Description of Director Fee Arrangements for NBT Bancorp Outside Directors (2006)
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Summary
This document outlines the compensation structure for outside directors of NBT Bancorp for the 2006 fiscal year. Directors receive an annual cash retainer, restricted stock, fees for attending board and committee meetings (including telephonic meetings), deferred common stock, and stock options based on meeting attendance. The Chairman of the Board receives higher compensation, including a larger stock retainer and stock option award, as well as increased meeting fees. The arrangement specifies the amounts and conditions under which these fees and awards are granted.
EX-10.26 11 ex10_26.htm EXHIBIT 10.26 Exhibit 10.26
Exhibit 10.26
Description of Arrangements for Directors Fees
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 2006:
| Event | Fee |
| Annual retainer | Cash - $5,000 Restricted Stock - $10,000 |
| Board meeting attended | $900 per meeting |
| Telephonic board meeting | $900 per meeting |
| Committee meeting attended | Chairman $900, Member $600 |
| Telephonic committee meeting | Chairman $900, Member $600 |
| Deferred common stock | 400 Shares |
| Common stock options | 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. |
| Special meeting held with committee member representative at the request of management | $900 per meeting |
The Chairman of the Board’s annual stock retainer is $50,000 (in the form of unrestricted stock), his annual stock option award is 5,000 multiplied by the number of board meetings attended during the year and divided by the number of meetings held and he receives $1,000 for each board and committee meeting attended.
