee of the Board of Directors. Employee shall report to the Executive Vice President and Chief Operating Officer
of Employer or to such other officer as designated by Employer’s President and Chief Executive Officer. Employee shall devote
Employee’s best efforts to the affairs of Employer, serve faithfully and to the best of Employee’s ability and devote
all of Employee’s working time and attention, knowledge, experience, energy and skill to the business of Employer, except
that Employee may affiliate with professional associations, business, civic and charitable organizations, provided that such services
and affiliations are not inconsistent with and do not unreasonably interfere with the performance of Employee’s duties under
this Agreement. Employee shall serve on the Board of Directors of, or as an officer of, Employer’s affiliates, without additional
compensation if requested to do so by the Board of Directors of Employer. Employee shall receive only the compensation and other
benefits described in this Agreement for Employee’s duties on behalf of Employer or any of its affiliates.

 

      

     

    

 

3.       Termination.
Employee’s employment by Employer shall be subject to termination as follows:

 

(a)       Expiration
of the Term. This Agreement shall terminate automatically at the expiration of the Period of Employment unless the parties
enter into a written agreement extending Employee’s employment, except for the continuing obligations of the parties as specified
hereunder.

 

(b)       Termination
Upon Death. This Agreement shall terminate upon Employee’s death. In the event this Agreement is terminated as a result
of Employee’s death, Employer shall continue payments of Employee’s Base Salary for a period of 90 days following Employee’s
death to the beneficiary designated by Employee on the “Beneficiary Designation Form” attached to this Agreement as
Appendix A. Any restrictions on shares of CBSI stock previously granted to Employee shall be waived as of the date of death, and
Employee’s beneficiary shall be free to dispose of any restricted stock previously granted to Employee by Employer. Additionally,
Employer shall treat as immediately exercisable all unexpired stock options issued by Employer and held by Employee that are not
exercisable or that have not been exercised, so as to permit Employee’s beneficiary to purchase the balance of CBSI stock
not yet purchased pursuant to said options until the end of the full exercise period provided in the original grant of the option
right, determined without regard to Employee’s death or termination of employment.

 

(c)       Termination
Upon Disability. Employer may terminate this Agreement upon Employee’s disability. For the purpose of this Agreement,
Employee’s inability to perform substantially all of Employee’s duties under this Agreement by reason of physical or
mental illness or injury for a period of 26 successive weeks (the “Disability Period”) shall constitute disability.
The determination of disability shall be made by a physician selected by Employer and a physician selected by Employee; provided,
however, that if the two physicians so selected shall disagree, the determination of disability shall be submitted to arbitration
in accordance with the rules of the American Arbitration Association and the decision of the arbitrator shall be binding and conclusive
on Employee and Employer. During the Disability Period, Employee shall be entitled to 100% of Employee’s Base Salary otherwise
payable during that period, reduced by all other Employer-provided income replacement benefits to which Employee may be entitled
for the Disability Period on account of such disability (including, but not limited to, benefits provided under any disability
insurance policy or program, workers’ compensation law, or any other benefit program or arrangement). Upon termination pursuant
to this disability provision, any restrictions on shares of CBSI stock previously granted to Employee shall be waived and Employee
shall be free to dispose of any restricted stock granted to Employee. Additionally, Employer shall treat as immediately exercisable
all unexpired stock options issued by Employer and held by Employee that are not exercisable or that have not been exercised, so
as to permit the Employee to purchase the balance of CBSI stock not yet purchased pursuant to said options until the end of the
full exercise period provided in the original grant of the option right, determined without regard to Employee’s disability
or termination of employment.

 

    2 

     

    

 

(d)       Termination
for Cause. Employer may terminate Employee’s employment immediately for “cause” by written notice to Employee.
For purposes of this Agreement, a termination shall be for “cause” if the termination results from any of the following
events:

 

(i)       Employee’s
willful breach of any material provision of this Agreement, which breach Employee shall have failed to cure within thirty (30)
days following Employer’s written notice to Employee specifying the nature of the breach;

 

(ii)       Any
documented misconduct by Employee as an executive or director of Employer, or any subsidiary or affiliate of Employer for which
Employee is performing services hereunder, which is material and adverse to the interests, monetary or otherwise, of Employer or
any subsidiary or affiliate of Employer;

 

(iii)       Unreasonable
neglect or refusal to perform the duties assigned to Employee under or pursuant to this Agreement, unless cured within thirty (30)
days following Employer’s written notice to Employee specifying the nature of the neglect or refusal;

