NBT BANCORP INC. (NASDAQ:NBTB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On May 2, 2019, Michael J. Chewens, Senior Executive Vice President and Chief Financial Officer of NBT Bancorp Inc. (the Company), notified the Company of his resignation from any and all positions held as an officer of the Company effective December 31, 2019 and his retirement from employment effective March 31, 2020. There were no disagreements between Mr. Chewens and the Company.
In connection with Mr. Chewens resignation and retirement, on May 2, 2019, the Company and Mr. Chewens entered into a Transition and Retirement Agreement (the Retirement Agreement). to the terms of the Retirement Agreement, from the date of the Retirement Agreement through the effective date of his retirement (the Transition Period), Mr. Chewens will remain an employee of the Company (i) in his current role and title through the effective date of his resignation, and (ii) in a transitioning role from January 1, 2020 through the effective date of his retirement. In addition, during the Transition Period, Mr. Chewens will assist in the transition of his duties as requested from time to time by the Company.
During the Transition Period, Mr. Chewens will receive a base salary equal to his base salary in effect as of the date of the Retirement Agreement and he will receive a lump sum payment on the date of his retirement equal to three months base salary. In addition, Mr. Chewens will be entitled to receive a guaranteed cash bonus to the Companys annual Executive Incentive Compensation Plan based on the budgeted payout percentage of his base salary and guaranteed discretionary employer contributions to the Companys Deferred Compensation Plan and will remain eligible to 100% vest in his 2018 and 2019 performance unit grants based on actual achievement of the applicable performance factors.
The foregoing description of the Retirement Agreement is a summary and is qualified in its entirety by the terms of such agreement. The Company will file the Retirement Agreement as an exhibit to its next Quarterly Report on Form 10-Q as required.
A copy of the press release announcing Mr. Chewens retirement is filed as Exhibit 99.1 hereto and is incorporated herein by reference.
NBT BANCORP INC Exhibit
EX-99.1 2 ex99_1.htm EXHIBIT 99.1 Exhibit 99.1 FOR IMMEDIATE RELEASE ATTENTION: FINANCIAL AND BUSINESS EDITORS NBT BANCORP INC. ANNOUNCES CHIEF FINANCIAL OFFICER RETIREMENT NORWICH,…
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About NBT BANCORP INC. (NASDAQ:NBTB)
NBT Bancorp Inc. is a financial holding company. The Company conducts its business through NBT Bank, National Association (the Bank) and other subsidiaries, which provide commercial banking and financial services to customers in its market area, including central and upstate New York, northeastern Pennsylvania, southern New Hampshire, western Massachusetts, Vermont and Portland, Maine area. The Bank It offers deposit products, such as demand deposit accounts, negotiable order of withdrawal accounts, money market deposit accounts and certificate of deposit accounts. It offers loan products, such as consumer loans, home equity loans, mortgages and commercial loans. The Bank offers other products and services, such as trust and investment services, and financial planning and life insurance services through its branch network. The Company also provides retirement plan administration and insurance agency services.
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