Form of Benefit. The Participant’s Retirement Benefit shall be paid in the form of a cash lump sum. This lump sum payment shall equal the Actuarial Equivalent present value of the Participant’s Retirement Benefit.

Form of Payment. On the Closing Date (as defined below), # the Buyer shall pay the purchase price for the Note to be issued and sold to it at the Closing (as defined below) (the “Purchase Price”) by wire transfer of immediately available funds to the Company, in accordance with the Company’s written wiring instructions, against delivery of the Note in the principal amount equal to the Purchase Price as is set forth immediately below the Buyer’s name on the signature pages hereto, and # the Company shall deliver such duly executed Note on behalf of the Company, to the Buyer, against delivery of such Purchase Price.

Form of Consideration. The Administrator shall determine the acceptable form of consideration for exercising an Option, including the method of payment. In the case of

Form of Distributions. All distributions of a Participant’s Deferred Compensation Account under the Plan shall be made in cash. Except as provided in [Section 6(f)], all distributions of a Participant’s Deferred Stock Account shall be paid in Shares, at which time the Shares shall be issued or transferred from the books of the Company to the Participant. All Shares to be issued or transferred hereunder may be newly issued or treasury shares. Fractional Shares shall not be issued or transferred to a Participant, provided that in the case of a final payment under the Plan with respect to a Participant, any fraction remaining in the Participant’s Deferred Stock Account shall be rounded up to the next whole Share and that number of whole Shares shall be issued or transferred. The value of the Deferred Stock Account is calculated with reference to the closing price of Shares on the last trading day of the prior Plan Year.

FORM OF PAYMENT. Payment of Restricted Stock Units shall be made in the form of one (1) share of [[Bank of America:Organization]] common stock for each Restricted Stock Unit that is payable.

Data Request Form. The Company hereby represents and warrants to Holder that all of the information furnished to Holder pursuant to the data request form C' DRF") dated March 22, 2017 is true and correct in all material respects as of the date hereof

Form of Payment. Each Actual Award will generally be paid in cash (or its equivalent) in a single lump sum.

Form 8-K. [[Organization C:Organization]] and [[Organization B:Organization]] agree that, prior to the opening of the NYSE MKT in New York City on the business day immediately after the date hereof, [[Organization C:Organization]] shall file a Current Report on Form 8-K with the Commission disclosing all material information regarding the Offering and including the Placement Agreement and a form of this Agreement as exhibits thereto. From and after the filing of such Current Report on Form 8-K, [[Organization C:Organization]] shall have publicly disclosed all material, non-public information delivered to any of the Investors by [[Organization C:Organization]] or any person acting on its behalf, including, without limitation, the Placement Agent, in connection with the transactions contemplated by this Agreement, the Placement Agreement and any other documents or agreements contemplated hereby or thereby. [[Organization C:Organization]] shall not identify the name of any [[Organization B:Organization]] or any affiliate of any investment adviser of such [[Organization B:Organization]] in any press release or public filing, or otherwise publicly disclose the name of any [[Organization B:Organization]] or any affiliate of investment adviser of such [[Organization B:Organization]], without such [[Organization B:Organization]]’s prior written consent, unless required by law or the rules and regulations of a national securities exchange, provided, however, that, if permitted by applicable law, regulation, legal or judicial process, promptly after becoming aware of any request or requirement to so disclose (a “Disclosure Requirement”), and in any event prior to any such disclosure, [[Organization C:Organization]] will provide such [[Organization B:Organization]] with notice of such request or requirement so that such [[Organization B:Organization]] may at its election seek a protective order or other appropriate remedy and [[Organization C:Organization]] will fully cooperate with such [[Organization B:Organization]]’s efforts to obtain the same; provided, further, however, if, absent the entry of such a protective order or other remedy, [[Organization C:Organization]] is compelled by applicable law, rule or regulation or a court order, subpoena, similar judicial process, regulatory agency or stock exchange rule to disclose such [[Organization B:Organization]]’s name, [[Organization C:Organization]] may disclose only that portion of such information that [[Organization C:Organization]] is so compelled to disclose and will use its reasonable efforts to obtain assurance that confidential treatment will be accorded to that portion of such information that is being disclosed. As of the date hereof, [[Organization C:Organization]] is not aware of any Disclosure Requirement.

I certify that if I transfer the stock purchased by this exercise I will not do so in a manner that violates Cortland Bancorp’s policy on insider trading.

Partial Exercise. An exercisable Option may be exercised in whole or in part. However, an Option shall not be exercisable with respect to fractional shares and the Administrator may require that, by the terms of the Option, a partial exercise must be with respect to a minimum number of Shares.