 

(iv)       Conviction
of a crime involving any act of dishonesty, acts of moral turpitude, or the commission of a felony;

 

(v)       Adjudication
as a bankrupt, which adjudication has not been contested in good faith, unless bankruptcy is caused directly by Employer’s
unexcused failure to perform its obligations under this Agreement;

 

(vi)       Documented
failure to follow the reasonable, written instructions of the Board of Directors of Employer, the Employer’s Executive Vice
President and Chief Operating Officer, or the Employer’s Chief Executive Officer or authorized designee, provided that the
instructions do not require Employee to engage in unlawful conduct; or

 

(vii)       A
willful violation of a material rule or regulation of the Office of the Comptroller of the Currency or of any other regulatory
agency governing Employer or any subsidiary or affiliate of Employer.

 

Notwithstanding any other
term or provision of this Agreement to the contrary, if Employee’s employment is terminated for cause, Employee shall forfeit
all rights to payments and benefits otherwise provided pursuant to this Agreement; provided, however, that Base Salary shall be
paid through the date of termination.

 

(e)       Termination
For Reasons Other Than Cause. In the event Employer terminates Employee’s employment during the Period of Employment
or within 24 months following expiration of the Period of Employment for reasons other than “cause” (as defined in
paragraph 3(d)), or in the event that Employee terminates his employment with Employer during the Period of Employment for “good
reason” (as defined in paragraphs 6(d)(i) or 6(d)(iii) and subject to the notice and right to cure provisions of paragraph
6(d)), then Employee shall be entitled to a severance benefit equal to the greater of (i) 175 percent of the sum of the annual
Base Salary in effect at the time of termination and the most recent payment to Employee under the Management Incentive Plan, or
(ii) amounts of Base Salary and expected Management Incentive Plan payments that otherwise would have been payable through the
balance of the unexpired term of this Agreement. Unless Employee is a “specified employee” (as determined in accordance
with Internal Revenue Code Section 409A), the benefit payable pursuant to this paragraph 3(e) shall be payable in equal biweekly
installments over the 12 month period that begins on the first day of the month following Employee’s termination. If Employee
is a “specified employee” (as determined in accordance with Internal Revenue Code Section 409A), then installment payments
during the first six months of the 12 month installment period shall be limited to the extent required by Internal Revenue Code
Section 409A, any unpaid installment amounts shall be paid immediately after such six-month period and installment payments due
during the remaining six months shall be paid as scheduled.

 

    3 

     

    

 

In addition to the
cash benefit described in the foregoing paragraph 3(e), Employer shall: (iii) waive all restrictions on all CBSI stock previously
granted to Employee and permit Employee to dispose of any restricted stock; and (iv) treat as immediately exercisable all unexpired
stock options held by Employee that are not exercisable or that have not been exercised, so as to permit Employee to purchase the
balance of CBSI stock not yet purchased pursuant to said options until the end of the full exercise period provided in the original
grant of the option right determined without regard to Employee’s termination of employment.

 

Notwithstanding the
foregoing, amounts payable under clauses (i) or (ii) of this paragraph 3(e) shall be reduced by any payments made to Employee under
paragraphs 6(a)(i) and (ii) of this Agreement and any payments made to Employee under any severance or similar plan, policy or
program maintained by Employer.

 

4.       Fringe
Benefits.

 

(a)       Benefit
Plans. During the Period of Employment, Employee shall be eligible to participate in any employee pension benefit plans (as
that term is defined under Section 3(2) of the Employee Retirement Income Security Act of 1974, as amended), Employer-paid group
life insurance plans, medical plans, dental plans, long-term disability plans, business travel insurance programs and other fringe
benefit programs maintained by Employer for the benefit of (or which are applicable to) its executive employees. Participation
in any of Employer’s benefit plans and programs shall be based on, and subject to satisfaction of, the eligibility requirements
and other conditions of such plans and programs. Employer may require Employee to submit to an annual physical, to be performed
by a physician of his own choosing. Employee shall be reimbursed for related expenses not covered by Employer’s health insurance
plan, or any other plan in which Employee is enrolled. Employee shall not be eligible to participate in Employer’s Severance
Pay Plan maintained for other employees not covered by employment agreements.

