<SEC-DOCUMENT>0001171843-19-008304.txt : 20191223
<SEC-HEADER>0001171843-19-008304.hdr.sgml : 20191223
<ACCEPTANCE-DATETIME>20191223163021
ACCESSION NUMBER:		0001171843-19-008304
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20191218
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191223
DATE AS OF CHANGE:		20191223

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:		191306494

	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_122319.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 6.5in; border-bottom: Black 0.5pt solid">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt">UNITED
STATES OF AMERICA</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt">SECURITIES
AND EXCHANGE COMMISSION</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt">FORM
8-K</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CURRENT REPORT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">Date of
Report (Date of earliest event reported): December 18, 2019</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt">CHEMUNG
FINANCIAL CORPORATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <TD STYLE="width: 33%; font-weight: normal; text-align: center; padding-bottom: 1pt; background-color: White; border-bottom: Black 1pt solid">New York</TD><TD STYLE="width: 1%; font-weight: normal; padding-bottom: 1pt; text-align: center; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 33%; font-weight: normal; padding-bottom: 1pt; text-align: center; background-color: White; border-bottom: Black 1pt solid">0-13888</TD><TD STYLE="width: 1%; font-weight: normal; padding-bottom: 1pt; text-align: center; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 32%; font-weight: normal; padding-bottom: 1pt; text-align: center; background-color: White; border-bottom: Black 1pt solid">16-1237038</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: center; background-color: White">(State or other jurisdiction</TD><TD STYLE="font-weight: normal; text-align: center; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: center; background-color: White">(Commission File Number)</TD><TD STYLE="font-weight: normal; text-align: center; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: center; background-color: White">(IRS Employer</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: center; background-color: White">of incorporation)</TD><TD STYLE="font-weight: normal; text-align: center; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: center; background-color: White">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: center; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: center; background-color: White">Identification No.)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>One Chemung Canal Plaza, Elmira,
NY 14901</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>(607) 737-3711</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Securities registered pursuant
to Section 12(b) of the Exchange Act:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 33%; font-weight: normal; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">Title of each class</TD><TD STYLE="width: 1%; font-weight: normal; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 33%; font-weight: normal; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">Trading symbol</TD><TD STYLE="width: 1%; font-weight: normal; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; font-weight: normal; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">Name of exchange on which registered</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: center">Common stock, par value $0.01 per share</TD><TD STYLE="font-weight: normal; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: center">CHMG</TD><TD STYLE="font-weight: normal; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: center">Nasdaq Stock Market LLC</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; 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 [ ]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; 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. [ ]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal"></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 5.02</TD><TD STYLE="text-align: justify">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">(e) On
December 18, 2019, Chemung Canal Trust Company (the &ldquo;Bank&rdquo;), the wholly-owned subsidiary of Chemung Financial Corporation
(the &ldquo;Company&rdquo;), entered into amended and restated change of control agreements with each of (1) Karl F. Krebs, Executive
Vice President, Chief Financial Officer and Treasurer of the Bank; (2) Daniel Fariello, President, Capital Bank Division; (3) Karen
R. Makowski, Executive Vice President and Chief Risk Officer of the Bank; and (4) Thomas W. Wirth, Executive Vice President of
the Bank (collectively, the &ldquo;Executive Officers&rdquo;). The agreements supersede and replace the prior change in control
agreements with each of the Executive Officers. The only change to the terms of the agreements was to provide that the Executive
Officers will be entitled to the benefits under the agreements if a qualifying termination occurs within twelve (12) months (instead
of twenty-four (24) months) following a change of control, as defined in the agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">The foregoing
description does not purport to be complete and it is qualified in its entirety to reference to the change in control agreements
that are attached hereto as Exhibits 10.1, 10.2, 10.3, and 10.4 of this Current Report on Form 8-K, and are incorporated by reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; 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>Financial Statements and Exhibits.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">(d) Exhibits</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal"><U>Exhibit
No.</U></FONT></P>

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<TD STYLE="width: 85.5pt"></TD><TD STYLE="width: 40.5pt"><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">Change of Control Agreement dated December 18, 2019 between Chemung
Canal Trust Company and Karl F. Krebs, Executive Vice President, Chief Financial Officer and Treasurer </FONT></A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-align: justify; text-indent: -0.75in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.5pt"></TD><TD STYLE="width: 40.5pt"><A HREF="exh_102.htm"><FONT STYLE="font-weight: normal">10.2</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="exh_102.htm"><FONT STYLE="font-weight: normal">Change of Control Agreement dated December 18, 2019 between Chemung
Canal Trust Company and Daniel Fariello, President, Capital Bank Division </FONT></A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-align: justify; text-indent: -0.75in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.5pt"></TD><TD STYLE="width: 40.5pt"><A HREF="exh_103.htm"><FONT STYLE="font-weight: normal">10.3</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="exh_103.htm"><FONT STYLE="font-weight: normal">Change of Control Agreement dated December 18, 2019 between Chemung
Canal Trust Company and Karen R. Makowski, Executive Vice President and Chief Risk Officer</FONT></A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-align: justify; text-indent: -0.75in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.5pt"></TD><TD STYLE="width: 40.5pt"><A HREF="exh_104.htm"><FONT STYLE="font-weight: normal">10.4</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="exh_104.htm"><FONT STYLE="font-weight: normal">Change of Control Agreement dated December 18, 2019 between Chemung
Canal Trust Company and Thomas W. Wirth, Executive Vice President </FONT></A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-align: justify; text-indent: -0.75in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in; text-align: justify"><FONT STYLE="font-weight: normal">CHEMUNG
FINANCIAL CORPORATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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    <TD STYLE="width: 1%; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="width: 48%; font-weight: normal; text-align: left">December 23, 2019</TD><TD STYLE="width: 1%; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: normal; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 49%; font-weight: normal; text-align: left; padding-bottom: 1pt">By: <U>/s/ Karl F. Krebs&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">Karl F. Krebs</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">Chief Financial Officer and Treasurer</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; 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">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CHANGE OF CONTROL AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><FONT STYLE="text-transform: uppercase">THIS
CHANGE OF CONTROL AGREEMENT</FONT>&nbsp;(&ldquo;Agreement&rdquo;) is hereby entered into on this 18th day of December, 2019, by
and between CHEMUNG CANAL TRUST COMPANY, a trust company chartered under the laws of the State of New York with its principal office
located at One Chemung Canal Plaza, Elmira, New York 14902 (&ldquo;Bank&rdquo;), and KARL F. KREBS (&ldquo;Executive&rdquo;). Any
reference to the &ldquo;Company&rdquo; shall mean Chemung Financial Corporation, the stock holding company of the Bank, or any
successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">WHEREAS, Executive serves
as EXECUTIVE VICE PRESIDENT, CHIEF FINANCIAL OFFICER &amp; TREASURER (the &ldquo;Executive Position&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">WHEREAS, the Bank desires
to set forth the severance benefits Executive would receive in the event of a termination of Executive&rsquo;s employment with
the Bank following the occurrence of a Change of Control;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">NOW THEREFORE, to ensure
Executive&rsquo;s continued dedication to the Bank and to induce Executive to remain and continue in the employ of the Bank, and
for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereby agree as
follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify"><U>CHANGE OF CONTROL.</U>&nbsp;This Agreement shall become operative only if and when there has
