Document:

supplementaldeed.htm

 

Allen & Gledhill

 

ADVOCATES & SOLICITORS

 

Execution version

 

Dated                  25 SEP 2009

 

       MICRON TECHNOLOGY, INC.

 

as Guarantor

 

and

 

           ABN AMRO BANK N.V., SINGAPORE BRANCH

 

acting as Security Trustee

 

SUPPLEMENTAL DEED

 

                  (being supplemental to the Guarantee dated 31 March 2008)

 

ALLEN & GLEDHILL LLP

 

ONE MARINA BOULEVARD #28-00

 

SINGAPORE 018989

  

  

  

 

TABLE OF CONTENTS

 

Contents                                                                                                                 Page

 

1.           Definitions and Interpretation                                                                   
 1

 

2.           Incorporation                                                                                                 2

 

3.           Amendments to the Original Guarantee                                                     2

 

4.           Representations                                                                                             4

5.           Confirmation                                                                                                   4

 

6.           Expenses and Stamp Duty                                                                            4

 

7.           Counterparts                                                                                                   5

 

8.           Governing Law                                                                                               5

 

9.           Jurisdiction                                                                                                     5

  

  

  

 

This Supplemental Deed is made on  25 SEP 2009 between:

 

(1)           MICRON TECHNOLOGY, INC., a corporation established under the laws of the State of

Delaware, U.S.A. (the "Guarantor"); in favour of

 

(2)           ABN AMRO BANK N.V., SINGAPORE BRANCH, as security trustee for and on behalf of

the Beneficiaries (as defined in the Original Guarantee, defined below) (the "Security

Trustee"), 

 

and is supplemental to a Guarantee dated 31 March 2008 (the "Original Guarantee") made 

between (1) the Guarantor, as guarantor and (2) the Security Trustee, as security trustee.

 

Whereas:

 

(A)         Pursuant to a US$600,000,000 Facility Agreement dated 31 March 2008 (the "Original

Facility Agreement") made between (1) TECH Semiconductor Singapore Pte. Ltd., as

borrower, (2) ABN AMRO Bank N.V., Citibank, N.A., Singapore Branch/ Citigroup Global

Markets Singapore Pte Ltd, DBS Bank Ltd and Oversea-Chinese Banking Corporation

Limited, together as original mandated lead arrangers, (3) Citicorp Investment Bank

(Singapore) Limited, as facility agent, (4) the Security Trustee, as security trustee, and (5)

the Banks (as defined therein), the Banks agreed to grant to the Borrower a term loan

facility of up to US$600,000,000, upon the terms and subject to the conditions of the Original

Facility Agreement.

 

(B)          Pursuant to an amendment agreement (the "Amendment Agreement"), dated on or about

 the date of this Supplemental Deed, made between (1) the Borrower, as borrower, and (2)

 the Facility Agent, as agent for the other Finance Parties, the Borrower and the Finance

 Parties have agreed to amend and supplement the Original Facility Agreement, upon the

 terms and subject to the conditions of the Amendment Agreement.

 

(C)           It is a condition precedent to the amendments to the Original Facility Agreement pursuant to

the Amendment Agreement taking effect that, inter alia, this Supplemental Deed duly

executed by the Guarantor be delivered to the Facility Agent.

 

It is agreed as follows:

 

 

1.          Definitions and Interpretation

 

1.1          Definitions

 

Unless otherwise defined or construed in this Supplemental Deed and except where the 

context otherwise requires, all terms and references used in the Original Facility 

Agreement, the Original Guarantee and the Amendment Agreement shall have the same 

meaning and construction in this Supplemental Deed and, in addition:

 

"Effective Date" has the meaning given to it in Clause 4.1 (Conditions Precedent) of the

Amendment Agreement.

 

"Party" means a party to this Agreement.

 

-   1   -

  

  

  

 

1.2          Headings

 

Unless otherwise stated, references to "Clauses" are to be construed as references to the

clauses of this Supplemental Deed.

 

1.3          Third Party Rights

 

1.3.1        Other than the Finance Parties or as expressly provided to the contrary in this

Supplemental Deed, a person who is not a party to this Supplemental Deed has

no right under the Contracts (Rights of Third Parties) Act, Chapter 53B of

Singapore to enforce or to enjoy the benefit of any term of this Supplemental

Deed.

 

1.3.2        Notwithstanding any terms of this Supplemental Deed, the consent of any third

party is not required for any variation (including any release or compromise of any

liability under) or termination of this Supplemental Deed.

