Document:

Exhibit 10.28

    
      

    

    RCN
      CORPORATION

     

    2007
      SHORT-TERM INCENTIVE PLAN

     

    (Effective
      January 1, 2007)

     

    

      
        	 	
                1.

              	
                BACKGROUND
                  AND PURPOSE

              

      

       

      RCN
        Corporation, a Delaware corporation, hereby adopts the RCN Corporation 2007
        Short-Term Incentive Plan (the “Plan”), effective as of January 1, 2007. The
        purpose of the Plan is to provide employees and the officers of RCN Corporation
        (the “Company”) and the Company’s Affiliates (as defined below) with an
        incentive to accomplish such business objectives as from time to time may
        be
        determined by the Committee.

      

      
        	 	
                2.

              	
                DEFINITIONS

              

      

      

        (a)   “Affiliate”
means,
          with respect to any Person, any other person that, directly or indirectly,
          is in
          control of, is controlled by, or is under common control with, such Person.
          For
          purposes of this definition, the term “control,” including its correlative terms
“controlled by” and “under common control with,” mean, with respect to any
          Person, the possession, directly or indirectly, of the power to direct
          or cause
          the direction of the management and policies of such Person, whether through
          the
          ownership of voting securities, by contract or otherwise.

        

        (b)   “Award”
means
          a
          cash bonus award granted under the Plan. An Award shall be expressed as
          the
          percentage of a Grantee’s base salary and payable for the Performance Period or
          Quarterly Performance Period, as the case may be, that shall become payable
          if
          the Targets established by the Committee are satisfied. The portion of
          an Award
          that shall be payable to a Grantee shall be determined by the Committee
          in
          accordance with the rules established for the Award for the Performance
          Period
          or Quarterly Performance Period, as the case may be.

        

        (c)   “Board”
means
          the Board of Directors of the Company.

        

        (d)   “Change
          of Control”
          means:

      

    

     

    (i)      
      “person” (as such term is used in Sections 3(a)(9) and 13(d) of the Securities
      Exchange Act of 1934 (the “1934 Act”)) or “group” (as such term is used in
      Section 14(d)(2) of the 1934 Act) is or becomes a “beneficial owner” (as such
      term is used in Rule 13d-3 promulgated under the 1934 Act) of 50% or more of
      the
      Voting Stock of the Company; provided, however, that the following acquisitions
      will not constitute a Change of Control: (i) any acquisition by any employee
      benefit plan (or related trust) sponsored or maintained by the Company or any
      Subsidiary or (ii) any acquisition by any corporation pursuant to a
      reorganization, merger or consolidation, if such reorganization, merger or
      consolidation does not constitute a Change of Control under clause (5) of this
      definition; 

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    (ii)      
      all or substantially all of the assets or business of the Company and its
      Subsidiaries (on a consolidated basis) are disposed of pursuant to a merger,
      consolidation or other transaction unless, immediately after such transaction,
      the stockholders of the Company immediately prior to the transaction own,
      directly or indirectly, in substantially the same proportion as they owned
      the
      Voting Stock of the Company prior to such transaction more than 50% of the
      Voting Stock of the company surviving such transaction or succeeding to all
      or
      substantially all of the assets or business of the Company and its Subsidiaries
      or the ultimate parent company of such surviving or successor company if such
      surviving or successor company is a subsidiary of another entity (there being
      excluded from the number of shares held by such stockholders, but not from
      the
      Voting Stock of the combined company, any shares received by affiliates of
      such
      other company in exchange for stock of such other company); 

     

    (iii)      
      a majority of the Board consists of individuals other than Incumbent Directors,
      which term means the members of the Board on January 1, 2007 or, if any such
      individual is no longer a member of the Board, any successor to any such
      individual (or to any successor to any such individual) if the election or
      nomination for election of such individual or successor was approved by a
      majority of the directors who then comprised the Incumbent Directors;

     

    (iv)      
      the Company adopts any plan of liquidation providing for the distribution of
      all
      or substantially all of its assets if such plan of liquidation will result
      in
      the winding-up of the business of the Company; or 

     

    (v)      
      the consummation of any merger, consolidation or other similar corporate
      transaction unless immediately after such transaction the stockholders of the
      Company immediately prior to the transaction own, directly or indirectly, in
      substantially the same proportion as they owned the Voting Stock of the Company
      immediately prior to such transaction, more than 50% of the Voting Stock of
      the
      company surviving such transaction or its ultimate parent company if such
      surviving company is a subsidiary of another entity (there being excluded from
      the number of shares held by such stockholders, but not from the Voting Stock
      of
      the combined company, any shares received by affiliates of such other company
      in
      exchange for stock of such other company). 