occurred a &ldquo;Change of Control&rdquo; of the Company or the Bank. A &ldquo;Change of Control&rdquo; shall mean (1) any merger,
consolidation or other corporate reorganization in which the Company or the Bank is not the surviving corporation, (2) the event
that any &ldquo;person&rdquo; (as that term is used in Section</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">s 13(d) and 14(d)(2) of the Securities Exchange Act of 1934) becomes the beneficial owner, directly
or indirectly, of securities of the Company or the Bank representing thirty percent (30%) or more of the combined voting power
of the Bank&rsquo;s then outstanding securities, provided that the acquisition of additional securities or voting power by a person
who, as of the date of this Agreement, already is the direct or indirect beneficial owner of twenty percent (20%) of such combined
voting power, shall not constitute a Change of Control, or (3) the event in which a majority of the members of the Company&rsquo;s
or the Bank&rsquo;s Board of Directors is replaced during any twenty-four (24) month period by Directors whose appointment or election
is not endorsed by two-thirds (2/3) of the members of the Company&rsquo;s or the Bank&rsquo;s Board of Directors (who were either
members of the Board of Directors of the Company or the Bank, as applicable, at the beginning of such twenty-four (24) month period
or who was appointed to the Company&rsquo;s or the Bank&rsquo;s Board during such twenty-four (24) month period as a result of
a directive, supervisory agreement or order issued by the primary federal regulator of the Company or the Bank) prior to the date
of appointment or election.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">2.&nbsp;&nbsp;&nbsp;<U>TERMINATION.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
after the occurrence of a Change of Control, Executive&rsquo;s employment is terminated by the Bank without Cause or Executive
voluntarily terminates employment for Good Reason within the twelve (12) month period immediately following the effective date
of the Change of Control,, the Bank shall pay to Executive, in addition to any other compensation, remuneration, or benefits due
to Executive under any other plan, contract, or arrangement with the Bank, the Severance Pay described in Section 3 of this Agreement
in equal monthly installments for the twenty-four (24) months immediately following the effective date of the termination of Executive&rsquo;s
employment. Except as otherwise provided in Section 2(e), the first such installment to be paid on the first day of the first month
immediately following the month in which Executive&rsquo;s employment is terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp; (b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes of this section, the Bank shall have &ldquo;Cause&rdquo; to terminate Executive&rsquo;s employment if Executive engages
in personal dishonesty, willful misconduct, breach of fiduciary duty, willful violation of any law, rule, or regulation (other
than traffic violations or similar offenses), gross insubordination, or gross negligence. For the purposes of this paragraph, no
act or failure to act shall be considered &ldquo;willful&rdquo; unless done or omitted to be done, by the Executive not in good
faith and without a reasonable belief that Executive&rsquo;s action or omission is in the best interests of the Bank. In no event
shall Executive be deemed to have been terminated for Cause unless and until there shall have been delivered to Executive a copy
of a certification by a majority of the non-officer members of the Board of Directors finding that the Executive was guilty of
conduct deemed to be Cause within the meaning of this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this section, &ldquo;Good Reason&rdquo; exists if, without Executive&rsquo;s express written consent, any of the following
occurs: (1) a material reduction in Executive&rsquo;s base salary or benefits in effect as of the effective date of the Change
in Control; (2) a material reduction in Executive&rsquo;s authority, duties or responsibilities from the position and attributes
associated with the Executive Position (or any successor executive position in effect as of the effective date of the Change in
Control); (3) a relocation of Executive&rsquo;s principal place of employment in effect immediately prior to the effective date
of the Change in Control, resulting in an increase of Executive&rsquo;s commute of thirty (30) miles or more; or (4) a material
breach of this Agreement by the Bank. Notwithstanding the foregoing, <FONT STYLE="background-color: white">no such event shall
constitute &ldquo;Good Reason&rdquo; unless (A)&nbsp;Executive shall have given written notice of such event to the Bank within
ninety (90)&nbsp;days after the initial occurrence thereof, (B)&nbsp;the Bank shall have failed to cure the situation within thirty
(30)&nbsp;days following the delivery of such notice (or such longer cure period as may be agreed upon by the parties), and (C)&nbsp;Executive
terminates employment within thirty (30)&nbsp;days after expiration of such cure period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>N<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">otwithstanding
anything in this Agreement to the contrary, to the extent that a payment or benefit described in this Agreement constitutes &ldquo;non-qualified
deferred compensation&rdquo; under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the
Executive&rsquo;s termination of employment, then such payments or benefits will be payable only upon the Executive&rsquo;s &ldquo;Separation
from Service.&rdquo; For purposes of this Agreement, a &ldquo;Separation from Service&rdquo; will have occurred if the Bank and
Executive reasonably anticipate that either no further services will be performed by Executive after the date of termination (whether
as an employee or as an independent contractor) or the level of further services performed is less than 20 percent of the average
level of bona fide services in the 36 months immediately preceding the termination. For all purposes hereunder, the definition
of Separation from Service shall be interpreted consistent with Treasury Regulation Section 1.409A-1(h)(ii).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, if Executive is a &ldquo;Specified Employee&rdquo; (i.e., a &ldquo;key employee&rdquo; of a publicly traded company
within the meaning of Section 409A of the Code and the final regulations issued thereunder) and any payment under this Agreement
is triggered due to Executive&rsquo;s Separation from Service, then solely to the extent necessary to avoid penalties under Section
409A of the Code, no payment shall be made during the first six (6) months following Executive&rsquo;s Separation from Service.
Rather, any payment which would otherwise be paid to Executive during such period shall be accumulated and paid to Executive in
a lump sum on the first day of the seventh month following such Separation from Service. All subsequent payments shall be paid
in the manner specified in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that a payment or benefit described in this Agreement constitutes &ldquo;non-qualified deferred compensation&rdquo;
under Section 409A of the Code, such payment that is payable pursuant to this Agreement is intended to constitute a &ldquo;separate
payment&rdquo; for purposes of Treasury Regulation 1.409A-2(b)(ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">3.&nbsp;&nbsp;&nbsp;<U>SEVERANCE
PAY.</U>&nbsp; Severance Pay payable to the Executive pursuant to this Agreement shall mean 2 times the sum of Executive&rsquo;s:
(i) highest annual rate of base salary; and (ii) highest annual incentive award, regardless if paid in the form of cash or unrestricted
stock pursuant to the Company&rsquo;s or the Bank&rsquo;s incentive compensation plan(s) paid to, or earned by, Executive during
the calendar year of the Change in Control or either of the two (2) calendar years immediately preceding the Change in Control.
Severance Pay shall be reduced by all amounts that are required to be withheld or deducted under federal, state or municipal law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">4.&nbsp;&nbsp;&nbsp;<U>REGULATORY
LIMITS.</U>&nbsp;The provisions of this Section 4 shall control as to continuing rights and obligations under this agreement notwithstanding
any other provision of this Agreement, for so long as the Bank shall be regulated by the Board of Governors of the Federal Reserve
System, the Federal Deposit Insurance Corporation, the New York State Department of Financial Services or any other federal or
state banking agency (each a &ldquo;Regulator&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
obligations under this Agreement shall be terminated, except to the extent determined by any Regulator that continuation thereof
is necessary for the continued operation of the Bank at the time the Regulator enters into an agreement to provide assistance to
or on behalf of the Bank, or approves a supervisory merger to resolve problems related to the operation of the Bank, or when the
Bank is determined by a Regulator to be in an unsafe or unsound condition, notwithstanding the vesting of any rights of the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
obligations under this Agreement shall be subject to and conditioned upon the Bank&rsquo;s satisfaction of and compliance with
all state and federal laws, rules, and regulations applicable to the Bank, notwithstanding the vesting of any rights hereunder.
The Bank shall be relieved of all obligations under this Agreement to the extent that performance or satisfaction of such obligations
would violate or be inconsistent with any federal or state law, rule, or regulation (including, without limitation, safety and
soundness standards and related regulatory guidance), any order, directive or notice from a Regulator, or any formal or informal
agreement, safety and soundness compliance plan, or other agreement or plan entered into by and between the Bank and any Regulator.
