Document:

EXHIBIT 10.14
       NBT Bancorp Inc. and Subsidiaries Master Deferred Compensation Plan
                    of Directors, adopted February 11, 1992.

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                           NBT BANCORP & SUBSIDIARIES

                  1992 DEFERRED COMPENSATION PLAN FOR DIRECTORS

         NBT Bancorp Inc. and Subsidiaries  ("NBT") Deferred  Compensation  Plan
for Directors  ("Plan") is an unfunded  deferred  compensation plan developed to
provide  Directors  of NBT  with  the  opportunity  to  defer  payment  of their
director,  advisory board,  and committee fees in accordance with the provisions
of the Plan.

                                    ARTICLE I

                               DIRECTOR'S ELECTION

         Each NBT director may elect on or before  December  31st of any year to
defer  receipt of all or a  specified  part of the  Director's  fees earned as a
director of NBT for succeeding  calendar years.  Any person elected to the Board
of Directors of NBT, and who was not a Director on the preceding  December 31st,
may elect, within 30 days of such election,  to defer all or a specified part of
the fees for the balance of the calendar year (remaining  after such election to
defer) in which such election occurred and for succeeding calendar years.

         The  election  of a Director  must be in writing and  submitted  to the
Secretary or Treasurer of NBT within the time specified above, and such election
to defer fees will continue from year to year unless the Director  terminates it
by  written  notice  to the  Secretary  or  Treasurer  of  NBT.  The  notice  of
termination  of an election will not affect  previously  deferred fees, and such
fees shall be paid out only in accordance  with the  provisions of the Plan. The
election of a Director is automatically  terminated at the close of the calendar
year in which such Director attains age 72.

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                                   ARTICLE II

                             MAINTENANCE OF ACCOUNTS

         NBT will maintain a separate memorandum account ("Account") of the fees
deferred by each Director and will credit such Account with interest as provided
in Article III hereof.  NBT will  provide  each  participating  Director  with a
year-end  statement of such  Director's  Account within 45 days after the end of
each calendar year.
         This  memorandum  account  shall not be deemed to give the Director any
right,  title or interest to such account and all deferred fees shall be subject
to the provisions of Article VIII.

                                   ARTICLE III

                              INTEREST ON ACCOUNTS

         Interest shall be computed monthly, based on the lowest balance in each
Director's  Account during the month,  as if invested at an annual rate equal to
the highest annual rate offered by NBT on any customer deposit account in effect
on the last day of the preceding  calendar year. Such interest shall be credited
to the Director's Account as of the last day of each calendar month.

                                   ARTICLE IV

                          DISTRIBUTION OF THE ACCOUNTS

          NBT will  distribute  the balance in the Account  over five (5) annual
installments to the Director upon the Director  ceasing to be a director of NBT,
or,  upon  the  Director's  death,  to  the  Beneficiary  or  Beneficiaries  (as
designated  in Article V hereof)  beginning  on each  January  31st of the first
calendar year beginning after the Director  terminates his or her  directorship,
or attains age 72; or if a Director  dies before  payments  have begun under the

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Plan,  NBT shall pay the first  installment  to the  Director's  Beneficiary  or
Beneficiaries  on the first  January 31st  following  the date of the  Directors
death.  NBT shall pay each annual  installment due thereafter on January 31st of
each subsequent year.

          If a  Director  becomes  a  proprietor,  director,  officer,  partner,
employee,  or otherwise  becomes  affiliated with any business that is in direct
competition  with  NBT,  or  with  any of its  affiliates  or  subsidiaries,  as
determined by the Board of Directors in its sole discretion, without the written
consent of the Board of Directors, the Board of Directors may direct the payment
of the entire balance in the Account to such Director in a lump sum.

         The Board of Directors may, in its sole discretion,  accelerate payment
of all or any portion of a Director's  remaining  Account under the Plan, if the
Board of Directors  determines that the Director is in serious financial need or
has  had  encountered  some  other  hardship  or  disaster  providing  good  and
justifiable cause for accelerating such payments.

          The  director  shall  have the  option to defer  payment of his or her
Account distribution for a period of up to five (5) years after termination as a
member of the Board of  Directors  by an election  made in writing no later than
December  31st of the calendar year prior to  termination.  Such election may be
made only with the  written  consent  to the Board of  directors  of NBT,  which
consent shall not be  unreasonably  withheld.  During this  additional  deferred
period, interest shall accrue in accordance with Article III of the Plan.

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                                    ARTICLE V

                           DESIGNATION OF BENEFICIARY

         The director may designate a Beneficiary or Beneficiaries by delivering
a notice of such  designation  in writing to the  Secretary or Treasurer of NBT,
which  designation  may be changed  from time to time by  written  notice to the
Secretary or Treasurer. Upon the death of any Director, the remaining balance of
the  Director's  Account shall be paid to the  Beneficiary or  Beneficiaries  in
accordance  with  the  provisions  of  Article  IV  hereof.  If  the  designated
Beneficiary  or  Beneficiaries  fail to survive the  Director,  or if a Director
fails to  designate a  Beneficiary,  NBT shall pay the balance in the Account to
the estate of such Director in a lump sum.

