AMENDED AND RESTATED SUPPLEMENTAL RETIREMENT AGREEMENT EFFECTIVE January 20, 2010
Exhibit
10.14
AMENDED
AND RESTATED
EFFECTIVE
January 20, 2010
The
attached document (Amended and
Restated NBT Bancorp Inc. Supplemental
Executive Retirement Plan, effective as of January 20, 2010) sets forth the
terms of an agreement for the payment of supplemental retirement income made as
of January 20, 2010 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:
|
January
20, 2010
|
||
|
Xxxxx
X. Xxxxxxxx
|
|||||
|
Chairman
and Director
|
|||||
|
/s/ Xxxxxx X. Xxxxxxxx
|
Date:
|
January
20, 2010
|
|||
|
Xxxxxx
X. Xxxxxxxx
|
|||||
1
PREAMBLE
This
Amended and Restated NBT Bancorp Inc. Supplemental Executive Retirement Plan
(the “Plan”) is effective as of November 5, 2009. The purpose of the
Plan is to permit certain employees of NBT Bancorp Inc. (the “Company”), its
subsidiary, NBT Bank, National Association (the “Bank”) and adopting affiliated
employers to receive supplemental retirement income when such amounts would be
due under the benefit and contribution formulas in the tax-qualified NBT Bancorp
Inc. Defined Benefit Pension Plan and NBT Bancorp Inc. 401(k) and Employee Stock
Ownership Plan but cannot be paid thereunder due to the reductions and other
limitations imposed by Sections 401(a)(17), 401(k)(3), 401(m) and 415 of the
Internal Revenue Code of 1986, as amended and to provide such employees’ with an
aggregate retirement benefit (taking into consideration amounts paid under such
Plans and social security benefits) commencing following retirement at or after
age 60 of not less than 60% of such employees’ final average compensation,
subject to the terms of the Plan. Capitalized terms are defined in
Article 1 below.
The Plan
is intended to be an unfunded, non-qualified deferred compensation
plan. Neither the Employer, the Committee, nor the individual members
of the Committee shall segregate or otherwise identify specific assets to be
applied to the purposes of the Plan, nor shall any of them be deemed to be a
trustee of any amounts to be paid under the Plan. Any liability of
the Employer to any person with respect to benefits payable under the Plan shall
be based solely upon such contractual obligations, if any, as shall be created
by the Plan, and shall give rise only to a claim against the general assets of
the Employer. No such liability shall be deemed to be secured by any
pledge or any other encumbrance on any specific property of the
Employer.
ARTICLE
1
DEFINITIONS
The
following words and phrases shall have the meanings hereafter ascribed to
them. Those words and phrases which have limited application are
defined in the respective Articles in which such terms appear.
|
1.1
|
“Actuarial
Equivalent” shall have the same meaning the term “Actuarial Equivalent”
has under Section 1.4 of the Basic Retirement Plan using the following
actuarial assumptions:
|
Mortality: “Applicable
Mortality Rate” as such term is defined Exhibit I of the Basic Retirement
Plan.
Interest
Rate: “Applicable Interest Rate” as such term is defined in
Exhibit I of the Basic Retirement Plan.
|
1.2
|
“Bank”
means NBT Bank, National Association or any successor thereto by merger,
consolidation or otherwise by operation of
law.
|
1
|
1.3
|
“Basic
401(k)/ESOP” means the NBT Bancorp Inc. 401(k) and Employee Stock
Ownership Plan, as amended from time to
time.
|
|
1.4
|
“Basic
401(k)/ESOP Benefit” means the benefit paid to a Participant under the
Basic 401(k)/ESOP and includes benefits payable upon Normal Retirement,
Early Retirement, Postponed Retirement, death or termination of
service.
|
|
1.5
|
“Basic
401(k)/ESOP Surviving Spouse Benefit” means the benefit payable to a
Participant’s surviving spouse under the Basic 401(k)/ESOP upon the
Participant’s death before a distribution of the Participant’s entire
Basic 401(k)/ESOP account balance.
|
|
1.6
|
“Basic
Retirement Plan” means the NBT Bancorp Inc. Defined Benefit Pension Plan,
as amended from time to time.
|
|
1.7
|
“Basic
Retirement Plan Benefit” means the benefit payable to a Participant under
the Basic Retirement Plan and includes benefits payable upon Normal
Retirement, Early Retirement, Postponed Retirement, death or termination
of service.
|
|
1.8
|
“Basic
Retirement Plan Surviving Spouse Benefit” means the benefit payable to a
Participant’s surviving spouse or eligible children under the Basic
Retirement Plan upon the Participant’s death, if
any.
|
|
1.9
|
“Beneficiary”
means such living person or living persons designated by the Participant
in accordance with Section 7.3(a)
to receive the Supplemental Retirement Benefit after his or her death, or
his or her personal or legal representative, all as herein described and
provided. If no Beneficiary is designated by the Participant or
if no Beneficiary survives the Participant, the Beneficiary shall be the
Participant’s estate.
|
|
1.10
|
“Board”
means the Board of Directors of the Company, as duly constituted from time
to time.
|
|
1.11
|
“Cause”
means the Participant’s (a) conviction of robbery, bribery, extortion,
embezzlement, fraud, grand larceny, burglary, perjury, income tax evasion,
misapplication of Employer funds, false statements in violation of 18
U.S.C. § 1001, or any other felony that is punishable by a term of
imprisonment of more than one year; (b) material breach of his or her duty
of loyalty to the Employer; (c) acts or omissions in the performance of
his or her duties having a material adverse effect on the Employer that
were not done or omitted to be done in good faith or which involved
intentional misconduct or a knowing violation of law; or (d) any
transaction in the performance of his or her duties with the Employer from
which he or she derived a material improper personal
benefit.