 

(b)       Expenses.
Upon submission to Employer of vouchers or other required documentation, Employee shall be reimbursed for (or Employer shall pay
directly) Employee’s actual out-of-pocket travel and other expenses reasonably incurred and paid by Employee in connection
with Employee’s duties hereunder (including, but not limited to, expenses incurred while performing duties outside the general
geographic area of Employee’s principle residence). Reimbursable expenses must be submitted to the President and Chief Executive
Officer of Employer, or his designee, for review on no less than a quarterly basis.

 

(c)       Other
Benefits. During the Period of Employment, Employee also shall be entitled to receive the following benefits:

 

(i)       Paid
time off of twenty-one (21) days during each calendar year (with no carryover of unused vacation to a subsequent year) and any
holidays that may be provided to all employees of Employer in accordance with Employer’s holiday policy;

 

(ii)       Reasonable
sick leave;

 

(iii)       Reimbursement
of membership fees and dues (but not personal expenses) for up to two club memberships and other appropriate professional associations,
subject to the approval of Employer’s Executive Vice President and Chief Operating Officer, the primary purpose of which
memberships shall be the promotion of Employer’s business interests. Reimbursements shall be made on or before the last day
of Employee’s taxable year following the taxable year in which the expense was incurred;

 

(iv)       The
use of an Employer-owned mobile telephone and the payment or reimbursement of all Employer-related business charges incurred in
connection with the use of such telephone; and

 

(v)       The
use of an Employer-owned or Employer-leased automobile, the selection and replacement of which shall be subject to the approval
of Employer’s President and Chief Executive Officer (or the President and Chief Executive Officer’s designee), or at
Employer’s option an automobile allowance to provide for a reasonably similar benefit consistent with similarly situated
executive employees.

 

    4 

     

    

 

5.       Stock
Options. Employer shall cause the Compensation Committee of the Board to review whether Employee should be granted options
to purchase shares of common stock of CBSI. Such review may be conducted pursuant to the terms of the Community Bank System, Inc.
2014 Long-Term Incentive Plan, a successor plan, or independently, as the Compensation Committee shall determine. Reviews shall
be conducted no less frequently than annually.

 

6.       Change
of Control.

 

(a)       If
Employee’s employment with Employer (as an employee) shall cease for any reason, including Employee’s voluntary termination
for “good reason” (as defined in paragraph 6(d) below), but not including Employee’s termination for “cause”(as
defined in paragraph 3 (d)) or Employee’s voluntary termination without “good reason”, within two (2) years following
a “Change of Control” (as defined in paragraph 6(c)) that occurs during the Period of Employment, then:

 

(i)       Employer
shall pay to the Employee the greater of (A) 300 percent of the sum of the annual Base Salary in effect at the time of Employee’s
termination and the aggregate sum of all payments made to Employee during the 12 months preceding Employee’s termination
pursuant to the Management Incentive Plan (or equivalent successor plan), or (B) amounts of Base Salary and expected payments under
the Management Incentive Plan (or equivalent successor plan) that otherwise would have been payable through the balance of the
unexpired term of this Agreement. Unless Employee is a “specified employee “(as determined in accordance with Internal
Revenue Code Section 409A), the amount determined pursuant to this paragraph 6(a)(i) shall be payable in equal bi-weekly installments
over the 12-month period that begins on the first day of the month following Employee’s termination. If Employee is a “specified
employee” (as determined in accordance with Internal Revenue Code Section 409A), then installment payments during the first
six months of the 12-month installment period shall be limited to the extent required by Internal Revenue Code Section 409A, any
unpaid installment amounts shall be paid immediately after such six-month period and installment payments due during the remaining
six months shall be paid as scheduled.

 

(ii)       Subject
to the applicable limitations of Internal Revenue Code Section 409A that apply if Employee is a “specified employee “(as
determined in accordance with Internal Revenue Code Section 409A), Employer shall provide Employee with fringe benefits, or the
cash equivalents of such benefits, identical to those described in paragraph 4(a) for a period of thirty (30) months immediately
following Employee’s qualifying termination.

 

(iii)       Employer
shall treat as immediately exercisable all unexpired stock options issued by Employer and held by Employee that are not otherwise
exercisable or that have not been exercised so as to permit Employee to purchase the balance of CBSI stock not yet purchased pursuant
to said options until the end of the full exercise period provided in the original grant of the option right, determined without
regard to Employee’s termination of employment.

 

    5 

     

    

 

(iv)       Employer
shall waive all restrictions on any shares of CBSI stock granted to Employee and permit Employee to dispose of such stock.