     

    For
      purposes of this definition, the “Company” shall include any entity that
      succeeds to all or substantially all of the business of the Company; and “Voting
      Stock” shall mean securities of any class or classes having general voting power
      under ordinary circumstances, in the absence of contingencies, to elect the
      directors of a corporation; and references to ownership of “more than 50% of the
      Voting Stock” shall mean the ownership of shares of Voting Stock that represent
      the right to exercise more than 50% of the votes entitled to be cast in the
      election of directors of a corporation.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    

      (e)   “Committee”
means
        the Compensation Committee of the Board or such other committee of the Board
        assigned by the Board to administer the Plan.

      

      (f)   “Company”
means
        RCN Corporation, a Delaware corporation, including any successor thereto
        by
        merger, consolidation, acquisition of all or substantially all the assets
        thereof, or otherwise.

       

      (g)   “Eligible
        Employee”
means
        an employee of the Company or an Affiliate, as determined by the Committee
        in
        accordance with Section 4.

       

      (h)   “Grantee”
means
        an Eligible Employee who is granted an Award.

      

      (i)   “Person”
means
        an individual, a corporation, a partnership, an association, a trust or any
        other entity or organization.

      

      (j)   “Plan”
means
        the RCN Corporation 2007 Short-Term Incentive Plan, as set forth herein,
        and as
        amended from time to time.

      

      (k)   “Performance
        Period”
means
        the Company’s current fiscal year beginning on January 1, 2007 and ending on
        December 31, 2007, or such shorter period of time or times, as may be applicable
        to a Grantee or a class of Grantees, as established by the Committee in its
        discretion (such shorter period of time hereinafter referred to as the
“Quarterly
        Performance Period”).
        

      

      (l)   “Individual
        Performance Objectives”
means
        performance objectives other than Corporate Performance Objectives, including
        but not limited to customer service, management effectiveness, individual
        employee performance ratings and other Individual Performance Objectives
        relevant to the Company’s business, as may be established by the Committee, and
        the achievement of which shall be determined in the discretion of the Committee.
        Individual Performance Objectives may differ among Grantees or classes of
        Grantees. 

       

      (m)   “Corporate
        Performance Objectives”
means
        the performance objectives such as (i) revenues, (ii) earnings before interest,
        taxes, depreciation and amortization, (iii) free cash flow, (iv) number of
        customers of or subscribers for various services and products offered by
        the
        Company or a division, and (v) other objective financial or service-based
        objectives relevant to the Company’s business as may be established by the
        Committee. Corporate Performance Objectives may differ among Grantees or
        classes
        of Grantees. 

       

      (n)   “Target”
means,
        for the Performance Period, or a Quarterly Performance Period, as the case
        may
        be, the Individual Performance Objectives and the Corporate Performance
        Objectives established by the Committee, in its discretion, and as set forth
        on
        Appendix __, attached hereto. Individual Performance Objectives, Corporate
        Performance Objectives and the weighting of such Objectives may differ among
        Grantees or classes of Grantees. 

    

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    (o)   “Third
      Party”
means
      any Person, together with such Person’s Affiliates, provided that the term
“Third Party” shall not include the Company or an Affiliate of the
      Company.

     

    
      	 	
              3.

            	
              ADMINISTRATION
                OF THE PLAN

            

    

     

    (a)   Administration.
      The
      Plan shall be administered by the Committee. The Committee shall have the power
      and duty to do all things necessary or convenient to effect the intent and
      purposes of the Plan and not inconsistent with any of the provisions hereof,
      whether or not such powers and duties are specifically set forth herein, and,
      by
      way of amplification and not limitation of the foregoing, the Committee shall
      have the power to:

     

    (i)      
      provide rules and regulations for the management, operation and administration
      of the Plan, and, from time to time, to amend or supplement such rules and
      regulations;

     

    (ii)      
      construe the Plan, which construction, as long as made in good faith, shall
      be
      final and conclusive upon all parties hereto;

     

    (iii)      
      correct any defect, supply any omission, or reconcile any inconsistency in
      the
      Plan in such manner and to such extent as it shall deem expedient to carry
      the
      same into effect, and it shall be the sole and final judge of when such action
      shall be appropriate; and

     

    (iv)      
      determine whether the conditions to the payment of a cash bonus pursuant to
      an
      Award have been satisfied.

