Document:

Exhibit 10_21

    
      

    

    Exhibit
      10.21

    Form
      of
      Employment Agreement between NBT Bancorp Inc. and David E. Raven made as of
      August 31, 2005.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EMPLOYMENT
      AGREEMENT

    

    This
      EMPLOYMENT AGREEMENT (the "Agreement") made and entered into as of this thirty
      first day of August 2005 by and between DAVID E. RAVEN ("Executive") and NBT
      BANCORP INC., a Delaware corporation having its principal office in Norwich,
      New
      York ("NBTB")

    

    W
      I T N E S S E T H   T H A T :

    

    WHEREAS,
      Executive is an executive vice president of NBTB and president and chief
      executive officer of Pennstar Bank, a Division of NBT Bank, National
      Association, a national banking association which is a wholly-owned subsidiary
      of NBTB ("NBT Bank");

    

    WHEREAS,
      NBTB desires to secure the continued employment of Executive, subject to the
      provisions of this Agreement; and

    

    WHEREAS,
      Executive is desirous of entering into the Agreement for such periods and upon
      the terms and conditions set forth herein;

    

    NOW,
      THEREFORE, in consideration of the premises and mutual covenants and agree-ments
      hereinafter set forth, intending to be legally bound, the parties agree as
      follows:

    

    1.    Employment;
      Responsibilities and Duties.

    

    (a)    NBTB
      and
      NBT Bank hereby agrees to employ Executive and to cause Pennstar Bank and any
      successor organization to Pennstar Bank to employ Executive, and Executive
      hereby agrees to serve as an executive vice president of NBTB and president
      and
      chief executive officer of Pennstar Bank, during the Term of Employment.
      Executive shall have such executive duties, responsibilities, and authority
      as
      shall be set forth in the bylaws of NBTB and NBT Bank or as may otherwise be
      determined by NBTB or NBT Bank. During the Term of Employment, Executive shall
      report directly to the chief executive officer of NBT Bank and dotted line
      to
      the Chairman of the Board of Pennstar Bank.

    

    (b)    Executive
      shall devote his full working time and best efforts to the performance of his
      responsibilities and duties hereunder. During the Term of Employ-ment, Executive
      shall not, without the prior written consent of the chief executive officer
      of
      NBT Bank, render services as an employee, independent contractor, or otherwise,
      whether or not compensated, to any person or entity other than NBTB or its
      affiliates; provided that Executive may, where involvement in such activities
      does not individually or in the aggregate significantly interfere with the
      performance by Executive of his duties or violate the provisions of section
      4
      hereof, (i) render services to charitable organizations, (ii) manage his
      personal invest-ments, and (iii) with the prior permis-sion of the chief
      executive officer of NBT Bank, hold such other director-ships or part-time
      academic appointments or have such other business affiliations as would
      otherwise be prohibited under this section 1.

    

    2.    Term
      of Employment.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    (a)    The
      term
      of this Agreement ("Term of Employment") shall be the period com-mencing on
      the
      date of this Agreement (the "Commence-ment Date") and continuing until the
      Termination Date, which shall mean the earliest to occur of:

    

    (i)    January
      1, 2008 provided, however, that on January 1, 2006 and each January 1
      thereafter, the Term of Employment shall automatically be extended by one
      additional year; 

    

    (ii)   the
      death
      of Executive;

    

    (iii)         
      Executive's
      inability to perform his duties hereunder, as a result of physical or mental
      disability as reasonably determined by the personal physician of Executive,
      for
      a period of at least 180 consecutive days or for at least 180 days during any
      period of twelve consecutive months during the Term of Employment;
      or

    

    (iv)   the
      discharge of Executive by NBTB "for cause," which shall mean one or more of
      the
      following:

    

    (A)    any
      willful or gross misconduct by Executive with respect to the business and
      affairs of NBTB or Pennstar Bank, or with respect to any of its affiliates
      for
      which Executive is assigned material responsibilities or duties;

    

    (B)    the
      conviction of Executive of a felony (after the earlier of the expiration of
      any
      applicable appeal period without perfection of an appeal by Executive or the
      denial of any appeal as to which no further appeal or review is available to
      Executive) whether or not committed in the course of his employment by
      NBTB;

    

    (C)    Executive's
      willful neglect, failure, or refusal to carry out his duties hereunder in a
      reasonable manner (other than any such failure resulting from disability or
      death or from termination by Executive for Good Reason, as hereinafter defined)
      after a written demand for substantial performance is delivered to Executive
      that speci-fically identifies the manner in which NBTB believes that Executive
      has not substantially performed his duties and Executive has not resumed
      substantial performance of his duties on a continuous basis within thirty days
      of receiving such demand; or

    

    (D)    the
      breach by Executive of any representa-tion or warranty in section 6(a) hereof
      or
      of any agreement contained in section 1, 4, 5, or 6(b) hereof, which breach
      is
      material and adverse to NBTB or any of its affiliates for which Executive is
      assigned material responsibili-ties or duties; or

    

    (v)    Executive's
      resignation from his position as executive vice president of NBTB or as
      president and chief executive officer of Pennstar Bank other than for "Good
      Reason," as hereinafter defined; or

    

    (vi)    the
      termination of Executive's employment by NBTB "without cause," which shall
      be
      for any reason other than those set forth in subsections (i), (ii), (iii),
      (iv),
      or (v) of this section 2(a), at any time, upon the thirtieth day following
      notice to Executive; or

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    (vii)    Executive's
      resignation for "Good Reason."

    

    "Good
      Reason" shall mean, without Executive's express written consent, reassignment
      of
      Executive to a position other than executive vice president of NBTB or as
      president and chief executive officer of Pennstar Bank other than for "Cause,"
      or a decrease in the amount or level of Executive's salary or benefits from
      the
      amount or level established in section 3 hereof.

    

    (b)    In
      the
      event that the Term of Employment shall be terminated for any reason other
      than
      that set forth in section 2(a)(vi) or 2(a)(vii) hereof, Executive shall be
      entitled to receive, upon the occur-rence of any such event:

    

    (i)    any
      salary (as hereinafter defined) payable pursuant to section 3(a)(i) hereof
      which
      shall have accrued as of the Termination Date; and

    

    (ii)    such
      rights as Executive shall have accrued as of the Termination Date under the
      terms of any plans or arrange-ments in which he participates pursuant to section
      3(b) hereof, any right to reimbursement for expenses accrued as of the
      Termination Date payable pursuant to section 3(h) hereof, and the right to
      receive the cash equivalent of paid annual leave and sick leave accrued as
      of
      the Termination Date pursuant to section 3(d) hereof.