|
|
1.12
|
“Change
in Control” means:
|
(i) A
change in control with respect to the Company or the Bank of a nature that would
be required to be reported in response to Item 6(e) of Schedule 14A of
Regulation 14A as in effect on the date hereof pursuant to the Securities
Exchange Act of 1934 (the “Exchange Act”); provided that, without limitation,
such a change in control shall be deemed to have occurred at such time as any
person (including an individual, corporation, partnership, trust, association,
joint venture, pool, syndicate, unincorporated organization, joint-stock company
or similar organization or group acting in concert) hereafter becomes the
“beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly
or indirectly, of 30 percent or more of the combined voting power of the common
stock and other voting securities of the Company; or
2
(ii) During
any period of two consecutive years, individuals who at the beginning of such
period constitute the Board cease for any reason to constitute at least a
majority thereof unless the election, or the nomination for election by the
shareholders of the Company, of each new director was approved by a vote of at
least two-thirds of the directors then still in office who were directors at the
beginning of the period; or
(iii) There
shall be consummated (x) any consolidation or merger of the Company in which it
is not the continuing or surviving corporation or pursuant to which voting
securities of the Company would be converted into cash, securities, or other
property, other than a merger of the Company in which the holders of its common
stock and other voting securities immediately before the merger have
substantially the same proportionate ownership of common stock and other voting
securities, respectively, of the surviving corporation immediately after the
merger, or (y) any sale, lease, exchange, or other transfer (in one transaction
or a series of related transactions) of all, or substantially all of the assets
of the Company or the Bank, provided that any such consolidation, merger, sale,
lease, exchange or other transfer consummated at the insistence of an
appropriate banking regulatory agency shall not constitute a change in control;
or
(iv) Approval
by the shareholders of the Company of any plan or proposal for its liquidation
or dissolution.
|
1.13
|
“Code”
means the Internal Revenue Code of 1986, as amended from time to
time.
|
|
1.14
|
“Committee”
means the Plan’s administrative committee, as appointed by the Board to
administer the Plan, as described in Article
10.
|
|
1.15
|
“Company”
means NBT Bancorp Inc. or any successor thereto by merger, consolidation
or otherwise by operation of law.
|
|
1.16
|
“Confidential
Information” means business methods, creative techniques and technical
data of the Company, the Bank and their affiliates that are deemed by the
Company, the Bank or any such affiliate to be and are in fact confidential
business information of the Company, the Bank or its affiliates or are
entrusted to the Company, the Bank or its affiliates by third parties, and
includes, but is not limited to, procedures, methods, sales relationships
developed while the Participant is in the service of the Company, the Bank
or their affiliates, knowledge of customers and their requirements,
marketing plans, marketing information, studies, forecasts and surveys,
competitive analyses, mailing and marketing lists, new business proposals,
lists of vendors, consultants, and other persons who render service or
provide material to the Company, the Bank or their affiliates, and
compositions, ideas, plans, and methods belonging to or related to the
affairs of the Company, the Bank or their affiliates, except for such
information as is clearly in the public domain, provided, that
information that would be generally known or available to persons skilled
in the Participant’s fields shall be considered to be “clearly in the
public domain” for this purpose.
|
3
|
1.17
|
“Default Payment Commencement Date” means the
later of: (a) the first day of the month following the month in which the
Participant attains age 60, and (b) in the event the Participant incurs a
Separation from Service due to his or her death, the first day of the
month following the date of death or, in the event the Participant incurs
a Separation from Service other than by reason of death, the first day of
the seventh month following the date on which the Participant incurs a
Separation from Service.
|
|
1.18
|
“Deferral
Credit Account” means the bookkeeping account maintained in the name of
the Employer, on behalf of each Participant, pursuant to Article
5.
|
|
1.19
|
“Determination
Date” means the earlier of (i) the date of termination of the
Participant’s employment with the Employer or (ii) the first day of the
month following the Participant’s 65th
birthday.
|
|
1.20
|
“Effective
Date” means July 23, 2001, as amended and restated as of November 5,
2009.
|
|
1.21
|
“Employee”
means a person who is an employee of the
Employer.
|
|
1.22
|
“Employer”
means the Company, the Bank and any subsidiary or affiliated corporation
of either of them which, with the approval of the Board and subject to
such conditions as the Board may impose, adopts the Plan, and any
successor or successors of any of
them.
|
|
1.23
|
“Final
Average Compensation” shall have the same meaning as the term “Final
Average Compensation” has under Section 1.05A of Appendix A to the Basic
Retirement Plan, except that in determining the amount of Compensation (as
defined in Section 1.12 of the Basic Retirement Plan) to be used in
calculating Final Average Compensation under Section 1.05A of Appendix A
to the Basic Retirement Plan, Compensation shall not be subject to the
compensation limitation of section 401(a)(17) of the
Code.
|
|
1.24
|
“401(k)/ESOP
Benefit” means the deferred compensation 401(k)/ESOP Benefit provided to
Participants and their beneficiaries in accordance with the applicable
provisions of the Plan.
|
|
1.25
|
“Full-Time
Employee” shall mean an Employee who works not less than 1,000 hours in a
calendar year.
|
|
1.26
|
“Other
Retirement Benefits” means the sum
of:
|
|
|
(a)
|
The
annual benefit payable to the Participant from the Basic Retirement Plan;
plus
|
|
|
(b)
|
The
annual Retirement Income Benefit payable to the Participant hereunder;
plus
|
4
|
|
(c)
|
The
annual amount of any supplemental retirement benefit payable to the
Participant by the Employer or any other Employer pursuant to any
Supplemental Retirement Agreement with the Participant (other than amounts
attributable to elective deferrals of such Participant’s compensation);
plus
|
|
|
(d)
|
The
annual benefit that could be provided by (A) Employer contributions (other
than elective deferrals) made on the Participant’s behalf under the Basic
401(k)/ESOP, and (B) actual earnings on contributions in (A), if such
contributions and earnings were converted to a benefit payable at age
60
in the same form as the Supplemental Retirement Benefit, using the same
actuarial assumptions as are provided under Section 1.1;
plus
|
|
|
(e)
|
The
annual benefit that could be provided by the Participant’s Deferral Credit
Account, if such Deferral Credit Account were converted to a benefit
payable at age 60
in the same form as the Supplemental Retirement Benefit, using the same
actuarial assumptions as are provided under Section
1.1.
|
The
amount of Other Retirement Benefits shall be determined by an actuary selected
by the Company, with such determination to be made without regard to whether the
Participant is receiving payment of such benefits on the Determination
Date. To the extent the Participant receives a payment of Other
Retirement Benefits described in 1.26(d) or (e) prior to the date the
Supplemental Retirement Benefit is determined pursuant to this Plan, the total
of such Other Retirement Benefits shall be determined by including and assuming
that such amounts earned interest at a variable rate equal to the one-year
United States Treasury xxxx rate as reported in the New York edition of The Wall Street Journal on
the Determination Date from the date received to the date Other Retirement
Benefits are calculated for purposes of this Plan.
