Document:

EXHIBIT 10.1
            Form of Employment Agreement between NBT Bancorp Inc. and
                   Michael J. Chewens made as of June 1, 2000

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                              EMPLOYMENT AGREEMENT

         This EMPLOYMENT AGREEMENT (the "Agreement") made and entered into as of
the first day of June, 2000, by and between MICHAEL J. CHEWENS ("Executive") and
NBT BANCORP INC., a Delaware corporation having its principal office in Norwich,
New York ("NBTB")

                          W I T N E S S E T H    T H A T :

         WHEREAS,  Executive  is an  executive  vice  president  and  the  chief
financial officer of NBTB and NBT Bank, National Association, a national banking
association which is a wholly-owned subsidiary of NBTB ("NBT Bank");

         WHEREAS, NBTB desires to secure the continued employment of Executive,
subject to the provisions of this Agreement; and

         WHEREAS,  Executive is desirous of entering into the Agreement for such
periods and upon the terms and conditions set forth herein;

         NOW,  THEREFORE,  in consideration of the premises and mutual covenants
and agreements hereinafter set forth, intending to be legally bound, the parties
agree as follows:

         1.       EMPLOYMENT; RESPONSIBILITIES AND DUTIES.

                  (a) NBTB hereby  agrees to employ  Executive  and to cause NBT
Bank  and any  successor  organization  to NBT  Bank to  employ  Executive,  and
Executive  hereby agrees to serve as an executive  vice  president and the chief
financial  officer of NBTB and NBT Bank,  and of any successor  organization  to
NBTB or NBT Bank, as applicable, during the Term of Employment.  Executive shall
have such  executive  duties,  responsibilities,  and  authority as shall be set
forth in the bylaws of NBTB and NBT Bank or as may  otherwise be  determined  by
NBTB.  During the Term of  Employment,  Executive  shall report  directly to the
chief executive officer of NBTB.

(b)  Executive  shall  devote  his full  working  time and best  efforts  to the
performance of his  responsibilities  and duties  hereunder.  During the Term of
Employment,  Executive shall not, without the prior written consent of the Board
of Directors of NBTB, render services as an employee, independent contractor, or
otherwise,  whether or not compensated,  to any person or entity other than NBTB
or its  affiliates;  provided that  Executive  may,  where  involvement  in such
activities  does not  individually or in the aggregate  significantly  interfere
with the  performance  by Executive of his duties or violate the  provisions  of
section 4 hereof, (i) render services to charitable  organizations,  (ii) manage
his personal  investments,  and (iii) with the prior  permission of the Board of
Directors of NBTB or the president  and chief  executive  officer of NBTB,  hold
such other  directorships or part-time academic  appointments or have such other
business affiliations as would otherwise be prohibited under this section 1.

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         2.       TERM OF EMPLOYMENT.

                  (a) The term of this Agreement ("Term of Employment") shall be
the period  commencing on the date of this Agreement (the  "Commencement  Date")
and  continuing  until the  Termination  Date,  which shall mean the earliest to
occur of:

                           (i)      January 1, 2003, provided, however, that on
January 1, 2002, and on each January 1 thereafter, the Term of Employment shall
automatically extend itself by one additional year;

                           (ii)     the death of Executive;

                           (iii)    Executive's inability to perform his duties
hereunder, as a result of physical or mental disability as reasonably determined
by the personal physician of Executive, for a period of at least 180 consecutive
days or for at least 180 days  during  any period of twelve  consecutive  months
during the Term of Employment; or

                           (iv)     the discharge of Executive by NBTB "for
cause," which shall mean one or more of the following:

                                    (A)     any willful or gross misconduct by
Executive  with respect to the business and affairs of NBTB or NBT Bank, or with
respect  to any of its  affiliates  for which  Executive  is  assigned  material
responsibilities or duties;

                                    (B)     the conviction of Executive of a
felony  (after the earlier of the  expiration  of any  applicable  appeal period
without  perfection  of an appeal by Executive or the denial of any appeal as to
which no further  appeal or review is  available  to  Executive)  whether or not
committed in the course of his employment by NBTB;

                                    (C)     Executive's willful neglect,
failure,  or refusal to carry out his duties  hereunder in a  reasonable  manner
(other  than  any  such  failure  resulting  from  disability  or  death or from
termination  by  Executive  for Good Reason,  as  hereinafter  defined)  after a
written  demand for  substantial  performance  is delivered  to  Executive  that
specifically identifies the manner in which NBTB believes that Executive has not
substantially  performed his duties and  Executive  has not resumed  substantial
performance of his duties on a continuous  basis within thirty days of receiving
such demand; or

                                    (D)     the breach by Executive of any
representation or warranty in section 6(a) hereof or of any agreement  contained
in section 1, 4, 5, or 6(b) hereof, which breach is material and adverse to NBTB
or  any  of  its   affiliates   for  which   Executive   is  assigned   material
responsibilities or duties; or

                           (v)      Executive's resignation from his position as
executive vice president and chief  financial  officer of NBTB or NBT Bank other
than for "Good Reason," as hereinafter defined; or

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                           (vi)     the termination of Executive's employment by
NBTB  "without  cause," which shall be for any reason other than those set forth
in subsections (i), (ii), (iii), (iv), or (v) of this section 2(a), at any time,
upon the thirtieth day following notice to Executive; or

                           (vii)    Executive's resignation for "Good Reason."

"Good  Reason"  shall  mean,  without   Executive's   express  written  consent,
reassignment  of Executive to a position other than executive vice president and
chief  financial  officer  of NBTB or NBT  Bank  other  than for  "Cause,"  or a
decrease  in the  amount or level of  Executive's  salary or  benefits  from the
amount or level established in section 3 hereof.

                  (b)  In the  event  that  the  Term  of  Employment  shall  be
terminated  for any  reason  other than that set forth in  section  2(a)(vi)  or
2(a)(vii) hereof, Executive shall be entitled to receive, upon the occurrence of
any such event:

                           (i)      any salary (as hereinafter defined) payable
pursuant to section 3(a)(i) hereof which shall have accrued as of the
Termination Date; and

                           (ii)     such rights as Executive shall have accrued
as of the Termination Date under the terms of any plans or arrangements in which
he participates  pursuant to section 3(b) hereof, any right to reimbursement for
expenses  accrued as of the  Termination  Date payable  pursuant to section 3(g)
hereof,  and the right to receive the cash  equivalent  of paid annual leave and
sick leave accrued as of the  Termination  Date pursuant to section 3(d) hereof,
and

                  (c)  In the  event  that  the  Term  of  Employment  shall  be
terminated  for the reason set forth in section  2(a)(vi) or  2(a)(vii)  hereof,
Executive shall be entitled to receive:

                           (i)      any salary payable pursuant to section 3(a)
(i) hereof which shall have  accrued as of the  Termination  Date,  and, for the
period  commencing on the date  immediately  following the Termination  Date and
ending  upon  and  including  the  latest  of  the  third   anniversary  of  the
Commencement  Date,  the date to which the Term of  Employment  shall (as of the
Termination  Date) have  automatically  extended  itself under  section  2(a)(i)
hereof,  or the first anniversary of the Termination Date, salary payable at the
rate established pursuant to section 3(a)(i) hereof, in a manner consistent with
the normal  payroll  practices of NBTB with  respect to  executive  personnel as
presently in effect or as they may be modified by NBTB from time to time;

                           (ii)     such rights as Executive may have accrued as
of the Termination Date under the terms of any plans or arrangements in which he
participates  pursuant to section 3(b) hereof,  any right to  reimbursement  for
expenses  accrued as of the  Termination  Date payable  pursuant to section 3(g)
hereof,  and the right to receive the cash  equivalent  of paid annual leave and
sick leave accrued as of the  Termination  Date pursuant to section 3(d) hereof;
and

                           (iii)    if, within eighteen (18) months following
the  Termination  Date,  Executive  should sell his  principal  residence in the
Binghamton  Ranally  Metropolitan  Area as  determined by Rand McNally & Company
(the  "Binghamton  RMA") and relocate to a place outside of the Binghamton  RMA,
(A)  reimbursement for any shortfall between the net proceeds on the sale of his

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principal  residence and the purchase  price,  including  direct,  necessary and
reasonable  transaction  costs  incurred in connection  with such  purchase,  as
determined by the  controller's  division of NBT Bank, for such  residence,  and
including  direct,  necessary  and  reasonable  expenses,  as  determined by the
controller's  division of NBT Bank,  incurred to prepare the residence for sale,
(B) reimbursement for direct,  necessary and reasonable expenses,  as determined
by the controller's  division of NBT Bank,  incurred in connection with the sale
of such residence not already  included as part of the  reimbursement  under (A)
above,  and (C) an amount  necessary to pay all federal,  state and local income
taxes resulting from any  reimbursement  made pursuant to (A) and (B) (including
any additional federal,  state and local income taxes resulting from the payment
hereunder  of such  taxes),  the intent  being that  Executive  shall be paid an
additional  amount  (the  "Gross-Up")  such that the net amount  retained by the
Executive,  after  deduction  of such  federal,  state  and local  income  taxes
resulting from the reimbursement  under (A) and (B) shall be equal to the amount
of the  reimbursement  under  (A) and (B)  before  payment  of such  taxes;  for
purposes of determining the amount of the Gross-Up, Executive shall be deemed to
pay  federal,  state and local  income  taxes at the  highest  marginal  rate of
taxation  in effect in the  calendar  year in which the  reimbursement  is made.
Amounts  due under  this  subsection  shall be paid as soon as  administratively
practicable,  but in no event  later than ninety (90) days after the date of the
sale of Executive's principal residence.

         Notwithstanding   the   foregoing,   in  the  event  the  Executive  is
reimbursed,  entitled to  reimbursement,  or is paid any amounts by an entity or
entities other than NBTB or NBT Bank of any affiliate or successor  thereof (the
"Third Party"), for any amounts for which Executive has received, or is entitled
to receive, reimbursement under (A) or (B) above with respect to the sale of his
principal residence or any Gross-Up under (C) above, the Executive agrees:

(1)      with  regard  to  amounts  already  paid  by  NBTB  or NBT  Bank or any
         affiliate or successor thereof (hereinafter referred to collectively as
         the  "Company"),  the Executive shall notify the Company of all amounts
         received or due from the Third Party,  and shall  reimburse the Company
         in an  amount  equal to the  amount so  received  or due from the Third
         Party up to the amount the  Company  paid to the  Executive  under (A),
         (B), and (C) above; and

(2)      with  regard  to  amounts  due but not yet paid by the  Company  to the
         Executive,  the  Executive  shall  notify the  Company  of any  amounts
         received or due from the Third Party, and the Executive agrees that the
         Company  shall  reduce the amount due under (A),  (B), and (C) above by
         the amount the Executive has been paid or is entitled to be paid by the
         Third Party up to the amount due the Executive from the Company.

                  (d)  Any   provision   of  this  section  2  to  the  contrary
notwithstanding,  in the event that the  employment  of  Executive  with NBTB is
terminated  in any  situation  described  in section 3 of the  change-in-control
letter  agreement  dated  January  1,  2000  between  NBTB  and  Executive  (the
"Change-in-Control Agreement") so as to entitle Executive to a severance payment
and other benefits  described in section 3 of the  Change-in-Control  Agreement,
then Executive  shall be entitled to receive the following,  and no more,  under
this section 2:

                           (i)      any salary payable pursuant to section 3(a)
(i) hereof which shall have accrued as of the Termination Date;

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                           (ii)     such rights as Executive shall have accrued
as of the Termination Date under the terms of any plans or arrangements in which
he participates  pursuant to section 3(b) hereof, any right to reimbursement for
expenses  accrued as of the  Termination  Date payable  pursuant to section 3(g)
hereof,  and the right to receive the cash  equivalent  of paid annual leave and
sick leave accrued as of the Termination Date pursuant to section 3(d) hereof;

                           (iii)    the severance payment and other benefits
provided in the Change- in-Control Agreement; and

                           (iv)     if, within eighteen (18) months following
the  Termination  Date,  Executive  should sell his  principal  residence in the
Binghamton  RMA and  relocate  to a place  outside of the  Binghamton  RMA,  (A)
reimbursement  for any  shortfall  between  the net  proceeds on the sale of his
principal  residence and the purchase  price,  including  direct,  necessary and
reasonable  transaction  costs  incurred in connection  with such  purchase,  as
determined by the  controller's  division of NBT Bank, for such  residence,  and
including  direct,  necessary  and  reasonable  expenses,  as  determined by the
controller's  division of NBT Bank,  incurred to prepare the residence for sale,
(B) reimbursement for direct,  necessary and reasonable expenses,  as determined
by the controller's  division of NBT Bank,  incurred in connection with the sale
of such residence not already  included as part of the  reimbursement  under (A)
above,  and (C) the Gross-Up,  the intent being that the net amount  retained by
the  Executive,  after  deduction of such federal,  state and local income taxes
resulting from the reimbursement  under (A) and (B) shall be equal to the amount
of the  reimbursement  under  (A) and (B)  before  payment  of such  taxes;  for
purposes of determining the amount of the Gross-Up, Executive shall be deemed to
pay  federal,  state and local  income  taxes at the  highest  marginal  rate of
taxation  in effect in the  calendar  year in which the  reimbursement  is made.
Amounts  due under  this  subsection  shall be paid as soon as  administratively
practicable,  but in no event  later than ninety (90) days after the date of the
sale of Executive's principal residence.