    

    (c)    In
      the
      event that the Term of Employment shall be terminated for the reason set forth
      in section 2(a)(vi) or 2(a)(vii) hereof, Executive shall be entitled to
      receive:

    

    (i)    any
      salary payable pursuant to section 3(a)(i) hereof which shall have accrued
      as of
      the Termination Date, and, for the period commencing on the date immediately
      following the Termination Date and ending upon and including the latest of
      the
      third anniversary of the Commencement Date or the date to which the Term of
      Employment shall (as of the Termination Date) have automatically extended itself
      under section 2(a)(i) hereof, salary payable at the rate established pursuant
      to
      section 3(a)(i) hereof, in a manner consistent with the normal payroll practices
      of NBTB with respect to executive personnel as presently in effect or as they
      may be modified by NBTB from time to time;

    

    (ii)    such
      rights as Executive may have accrued as of the Termination Date under the terms
      of any plans or arrangements in which he participates pursuant to section 3(b)
      hereof, any right to reimbursement for expenses accrued as of the Termina-tion
      Date payable pursuant to section 3(h) hereof, and the right to receive the
      cash
      equivalent of paid annual leave and sick leave accrued as of the Termination
      Date pursuant to section 3(d) hereof; and

    

    (iii)   if,
      within eighteen (18) months following the Termination Date, Executive should
      sell his principal residence in the Scranton Rand McNally Metropolitan Area
      as
      determined by Rand McNally & Company (the “Scranton RMA”) and relocate to a
      place outside of the Scranton RMA, (A) reimbursement for any shortfall between
      the net proceeds on the sale of his principal residence and the purchase price
      plus improvements including direct, necessary and reasonable transaction costs
      incurred in connection with such purchase, as determined by the finance division
      of NBTB, for such residence, and including direct, necessary and reasonable
      expenses, as determined by the finance division of NBTB, incurred to prepare
      the
      residence for sale, (B) reimbursement for direct, necessary and reasonable
      expenses, as determined by the finance division of NBTB, incurred in connection
      with the sale of such residence not already included as part of the
      reimbursement under (A) above, and (C) an amount necessary to pay all federal,
      state and local income taxes resulting from any reimbursement made pursuant
      to
      (A) and (B) (including any additional federal state and local income taxes
      resulting from the payment hereunder of such taxes), the intent being that
      Executive shall be paid an additional amount (the “Gross-Up”) such that the net
      amount retained by the Executive, after deduction of such federal, state and
      local income taxes resulting from the reimbursement under (A) and (B) shall
      be
      equal to the amount of the reimbursement under (A) and (B) before payment of
      such taxes; for purposes of determining the amount of the Gross-Up, Executive
      shall be deemed to pay federal, state and local income taxes at the highest
      marginal rate of taxation in effect in the calendar year in which the
      reimbursement is made. Amounts due under this subsection shall be paid as soon
      as administratively practicable, but in no event later than ninety (90) days
      after the date of the sale of Executive’s principal residence. 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Notwithstanding
      the foregoing, in the event the Executive is reimbursed, entitled to
      reimbursement, or is paid any amounts by an entity or entities other than NBTB
      or Pennstar Bank or any affiliate or successor thereof (the “Third Party”), for
      any amounts for which Executive has received, or is entitled to receive,
      reimbursement under (A) or (B) above with respect to the sale of his principal
      residence or any Gross-Up under (C) above, the Executive agrees:

    

    
      	
              (1)

            	
              with
                regard to amounts already paid by NBTB or Pennstar Bank or any affiliate
                or successor thereof (hereinafter referred to collectively as the
                “Company”), the Executive shall notify the Company of all amounts received
                or due from the Third Party, and shall reimburse the Company in an
                amount
                equal to the amount so received or due from the Third Party up to
                the
                amount the Company paid to the Executive under (A), (B), and (C)
                above;
                and 

            

    

    

    
      	
              (2)

            	
              with
                regard to amounts due but not yet paid by the Company to the Executive,
                the Executive shall notify the Company of any amounts received or
                due from
                the Third Party, and the Executive agrees that the Company shall
                reduce
                the amount due under (A), (B), and (C) above by the amount the Executive
                has been paid or is entitled to be paid by the Third Party up to
                the
                amount due the Executive from the
                Company.

            

    

    

    (d)    Any
      provision of this section 2 to the contrary notwithstanding, in the event that
      the employment of Executive with NBTB is terminated in any situation described
      in section 3 of the change-in-control letter agreement dated July 23, 2001
      between NBTB and Executive (the "Change-in-Control Agreement") so as to entitle
      Executive to a severance payment and other benefits described in section 3
      of
      the Change-in-Control Agree-ment, then Executive shall be entitled to receive
      the following, and no more, under this section 2:

    

    (i)    any
      salary payable pursuant to section 3(a)(i) hereof which shall have accrued
      as of
      the Termination Date;

    

    (ii)    such
      rights as Executive shall have accrued as of the Termination Date under the
      terms of any plans or arrange-ments in which he participates pursuant to section
      3(b) hereof, any right to reimbursement for expenses accrued as of the
      Termination Date payable pursuant to section 3(h) hereof, and the right to
      receive the cash equivalent of paid annual leave and sick leave accrued as
      of
      the Termination Date pursuant to section 3(d) hereof; and

    

    (iii)   the
      severance payment and other benefits provided in the Change-in-Control
      Agreement; and

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    (iv)   if,
      within eighteen (18) months following the Termination Date, Executive should
      sell his principal residence in the Scranton RMA and relocate to a place outside
      of the Scranton RMA, (A) reimbursement for any shortfall between the net
      proceeds on the sale of his principal residence and the purchase price plus
      improvements, including direct, necessary and reasonable transaction costs
      incurred in connection with such purchase, as determined by the finance division
      of NBT Bank, for such residence, and including direct, necessary and reasonable
      expenses, as determined by the finance division of NBT Bank, incurred to prepare
      the residence for sale, (B) reimbursement for direct, necessary and reasonable
      expenses, as determined by the finance division of NBT Bank, incurred in
      connection with the sale of such residence not already included as part of
      the
      reimbursement under (A) above, and (C) the Gross-Up, the intent being that
      the
      net amount retained by the Executive, after deduction of such federal, state
      and
      local income taxes resulting from the reimbursement under (A) and (B) shall
      be
      equal to the amount of the reimbursement under (A) and (B) before payment of
      such taxes; for purposes of determining the amount of the Gross-Up, Executive
      shall be deemed to pay federal, state and local income taxes at the highest
      marginal rate of taxation in effect in the calendar year in which the
      reimbursement is made. Amounts due under this subsection shall be paid as soon
      as administratively practicable, but in no event later than ninety (90) days
      after the date of the sale of Executive’s principal residence.

    

    Notwithstanding
      the foregoing, in the event the Executive is reimbursed, entitled to
      reimbursement, or is paid any amounts by a Third Party, for any amounts for
      which Executive has received, or is entitled to receive, reimbursement under
      (A)
      or (B) above with respect to the sale
      of
      his principal residence or any Gross-Up under (C) above, the Executive agrees:
      

    

    
      	
              (5)

            	
              with
                regard to amounts already paid by the Company, the Executive shall
                notify
                the Company of all amounts received or due from the Third Party,
                and shall
                reimburse the Company in an amount equal to the amount so received
                or due
                from the Third Party up to the amount the Company paid to the Executive
                under (A), (B), and (C) above; and

            

    

    

    
      	
              (6)

            	
              with
                regard to amounts due but not yet paid by the Company to the Executive,
                the Executive shall notify the Company of any amounts received or
                due from
                the Third Party, and the Executive agrees that the Company shall
                reduce
                the amount due under (A), (B), and (C) above by the amount the Executive
                has been paid or is entitled to be paid by the Third Party up to
                the
                amount due the Executive from the
                Company.

            

    

    

    3.    Compensation.
      For the
      services to be performed by Executive for NBTB and its affiliates under this
      Agreement, Executive shall be compensated in the following manner:

    

    (a)    Salary.
      During
      the Term of Employment:

    

    (i)    NBTB
      shall pay Executive a salary, which, on an annual basis, shall be $275,000.00
      commencing on August 1, 2005. Salary commencing on January 1, 2007 will be
      negotiated between Executive and the CEO of NBTB based on recommendations from
      the Compensation and Benefits Committee and in line with compensation for
      comparable positions in companies of similar size and structure, but in no
      case
      less than $275,000.00. Salary shall be payable in accordance with the normal
      payroll practices of NBTB with respect to executive personnel as presently
      in
      effect or as they may be modified by NBTB from time to time.

