EXHIBIT 10.1
           NBT Bancorp Inc. 1993 Stock Option Plan as amended through
                                January 24, 2000
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                                NBT BANCORP INC.
                             1993 STOCK OPTION PLAN

         1.  Purposes.  (a) The  purposes  of the 1993  Stock  Option  Plan (the
"Plan") are (a) to attract and retain outstanding key management employees,  (b)
to further the growth,  development,  and financial  success of NBT Bancorp Inc.
(the  "Company") by recognizing  and rewarding  those key employees  responsible
therefore,  (c) to provide an incentive to, and encourage stock ownership in the
Company,  by those employees  responsible for the policies and operations of the
Company or its  subsidiaries,  and (d) to revise and amend the  Company's  stock
option plan dated  November 25, 1986, as amended  January 12, 1988  (referred to
herein as the "1986 Plan"), in the manner set forth in Section 22, below.

         (b) In furtherance of these  purposes,  all stock options to be granted
pursuant to the Plan shall be non-statutory ("non-qualified") stock options.

         2. Administration.  (a) This Plan shall be administered by the Board of
Directors of the Company,  the Compensation and Benefits  Committee of the Board
of Directors of the Company (or successor  committee) or a subcommittee  thereof
(the  "Committee").  The Committee shall consist of not fewer than three members
of the Board of Directors. It is intended that the Committee at all times comply
with the disinterested administration provisions of Rule 16b-3 promulgated under
Section 16(b) of the Securities Exchange Act of 1934, as amended.

         (b)  The  Committee   shall  have  full  authority  and  discretion  to
determine,  consistent  with the  provisions  of this Plan,  the employees to be
granted options; the times at which options will be granted; the option price of
the shares subject to each option  (subject to Section 6); the number of options
to be granted to each  employee;  the period  during  which each option  becomes
exercisable (subject to Section 8); and the terms to be set forth in each option
agreement.  The Committee shall also have full authority and discretion to adopt
and  revise  such  rules  and  procedures  as it shall  deem  necessary  for the
administration  of this Plan.  The  Committee  shall act by majority vote of all
members taken at a meeting of the Committee or by the written  affirmation  of a
majority of its members without a meeting.

         (c) The Committee's  interpretation  and construction of any provisions
of this Plan or any option granted  hereunder  shall be final,  conclusive,  and
binding.

         3. Eligibility. The Committee shall from time to time determine the key
management  employees of the Company and its  subsidiaries  who shall be granted
options under this Plan.  For purposes of this Plan,  key  management  employees
shall be deemed to be those  employees who are  responsible for the policies and
operation of the Company and its  subsidiaries,  including its president,  chief
executive officer, other executive officers,  department heads, branch managers,
and division managers of the Company or its subsidiaries.  A person who has been
granted  an option  may be  granted  additional  options  under this Plan if the
Committee  shall so  determine.  The granting of an option under this Plan shall
not affect any outstanding stock option previously  granted to an optionee under
this Plan or any other plan of the Company.

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         4. Shares of stock subject to this Plan. The number of shares which may
be issued pursuant to options granted under this Plan shall not exceed 1,100,000
shares of the no par value,  stated value $1 .00 per share,  common stock of the
Company (the "Common Stock").  Such shares may be authorized and unissued shares
or shares  previously  acquired  or to be  acquired  by the  Company and held in
treasury.  The Company shall  reserve a sufficient  number of shares for options
granted  under the Plan.  Any shares  subject to an option which expires for any
reason or is terminated unexercised as to such shares may again be subject to an
option under this Plan.

         5. Issuance and terms of option  certificates.  Each optionee  shall be
entitled  to  receive  an  appropriate  certificate  evidencing  his  option and
referring to the terms and conditions of this Plan.

         6. Granting price of options.  (a) The grant of each option shall state
the number of shares to which it pertains  and shall state the  exercise  price,
which shall not be less than 100% of the fair market value of the Common  Stock.
"Fair Market  Value," as used in this Plan,  shall mean the average  between the
highest and lowest  quoted  selling  prices of the Common  Stock on the National
Market System of NASDAQ on the date of grant and the five preceding trading days
prior to the date of grant.  If there is no sale reported on the National Market
System  of  NASDAQ on the  appropriate  date,  the Fair  Market  Value  shall be
determined  by taking the average  between the highest and lowest  sales for the
five most recent preceding trading days.