Whether the obligations of this Agreement are inconsistent with any law, rule, regulation, order, directive, notice, agreement,
or plan just described shall be deemed determined if so found by any Regulator or by an opinion of the Bank&rsquo;s counsel, a
copy or written summary of which finding or opinion of counsel shall be provided by the Bank to Executive within five (5) business
days of the Bank&rsquo;s notice of such a determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
payment, accrual and/or vesting of any Severance Pay shall be suspended in the event the Bank receives any notice from any Regulator
indicating an intent to issue an order or directive requiring the Bank to take prompt corrective action or to take or refrain from
taking any other action, or to the extent that the Bank or any affiliate is prohibited from paying any Severance Pay by Section
18(k) of the Federal Deposit Insurance Act, 12 C.F.R. Part 359 or any other applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that any Regulator terminates or requires the Bank by order or directive to terminate Executive, Bank shall be relieved
of all obligations under this Agreement and this Agreement shall be terminated and shall have no further force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that the Bank is relieved of any or all of its obligations under this Agreement as a result of the application of this
Section 4 or that any or all of such obligations is suspended, the Bank shall provide, within five (5) business days of the Bank&rsquo;s
notice of relief or suspension, written notice to Executive describing the extent to which the Bank has been relieved of its obligations
under this Agreement or to which such obligations have been suspended and the reason(s) therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">5.&nbsp;&nbsp;&nbsp;<U>SUCCESSORS.</U>&nbsp;This
Agreement shall inure to the benefit of and be enforceable by Executive&rsquo;s personal representatives and heirs. In the event
that Executive dies while any amounts remain payable to Executive hereunder, all such amounts shall be paid in accordance with
the terms of this Agreement to designee(s) or, if there is no such designee, to Executive&rsquo;s estate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;<U>SEVERABILITY.</U>&nbsp;In
the event that any court or other authority of competent jurisdiction determines that any provision of this Agreement is invalid,
illegal or unenforceable, such invalidity, illegality or unenforceability shall be limited to such provision and shall not affect
the validity, legality, or enforceability of any other provision. Any provision in this Agreement which is invalid, illegal or
unenforceable in any jurisdiction shall, as to such jurisdiction, be invalid, illegal or unenforceable, only to the extent required
by such jurisdiction and without rendering such provision invalid, illegal, or unenforceable in any other jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">7.&nbsp;&nbsp;&nbsp;<U>NO
RIGHT TO CONTINUE EMPLOYMENT.</U>&nbsp;This Agreement shall not give Executive any right to remain in the employ of the Bank. Subject
to the severance provisions in this Agreement or in any other written agreement between the Bank and Executive, the Bank reserves
the right to terminate Executive&rsquo;s employment at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">8.&nbsp;&nbsp;&nbsp;<U>AMENDMENT;
WAIVER.</U>&nbsp;No provision of this Agreement may be modified or waived except by a written instrument executed by Executive
and on behalf of the Bank by an authorized representative, which instrument specifically refers to this Section 8. No waiver of
compliance with any condition or provision of this Agreement shall be deemed or constitute a waiver of any other provision or condition
of this Agreement and shall not operate to preclude or limit any future waivers or modifications of the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">9.&nbsp;&nbsp;&nbsp;<U>NOTICES.</U>&nbsp;For
the purposes of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall
be deemed to have been duly given when delivered or mailed by United States first-class registered or certified mail, return receipt
requested, postage prepaid, addressed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 8%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If to Executive:</FONT></TD>
    <TD STYLE="width: 76%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Most recent address on file with the Bank</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If to the Bank</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chemung Canal Trust Company</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Chemung Canal Plaza</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P.O. Box 1522</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Elmira, New York 14902-1522</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">or at such other address as any party may
furnish to the other in writing. Notices of change of address shall be effective only upon receipt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">10.&nbsp;&nbsp;&nbsp;<U>ENTIRE
AGREEMENT.</U>&nbsp;This Agreement constitutes the entire agreement between the parties and supersedes all current and prior agreements
and understandings, whether written or oral, between the parties, with respect to the subject matter hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">11.&nbsp;&nbsp;&nbsp;<U>GOVERNING
LAW.</U>&nbsp;This Agreement shall be interpreted and construed in accordance with the laws of the State of New York, without regard
to any conflicts of law rules or principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">12.&nbsp;&nbsp;&nbsp;<U>JURISDICTION;
VENUE; WAIVER OF JURY TRIAL.</U>&nbsp;The Bank and Executive agree that any action or proceeding seeking to enforce any provision
of, or based on any claim arising out of, or otherwise relating to this Agreement shall be brought in the courts of the State of
New York, or, if it has or can acquire jurisdiction, in the United States District Court for the Western District of New York.
The Bank and Executive each give their consent to the jurisdiction of these courts in any such action or proceeding and hereby
waive any object to venue being laid in such courts. The Bank and Executive further agree to waive their respective rights to a
trial by jury in any such action or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">13.&nbsp;&nbsp;&nbsp;<U>SECTION
HEADINGS.</U>&nbsp;All Section headings herein are included for the purposes of convenience only and shall not be deemed to have
any effect on the construction or interpretation of any provision of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">IN WITNESS WHEREOF,
the parties hereto have hereby executed this Agreement as of the date set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHEMUNG CANAL TRUST COMPANY,</FONT></TD></TR>
<TR>
    <TD STYLE="width: 9%; text-align: justify">&nbsp;</TD>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anders M. Tomson</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Its: President &amp; Chief Executive Officer</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
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    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXECUTIVE</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Karl. F. Krebs</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>exh_102.htm
<DESCRIPTION>EXHIBIT 10.2
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CHANGE OF CONTROL AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><FONT STYLE="text-transform: uppercase">THIS
CHANGE OF CONTROL AGREEMENT</FONT>&nbsp;(&ldquo;Agreement&rdquo;) is hereby entered into on this 18th day of December, 2019, by
and between CHEMUNG CANAL TRUST COMPANY, a trust company chartered under the laws of the State of New York with its principal office
located at One Chemung Canal Plaza, Elmira, New York 14902 (&ldquo;Bank&rdquo;), and DANIEL FARIELLO (&ldquo;Executive&rdquo;).
Any reference to the &ldquo;Company&rdquo; shall mean Chemung Financial Corporation, the stock holding company of the Bank, or
any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">WHEREAS, Executive serves
as PRESIDENT, CAPITAL BANK DIVISION (the &ldquo;Executive Position&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">WHEREAS, the Bank desires
to set forth the severance benefits Executive would receive in the event of a termination of Executive&rsquo;s employment with
the Bank following the occurrence of a Change of Control;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">NOW THEREFORE, to ensure
Executive&rsquo;s continued dedication to the Bank and to induce Executive to remain and continue in the employ of the Bank, and
for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereby agree as
follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify"><U>CHANGE OF CONTROL.</U>&nbsp;This Agreement shall become operative only if and when there has
occurred a &ldquo;Change of Control&rdquo; of the Company or the Bank. A &ldquo;Change of Control&rdquo; shall mean (1) any merger,
consolidation or other corporate reorganization in which the Company or the Bank is not the surviving corporation, (2) the event
that any &ldquo;person&rdquo; (as that term is used in Section</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">s 13(d) and 14(d)(2) of the Securities Exchange Act of 1934) becomes the beneficial owner, directly