    

    (ii)    Executive
      shall be eligible to be considered for performance bonuses commensurate with
      the
      Executive’s title and salary grade in accordance with the compensation policies
      of NBTB with respect to executive personnel as presently in effect or as they
      may be modified by NBTB from time to time.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    (b)    Employee
      Benefit Plans or Arrangements.
      During
      the Term of Employ-ment, Executive shall be entitled to participate in all
      employee benefit plans of NBTB, as presently in effect or as they may be
      modified by NBTB from time to time, under such terms as may be applicable to
      officers of Executive's rank employed by NBTB or its affiliates, including,
      without limitation, plans providing retirement benefits, stock options, medical
      insurance, life insurance, disability insurance, and accidental death or
      dismember-ment insurance, provided that there be no duplication of such benefits
      as are provided under any other provision of this Agree-ment.

    

    (c)    Stock
      Options and NBTB Performance Share Plan.
      Each
      January or February annually during the Term of Employ-ment, NBTB will cause
      Executive to be granted a non-statutory ("non-qualified") stock option (each
      an
      "Option") to purchase the number of shares of the common stock of NBTB, $0.01
      par value (the “NBTB Common Stock”), pursuant to the NBT Bancorp Inc. 1993 Stock
      Option Plan, as amended, or any appropriate successor plan (the "Stock Option
      Plan"), computed by using a formula approved by NBTB that is commensurate with
      the Executive’s title and salary grade.
      The
      option exercise price per share of the shares subject to each Option shall
      be
      such Fair Market Value, and the terms, conditions of exercise, and vesting
      schedule of such Option shall be as set forth in section 8 of the Stock Option
      Plan. In addition, Executive shall be entitled to participate in ant NBTB
      Performance Share Plan (the “ Performance Share Plan”) as applicable to officers
      of Executive’s rank.

    

    (d)    Vacation
      and Sick Leave.
      During
      the Term of Employment, Executive shall be entitled to paid annual vacation
      periods and sick leave in accordance with the policies of NBTB as in effect
      as
      of the Commencement Date or as may be modified by NBTB from time to time as
      may
      be applicable to officers of Executive's rank employed by NBTB or its
      affiliates, but in no event less than four weeks of paid vacation per
      year.

    

    (e)    Automobile.
      During
      the Term of Employment, Executive shall be entitled to the use of an automobile
      owned by NBTB or an affiliate of NBTB, the make, model, and year of which
      automobile shall be appropriate to an officer of Executive's rank and which
      will
      be replaced every two years (or earlier if the accumulated mileage exceeds
      50,000 miles). Executive shall be responsible for all expenses of ownership
      and
      use of any such automobile, subject to reimburse-ment of expenses for business
      use in accordance with section 3(h).

    

    (f)    Country
      Club Dues.
      During
      the Term of Employment, Executive shall be reimbursed for dues and assessments
      incurred in relation to Executive's membership at a country club mutually agreed
      upon by the chief executive officer of NBT Bank and the Executive.

    

    (g)    Withholding.
      All
      compensation to be paid to Executive hereunder shall be subject to required
      withholding and other taxes.

    

    (h)    Expenses.
      During
      the Term of Employment, Executive shall be reim-bursed for reasonable travel
      and
      other expenses incurred or paid by Executive in connection with the performance
      of his services under this Agreement, upon presentation of expense statements
      or
      vouchers or such other supporting information as may from time to time be
      requested, in accordance with such policies of NBTB as are in effect as of
      the
      Commencement Date and as may be modified by NBTB from time to time, under such
      terms as may be applicable to officers of Executive's rank employed by NBTB
      or
      its affiliates.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    4.    Confidential
      Business Information; Non-Competition.

    

    (a)    Executive
      acknowledges that certain business methods, creative techniques, and technical
      data of NBTB and its affiliates and the like are deemed by NBTB to be and are
      in
      fact confidential business informa-tion of NBTB or its affiliates or are
      en-trusted to third parties. Such confidential information includes but is
      not
      limited to procedures, methods, sales relation-ships developed while in the
      service of NBTB or its affiliates, knowledge of customers and their
      require-ments, marketing plans, marketing information, studies, forecasts,
      and
      surveys, competitive analyses, mailing and marketing lists, new business
      proposals, lists of vendors, consul-tants, and other persons who render service
      or provide material to NBTB or Pennstar Bank or their affiliates, and
      composi-tions, ideas, plans, and methods belonging to or related to the affairs
      of NBTB or Pennstar Bank or their affiliates. In this regard, NBTB asserts
      proprietary rights in all of its business information and that of its affiliates
      except for such informa-tion as is clearly in the public domain. Notwithstanding
      the foregoing, information that would be generally known or available to persons
      skilled in Executive's fields shall be considered to be "clearly in the public
      domain" for the purposes of the preceding sentence. Executive agrees that he
      will not disclose or divulge to any third party, except as may be required
      by
      his duties hereunder, by law, regulation, or order of a court or government
      authority, or as directed by NBTB, nor shall he use to the detriment of NBTB
      or
      its affiliates or use in any business or on behalf of any business competitive
      with or substantially similar to any business of NBTB or Pennstar Bank or their
      affiliates, any confidential business information obtained during the course
      of
      his employment by NBTB. The foregoing shall not be construed as restricting
      Executive from disclosing such information to the employees of NBTB or Pennstar
      Bank or their affiliates. On or before the Termination Date, Executive shall
      promptly deliver to NBTB any and all tangible, confidential information in
      his
      possession.

    

    (b)    Executive
      hereby agrees that from the Commencement Date until the first anniversary of
      the
      Termination Date, Executive will not (i) interfere with the relationship of
      NBTB
      or Pennstar Bank or their affiliates with any of their employees, suppliers,
      agents, or representatives (including without limitation, causing or helping
      another business to hire any employee of NBTB or Pennstar Bank or their
      affiliates), or (ii) directly or indirectly divert or attempt to divert from
      NBTB, Pennstar Bank or their affiliates any business in which any of them has
      been actively engaged during the Term of Employment, nor interfere with the
      relationship of NBTB, Pennstar Bank or their affiliates with any of their
      customers or prospective customers. This paragraph 4(b) shall not, in and of
      itself, prohibit Executive from engaging in the banking, trust, or financial
      services business in any capacity, including that of an owner or
      employee.

