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 OfficersItem 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 27, 2017, NBT Bancorp Inc. (the “Company”) entered into amendments to existing employment agreements with John H. Watt, Jr., President and Chief Executive Officer, Timothy L. Brenner, Executive Vice President & President of Wealth Management and F. Sheldon Prentice, Executive Vice President, General Counsel & Corporate Secretary (collectively, the “NEOs”).
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’ 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.
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.
| Item 9.01 |
Financial Statements and Exhibits |
(d) Exhibits.
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Exhibit No. |
Description |
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10.1 |
Form of Amendment to Employment Agreements, dated September 27, 2017 |
NBT BANCORP INC ExhibitEX-10.1 2 ex10_1.htm EXHIBIT 10.1 Exhibit 10.1 FIRST AMENDMENT TO EMPLOYMENT AGREEMENT This First Amendment (this “Amendment”) is entered into as of September 27,…To view the full exhibit click here
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.
