Description of Director Fee Arrangement for NBT Bancorp Outside Directors (2011)
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Summary
This document outlines the compensation structure for outside directors of NBT Bancorp for the 2011 fiscal year. It specifies annual retainers, meeting fees, and committee fees, with different amounts for the Chairman, committee chairs, and members. Compensation is provided in both cash and restricted stock, and higher fees are paid for service on the Audit and Risk Management Committee. The arrangement details how much directors are paid for attending in-person and telephonic meetings.
EX-10.23 3 ex10_23.htm EXHIBIT 10.23 ex10_23.htm
Exhibit 10.23
Description of Arrangement for Directors Fees
Except as set forth below, the following sets forth the amount of fees payable to outside directors of NBT Bancorp for their services as Directors in fiscal year 2011:
| Event | Fee | |
| Annual retainer | Cash (Chairman) - $50,000 | |
| Cash (Member) - $20,000 | ||
| Cash (Chair) Audit and Risk Management Committee - $10,000 | ||
| Cash (Chairs) Other Committees - $7,500 | ||
| Restricted Stock (Member) - $20,000 | ||
| Restricted Stock (Chairman) - $50,000 | ||
| Board meeting attended | Cash (Member) - $1,000 per meeting | |
| Cash (Chairman) - $1,000 per meeting | ||
| Telephonic board meeting | Cash (Member) - $1,000 per meeting | |
| Cash (Chairman) - $1,000 per meeting | ||
| Committee meeting attended * | Cash (Member) - $600 per meeting | |
| Cash (Chairman) - $600 per meeting | ||
| Telephonic committee meeting * | Cash (Member) - $600 per meeting | |
| Cash (Chairman) - $600 per meeting |
* Audit and Risk Management Committee members and Chairman receive $750 per meeting attended.