    

    (c)    Executive
      acknowledges and agrees that irreparable injury will result to NBTB in the
      event
      of a breach of any of the provisions of this section 4 (the "Designated
      Provisions") and that NBTB will have no adequate remedy at law with respect
      thereto. Accordingly, in the event of a material breach of any Designated
      Provision, and in addition to any other legal or equitable remedy NBTB may
      have,
      NBTB shall be entitled to the entry of a preliminary and permanent injunction
      (includ-ing, without limitation, specific performance) by a court of competent
      jurisdiction in Chenango County, New York, or elsewhere, to restrain the
      violation or breach thereof by Executive, and Executive submits to the
      jurisdiction of such court in any such action.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    (d)    It
      is the
      desire and intent of the parties that the provisions of this section 4 shall
      be
      enforced to the fullest extent permissible under the laws and public policies
      applied in each juris-diction in which enforcement is sought. Accordingly,
      if
      any particular provision of this section 4 shall be adjudicated to be invalid
      or
      unenforceable, such provision shall be deemed amended to delete therefrom the
      portion thus adjudicated to be invalid or unenforceable, such deletion to apply
      only with respect to the operation of such provision in the particular
      juris-diction in which such adjudication is made. In addition, should any court
      determine that the provisions of this section 4 shall be unenforceable with
      respect to scope, duration, or geographic area, such court shall be empowered
      to
      substitute, to the extent enforceable, provisions similar hereto or other
      provisions so as to provide to NBTB, to the fullest extent permitted by
      applicable law, the benefits intended by this section 4.

    

    5.    Life
      Insurance.
      In
      light of the unusual abilities and experience of Executive, NBTB (or its
      affiliates) in
      its
      discretion may apply for and procure as owner and for its own benefit insurance
      on the life of Executive, in such amount and in such form as NBTB may choose.
      NBTB shall make all payments for such insurance and shall receive all benefits
      from it. Executive shall have no interest whatsoever in any such policy or
      policies but, at the request of NBTB, shall submit to medical examinations
      and
      supply such information and execute such documents as may reasonably be required
      by the insurance company or companies to which NBTB has applied for
      insurance.

    

    6.    Representations
      and Warranties.

    

    (a)    Executive
      represents and warrants to NBTB that his execution, delivery, and performance
      of
      this Agreement will not result in or constitute a breach of or conflict with
      any
      term, covenant, condition, or provision of any commitment, contract, or other
      agreement or instrument, including, without limitation, any other employment
      agreement, to which Executive is or has been a party.

    

    (b)    Executive
      shall indemnify, defend, and hold harmless NBTB for, from, and against any
      and
      all losses, claims, suits, damages, expenses, or liabilities, including court
      costs and counsel fees, which NBTB has incurred or to which NBTB may become
      subject, insofar as such losses, claims, suits, damages, expenses, liabilities,
      costs, or fees arise out of or are based upon any failure of any represen-tation
      or warranty of Executive in section 6(a) hereof to be true and correct when
      made.

    

    7.    Notices. 
      All notices, consents, waivers, or other communications which are required
      or
      permitted hereunder shall be in writing and deemed to have been duly given
      if
      delivered personally or by messenger, transmitted by telex or telegram, by
      express courier, or sent by registered or certified mail, return receipt
      requested, postage prepaid. All communications shall be addressed to the
      appropriate address of each party as follows:

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    If
      to
      NBTB:

    

    NBT
      Bancorp Inc.

    52
      South
      Broad Street

    Norwich,
      New York 13815

    

    
      	 	
              Attention:

            	
              Chief
                Executive Officer

            

    

     

     

    With
      a
      required copy to:

    

    NBT
      Bancorp Inc. Corporate Counsel

    

    

    If
      to
      Executive:

    

    Mr.
      David
      E. Raven 

    808
      Parkview Road

    Moscow,
      PA 18444

    

    All
      such
      notices shall be deemed to have been given on the date delivered, transmitted,
      or mailed in the manner provided above.

    

    8.    Assignment.
      Neither
      party may assign this Agreement or any rights or obliga-tions hereunder without
      the consent of the other party.

    

    9.    Governing
      Law.
      This
      Agreement shall be governed by, construed, and enforced in accordance with
      the
      laws of the State of New York, without giving effect to the principles of
      conflict of law thereof. The parties hereby designate Chenango County, New
      York
      to be the proper jurisdic-tion and venue for any suit or action arising out
      of
      this Agree-ment. Each of the parties consents to personal jurisdic-tion in
      such
      venue for such a proceeding and agrees that it may be served with process in
      any
      action with respect to this Agreement or the trans-actions contem-plated thereby
      by certified or regis-tered mail, return receipt requested, or to its registered
      agent for service of process in the State of New York. Each of the parties
      irrevocably and uncon-ditionally waives and agrees, to the fullest extent
      permitted by law, not to plead any objection that it may now or hereafter have
      to the laying of venue or the convenience of the forum of any action or claim
      with respect to this Agreement or the transactions contemplated thereby brought
      in the courts aforesaid.

    

    10.    Entire
      Agreement.
      This
      Agreement constitutes the entire understanding among NBTB and Executive relating
      to the subject matter hereof. Any previous agreements or under-stand-ings
      between the parties hereto or between Executive and Pennstar Bank or any of
      its
      affiliates regarding the subject matter hereof, including without limitation
      the
      terms and conditions of employment, compensation, benefits, retirement,
      competition following employment, and the like, are merged into and superseded
      by this Agreement. Neither this Agreement nor any provisions hereof can be
      modified, changed, discharged, or terminated except by an instru-ment in writing
      signed by the party against whom any waiver, change, discharge, or termination
      is sought.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    11.    Illegality;
      Severability.

    

    (a)    Anything
      in this Agreement to the contrary notwithstanding, this Agreement is not
      intended and shall not be construed to require any payment to Executive which
      would violate any federal or state statute or regulation, including without
      limitation the "golden parachute payment regulations" of the Federal Deposit
      Insurance Corporation codified to Part 359 of title 12, Code of Federal
      Regulations.

    

    (b)    If
      any
      provision or provisions of this Agreement shall be held to be invalid, illegal,
      or unenforce-able for any reason whatsoever:

    

    (i)    the
      validity, legality, and enforceability of the remaining provisions of this
      Agreement (including, without limitation, each portion of any section of this
      Agreement contain-ing any such provision held to be invalid, illegal, or
      unenforce-able) shall not in any way be affected or impaired thereby;
      and

    

    (ii)    to
      the
      fullest extent possible, the provisions of this Agreement (including, without
      limitation, each portion of any section of this Agreement containing any such
      provisions held to be invalid, illegal, or unenforceable) shall be construed
      so
      as to give effect to the intent manifested by the provision held invalid,
      illegal, or unenforceable.

    

    12.    Arbitration.
      Subject
      to the right of each party to seek specific performance (which right shall
      not
      be subject to arbitration), if a dispute arises out of or related to this
      Agreement, or the breach thereof, such dispute shall be referred to arbitration
      in accordance with the Commercial Arbitration Rules of the American Arbitration
      Association ("AAA"). A dispute subject to the provisions of this section will
      exist if either party notifies the other party in writing that a dispute subject
      to arbitration exists and states, with reasonable specificity, the issue subject
      to arbitration (the "Arbitration Notice"). The parties agree that, after the
      issuance of the Arbitration Notice, the parties will try in good faith to
      resolve the dispute by mediation in accordance with the Commercial Rules of
      Arbitration of AAA between the date of the issuance of the Arbitration Notice
      and the date the dispute is set for arbitration. If the dispute is not settled
      by the date set for arbitration, then any controversy or claim arising out
      of
      this Agreement or the breach hereof shall be resolved by binding arbitration
      and
      judgment upon any award rendered by arbitrator(s) may be entered in a court
      having jurisdiction. Any person serving as a mediator or arbitrator must have
      at
      least ten years' experi-ence in resolving commercial disputes through
      arbitration. In the event any claim or dispute involves an amount in excess
      of
      $100,000, either party may request that the matter be heard by a panel of three
      arbitrators; otherwise all matters subject to arbitration shall be heard and
      resolved by a single arbitrator. The arbitrator shall have the same power to
      compel the attendance of witnesses and to order the production of documents
      or
      other materials and to enforce discovery as could be exercised by a United
      States District Court judge sitting in the Northern District of New York. In
      the
      event of any arbitration, each party shall have a reasonable right to conduct
      discovery to the same extent permitted by the Federal Rules of Civil Procedure,
      provided that such discovery shall be concluded within ninety days after the
      date the matter is set for arbitration. In the event of any arbitration, the
      arbitrator or arbitrators shall have the power to award reasonable attorney's
      fees to the prevailing party. Any provision in this Agreement to the contrary
      notwithstanding, this section shall be governed by the Federal Arbitration
      Act
      and the parties have entered into this Agreement pursuant to such
      Act.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    13.    Costs
      of Litigation.
      In the
      event litigation is commenced to enforce any of the provisions hereof, or to
      obtain declaratory relief in connection with any of the provisions hereof,
      the
      prevailing party shall be entitled to recover reasonable attorney's fees. In
      the
      event this Agreement is asserted in any litigation as a defense to any
      liability, claim, demand, action, cause of action, or right asserted in such
      litigation, the party prevailing on the issue of that defense shall be entitled
      to recovery of reasonable attorney's fees.