         (b) The option price shall be payable in United  States  dollars and be
paid in full  upon  the  exercise  of the  option  and may be paid in cash or by
check,  provided,  however,  that subject to the discretion of the Committee and
provided that all required regulatory approvals, if any, have been obtained, the
optionee may deliver  certificates of the Common Stock of the Company in part or
in full payment of the purchase  price  (including the payment of all applicable
federal and state  taxes due upon  exercise)  in which  event such  certificates
shall be valued at their Fair Market Value upon exercise of the option.

         7. Use of proceeds. The proceeds from the sale of the Common Stock upon
exercise of options  shall be added to the general funds of the Company and used
for its corporate purposes.

         8. Term and  exercise of options.  (a) Each option  granted  under this
Plan shall be  exercisable  on the  dates,  for the number of shares and on such
other terms as shall be provided in the agreement  evidencing the option granted
by the Committee.  An option granted under the Plan shall become  exercisable in
installments  as follows:  to the extent of forty percent (40%) of the number of
shares  originally  covered  thereby  with respect to each  particular  grant of
options,  at any time after the  expiration  of one year from the date of grant,
and to the extent of an additional twenty percent (20%) of such number of shares
upon the expiration of each succeeding year, so that upon the expiration of four
years from the date of grant one hundred percent (100%) of such number of shares
will be eligible for exercise by the optionee;  and such  installments  shall be
cumulative.

         (b)An  option may be  exercised at any time or from time to time during
the  term  of the  option  as to  any  or all  full  shares  which  have  become

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purchasable under the provisions of the option and this Plan. However, no option
shall be exercisable  until after one year from the date of grant, nor after the
expiration of ten years from the date of grant.

         (c) An  option  shall be  exercised  by  written  notice  of  intent to
exercise  the option with respect to a specified  number of shares  delivered to
the  Company's  secretary or treasurer at its principal  office in Norwich,  New
York and  payment  in full to the  Company  at such  office of the amount of the
option  price for the number of shares of Common Stock with respect to which the
option is then being exercised. In addition to and at the time of payment of the
option price,  the optionee  shall pay to the Company in cash or in Common Stock
of the Company the full  amount of all  federal and state  withholding  or other
taxes  applicable  to the taxable  income of such optionee  resulting  from such
exercise.

         (d) (i) Except as otherwise  provided herein,  for each share of Common
Stock  purchased by an optionee upon the exercise of a stock option  pursuant to
the Plan,  the optionee  upon the approval of the Board or the  Committee  shall
receive a replacement  option (a "Reload  Option") to purchase  another share of
Common Stock at the Fair Market Value,  determined  in  accordance  with Section
6(a). The Board or the Committee  shall grant such Reload Options as of the last
business day of the calendar  quarter  during which the original  stock  options
were exercised.

         (ii) A Reload Option shall become  exercisable two years after the date
of its grant,  provided the optionee is then an employee or retired  employee of
the  Company,  shall be  exercisable  for the  same  number  of  years  that was
originally  assigned to the option which such Reload Option replaced,  and shall
be subject to such other terms and conditions as the Committee may determine.

         (iii) No Reload  Option  shall be  granted  upon  exercise  of a Reload
Option.

         (iv) If an optionee  shall sell shares of Common Stock without Board or
Committee  approval  (which  approval  shall not be  withheld  in the case of an
optionee's  financial  hardship)  within  two years  after the grant of a Reload
Option,  then the number of shares of Common Stock  available for purchase by an
optionee upon the exercise of a Reload Option shall be reduced by that number of
shares of Common Stock that the optionee  shall have sold without such  approval
within such two-year period after the grant date of the Reload Option.

         9.  Nontransferability.  All options  granted  under this Plan shall be
nontransferable  by the optionee,  otherwise than by will or the laws of descent
and distribution, and shall be exercisable during his lifetime, only by him, nor
may any option be assigned, pledged,  hypothecated,  or otherwise disposed of in
any other way. Upon any attempt to sell, transfer,  assign, pledge,  hypothecate
or  otherwise  dispose of an option or any other  right or  privilege  conferred
under  this  Plan,  such  option and any other  rights or  privileges  conferred
hereunder shall be deemed forfeited,  immediately terminated,  and rendered null
and void.