or indirectly, of securities of the Company or the Bank representing thirty percent (30%) or more of the combined voting power
of the Bank&rsquo;s then outstanding securities, provided that the acquisition of additional securities or voting power by a person
who, as of the date of this Agreement, already is the direct or indirect beneficial owner of twenty percent (20%) of such combined
voting power, shall not constitute a Change of Control, or (3) the event in which a majority of the members of the Company&rsquo;s
or the Bank&rsquo;s Board of Directors is replaced during any twenty-four (24) month period by Directors whose appointment or election
is not endorsed by two-thirds (2/3) of the members of the Company&rsquo;s or the Bank&rsquo;s Board of Directors (who were either
members of the Board of Directors of the Company or the Bank, as applicable, at the beginning of such twenty-four (24) month period
or who was appointed to the Company&rsquo;s or the Bank&rsquo;s Board during such twenty-four (24) month period as a result of
a directive, supervisory agreement or order issued by the primary federal regulator of the Company or the Bank) prior to the date
of appointment or election.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">2.&nbsp;&nbsp;&nbsp;<U>TERMINATION.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
after the occurrence of a Change of Control, Executive&rsquo;s employment is terminated by the Bank without Cause or Executive
voluntarily terminates employment for Good Reason within the twelve (12) month period immediately following the effective date
of the Change of Control,, the Bank shall pay to Executive, in addition to any other compensation, remuneration, or benefits due
to Executive under any other plan, contract, or arrangement with the Bank, the Severance Pay described in Section 3 of this Agreement
in equal monthly installments for the twenty-four (24) months immediately following the effective date of the termination of Executive&rsquo;s
employment. Except as otherwise provided in Section 2(e), the first such installment to be paid on the first day of the first month
immediately following the month in which Executive&rsquo;s employment is terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp; (b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes of this section, the Bank shall have &ldquo;Cause&rdquo; to terminate Executive&rsquo;s employment if Executive engages
in personal dishonesty, willful misconduct, breach of fiduciary duty, willful violation of any law, rule, or regulation (other
than traffic violations or similar offenses), gross insubordination, or gross negligence. For the purposes of this paragraph, no
act or failure to act shall be considered &ldquo;willful&rdquo; unless done or omitted to be done, by the Executive not in good
faith and without a reasonable belief that Executive&rsquo;s action or omission is in the best interests of the Bank. In no event
shall Executive be deemed to have been terminated for Cause unless and until there shall have been delivered to Executive a copy
of a certification by a majority of the non-officer members of the Board of Directors finding that the Executive was guilty of
conduct deemed to be Cause within the meaning of this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this section, &ldquo;Good Reason&rdquo; exists if, without Executive&rsquo;s express written consent, any of the following
occurs: (1) a material reduction in Executive&rsquo;s base salary or benefits in effect as of the effective date of the Change
in Control; (2) a material reduction in Executive&rsquo;s authority, duties or responsibilities from the position and attributes
associated with the Executive Position (or any successor executive position in effect as of the effective date of the Change in
Control); (3) a relocation of Executive&rsquo;s principal place of employment in effect immediately prior to the effective date
of the Change in Control, resulting in an increase of Executive&rsquo;s commute of thirty (30) miles or more; or (4) a material
breach of this Agreement by the Bank. Notwithstanding the foregoing, <FONT STYLE="background-color: white">no such event shall
constitute &ldquo;Good Reason&rdquo; unless (A)&nbsp;Executive shall have given written notice of such event to the Bank within
ninety (90)&nbsp;days after the initial occurrence thereof, (B)&nbsp;the Bank shall have failed to cure the situation within thirty
(30)&nbsp;days following the delivery of such notice (or such longer cure period as may be agreed upon by the parties), and (C)&nbsp;Executive
terminates employment within thirty (30)&nbsp;days after expiration of such cure period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>N<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">otwithstanding
anything in this Agreement to the contrary, to the extent that a payment or benefit described in this Agreement constitutes &ldquo;non-qualified
deferred compensation&rdquo; under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the
Executive&rsquo;s termination of employment, then such payments or benefits will be payable only upon the Executive&rsquo;s &ldquo;Separation
from Service.&rdquo; For purposes of this Agreement, a &ldquo;Separation from Service&rdquo; will have occurred if the Bank and
Executive reasonably anticipate that either no further services will be performed by Executive after the date of termination (whether
as an employee or as an independent contractor) or the level of further services performed is less than 20 percent of the average
level of bona fide services in the 36 months immediately preceding the termination. For all purposes hereunder, the definition
of Separation from Service shall be interpreted consistent with Treasury Regulation Section 1.409A-1(h)(ii).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, if Executive is a &ldquo;Specified Employee&rdquo; (i.e., a &ldquo;key employee&rdquo; of a publicly traded company
within the meaning of Section 409A of the Code and the final regulations issued thereunder) and any payment under this Agreement
is triggered due to Executive&rsquo;s Separation from Service, then solely to the extent necessary to avoid penalties under Section
409A of the Code, no payment shall be made during the first six (6) months following Executive&rsquo;s Separation from Service.
Rather, any payment which would otherwise be paid to Executive during such period shall be accumulated and paid to Executive in
a lump sum on the first day of the seventh month following such Separation from Service. All subsequent payments shall be paid
in the manner specified in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that a payment or benefit described in this Agreement constitutes &ldquo;non-qualified deferred compensation&rdquo;
under Section 409A of the Code, such payment that is payable pursuant to this Agreement is intended to constitute a &ldquo;separate
payment&rdquo; for purposes of Treasury Regulation 1.409A-2(b)(ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">3.&nbsp;&nbsp;&nbsp;<U>SEVERANCE
PAY.</U>&nbsp; Severance Pay payable to the Executive pursuant to this Agreement shall mean 2 times the sum of Executive&rsquo;s:
(i) highest annual rate of base salary; and (ii) highest annual incentive award, regardless if paid in the form of cash or unrestricted
stock pursuant to the Company&rsquo;s or the Bank&rsquo;s incentive compensation plan(s) paid to, or earned by, Executive during
the calendar year of the Change in Control or either of the two (2) calendar years immediately preceding the Change in Control.
Severance Pay shall be reduced by all amounts that are required to be withheld or deducted under federal, state or municipal law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">4.&nbsp;&nbsp;&nbsp;<U>REGULATORY
LIMITS.</U>&nbsp;The provisions of this Section 4 shall control as to continuing rights and obligations under this agreement notwithstanding
any other provision of this Agreement, for so long as the Bank shall be regulated by the Board of Governors of the Federal Reserve
System, the Federal Deposit Insurance Corporation, the New York State Department of Financial Services or any other federal or
state banking agency (each a &ldquo;Regulator&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
obligations under this Agreement shall be terminated, except to the extent determined by any Regulator that continuation thereof
is necessary for the continued operation of the Bank at the time the Regulator enters into an agreement to provide assistance to
or on behalf of the Bank, or approves a supervisory merger to resolve problems related to the operation of the Bank, or when the
Bank is determined by a Regulator to be in an unsafe or unsound condition, notwithstanding the vesting of any rights of the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
obligations under this Agreement shall be subject to and conditioned upon the Bank&rsquo;s satisfaction of and compliance with
all state and federal laws, rules, and regulations applicable to the Bank, notwithstanding the vesting of any rights hereunder.
The Bank shall be relieved of all obligations under this Agreement to the extent that performance or satisfaction of such obligations
would violate or be inconsistent with any federal or state law, rule, or regulation (including, without limitation, safety and
soundness standards and related regulatory guidance), any order, directive or notice from a Regulator, or any formal or informal
agreement, safety and soundness compliance plan, or other agreement or plan entered into by and between the Bank and any Regulator.
