<SEC-DOCUMENT>0001171843-17-007834.txt : 20171222
<SEC-HEADER>0001171843-17-007834.hdr.sgml : 20171222
<ACCEPTANCE-DATETIME>20171222141009
ACCESSION NUMBER:		0001171843-17-007834
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20171220
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20171222
DATE AS OF CHANGE:		20171222

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHEMUNG FINANCIAL CORP
		CENTRAL INDEX KEY:			0000763563
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				161237038
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35741
		FILM NUMBER:		171272281

	BUSINESS ADDRESS:	
		STREET 1:		ONE CHEMUNG CANAL PLZ
		STREET 2:		P O BOX 1522
		CITY:			ELMIRA
		STATE:			NY
		ZIP:			14902
		BUSINESS PHONE:		6077373711

	MAIL ADDRESS:	
		STREET 1:		ONE CHEMUNG CANAL PLZ
		STREET 2:		P O BOX 1522
		CITY:			ELMIRA
		STATE:			NY
		ZIP:			14902
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_122217.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-indent: 6.5in; border-bottom: Black 0.5pt solid">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 12pt">UNITED STATES OF
AMERICA</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 12pt">SECURITIES AND
EXCHANGE COMMISSION</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">Washington, D.C. 20549</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 12pt">FORM 8-K</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">CURRENT REPORT</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">Date of Report (Date of earliest
event reported): </FONT><B>December 22, 2017 (December 20, 2017)</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 12pt">CHEMUNG FINANCIAL
CORPORATION</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">(Exact name of registrant as specified
in its charter)</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%; text-align: center"><B>New York</B></TD>
    <TD STYLE="width: 34%; text-align: center"><B>0-13888</B></TD>
    <TD STYLE="width: 33%; text-align: center"><B>16-1237038</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">(State or other jurisdiction</TD>
    <TD STYLE="text-align: center">(Commission File Number)</TD>
    <TD STYLE="text-align: center">(IRS Employer</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">of incorporation)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Identification
No.)</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-weight: normal"> </FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font-weight: normal"> </FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">One Chemung Canal Plaza, Elmira, NY 14901</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">(Address of principal executive
offices) (Zip Code)</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">(607) 737-3711</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">(Registrant&rsquo;s telephone number,
including area code)</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions:</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font-weight: normal">[&nbsp; ] Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font-weight: normal">[&nbsp; ] Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font-weight: normal">[&nbsp; ] Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font-weight: normal">[&nbsp; ] Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.16e-4(c))</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-weight: normal">Indicate by check mark whether the registrant is an
emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule 12b-2 of the Securities
Exchange Act of 1934 (17 CFR &sect;240.12b-2). Emerging growth company [&nbsp; ]</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-weight: normal">If an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. [ &nbsp;]</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-indent: 6.5in; border-bottom: Black 0.5pt solid">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-weight: normal"></FONT></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">ITEM 1.01</TD><TD>ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">As previously disclosed in a Current
Report on Form 8-K filed by Chemung Financial Corporation (the &ldquo;Corporation&rdquo;) on May 13, 2016 (the &ldquo;May 13, 2016
Form 8-K&rdquo;) the Corporation announced the retirement of Ronald M. Bentley from the position of Chief Executive Officer of
the Corporation and Chemung Canal Trust Company (the &ldquo;Bank&rdquo;) effective December 31, 2016. The May 13, 2016 Form 8-K
also disclosed that Mr. Bentley will remain on the Board of Directors of the Corporation and the Bank after retiring as Chief Executive
Officer.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">As previously disclosed in a Current
Report on Form 8-K filed by the Corporation on December 23, 2016 (the &ldquo;December 23, 2016 Form 8-K&rdquo;) the Corporation
announced the continuation of Mr. Bentley&rsquo;s employment as a part-time employee for calendar year 2017 to serve as an advisor
to the Corporation. The December 23, 2016 Form 8-K also disclosed that Mr. Bentley will receive an annual salary of $50,000, a
company-owned vehicle and reimbursement for other reasonable business expenses. Mr. Bentley will not be entitled to participate
in any benefit plans except certain health plan benefits.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">Effective January 1, 2018, the
Board of Directors of the Corporation and Mr. Bentley have entered into a one-year Post-Employment Consulting Agreement (the &ldquo;Agreement&rdquo;)
pursuant to which Mr. Bentley will serve as an advisor and mentor to his successor, Anders M. Tomson. Under the Agreement Mr. Bentley
will also provide continuing strategic advice and counsel related to potential acquisitions and participate in major strategic
initiatives. The Bank may utilize Mr. Bentley&rsquo;s special skills in business development and the formation and retention of
key client relationships. Mr. Bentley will receive an annual payment of $50,000 in equal monthly installments and reimbursement
