Exhibit 10.9
Amendment Number Two to NBT Bancorp Inc. Defined Benefit Pension Plan effective
January 1, 2002.
AMENDMENT #2 TO
NBT BANCORP INC.
DEFINED BENEFIT PENSION PLAN
Pursuant to Article 14.1 of the NBT Bancorp Inc. Defined Benefit Pension Plan
("the Plan") as amended and restated effective January 1, 2000, which provides
for the amendment thereof when necessary, the Plan is hereby amended effective
January 1, 2002, as follows:
ADD THE FOLLOWING NEW SECTION 1.32.1:
"Opening Account Balance" means the initial bookkeeping account established
as hereinafter provided as of January 1, 2002 with respect to an Employee
who was a Participant in the Central National Bank, Canajoharie Pension
Plan ("CNB Plan") as of December 31, 2001, when the CNB Plan merged with
the Plan, and who became a Participant in the Plan in accordance with
Section 2.1(b) as of January 1, 2002. Such Opening Account Balance shall
equal the product of (a) and (b) below:
(a) A lump sum amount equal to the "Actuarial Equivalent" lump sum
present value at January 1, 2002 of the Employee's "Accrued Benefit"
as of December 30, 2001;
(b) The applicable percentage specified below, based upon the
Employee's attained age and Years of Eligibility Service as of January
1, 2002:
Years of Eligibility Service at January 1, 2002
Attained Age at Fewer More
January 1, 2002 Than 5 5 to 10 Than 10
--------------- ------- -------- --------
30 or Less 100% 100% 100%
31 - 40 100% 105% 105%
41 - 55 100% 105% 110%
Over 55 100% 105% 105%
For purposes of this Section 1.32.1, the terms "Actuarial Equivalent" and
"Accrued Benefit" shall have the same meanings as such terms are defined in
the CNB Plan, the terms of which are herein incorporated with respect to
the benefits accrued there under as of December 30, 2001.
ADD THE FOLLOWING NEW SUBPARAGRAPH (C) TO SECTION 3.1:
(c) When an Account is initially established for an Eligible Employee
who was a participant in the CNB Plan on December 31, 2001 and who
became a Participant as of January 1, 2002 in accordance with Section
2.1(b), such Participant's Account shall be credited with an Opening
Account Balance as of January 1, 2002 in accordance with Section
1.32.1.
ADD THE FOLLOWING NEW SECTION 7.10:
7.10 Protected Benefits from CNB Plan
--------------------------------
Notwithstanding any provision contained herein to the contrary, a
Participant who was also a participant in the CNB Plan on December 31, 2001
shall be entitled to receive a benefit from the Plan that is no less than
the Participant's Accrued Benefit in the CNB Plan on December 30, 2001.
Furthermore, such Participant shall be entitled to receive his Accrued
Benefit from the CNB Plan at such time and in such manner as provided for
under the CNB Plan, including all optional forms of payment.
The Employer consents to the foregoing amendment; and except as herein amended,
the Plan is hereby ratified and confirmed.
NBT Bancorp Inc.
By: /S/ Thomas Delduchetto
Employer
Date: 10/28/02