         10.  Requirements  of law.  The granting of options and the issuance of
shares of Common  Stock upon the  exercise of an option  shall be subject to all

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applicable  laws,  rules,  and regulations and shares shall not be issued except
upon  approval  of  proper  government  agencies  or stock  exchanges  as may be
required.

         11. Termination of employment.  (a) Except as otherwise provided herein
and  in  Section  12,  if an  optionee's  employment  with  the  Company  or its
subsidiaries shall terminate for any reason, he may, but only within a period of
30 days beginning the day following the date of such  termination of employment,
exercise  his option,  to the extent that he was  entitled to exercise it at the
date of such termination.

         (b)(i) If an optionee's employment with the Company or its subsidiaries
shall terminate for "cause," as defined below, all options held by such optionee
at the  date of such  termination  of  employment  shall  be  deemed  forfeited,
immediately terminated, and rendered null and void.

         (ii) Termination of an optionee's employment by the Company for "cause"
shall mean termination  because, and only because, the optionee committed an act
of fraud,  embezzlement,  or theft constituting a felony or an act intentionally
against the interests of the Company which causes the Company  material  injury.
Notwithstanding  the  foregoing,  the optionee  shall not be deemed to have been
terminated  for cause  unless and until there shall have been  delivered  to the
optionee a copy of a resolution duly adopted by the affirmative vote of not less
than  three-quarters  of the entire  membership of the Board at a meeting of the
Board called and held for the purpose (after  reasonable  notice to the optionee
and an opportunity  for the optionee,  together with optionee's  counsel,  to be
heard before the Board), finding that in the good faith opinion of the Board the
optionee  was  guilty  of  conduct  constituting  cause  as  defined  above  and
specifying the particulars thereof in detail.

         12. Retirement, disability, or death of optionee. (a) In the event that
the optionee  shall retire,  the option shall become  exercisable in full on the
date of retirement,  shall otherwise continue in full force and effect as if the
optionee were still  employed by the Company or its  subsidiaries,  and shall be
exercisable in accordance with its terms.

         (b) In the event that the optionee shall become permanently and totally
disabled,  as determined by the Committee in accordance with applicable  Company
personnel policies,  such option shall become exercisable in full on the date of
such  disability and shall otherwise  remain  exercisable in accordance with its
terms for the  remaining  term of the option as  established  upon grant of such
option.

         (c) In the event of the death of an optionee while in the employ of the
Company  or its  subsidiaries,  the option  theretofore  granted to him shall be
exercisable only by the proper personal  representative of the optionee's estate
within a period of six  months  after the date of death  and such  option  shall
become exercisable in full on the date of such death.

         13.  Acceleration  of Vesting.  (a) Immediately  upon the occurrence of
a Change in Control of the  Company,  all  options  shall  immediately  vest and
become  exercisable  in full,  including that portion of any option that had not
theretofore become vested and exercisable.

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         (b) A "Change of Control" of the Company shall mean:

                  (i) A change in control of a nature  that would be required to
be reported in response  to Item 6(e) of Schedule  14A of  Regulation  14A as in
effect on the date hereof  pursuant to the Securities  Exchange Act of 1934 (the
"Exchange Act");  provided that,  without  limitation,  such a change in control
shall be deemed to have  occurred at such time as any Person  hereafter  becomes
the  "Beneficial  Owner"  (as  defined in Rule 13d-3  under the  Exchange  Act),
directly or  indirectly,  of 30 percent or more of the combined  voting power of
the Company's Voting Securities; or

                  (ii) During any period of two consecutive  years,  individuals
who at the beginning of such period constitute the Board cease for any reason to
constitute at least a majority  thereof  unless the election,  or the nomination
for election by the Company's shareholders, of each new director was approved by
a vote of at least  two-thirds  of the  directors  then still in office who were
directors at the beginning of the period; or

                  (iii)  There shall be  consummated  (x) any  consolidation  or
merger of the Company in which the Company is not the  continuing  or  surviving
corporation or pursuant to which Voting Securities would be converted into cash,
securities,  or other property,  other than a merger of the Company in which the
holders  of Voting  Securities  immediately  prior to the  merger  have the same
proportionate ownership of common stock of the surviving corporation immediately
after the merger,  or (y) any sale, lease,  exchange,  or other transfer (in one
transaction or a series of related  transactions),  of all, or substantially all
of the assets of the  Company,  provided  that any such  consolidation,  merger,
sale,  lease,  exchange or other  transfer  consummated  at the insistence of an
appropriate  banking regulatory agency shall not constitute a change in control;
or

                  (iv) Approval by the  shareholders  of the Company of any plan
or proposal for the  liquidation or dissolution of the Company.