Whether the obligations of this Agreement are inconsistent with any law, rule, regulation, order, directive, notice, agreement,
or plan just described shall be deemed determined if so found by any Regulator or by an opinion of the Bank&rsquo;s counsel, a
copy or written summary of which finding or opinion of counsel shall be provided by the Bank to Executive within five (5) business
days of the Bank&rsquo;s notice of such a determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
payment, accrual and/or vesting of any Severance Pay shall be suspended in the event the Bank receives any notice from any Regulator
indicating an intent to issue an order or directive requiring the Bank to take prompt corrective action or to take or refrain from
taking any other action, or to the extent that the Bank or any affiliate is prohibited from paying any Severance Pay by Section
18(k) of the Federal Deposit Insurance Act, 12 C.F.R. Part 359 or any other applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that any Regulator terminates or requires the Bank by order or directive to terminate Executive, Bank shall be relieved
of all obligations under this Agreement and this Agreement shall be terminated and shall have no further force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that the Bank is relieved of any or all of its obligations under this Agreement as a result of the application of this
Section 4 or that any or all of such obligations is suspended, the Bank shall provide, within five (5) business days of the Bank&rsquo;s
notice of relief or suspension, written notice to Executive describing the extent to which the Bank has been relieved of its obligations
under this Agreement or to which such obligations have been suspended and the reason(s) therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">5.&nbsp;&nbsp;&nbsp;<U>SUCCESSORS.</U>&nbsp;This
Agreement shall inure to the benefit of and be enforceable by Executive&rsquo;s personal representatives and heirs. In the event
that Executive dies while any amounts remain payable to Executive hereunder, all such amounts shall be paid in accordance with
the terms of this Agreement to designee(s) or, if there is no such designee, to Executive&rsquo;s estate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;<U>SEVERABILITY.</U>&nbsp;In
the event that any court or other authority of competent jurisdiction determines that any provision of this Agreement is invalid,
illegal or unenforceable, such invalidity, illegality or unenforceability shall be limited to such provision and shall not affect
the validity, legality, or enforceability of any other provision. Any provision in this Agreement which is invalid, illegal or
unenforceable in any jurisdiction shall, as to such jurisdiction, be invalid, illegal or unenforceable, only to the extent required
by such jurisdiction and without rendering such provision invalid, illegal, or unenforceable in any other jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">7.&nbsp;&nbsp;&nbsp;<U>NO
RIGHT TO CONTINUE EMPLOYMENT.</U>&nbsp;This Agreement shall not give Executive any right to remain in the employ of the Bank. Subject
to the severance provisions in this Agreement or in any other written agreement between the Bank and Executive, the Bank reserves
the right to terminate Executive&rsquo;s employment at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">8.&nbsp;&nbsp;&nbsp;<U>AMENDMENT;
WAIVER.</U>&nbsp;No provision of this Agreement may be modified or waived except by a written instrument executed by Executive
and on behalf of the Bank by an authorized representative, which instrument specifically refers to this Section 8. No waiver of
compliance with any condition or provision of this Agreement shall be deemed or constitute a waiver of any other provision or condition
of this Agreement and shall not operate to preclude or limit any future waivers or modifications of the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">9.&nbsp;&nbsp;&nbsp;<U>NOTICES.</U>&nbsp;For
the purposes of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall
be deemed to have been duly given when delivered or mailed by United States first-class registered or certified mail, return receipt
requested, postage prepaid, addressed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 8%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If to Executive:</FONT></TD>
    <TD STYLE="width: 76%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Most recent address on file with the Bank</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="margin: 0">&nbsp;</P>

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<TR>
    <TD STYLE="text-align: justify; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If to the Bank</FONT></TD>
    <TD STYLE="text-align: justify; width: 76%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chemung Canal Trust Company</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Chemung Canal Plaza</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P.O. Box 1522</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Elmira, New York 14902-1522</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">or at such other address as any party may
furnish to the other in writing. Notices of change of address shall be effective only upon receipt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">10.&nbsp;&nbsp;&nbsp;<U>ENTIRE
AGREEMENT.</U>&nbsp;This Agreement constitutes the entire agreement between the parties and supersedes all current and prior agreements
and understandings, whether written or oral, between the parties, with respect to the subject matter hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">11.&nbsp;&nbsp;&nbsp;<U>GOVERNING
LAW.</U>&nbsp;This Agreement shall be interpreted and construed in accordance with the laws of the State of New York, without regard
to any conflicts of law rules or principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">12.&nbsp;&nbsp;&nbsp;<U>JURISDICTION;
VENUE; WAIVER OF JURY TRIAL.</U>&nbsp;The Bank and Executive agree that any action or proceeding seeking to enforce any provision
of, or based on any claim arising out of, or otherwise relating to this Agreement shall be brought in the courts of the State of
New York, or, if it has or can acquire jurisdiction, in the United States District Court for the Western District of New York.
The Bank and Executive each give their consent to the jurisdiction of these courts in any such action or proceeding and hereby
waive any object to venue being laid in such courts. The Bank and Executive further agree to waive their respective rights to a
trial by jury in any such action or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">13.&nbsp;&nbsp;&nbsp;<U>SECTION
HEADINGS.</U>&nbsp;All Section headings herein are included for the purposes of convenience only and shall not be deemed to have
any effect on the construction or interpretation of any provision of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">IN WITNESS WHEREOF,
the parties hereto have hereby executed this Agreement as of the date set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TR>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHEMUNG CANAL TRUST COMPANY,</FONT></TD></TR>
<TR>
    <TD STYLE="width: 10%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 40%; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anders M. Tomson</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Its: President &amp; Chief Executive Officer</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXECUTIVE</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Daniel Fariello</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">4</P>

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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>exh_103.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B>Exhibit 10.3</B></P>

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">CHANGE OF CONTROL AGREEMENT</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40pt; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">THIS
CHANGE OF CONTROL AGREEMENT</FONT>&nbsp;(&ldquo;Agreement&rdquo;) is hereby entered into on this 18th day of December, 2019, by
and between CHEMUNG CANAL TRUST COMPANY, a trust company chartered under the laws of the State of New York with its principal office
located at One Chemung Canal Plaza, Elmira, New York 14902 (&ldquo;Bank&rdquo;), and KAREN R. MAKOWSKI (&ldquo;Executive&rdquo;).
Any reference to the &ldquo;Company&rdquo; shall mean Chemung Financial Corporation, the stock holding company of the Bank, or
any successor thereto.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40pt; margin: 0pt 0">WHEREAS, Executive serves as EXECUTIVE VICE PRESIDENT
&amp; CHIEF RISK OFFICER (the &ldquo;Executive Position&rdquo;); and</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40pt; margin: 0pt 0">WHEREAS, the Bank desires to set forth the severance
benefits Executive would receive in the event of a termination of Executive&rsquo;s employment with the Bank following the occurrence
of a Change of Control;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40pt; margin: 0pt 0">NOW THEREFORE, to ensure Executive&rsquo;s continued
dedication to the Bank and to induce Executive to remain and continue in the employ of the Bank, and for other good and valuable
consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereby agree as follows:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&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: 40pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify"><U>CHANGE OF CONTROL.</U>&nbsp;This Agreement shall become operative only if and when there has
occurred a &ldquo;Change of Control&rdquo; of the Company or the Bank. A &ldquo;Change of Control&rdquo; shall mean (1) any merger,
consolidation or other corporate reorganization in which the Company or the Bank is not the surviving corporation, (2) the event
that any &ldquo;person&rdquo; (as that term is used in Section</TD></TR>                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<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: 40pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">s 13(d) and 14(d)(2) of the Securities Exchange Act of 1934) becomes the beneficial owner, directly
or indirectly, of securities of the Company or the Bank representing thirty percent (30%) or more of the combined voting power
of the Bank&rsquo;s then outstanding securities, provided that the acquisition of additional securities or voting power by a person
who, as of the date of this Agreement, already is the direct or indirect beneficial owner of twenty percent (20%) of such combined
voting power, shall not constitute a Change of Control, or (3) the event in which a majority of the members of the Company&rsquo;s
or the Bank&rsquo;s Board of Directors is replaced during any twenty-four (24) month period by Directors whose appointment or election
