Exhibit 10.18
Amendment dated January 28, 2002 to Death Benefits Agreement between NBT Bancorp
Inc., NBT Bank, National Association and Xxxxx X. Xxxxxxxx made August 22,
1995.
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AMENDMENT TO DEATH BENEFITS AGREEMENT
THIS AGREEMENT (this "Agreement") is made and entered into effective as of
the 28 day of January, 2002, by and among NBT BANCORP INC., a Delaware
corporation, and NBT Bank, N.A., a national banking association organized under
the laws of the United States (hereinafter referred to collectively as the
"Bank"), Xxxxx X. Xxxxxxxx (the "Employee").
WHEREAS, the Bank and the Employee have entered to that certain
Death Benefits Agreement dated as of August 22, 1995 (the "1995 Agreement");
WHEREAS, the 1995 Agreement may be amended by a written
instrument signed by the Bank and the Employee; and
WHEREAS, the Bank and the Employee desire to amend the 1995
Agreement as set out in this Agreement.
NOW, THEREFORE, the parties agree as follows:
1. Section 1 of Article IX of the 1995 Agreement is amended to
read in its entirety as follows:
1. THIS AGREEMENT MAY BE TERMINATED AT ANY TIME WHILE THE EMPLOYEE IS
LIVING BY A WRITTEN INSTRUMENT SIGNED BY THE BANK AND THE EMPLOYEE, PROVIDED,
THAT THE BANK MAY TERMINATE THIS AGREEMENT BY WRITTEN NOTICE TO THE EMPLOYEE AT
ANY TIME AFTER THE EMPLOYEE HAS CEASED TO BE THE CHAIRMAN OF THE BANK OTHER THAN
BECAUSE OF HIS DEATH; AND, IN ANY EVENT, THIS AGREEMENT WILL TERMINATE UPON
TERMINATION OF THE EMPLOYEE'S EMPLOYMENT WITH THE BANK FOR ANY REASON OTHER THAN
HIS DEATH.
2. The following new sentence is added to the end of Article X
of the 1995 Agreement:
WITHOUT LIMITING THE FOREGOING, FOLLOWING TERMINATION OF THIS AGREEMENT, TO
THE EXTENT PERMITTED BY THE POLICY, THE BANK MAY DESIGNATE ANY OFFICER OR OTHER
EMPLOYEE OF THE BANK AS THE INSURED UNDER THE POLICY AND MAY CONTINUE THIS
AGREEMENT WITH SUCH OFFICER OR EMPLOYEE.
3. The foregoing amendments shall be effective upon the date of
this Agreement.
4. In other respects, the 1995 Agreement shall continue in full force
and effect.
The parties hereby execute this Agreement as follows:
NBT BANCORP INC.
By: /s/ Xxxxxx Xxxxxxxxx Xx.
Date: 1/28/02 Its: Chairman Compensation Committee
NBT BANK, NATIONAL ASSOCIATION
By: /s/ Xxxxxxx X. Xxxxxxx
Date: 1/28/02 Its: Secretary
Date: 1/28/02 /s/ Xxxxx X. Xxxxxxxx
XXXXX X. XXXXXXXX
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