    

    14.    Affiliation.
      A
      company will be deemed to be "affiliated" with NBTB or Pennstar Bank according
      to the definition of "Affiliate" set forth in Rule 12b-2 of the General Rules
      and Regulations under the Securi-ties Exchange Act of 1934, as
      amended.

    

    15.    Headings.
      The
      section and subsection headings herein have been inserted for convenience of
      reference only and shall in no way modify or restrict any of the terms or
      provisions hereof.

    

    IN
      WITNESS WHEREOF, the parties hereto executed or caused this Agreement to be
      executed as of the day and year first above written.

    

    
      	 	
              NBT
                BANCORP INC.

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /S/
                Daryl R. Forsythe

            
	 	 	
              Daryl
                R. Forsythe

            
	 	 	
              Chairman
                and 

            
	 	 	
              Chief
                Executive Officer

            
	 	 	 
	 	
              DAVID
                E. RAVEN 

            
	 	 	 
	 	 	 
	 	
              /S/
                David E. RavenExhibit 10.24

    
      

    

     

    Exhibit
      10.24

    Form
      of
      Employment Agreement between NBT Bancorp Inc. and Ronald M. Bentley made as
      of
      August 31, 2005.

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EMPLOYMENT
      AGREEMENT 

    

    This
      EMPLOYMENT AGREEMENT (the "Agreement") is made and entered into this 31st day
      of
      August 2005,
      by and
      between Ronald M. Bentley ("Executive") and NBT BANCORP INC., a Delaware
      corporation having its principal office in Norwich, New York
      ("NBTB")

    

    W
      I T N E
      S S E T H   T H A T :

    

    WHEREAS,
      Executive is serving as the Executive Vice President of NBTB and President
      of
      Retail Banking of NBT Bank, National Association, a national banking association
      which is a wholly-owned subsidiary of NBTB (“NBT Bank”);

    

    WHEREAS,
      the parties desire to enter into this Agreement, setting forth the terms and
      conditions of the continued employment relationship of Executive with
      NBTB;

    

    

    NOW,
      THEREFORE, in consideration of the foregoing and the mutual promises, covenants
      and agreements set forth in this Agreement, intending to be legally bound,
      the
      parties agree as follows:

    

    
      	 	
              1.

            	
              Employment;
                Responsibilities and Duties.

            

    

    

    (a)    NBTB
      hereby agrees to continue to employ Executive and to cause NBT Bank and any
      successor organization to NBT Bank to employ Executive, and Executive hereby
      agrees to serve as the Executive Vice President of NBTB and President of Retail
      Banking of NBT Bank and any successor organization to NBTB or NBT Bank, as
      applicable, during the Term of Employment (as such term is defined below).
      During the Term of Employment, Executive shall perform all duties, and
      responsibilities, and have the authority as shall be set forth in the bylaws
      of
      NBTB or NBT Bank or as may otherwise be determined and assigned to him by
      NBTB or
      by NBT
      Bank. 

    

    (b)    Executive
      shall devote his full working time and best efforts to the performance of his
      responsibilities and duties hereunder. During the Term of Employment, Executive
      shall not, without the prior written consent of the Chief Executive Officer
      of
      NBTB, render services as an employee, independent contractor, or otherwise,
      whether or not compensated, to any person or entity other than NBTB, NBT Bank
      or
      their affiliates; provided that Executive may, where involvement in such
      activities does not individually or in the aggregate significantly interfere
      with the performance of his duties or violate the provisions of section 4
      hereof, (i) render services to charitable organizations, (ii) manage his
      personal investments, and (iii) with the prior permission of the Chief Executive
      Officer of NBTB, hold such other directorships or part-time academic
      appointments or have such other business affiliations as would otherwise be
      prohibited under this section 1.

    

    
      	 	
              2.

            	
              Term
                of Employment.

            

    

    

    (a)    The
      initial term of employment under this Agreement shall be for the period
      commencing on the date hereof and ending on January 1, 2007 (the “Initial
      Term”.), provided, however, that on December 31, 2006, and each December 31,
      thereafter, the term of the agreement shall extend itself by one additional
      year
      (the “Extended Term”), unless NBTB has given contrary written notice to
      Executive at least 90 days before any such renewal date. The Initial Term and
      all such Extended Terms are collectively referred to herein as the “Term of
      Employment.” 

     

    (b)    Executive’s
      employment with NBTB shall not terminate prior to the expiration of the Initial
      Term or any Extended Term, except as provided below:

    

    (i)    
Voluntary
      Termination. Executive may terminate this Agreement upon not less than 90 days
      prior written notice delivered to NBTB, in which event Executive shall be
      entitled to compensation and benefits earned or accrued through the effective
      date of termination (the “Termination Date”).

    

    (ii)    Termination
      Upon Death. This Agreement shall terminate upon Executive’s death, in which
      event Executive’s estate shall be entitled to compensation and benefits earned
      or accrued through the date of death.

    

    (iii)   Termination
      Upon Disability. NBTB may terminate this Agreement upon Executive’s disability.
      For purposes of this Agreement, Executive’s inability to perform his duties
      hereunder by reason of physical or mental illness or injury for a period of
      at
      least 90 consecutive days or at least 120 days in any period of 12 consecutive
      months (the “Disability Period”) shall constitute disability. The determination
      of disability shall be made by a physician selected by NBTB. During the
      Disability Period, Executive shall be entitled to the Base Salary (as such
      term
      is defined below) otherwise payable during that period, reduced by any other
      NBTB provided benefits to which Executive may be entitled, which benefits are
      specifically payable solely on account of such disability (including, but not
      limited to, benefits provided under any disability insurance policy or program,
      worker’s compensation law, or any other benefit program or arrangement). In the
      event of termination upon Executive’s disability, Executive shall be entitled to
      compensation or benefits earned or accrued through the Termination
      Date.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (iv)   Termination
      for
      Cause. NBTB may terminate Executive’s employment for Cause by written notice to
      Executive. For purposes of this Agreement, “Cause” shall mean Executive’s: (1)
      personal dishonesty, incompetence (which shall be measured against standards
      generally prevailing in the financial institutions industry), willful or gross
      misconduct with respect to the business and affairs of NBTB or NBT Bank, or
      with
      respect to any of their affiliates for which Executive is assigned material
      responsibilities or duties; (2) willful neglect, failure, or refusal to carry
      out his duties hereunder in a reasonable manner after a written demand for
      substantial performance is delivered to Executive that specifically identifies
      the manner in which NBTB believes that Executive has not substantially performed
      his duties and Executive has not resumed such substantial performance within
      21
      days of receiving such demand; (3) willful violation of any law, rule, or
      regulation (other than traffic violations or similar offenses) or the conviction
      of a felony, whether or not committed in the course of his employment with
      NBTB;
      (4) being a specific subject of a final cease and desist order form, written
      agreement with, or other order or supervisory direction from, any federal or
      state regulatory authority; (5) conduct tending to bring NBTB, NBT Bank or
      any
      of their affiliates into public disgrace or disrepute; or (6) breach of any
      representation or warranty in section 6(a) hereof or of any agreement contained
      in section 1, 4, 5 or 6(b) hereof.