                                   ARTICLE VI

                           INALIENABILITY OF BENEFITS

         The right of any Director to receive payment from the Account under the
provisions of this Plan shall not be subject to alienation or assignment, and if
a Director  shall  attempt to assign,  transfer,  or dispose of such  right,  or
should   such   right  be  subject  to   attachment,   execution,   garnishment,
sequestration, or other legal, equitable, or other process, it shall pass and be
transferred  to one or more  of such  Director's  Beneficiaries,  spouse,  blood
relatives,  or  dependents  in such  proportions  as the Board of Directors  may
choose;  provided,  however,  that  notwithstanding the foregoing,  the Board of
Directors  may revoke or amend its  choice of the  persons,  or the  proportions
received by such persons, previously chosen by the Board of Directors under this
Article VI.

<PAGE>

                                   ARTICLE VII

                        AMENDMENT OR TERMINATION OF PLAN

         The Board of Directors  may at any time amend or  terminate  this Plan,
but no such  amendment  or  termination  shall have the effect of  reducing  the
amount  in the  Account  at the time  such  amendment  or  termination  that any
Director is entitled to receive.

                                  ARTICLE VIII

                               UNSECURED CREDITOR

          Nothing  contained  in this Plan and no action  taken  pursuant to the
provisions  of this Plan shall  create or be  construed to create a trust of any
kind,  or a  fiduciary  relationship  between NBT and the  Director,  his or her
designated  beneficiary  or any  other  person,  no shall  the  Director  or any
designated  beneficiary  have any  preferred  claim  on,  any  title  to, or any
beneficial  interest  in, the assets of NBT or the payments  deferred  hereunder
prior to the time such  payments are actually  paid to the Director  pursuant to
the  terms  herein.  to the  extent  that the  Director,  his or her  designated
beneficiary  or any person  acquires a right to receive  payments from NBT under
this  Plan,  such  right  shall be no  greater  than the right of any  unsecured
general creditor of NBT.

                                   ARTICLE IX

                                     INTENT

          The  intent  of  this  Plan is to  create  a  nonqualified,  unfunded,
deferred  compensation  plan which will defer the deduction of such compensation
for tax purposes by NBT and which will correspondingly  defer the recognition of
such  compensation  by the  Director  until such fees are actually  paid.  It is
therefore  intended,  and this  Plan  shall be  construed  and  where  necessary
modified,  so that the  Director  shall  not be  deemed  to have  constructively
received such deferred compensation.

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                                    ARTICLE X

                                      OTHER

         This Plan shall be binding upon and inure to the benefit of NBT and any
successor of NBT,  including any person,  firm,  corporation,  or other business
entity  which at any time,  by merger,  consolidation,  purchase  or  otherwise,
acquires all or substantially  all of the stock,  assets or business of NBT, and
shall be binding upon the  participants,  the  participant's  heirs,  executors,
administrators,  successors and assigns.

Any action to be taken by the Board of
Directors under this Plan may be taken by such Board Executive Committee.

<PAGE>EXHIBIT 10.18
               Restricted Stock Agreement between NBT Bancorp Inc.
                      and (Director) made January 1, 2001.

<PAGE>

                           RESTRICTED STOCK AGREEMENT
                                     BETWEEN
                          NBT BANCORP INC. AND DIRECTOR

AGREEMENT made as of January 1, 2001 by and between NBT Bancorp Inc. ("Company")
and [name of director] ("Participant"):

         WHEREAS,  the  Participant  is a Director of the Company  and, as such,
receives an annual retainer fee in addition to fees for meeting attendance.  The
Company and  Participant  agree that the  Participant is entitled to receive the
retainer fee in Company Stock subject to the conditions specified below.

         THEREFORE,  in  consideration  of the  mutual  promises  and  covenants
contained herein, it is hereby agreed as follows:

1.       AWARD OF SHARES.
Under the terms of this  Agreement,  the Company has awarded the  Participant  a
Restricted stock award on January 1, 2000 ("Award Date"), covering 190 shares of
NBT Bancorp  Inc.  Common  Stock,  with a fair market  value equal to  $3,008.27
(annual director's retainer),  subject to the terms, conditions and restrictions
set forth in this agreement.

2.       AWARD RESTRICTIONS.
The shares covered by restricted  stock award shall vest in accordance  with the
schedule set forth below:

     FULL YEARS ELAPSED FROM AWARD DATE                  PERCENT VESTED

                       1                                      33%
                       2                                      66%
                       3                                     100%

Upon the  vesting  of any part of the  restricted  stock  award by virtue of the
lapse of the  restriction  period  set  forth  above or under  Section 4 of this
Agreement,  the Company shall cause a stock  certificate  covering the requisite
number  of  shares  in the name of the  Participant  or  beneficiary(ies)  to be
distributed   within  30  days  after  vesting.   Upon  receipt  of  such  stock
certificate(s),  the Participant or beneficiary(ies) are free to hold or dispose
of such certificate at will.