         (c) For  purposes  of these  "Change in Control"  provisions,  the term
"Person" shall mean and include any individual, corporation, partnership, group,
association,  or other  "person,"  as such term is used in Section  14(d) of the
Exchange Act, other than the Company or any employee  benefit plan(s)  sponsored
by the Company.

         (d) The term "Voting  Securities" shall mean the Company's  outstanding
securities ordinarily having the right to vote at elections of directors.

         14.  Adjustments.  In the event of any change in the outstanding shares
of Common  Stock by reason of any  stock  dividend  or split,  recapitalization,
reclassification,  merger, consolidation,  combination or exchange of shares, or
other similar  corporate change,  then if the Committee shall determine,  in its
sole  discretion,   that  such  change  necessarily  or  equitably  requires  an
adjustment in the number of shares  subject to each  outstanding  option and the
option  prices or in the  maximum  number of shares  subject to this Plan,  such
adjustments  shall be made by the Committee and shall be conclusive  and binding
for all purposes of this Plan.  No adjustment  shall be made in connection  with
the  sale  by  the  Company  of  its  Common  Stock  in the  open  market  in an

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SEC-registered offering or in a privately-placed exempt offering or the issuance
by the Company of Common  Stock  pursuant to the  Company's  Automatic  Dividend
Reinvestment  and Stock Purchase Plan or the Employees'  Stock Ownership Plan or
of any warrants, rights, or options to acquire additional shares of Common Stock
or of securities convertible into Common Stock.

         15. Extraordinary transactions. Upon (i) the dissolution or liquidation
of the Company,  (ii) a  reorganization,  merger or consolidation of the Company
with one or more  corporations  or other entity as a result of which the Company
is not the  surviving  corporation,  or  (iii) a sale of  substantially  all the
assets of the  Company  to another  corporation  or other  entity,  the Board of
Directors shall cause written notice of the proposed  transaction to be given to
the optionee or grantee not less than 40 days prior to the anticipated effective
date of the proposed transaction, and the option shall be accelerated and, prior
to a date specified in such notice,  which shall be not more than ten days prior
to the  anticipated  effective  date of the proposed  transaction,  the optionee
shall have the right to exercise  the stock option to purchase any or all shares
then  subject to the  option,  including  those,  if any,  which have not become
available for purchase under other  provisions of the Plan. The optionee,  by so
notifying  the  Company  in  writing,  may,  in  exercising  the stock  options,
condition  such  exercise  upon,  and provide  that such  exercise  shall become
effective  at the time of but  immediately  prior to,  the  consummation  of the
transaction, in which event the optionee need not make payment for the shares of
Common Stock to be purchased  upon  exercise of the option until five days after
written  notice  by  the  Company  to  the  optionee  that  the  transaction  is
consummated.  Each option,  to the extent not previously  exercised prior to the
date specified in the foregoing notice, shall terminate on the effective date of
such  consummation.  If the proposed  transaction  is  abandoned,  any shares of
Common Stock not  purchased  upon  exercise of the option  shall  continue to be
available for exercise in accordance with the other  provisions of the Plan, and
the  shares  of Common  Stock,  if any,  purchased  upon  exercise  of an option
pursuant to this subsection  shall be deemed to have been purchased in the order
in which they first become  available for purchase under other provisions of the
plan.

         16. Claim to stock option, ownership, or employment rights. No employee
or other person shall have any claim or right to be granted  options  under this
Plan. No optionee,  prior to issuance of the stock,  shall be entitled to voting
rights,  dividends, or other rights of stockholders except as otherwise provided
in this Plan.  Neither this Plan nor any other action taken  hereunder  shall be
construed  as giving any  employee any right to be retained in the employ of the
Company or a subsidiary.

         17. Unsecured obligation.  Optionees under this Plan shall not have any
interest in any fund or specific asset of the Company by reason of this Plan. No
trust  fund  shall  be  created  in  connection  with  this  Plan  or any  award
thereunder,  and there shall be no required  funding of amounts which may become
payable to any optionee.