 

2.            Incorporation

 

2.1          Preservation of the Original Guarantee

 

Except to the extent expressly amended by the provisions of this Supplemental Deed, the 

terms and conditions of the Original Guarantee are hereby confirmed and shall remain in 

full force and effect.

 

2.2          Agreement Supplemental

 

The Original Guarantee and this Supplemental Deed shall be read and construed as one 

document and this Supplemental Deed shall be considered to be part of the Original 

Guarantee and, without prejudice to the generality of the foregoing, where the context so 

allows, references in the Original Guarantee to "this Deed", howsoever expressed, shall 

be read and construed as references to the Original Guarantee as amended, modified and 

supplemented by this Supplemental Deed.

 

3.            Amendments to the Original Guarantee

 

The Parties agree that, with effect from the Effective Date, the Original Guarantee shall be

amended as follows:

 

3.1           by deleting the definition of "Micron Proportion" in Clause 1.2 of the Original Guarantee in

its entirety and substituting the same with the following new definition:

 

““Micron Proportion" means:

 

(a)           at any time prior to 11 April 2010:

 

(i)           85.31 per cent.; or

 

(ii)          the percentage of the total issued share capital of the Borrower which is

   owned directly or indirectly by Micron,

 

whichever is higher; and

 

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(b)           at all times thereafter, 100 per cent.";

 

3.2          by deleting Clause 2.3 (Limitation of Liability) of the Original Guarantee in its entirety and

substituting the same with the following new Clause 2.3 (Limitation of Liability): 

 

"2.3         Limitation of Liability

 

Notwithstanding anything to the contrary in this Deed or in any other Finance 

Document, the maximum liability of the Guarantor at any time under this Clause 2

shall in no event exceed the lesser of:

 

2.3.1        the Micron Proportion of the amount of the Secured Obligations at that

time; and

 

2.3.2        an amount equal to the greatest amount that would not render the

Guarantor's obligations hereunder and under the other Finance 

Documents subject to avoidance under US Bankruptcy Law or to being 

set aside, avoided or annulled under any Fraudulent Transfer Law.

 

For the purposes of this Clause 2.3, "Fraudulent Transfer Law" means any 

applicable US Bankruptcy Law or any applicable US state fraudulent transfer or 

conveyance law, and "US Bankruptcy Law' means the United States Bankruptcy 

Code of 1978 (Title 11 of the United States Code) or any other United States 

Federal or state bankruptcy, insolvency or similar law."; and

 

3.3          by deleting Clause 2.4 (Release of Guarantee) of the Original Guarantee in its entirety and

substituting the same with the following new Clause 2.4 (Release of Guarantee): 

 

"2.4         Release of Guarantee

 

If:

 

2.4.1           (i) the ratio of the Borrower's Net Debt to Equity, the Borrower's Liquidity

     Ratio and the Borrower's DSCR measured in accordance with Clause

17.1 (Financial Condition) of the Facility Agreement for the financial

quarter ending on 2 December 2010 complies with the requirements of

Clause 17.1 (Financial Condition) of the Facility Agreement and (ii) the

Borrower is in compliance with its obligations under Clause 28.7 (Debt 

Service Deposit Accounts) of the Facility Agreement up to and on 2

December 2010 (both (i) and (ii) shall be confirmed by the Facility Agent

(acting on the instructions of the Instructing Group) to the Security

Trustee), and

 

2.4.2           (i) a Non-extension Event had not occurred on 11 October 2009 or (ii) on

   11 October 2009, a Non-extension Event had occurred but that Non-

  extension is no longer continuing and, in each case, at such point in time,

  a Non-extension Event is not capable of occurring,

 

the Security Trustee shall at the cost and request of the Guarantor, discharge and 

release the Guarantor from its obligations under this Deed (without prejudice to 

accrued obligations) provided that on or prior to such release and discharge by 

the Security Trustee, each of the Micron Security Documents and the

 

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Encumbrance created pursuant thereto has been released and discharged to the 

satisfaction of the Security Trustee.".

 

4.            Representations

 

4.1          Representations on the date of this Supplemental Deed

 

On the date of this Supplemental Deed, the Guarantor makes each of the 

representations in Clause 3 (Representations and Warranties) of the Original Guarantee 

to the Security Trustee, as security trustee for the benefit of the Beneficiaries as if each 

reference therein to "this Deed" includes a reference to this Supplemental Deed and each 

reference to "Finance Document" or "Finance Documents" includes a reference to this 

Supplemental Deed and the Amendment Agreement, and acknowledges that the Security 

Trustee has entered into this Supplemental Deed in reliance on those representations and

    warranties.