 

(b)       Notwithstanding
any provision of this Agreement to the contrary, in the event that any payment or benefit received or to be received by the Employee
in connection with a Change of Control (whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement)(all
such payments and benefits being hereinafter called “Total Benefits”) would be subject (in whole or in part) to the
excise tax imposed pursuant to Internal Revenue Code Section 4999, then the cash severance payments provided in this Agreement
shall first be reduced, and the other payments and benefits hereunder shall thereafter be reduced, to the extent necessary so that
no portion of the Total Benefits will be subject to such excise tax, but only if (i) is greater than or equal to (ii), where (i)
equals the reduced amount of such Total Benefits minus the aggregate amount of federal, state and local income taxes on such reduced
Total Benefits, and (ii) equals the unreduced amount of such Total Benefits minus the sum of (A) the aggregate amount of federal,
state and local income taxes on such Total Benefits, and (B) the amount of excise tax to which the Employee would be subject in
respect of such unreduced Total Benefits.

 

(c)       For
purposes of this paragraph 6, a “Change of Control” shall be deemed to have occurred if:

 

(i)       any
“person,” including a “group” as determined in accordance with the Section 13(d)(3) of the Securities Exchange
Act of 1934 (“Exchange Act”), is or becomes the beneficial owner, directly or indirectly, of securities of Employer
representing 30% or more of the combined voting power of Employer’s then outstanding securities;

 

(ii)       as
a result of, or in connection with, any tender offer or exchange offer, merger or other business combination (a “Transaction”),
the persons who were directors of Employer before the Transaction shall cease to constitute a majority of the Board of Directors
of Employer or any successor to Employer;

 

(iii)       Employer
is merged or consolidated with another corporation and as a result of the merger or consolidation less than 70% of the outstanding
voting securities of the surviving or resulting corporation shall then be owned in the aggregate by the former stockholders of
Employer, other than (A) affiliates within the meaning of the Exchange Act, or (B) any party to the merger or consolidation;

 

(iv)       a
tender offer or exchange offer is made and consummated for the ownership of securities of Employer representing 30% or more of
the combined voting power of Employer’s then outstanding voting securities; or

 

(v)       Employer
transfers substantially all of its assets to another corporation, which is not controlled by Employer.

 

    6 

     

    

 

(d)       For
purposes of this paragraph 6, “good reason” shall mean action taken by Employer that results in:

 

		(i)	An involuntary and material adverse change in Employee’s
authority, duties, responsibilities, or base compensation;

 

		(ii)	An involuntary and material relocation of the office
from which Employee is expected to perform his duties; or

 

		(iii)	A material breach of this Agreement.

 

In all cases, Employee must provide notice
to Employer of the existence of a condition described in (i), (ii) or (iii) above within 30 days of the initial existence of the
condition, upon the notice of which Employer shall have 30 days thereafter (the “remedy period”) in which to remedy
the condition (and not be required to pay or provide the severance benefit described in this Section 6). If the “good reason”
condition is not remedied within the 30-day remedy period, Employee shall receive the severance benefit described in this Section
6 only if Employee terminates employment within ten business days following the expiration of the 30-day remedy period.

 

7.       Withholding.
Employer shall deduct and withhold from compensation and benefits provided under this Agreement all necessary income and employment
taxes and any other similar sums required by law to be withheld.

 

8.       Covenants.

 

(a)       Confidentiality.
Employee shall not, without the prior written consent of Employer, disclose or use in any way, either during his employment by
Employer or thereafter, except as required in the course of his employment by Employer, any confidential business or technical
information or trade secret acquired in the course of Employee’s employment by Employer. Employee acknowledges and agrees
that it would be difficult to fully compensate Employer for damages resulting from the breach or threatened breach of the foregoing
provision and, accordingly, that Employer shall be entitled to temporary preliminary injunctions and permanent injunctions to enforce
such provision. This provision with respect to injunctive relief shall not, however, diminish Employer’s right to claim and
recover damages. Employee covenants to use his best efforts to prevent the publication or disclosure of any trade secret or any
confidential information that is not in the public domain concerning the business or finances of Employer or Employer’s affiliates,
or any of its or their dealings, transactions or affairs which may come to Employee’s knowledge in the pursuance of his duties
or employment.

