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Exhibit 10.33

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 2009:

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.
 
 

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