 

4.2          Representations on the Effective Date

 

On the Effective Date, the Guarantor makes each of the representations in Clause 3

(Representations and Warranties) of the Original Guarantee to the Security Trustee, as

security trustee for the benefit of the Beneficiaries as if each reference therein to "this

Deed" includes a reference to the Original Guarantee as amended and supplemented by

this Supplemental Deed, each reference to the "Facility Agreement" includes a reference

to the Original Facility Agreement as amended and supplemented by the Amendment

Agreement and each reference to "Finance Document" or "Finance Documents"

includes a reference to each of the Original Facility Agreement and the Original Guarantee

as amended and supplemented by the Amendment Agreement and this Supplemental

Deed respectively.

 

5.            Confirmation

 

The Guarantor hereby irrevocably and unconditionally confirms that the respective terms 

and conditions of each of the Security Documents and each other Finance Document to 

which it is a party are and shall continue to apply and shall remain in full force and effect 

and binding on it, notwithstanding the provisions of this Supplemental Deed or the 

performance or non-performance by any person of any of its obligations under the Original 

Guarantee (as amended and supplemented by this Supplemental Deed), any of the 

Security Documents or any other Finance Document.

 

6.            Expenses and Stamp Duty

 

To the extent not paid by the Borrower, the Guarantor shall:

 

6.1.1        from time to time on demand of the Security Trustee, reimburse the Facility Agent,

the Security Trustee and each of the Original Mandated Lead Arrangers for all

reasonable costs and expenses (including but not limited to legal and

documentation fees), together with any GST thereon incurred by it in connection

 

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with the negotiation, preparation and execution of this Supplemental Deed and 

any other document referred to in this Supplemental Deed or the Amendment 

Agreement; and

 

6.1.2        pay all stamp, registration and other taxes to which this Supplemental Deed or any

other document referred to in this Supplemental Deed or the Amendment

Agreement is subject and shall, from time to time on demand of the Security 

Trustee, indemnify the Finance Parties against any liabilities, costs, claims and 

expenses resulting from any failure to pay or any delay in paying any such tax.

 

7.             Counterparts

 

This Supplemental Deed may be executed in any number of counterparts, all of which

taken together shall constitute one and the same instrument.

 

8.            Governing Law

 

This Supplemental Deed shall be governed by Singapore law.

 

9.            Jurisdiction

 

9.1          Singapore Courts

 

The courts of Singapore have jurisdiction to settle any dispute (a "Dispute") arising out of

or in connection with this Supplemental Deed (including a dispute regarding the existence,

validity or termination of this Supplemental Deed or the consequences of its nullity).

 

9.2           Convenient Forum

 

The Guarantor waives any objection it might now or hereafter have to the courts referred

to in Clause 9.1 (Singapore Courts) being nominated to settle Disputes and accordingly,

agrees that they will not argue to the contrary.

 

9.3           Non-exclusive Jurisdiction

 

The submission to the jurisdiction of the courts referred to in Clause 9.1 shall not (and

shall not be construed so as to) limit the right of each of the Beneficiaries to take 

proceedings against the Guarantor or, the Guarantor to take proceedings against the 

Beneficiaries or any one or more of them or any other party, in any other court of 

competent jurisdiction nor shall the taking of proceedings in any one or more jurisdictions 

preclude the taking of proceedings in any other jurisdiction (whether concurrently or not) if 

and to the extent permitted by applicable law.

 

9.4           Service of Process

 

9.4.1        The Guarantor irrevocably appoints Micron Semiconductor Asia Pte. Ltd. (with its

address at 990 Bendemeer Road, Singapore 339942, fax no. +65 6290 3690, 

attention: Managing Director) to receive, for it and on its behalf, service of process 

in any Disputes in Singapore. Such service shall be deemed completed on

 

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delivery to the relevant process agent (whether or not it is forwarded to and

received by the Guarantor). If for any reason a process agent ceases to be able to

act as such or no longer has an address in Singapore, the Guarantor irrevocably

agrees to appoint a substitute process agent acceptable to the Security Trustee,

and to deliver to the Security Trustee a copy of the new process agent's 

acceptance of that appointment, within 30 days.