is not endorsed by two-thirds (2/3) of the members of the Company&rsquo;s or the Bank&rsquo;s Board of Directors (who were either
members of the Board of Directors of the Company or the Bank, as applicable, at the beginning of such twenty-four (24) month period
or who was appointed to the Company&rsquo;s or the Bank&rsquo;s Board during such twenty-four (24) month period as a result of
a directive, supervisory agreement or order issued by the primary federal regulator of the Company or the Bank) prior to the date
of appointment or election.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40pt; margin: 0pt 0">2.&nbsp;&nbsp;&nbsp;<U>TERMINATION.</U></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40pt; margin: 0pt 0">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, after the
occurrence of a Change of Control, Executive&rsquo;s employment is terminated by the Bank without Cause or Executive voluntarily
terminates employment for Good Reason within the twelve (12) month period immediately following the effective date of the Change
of Control,, the Bank shall pay to Executive, in addition to any other compensation, remuneration, or benefits due to Executive
under any other plan, contract, or arrangement with the Bank, the Severance Pay described in Section 3 of this Agreement in equal
monthly installments for the twenty-four (24) months immediately following the effective date of the termination of Executive&rsquo;s
employment. Except as otherwise provided in Section 2(e), the first such installment to be paid on the first day of the first month
immediately following the month in which Executive&rsquo;s employment is terminated.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp; (b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes of this section, the Bank shall have &ldquo;Cause&rdquo; to terminate Executive&rsquo;s employment if Executive engages
in personal dishonesty, willful misconduct, breach of fiduciary duty, willful violation of any law, rule, or regulation (other
than traffic violations or similar offenses), gross insubordination, or gross negligence. For the purposes of this paragraph, no
act or failure to act shall be considered &ldquo;willful&rdquo; unless done or omitted to be done, by the Executive not in good
faith and without a reasonable belief that Executive&rsquo;s action or omission is in the best interests of the Bank. In no event
shall Executive be deemed to have been terminated for Cause unless and until there shall have been delivered to Executive a copy
of a certification by a majority of the non-officer members of the Board of Directors finding that the Executive was guilty of
conduct deemed to be Cause within the meaning of this paragraph.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this section, &ldquo;Good Reason&rdquo; exists if, without Executive&rsquo;s express written consent, any of the following
occurs: (1) a material reduction in Executive&rsquo;s base salary or benefits in effect as of the effective date of the Change
in Control; (2) a material reduction in Executive&rsquo;s authority, duties or responsibilities from the position and attributes
associated with the Executive Position (or any successor executive position in effect as of the effective date of the Change in
Control); (3) a relocation of Executive&rsquo;s principal place of employment in effect immediately prior to the effective date
of the Change in Control, resulting in an increase of Executive&rsquo;s commute of thirty (30) miles or more; or (4) a material
breach of this Agreement by the Bank. Notwithstanding the foregoing, <FONT STYLE="background-color: white">no such event shall
constitute &ldquo;Good Reason&rdquo; unless (A)&nbsp;Executive shall have given written notice of such event to the Bank within
ninety (90)&nbsp;days after the initial occurrence thereof, (B)&nbsp;the Bank shall have failed to cure the situation within thirty
(30)&nbsp;days following the delivery of such notice (or such longer cure period as may be agreed upon by the parties), and (C)&nbsp;Executive
terminates employment within thirty (30)&nbsp;days after expiration of such cure period.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: white">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>N<FONT STYLE="font-size: 10pt">otwithstanding
anything in this Agreement to the contrary, to the extent that a payment or benefit described in this Agreement constitutes &ldquo;non-qualified
deferred compensation&rdquo; under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the
Executive&rsquo;s termination of employment, then such payments or benefits will be payable only upon the Executive&rsquo;s &ldquo;Separation
from Service.&rdquo; For purposes of this Agreement, a &ldquo;Separation from Service&rdquo; will have occurred if the Bank and
Executive reasonably anticipate that either no further services will be performed by Executive after the date of termination (whether
as an employee or as an independent contractor) or the level of further services performed is less than 20 percent of the average
level of bona fide services in the 36 months immediately preceding the termination. For all purposes hereunder, the definition
of Separation from Service shall be interpreted consistent with Treasury Regulation Section 1.409A-1(h)(ii).</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, if Executive is a &ldquo;Specified Employee&rdquo; (i.e., a &ldquo;key employee&rdquo; of a publicly traded company
within the meaning of Section 409A of the Code and the final regulations issued thereunder) and any payment under this Agreement
is triggered due to Executive&rsquo;s Separation from Service, then solely to the extent necessary to avoid penalties under Section
409A of the Code, no payment shall be made during the first six (6) months following Executive&rsquo;s Separation from Service.
Rather, any payment which would otherwise be paid to Executive during such period shall be accumulated and paid to Executive in
a lump sum on the first day of the seventh month following such Separation from Service. All subsequent payments shall be paid
in the manner specified in this Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that a payment or benefit described in this Agreement constitutes &ldquo;non-qualified deferred compensation&rdquo;
under Section 409A of the Code, such payment that is payable pursuant to this Agreement is intended to constitute a &ldquo;separate
payment&rdquo; for purposes of Treasury Regulation 1.409A-2(b)(ii).</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40pt; margin: 0pt 0">3.&nbsp;&nbsp;&nbsp;<U>SEVERANCE PAY.</U>&nbsp;
Severance Pay payable to the Executive pursuant to this Agreement shall mean 2 times the sum of Executive&rsquo;s: (i) highest
annual rate of base salary; and (ii) highest annual incentive award, regardless if paid in the form of cash or unrestricted stock
pursuant to the Company&rsquo;s or the Bank&rsquo;s incentive compensation plan(s) paid to, or earned by, Executive during the
calendar year of the Change in Control or either of the two (2) calendar years immediately preceding the Change in Control. Severance
Pay shall be reduced by all amounts that are required to be withheld or deducted under federal, state or municipal law.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40pt; margin: 0pt 0">4.&nbsp;&nbsp;&nbsp;<U>REGULATORY LIMITS.</U>&nbsp;The
provisions of this Section 4 shall control as to continuing rights and obligations under this agreement notwithstanding any other
provision of this Agreement, for so long as the Bank shall be regulated by the Board of Governors of the Federal Reserve System,
the Federal Deposit Insurance Corporation, the New York State Department of Financial Services or any other federal or state banking
agency (each a &ldquo;Regulator&rdquo;).</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40pt; margin: 0pt 0">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All obligations
under this Agreement shall be terminated, except to the extent determined by any Regulator that continuation thereof is necessary
for the continued operation of the Bank at the time the Regulator enters into an agreement to provide assistance to or on behalf
of the Bank, or approves a supervisory merger to resolve problems related to the operation of the Bank, or when the Bank is determined
by a Regulator to be in an unsafe or unsound condition, notwithstanding the vesting of any rights of the parties.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40pt; margin: 0pt 0">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All obligations
under this Agreement shall be subject to and conditioned upon the Bank&rsquo;s satisfaction of and compliance with all state and
federal laws, rules, and regulations applicable to the Bank, notwithstanding the vesting of any rights hereunder. The Bank shall
be relieved of all obligations under this Agreement to the extent that performance or satisfaction of such obligations would violate
or be inconsistent with any federal or state law, rule, or regulation (including, without limitation, safety and soundness standards
and related regulatory guidance), any order, directive or notice from a Regulator, or any formal or informal agreement, safety
and soundness compliance plan, or other agreement or plan entered into by and between the Bank and any Regulator. Whether the obligations
of this Agreement are inconsistent with any law, rule, regulation, order, directive, notice, agreement, or plan just described
shall be deemed determined if so found by any Regulator or by an opinion of the Bank&rsquo;s counsel, a copy or written summary
of which finding or opinion of counsel shall be provided by the Bank to Executive within five (5) business days of the Bank&rsquo;s
notice of such a determination.</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40pt; margin: 0pt 0">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The payment,
accrual and/or vesting of any Severance Pay shall be suspended in the event the Bank receives any notice from any Regulator indicating
an intent to issue an order or directive requiring the Bank to take prompt corrective action or to take or refrain from taking
any other action, or to the extent that the Bank or any affiliate is prohibited from paying any Severance Pay by Section 18(k)
of the Federal Deposit Insurance Act, 12 C.F.R. Part 359 or any other applicable law.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40pt; margin: 0pt 0">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event
that any Regulator terminates or requires the Bank by order or directive to terminate Executive, Bank shall be relieved of all
obligations under this Agreement and this Agreement shall be terminated and shall have no further force and effect.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40pt; margin: 0pt 0">(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event
that the Bank is relieved of any or all of its obligations under this Agreement as a result of the application of this Section