         Notwithstanding   the   foregoing,   in  the  event  the  Executive  is
reimbursed,  entitled to reimbursement, or is paid any amounts by a Third Party,
for any amounts for which  Executive  has  received,  or is entitled to receive,
reimbursement  under (A) or (B) above with respect to the sale of his  principal
residence or any Gross-Up under (C) above, the Executive agrees:

(1)      with regard to amounts already paid by the Company, the Executive shall
         notify the Company of all amounts received or due from the Third Party,
         and shall  reimburse  the  Company in an amount  equal to the amount so
         received or due from the Third Party up to the amount the Company  paid
         to the Executive under (A), (B), and (C) above; and

(2)      with  regard  to  amounts  due but not yet paid by the  Company  to the
         Executive,  the  Executive  shall  notify the  Company  of any  amounts
         received or due from the Third Party, and the Executive agrees that the
         Company  shall  reduce the amount due under (A),  (B), and (C) above by
         the amount the Executive has been paid or is entitled to be paid by the
         Third Party up to the amount due the Executive from the Company.

         3.       COMPENSATION.  For the services to be performed by Executive
for NBTB and its affiliates under this Agreement, Executive shall be compensated
in the following manner:

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                  (a)      SALARY.  During the Term of Employment:

                           (i)      NBTB shall pay Executive a salary which, on
an annual basis,  shall not be less than $190,000 during the Term of Employment,
assuming Executive performs  competently.  Salary shall be payable in accordance
with the normal payroll practices of NBTB with respect to executive personnel as
presently in effect or as they may be modified by NBTB from time to time.

                           (ii)     Executive shall be entitled to annual salary
increases of 8 percent during the Term of Employment, beginning in January 2001,
and shall be  eligible  to be  considered  for further  salary  increases,  upon
review,  in accordance  with the  compensation  policies of NBTB with respect to
executive  personnel  as  presently in effect or as they may be modified by NBTB
from time to time.
                           (iii)    Executive shall be eligible to be considered
for  performance  bonuses of up to 50 percent of salary,  in accordance with the
compensation  policies of NBTB with respect to executive  personnel as presently
in effect or as they may be modified by NBTB from time to time.

                  (b) EMPLOYEE BENEFIT PLANS OR ARRANGEMENTS. During the Term of
Employment,  Executive shall be entitled to participate in all employee  benefit
plans of NBTB,  as  presently  in effect or as they may be modified by NBTB from
time to time,  under such terms as may be applicable to officers of  Executive's
rank employed by NBTB or its affiliates,  including,  without limitation,  plans
providing retirement benefits, stock options, medical insurance, life insurance,
disability insurance, and accidental death or dismemberment insurance,  provided
that there be no  duplication  of such benefits as are provided  under any other
provision of this Agreement.

                  (c) STOCK OPTIONS.  Each January or February  annually  during
the Term of Employment,  NBTB will cause Executive to be granted a non-statutory
("non-qualified")  stock  option  (each an  "Option")  to purchase the number of
shares of the common stock of NBTB,  $0.01 par value (the "NBTB Common  Stock"),
pursuant to the NBT Bancorp  Inc.  1993 Stock Option  Plan,  as amended,  or any
appropriate  successor plan (the "Stock Option Plan"),  computed by dividing 200
percent of the annualized salary of Executive on the date of grant of the Option
by the "Fair Market  Value" of NBTB Common Stock (as defined in the Stock Option
Plan).  The option exercise price per share of the shares subject to each Option
shall be such Fair Market  Value,  and the terms,  conditions  of exercise,  and
vesting  schedule of such Option shall be as set forth in section 8 of the Stock
Option Plan.

                  (d)  VACATION AND SICK LEAVE.  During the Term of  Employment,
Executive  shall be entitled to paid annual  vacation  periods and sick leave in
accordance with the policies of NBTB as in effect as of the Commencement Date or
as may be modified by NBTB from time to time as may be applicable to officers of
Executive's  rank employed by NBTB or its affiliates,  but in no event less than
four weeks of paid vacation per year.

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                  (e)      COUNTRY CLUB DUES.  During the Term of Employment,
Executive shall be reimbursed for dues and assessments incurred in relation to
Executive's membership at [                                 ].

                  (f)      WITHHOLDING.  All compensation to be paid to
Executive hereunder shall be subject to required withholding and other taxes.

                  (g) EXPENSES.  During the Term of Employment,  Executive shall
be  reimbursed  for  reasonable  travel and other  expenses  incurred or paid by
Executive  in  connection  with  the  performance  of his  services  under  this
Agreement,  upon  presentation  of expense  statements or vouchers or such other
supporting information as may from time to time be requested, in accordance with
such policies of NBTB as are in effect as of the Commencement Date and as may be
modified  by NBTB from time to time,  under such terms as may be  applicable  to
officers of Executive's rank employed by NBTB or its affiliates.

         4.       CONFIDENTIAL BUSINESS INFORMATION; NON-COMPETITION.

                  (a)  Executive  acknowledges  that certain  business  methods,
creative techniques,  and technical data of NBTB and its affiliates and the like
are deemed by NBTB to be and are in fact  confidential  business  information of
NBTB or its  affiliates or are  entrusted to third  parties.  Such  confidential
information  includes  but  is  not  limited  to  procedures,   methods,   sales
relationships  developed  while  in the  service  of  NBTB  or  its  affiliates,
knowledge  of  customers  and their  requirements,  marketing  plans,  marketing
information,  studies, forecasts, and surveys, competitive analyses, mailing and
marketing  lists, new business  proposals,  lists of vendors,  consultants,  and
other  persons  who render  service or provide  material  to NBTB or NBT Bank or
their affiliates,  and compositions,  ideas,  plans, and methods belonging to or
related to the affairs of NBTB or NBT Bank or their affiliates.  In this regard,
NBTB asserts  proprietary rights in all of its business  information and that of
its affiliates  except for such  information as is clearly in the public domain.
Notwithstanding  the  foregoing,  information  that would be generally  known or
available to persons  skilled in  Executive's  fields shall be  considered to be
"clearly in the public  domain"  for the  purposes  of the  preceding  sentence.
Executive agrees that he will not disclose or divulge to any third party, except
as may be required by his duties hereunder,  by law,  regulation,  or order of a
court or government  authority,  or as directed by NBTB, nor shall he use to the
detriment of NBTB or its  affiliates  or use in any business or on behalf of any
business  competitive with or  substantially  similar to any business of NBTB or
NBT Bank or their affiliates,  any confidential  business  information  obtained
during  the  course  of his  employment  by NBTB.  The  foregoing  shall  not be
construed as  restricting  Executive  from  disclosing  such  information to the
employees of NBTB or NBT Bank or their affiliates.  On or before the Termination
Date,   Executive  shall  promptly   deliver  to  NBTB  any  and  all  tangible,
confidential information in his possession.