for other reasonable business expenses. Mr. Bentley will be an independent contractor and not be eligible for any employee benefit
programs the Bank sponsors for the benefit of its employees. </FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">The Agreement is furnished as
Exhibit 10.1 to this report. </FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">ITEM 9.01</TD><TD STYLE="text-align: justify">FINANCIAL STATEMENTS AND EXHIBITS</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; text-align: justify; margin: 0pt 0"><FONT STYLE="font-weight: normal">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-indent: 1in; text-align: justify; margin: 0pt 0"><FONT STYLE="font-weight: normal"><U>Exhibit No.</U></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.75in"><A HREF="exh_101.htm"><FONT STYLE="font-weight: normal">10.1</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="exh_101.htm"><FONT STYLE="font-weight: normal">Post-Employment Consulting Agreement dated December 20, 2017.</FONT></A></TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">SIGNATURES</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">Pursuant to the requirements of
the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
hereunto duly authorized.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>CHEMUNG FINANCIAL CORPORATION</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="width: 29%; border-bottom: Black 1pt solid">/s/ Karl F. Krebs</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Karl F. Krebs</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>Chief Financial
Officer and Treasurer</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>December 22, 2017</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exh_101.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B><U>POST-EMPLOYMENT CONSULTING AGREEMENT</U></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">This Agreement is made this 20<SUP>th</SUP> day of December, 2017
(the &ldquo;Effective Date&rdquo;) by and between CHEMUNG CANAL TRUST COMPANY (the &ldquo;Bank&rdquo;), a New York banking organization
with its principal office at One Chemung Canal Plaza, Elmira, New York 14901 and RONALD M. BENTLEY (the &ldquo;Consultant&rdquo;)
residing at 17587 Greens Corner Road, Culpeper, VA 22701.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B> the Bank desires continued access to the Consultant&rsquo;s
unique services and knowledge during a reasonable transition following the termination of the Consultant&rsquo;s employment.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in"><B>THEREFORE</B>, in consideration of the mutual covenants and promises
contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <U>Consulting Services</U>. The Consultant will serve as
an advisor and mentor to his successor, Anders M. Tomson. The Consultant will also provide continuing strategic advice and
counsel related to potential acquisitions and participate in major strategic initiatives. The Bank may utilize the
Consultant&rsquo;s special skills in business development and the formation and retention of key client relationships. The
Chief Executive Officer may assign other specialized projects to the Consultant as required. (Collectively, the
&ldquo;Consulting Services&rdquo;.) The Consultant shall report to the Chief Executive Officer. The Consultant will be
provided appropriate office space and access to support staff to perform the Consulting Services at the Bank&rsquo;s
corporate offices. The Consultant may retain the Bank-provided credit card during the Term, and the Consultant is authorized
to use the credit card for gasoline expenses incurred in performing the Consulting Services.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">The Consultant shall continue to serve as a director of the Bank and the Bank&rsquo;s
parent, Chemung Financial Corporation. The Consultant shall receive the compensation of an outside director in all respects.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Availability</U>. The
Consultant shall be available approximately one full day each month, normally the day before or after Board meetings. The
Consultant shall generally be available by phone or email.</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<BR></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Term of Agreement</U>.
The term of this Agreement shall begin on January 1, 2018 and shall continue for a one-year term, ending December 31, 2018
(the &ldquo;Term&rdquo;).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Compensation</U>. During
the Term, as compensation for all services rendered by the Consultant under this Agreement, the Consultant shall receive an
annual retainer of fifty thousand dollars ($50,000), payable in monthly installments of four thousand one hundred sixty-six
and 67/100ths ($4,166.67).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0">5.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Expenses</U>.
The Bank will reimburse the Consultant for reasonable and necessary expenses that are directly related to the Consulting Services
as described in paragraph 1. Business expenses will be reimbursed only as provided under the Bank&rsquo;s expense reimbursement
policy. The following additional procedures shall apply:</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Consultant must receive prior authorization for any business expense relating to airline travel, attendance at conferences,
or any expense above $250.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Reasonable and necessary expenses shall not include travel or entertainment expenses for Consultant&rsquo;s spouse or other
family members of the Consultant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>All expenses must be substantiated by receipts and other documentation itemizing the cost and the business purpose for the
expense, including for any travel and entertainment expenses, identifying the participants.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Bank may deny reimbursement if it determines that the expense was not related to Consulting Services or was not reasonable