4 or that any or all of such obligations is suspended, the Bank shall provide, within five (5) business days of the Bank&rsquo;s
notice of relief or suspension, written notice to Executive describing the extent to which the Bank has been relieved of its obligations
under this Agreement or to which such obligations have been suspended and the reason(s) therefor.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40pt; margin: 0pt 0">5.&nbsp;&nbsp;&nbsp;<U>SUCCESSORS.</U>&nbsp;This
Agreement shall inure to the benefit of and be enforceable by Executive&rsquo;s personal representatives and heirs. In the event
that Executive dies while any amounts remain payable to Executive hereunder, all such amounts shall be paid in accordance with
the terms of this Agreement to designee(s) or, if there is no such designee, to Executive&rsquo;s estate.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">6.&nbsp;&nbsp;&nbsp;<U>SEVERABILITY.</U>&nbsp;In
the event that any court or other authority of competent jurisdiction determines that any provision of this Agreement is invalid,
illegal or unenforceable, such invalidity, illegality or unenforceability shall be limited to such provision and shall not affect
the validity, legality, or enforceability of any other provision. Any provision in this Agreement which is invalid, illegal or
unenforceable in any jurisdiction shall, as to such jurisdiction, be invalid, illegal or unenforceable, only to the extent required
by such jurisdiction and without rendering such provision invalid, illegal, or unenforceable in any other jurisdiction.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40pt; margin: 0pt 0">7.&nbsp;&nbsp;&nbsp;<U>NO RIGHT TO CONTINUE EMPLOYMENT.</U>&nbsp;This
Agreement shall not give Executive any right to remain in the employ of the Bank. Subject to the severance provisions in this Agreement
or in any other written agreement between the Bank and Executive, the Bank reserves the right to terminate Executive&rsquo;s employment
at any time.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40pt; margin: 0pt 0">8.&nbsp;&nbsp;&nbsp;<U>AMENDMENT; WAIVER.</U>&nbsp;No
provision of this Agreement may be modified or waived except by a written instrument executed by Executive and on behalf of the
Bank by an authorized representative, which instrument specifically refers to this Section 8. No waiver of compliance with any
condition or provision of this Agreement shall be deemed or constitute a waiver of any other provision or condition of this Agreement
and shall not operate to preclude or limit any future waivers or modifications of the Agreement.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40pt; margin: 0pt 0">9.&nbsp;&nbsp;&nbsp;<U>NOTICES.</U>&nbsp;For
the purposes of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall
be deemed to have been duly given when delivered or mailed by United States first-class registered or certified mail, return receipt
requested, postage prepaid, addressed as follows:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40pt; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40pt; margin: 0pt 0"></P>

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

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<TR>
    <TD STYLE="width: 8%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 17%; text-align: justify"><FONT STYLE="font-size: 10pt">If to Executive:</FONT></TD>
    <TD STYLE="width: 75%; text-align: justify"><FONT STYLE="font-size: 10pt">Most recent address on file with the Bank</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If to the Bank</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Chemung Canal Trust Company</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">One Chemung Canal Plaza</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">P.O. Box 1522</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Elmira, New York 14902-1522</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">or at such other address as any party may furnish to the other in
writing. Notices of change of address shall be effective only upon receipt.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40pt; margin: 0pt 0">10.&nbsp;&nbsp;&nbsp;<U>ENTIRE AGREEMENT.</U>&nbsp;This
Agreement constitutes the entire agreement between the parties and supersedes all current and prior agreements and understandings,
whether written or oral, between the parties, with respect to the subject matter hereof.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40pt; margin: 0pt 0">11.&nbsp;&nbsp;&nbsp;<U>GOVERNING LAW.</U>&nbsp;This
Agreement shall be interpreted and construed in accordance with the laws of the State of New York, without regard to any conflicts
of law rules or principles.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40pt; margin: 0pt 0">12.&nbsp;&nbsp;&nbsp;<U>JURISDICTION; VENUE;
WAIVER OF JURY TRIAL.</U>&nbsp;The Bank and Executive agree that any action or proceeding seeking to enforce any provision of,
or based on any claim arising out of, or otherwise relating to this Agreement shall be brought in the courts of the State of New
York, or, if it has or can acquire jurisdiction, in the United States District Court for the Western District of New York. The
Bank and Executive each give their consent to the jurisdiction of these courts in any such action or proceeding and hereby waive
any object to venue being laid in such courts. The Bank and Executive further agree to waive their respective rights to a trial
by jury in any such action or proceeding.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40pt; margin: 0pt 0">13.&nbsp;&nbsp;&nbsp;<U>SECTION HEADINGS.</U>&nbsp;All
Section headings herein are included for the purposes of convenience only and shall not be deemed to have any effect on the construction
or interpretation of any provision of this Agreement.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40pt; margin: 0pt 0">IN WITNESS WHEREOF, the parties hereto have hereby
executed this Agreement as of the date set forth above.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">CHEMUNG CANAL TRUST COMPANY,</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify; width: 9%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 42%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; width: 49%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Anders M. Tomson</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Its: President &amp; Chief Executive Officer</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">EXECUTIVE</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Karen R. Makowski</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

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

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

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

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<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>exh_104.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.4</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CHANGE OF CONTROL AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><FONT STYLE="text-transform: uppercase">THIS
CHANGE OF CONTROL AGREEMENT</FONT>&nbsp;(&ldquo;Agreement&rdquo;) is hereby entered into on this 18th day of December, 2019, by
and between CHEMUNG CANAL TRUST COMPANY, a trust company chartered under the laws of the State of New York with its principal office
located at One Chemung Canal Plaza, Elmira, New York 14902 (&ldquo;Bank&rdquo;), and THOMAS W. WIRTH (&ldquo;Executive&rdquo;).
Any reference to the &ldquo;Company&rdquo; shall mean Chemung Financial Corporation, the stock holding company of the Bank, or
any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">WHEREAS, Executive serves
as EXECUTIVE VICE PRESIDENT (the &ldquo;Executive Position&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">WHEREAS, the Bank desires
to set forth the severance benefits Executive would receive in the event of a termination of Executive&rsquo;s employment with
the Bank following the occurrence of a Change of Control;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">NOW THEREFORE, to ensure
Executive&rsquo;s continued dedication to the Bank and to induce Executive to remain and continue in the employ of the Bank, and
for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereby agree as
follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify"><U>CHANGE OF CONTROL.</U>&nbsp;This Agreement shall become operative only if and when there has
occurred a &ldquo;Change of Control&rdquo; of the Company or the Bank. A &ldquo;Change of Control&rdquo; shall mean (1) any merger,
consolidation or other corporate reorganization in which the Company or the Bank is not the surviving corporation, (2) the event
that any &ldquo;person&rdquo; (as that term is used in Section</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">s 13(d) and 14(d)(2) of the Securities Exchange Act of 1934) becomes the beneficial owner, directly
or indirectly, of securities of the Company or the Bank representing thirty percent (30%) or more of the combined voting power
of the Bank&rsquo;s then outstanding securities, provided that the acquisition of additional securities or voting power by a person
who, as of the date of this Agreement, already is the direct or indirect beneficial owner of twenty percent (20%) of such combined
voting power, shall not constitute a Change of Control, or (3) the event in which a majority of the members of the Company&rsquo;s
or the Bank&rsquo;s Board of Directors is replaced during any twenty-four (24) month period by Directors whose appointment or election
is not endorsed by two-thirds (2/3) of the members of the Company&rsquo;s or the Bank&rsquo;s Board of Directors (who were either
members of the Board of Directors of the Company or the Bank, as applicable, at the beginning of such twenty-four (24) month period
or who was appointed to the Company&rsquo;s or the Bank&rsquo;s Board during such twenty-four (24) month period as a result of
a directive, supervisory agreement or order issued by the primary federal regulator of the Company or the Bank) prior to the date
of appointment or election.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">2.&nbsp;&nbsp;&nbsp;<U>TERMINATION.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
after the occurrence of a Change of Control, Executive&rsquo;s employment is terminated by the Bank without Cause or Executive
voluntarily terminates employment for Good Reason within the twelve (12) month period immediately following the effective date
of the Change of Control,, the Bank shall pay to Executive, in addition to any other compensation, remuneration, or benefits due
to Executive under any other plan, contract, or arrangement with the Bank, the Severance Pay described in Section 3 of this Agreement
in equal monthly installments for the twenty-four (24) months immediately following the effective date of the termination of Executive&rsquo;s