                  (b) Executive  hereby agrees that from the  Commencement  Date
until the first  anniversary  of the  Termination  Date,  Executive will not (i)
interfere with the relationship of NBTB or NBT Bank or their affiliates with any
of their employees,  suppliers,  agents, or representatives (including,  without
limitation,  causing or helping another business to hire any employee of NBTB or
NBT Bank or their affiliates),  or (ii) directly or indirectly divert or attempt

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to divert from NBTB,  NBT Bank or their  affiliates any business in which any of
them has been actively engaged during the Term of Employment, nor interfere with
the  relationship  of  NBTB,  NBT  Bank or  their  affiliates  with any of their
customers or  prospective  customers.  This  paragraph 4(b) shall not, in and of
itself,  prohibit  Executive from engaging in the banking,  trust,  or financial
services business in any capacity, including that of an owner or employee.

                  (c) Executive  acknowledges and agrees that irreparable injury
will  result to NBTB in the event of a breach of any of the  provisions  of this
section 4 (the  "Designated  Provisions")  and that  NBTB will have no  adequate
remedy at law with  respect  thereto.  Accordingly,  in the event of a  material
breach of any  Designated  Provision,  and in  addition  to any  other  legal or
equitable  remedy  NBTB may  have,  NBTB  shall be  entitled  to the  entry of a
preliminary and permanent injunction  (including,  without limitation,  specific
performance) by a court of competent  jurisdiction in Chenango County, New York,
or  elsewhere,  to restrain the violation or breach  thereof by  Executive,  and
Executive submits to the jurisdiction of such court in any such action.

                  (d) It is the  desire  and  intent  of the  parties  that  the
provisions of this section 4 shall be enforced to the fullest extent permissible
under  the  laws and  public  policies  applied  in each  jurisdiction  in which
enforcement is sought.  Accordingly, if any particular provision of this section
4 shall be adjudicated to be invalid or  unenforceable,  such provision shall be
deemed amended to delete therefrom the portion thus adjudicated to be invalid or
unenforceable, such deletion to apply only with respect to the operation of such
provision in the particular  jurisdiction in which such adjudication is made. In
addition, should any court determine that the provisions of this section 4 shall
be unenforceable with respect to scope, duration, or geographic area, such court
shall be empowered to substitute, to the extent enforceable,  provisions similar
hereto or other  provisions  so as to provide  to NBTB,  to the  fullest  extent
permitted by applicable law, the benefits intended by this section 4.

         5. LIFE INSURANCE.  In light of the unusual abilities and experience of
Executive, NBTB in its discretion may apply for and procure as owner and for its
own benefit insurance on the life of Executive,  in such amount and in such form
as NBTB may choose.  NBTB shall make all payments for such  insurance  and shall
receive all benefits from it. Executive shall have no interest whatsoever in any
such policy or policies  but,  at the request of NBTB,  shall  submit to medical
examinations  and supply such  information  and execute  such  documents  as may
reasonably be required by the  insurance  company or companies to which NBTB has
applied for insurance.

         6.       REPRESENTATIONS AND WARRANTIES.

                  (a)  Executive  represents  and  warrants  to  NBTB  that  his
execution,  delivery,  and  performance  of this Agreement will not result in or
constitute  a breach of or  conflict  with any  term,  covenant,  condition,  or
provision  of any  commitment,  contract,  or  other  agreement  or  instrument,
including,   without  limitation,  any  other  employment  agreement,  to  which
Executive is or has been a party.

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                  (b) Executive shall indemnify,  defend, and hold harmless NBTB
for, from, and against any and all losses, claims, suits, damages,  expenses, or
liabilities,  including court costs and counsel fees, which NBTB has incurred or
to which  NBTB may  become  subject,  insofar  as such  losses,  claims,  suits,
damages,  expenses,  liabilities,  costs, or fees arise out of or are based upon
any  failure of any  representation  or warranty of  Executive  in section  6(a)
hereof to be true and correct when made.

         7. NOTICES.  All notices,  consents,  waivers, or other  communications
which are required or permitted hereunder shall be in writing and deemed to have
been duly given if delivered personally or by messenger, transmitted by telex or
telegram,  by express courier,  or sent by registered or certified mail,  return
receipt requested, postage prepaid. All communications shall be addressed to the
appropriate address of each party as follows:

If to NBTB:

         NBT Bancorp Inc.
         52 South Broad Street
         Norwich, New York  13815

         Attention:        Mr. Daryl R. Forsythe
                           President and Chief Executive Officer

With a required copy to:

         Brian D. Alprin, Esq.
         Duane, Morris & Heckscher LLP
         1667 K Street, N.W., Suite 700
         Washington, D.C.  20006

If to Executive:

         Mr. Michael J. Chewens
         124 Cassie Drive
         Norwich, New York  13815

All such  notices  shall be  deemed to have  been  given on the date  delivered,
transmitted, or mailed in the manner provided above.

         8.       ASSIGNMENT.  Neither party may assign this Agreement or any
rights or obligations hereunder without the consent of the other party.

         9. GOVERNING LAW. This Agreement shall be governed by,  construed,  and
enforced in accordance  with the laws of the State of New York,  without  giving
effect  to the  principles  of  conflict  of law  thereof.  The  parties  hereby
designate Chenango County, New York to be the proper  jurisdiction and venue for
any suit or action arising out of this Agreement.  Each of the parties  consents
to personal  jurisdiction in such venue for such a proceeding and agrees that it

                                      -9-
<PAGE>

may be served with process in any action with  respect to this  Agreement or the
transactions  contemplated  thereby by  certified  or  registered  mail,  return
receipt  requested,  or to its  registered  agent for  service of process in the
State of New York. Each of the parties  irrevocably and  unconditionally  waives
and agrees,  to the fullest extent  permitted by law, not to plead any objection
that it may now or hereafter  have to the laying of venue or the  convenience of
the  forum  of any  action  or  claim  with  respect  to this  Agreement  or the
transactions contemplated thereby brought in the courts aforesaid.

         10.  ENTIRE   AGREEMENT.   This   Agreement   constitutes   the  entire
understanding  among NBTB and Executive  relating to the subject  matter hereof.
Any previous agreements or understandings  between the parties hereto or between
Executive and NBT Bank or any of its  affiliates  regarding  the subject  matter
hereof,  including  without  limitation  the terms and conditions of employment,
compensation,  benefits,  retirement,  competition following employment, and the
like, are merged into and superseded by this  Agreement.  Neither this Agreement
nor any provisions hereof can be modified,  changed,  discharged,  or terminated
except by an instrument in writing  signed by the party against whom any waiver,
change, discharge, or termination is sought.

         11.      ILLEGALITY; SEVERABILITY.

                  (a)    Anything   in   this    Agreement   to   the   contrary
notwithstanding,  this  Agreement  is not intended and shall not be construed to
require  any  payment to  Executive  which  would  violate  any federal or state
statute or  regulation,  including  without  limitation  the  "golden  parachute
payment  regulations" of the Federal Deposit Insurance  Corporation  codified to
Part 359 of title 12, Code of Federal Regulations.