    

    Notwithstanding
      any other term or provision of this Agreement to the contrary, if Executive’s
      employment is terminated for Cause, Executive shall forfeit all rights to
      compensation and benefits otherwise provided pursuant to this Agreement;
      provided, however, that the Base Salary shall be paid through the Termination
      Date.

    

    (v)    Termination
      Without Cause. NBTB may terminate Executive’s employment for reasons other than
      Cause upon not less than 30 days prior written notice delivered to Executive,
      in
      which event Executive shall be entitled to the Base Salary for a period of
      12
      months following the Termination Date and the compensation and benefits earned
      or accrued through the Termination Date.

    

    (vi)   Termination
      for Good Reason. If Executive terminates his employment with NBTB for Good
      Reason, other than following a Change of Control, such termination shall be
      deemed to have been a termination by NBTB of the Executive’s employment without
      Cause and Executive shall be entitled to receive all benefits and payments
      due
      to him under such a termination.”Good Reason” shall mean, without Executive's
      express written consent, reassignment of Executive to a position other than
      for
      "Cause," or a decrease in the amount or level of Executive's salary or benefits
      from the amount or level established herein.

    

    (vii)   Resignation.
      Effective upon Executive’s termination of employment for any reason, Executive
      hereby resigns from any and all offices and positions related to Executive’s
      employment with NBTB, NBT Bank or any affiliates thereof, and held by Executive
      at the time of termination.

    

    (viii)   Regulatory
      Limits. Notwithstanding any other provision in this Agreement NBTB may terminate
      or suspend this Agreement and the employment of Executive hereunder, as if
      such
      termination were for Cause under section 2(b)(iv) hereof, to the extent required
      by the applicable federal or state statue related to banking, deposit insurance
      or bank or savings institution holding companies or by regulations or orders
      issued by the Office of the Controller of the Currency, the Federal Deposit
      Insurance Corporation or any other state or federal banking regulatory agency
      having jurisdiction over NBT Bank or NBTB, and no payment shall be required
      to
      be made to or for the benefit of Executive under this Agreement to the extent
      such payment is prohibited by applicable law, regulation or order issued by
      a
      banking agency or a court of competent jurisdiction; provided, that it shall
      be
      NBTB’s burden to prove that any such action was so required

    

    (c)   Any
      provision of this section 2 to the contrary notwithstanding, in the event that
      the employment of Executive with NBTB is terminated in any situation described
      in section 3 of the change-in-control letter agreement dated May 1, 2003 between
      NBTB and Executive (the "Change-in-Control Agreement") so as to entitle
      Executive to a severance payment and other benefits described in section 3
      of
      the Change-in-Control Agreement, then Executive shall be entitled to receive
      the
      following, and no more, under this section 2:

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (i)    compensation
      and benefits earned or accrued through the Termination Date; and
      (ii) the
      severance payment and other benefits provided in the Change-in-Control
      Agreement; and.

    

    3.    Compensation.
      For the
      services to be performed by Executive for NBTB and its affiliates under this
      Agreement, Executive shall be compensated in the following manner:

    

    (a)    Base
      Salary.
      During
      the Term of Employment:

    

    
      	 	
              (i)

            	
              NBTB
                shall pay Executive a salary which, on an

            

    

    annual
      basis, shall be $210,000.00(the “Base Salary”) commencing on August 31, 2005.
      Thereafter, Executive’s salary may, in the sole discretion of NBTB, be
      negotiated between Executive and the Chief Executive Officer of NBTB based
      on
      recommendations from NBTB’s Compensation and Benefits Committee and in line with
      compensation for comparable positions in companies of similar size and
      structure, but in no case less than $210,000.00. Adjustments to the Base Salary,
      if any, shall be determined by NBTB. The Base Salary shall be payable in
      accordance with the normal payroll practices of NBTB with respect to executive
      personnel as presently in effect or as they may be modified by NBTB from time
      to
      time. 

    
      	 	
              (ii)

            	
              Executive
                shall be eligible to be considered for

            

    

    performance
      bonuses commensurate with the Executive’s title and salary grade in accordance
      with the compensation policies of NBTB with respect to executive personnel
      as
      presently in effect or as they may be modified by NBTB from time to time.

    

    (b)    Employee
      Benefit Plans or Arrangements.
      During
      the Term of Employment, Executive shall be entitled to participate in all
      employee benefit plans of NBTB, as presently in effect or as they may be
      modified by NBTB from time to time, under such terms as may be applicable to
      officers of Executive's rank employed by NBTB or its affiliates, including,
      without limitation, plans providing retirement benefits, stock options, medical
      insurance, life insurance, disability insurance, and accidental death or
      dismemberment insurance, provided that there be no duplication of such benefits
      as are provided under any other provision of this Agreement.

    

    (c)    Stock
      Options and Restricted Stock.
      Each
      January or February annually during the Term of Employment, Executive will
      be
      eligible to be granted a non-statutory ("non-qualified") stock option (each
      an
      "Option") to purchase the number of shares of the common stock of NBTB, $0.01
      par value, (the "NBTB Common Stock"),
      pursuant
      to the NBT Bancorp Inc. 1993 Stock Option Plan, as amended, or any appropriate
      successor plan (the "Stock Option Plan"), computed by using a formula approved
      by NBTB that is commensurate with Executive’s title and salary grade. The option
      exercise price per share of the shares subject to each Option shall be such
      Fair
      Market Value as set forth in the Stock Option Plan, and the terms, conditions
      of
      exercise, and vesting schedule of such Option shall be as set forth in section
      8
      of the Stock Option Plan. 

    

    In
      addition, Executive shall be entitled to participate in the NBTB Performance
      Share Plan as applicable to officers of Executive’s rank subject to the terms,
      conditions and vesting schedule set forth in the NBT Bancorp Inc. Performance
      Share Plan, dated May 1, 2003.

    

    
      
                                       
          (d)           Vacation
          and Sick Leave.
          During
          the Term of Employment, Executive
          shall be entitled to paid annual vacation periods and sick leave in accordance
          with the policies of NBTB as in effect as of the date hereof or as may
          be
          modified by NBTB from time to time, as may be applicable to officers of
          Executive's rank employed by NBTB or its affiliates, but in no event shall
          Executive be entitled to less than four weeks of paid vacation per
          year.

      

    

    

    
      
                                       
          (e)           Automobile. 
          During the Term of Employment, NBT will pay a monthly
          automobile allowance (not to exceed $650.00 per month.) The Executive shall
          apply this allowance towards the expense of ownership, lease, and/or routine
          maintenance of a vehicle of suitable choice.

