FIRST AMENDMENT TO THE SUPPLEMENTAL RETIREMENT AGREEMENT EFFECTIVE JULY 23, 2001
Exhibit
10.2
FIRST
AMENDMENT TO THE
SUPPLEMENTAL
RETIREMENT AGREEMENT EFFECTIVE JULY 23, 2001
The
attached document First
Amendment to the NBT Bancorp Inc. Supplemental Executive Retirement
Plan,
effective as of January 1, 2006 sets forth the terms of an amendment to the
agreement for the payment of supplemental retirement income originally made
as
of July 23, 2001 between NBT
Bancorp Inc.,
a
Delaware corporation and a registered financial holding company headquartered
at
00 X. Xxxxx Xxxxxx, Xxxxxxx, Xxx Xxxx 00000, and Xxxxxx
X. Xxxxxxxx,
an
individual residing at 000 Xxxxxxxx Xxxxx, Xxxxxxx, Xxx Xxxx 00000. The parties
hereby execute this agreement as follows:
|
By:
|
/S/
Xxxxx X. Xxxxxxxx
|
Date:
|
May
9, 2006
|
|
|
Xxxxx
X. Xxxxxxxx
|
||||
|
Chairman
|
||||
|
/S/
|
Xxxxxx X. Xxxxxxxx |
Date:
|
May
9, 2006
|
|
|
Xxxxxx
X. Xxxxxxxx
|
||||
1
First
Amendment to the NBT Bancorp Inc. Supplemental Executive Retirement
Plan
WHEREAS,
the NBT Bancorp Inc. Supplemental Executive Retirement Plan (the “Plan”) was
effective as of July 23, 2001; and
WHEREAS,
the Plan provides, in Section 11.1, that the board of directors of NBT Bancorp,
Inc. (the “Board”) shall have the power to extend, modify, amend or revise the
Plan in such respects as the Board, by resolution, may deem advisable as long
as
no such extension, modification, amendment, revision, or termination shall
deprive a participant or any beneficiary of a participant of any benefit accrued
under the Plan; and
WHEREAS,
the Compensation Committee of the Board adopted a resolution on January 20,
2006
that changed the provisions of Article VI of the Plan.
NOW,
THEREFORE, the Plan is amended effective January 1, 2006 as
follows:
1.) Effective
January 1, 2006, Section 6.1 of the Plan is deleted in its entirety and replaced
with the following:
6.1
If an
eligible Participant shall remain employed by the Employer until reaching his
or
her 60th birthday, serving as a Full-Time Employee until such date, and subject
to the other terms and conditions of this Plan, the Company shall pay such
Participant an annual “Supplemental Retirement Benefit” determined as
follows:
|
(a)
|
the
Participant shall be entitled to a Supplemental Retirement Benefit
on and
after his or her 60th birthday but before his or her Social Security
Retirement Age in an amount equal to the excess, if any, of (1) 60
percent
of the Participant’s Final Average Compensation, over (2) the
Participant’s Other Retirement Benefits, determined as of the
Determination Date.
|
|
(b)
|
the
Participant shall be entitled to a Supplemental Retirement Benefit
on and
after his or her Social Security Retirement Age in an amount equal
to the
excess, if any, of (1) 60 percent of the Participant’s Final Average
Compensation, over (2) the sum of (aa) the Participant’s Other Retirement
Benefits, determined as of the Determination Date, plus (bb) the
Participant’s Social Security
Benefit.
|
2.) Effective
January 1, 2006, Section 6.2 of the Plan is deleted in its entirety and replaced
with the following:
6.2
If an
eligible Participant shall remain employed by the Employer until reaching his
or
her 58th birthday, serving as a Full-Time Employee until such date and he or
she
continues to serve as a Full-Time Employee until the date of his or her
retirement, and he or she retires then or thereafter but before reaching his
or
her 60th birthday, and subject to the other terms and conditions of this Plan,
the Company shall pay such Participant after the date of his or her retirement,
pursuant to Section 7.4(b), or to his or her spouse or other Beneficiary,
pursuant and subject to Section 8.6(c) if he or she has died before his or
her
60th birthday, a reduced early Supplemental Retirement Benefit calculated in
accordance with the following schedule:
2
|
(a)
|
if
the date of the Participant’s retirement shall be on or after his or her
58th birthday but before his or her 59th birthday, the Company shall
pay
such Participant 75% of the Supplemental Retirement Benefit calculated
in
accordance with Section 6.1; and
|
|
(b)
|
if
the date of the Participant’s retirement shall be on or after his or her
59th birthday but before his or her 60th birthday, the Company shall
pay
such Participant 90% of the Supplemental Retirement Benefit so calculated.
|
3.)
Capitalized terms used but not defined herein shall have the same meaning as
ascribed to them under the Plan.
4.) In
all other respects the Plan shall remain
in full force and effect.
*
* * *
*
3