                  (b)      If any provision or provisions of this Agreement
shall be held to be invalid, illegal, or unenforceable for any reason
whatsoever:

                           (i)      the validity, legality, and enforceability
of the remaining  provisions of this Agreement  (including,  without limitation,
each portion of any section of this Agreement containing any such provision held
to be invalid,  illegal,  or unenforceable)  shall not in any way be affected or
impaired thereby; and

                           (ii)     to the fullest extent possible, the
provisions of this Agreement (including, without limitation, each portion of any
section of this  Agreement  containing any such  provisions  held to be invalid,
illegal, or unenforceable) shall be construed so as to give effect to the intent
manifested by the provision held invalid, illegal, or unenforceable.

         12.  ARBITRATION.  Subject to the right of each party to seek  specific
performance  (which  right  shall not be subject to  arbitration),  if a dispute
arises out of or related to this Agreement,  or the breach thereof, such dispute
shall be referred to arbitration in accordance  with the Commercial  Arbitration
Rules of the American Arbitration  Association ("AAA"). A dispute subject to the
provisions  of this section will exist if either party  notifies the other party
in  writing  that a dispute  subject to  arbitration  exists  and  states,  with
reasonable  specificity,  the issue  subject to  arbitration  (the  "Arbitration
Notice").  The parties agree that, after the issuance of the Arbitration Notice,

                                      -10-
<PAGE>

the  parties  will try in good faith to resolve  the  dispute  by  mediation  in
accordance  with the Commercial  Rules of Arbitration of AAA between the date of
the  issuance  of the  Arbitration  Notice  and the date the  dispute is set for
arbitration. If the dispute is not settled by the date set for arbitration, then
any  controversy  or claim  arising out of this  Agreement or the breach  hereof
shall be resolved by binding arbitration and judgment upon any award rendered by
arbitrator(s) may be entered in a court having jurisdiction.  Any person serving
as a  mediator  or  arbitrator  must  have at least  ten  years'  experience  in
resolving  commercial  disputes through  arbitration.  In the event any claim or
dispute involves an amount in excess of $100,000,  either party may request that
the  matter  be heard by a panel of three  arbitrators;  otherwise  all  matters
subject to arbitration shall be heard and resolved by a single  arbitrator.  The
arbitrator  shall have the same power to compel the  attendance of witnesses and
to order the production of documents or other materials and to enforce discovery
as could be exercised by a United  States  District  Court judge  sitting in the
Northern District of New York. In the event of any arbitration, each party shall
have a reasonable right to conduct discovery to the same extent permitted by the
Federal  Rules  of  Civil  Procedure,  provided  that  such  discovery  shall be
concluded  within ninety days after the date the matter is set for  arbitration.
In the event of any  arbitration,  the arbitrator or arbitrators  shall have the
power to award reasonable attorney's fees to the prevailing party. Any provision
in this  Agreement  to the  contrary  notwithstanding,  this  section  shall  be
governed by the Federal  Arbitration  Act and the parties have entered into this
Agreement pursuant to such Act.

         13.  COSTS OF  LITIGATION.  In the event  litigation  is  commenced  to
enforce  any of the  provisions  hereof,  or to  obtain  declaratory  relief  in
connection  with any of the provisions  hereof,  the  prevailing  party shall be
entitled to recover  reasonable  attorney's fees. In the event this Agreement is
asserted in any litigation as a defense to any liability, claim, demand, action,
cause of action,  or right asserted in such litigation,  the party prevailing on
the issue of that defense shall be entitled to recovery of reasonable attorney's
fees.

         14.      AFFILIATION.  A company will be deemed to be "affiliated" with
NBTB or NBT Bank according to the  definition of  "Affiliate"  set forth in Rule
12b-2 of the General Rules and Regulations under the Securities  Exchange Act of
1934, as amended.

         15.      HEADINGS.  The section and subsection headings herein have
been inserted for convenience of reference only and shall in no way modify or
restrict any of the terms or provisions hereof.

                                      -11-
<PAGE>

         IN  WITNESS  WHEREOF,  the  parties  hereto  executed  or  caused  this
Agreement to be executed as of the day and year first above written.

                                     NBT BANCORP INC.

                                     By:   /S/ DARYL R. FORSYTHE
                                           Daryl R. Forsythe
                                           President and Chief Executive Officer

                                           MICHAEL J. CHEWENS

                                           /S/ MICHAEL J. CHEWENS

<PAGE>EXHIBIT 10.2
         Supplemental Retirement Agreement between NBT Bancorp Inc., NBT
    Bank, National Association and Michael J. Chewens made as of June 1, 2000

<PAGE>

                        SUPPLEMENTAL RETIREMENT AGREEMENT

         This  sets  forth  the  terms  of  an  agreement  for  the  payment  of
supplemental retirement income ("Agreement") made as of June 1, 2000 between (i)
NBT BANCORP INC., a Delaware  corporation and a registered bank holding company,
and NBT BANK, NATIONAL  ASSOCIATION,  a national banking  association  chartered
under the laws of the United States, both having offices located at Norwich, New
York  (collectively,  the "Bank"),  and (ii) MICHAEL J.  CHEWENS,  an individual
residing at 124 Cassie Drive,  Norwich, New York 13815, and who is a member of a
select group of management or highly compensated employees within the meaning of
section  201(2) of the  Employee  Retirement  Income  Security  Act of 1974,  as
amended ("Chewens").

         1.       PURPOSE OF THE  AGREEMENT.  The purpose of this  Agreement is
to provide  Chewens a  supplemental  retirement  benefit in accordance  with the
terms of this Agreement.

         2.       DEFINITIONS.  For  purposes of this  Agreement,  the following
words  shall  have the  meaning indicated:

                  (a)      ACTUARIAL  EQUIVALENT.  "Actuarial  Equivalent"
shall have the same meaning the term  "Actuarial  Equivalent"  has under Section
2.03 of the Qualified Plan using the following actuarial assumptions:

                           MORTALITY:               "Applicable  Mortality Rate"
                                                    as such  term  is defined in
                                                    Section 2.03c of the
                                                    Qualified Plan.

                           INTEREST RATE:           "Applicable   Interest Rate"
                                                    as  such  term  is  defined
                                                    in Section 2.09b of the
                                                    Qualified Plan.

                  (b) BENEFICIARY.  "Beneficiary"  shall mean such living person
         or living persons designated by Chewens in accordance with subparagraph
         5(a) to receive  benefits under this Agreement  after his death, or his
         personal or legal representative, all as herein described and provided.
         If no  Beneficiary  is  designated  by  Chewens  or  if no  Beneficiary
         survives Chewens, the Beneficiary shall be Chewens's estate.