     

    The
      resolution of any questions with respect to payments and entitlements pursuant
      to the provisions of the Plan shall be determined by the Committee, and all
      such
      determinations shall be final and conclusive. 

     

    (b)   Grants.
      Subject
      to the express terms and conditions set forth in the Plan, the Committee shall
      have the power, from time to time, to select those Eligible Employees to whom
      Awards shall be granted under the Plan, to determine the amount of cash to
      be
      paid pursuant to each Award, and, pursuant to the provisions of the Plan, to
      determine the terms and conditions of each Award. 

     

    (c)   Delegation
      of
      Authority.

     

    (i)      
      Named Executive Officers and Section 16(b) Officers.
      All
      authority with respect to the grant, amendment, interpretation and
      administration of Awards with respect to any Eligible Employee who is either
      (x)
      a Named Executive Officer (i.e.,
      an
      officer who is required to be listed in the Company’s Proxy Statement Summary
      Compensation Table) or (y) is subject to the short-swing profit recapture rules
      of section 16(b) of the 1934 Act, is reserved to the Committee. [Question
      - is this broad enough? For example, we would want this to also include people
      such as PK and Phil Alvarez - correct?]

     

    
      
        
          
          

        

        
          -4-

          
            

          

        

        
          
          

        

      

    

     

    (ii)      
      Other
      Employees.
      The
      Committee may delegate to an officer of the Company, or a committee of two
      or
      more officers of the Company, discretion under the Plan to grant, amend,
      interpret and administer Awards with respect to any Eligible Employee other
      than
      an Eligible Employee described in Paragraph 3(c)(i); provided, however, that
      the
      Committee will establish the total dollar amount of Awards to be issued under
      the Plan to all Grantees.for each Performance Period . 

     

    (d)   Grantee
      Information.
      The
      Company shall furnish to the Committee in writing all information the Company
      deems appropriate for the Committee to exercise its powers and duties in
      administration of the Plan. Such information shall be conclusive for all
      purposes of the Plan and the Committee shall be entitled to rely thereon without
      any investigation thereof; provided,
      however,
      that
      the Committee may correct any errors discovered in any such information.

     

    
      	 	
              4.

            	
              ELIGIBILITY

            

    

     

    Awards
      may be granted only to Eligible Employees of the Company and its Affiliates,
      as
      determined by the Committee. No Awards shall be granted to an individual who
      is
      not an Eligible Employee of the Company or an Affiliate of the
      Company.

     

    
      	 	
              5.

            	
              AWARDS

            

    

     

    The
      Committee may grant Awards in accordance with the Plan. The terms and conditions
      of Awards shall be as determined from time to time by the Committee, consistent,
      however, with the following:

     

    (a)   Time
      of Grant.
      Awards
      may be granted at any time from the date of adoption of the Plan by the Board
      until the Plan is terminated by the Board or the Committee.

     

    (b)   Non-Uniformity
      of Awards.
      The
      provisions of Awards need not be the same with respect to each
      Grantee.

     

    (c)   Establishment
      of
      Targets and Conditions to Payment of Awards. 

     

    (i)      
      Awards shall be expressed as a percentage of a Grantee’s base salary.

     

    (ii)      
      The Committee shall establish such conditions on the payment of a bonus pursuant
      to an Award as it may, in its sole discretion, deem appropriate. 

     

    (iii)      
      The Award may provide for the payment of Awards in installments, or upon the
      satisfaction of the Individual Performance Objectives or Corporate Performance
      Objectives, on an individual, divisional or Company-wide basis, as determined
      by
      the Committee.

     

    (iv)      
      Each Grantee shall be entitled to receive payment of the Award for the
      Performance Period, or the Quarterly Performance Period, as the case may be,
      only after certification by the Committee that the Targets established by the
      Committee for the Performance Period have been satisfied. The Company shall
      pay
      the Awards under the Plan to each Grantee as soon as practicable with respect
      to
      the Performance Period, but not later than June 30 following the completion
      of
      the Performance Period (the “Payment
      Date”),
      provided, that the Grantee has remained continuously employed by the Company
      through the Payment Date.
      Notwithstanding the foregoing, the Company shall pay the Awards that become
      payable upon completion of any Quarterly Performance Period (other than the
      Quarterly Performance Period ending on December 31, 2007), within [30] days
      following the completion of such Quarterly Performance Period (each also a
      “Payment
      Date”),
      provided, that the Grantee has remained continuously employed by the Company
      through that Payment Date. [Is 30 days enough time?]