|
1.27
|
“Participant”
means an Employee who has been designated by the Employer as eligible to
participate in the Plan and who becomes a Participant pursuant to the
provisions of Article 2.
|
|
1.28
|
“Payment Commencement Date” means the later of (a)
the first day of the seventh month following the date a Participant incurs
a Separation from Service other than by reason of death, or if due to
death, the first day of the month following the Participant’s death, and
(b) the date elected by the Participant in his or her valid Payment
Election.
|
|
1.29
|
“Payment Election” means a Participant’s election
on the form provided by the Company of a Payment Commencement Date and the
form in which payment shall be made in accordance with the procedures
established by the Committee for such
purpose.
|
|
1.30
|
“Plan”
means the NBT Bancorp Inc. Supplemental Executive Retirement Plan, as
herein set forth, and as it may hereafter be amended from time to
time.
|
|
1.31
|
“Plan
Limitation Provisions” means provisions of the Basic 401(k)/ESOP and the
Basic Retirement Plan that reduce or restrict an Employee’s
employer-provided benefits under the Basic Retirement Plan and employer
matching contributions to the Basic 401(k)/ESOP (including Article IX and
the last paragraph of Section 1.12 of the Basic Retirement Plan and the
fourth to last paragraph of Section 1.12, and Sections 4.5, 4.7 and 4.9 of
the Basic 401(k)/ESOP, or the corresponding provisions of any amendment to
such Plans) in order to satisfy the limitations imposed by one or more of
the following: (i) Section 401(a)(17) of the Code, (ii) Section
401(k)(3) of the Code, (iii) Section 401(m) of the Code, or (iv) Section
415 of the Code.
|
5
|
1.32
|
“Plan
Year” means the period from the Effective Date through December 31, 2001
and each calendar year thereafter within which the Plan is in
effect.
|
|
1.33
|
“Present
Value” means the present value of a benefit determined on the basis of the
actuarial assumptions specified in Section
1.1
|
|
1.34
|
“Separation from Service” means a “separation from
service” within the meaning of Treas. Reg. §1.409A-1(h) and in accordance
with the default rules thereunder, which includes termination of a
Participant’s employment with the Company or any Affiliate, whether
voluntarily or involuntarily, by reason of death, retirement, becoming
disabled, resignation or discharge. Transfer to employment with
an Affiliate shall not be treated as a Separation from
Service.
|
|
1.35
|
“Social
Security Benefit” means the Participant’s actual social security benefit
at his or her Social Security Retirement
Age.
|
|
1.36
|
“Social
Security Retirement Age” means (a) age 65 for a Participant who attains
age 62 before January 1, 2000 (i.e., born before January 1, 1938); (b) age
66 for a Participant who attains age 62 after December 31,
1999, but before January 1, 2017 (i.e., born after December 31, 1937, but
before January 1, 1955); and (c) age 67 for a Participant who attains age
62 after December 31, 2016 (i.e., born after December 31,
1954).
|
|
1.37
|
“Retirement
Income Benefit” means the deferred compensation retirement income benefit
determined pursuant to Article 4.
|
|
1.38
|
“Supplemental
Retirement Benefit” means the deferred compensation retirement benefit
determined pursuant to Article 6.
|
|
1.39
|
“Supplemental
Surviving Spouse Benefit” means the survivor death benefit payable to a
Participant’s surviving spouse, pursuant to the provisions of Sections 8.1
through 8.3.
|
|
1.40
|
“Year
of Service” means a calendar year in which the Participant completes not
less than 1,000 Hours of Service (as defined in Section 1.25 of the Basic
Retirement Plan) with an Employer.
|
Words
importing males shall be construed to include females and the singular shall be
construed to include the plural, and vice versa, wherever
appropriate.
6
ARTICLE
2
ELIGIBILITY AND
PARTICIPATION
|
2.1
|
Plan
eligibility is limited to a select group of management or highly
compensated Employees, as designated in writing by the Board, who
participate in the Basic Retirement Plan, the Basic 401(k)/ESOP or both
such plans.
|
From time
to time, the Company may designate one or more Employees who participate in the
Basic Retirement Plan, the Basic 401(k)/ESOP or both such plans as participants
in the Plan, from the class of Employees participating in the Basic Retirement
Plan, the Basic 401(k)/ESOP or both such plans who are members of a select group
of management Employees or are highly compensated Employees. Newly
eligible Employees shall participate as of the date specified by the
Board.
|
2.2
|
The
Company may, from time to time, remove any Participant from participation
in the Plan; provided, however,
that, subject to Section 12.4, such removal will not reduce the amount of
Retirement Income Benefit and 401(k)/ESOP Benefit credited to the
Participant under the Plan, as determined as of the date of such
Participant’s removal. A Participant so removed shall remain a
Participant until all benefits are distributed in accordance with the
provisions of the Plan.
|
|
2.3
|
The
Committee may provide each eligible Employee with appropriate forms in
connection with participation in the
Plan.
|
ARTICLE
3
RETIREMENT
DATE
|
3.1
|
A
Participant’s Retirement Date shall be his or her date of actual
retirement, which may be his or her Normal, Early, Disability or Postponed
Retirement Date, whichever is applicable pursuant to the following
sections of this Article 3.
|
|
3.2
|
A
Participant’s Normal Retirement Age shall be the 65th anniversary of his
or her birth. Such Participant’s Normal Retirement Date shall
be the date coinciding with Normal Retirement Date under the Basic
Retirement Plan.
|
|
3.3
|
A
Participant may retire on an Early Retirement Date, which shall be the
date coinciding with the initial distribution of an early retirement
benefit under the Basic Retirement
Plan.
|
|
3.4
|
A
Participant may retire on a Disability Retirement Date, which shall be the
date coinciding with the initial distribution of a disability retirement
benefit under the Basic Retirement
Plan.
|
7
|
3.5
|
If
a Participant continues in the employment of the Employer beyond Normal
Retirement Date, the date coinciding with postponed retirement under the
Basic Retirement Plan shall be the Participant’s Postponed Retirement
Date.
