<SEC-DOCUMENT>0001140361-17-036936.txt : 20170929
<SEC-HEADER>0001140361-17-036936.hdr.sgml : 20170929
<ACCEPTANCE-DATETIME>20170929160027
ACCESSION NUMBER:		0001140361-17-036936
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170927
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170929
DATE AS OF CHANGE:		20170929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NBT BANCORP INC
		CENTRAL INDEX KEY:			0000790359
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				161268674
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14703
		FILM NUMBER:		171111506

	BUSINESS ADDRESS:	
		STREET 1:		52 S BROAD ST
		CITY:			NORWICH
		STATE:			NY
		ZIP:			13815
		BUSINESS PHONE:		6073372265

	MAIL ADDRESS:	
		STREET 1:		52 S. BROAD STREET
		CITY:			NORWICH
		STATE:			NY
		ZIP:			13815
</SEC-HEADER>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">UNITED STATES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Washington, D.C.&#160; 20549</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 18pt; FONT-WEIGHT: bold">FORM 8-K</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CURRENT REPORT</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Date of Report (Date of earliest event reported): September 27, 2017</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 24pt">NBT BANCORP INC.</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(Exact name of registrant as specified in its charter)</div>
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<div style="TEXT-ALIGN: center; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: normal">Delaware</div>
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<div style="TEXT-ALIGN: center; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: normal">16-1268674</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(State or other jurisdiction of incorporation)</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(Commission File Number)</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(IRS Employer Identification No.)</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">52 South Broad Street, Norwich, New York</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">13815</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(Address of principal executive offices)</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Registrant's telephone number, including area code:&#160;&#160; <font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u><u>(607) 337-2265</u></u></font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>

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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>

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<div style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Emerging growth company&#160; <font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">&#9744;</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160; <font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">&#9744;</font></div>

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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">On September 27, 2017, NBT Bancorp Inc. (the &#8220;Company&#8221;) entered into amendments to existing employment agreements with John H. Watt, Jr., President and Chief Executive Officer, Timothy L. Brenner, Executive Vice President &amp; President of Wealth Management and F. Sheldon Prentice, Executive Vice President, General Counsel &amp; Corporate Secretary (collectively, the &#8220;NEOs&#8221;).</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Pursuant to the amendments, the term of employment for each NEO will end on January 1, 2018, with automatic renewal for additional successive one-year terms unless either party provides timely notice of non-renewal and the severance entitlement upon a termination without cause or a resignation for good reason (other than following a change in control of the Company) for each NEO was reduced to a lump sum payment equal to the base salary the NEO would have received during the remaining unexpired term with a minimum payment of six months&#8217; base salary. The amendments also provide that, if the Company delivers notice resulting in termination within twenty-four months following a change of control, the NEOs will receive their change in control severance benefits.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">The foregoing description of the employment agreement amendments are not complete and are qualified in their entirety by reference to the full text of the form of amendment, which is filed as Exhibit 10.1 hereto and incorporated by reference herein.</div>

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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Financial Statements and Exhibits</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(d) Exhibits.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit No.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">10.1</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Form of Amendment to Employment Agreements, dated September 27, 2017</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SIGNATURES</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.</div>

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<td style="WIDTH: 50%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">NBT BANCORP INC.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Date: September 29, 2017</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">By:</div>
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<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><u>/s/ F. Sheldon Prentice</u></div>
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<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">F. Sheldon Prentice</div>
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<td style="WIDTH: 50%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Executive Vice President, General Counsel &amp; Corporate Secretary</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">EXHIBIT INDEX</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><a href="ex10_1.htm">10.1</a></div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Form of Amendment to Employment Agreements, dated September 27, 2017</div>
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<div>&#160;</div>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10_1.htm
<DESCRIPTION>EXHIBIT 10.1
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit 10.1</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FIRST AMENDMENT TO EMPLOYMENT AGREEMENT</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">This First Amendment (this &#8220;</font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Amendment</u></font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">&#8221;) is entered into as of </font>September 27<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">, 2017, by and between NBT Bancorp, Inc. (&#8220;</font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>NBTB</u></font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">&#8221;), and [NAME] (&#8220;</font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Executive</u></font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">&#8221;) in order to amend as follows that certain Employment Agreement, entered into as of December 19, 2016 (the&#160;&#8220;</font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Employment Agreement</u></font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">&#8221;), by and between NBTB and Executive.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Term of Employment</u></font>.&#160; Section 2 of the Employment Agreement is hereby amended as follows:</font></div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Section 2(a)(i) of the Employment Agreement is hereby amended in its entirety to read:</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">&#8220;January&#160;1, 2018; provided, however, that on December&#160;31, 2017 and on each December&#160;31 thereafter (each, a &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Renewal Date</u></font>&#8221;), the remaining Term of Employment shall automatically be extended by one additional year, unless either the Company or Executive provides written notice to the other party of non-renewal at least ninety (90)&#160;days prior to the applicable Renewal Date;&#8221;</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Section 2(a)(vi) of the Employment Agreement is hereby amended in its entirety to read:</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">&#8220;the termination of Executive&#8217;s employment by NBTB or NBT Bank &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>without Cause</u></font>,&#8221; which shall mean Executive&#8217;s termination of employment for any reason, other than those set forth in Subsections (i)-(v)&#160;of this <font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Section&#160;2(a)</u></font> (except as otherwise provided below), at any time, upon the thirtieth (30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">th</sup>)&#160;day following notice to Executive; provided, that the Company&#8217;s providing notice of non-renewal of the Agreement in accordance with <font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Section&#160;2(a)(i)</u></font>: (x) shall not constitute a termination of Executive&#8217;s employment without Cause for purposes of <font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Section 6(b)</u></font>, (y)&#160;shall constitute a termination of Executive&#8217;s employment without Cause for purposes of <font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Section 6(c)</u></font> if the applicable Term of Employment is scheduled to end within twenty-four (24) months of a Change in Control, and (z) shall not give rise to any severance benefits hereunder, other than as provided in <font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Sections&#160;6(a)</u></font> and <font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>6(c)</u></font>, as applicable; or&#8221;</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">The remainder of Section 2 of the Employment Agreement is unchanged.</div>

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<div style="TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Payments Upon Termination</u></font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">.&#160; Section </font>6(b) <font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">is hereby amended in its entirety to read:</font></div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">&#8220;</font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Termination without Cause or Resignation for Good Reason</u></font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">. Subject to </font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Sections </u></font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>6(c)</u></font>&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">and </font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>6(d)</u></font>&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">of this Agreement, in the event that the Term of Employment shall be terminated for the reason set forth in </font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Section </u></font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>2(a)(vi)</u></font> (<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">termination without Cause) or </font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Section </u></font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>2(a)(vii)</u></font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"> (resignation for Good Reason) of this Agreement, Executive shall be entitled to receive, in addition to the amounts and rights set forth in </font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Section </u></font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>6(a)</u></font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"> hereof, a lump sum payment equal to the unpaid portion of the Executive&#8217;s Base Salary for the remaining unexpired Term of Employment (measured from the Termination Date through the end of the then-current Term of Employment), but in no event less than one-half (1/2) of the Executive&#8217;s Base Salary, payable within thirty (30) days of Executive&#8217;s Termination Date.&#8221;</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>No Other Changes to the Employment Agreement</u></font>.&#160; Except as expressly amended by this Amendment, all of the terms of the Employment Agreement shall remain in full force and effect.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">IN WITNESS WHEREOF, the parties have entered into this Amendment as of the date first set forth above.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">NBT BANCORP INC:</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">EXECUTIVE:</div>
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