Description for Arrangement for Directors Fees

EX-10.29 6 ex10_29.htm EXHIBIT 10.29 ex10_29.htm

Exhibit 10.29

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 2008:

Event
 
Fee
     
Annual retainer
 
Cash (Member) - $5,000
   
Restricted Stock (Member) - $10,000
   
Restricted Stock (Chairman) - $50,000
   
Deferred common stock (Member) – 400 shares
   
Deferred common stock (Chairman) – 600 shares
     
Board meeting attended
 
Cash (Member) - $900 per meeting
   
Cash (Chairman) - $1,000 per meeting
     
Telephonic board meeting
 
Cash (Member) - $900 per meeting
   
Cash (Chairman) - $1,000 per meeting
     
Committee meeting attended
 
Cash (Member) - $600 per meeting
   
Cash (Chairman) - $900 per meeting
     
Telephonic committee meeting
 
Cash (Member) - $600 per meeting
   
Cash (Chairman) - $900 per meeting
     
Common stock options
 
Member - 1,000 shares multiplied by the number of board meetings attended in the prior year and divided by the number of meetings held in the prior year.
     
   
Chairman - 5,000 shares multiplied by the number of board meetings attended in the prior year and divided by the number of meetings held in the prior year.
     
Special meeting held with committee member representative at the request of management for the purpose of discussing board related matters.
 
$900 per meeting


The Chairman of the Board receives $1,000 for each board and committee meeting attended except for Compensation & Benefits Committee, Risk Management Committee and the Nominating, Organization & Board Affairs Committee for which the Chairman currently fails to meet “Director Independence” requirements identified under applicable sections of NASDAQ Corporate Governance Rules.