|
ARTICLE
4
RETIREMENT INCOME
BENEFIT
|
4.1
|
The
Retirement Income Benefit payable to an eligible Participant in the form
of a life annuity with five years certain commencing on his or her Normal,
Early, Disability or Postponed Retirement Date, as the case may be, shall
be equal to the excess, if any, of the amount specified in (a) over the
amount specified in (b), as stated
below:
|
|
|
(a)
|
the
monthly amount of Basic Retirement Plan retirement income payable upon
Normal, Early or Postponed Retirement Date, as the case may be, to which
the Participant would have been entitled under the Basic Retirement
Plan (including any payments credited as a
result of a Participant being a Disabled Participant (as defined in the
Basic Retirement Plan)), if
such benefit were calculated under the Basic Retirement Plan without
giving effect to the limitations and restrictions imposed by the
application of Plan Limitation Provisions and any other provisions of the
Basic Retirement Plan that are necessary to comply with Code Sections
401(a)(17) and 415, or any successor provisions
thereto;
|
|
|
(b)
|
the
sum of (i) the monthly amount of Basic Retirement Plan retirement income
payable upon Normal, Early or Postponed Retirement Date, as the case may
be, actually payable to the Participant under the Basic Retirement
Plan (including any payments credited as a result of a
Participant being a Disabled Participant (as defined in the Basic
Retirement Plan)), after the limitations and restrictions imposed
by the application of the Plan Limitation Provisions and any other
provisions of the Basic Retirement Plan that are necessary to comply with
Code Sections 401(a)(17) and 415, or any successor provisions thereto,
plus (ii) the monthly amount of retirement income that is the actuarial
equivalent (determined in accordance with the Basic Retirement Plan) of
any supplemental retirement benefit payable to the Participant by any
Employer upon Normal, Early or Postponed Retirement Date, as the case may
be, pursuant to any Supplemental Retirement Agreement with the
Participant.
|
|
4.2
|
With
respect to eligible Participants who terminate their employment other than
on a Retirement Date specified in Article 3, the vested Retirement Income
Benefit payable in the form of a life annuity with five years certain,
commencing on the date the Participant is eligible for a vested retirement
benefit under the Basic Retirement Plan, shall be equal to the excess, if
any, of the amount specified in (a) over the amount specified in (b), as
stated below:
|
8
|
|
(a)
|
the
monthly amount of Basic Retirement Plan vested retirement income payable
upon termination of service to which the Participant would have been
entitled under the Basic Retirement Plan, if such benefit were calculated
under the Basic Retirement Plan without giving effect to the limitations
and restrictions imposed by the application of the Plan Limitation
Provisions and any other provisions of the Basic Retirement Plan that are
necessary to comply with Code Sections 401(a)(17) and 415, or any
successor provisions thereto;
|
|
|
(b)
|
the
sum of (i) the monthly amount of Basic Retirement Plan vested retirement
income payable upon termination of service actually payable to the
Participant under the Basic Retirement Plan, after the limitations and
restrictions imposed by the application of the Plan Limitation Provisions
and any other provisions of the Basic Retirement Plan that are necessary
to comply with Code Sections 401(a)(17) and 415, or any successor
provisions thereto, plus (ii) the monthly amount of retirement income that
is the actuarial equivalent (determined in accordance with the Basic
Retirement Plan) of any supplemental retirement benefit payable to the
Participant by any Employer following such termination of service pursuant
to any Supplemental Retirement Agreement with the
Participant.
|
ARTICLE
5
SUPPLEMENTAL
401(k)/ESOP
BENEFIT AND DEFERRAL CREDIT
ACCOUNTS
|
5.1
|
The
401(k)/ESOP Benefit under the Plan shall equal the discretionary and
matching contributions or other Employer-provided benefit to the extent
provided for under the Basic 401(k)/ESOP (disregarding the limitations and
restrictions imposed by the application of the Plan Limitation Provisions
and any other provisions of the Basic 401(k)/ESOP that are necessary to
comply with Code Sections 401(a)(17), 401(k)(3), 401(m), and 415, or any
successor provisions thereto) for plan years of the Basic 401(k)/ESOP
ending after the Effective Date, less any such amount actually contributed
by the Employer to the Basic 401(k)/ESOP for such plan years (to the
extent permitted by the terms thereof, taking into account the limitations
and restrictions imposed by the application of the Plan Limitation
Provisions and any other provisions of the Basic 401(k)/ESOP that are
necessary to comply with Code Sections 401(a)(17), 401(k)(3), 401(m), and
415, or any successor provisions thereto), adjusted for income, gains and
losses based on deemed investments, pursuant to Section 5.4
below. For purposes of this Section 5.1, it shall be assumed
that the Participant has made Basic 401(k)/ESOP contributions, on a
before-tax or after-tax basis, as are necessary to qualify for the maximum
Employer provided benefit available under the Basic 401(k)/ESOP to
similarly situated Basic 401(k)/ESOP Participants who are not affected by
such restrictions and limitations.
|
|
5.2
|
The
401(k)/ESOP Benefit under the Plan shall be accounted for by the Employer
under a Deferral Credit Account, maintained in the name of the Employer,
on behalf of each Participant.
|
9
|
5.3
|
Each
Deferral Credit Account maintained by the Employer shall be credited with
units on behalf of each Participant, as appropriate in accordance with the
401(k)/ESOP Benefit, as soon as administratively practicable, but in no
event later than March 15 of the Plan Year following the Plan Year in
which Basic 401(k)/ESOP contributions on behalf of the Participant were
limited or restricted.
|
|
5.4
|
The
401(k)/ESOP Benefit credited annually to each Participant’s Deferral
Credit Account under the Plan shall be deemed to be invested on a time
weighted basis, based upon the crediting of the Deferral Credit Account
under Section 5.3 above, as if such amounts had been invested in the same
manner as the investment of the corresponding amounts pursuant to the
Basic 401(k)/ESOP, and such Account shall be credited with income and
gains, and charged with losses, as if such investments had actually been
made.
|
ARTICLE
6
SUPPLEMENTAL RETIREMENT
BENEFIT
|
6.1
|
If
an eligible Participant shall remain employed by the Employer until: (1)
reaching his or her 60th birthday or
(2) or shall terminate employment prior to his or her 60th
birthday due to disability, in each case 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 pursuant to subparagraphs (a) and (b) if
Participant terminates employment other than due to disability and
paragraph (c) if the termination is due to disability 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.
|
|
|
(c)
|
the
Participant shall be entitled to a Supplemental Retirement Benefit upon
termination of employment due to disability in an amount equal to the
excess, if any, of (1) 60 percent of the Participant’s Final Average
Compensation, over (2) the annual amount of any benefits paid to the
Participant payable under any Employer-provided disability
policies.
|
If the
eligible Participant has terminated employment due to disability prior to
reaching his Disability Retirement Date, the amount of the Supplemental
Retirement Benefit shall not reduce the benefits to which the eligible
Participant is entitled pursuant to any Employer provided disability
policies.