                                      -1-
<PAGE>

During the restriction  period, the shares covered by the restricted stock award
not already  vested are not  transferable  by the  Participant by means of sale,
assignment, exchange, pledge, or otherwise. However, the restriction period will
lapse upon a change of ownership  control within the meaning of Internal Revenue
Code  ss.368(c)  of Company or NBT  Bancorp  Inc.  The lapse of the  restriction
period will cause the restricted stock award to be fully vested.

3.       STOCK CERTIFICATES.
The  stock  certificate(s)  evidencing  the  restricted  stock  award  shall  be
registered  in the  name  of the  Participant  as of the  Award  Date.  Physical
possession  or custody of such stock  certificate(s)  shall be  retained  by the
Company until such time as the shares are vested (i.e.  the  restriction  period
lapses).  The  Company  reserves  the  right  to  place a  legend  on the  stock
certificate(s) restricting the transferability of such certificate(s).

During the restriction period, except as otherwise provided in Section 2 of this
Agreement,  the Participant  shall be entitled to all rights of a stockholder of
the Company,  including the right to vote the shares and receive cash dividends.
Stock  dividends  declared by the Company will be  characterized  as  restricted
stock, and distributed with the principle restricted stock.

4.       TERM OF DIRECTORSHIP.
If the Participant  terminates  board  membership with the Company due to death,
disability,  retirement,  or  failure  to be  re-elected  or  re-appointed,  the
restricted stock award, to the extent not already vested,  shall vest in full as
of the date of such termination. Voluntary resignation or removal for cause will
result in forfeiture of the non-vested  grants.  The Participant may designate a
beneficiary(ies)  to receive the stock certificate  representing that portion of
the restricted stock award automatically  vested upon death. The participant has
the right to change such beneficiary designation at will.

5.       DUTY TO NOTIFY.
It is the  Participant's  duty to notify the  Company  in the event an  Internal
Revenue Code ss.83(b) election is made in the year of the award.

6.       WITHHOLDING TAXES.
The Company  shall have the right to retain and withhold  from any payment under
the  restricted  stock awarded the amount of taxes required by any government to
be withheld or otherwise deducted and paid with respect to such payment.  At its
discretion,  the Company may require a  Participant  receiving  shares of Common
Stock under a restricted stock award to reimburse the Company for any such taxes
required to be withheld by the Company and withhold any distribution in whole or
in part until the Company is so

                                      -2-
<PAGE>

reimbursed.  In lieu thereof,  the Company shall have the right to withhold from
any other cash amounts due or to become due from the Company to the  Participant
an  amount  equal to such  taxes  required  to be  withheld  by the  Company  to
reimburse  the  Company  for any such taxes or retain  and  withhold a number of
shares  having a market  value not less than the amount of such taxes and cancel
(in whole or in part) any such  shares so  withheld  in order to  reimburse  the
Company for any such taxes.

7.       IMPACT ON OTHER BENEFITS.
The value of the restricted stock award (either on the Award Date or at the time
the shares are vested) shall not be includable as  compensation  or earnings for
purposes of any other benefit plan offered by the Company.

8.       ADMINISTRATION.
The  Compensation  Committee  shall have full authority and discretion to decide
all matters relating to the administration and interpretation of this Agreement.
The  Compensation  Committee  shall  have full power and  authority  to pass and
decide upon cases in conformity with the objectives of this Agreement under such
rules as the Board of Directors of the Company may establish.

Any decision made or action taken by the Company, the Board of Directors, or the
Compensation   Committee   arising   out  of,  or  in   connection   with,   the
administration,  interpretation,  and effect of this Agreement shall be at their
absolute discretion and will be conclusive and binding on all parties. No member
of the Board of Directors,  Compensation  Committee,  or employee of the Company
shall  be  liable  for any act or  action  hereunder,  whether  of  omission  or
commission, by the Participant or by any agent to whom duties in connection with
the  administration of this Agreement have been delegated in accordance with the
provision of this Agreement.

9.       COMPANY RELATION WITH PARTICIPANTS.
Nothing in this Agreement  shall confer on the Participant any right to continue
as a director of the Company.

10.      FORCE AND EFFECT.
The various  provisions of this Agreement are severable in their  entirety.  Any
determination of invalidity or  unenforceability of any one provision shall have
no effect on the continuing force and effect of the remaining provisions.

11.      GOVERNING LAWS.
Except to the extent  pre-empted  under  federal  law,  the  provisions  of this
Agreement shall be construed,  administered  and enforced in accordance with the
domestic internal law of the State of New York.

                                      -3-
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12. ENTIRE AGREEMENT.
This Agreement contains the entire understanding of the parties and shall not be
modified or amended except in writing and duly signed by the parties.  No waiver
by either party of any default under this Agreement  shall be deemed a waiver of
any later default.

      IN WITNESS WHEREOF, the parties have executed this Agreement on this _____
day of ________, ________

                                     NBT BANCORP INC.

                                     By_______________________________
                                                  President

                                     And
                                     by_______________________________
                                               CFO and Treasurer

                                     _________________________________
                                           Signature of Participant

                                     _________________________________
                                               Name of Participant
                                                 (please print)

                                      -4-
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