Exhibit 10.27


    
      

    

    Exhibit
      10.27

    


    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
      2007:

    


    
      	
              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.