or necessary.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Termination</U>.
Notwithstanding the Term of Agreement specified above, this Agreement shall terminate under any of the following
circumstances: (a) in the event the Consultant dies, this Agreement shall terminate immediately; (b) if the Consultant, due
to physical or mental illness, becomes disabled so as to be unable to perform the services called for under this Agreement,
either the Bank or the Consultant may by written notice terminate the consulting relationship as of the last day of the
calendar month during which such notice is given; (c) the parties may terminate this Agreement by mutual written
agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Non-Competition</U>. The
Consultant acknowledges and agrees that during the Term of the Agreement he will not render executive, managerial, market
research, advice or consulting services, either directly or indirectly, to any business engaged in or about to be engaged in
the banking industry.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Confidential Information
or Materials</U>. During the Term of the Agreement, the Consultant will have access to the Bank&rsquo;s confidential and
proprietary information, including but not limited to: (i) information and strategy relating to the Bank&rsquo;s products and
services including customer lists and files, product description and pricing, information and strategy regarding profits,
costs, marketing, purchasing, sales, customers, contract terms, employees, salaries; product development plans; and (ii)
business acquisition and financial plans and forecasts and marketing and sales plans and forecasts (collectively called
&ldquo;Bank Confidential Information&rdquo;). The Consultant will not, during the Term of the Agreement or thereafter,
directly or indirectly disclose to any other person or entity, or use for the Consultant&rsquo;s own benefit or the benefit
of others besides the Bank, any Bank Confidential Information. Upon termination of this Agreement, the Consultant agrees to
promptly return all Bank Confidential Information.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Independent Contractor
Status</U>. The Consultant is an independent contractor providing services to the Bank and is not an agent or employee of the
Bank. Consultant will not be eligible for any employee benefit programs the Bank sponsors for the benefit of its
employees.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>No Authority to Bind
Bank</U>. The Consultant shall not have any authority to commit or bind the Bank to any contractual or financial obligations
without the Bank&rsquo;s prior written consent.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>No Assignment</U>. This
is a personal services agreement and the Consultant may not assign this Agreement, or any interest herein, without the prior
written consent of the Bank.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Entire Agreement</U>.
This Agreement contains the entire agreement of the parties relating to the subject matter of this Agreement and supersedes
any prior written or oral agreement with respect to the Consultant&rsquo;s engagement by the Bank.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Validity</U>. The
invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any
other provision of this Agreement, which shall remain in full force and effect.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Tax Withholding;
Indemnification</U>. By reason of the Consultant&rsquo;s relationship with the Bank as an independent contractor, all sums
required to be paid by the Bank to the Consultant shall be paid in full, without reduction for any withholding taxes,
employers&rsquo; taxes, social security taxes, payments or contributions, and similar employer withholdings, deductions and
payments. The Consultant acknowledges and agrees that the Consultant shall be solely responsible for making all such filings
and payments and shall indemnify and hold harmless the Bank for any liability, claim, expense or other cost incurred by the
Bank arising out of or related to the obligations of the Consultant pursuant to this provision.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Section 409A
Compliance</U>. The provisions of this Agreement are intended and shall be interpreted and administered so as not to result
in the imposition of additional tax or interest under Section 409A of the Internal Revenue Code where applicable. Any
reimbursement of expenses or taxes shall occur no later than the end of the calendar year following the calendar year in
which the expense or tax is incurred (or such earlier date as applies under the Bank&rsquo;s business expense reimbursement
policy).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Applicable Law</U>. This
Agreement shall be governed by and construed in accordance with the laws of the State of New York.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B></B></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>IN WITNESS WHEREOF</B>, the parties hereto have executed this Agreement as of the
date set forth above.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 33%"><FONT STYLE="text-transform: uppercase">Chemung Canal Trust Company</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Ronald M. Bentley</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Anders M. Tomson</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>RONALD M. BENTLEY</TD>
    <TD>&nbsp;</TD>
    <TD>ANDERS M. TOMSON</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Executive Officer</TD></TR>
</TABLE>

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<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;&nbsp;</P>

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<P STYLE="font-size: 10pt; margin-top: 0pt; text-align: center; margin-bottom: 0pt">4</P>

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