First Amendment to Split-Dollar Agreement among NBT Bancorp, NBT Bank, and John H. Watt, Jr.

Contract Categories: Business Finance › Modification Agreements
Summary

This amendment updates the original Split-Dollar Agreement dated May 9, 2017, between NBT Bancorp, NBT Bank, and John H. Watt, Jr. The main change increases the insurance policy benefit from $500,000 to $1,000,000 for the employee's interest in the event of death occurring in 2024 or later. All other terms of the original agreement remain unchanged.

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EX-10.5 6 ef20029560_ex10-5.htm EXHIBIT 10.5
Exhibit 10.5

FIRST AMENDMENT TO SPLIT-DOLLAR AGREEMENT

This First Amendment (this “Amendment”) is entered into as of May 21, 2024, by and among NBT Bancorp, Inc., NBT Bank, N.A., and John H. Watt, Jr. in order to amend as follows that certain Split-Dollar Agreement, entered into as of May 9, 2017 (the “Split-Dollar Agreement”), by and among NBT Bancorp, Inc., NBT Bank, N.A., and John H. Watt, Jr.

1.         Insurance Policy.  Section 1 of the Split-Dollar Agreement is hereby amended to replace the reference to “$500,000” contained therein with “$1,000,000.”  Section 1 of the Split-Dollar Agreement shall otherwise be unchanged.

2.           Exhibit A. Exhibit A of the Split-Dollar Agreement is hereby amended in its entirety to read:

Exhibit A

Year of Death
Employee’s Interest under Section 1


2024 and thereafter
$1,000,000

3.          No Other Changes to the Split Dollar Agreement.  Except as expressly amended by this Amendment, all of the terms of the Split Dollar Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties have entered into this Amendment as of the date first set forth above.

[Signature Page Follows]

NBT BANCORP, INC:
EXECUTIVE:


By: /s/ Martin A. Dietrich
/s/ John H. Watt, Jr.


Name:  Martin A. Dietrich
John H. Watt, Jr.
Title:  Chairman, Board of Directors

NBT BANK, N.A.:

By: /s/ Martin A. Dietrich

Name:  Martin A. Dietrich
Title:  Chairman, Board of Directors