FIRST AMENDMENT TO THE SUPPLEMENTAL EXECTIVE RETIREMENT AGREEMENT EFFECTIVE JULY 23, 2001
Exhibit
10.27
FIRST
AMENDMENT TO
THE
SUPPLEMENTAL EXECTIVE RETIREMENT AGREEMENT
EFFECTIVE
JULY 23, 2001
WHEREAS,
this is the first amendment (the “First Amendment”) to the NBT Bancorp Inc.
Supplemental Executive Retirement Plan, effective as of July 23, 2001 (the
“SERP”);
WHEREAS,
the SERP, as amended, is between NBT Bancorp Inc., a Delaware
corporation and a registered financial holding company headquartered at 00 X.
Xxxxx Xxxxxx, Xxxxxxx, Xxx Xxxx 00000, and Xxxxx X. Xxxxx, an individual
residing at 000 Xxxxxxxx Xxxx, Xxxxxx, Xxxxxxxxxxxx 00000;
NOW,
THEREFORE, the SERP is amended, effective as of January 1, 2005, as
follows:
1.
Section 7.1 of the SERP shall be amended by deleting the
second paragraph therein in its entirety.
2.
Section 7.2 of the SERP shall be amended by
deleting the phrase “Except with respect to receipt of a lump sum benefit under
Section 7.1,” in the section’s first sentence. The first sentence in
Section 7.2 of the SERP shall now begin with the words “Any election for an
optional mode …”
3.
Section 7.3 of the SERP shall be amended by
deleting this section in its entirety and replacing it with the
following:
“Payment
of any Retirement Income Benefit and 401(k)/ESOP Benefit under the Plan shall
not commence on a date before the first day of the seventh (7th) month
following the Participant’s “separation from service” with the Company as that
phrase is defined for purposes of section 409A of the Code.”
4.
Section 7.4 of the SERP shall be amended by deleting the period at the end
of subsection (b) therein and replacing it with a comma, followed by the word
“and”; and by adding a new subsection (c) to read as follows:
“(c) notwithstanding
anything herein to the contrary, no Supplemental Retirement Benefit shall
commence under this Plan before the date which is the seventh (7th) month
following the Participant’s “separation from service” with the Company as that
phrase is defined for purposes of section 409A of the Code.”
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5.
Section 7.5(c) of the SERP shall be amended by deleting this
subsection in its entirety.
6.
In all other respects the Plan shall remain in
full force and effect.
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By:
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/s/ Xxxxxx X. Xxxxxxxx
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Date:
November 13, 2008
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Xxxxxx
X. Xxxxxxxx
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President
and
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Chief
Executive Officer
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By:
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/s/ Xxxxx X. Xxxxx
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Date:
November 13, 2008
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Xxxxx
X. Xxxxx
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