                  (c)      CAUSE.  "Cause" shall mean Chewens's:

                           (i) willful or gross  misconduct  with respect to the
                  business  and affairs of the Bank,  or with  respect to any of
                  its  affiliates   for  which  Chewens  is  assigned   material
                  responsibilities or duties;

                           (ii) conviction of a felony (after the earlier of the
                  expiration of any applicable appeal period without  perfection
                  of an  appeal by  Chewens  or the  denial of any  appeal as to
                  which no further  appeal or review is  available  to  Chewens)
                  whether or not  committed in the course of his  employment  by
                  the Bank;

                                      -1-
<PAGE>
                           (iii) willful neglect,  failure,  or refusal to carry
                  out his duties  under the  Employment  Agreement  between  NBT
                  Bancorp  Inc.  and  Chewens  dated  as of  June 1,  2000  (the
                  "Employment Agreement") in a reasonable manner (other than any
                  such  failure  resulting  from  disability  or  death  or from
                  termination  by  Chewens  for Good  Reason,  as defined in the
                  Employment  Agreement)  after a written demand for substantial
                  performance   is  delivered   to  Chewens  that   specifically
                  identifies  the manner in which the Bank believes that Chewens
                  has not  substantially  performed  his  duties  and he has not
                  resumed substantial  performance of his duties on a continuous
                  basis within thirty days of receiving such demand; or

                           (iv)  breach of any  representation  or  warranty  in
                  section 6(a) of the  Employment  Agreement or of any agreement
                  contained  in  section  1, 4,  5,  or  6(b) of the  Employment
                  Agreement, which breach is material and adverse to the Bank or
                  any of its affiliates  for which Chewens is assigned  material
                  responsibilities or duties.

                  (d)      CHANGE OF CONTROL.  "Change of Control"  shall mean a
                           Change  in  Control  as such term is  defined  in the
                           Change in Control  Agreement  between Chewens and the
                           Bank dated January 1, 2000.

                  (e)      CODE.  "Code" shall mean the Internal Revenue Code of
                           1986, as amended.

                  (f)      DETERMINATION  DATE.  "Determination  Date"  shall
         mean the earlier of (i) the date of termination of Chewens's employment
         with the Bank or (ii) the first day of the month following Chewens's
         65th birthday.

                  (g) FINAL AVERAGE  COMPENSATION.  "Final Average Compensation"
         shall have the same meaning the term "Final Average  Compensation"  has
         under Section 2.27 of the Qualified  Plan,  except that in  determining
         the amount of Compensation (as defined in Section 2.14 of the Qualified
         Plan)  to be used  in  calculating  Final  Average  Compensation  under
         Section 2.27 of the Qualified Plan,  Compensation  shall not be subject
         to the compensation limitation of section 401(a)(17) of the Code.

                  (h)      FULL-TIME  EMPLOYEE.  "Full-Time Employee" shall mean
         an employee who works not less than 1,000 hours in a calendar year.

                  (i)      OTHER RETIREMENT BENEFITS.  "Other Retirement
         Benefits" shall mean the sum of:

                           (i)      The annual benefit payable to Chewens from
                  the Qualified Plan, plus

                           (ii) The annual benefit that could be provided by (A)
                  Bank  contributions  (other than elective  deferrals)  made on
                  Chewens's  behalf  under  the  NBT  Bancorp  Inc.  401(k)  and
                  Employee  Stock  Ownership  Plan,  and (B) actual  earnings on
                  contributions in (A), if such  contributions and earnings were

                                      -2-
<PAGE>

                  converted to a benefit  payable on the  Determination  Date in
                  the same form as the benefit paid under this Agreement,  using
                  the  same   actuarial   assumptions   as  are  provided  under
                  subparagraph 2(a).

                  The amount of Other Retirement Benefits shall be determined by
         an actuary  selected by the Bank,  with such  determination  to be made
         without  reduction for payment of benefits  prior to any stated "normal
         retirement  date" and without  regard to whether  Chewens is  receiving
         payment  of such  benefits  on the  Determination  Date.  To the extent
         Chewens  receives a payment of Other Retirement  Benefits  described in
         subparagraph  2(i)(ii)  prior to the date the  Supplemental  Retirement
         Benefit is  determined  pursuant to this  Agreement,  the total of such
         Other Retirement Benefits shall be determined by including and assuming
         that such  amounts  earned  interest  at a  variable  rate equal to the
         one-year  United States  Treasury bill rate as reported in the New York
         edition of The Wall Street Journal on the  Determination  Date from the
         date received to the date Other Retirement  Benefits are calculated for
         purposes of this Agreement.

                  (j)      PRESENT  VALUE.  "Present  Value" shall mean the
         present  value of a benefit  determined on the basis of the following
         actuarial assumptions:

                           MORTALITY:                "Applicable Mortality Rate"
                                                     as  such  term  is  defined
                                                     in Section 2.03c of the
                                                     Qualified Plan.

                           INTEREST RATE:            "Applicable  Interest Rate"
                                                     as  such  term  is  defined
                                                     in Section 2.09b of the
                                                     Qualified Plan.

                  (k)      QUALIFIED  PLAN.  "Qualified Plan" shall mean the NBT
         Bancorp  Inc.  Defined  Benefit Pension Plan.

                  (l)      SOCIAL SECURITY  BENEFIT.  "Social Security  Benefit"
         shall mean Chewens's actual social security benefit at his Social
         Security Retirement Age.

                  (m)      SOCIAL SECURITY  RETIREMENT AGE.  "Social  Security
         Retirement Age" shall have the same meaning the term "Social Security
         Retirement Age" has under Section 2.58 of the Qualified Plan.

                  (n)      YEAR OF  SERVICE.  "Year  of  Service"  shall  mean a
         calendar  year in  which  Chewens completes not less than 1,000 hours
         of service.

         3.       AMOUNT OF SUPPLEMENTAL RETIREMENT BENEFIT.

                  (a)  AMOUNT  PAYABLE  ON AND AFTER AGE 62.  If  Chewens  shall
         remain  employed by the Bank until reaching his 62nd birthday,  serving
         as a Full-Time Employee until such date, and subject to the other terms
         and conditions of this Agreement,  the Bank shall pay Chewens an annual
         "Supplemental Retirement Benefit" determined as follows:

                           (i) ON AND AFTER AGE 62 BUT  BEFORE  SOCIAL  SECURITY
                  RETIREMENT  AGE.  Chewens shall be entitled to a  Supplemental
                  Retirement  Benefit on and after his 62nd  birthday but before
                  his Social  Security  Retirement Age in an amount equal to the

                                      -3-
<PAGE>

                  excess  of  (1)  50  percent  of   Chewens's   Final   Average
                  Compensation,  over (2) Chewens's Other  Retirement  Benefits,
                  determined  as of the  Determination  Date and  calculated  in
                  accordance with paragraph 2(i).