10
|
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 7.2(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:
|
|
|
(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.
|
ARTICLE
7
MODES OF BENEFIT PAYMENT
AND
VESTING OF
BENEFITS
|
7.1
|
Payment of any Retirement Income Benefit
and 401(k)/ESOP Benefit under the Plan to a Participant, beneficiary,
joint or contingent annuitant or eligible child shall be made in the normal form in which
benefits are made under the Basic Retirement Plan and Basic
401(k)/ESOP, respectively, and commence on
the Default Payment Commencement Date; provided, however, that payment
shall instead be made in accordance with the Participant’s Payment
Election if the Participant has in place a valid Payment
Election. To be valid, the Payment Election shall be an
irrevocable election made on such form provided by the Company and filed
with the Company no later than December 31,
2008. Notwithstanding any provision to the contrary in the
Plan, payment of any Retirement Income Benefit and 401(k)/ESOP Benefit to
a Participant shall commence on the Payment Commencement Date (or as soon
as reasonably practicable thereafter retroactive to a Participant’s
Payment Commencement Date, but in no event more than 60 days following the
Payment Commencement Date).
|
Any
Retirement Income Benefit paid from the Plan in a form other than a life annuity
shall be the actuarial equivalent of a life annuity, utilizing the actuarial
equivalent factors set forth in the Basic Retirement Plan and applied to obtain
the optional mode of payment thereunder.
11
|
7.2
|
The
Supplemental Retirement Benefit shall be
paid:
|
|
|
(a)
|
except
as provided in Section 7.2(b) (early
retirement) and Section 8.6 (death), commencing on the first day of the
month following the later of the Participant’s retirement or his or her
attainment of age 60;
or
|
|
|
(b)
|
commencing
on the first day of the month following the Participant’s Determination
Date in connection with early retirement after reaching age 58 and prior to the date of his or her
60th birthday,
and
|
|
|
(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.
|
|
7.3
|
The
Supplemental Retirement Benefit shall be paid in the form specified
below:
|
|
|
(a)
|
The
Supplemental Retirement Benefit shall be paid as a straight life annuity,
payable in monthly installments, for the Participant’s life; provided,
however, that if the Participant has no surviving spouse and dies before
having received 60 monthly payments, such monthly payments shall be
continued to his or her Beneficiary until the total number of monthly
payments to the Participant and his or her Beneficiary equal 60, whereupon
all payments shall cease and the Company’s obligation to pay the
Supplemental Retirement Benefit under shall be deemed to have been fully
discharged. If the Participant and his or her Beneficiary shall
die before having received a total of 60 monthly payments, an amount equal
to the Actuarial Equivalent of the balance of such monthly payments shall
be paid in a single sum to the estate of the survivor of the Participant
and his or her Beneficiary. If Supplemental Retirement Benefits
are payable in the form described in this Section 7.3(a), the Participant shall designate in
writing, as his or her Beneficiary, any person or persons, primarily,
contingently or successively, to whom the Company shall pay benefits
following the Participant’s death if the Participant’s death occurs before
60 monthly payments have been made.
|
|
|
(b)
|
Notwithstanding
the form of payment described in Section 7.3(a), if the Participant is married on
the date payment of the Supplemental Retirement Benefit commences, the
benefit shall be paid as a 50% joint and survivor annuity with the
Participant’s spouse as the Beneficiary. The 50% joint and
survivor annuity shall be the Actuarial Equivalent of the benefit
described in Section 7.3(a). If the Supplemental
Retirement Benefit is payable pursuant to this Section 7.3(b), but the Participant’s spouse fails to
survive him or her, no payments of the Supplement Retirement Benefit will
be made following the Participant’s
death.
|
|
7.4
|
Subject
to Section 12.4, each Participant shall have a 100 percent vested and
non-forfeitable right to benefits under the
Plan.
|
12
ARTICLE
8
DEATH
BENEFITS
|
8.1
|
Upon
the death of: (i) a Participant who has not terminated from
employment before Retirement Date as defined in Section 3.1, or (ii) a
Participant who retires on a Retirement Date as defined in Section 3.1 and
dies before the complete distribution of Basic Retirement Plan Benefit and
Basic 401(k)/ESOP Benefit, as the case may be, benefits shall be payable
as set forth in Sections 8.2, 8.3 and
8.4.
|
|
8.2
|
With
respect to any Retirement Income Benefit, if a Basic Retirement Plan
pre-retirement survivor annuity or post retirement survivor annuity, as
the case may be, is payable to a Participant’s surviving spouse or
eligible children, if applicable, a supplemental pre-retirement survivor
annuity or post retirement survivor annuity, as the case may be, shall be
payable to the surviving spouse or eligible children, if applicable, under
the Plan. The monthly amount of the Supplemental Surviving
Spouse Benefit pre-retirement survivor annuity or post retirement survivor
annuity, as the case may be, payable to a surviving spouse or eligible
children, if applicable, shall be equal to the excess, if any, of the
amount specified in (a) over the amount specified in (b), as stated
below:
|
|
|
(a)
|
the
monthly amount of Basic Retirement Plan pre-retirement survivor annuity or
post retirement survivor annuity, as the case may be, to which the
surviving spouse or eligible children, if applicable, would have been
entitled under the Basic Retirement Plan, if such benefit were calculated
under the Basic Retirement Plan without giving effect to the limitations
and restrictions imposed by the Plan Limitation Provisions and any other
provisions of the Basic Retirement Plan that are necessary to comply with
Code Sections 401(a)(17) and 415, or any successor provisions
thereto;
|
|
|
(b)
|
(i) the
monthly amount of Basic Retirement Plan pre-retirement survivor annuity or
post retirement survivor annuity, as the case may be, actually payable to
the surviving spouse or eligible children, if applicable, under the Basic
Retirement Plan, after the limitations imposed by the application of Plan
Limitation Provisions and any other provisions of the Basic Retirement
Plan that are necessary to comply with Code Sections 401(a)(17) and 415,
or any successor provisions thereto plus (ii) the monthly amount that is
the actuarial equivalent (determined in accordance with the Basic
Retirement Plan) of any supplemental retirement benefit payable to the
surviving spouse or eligible children, if applicable, by any Employer
following the Participant’s death pursuant to any Supplemental Retirement
Agreement with the Participant.