 

9.4.2       The Guarantor irrevocably consents to any process in any Disputes anywhere

being served by mailing a copy by registered post to it in accordance with Clause

17 (Notices) of the Original Guarantee. Such service shall become effective 30

days after mailing.

 

9.4.3       Nothing shall affect the right to serve process in any other manner permitted by

law.

 

This Supplemental Deed has been entered into on the date stated at the beginning of this

Supplemental Deed.

 

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In witness whereof the parties hereto have executed and delivered this Supplemental Deed, 

under seal, as of the day and year first above written.

 

The Guarantor

 

 

THE COMMON SEAL of

 

MICRON TECHNOLOGY, INC.

 

was hereunto affixed in the presence of :

                                     SEAL

/s/ Philippe Morali

 

Authorised Officer

 

Name:  Philippe Morali

 

     Treasurer

 

 

 

 

 

                                                                                                                       
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The Security Trustee

 

SIGNED

 

by  /s/ Jessica Goh / Irene Ng

 

for and on behalf of

 

ABN AMRO BANK N.V., SINGAPORE BRANCH

 

in the presence of:  /s/Karen Heng

 

 

-8-cbna8k100109ex101.htm

    Exhibit 10.1

    
 

    SUPPLEMENTAL RETIREMENT PLAN
AGREEMENT

    

    

    This sets
forth the Supplemental Retirement Plan Agreement made effective as of
September 29, 2009 between (i) COMMUNITY BANK SYSTEM, INC., a Delaware
corporation and registered bank holding company, and COMMUNITY BANK, N.A., a
national banking association, both having offices located in Dewitt, New York
(collectively, the “Employer”), and (ii) SCOTT A. KINGSLEY, an individual
currently residing at Manlius, New York (“Employee”).  This Agreement
supersedes the Supplemental Retirement Plan Agreement between the parties dated
as of August 1, 2006.

    RECITALS

    
      	
               
      

            	
              A.

            	
              Employer
      and Employee are parties to an Employment Agreement dated and effective as
      of January 1, 2008 (“Employment
Agreement”).

            

    

    
      	
               
      

            	
              B.

            	
              The
      Employment Agreement provides that Employer and Employee shall enter into
      a separate agreement regarding supplemental retirement
      benefits.

            

    

    
      	
               
      

            	
              C.

            	
              This
      Agreement sets forth the terms of the parties’ agreement regarding
      supplemental retirement benefits.

            

    

    TERMS

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

    1.           Supplemental Retirement
Benefit.

    (a)           Subject
to the minimum benefit provisions of paragraph 1(b) and the vesting provisions
of paragraph 5, Employer shall pay Employee an annual supplemental retirement
benefit equal to the product of (i) 2.5 percent, times (ii) Employee’s years of
service with Employer, times (iii) Employee’s final average compensation, with
the product of (i) times (ii) times (iii) reduced by Employee’s other retirement
benefits.  (The terms “years of service,” “final average
compensation,” and “other retirement benefits” are defined in paragraph 2
below.)  Subject to the adjustments described in paragraph 4, the
benefit described in this paragraph 1(a) initially shall be expressed as a
single life annuity (payable for Employee’s life) commencing as of the date
determined pursuant to paragraph 4.

    (b)           The
annual supplemental retirement benefit payable pursuant to this Agreement shall
not be less than the excess (if any) of:  (i) the annual benefit that
Employee would have earned pursuant to the Community Bank System, Inc. Pension
Plan (“Pension Plan”) if the compensation limit imposed by Internal Revenue Code
Section 401(a)(17), and the maximum benefit limit imposed by Internal Revenue
Code Section 415, are disregarded; minus (ii) the annual benefit actually
payable to Employee pursuant to the Pension Plan.  For purposes of
calculating the annual benefit described in clause (i) of this paragraph 1(b),
the provisions of the Pension Plan that describe a minimum annual normal
retirement benefit and supplemental account balance for Employee shall be
disregarded.  Any such minimum annual normal retirement benefit (but
not any supplemental account balance benefit) actually payable pursuant to the
Pension Plan, however, shall be taken into account for purposes of clause (ii)
of this paragraph 1(b).  Subject to the adjustments described in
paragraph 4, the benefit described in this paragraph 1(b) initially shall be
expressed as a single life annuity (payable for Employee’s life) commencing as
of the date determined pursuant to paragraph 4.