      

    

    

    (f)    
Country
      Club Dues.   During
      the Term of Employment, Executive shall be eligible for a bank-paid membership
      at a country club mutually agreed upon by the chief executive officer of NBTB
      and the Executive.

    

    (g)    Withholding. 
      All
      compensation to be paid to Executive hereunder shall be subject to required
      benefit deductions, tax withholding and other deductions required by law.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (h)    Expenses. 
      During the Term of Employment, Executive shall be reimbursed for reasonable
      travel and other expenses incurred or paid by Executive in connection with
      the
      performance of his services under this Agreement, upon presentation of expense
      statements or vouchers or such other supporting information as may from time
      to
      time be requested, in accordance with such policies of NBTB as are in effect
      as
      of the date hereof and as may be modified by NBTB from time to time, under
      such
      terms as may be applicable to officers of Executive's rank employed by NBTB
      or
      its affiliates.

    

    4.    Confidential
      Business Information; Non-Competition.

    

    (a)    Executive
      acknowledges that during the term of his employment he has been and will
      continue to be entrusted with, have access to and become familiar with various
      trade secrets and other confidential business information of NBTB, NBT Bank
      and/or their affiliates which have been developed and maintained at great effort
      and expense, have been kept protected and confidential, are of great value
      to
      NBTB, NBT Bank and/or their affiliates, and provide them with a significant
      competitive advantage. Such confidential information includes but is not limited
      to procedures, methods, sales relationships developed while in the service
      of
      NBTB, NBT Bank or their affiliates, knowledge of customers and their
      requirements, marketing plans, marketing information, studies, forecasts, and
      surveys, competitive analyses, mailing and marketing lists, new business
      proposals, lists of vendors, consultants, and other persons who render service
      or provide material to NBTB or NBT Bank or their affiliates, and compositions,
      ideas, plans, and methods belonging to or related to the affairs of NBTB or
      NBT
      Bank or their affiliates. In this regard, NBTB asserts proprietary rights in
      all
      of its business information and that of its affiliates except for such
      information as is clearly in the public domain. Notwithstanding the foregoing,
      information that would be generally known or available to persons skilled in
      Executive's fields shall be considered to be "clearly in the public domain"
      for
      the purposes of the preceding sentence. Executive agrees that he will hold
      in
      the strictest confidence and not disclose or divulge to any third party, except
      as may be required by his duties hereunder, by law, regulation, or order of
      a
      court or government authority, or as directed by NBTB, nor shall he use to
      the
      detriment of NBTB, NBT Bank or their affiliates or use in business or on behalf
      of any business competitive with or substantially similar to any business of
      NBTB, NBT Bank or their affiliates, any confidential business information
      obtained during the course of his employment by NBTB. The foregoing shall not
      be
      construed as restricting Executive from disclosing such information to the
      employees of NBTB, NBT Bank or their affiliates. On or before the Termination
      Date, Executive shall promptly deliver to NBTB all material containing NBTB’s
      confidential information including any photocopies, extracts or summaries of
      it)
      in his possession, custody or control.

    

    (b)    Executive
      hereby agrees that from the Commencement Date until the first anniversary of
      the
      Termination Date, Executive will not, for any reason, directly or indirectly,
      either personally or on behalf of any other person or entity (whether as a
      director, stockholder, owner, partner, officer, consultant, principal, employee,
      agent or otherwise): (i) interfere with the relationship of NBTB or NBT Bank
      or
      their affiliates with any of their employees, suppliers, agents, or
      representatives (including, without limitation, causing or helping another
      business to hire any employee of NBTB or NBT Bank or their affiliates), (ii)
      divert or attempt to divert from NBTB, NBT Bank or their affiliates any business
      in which any of them has been actively engaged during the Term of Employment,
      nor interfere with the relationship of NBTB, NBT Bank or their affiliates with
      any of their customers or prospective customers, or (iii) take any action which
      is intended, or would reasonably be expected, to adverely affect NBTB, NBT
      Bank
      or their affiliates, their business, reputation, or their relationship with
      their customers or prospective customers. This paragraph 4(b) shall not, in
      and
      of itself, prohibit Executive from engaging in the banking, trust, or financial
      services business in any capacity, including that of an owner or
      employee.

    

    (c)    Executive
      acknowledges and agrees that irreparable injury will result to NBTB in the
      event
      of a breach of any of the provisions of this section 4 (the "Designated
      Provisions") and that NBTB will have no adequate remedy at law with respect
      thereto. Accordingly, in the event of a material breach of any Designated
      Provision, and in addition to any other legal or equitable remedy NBTB may
      have,
      NBTB shall be entitled to the entry of a preliminary and permanent injunction
      (including, without limitation, specific performance) by a court of competent
      jurisdiction in Chenango County, New York, or elsewhere, to restrain the
      violation or breach thereof by Executive, and Executive submits to the
      jurisdiction of such court in any such action.

    

    (d)    It
      is the
      desire and intent of the parties that the provisions of this section 4 shall
      be
      enforced to the fullest extent permissible under the laws and public policies
      applied in each jurisdiction in which enforcement is sought. Accordingly, if
      any
      particular provision of this section 4 shall be adjudicated to be invalid or
      unenforceable, such provision shall be deemed amended to delete therefrom the
      portion thus adjudicated to be invalid or unenforceable, such deletion to apply
      only with respect to the operation of such provision in the particular
      jurisdiction in which such adjudication is made. In addition, should any court
      determine that the provisions of this section 4 shall be unenforceable with
      respect to scope, duration, or geographic area, such court shall be empowered
      to
      substitute, to the extent enforceable, provisions similar hereto or other
      provisions so as to provide to NBTB, to the fullest extent permitted by
      applicable law, the benefits intended by this section 4.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    5.    Life
      Insurance.
      In light
      of the unusual abilities and experience of Executive, NBTB, NBT Bank or their
      affiliates, in their discretion, may apply for and procure as owner, and for
      their own benefit, insurance on the life of Executive, in such amount and in
      such form as NBTB, NBT Bank or their affiliates may choose. NBTB shall make
      all
      payments for such insurance and shall receive all benefits from it. Executive
      shall have no interest whatsoever in any such policy or policies but, at the
      request of NBTB, NBT Bank or their affiliates, shall submit to medical
      examinations and supply such information and execute such documents as may
      reasonably be required by the insurance company or companies to which NBTB,
      NBT
      Bank or their affiliates has applied for insurance.

    

    6.    Representations
      and Warranties.

    

    (a)    Executive
      represents and warrants to NBTB that his execution, delivery, and performance
      of
      this Agreement will not result in or constitute a breach of or conflict with
      any
      term, covenant, condition, or provision of any commitment, contract, or other
      agreement or instrument, including, without limitation, any other employment
      agreement, to which Executive is or has been a party.

    

    (b)    Executive
      shall indemnify, defend, and hold harmless NBTB for, from, and against any
      and
      all losses, claims, suits, damages, expenses, or liabilities, including court
      costs and counsel fees, which NBTB has incurred or to which NBTB may become
      subject, insofar as such losses, claims, suits, damages, expenses, liabilities,
      costs, or fees arise out of or are based upon any failure of any representation
      or warranty of Executive in section 6(a) hereof to be true and correct when
      made.