|
|
8.3
|
The
Retirement Income Benefit supplemental pre-retirement survivor annuity or
post retirement survivor annuity shall be payable over the lifetime of the
surviving spouse, or to eligible children to the extent provided in the
Basic Retirement Plan, in monthly installments commencing on the same date
as payment of the Basic Retirement Plan pre-retirement survivor annuity or
post retirement survivor annuity, as the case may be, and shall terminate
on the date of the last payment of the Basic Retirement Plan
pre-retirement survivor annuity or post retirement survivor annuity, as
the case may be.
|
13
|
8.4
|
With
respect to any 401(k)/ESOP Benefit, all amounts credited to the
Participant’s Deferral Credit Account shall be payable in a single lump
sum to the Participant’s surviving spouse, if any, as a Supplemental
Surviving Spouse Benefit, unless an optional mode has been elected
pursuant to Article 7.
|
|
8.5
|
Upon
the death of a Participant under the circumstances set forth in clauses
(i) and (ii) of Section 8.1, if no Basic Retirement Plan Surviving Spouse
Benefit, or Basic 401(k)/ESOP Surviving Spouse Benefit, as the case may
be, is payable, (a) no further Retirement Income Benefit shall be payable,
unless an optional mode has been elected pursuant to Article 7, and (b)
all amounts credited to the Participant’s Deferral Credit Account shall be
payable to the Participant’s designated beneficiary in a single lump sum,
unless an optional mode has been elected pursuant to Article
7.
|
|
8.6
|
The
following provisions shall apply with respect to payment of the
Supplemental Retirement Benefit after the death of a
Participant:
|
|
|
(a)
|
Except
as provided in Section 8.6(b), if a Participant shall die before his or
her 60th birthday, no Supplemental
Retirement Benefit shall be
payable.
|
|
|
(b)
|
If
a Participant shall die on or after his or her 60th birthday, after he or
she has retired but before payment of any Supplemental Retirement Benefit
has commenced, the Participant’s surviving spouse, if any, shall be paid
as a straight life annuity 50 percent of the Supplemental Retirement
Benefit for her life commencing within 30 days following the Participant’s
death. Such payments shall be made in monthly
installments. However, if such Participant is not married at
the time of his or her death, the Company shall pay to the Participant’s
Beneficiary a lump sum benefit equal to 50 percent of the Present Value of
the Participant’s Supplemental Retirement
Benefit.
|
|
|
(c)
|
Except
as provided in Section 8.6(b), no Supplemental Retirement Benefit shall be
payable if the Participant dies before payment of any Supplement
Retirement Benefit has begun without having a spouse who survives him or
her.
|
|
|
(d)
|
If
a Participant dies after payment of a Supplemental Retirement Benefit has
commenced, the amount, if any, of the Supplemental Retirement Benefit
payable to the Participant’s surviving spouse or other Beneficiary shall
be determined pursuant to the applicable provisions of Section
7.5.
|
14
ARTICLE
9
UNFUNDED
PLAN
|
9.1
|
The
Plan shall be administered as an unfunded plan and is not intended to meet
the qualification requirements of Sections 401(a) and 401(k) of the
Code. No Participant or beneficiary shall be entitled to
receive any payment or benefits under the Plan from the qualified trust
maintained in connection with the Basic Retirement Plan and Basic
401(k)/ESOP.
|
|
9.2
|
The
Employer shall have the right to establish a reserve, establish a grantor
trust or make any investment for the purposes of satisfying its obligation
hereunder for payment of benefits, including, but not limited to,
investments in one or more registered investment companies under the
Investment Company Act of 1940, as amended, to the extent permitted by
applicable banking or other law; provided, however, that
no Participant or beneficiary shall have any interest in such investment,
trust, or reserve.
|
|
9.3
|
To
the extent that any Participant or beneficiary acquires a right to receive
benefits under the Plan, such rights shall be no greater than those rights
which guarantee to the Participant or beneficiary the strongest claim to
such benefits, without resulting in the Participant’s or beneficiary’s
constructive receipt of such
benefits.
|
|
9.4
|
With
respect to any 401(k)/ESOP Benefit, 100% of the Participant’s Deferral
Credit Account shall be deemed to be invested as provided in Section 5.4
above. A Participant’s Deferral Credit Account may not be
encumbered or assigned by a Participant or any
beneficiary.
|
|
9.5
|
A
Participant or beneficiary with a Retirement Income Benefit, the
401(k)/ESOP Benefit or both such Benefits under the Plan shall be an
unsecured creditor of the Employer as to any benefit payable under the
Plan.
|
|
9.6
|
Not
later than the closing of any transaction that would constitute a Change
of Control, the Employer shall transfer to an independent corporate
trustee of a grantor trust within the meaning of section 671 of the Code
that satisfies the applicable requirements of Revenue Procedure 92-64 or
any successor thereto an amount sufficient to cover all potential
liabilities under this Plan.
|
ARTICLE
10
ADMINISTRATION
|
10.1
|
Except
for the functions reserved to the Company or the Board, the administration
of the Plan shall be the responsibility of the Committee. The
Committee shall consist of three or more persons designated by the
Company. Members of the Committee shall serve for such terms as
the Company shall determine and until their successors are designated and
qualified. Any member of the Committee may resign upon at least
60 days written notice to the Company, or may be removed from office by
the Company at any time, with or without
notice.
|
15
|
10.2
|
The
Committee shall hold meetings upon notice at such times and places as it
may determine. Notice shall not be required if waived in
writing. Any action of the Committee shall be taken pursuant to
a majority vote at a meeting, or pursuant to the written consent of a
majority of its members without a meeting, and such action shall
constitute the action of the Committee and shall be binding in the same
manner as if all members of the Committee had joined therein. A
majority of the members of the Committee shall constitute a
quorum. No member of the Committee shall note or be counted for
quorum purposes on any matter relating solely to himself or herself or his
or her rights under the Plan. The Committee shall record
minutes of any actions taken at its meetings or of any other official
action of the Committee. Any person dealing with the Committee
shall be fully protected in relying upon any written notice, instruction,
direction or other communication signed by the Secretary of the Committee
or by any of the members of the Committee or by a representative of the
Committee authorized by the Committee to sign the same in its
behalf.