                           (ii) ON AND AFTER  SOCIAL  SECURITY  RETIREMENT  AGE.
                  Chewens shall be entitled to a Supplemental Retirement Benefit
                  on and after his Social  Security  Retirement Age in an amount
                  equal to the  excess  of (1) 50  percent  of  Chewens's  Final
                  Average Compensation, over (2) the sum of (aa) Chewens's Other
                  Retirement  Benefits,  determined as of the Determination Date
                  and calculated in accordance  with paragraph  2(i),  plus (bb)
                  Chewens's Social Security Benefit.

                  (b)  AMOUNT  PAYABLE ON AND AFTER AGE 60 BUT BEFORE AGE 62. If
         Chewens  shall  remain  employed  by the Bank until  reaching  his 60th
         birthday,  serving  as a  Full-Time  Employee  until  such  date and he
         continues  to  serve  as a  Full-Time  Employee  until  the date of his
         retirement,  and he retires then or thereafter but before  reaching his
         62nd  birthday,  and subject to the other terms and  conditions of this
         Agreement,  the Bank shall pay  Chewens on the date of his  retirement,
         pursuant to subparagraph  4(b), or to his spouse or other  Beneficiary,
         pursuant  and  subject to  subparagraph  6(c) if he has died before his
         62nd  birthday,   a  reduced  early  Supplemental   Retirement  Benefit
         calculated in accordance with the following schedule:

                           (i) If the date of Chewens's  retirement  shall be on
                  or after his 60th birthday but before his 61st  birthday,  the
                  Bank  shall pay  Chewens  60% of the  Supplemental  Retirement
                  Benefit  calculated in accordance with  subparagraph  3(a)(i);
                  and

                           (ii) If the date of Chewens's  retirement shall be on
                  or after his 61st birthday but before his 62nd  birthday,  the
                  Bank  shall pay  Chewens  70% of the  Supplemental  Retirement
                  Benefit so calculated.

         4.       TIME OF PAYMENT.

                  (a) Except as provided in subparagraph 4(b) (early retirement)
         and paragraph 6 (payment on death), the Bank shall pay the Supplemental
         Retirement  Benefit  commencing on the first day of the month following
         Chewens's attainment of age 62.

                  (b) Notwithstanding subparagraph 4(a), the Bank shall commence
         payment  of an early  Supplemental  Retirement  Benefit,  in the amount
         determined  under  subparagraph  3(b),  on the  first  day of the month
         following  Chewens's   Determination  Date  in  connection  with  early
         retirement  after  reaching  age 60 and  prior  to the date of his 62nd
         birthday.

         5.       FORM OF PAYMENT.

                  (a) The Supplemental Retirement Benefit described in paragraph
         3 of this Agreement  shall be paid as a straight life annuity,  payable
         in monthly installments, for Chewens's life; provided, however, that if
         Chewens  has no  surviving  spouse and dies before  having  received 60
         monthly  payments,  such  monthly  payments  shall be  continued to his

                                      -4-
<PAGE>

         Beneficiary  until the total number of monthly  payments to Chewens and
         his  Beneficiary  equal 60,  whereupon all payments shall cease and the
         Bank's  obligation  under this  Agreement  shall be deemed to have been
         fully  discharged.  If  Chewens  and his  Beneficiary  shall die before
         having received a total of 60 monthly payments,  an amount equal to the
         Actuarial  Equivalent of the balance of such monthly  payments shall be
         paid in a single sum to the estate of the  survivor  of Chewens and his
         Beneficiary.  If  Supplemental  Retirement  Benefits are payable in the
         form described in this  subparagraph  5(a),  Chewens shall designate in
         writing,  as  his  Beneficiary,   any  person  or  persons,  primarily,
         contingently  or  successively,  to whom the Bank  shall  pay  benefits
         following  Chewens's  death if Chewens's death occurs before 60 monthly
         payments have been made.

                  (b)   Notwithstanding   the  form  of  payment   described  in
         subparagraph  5(a),  if Chewens  is married on the date  payment of the
         Supplemental Retirement Benefit commences, the benefit shall be paid as
         a  50%  joint  and  survivor  annuity  with  Chewens's  spouse  as  the
         Beneficiary.  The 50% joint and survivor annuity shall be the Actuarial
         Equivalent  of the  benefit  described  in  subparagraph  5(a).  If the
         Supplemental   Retirement   Benefit   is  payable   pursuant   to  this
         subparagraph  5(b),  but  Chewens's  spouse  fails to survive  him,  no
         payments will be made pursuant to this  Agreement  following  Chewens's
         death.

                  (c) Notwithstanding the foregoing provisions of this paragraph
         5, the Bank, in its sole discretion,  may accelerate the payment of all
         or any portion of the  Supplemental  Retirement  Benefit or the reduced
         early  Supplemental   Retirement  Benefit  at  any  time.  Any  payment
         accelerated  in  accordance  with this  subparagraph  5(c) shall be the
         Actuarial Equivalent of the payment being accelerated.

         6.       PAYMENTS UPON CHEWENS'S DEATH.

                  (a)  Except as  provided  in  subparagraphs  6(b) and (c),  if
         Chewens shall die before his 62nd birthday, no payment shall be due his
         estate under this Agreement.

                  (b) If  Chewens's  death  shall  occur  on or  after  his 60th
         birthday,  after he has retired but before payment of any  Supplemental
         Retirement Benefit has commenced,  Chewens's  surviving spouse shall be
         paid  as a  straight  life  annuity  50  percent  of  the  Supplemental
         Retirement  Benefit for her life  commencing  within 30 days  following
         Chewens's death.  Such payments shall be made in monthly  installments,
         subject to the right of the Bank to  accelerate  payment at any time in
         accordance with subparagraph 5(c).

                  (c)  If  Chewens   elects   early   retirement   pursuant   to
         subparagraph  3(b)  and he  dies  before  payment  of any  Supplemental
         Retirement Benefit has commenced,  Chewens's  surviving spouse shall be
         paid, in monthly  installments,  as a straight life annuity, 50 percent
         of such Supplemental  Retirement Benefit for her life commencing within
         30 days following Chewens's death,  subject to the right of the Bank to
         accelerate such payments as provided in subparagraph 5(c).  However, if
         Chewens's  spouse fails to survive him, the Bank shall pay to Chewens's
         estate a lump sum benefit  equal to 50 percent of the Present  Value of
         Chewens's Supplemental Retirement Benefit.

                                      -5-
<PAGE>

                  (d) Except as  otherwise  provided in  subparagraph  6(c),  no
         payments  shall be made under this  Agreement  if Chewens  dies  before
         payment of any  Supplemental  Retirement  Benefit begins and his spouse
         fails to survive him.

                  (e)  If  Chewens's  death  shall  occur  after  payment  of  a
         Supplemental Retirement Benefit has commenced, Chewens surviving spouse
         or other  Beneficiaries  shall receive payments under this Agreement to
         the extent provided in paragraph 5.