 

(b)       No
Competition. Employee’s employment is subject to the condition that during the term of his employment hereunder and for
the period specified in paragraph 8(c) below, Employee shall not directly or indirectly, own, manage, operate, control or participate
in the ownership, management, operation or control of, or be connected as an officer, employee, partner, director, individual proprietor,
lender, consultant or otherwise with, or have any financial interest in, or aid or assist anyone else in the conduct of, any entity
or business (a “Competitive Operation”) which competes in the banking industry or with any other business conducted
by Employer or by any group, affiliate, division or subsidiary of Employer, in the same counties of New York, Pennsylvania or any
other state in which the Employer or any such group, affiliate, division or subsidiary conducts business. Employee shall keep Employer
fully advised as to any activity, interest, or investment Employee may have in any way related to the banking industry. It is understood
and agreed that, for the purposes of the foregoing provisions of this paragraph, (i) no business shall be deemed to be a business
conducted by Employer or any group, division, affiliate or subsidiary of Employer unless 5% or more of Employer’s consolidated
gross sales or operating revenues is derived from, or 5% or more of Employer’s consolidated assets are devoted to, such business;
(ii) no business conducted by any entity by which Employee is employed or in which he is interested or with which he is connected
or associated shall be deemed competitive with any business conducted by Employer or any group, division, affiliate or subsidiary
of Employer unless it is one from which 2% or more of its consolidated gross sales or operating revenues is derived, or to which
2% or more of its consolidated assets are devoted; and (iii) no business which is conducted by Employer on the date of Employee’s
termination and which subsequently is sold by Employer shall, after such sale, be deemed to be a Competitive Operation within the
meaning of this paragraph. Ownership of not more than 5% of the voting stock of any publicly held corporation shall not constitute
a violation of this paragraph.

 

    7 

     

    

 

(c)Non-Competition
Period.The “non-competition period” shall begin on January 1, 2019 and shall end 12 months after the Employee’s
termination of employment; provided, however, that the non-competition period shall end on the date Employee’s employment
ends in the event of Employee’s termination for “good reason” (as defined in paragraph 6(d)), or Employee’s
termination without cause (as defined in paragraph 3(d)).

 

(d)       Non-Solicitation.
While Employee is employed by Employer, and for a period of two years after Employee's employment with Employer ends for any reason,
Employee shall not directly or indirectly solicit (other than on behalf of Employer) business or contracts for any products or
services of the type provided, developed or under development by Employer during Employee’s employment by Employer, from
or with (x) any person or entity which was a customer of Employer for such products or services as of, or within 12 months prior
to, the date of Employee’s termination of employment with Employer, or (y) any prospective customer which Employer was soliciting
as of, or within 12 months prior to, Employee’s termination. Additionally, while Employee is employed by Employer, and for
two years after Employee’s employment with the Employer ends for any reason, Employee will not directly or indirectly contract
with any such customer or prospective customer for any product or service of the type provided, developed or which was under development
by Employer during Employee’s employment with Employer. Employee will not at any time knowingly interfere or attempt to interfere
with any transaction, agreement or business relationship in which Employer was involved or was contemplating during Employee’s
employment with Employer, including but not limited to relationships with customers, prospective customers, agents, contractors,
vendors, service providers, and suppliers.

 

(e)       Non-Recruitment.
While Employee is employed by Employer, and for a period of two years after Employee’s employment with Employer ends for
any reason, Employee shall not, directly or indirectly, solicit, recruit, or hire, or in any manner assist in the hiring, solicitation
or recruitment of any of individual who is or was an employee of Employer, or who otherwise provided services to Employer, within
12 months prior to the termination of Employee’s employment with Employer.

 

(f)       Termination
of Payments. Upon the breach by Employee of any covenant under this paragraph 8, Employer shall cease all payments to Employee
and may offset and/or recover from Employee immediately any and all amounts payable to Employee under this Agreement against any
damages to which Employer is legally entitled in addition to any and all other remedies available to Employer under the law or
in equity.

 

9.       Notices.
Any notice which may be given hereunder shall be sufficient if in writing and mailed by overnight mail, or by certified mail, return
receipt requested, to Employee at his residence and to Employer at 5790 Widewaters Parkway, Dewitt, New York 13214, or at such
other addresses as either Employee or Employer may, by similar notice, designate.

 

    8 

     

    

 

10.       Rules,
Regulations and Policies. Employee shall abide by and comply in all material respects with all of the rules, regulations, and
policies of Employer that may be in effect and amended from time to time, including without limitation (i) Employer’s policy
of strict adherence to, and compliance with, any and all requirements of the banking, securities, and antitrust laws and regulations,
(ii) Employer’s human resources, personnel and benefits policies, and (iii) to the extent applicable, Employer’s Executive
Equity Ownership Guidelines and claw-back policy.