     

    
      
        
          
          

        

        
          -5-

          
            

          

        

        
          
          

        

      

    

     

    (v)      
      For purposes of calculating whether any Corporate Performance Objective has
      been
      met, in the event there is a significant acquisition or disposition of any
      assets, business division, company or other business operations of the Company
      or such division or business unit that is reasonably expected to have an effect
      on the Corporate Performance Objective as otherwise determined under the terms
      of the Plan, the relevant performance objectives may, at the sole discretion
      of
      the Committee, be adjusted to take into account the impact of such acquisition
      or disposition by increasing or decreasing such goals in the same proportion
      as
      the relevant performance measure of the Company or such division or business
      unit would have been affected for the prior performance measurement period
      on a
      pro forma basis had such an acquisition or disposition occurred on the same
      date
      during the prior performance measurement period; provided further that such
      adjustment shall be based upon the historical equivalent of the relevant
      performance measure of the business or assets so acquired or disposed of for
      the
      prior performance measurement period, as shown by such records as are available
      to the Company, as further adjusted to reflect any aspects of the transaction
      that should be taken into account to ensure comparability between amounts in
      the
      prior performance measurement period and the current performance measurement
      period. 

     

    (vi)      
      Notwithstanding the determination of the amount of a Grantee’s bonus payable
      with respect to the Performance Period, or Quarterly Performance Period, as
      the
      case may be, the Committee shall have the discretion to reduce or eliminate
      the
      bonus otherwise payable to a Grantee if it determines that such a reduction
      or
      elimination of the bonus is in the best interests of the Company. In
      addition, in the discretion of the Committee, based on the satisfaction of
      performance objectives as it may determine, whether or not previously designated
      as a Target, such additional amounts as may be determined by the Committee
      may
      be included in an Award for a Performance Period, or Quarterly Performance
      Period, as the case may be. 

     

    (d)   Payment
      Conditioned on Continued Employment.
      No
      Grantee will be entitled to any payment hereunder with respect to the
      Performance Period, or Quarterly Performance Period, as the case may be, unless
      he or she has remained continuously employed by the Company or its Affiliates
      through the applicable Payment Date. 

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    
      	 	
              6.

            	
              CHANGE
                IN CONTROL

            

    

     

    The
      Committee shall give Grantees at least thirty (30) days’ notice (or, if not
      practicable, such shorter notice as may be reasonably practicable) prior to
      the
      anticipated date of the consummation of a Change in Control. The Committee
      may,
      in its discretion, provide in such notice that upon the consummation of such
      Change in Control, any remaining conditions to payment of a Grantee’s Award
      shall be waived, in whole or in part.

     

    
      	 	
              7.

            	
              AMENDMENT
                AND TERMINATION

            

    

     

    The
      Plan
      may be terminated by the Board or the Committee at any time. The Plan may be
      amended by the Board or the Committee at any time. No Award shall be affected
      by
      any such termination or amendment without the written consent of the
      Grantee.

     

    
      	
            	8.	
              MISCELLANEOUS
                PROVISIONS

            

    

     

    
      (a)   Unsecured
        Creditor Status.
        A
        Grantee entitled to payment of an Award hereunder shall rely solely upon
        the
        unsecured promise of the Company, as set forth herein, for the payment thereof,
        and nothing herein contained shall be construed to give to or vest in a Grantee
        or any other person now or at any time in the future, any right, title,
        interest, or claim in or to any specific asset, fund, reserve, account,
        insurance or annuity policy or contract, or other property of any kind whatever
        owned by the Company, or in which the Company may have any right, title,
        or
        interest, nor or at any time in the future.

      

      (b)   Non-Assignment
        of Awards.
        The
        Grantee shall not be permitted to sell, transfer, pledge or assign any amount
        payable pursuant to the Plan or an Award, provided that the right to payment
        under an Award may pass by will or the laws of descent and distribution.
        

      

      (c)   Internal
        Revenue Code Section 409A.
        The
        Company may exercise commercially reasonable efforts to apply the terms of
        this
        Plan in a manner consistent with the requirements of Section 409A of the
        Internal Revenue Code of 1986, as amended (the “Code”),
        and
        any regulations and/or administrative guidance issued thereunder, or to adjust
        the terms of this Plan to the extent necessary to avoid the application of
        additional taxes and penalties under Section 409A of the Code.