|
|
10.3
|
The
Committee shall have the power and the duty to take all actions and to
make all decisions necessary or proper to carry out the
Plan. The determination of the Committee as to any question
involving the Plan shall be final, conclusive and binding. Any
discretionary actions to be taken under the Plan by the Committee shall be
uniform in their nature and applicable to all persons similarly
situated. Without limiting the generality of the foregoing, the
Committee shall have the following powers and
duties:
|
|
(a)
|
the
duty to furnish to all Participants, upon request, copies of the
Plan;
|
|
|
(b)
|
the
power to require any person to furnish such information as it may request
for the purpose of the proper administration of the Plan as a condition to
receiving any benefits under the
Plan;
|
|
|
(c)
|
the
power to make and enforce such rules and regulations and prescribe the use
of such forms as it shall deem necessary for the efficient administration
of the Plan;
|
|
|
(d)
|
the
power to interpret the Plan, and to resolve ambiguities, inconsistencies
and omissions, which findings shall be binding, final and
conclusive;
|
|
|
(e)
|
the
power to decide on questions concerning the Plan in accordance with the
provisions of the Plan;
|
|
|
(f)
|
the
power to determine the amount of benefits which shall be payable to any
person in accordance with the provisions of the Plan and to provide a full
and fair review to any Participant whose claim for benefits has been
denied in whole or in part;
|
|
|
(g)
|
the
power to designate a person who may or may not be a member of the
Committee as Plan “Administrator” for purposes of the Employee Retirement
Income Security Act of 1974 (ERISA); if the Committee does not so
designate an Administrator, the Committee shall be the Plan
Administrator;
|
16
|
|
(h)
|
the
power to allocate any such powers and duties to or among individual
members of the Committee; and
|
|
|
(i)
|
the
power to designate persons other than Committee members to carry out any
duty or power which would otherwise be a responsibility of the Committee
or Administrator, under the terms of the
Plan.
|
|
10.4
|
To
the extent permitted by law, the Committee and any person to whom it may
delegate any duty or power in connection with administering the Plan, the
Company, any Employer, and the officers and directors thereof, shall be
entitled to rely conclusively upon, and shall be fully protected in any
action taken or suffered by them in good faith in the reliance upon, any
actuary, counsel, accountant, other specialist, or other person selected
by the Committee, or in reliance upon any tables, valuations,
certificates, opinions or reports which shall be furnished by any of
them. Further, to the extent permitted by law, no member of the
Committee, nor the Company, any Employer, nor the officers or directors
thereof, shall be liable for any neglect, omission or wrongdoing of any
other members of the Committee, agent, officer or employee of the Company
or any Employer. Any person claiming benefits under the Plan
shall look solely to the Employer for
redress.
|
|
10.5
|
All
expenses incurred before the termination of the Plan that shall arise in
connection with the administration of the Plan (including, but not limited
to administrative expenses, proper charges and disbursements, compensation
and other expenses and charges of any actuary, counsel, accountant,
specialist, or other person who shall be employed by the Committee in
connection with the administration of the Plan), shall be paid by the
Employer.
|
ARTICLE
11
AMENDMENT OR
TERMINATION
|
11.1
|
The
Board shall have the power to suspend or terminate the Plan in whole or in
part at any time, and from time to time to extend, modify, amend or revise
the Plan in such respects as the Board, by resolution, may deem advisable;
provided,
however, that no such extension, modification, amendment, revision, or
termination shall deprive a Participant or any beneficiary of any benefit
accrued under the Plan.
|
|
11.2
|
In
the event of a termination or partial termination of the Plan, the rights
of all affected parties, if any, to benefits accrued to the date of such
termination or partial termination, shall become nonforfeitable to the
same extent that such rights would be nonforfeitable if such benefits were
provided under the Basic Retirement Plan or the Basic 401(k)/ESOP and such
plans were terminated on such date.
|
17
|
11.3
|
No
amendment of the Plan shall reduce the vested and accrued benefits, if
any, of a Participant under this Plan, except to the extent that such a
reduction would be permitted if such benefits were provided under the
Basic Retirement Plan or the Basic
401(k)/ESOP.
|
|
11.4
|
In
the event of the termination or partial termination of the
Plan: (a) the Company shall pay in one lump sum to affected
Participants or their beneficiaries the 401(k)/ESOP Benefit, if any, to
which they are entitled, as if such Participants’ termination of service
had occurred on the date the Plan is terminated, and (b) the Retirement
Income Benefit and Supplemental Retirement Benefit, if any, to which they
are entitled shall continue to be
payable.
|
ARTICLE
12
GENERAL
PROVISIONS
|
12.1
|
The
Plan shall not be deemed to constitute an employment contract between the
Employer and any Employee or other person, whether or not in the employ of
the Employer, nor shall anything herein contained be deemed to give any
Employee or other person, whether or not in the employ of the Employer,
any right to be retained in the employ of the Employer, or to interfere
with the right of the Employer to discharge any Employee at any time and
to treat such Employee without any regard to the effect which such
treatment might have upon such Employee as a Participant of the
Plan.
|
|
12.2
|
Except
as provided in Section 12.4, or as may otherwise be required by law, no
distribution or payment under the Plan to any Participant or beneficiary
shall be subject in any manner to anticipation, alienation, sale,
transfer, assignment, pledge, encumbrance or charge, whether voluntary or
involuntary, and any attempt to so anticipate, alienate, sell, transfer,
assign, pledge, encumber or charge the same shall be void; nor shall any
such distribution or payment be in any way liable for or subject to the
debts, contracts, liabilities, engagements or torts of any person entitled
to such distribution or payment. If any Participant or
beneficiary is adjudicated bankrupt or purports to anticipate, alienate,
sell, transfer, assign, pledge, encumber or charge any such distribution
or payment, voluntarily or involuntarily, the Committee, in its sole
discretion, may cancel such distribution or payment or may hold or cause
to be held or applied such distribution or payment, or any part thereof,
to or for the benefit of such Participant or beneficiary, in such manner
as the Committee shall direct.
|
|
12.3
|
If
the Employer determines that any person entitled to payments under the
Plan is incompetent by reason of physical or mental disability, it may
cause all payments thereafter becoming due to such person to be made to
any other person for his or her benefit, without responsibility to follow
application of amounts so paid. Payments made pursuant to this
provision shall completely discharge the Plan, the Employer and the
Committee.