         18. Expenses of plan. The expenses of administering the Plan shall be
borne by the Company.

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         19.  Reliance on reports.  Each member of the Committee and each member
of the Board of Directors  shall be fully justified in relying or acting in good
faith upon any report made by the independent  public accountants of the Company
and its subsidiaries and upon any other information furnished in connection with
the Plan by any person or  persons  other than  himself.  In no event  shall any
person  who is or shall have been a member of the  Committee  or of the Board of
Directors  be liable for any  determination  made or other  action  taken or any
omission  to act in  reliance  upon any such  report or  information  or for any
action, including the furnishing of information,  taken or failure to act, if in
good faith.

         20. Indemnification.  Each person who is or shall have been a member of
the  Committee  or of the  Board  of  Directors  shall be  indemnified  and held
harmless by the Company against and from any loss, cost,  liability,  or expense
that may be imposed upon or  reasonably  incurred by him in  connection  with or
resulting from any claim, action, suit, or proceeding to which he may be a party
or in which he may be involved by reason of any action  taken or failure to act,
in good faith,  under the Plan and against and from any and all amounts  paid by
him in  settlement  thereof,  with  the  Company's  approval,  or paid by him in
satisfaction  of judgment in any such action,  suit, or proceeding  against him,
provided he shall give the Company an opportunity, at its own expense, to handle
and  defend  the same  before he  undertakes  to handle and defend it on his own
behalf.  The foregoing  right of  indemnification  shall not be exclusive of any
other rights of  indemnification  to which such person may be entitled under the
Company's Articles of Incorporation or Bylaws, as a matter of law, or otherwise,
or any power than the Company may have to indemnify them or hold them harmless.

         21. Amendment and termination.  Unless this Plan shall theretofore have
been terminated as hereinafter  provided,  no options may be granted after April
18, 2008. The Board of Directors may terminate this Plan or modify or amend this
Plan in such respect as it shall deem  advisable,  provided,  however,  that the
Board  of  Directors  may  not  without   further   approval  by  the  Company's
shareholders,  (a) increase the aggregate number of shares of Common Stock as to
which  options  may be granted  under the Plan except as provided in Section 14,
(b) change  the class of persons  eligible  to receive  options,  (c) change the
provisions of the Plan regarding the option price,  (d) extend the period during
which  options may be granted,  (e) extend the maximum  period after the date of
grant during which  options may be exercised or (f) change the  provision in the
Plan as to the qualification for membership on the Committee.  No termination or
amendment  of the Plan may,  without  the  consent of a person to whom an option
shall theretofore have been granted,  adversely affect the rights of such person
under such option.

         22.  Revision and amendment of 1986 Plan.  (a) Upon the adoption of the
Plan, the Board of Directors and the Committee  shall have no authority to grant
additional  options  or SARs  pursuant  to the 1986  Plan,  except as  otherwise
provided in this Section.

         (b)  Article  VI of the 1986 Plan is hereby  amended to  authorize  the
Board of  Directors or the  Committee  to (i) dissolve the in tandem  feature of
previously-granted  options and SARs and (ii) cancel previously granted SARs and
grant replacement options on the basis of seven-tenths (.7) options for each SAR
and such replacement options having terms similar to those of the canceled SARS,

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the Board of Directors  having  determined that this vas the amount necessary to
induce holders of SARs to surrender such SARS.

         23. Gender. Any masculine terminology used in this Plan shall also
include the feminine gender.

         24.  Effective date of plan. The Plan was approved by a majority of the
shareholders  of the  Company  at its  annual  meeting  on  April  24,  1993 (or
adjournment thereof) and shall become effective as of April 24, 1993.

         25. Plan binding on successors. The Plan shall be binding upon the
successors and assigns of the Company.

         26.  Ratification of actions.  By accepting any option or other benefit
under the Plan,  each  participant in the Plan and each person claiming under or
through such  participant  shall be  conclusively  deemed to have indicated such
person's  acceptance and ratification of, and consent to, any action taken under
the Plan by the Company, the Board, or the Committee.

         27.  Invalidity  or  unenforceability.  If any term or provision of the
Plan is held by a court  of  competent  jurisdiction  to be  invalid,  void,  or
unenforceable,  the  remainder of the terms and  provisions  will remain in full
force and effect and will in no way be affected, impaired, or invalidated.

                                           NBT BANCORP INC.

                                           /S/ Daryl R. Forsythe

                                           Daryl R. Forsythe
                                           President and Chief Executive Officer

                                           /S/ John D. Roberts

                                           John D. Roberts
                                           Secretary

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