 

11.       No
Prior Restrictions. Employee affirms and represents that Employee is under no obligations to any former employer or other third
party which is in any way inconsistent with, or which imposes any restriction upon, the employment of Employee by Employer, or
Employee’s undertakings under this Agreement.

 

12.       Return
of Employer’s Property. After Employee has received notice of termination or at the end of the term hereof, whichever
first occurs, Employee shall promptly return to Employer all documents and other property in his possession belonging to Employer.

 

13.       Construction
and Severability. The invalidity of any one or more provisions of this Agreement or any part thereof, all of which are inserted
conditionally upon their being valid in law, shall not affect the validity of any other provisions to this Agreement; and, in the
event that one or more provisions contained herein shall be invalid, as determined by a court of competent jurisdiction, the court
shall have authority to modify such provision in a manner that most closely reflects the intent of the parties and is valid. This
Agreement shall be interpreted and applied in all circumstances in a manner that is consistent with the intent of the parties that
amounts earned and payable pursuant to this Agreement shall not be subject to the premature income recognition or adverse tax provisions
of Internal Revenue Code Section 409A. Accordingly, by way of example and not limitation, (a) distributions of benefits payable
following Employee’s termination of employment shall commence as of the date required by this Agreement or, if later, the
earliest date permitted by Internal Revenue Code Section 409A (generally six months after termination, if Employee is a “specified
employee” within the meaning of Internal Revenue Code Section 409A), and (b) the phrase “termination of employment”
(and similar terms and phrases) shall be construed to mean “separation from service” within the meaning of Internal
Revenue Code Section 409A.

 

14.       Governing
Law. This Agreement was executed and delivered in New York and shall be construed and governed in accordance with the laws
of the State of New York.

 

15.       Assignability
and Successors. This Agreement may not be assigned by Employee or Employer, except that this Agreement shall be binding upon
and shall inure to the benefit of the successor of Employer through merger or corporate reorganization. Any attempted assignment
in violation of this paragraph 15 shall be null and void.

 

16.       Miscellaneous.
This Agreement constitutes the entire understanding and agreement between the parties with respect to the subject matter hereof
and shall supersede all prior understandings and agreements, including the Employment Agreement between the parties that is scheduled
to expire effective December 31, 2018. This Agreement cannot be amended, modified, or supplemented in any respect, except by a
subsequent written agreement entered into by the parties hereto. The services to be performed by Employee are special and unique;
it is agreed that any breach of this Agreement by Employee shall entitle Employer (or any successor or assigns of Employer), in
addition to any other legal remedies available to it, to apply to any court of competent jurisdiction to enjoin such breach. The
provisions of paragraphs 3(e), 6 and 8 hereof shall survive the termination of this Agreement.

 

    9 

     

    

 

17.       Counterparts.
This Agreement may be executed in counterparts (each of which need not be executed by each of the parties), which together shall
constitute one and the same instrument.

 

18.       Jurisdiction,
Venue and Fees. The jurisdiction of any proceeding between the parties arising out of, or with respect to, this Agreement shall
be in a court of competent jurisdiction in New York State, and venue shall be in Onondaga County. Each party shall be subject to
the personal jurisdiction of the courts of New York State. If Employee is the prevailing party in a proceeding to collect payments
due pursuant to this Agreement, Employer shall reimburse Employee for reasonable attorneys’ fees incurred by Employee in
connection with such proceeding. Reimbursement shall be made on or before the last day of Employee’s taxable year following
the taxable year in which the expense was incurred. The foregoing right of reimbursement shall expire on the fifth anniversary
of Employee’s separation of employment with Employer.

 

[Signature page follows.]

 

    10 

     

    

 

The foregoing is established
by the following signatures of the parties on January 4, 2019.

 

	 	COMMUNITY BANK SYSTEM, INC.
	 	 	 
	 	 	 
	 	By:	/s/ Mark E. Tryniski
	 	 	 
	 	Its:	President and Chief Executive Officer
	 	 	 
	 	 	 
	 	COMMUNITY BANK, N.A.
	 	 	 
	 	 	 
	 	By:	/s/ Bernadette R. Barber
	 	 	 
	 	Its:	SVP & Chief Human Resources Officer
	 	 	 
	 	 	 
	 	 	 
	 	/s/ Joseph F. Serbun
	 	JOSEPH F. SERBUN

 

    11

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