    2.           Definitions.

    (a)           For
purposes of paragraph 1(a), “years of service with Employer” shall be credited
to Employee in the same manner as years of service are credited to Employee
under the Pension Plan, provided that no more than 20 years of service will be
taken into account under clause (ii) of paragraph 1(a).

    (b)           For
purposes of paragraph 1(a), Employee’s “final average compensation” shall be the
annual average of Employee’s Base Salary (as defined in the Employment
Agreement) and cash incentive payment awarded during the five consecutive
calendar years preceding the calendar year of Employee’s
termination.  In no event will “final average compensation” take into
account any lump sum payment made to Employee in connection with a “Change of
Control” (as that term is defined in the Employment Agreement).

    (c)           For
purposes of paragraph 1(a), Employee’s “other retirement benefits” shall mean
the sum of

    
      	
               
      

            	
              (i)

            	
              the
      annual benefit earned by Employee pursuant to the Pension Plan
      (disregarding any supplemental account balance in the Pension Plan to the
      extent such account balance is attributable to Employee’s elective
      deferrals to the Deferred Compensation Plan for Certain Executive
      Employees of Community Bank System, Inc.),
plus

            

    

    
      	
               
      

            	
              (ii)

            	
              the
      annual benefit that could be provided by Employer contributions (other
      than elective deferrals) made on Employee’s behalf under (A) the Community
      Bank System, Inc. 401(k) Employee Stock Ownership Plan, and (B) the
      Deferred Compensation Plan for Certain Executive Employees of Community
      Bank System, Inc., adjusted to reflect actual earnings, losses and
      expenses credited to and charged against such Employer contributions, if
      such contributions (as adjusted) were converted to a single life annuity
      benefit payable commencing as of the last day of the calendar quarter
      immediately preceding the date benefit payments begin under this
      Agreement, using the factors applied to determine actuarial equivalents
      under the Pension Plan as of such
date.

            

    

    (d)           For
the purposes of paragraph 1(b) and paragraph 2(c)(i), Employee’s Pension Plan
benefit will be Employee’s accrued benefit under the Pension Plan, determined as
of the earlier of (i) the date Employee begins to receive such Pension Plan
benefit, or (ii) the date Employee begins to receive the supplemental retirement
plan benefit, expressed (in either case) in the form of a single life annuity
(payable for Employee’s life) commencing as of the date determined pursuant to
paragraph 4.  In the event payments of supplemental retirement
benefits commence before payments of Employee’s Pension Plan benefit commence,
the supplemental retirement benefit shall be adjusted (if necessary) to reflect
any difference between the Pension Plan benefit calculated pursuant to the
preceding sentence and the actual benefit paid to Employee pursuant to the
Pension Plan.

    3.           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”, but not including
Employee’s termination for “cause” or Employee’s voluntary termination without
“good reason,” within 2 years following a “Change of Control” that occurs during
the “Period of Employment” (as all of the foregoing quoted terms are defined in
the Employment Agreement), then Employer shall credit Employee under this
Agreement with 5 additional years of service for purposes of determining
Employee's supplemental retirement benefit described in paragraph 1(a), subject
to the 20-year maximum described in paragraph 2(a).

    (b)           Notwithstanding
the foregoing of this paragraph 3, and to the extent consistent with Internal
Revenue Code Section 409A and this Agreement, the Board of Directors of Employer
may elect, in its sole discretion, to terminate this Agreement and pay all
benefits due Employee pursuant to this Agreement in a single lump sum payment
within 90 days following a Change of Control and Employee’s termination of
employment with Employer.

    4.           Time and Form of
Payment.

    (a)           If
vested pursuant to paragraph 5, the supplemental retirement benefit described in
paragraph 1 shall be payable in monthly installments commencing on the first day
of the seventh month following the later of (i) Employee’s 55th birthday, or
(ii) Employee’s termination of employment with Employer; provided, however,
that, if Employee separates from service with Employer due to Employee’s death,
then the survivor portion of the supplemental retirement benefit (as described
in paragraph 4(c)) shall be payable commencing on the first day of the seventh
month that follows the month during which Employee dies.

    (b)           If
vested pursuant to paragraph 5, the supplemental retirement benefit described in
paragraph 1 shall be paid in the form of a single life annuity for Employee’s
lifetime or, if elected by Employee prior to the date payments commence, in any
form of actuarially equivalent life annuity benefit (using the factors applied
to determine actuarial equivalents under the Pension Plan at the time payments
begin), with Employee’s spouse as survivor annuitant of any elected joint and
survivor annuity.  However, if Employee retires in good standing from
Employer after attaining at least age 62, then the benefit described in
paragraph 1(a) (before reduction for “other retirement benefits”), and the
benefit described in clause (i) of paragraph 1(b), shall be determined without
reduction for early retirement.