|
|
12.4
|
Notwithstanding
any other provision of this Plan:
|
18
|
|
(a)
|
if
the Employer determines that Cause exists for the termination of the
Participant’s employment, the Participant and his or her spouse and
beneficiaries shall forfeit all rights to any payments under this
Plan;
|
|
|
(b)
|
if
a Participant incurs a Separation
from Service before having completed
five Years of Service with any Employer, no Supplemental Retirement
Benefit shall be payable hereunder;
|
|
|
(c)
|
no
amounts shall be payable hereunder to the Participant and his or her
spouse and beneficiaries:
|
(i) following
any breach by the Participant of any provision of any employment or other
written agreement with the Company, the Bank or any other Employer with respect
to confidentiality, non-competition, non-interference with, or non-solicitation
of, employees, customers, suppliers or agents or similar matters, provided that no Change in
Control shall have occurred before such breach;
(ii) if,
without the prior written consent of the Company, the Participant discloses or
divulges to any third party, except as may be required by his or her duties, by
law, regulation, or order of a court or government authority, or as directed by
the Company, or uses to the detriment of the Company or its affiliates or in any
business or on behalf of any business competitive with or substantially similar
to any business of the Company or the Bank or their affiliates, any Confidential
Information obtained during the course of his or her employment by the Company,
the Bank or any affiliate of any of either of them, provided that this Section
12.4(c)(ii) shall not be construed as restricting the Participant from
disclosing such information to the employees of the Company or the Bank or their
affiliates;
(iii) if
while the Participant is employed by the Company, the Bank, any Employer or any
affiliate of any of them or within two years after any termination of such
employment other than in anticipation of or following a Change in Control, the
Participant (A) interferes with the relationship of the Company, the Bank or
their affiliates with any of their employees, suppliers, agents, or
representatives (including, without limitation, causing or helping another
business to hire any employee of the Company, the Bank or their affiliates), or
(B) directly or indirectly diverts or attempts to divert from the Company, the
Bank or their affiliates any business in which any of them has been actively
engaged during the period of such employment, or interferes with the
relationship of the Company, the Bank or their affiliates with any of their
customers or prospective customers, provided, that this Section
12.4(c)(iii) shall not, in and of itself, prohibit the Participant from engaging
in the banking, trust, or financial services business in any capacity, including
that of an owner or employee; and
19
|
|
(d)
|
if
any particular provision of this section 12.4 shall be adjudicated to be
invalid or unenforceable, such provision shall be deemed amended to delete
from the portion thus adjudicated to be invalid or unenforceable, such
deletion to apply only with respect to the operation of such provision in
the particular jurisdiction in which such adjudication is
made. In addition, should any court determine that the
provisions of this section 12.4 shall be unenforceable with respect to
scope, duration, or geographic area, such court shall be empowered to
substitute, to the extent enforceable, provisions similar hereto or other
provisions so as to provide to the Company, the Bank and their affiliates,
to the fullest extent permitted by applicable law, the benefits intended
by this section 12.4.
|
|
12.5
|
The
Employer shall be the sole source of benefits under the Plan, and each
Employee, Participant, beneficiary, or any other person who shall claim
the right to any payment or benefit under the Plan shall be entitled to
look solely to the Employer for payment of
benefits.
|
|
12.6
|
If
the Employer is unable to make payment to any Participant, beneficiary, or
any other person to whom a payment is due under the Plan, because it
cannot ascertain the identity or whereabouts of such Participant,
beneficiary, or other person after reasonable efforts have been made to
identify or locate such person (including a notice of the payment so due
mailed to the last known address of such Participant, beneficiary, or
other person shown on the records of the Employer), such payment and all
subsequent payments otherwise due to such Participant, beneficiary or
other person shall be forfeited 24 months after the date such payment
first became due; provided, however, that
such payment and any subsequent payments shall be reinstated,
retroactively, no later than 60 days after the date on which the
Participant, beneficiary, or other person shall make application
therefor. Neither the Company, the Committee nor any other
person shall have any duty or obligation under the Plan to make any effort
to locate or identify any person entitled to benefits under the Plan,
other than to mail a notice to such person’s last known mailing
address.
|
|
12.7
|
If
upon the payment of any benefits under the Plan, the Employer shall be
required to withhold any amounts with respect to such payment by reason of
any federal, state or local tax laws, rules or regulations, then the
Employer shall be entitled to deduct and withhold such amounts from any
such payments. In any event, such person shall make available
to the Employer, promptly when requested by the Employer, sufficient funds
or other property to meet the requirements of such
withholding. Furthermore, at any time the Employer shall be
obligated to withhold taxes, the Employer shall be entitled to take and
authorize such steps as it may deem advisable in order to have the amounts
required to be withheld made available to the Employer out of any funds or
property due to become due to such person, whether under the Plan or
otherwise.
|
|
12.8
|
The
Committee, in its discretion, may increase or decrease the amount of any
benefit payable hereunder if and to the extent that it determines, in good
faith, that an increase is necessary in order to avoid the omission of a
benefit intended to be payable under this Plan or that a decrease is
necessary in order to avoid a duplication of the benefits intended to be
payable under this Plan.
|
20
|
12.9
|
The
provisions of the Plan shall be construed, administered and governed under
applicable federal laws and the laws of the State of New
York. In applying the laws of the State of New York, no effect
shall be given to conflict of laws principles that would cause the laws of
another jurisdiction to apply.
|
21
AMENDED AND RESTATED
NBT
BANCORP INC.
SUPPLEMENTAL
EXECUTIVE RETIREMENT PLAN
(Effective
as of November 5, 2009)
TABLE OF
CONTENTS
|
Page
|
||
|
Preamble
|
1
|
|
|
Article
1 - Definitions
|
1
|
|
|
Article
2 - Eligibility and Participation
|
7
|
|
|
Article
3 - Retirement Date
|
7
|
|
|
Article
4 - Retirement Income Benefit
|
8
|
|
|
Article
5 - Supplemental 401(k)/ESOP Benefit and Deferral Credit
Accounts
|
9
|
|
|
Article
6 - Supplemental Retirement Benefit
|
10
|
|
|
Article
7 - Modes of Benefit Payment and Vesting of Benefits
|
11
|
|
|
Article
8 - Death Benefits
|
13
|
|
|
Article
9 - Unfunded Plan
|
15
|
|
|
Article
10 - Administration
|
15
|
|
|
Article
11 - Amendment or Termination
|
17
|
|
|
Article
12 - General Provisions
|
18
|
