January 20, 2006 Mr. Ronald M. Bentley
Exhibit
10.3
January
20, 2006
Xx.
Xxxxxx X. Xxxxxxx
00
Xxxxxxxxxxx Xxxxx
Xxxxxxxxxxxxx,
XX 00000
Dear
Xx.
Xxxxxxx:
Reference
is made to that certain letter agreement between NBT Bancorp, Inc. (which,
together with its wholly-owned subsidiary, NBT Bank, National Association,
is
referred to as the “Company”) and you dated May 1, 2003 (the “Letter
Agreement”). In accordance with the terms of Section 10 of the Letter Agreement,
the Company wishes to amend certain provisions of the Letter Agreement on the
terms set forth herein. Capitalized terms used herein but not otherwise defined
herein shall have the meanings ascribed to them in the Letter
Agreement.
Effective
January 1, 2006, Section 3(b)(ii) is deleted in its entirety and replaced with
the following:
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(ii)
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As
severance pay, an amount equal to the product of 2.99 multiplied
by the
amount of your Base Salary. As used in this subsection 3(b)(ii),
“Base
Salary” means your base rate of annual compensation excluding bonus,
income form the exercise of nonqualified options, compensation income
from
any disqualifying disposition of stock acquired pursuant to the exercise
of incentive stock options and any other similar amounts that constitute
taxable income to you from the Company, without reduction for salary
reduction amounts excludible from income under Section 402(e)(3)
or 125 of
the Code.
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If
the
change proposed by this letter is acceptable to you, kindly sign and return
to
the Company the enclosed copy of this letter, which will then constitute an
amendment to the Letter Agreement effective as of January 1, 2006.
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Very
Truly Yours,
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By:
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/S/
Xxxxxx X. Xxxxxxxx
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Xxxxxx
X. Xxxxxxxx
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President
and Chief Executive Officer
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ACCEPTED
AND AGREED:
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/S/
Xxxxxx X. Xxxxxxx
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Date:
January 20, 2006
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Xxxxxx
X . Xxxxxxx
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