    (c)           Notwithstanding
the foregoing, if Employee dies prior to commencing receipt of payments under
this Agreement, Employee’s surviving spouse shall receive an actuarially reduced
100 percent survivor benefit determined as if Employee retired on the day prior
to his death and immediately commenced receipt of payments under both this
Agreement and the Pension Plan in the form of an actuarially reduced joint and
100 percent survivor benefit with his spouse as survivor
annuitant.  If Employee has no spouse at the time of Employee’s death,
no survivor benefits shall be paid pursuant to this Agreement.

    (d)           As
provided in paragraph 1(a) and paragraph 1(b), Employee is entitled to the
greater of the two benefits described in those paragraphs.  The
determination of which paragraph produces the greater benefit shall be made as
of the date payments commence pursuant to this Agreement and the applicable
paragraph shall govern all future payments.  The comparison of
benefits described in paragraph 1(a) and paragraph 1(b) shall not apply after
the date payments commence pursuant to this Agreement.

    5.           Vesting.

    (a)           Except
as provided in paragraph 5(b), Employee’s right to the supplemental retirement
benefit described in paragraph 1(a) above shall be considered vested upon
Employee’s satisfactory, continuous and full time service in a senior executive
capacity through March 31, 2014.

    (b)           In
the event of Employee’s termination of employment due to his death or total
disability prior to completion of the service period described in paragraph 5(a)
above, Employee shall be deemed to be 100 percent vested in the benefit earned
pursuant to paragraph 1(a) through the date of termination.

    (c)           Employee
shall be 100 percent vested at all times with respect to the benefit described
in paragraph 1(b) above.

    6.           Funding.  Employer
shall establish a “grantor trust” (as that term is defined in Internal Revenue
Code Section 671) to aid it in the accumulation and payment of the supplemental
retirement benefit described in this Agreement; provided that the trust shall be
established with the intention that the creation and funding of the trust shall
not result in the recognition of gross income by Employee of any amount credited
under the trust prior to the date the amount is paid or made
available.  Assets of the trust, and any other assets set aside by
Employer to satisfy its obligations under this Agreement, shall remain at all
times subject to the claims of Employer’s general creditors.  Employee
and his beneficiaries shall not have any rights under this Agreement that are
senior to the claims of general unsecured creditors of
Employer.  Notwithstanding any other term or provision of this
Agreement or the trust, and to the extent consistent with Internal Revenue Code
Section 409A and this Agreement, within ten business days following Employee’s
termination of employment with Employer due to Employee’s retirement, disability
or death, or, if earlier, immediately prior to the effective date of a “Change
of Control” (as defined in the Employment Agreement), Employer shall fully fund
the trust (using the same actuarial assumptions used to establish funding in the
Pension Plan) for all benefits earned pursuant to this Agreement through the
date of Employee’s termination of employment or the effective date of the Change
of Control, as applicable.

    7.           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, this
instrument shall be construed as if such invalid provisions had not been
inserted.  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.

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

    9.           Assignability and
Successors.  The right to receive the supplemental retirement
benefit described in this Agreement shall not be subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge or encumbrance, nor
subject to attachment, garnishment, levy, execution or other legal or equitable
process for the debts, contracts or liabilities of Employee or his
beneficiaries.  However, this Agreement shall be binding upon and
shall inure to the benefit of the successor of Employer through merger or
corporate reorganization.

    10.           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 August 1, 2006 Supplemental
Retirement Plan Agreement between the parties.  This Agreement cannot
be amended, modified, or supplemented in any respect, except by a subsequent
written agreement entered into by the parties.

    11.           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.

    12.           Jurisdiction and
Venue.  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.

    

    The
foregoing Supplemental Retirement Plan Agreement is established by the following
signatures of the parties.

    

                COMMUNITY
BANK SYSTEM, INC.

                By:
/s/ Mark E. Tryniski
______________

                Its:
President & Chief
Executive Officer__

    

                COMMUNITY
BANK, N.A.

                By:/s/ Bernadette R.
Barber____________

                Its:
Senior VP and Chief HR
Officer_____

    

                    
/s/ Scott
Kingsley_________________

                SCOTT
A. KINGSLEY

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