     

    7.    Notices. 
      All notices, consents, waivers, or other communications which are required
      or
      permitted hereunder shall be in writing and deemed to have been duly given
      if
      delivered personally or by messenger, transmitted by telex or telegram, by
      express courier, or sent by registered or certified mail, return receipt
      requested, postage prepaid. All communications shall be addressed to the
      appropriate address of each party as follows:

    

    If
      to
      NBTB:

    

    NBT
      Bancorp Inc.

    52
      South
      Broad Street

    Norwich,
      New York 13815

    

    
      	 	
              Attention:

            	
              Chief
                Executive Officer

            

    

    

    

    With
      a
      required copy (which shall not constitute notice to:

    

    Stuart
      G.
      Stein, Esq.

    Hogan
      & Hartson L.L.P.

    555
      13th
      Street,
      N.W.

    Washington,
      D.C. 20004-1109

    Fax:
      (202) 637-5910

    

    If
      to
      Executive:

    

    Mr.
      Ronald M. Bentley 

    30
      Springfield Drive 

    Vorheesville
      NY 12186

    

    All
      such
      notices shall be deemed to have been given on the date delivered, transmitted,
      or mailed in the manner provided above.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    8.    Assignment.
      Neither
      party may assign this Agreement or any rights or obligations hereunder without
      the consent of the other party.

    

    9.    Governing
      Law, Jurisdiction and Venue.
      This
      Agreement shall be governed by, construed, and enforced in accordance with
      the
      laws of the State of New York, without giving effect to the principles of
      conflicts of law thereof. The parties hereby designate Chenango County, New
      York
      to be the proper jurisdiction and venue for any suit or action arising out
      of
      this Agreement. Each of the parties consents to personal jurisdiction in such
      venue for such a proceeding and agrees that it may be served with process in
      any
      action with respect to this Agreement or the transactions contemplated thereby
      by certified or registered mail, return receipt requested, or to its registered
      agent for service of process in the State of New York. Each of the parties
      irrevocably and unconditionally waives and agrees, to the fullest extent
      permitted by law, not to plead any objection that it may now or hereafter have
      to the laying of venue or the convenience of the forum of any action or claim
      with respect to this Agreement or the transactions contemplated thereby brought
      in the courts aforesaid.

    

    10.   Entire
      Agreement.
      This
      Agreement, together with the Change-in-Control Agreement, constitutes the entire
      understanding between NBTB, NBT Bank and their affiliates, and Executive
      relating to the subject matter hereof. Any previous discussions, agreements,
      commitments or understandings of
      any
      kind or nature between
      the parties hereto or between Executive and NBTB, NBT Bank or any of their
      affiliates, whether oral or written, regarding the subject matter hereof,
      including without limitation the terms and conditions of employment,
      compensation, benefits, retirement, competition following employment, and the
      like, are merged into and superseded by this Agreement. Neither this Agreement
      nor any provisions hereof can be modified, changed, discharged, or terminated
      except by an instrument in writing signed by the party against whom any waiver,
      change, discharge, or termination is sought.

    

    11.   Illegality;
      Severability.

    

    (a)    Anything
      in this Agreement to the contrary notwithstanding, this Agreement is not
      intended and shall not be construed to require any payment to Executive which
      would violate any federal or state statute or regulation, including without
      limitation the "golden parachute payment regulations" of the Federal Deposit
      Insurance Corporation codified to Part 359 of title 12, Code of Federal
      Regulations.

    

    (b)    If
      any
      provision or provisions of this Agreement shall be held to be invalid, illegal,
      or unenforceable for any reason whatsoever:

    

    (i)    the
      validity, legality, and enforceability of the remaining provisions of this
      Agreement (including, without limitation, each portion of any section of this
      Agreement containing any such provision held to be invalid, illegal, or
      unenforceable) shall not in any way be affected or impaired thereby;
      and

    

    (ii)    to
      the
      fullest extent possible, the provisions of this Agreement (including, without
      limitation, each portion of any section of this Agreement containing any such
      provisions held to be invalid, illegal, or unenforceable) shall be construed
      so
      as to give effect to the intent manifested by the provision held invalid,
      illegal, or unenforceable.

    

    12.    Arbitration.
      Subject
      to the right of each party to seek specific performance (which right shall
      not
      be subject to arbitration), if a dispute arises out of or is in any way related
      to this Agreement or the asserted breach thereof, such dispute shall be referred
      to arbitration before the American Arbitration Association the (“AAA”) pursuant
      to the AAA’s National Rules for the Resolution of Employment Disputes (the
“Arbitration Rules”). A dispute subject to the provisions of this section will
      exist if either party notifies the other party in writing that a dispute subject
      to arbitration exists and states, with reasonable specificity, the issue subject
      to arbitration (the "Arbitration Notice"). The parties agree that, after the
      issuance of the Arbitration Notice, the parties will try in good faith between
      the date of the issuance of the Arbitration Notice and the date the dispute
      is
      set for arbitration to resolve the dispute by mediation in accordance with
      the
      Arbitration Rules. If the dispute is not resolved by the date set for
      arbitration, then any controversy or claim arising out of this Agreement or
      the
      asserted breach hereof shall be resolved by binding arbitration and judgment
      upon any award rendered by arbitrator(s) may be entered in a court having
      jurisdiction. In the event any claim or dispute involves an amount in excess
      of
      $100,000, either party may request that the matter be heard and resolved by
      a
      single arbitrator. The arbitrator shall have the same power to compel the
      attendance of witnesses and to order the production of documents or other
      materials and to enforce discovery as could be exercised by a United States
      District Court judge sitting in the Northern District of New York. In the event
      of any arbitration, each party shall have a reasonable right to conduct
      discovery to the same extent permitted by the Federal Rules of Civil Procedure,
      provided that discovery shall be concluded within 90 days after the date the
      matter is set for arbitration. The arbitrator or arbitrators shall have the
      power to award reasonable attorneys’ fees to the prevailing party. Any
      provisions in this Agreement to the contrary notwithstanding, this section
      shall
      be governed by the Federal Arbitration Act and the parties have entered into
      this Agreement pursuant to such Act.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    13.    Costs
      of Litigation.
      In the
      event litigation is commenced to enforce any of the provisions hereof, or to
      obtain declaratory relief in connection with any of the provisions hereof,
      the
      prevailing party shall be entitled to recover reasonable attorneys’ fees. In the
      event this Agreement is asserted in any litigation as a defense to any
      liability, claim, demand, action, cause of action, or right asserted in such
      litigation, the party prevailing on the issue of that defense shall be entitled
      to recovery of reasonable attorneys’ fees.

    

    14.    Affiliation.
      A
      company will be deemed to
      be an
      "affiliate" of, or “affiliated” NBTB or NBT Bank according to the definition of
      "Affiliate" set forth in Rule 12b-2 of the General Rules and Regulations under
      the Securities Exchange Act of 1934, as amended.

    

    15.    Headings.
      The
      section and subsection headings herein have been inserted for convenience of
      reference only and shall in no way modify or restrict any of the terms or
      provisions hereof.

    

    IN
      WITNESS WHEREOF, the parties hereto executed or caused this Agreement to be
      executed as of the day and year first above written.

    

    

    NBT
      BANCORP INC. 

    

    By:
      /S/
      Martin A. Dietrich 

    Martin
      A.
      Dietrich

    President/CEO
      of NBT Bank

    

     

    By:
      /S/
      Ronald M. Bentley

    Executive

    

    12/5/05

    Dated

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