         7.       FORFEITURE  FOR CAUSE.  Notwithstanding  any other  provision
of this  Agreement,  if Chewens's  employment  with the Bank is  terminated  for
Cause, Chewens and his spouse or other Beneficiaries shall forfeit all rights to
any payment under this Agreement.

         8.  POWERS.  The Bank shall  have such  powers as may be  necessary  to
discharge its duties under this Agreement,  including the power to interpret and
construe this  Agreement and to determine  all questions  regarding  employment,
disability status, service,  earnings,  income and such factual matters as birth
and marital status. The Bank's determinations  hereunder shall be conclusive and
binding  upon the  parties  hereto and all other  persons  having or claiming an
interest under this Agreement.  The Bank shall have no power to add to, subtract
from, or modify any of the terms of this  Agreement.  The Bank's  determinations
hereunder  shall be entitled to  deference  upon review by any court,  agency or
other entity  empowered to review its decisions,  and shall not be overturned or
set aside by any court,  agency or other entity  unless  found to be  arbitrary,
capricious or contrary to law.

         9.       CLAIMS PROCEDURE.

                  (a) Any claim for  benefits  by  Chewens,  his spouse or other
         Beneficiaries  shall be made in writing to the Bank. In this paragraph,
         Chewens and his Beneficiaries are referred to as "claimants."

                  (b) If the Bank  denies a claim in whole or in part,  it shall
         send the claimant a written  notice of the denial  within 90 days after
         the date it receives a claim,  unless it needs  additional time to make
         its decision.  In that case,  the Bank may authorize an extension of an
         additional 90 days if it notifies the claimant of the extension  within
         the initial 90-day period. The extension notice shall state the reasons
         for the extension and the expected decision date.

                  (c)      A denial notice shall contain:

                           (i)      The specific reason or reasons for the
                  denial of the claim;

                           (ii)     Specific reference to pertinent  Agreement
                  provisions upon which the denial is based;

                           (iii) A  description  of any  additional  material or
                  information   necessary   to  perfect   the  claim,   with  an
                  explanation  of why the material or  information is necessary;
                  and

                           (iv)  An explanation of the review procedures
                  provided below.

                                      -6-
<PAGE>

                  (d)  Within  60 days  after  the  claimant  receives  a denial
         notice, he or she may file a request for review with the Bank. Any such
         request must be made in writing.

                  (e) A claimant who timely requests review shall have the right
         to review  pertinent  documents,  to submit  additional  information or
         written comments, and to be represented.

                  (f) The Bank shall send the claimant a written decision on any
         request for review  within 60 days after the date it receives a request
         for  review,  unless an  extension  of time is  needed,  due to special
         circumstances.  In that case, the Bank may authorize an extension of an
         additional 60 days,  provided it notifies the claimant of the extension
         within the initial 60-day period.

                  (g)      The review decision shall contain:

                           (i)      The specific reason or reasons for the
                  decision; and

                           (ii)     Specific  reference  to the  pertinent
                  Agreement  provisions  upon  which  the decision is based.

                  (h) If the Bank does not send the  claimant a review  decision
         within the applicable time period,  the claim shall be deemed denied on
         review.

                  (i) The denial notice or, in the case of a timely review,  the
         review  decision  (including a deemed denial under  subparagraph  9(h))
         shall be the Bank's final decision.

         10. ASSIGNMENT.  Neither Chewens nor his spouse or other  Beneficiaries
may  transfer  his,  her or their right to payments to which he, she or they are
entitled  under this  Agreement.  Except insofar as may otherwise be required by
law, any Supplemental  Retirement Benefit payable under this Agreement shall not
be  subject  in any  manner  to  alienation  by  anticipation,  sale,  transfer,
assignment,  pledge or  encumbrance,  nor  subject to the debts,  contracts,  or
liabilities of Chewens or his spouse or other Beneficiaries.

         11.      CONTINUED  EMPLOYMENT.  This Agreement shall not be construed
as  conferring on Chewens a right to continued employment with the Bank.

         12.      FUNDING.

                  (a) The Supplemental  Retirement Benefit at all times shall be
         entirely  unfunded,  and no  provision  shall at any time be made  with
         respect  to  segregating  any  assets of the Bank for  payments  of any
         benefits  hereunder,  except  that in the event of a Change of Control,
         the Bank, within five (5) days of such Change of Control,  shall fund a
         grantor  trust  within the  meaning of section  671 of the Code with an
         amount  sufficient  to  cover  all  potential  liabilities  under  this
         Agreement.

                  (b)  Neither  Chewens  nor his  spouse or other  Beneficiaries
         shall have any interest in any particular  assets of the Bank by reason
         of the right to receive a benefit under this Agreement. Chewens and his
         spouse or other  Beneficiaries  shall  have only the  rights of general
         unsecured  creditors  of the Bank with respect to any rights under this
         Agreement.

                                      -7-
<PAGE>

                  (c) Nothing  contained in this  Agreement  shall  constitute a
         guarantee  by the Bank or any  entity or person  that the assets of the
         Bank will be sufficient to pay any benefit hereunder.

         13.  WITHHOLDING.  Any payment made pursuant to this Agreement shall be
reduced by federal and state income, FICA or other employee payroll, withholding
or other similar taxes the Bank may be required to withhold. In addition, as the
Supplemental  Retirement  Benefit accrues during  Chewens's  employment with the
Bank, the Bank may withhold from Chewens's  regular  compensation  from the Bank
any FICA or other employee payroll,  withholding or other similar taxes the Bank
may be required to withhold.

         14.      SUCCESSORS  AND ASSIGNS.  This  Agreement  shall be binding
upon, and shall inure to the benefit of, the successors and assigns of the Bank.

         15.      APPLICABLE  LAW. This Agreement  shall be construed and
administered in accordance with the laws of the State of New York, except to the
extent preempted by federal law.

         16.      AMENDMENT.  This  Agreement may not be amended,  modified or
otherwise  altered except by written instrument executed by both parties.

         17.      ENTIRE  AGREEMENT.  This Agreement  constitutes  the entire
agreement and understanding of the parties,  and supersedes all prior agreements
or  understanding  (whether  oral or written)  between the parties,  relating to
deferred compensation and/or supplemental retirement income.

The parties hereby execute this Agreement as follows:

                               NBT BANCORP INC.

                               By   /S/ DARYL R. FORSYTHE

Date: 6/1/00                   Its   President & CEO

                               NBT BANK, NATIONAL ASSOCIATION

                               By    /S/ DARYL R. FORSYTHE

Date: 6/1/00                   Its   Chairman

Date: 6/1/00                   /S/ MICHAEL J. CHEWENS

                                MICHAEL J. CHEWENS

                                      -8-
<PAGE>

                                  EXHIBIT 27.1
                FINANCIAL DATA SCHEDULE FOR THE NINE MONTHS ENDED
                               SEPTEMBER 30, 2000

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