      

      (d)   Other
        Company Plans.
        It is
        agreed and understood that any benefits under this Plan are in addition to
        any
        and all benefits to which a Grantee may otherwise be entitled under any other
        contract, arrangement, or voluntary pension, profit sharing or other
        compensation plan of the Company, whether funded or unfunded, and that this
        Plan
        shall not affect or impair the rights or obligations of the Company or a
        Grantee
        under any other such contract, arrangement, or voluntary pension, profit
        sharing
        or other compensation plan.

      

      (e)   Separability.
        If any
        term or condition of the Plan shall be invalid or unenforceable to any extent
        or
        in any application, then the remainder of the Plan, with the exception of
        such
        invalid or unenforceable provision, shall not be affected thereby, and shall
        continue in effect and application to its fullest
        extent.

    

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

    

      (f)   Continued
        Employment.
        Neither
        the establishment of the Plan, any provisions of the Plan, nor any action
        of the
        Committee shall be held or construed to confer upon any Grantee the right
        to a
        continuation of employment by the Company. The Company reserves the right
        to
        dismiss any employee (including a Grantee), or otherwise deal with any employee
        (including a Grantee) to the same extent as though the Plan had not been
        adopted.

      

      (g)   Incapacity.
        If the
        Committee determines that a Grantee is unable to care for his or her affairs
        because of illness or accident, any benefit due such Grantee under the Plan
        may
        be paid to his or her spouse, child, parent, or any other person deemed by
        the
        Committee to have incurred expense for such Grantee (including a duly appointed
        guardian, committee, or other legal representative), and any such payment
        shall
        be a complete discharge of the Company’s obligation hereunder.

      

      (h)   Withholding.
        The
        Company shall withhold the amount of any federal, state, local or other tax,
        charge or assessment attributable to the grant of any Award or lapse of
        restrictions under any Award as it may deem necessary or appropriate, in
        its
        sole discretion.

    

     

    
      	 	
              9.

            	
              GOVERNING
                LAW

            

    

     

    The
      Plan
      and all determinations made and actions taken pursuant to the Plan shall be
      governed in accordance with Delaware law.

     

    
      	 	
              10.

            	
              EFFECTIVE
                DATE

            

    

     

    The
      effective date of the Plan is January 1, 2007. 

     

    Executed
      as of the __________ day of ____________________, 2007

     

    

      
        	 	
                RCN
                  CORPORATION

              
	 	 
	 	 
	 	
                BY:_______________________________________

              
	 	 
	 	 
	 	
                
                  ATTEST:___________________________________

                

              

      

    

     

     

    -8-ex10_1.htm

    
      

    

    
      Exhibit
        10.1

      

      EMPLOYMENT
        AGREEMENT

      

      This
        EMPLOYMENT AGREEMENT (the
        "Agreement") is made and entered into this 23rd day of
        April 2007,
        by and between Jeffrey M. Levy ("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, Regional President, Capital Region 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, Regional President, Capital
        Region 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
        his 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.

      
        
          
          

        

        
          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, 2008 (the “Initial
        Term”), provided, however, that on December 31, 2007, and each December 31st
        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 from, 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.

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      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 his 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

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       (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 April 23, 2007
        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.

              

      

      

                                 
            (d)     
       Any provision of this Section 2 to the
        contrary notwithstanding, in the event that the Employment of the Executive
        with
        NBTB is terminated in any situation described in section 3 of 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,
        and if as of the Termination Date the Executive is a “key employee” for the
        purposes of Section 409A of the Internal Revenue Code of 1986, as amended,
        and
        the regulations promulgated thereunder, NBTB will delay the payment of such
        severance payments six (6) months from the date they otherwise would be paid
        hereunder.

      

      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
          $198,600.00 (the “Base Salary”) commencing on December 12,
          2006.   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 $198,600.00. 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.

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

                  
           (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)           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.

      

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

      

                                     (g)        
          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 her 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.

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

                   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.

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      (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

          
            

          

        

        
          
          

        

      

      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.
        Jeffrey M. Levy

      701
        Waldens Pond Rd

      Albany,
        NY  12203

      

      

      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.

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      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.

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

               
          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.

      

      *
        * * *
        *

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      

      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

              
	 	 	 
	 	 	 
	 	 	
                /S/
                  Jeffrey M. Levy

              
	 	 	
                Jeffrey
                  M. Levy

              
	 	 	
                Executive

              

      

       

       

    

    
      11

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