employment. Except as otherwise provided in Section 2(e), the first such installment to be paid on the first day of the first month
immediately following the month in which Executive&rsquo;s employment is terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes of this section, the Bank shall have &ldquo;Cause&rdquo; to terminate Executive&rsquo;s employment if Executive engages
in personal dishonesty, willful misconduct, breach of fiduciary duty, willful violation of any law, rule, or regulation (other
than traffic violations or similar offenses), gross insubordination, or gross negligence. For the purposes of this paragraph, no
act or failure to act shall be considered &ldquo;willful&rdquo; unless done or omitted to be done, by the Executive not in good
faith and without a reasonable belief that Executive&rsquo;s action or omission is in the best interests of the Bank. In no event
shall Executive be deemed to have been terminated for Cause unless and until there shall have been delivered to Executive a copy
of a certification by a majority of the non-officer members of the Board of Directors finding that the Executive was guilty of
conduct deemed to be Cause within the meaning of this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this section, &ldquo;Good Reason&rdquo; exists if, without Executive&rsquo;s express written consent, any of the following
occurs: (1) a material reduction in Executive&rsquo;s base salary or benefits in effect as of the effective date of the Change
in Control; (2) a material reduction in Executive&rsquo;s authority, duties or responsibilities from the position and attributes
associated with the Executive Position (or any successor executive position in effect as of the effective date of the Change in
Control); (3) a relocation of Executive&rsquo;s principal place of employment in effect immediately prior to the effective date
of the Change in Control, resulting in an increase of Executive&rsquo;s commute of thirty (30) miles or more; or (4) a material
breach of this Agreement by the Bank. Notwithstanding the foregoing, <FONT STYLE="background-color: white">no such event shall
constitute &ldquo;Good Reason&rdquo; unless (A)&nbsp;Executive shall have given written notice of such event to the Bank within
ninety (90)&nbsp;days after the initial occurrence thereof, (B)&nbsp;the Bank shall have failed to cure the situation within thirty
(30)&nbsp;days following the delivery of such notice (or such longer cure period as may be agreed upon by the parties), and (C)&nbsp;Executive
terminates employment within thirty (30)&nbsp;days after expiration of such cure period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>N<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">otwithstanding
anything in this Agreement to the contrary, to the extent that a payment or benefit described in this Agreement constitutes &ldquo;non-qualified
deferred compensation&rdquo; under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the
Executive&rsquo;s termination of employment, then such payments or benefits will be payable only upon the Executive&rsquo;s &ldquo;Separation
from Service.&rdquo; For purposes of this Agreement, a &ldquo;Separation from Service&rdquo; will have occurred if the Bank and
Executive reasonably anticipate that either no further services will be performed by Executive after the date of termination (whether
as an employee or as an independent contractor) or the level of further services performed is less than 20 percent of the average
level of bona fide services in the 36 months immediately preceding the termination. For all purposes hereunder, the definition
of Separation from Service shall be interpreted consistent with Treasury Regulation Section 1.409A-1(h)(ii).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, if Executive is a &ldquo;Specified Employee&rdquo; (i.e., a &ldquo;key employee&rdquo; of a publicly traded company
within the meaning of Section 409A of the Code and the final regulations issued thereunder) and any payment under this Agreement
is triggered due to Executive&rsquo;s Separation from Service, then solely to the extent necessary to avoid penalties under Section
409A of the Code, no payment shall be made during the first six (6) months following Executive&rsquo;s Separation from Service.
Rather, any payment which would otherwise be paid to Executive during such period shall be accumulated and paid to Executive in
a lump sum on the first day of the seventh month following such Separation from Service. All subsequent payments shall be paid
in the manner specified in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that a payment or benefit described in this Agreement constitutes &ldquo;non-qualified deferred compensation&rdquo;
under Section 409A of the Code, such payment that is payable pursuant to this Agreement is intended to constitute a &ldquo;separate
payment&rdquo; for purposes of Treasury Regulation 1.409A-2(b)(ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">3.&nbsp;&nbsp;&nbsp;<U>SEVERANCE
PAY.</U>&nbsp; Severance Pay payable to the Executive pursuant to this Agreement shall mean 2 times the sum of Executive&rsquo;s:
(i) highest annual rate of base salary; and (ii) highest annual incentive award, regardless if paid in the form of cash or unrestricted
stock pursuant to the Company&rsquo;s or the Bank&rsquo;s incentive compensation plan(s) paid to, or earned by, Executive during
the calendar year of the Change in Control or either of the two (2) calendar years immediately preceding the Change in Control.
Severance Pay shall be reduced by all amounts that are required to be withheld or deducted under federal, state or municipal law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">4.&nbsp;&nbsp;&nbsp;<U>REGULATORY
LIMITS.</U>&nbsp;The provisions of this Section 4 shall control as to continuing rights and obligations under this agreement notwithstanding
any other provision of this Agreement, for so long as the Bank shall be regulated by the Board of Governors of the Federal Reserve
System, the Federal Deposit Insurance Corporation, the New York State Department of Financial Services or any other federal or
state banking agency (each a &ldquo;Regulator&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
obligations under this Agreement shall be terminated, except to the extent determined by any Regulator that continuation thereof
is necessary for the continued operation of the Bank at the time the Regulator enters into an agreement to provide assistance to
or on behalf of the Bank, or approves a supervisory merger to resolve problems related to the operation of the Bank, or when the
Bank is determined by a Regulator to be in an unsafe or unsound condition, notwithstanding the vesting of any rights of the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
obligations under this Agreement shall be subject to and conditioned upon the Bank&rsquo;s satisfaction of and compliance with
all state and federal laws, rules, and regulations applicable to the Bank, notwithstanding the vesting of any rights hereunder.
The Bank shall be relieved of all obligations under this Agreement to the extent that performance or satisfaction of such obligations
would violate or be inconsistent with any federal or state law, rule, or regulation (including, without limitation, safety and
soundness standards and related regulatory guidance), any order, directive or notice from a Regulator, or any formal or informal
agreement, safety and soundness compliance plan, or other agreement or plan entered into by and between the Bank and any Regulator.
Whether the obligations of this Agreement are inconsistent with any law, rule, regulation, order, directive, notice, agreement,
or plan just described shall be deemed determined if so found by any Regulator or by an opinion of the Bank&rsquo;s counsel, a
copy or written summary of which finding or opinion of counsel shall be provided by the Bank to Executive within five (5) business
days of the Bank&rsquo;s notice of such a determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
payment, accrual and/or vesting of any Severance Pay shall be suspended in the event the Bank receives any notice from any Regulator
indicating an intent to issue an order or directive requiring the Bank to take prompt corrective action or to take or refrain from
taking any other action, or to the extent that the Bank or any affiliate is prohibited from paying any Severance Pay by Section
18(k) of the Federal Deposit Insurance Act, 12 C.F.R. Part 359 or any other applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that any Regulator terminates or requires the Bank by order or directive to terminate Executive, Bank shall be relieved
of all obligations under this Agreement and this Agreement shall be terminated and shall have no further force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that the Bank is relieved of any or all of its obligations under this Agreement as a result of the application of this
Section 4 or that any or all of such obligations is suspended, the Bank shall provide, within five (5) business days of the Bank&rsquo;s
notice of relief or suspension, written notice to Executive describing the extent to which the Bank has been relieved of its obligations
under this Agreement or to which such obligations have been suspended and the reason(s) therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">5.&nbsp;&nbsp;&nbsp;<U>SUCCESSORS.</U>&nbsp;This
Agreement shall inure to the benefit of and be enforceable by Executive&rsquo;s personal representatives and heirs. In the event
that Executive dies while any amounts remain payable to Executive hereunder, all such amounts shall be paid in accordance with
the terms of this Agreement to designee(s) or, if there is no such designee, to Executive&rsquo;s estate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;<U>SEVERABILITY.</U>&nbsp;In
the event that any court or other authority of competent jurisdiction determines that any provision of this Agreement is invalid,
illegal or unenforceable, such invalidity, illegality or unenforceability shall be limited to such provision and shall not affect
the validity, legality, or enforceability of any other provision. Any provision in this Agreement which is invalid, illegal or
unenforceable in any jurisdiction shall, as to such jurisdiction, be invalid, illegal or unenforceable, only to the extent required
by such jurisdiction and without rendering such provision invalid, illegal, or unenforceable in any other jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">7.&nbsp;&nbsp;&nbsp;<U>NO
RIGHT TO CONTINUE EMPLOYMENT.</U>&nbsp;This Agreement shall not give Executive any right to remain in the employ of the Bank. Subject
to the severance provisions in this Agreement or in any other written agreement between the Bank and Executive, the Bank reserves
the right to terminate Executive&rsquo;s employment at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">8.&nbsp;&nbsp;&nbsp;<U>AMENDMENT;
WAIVER.</U>&nbsp;No provision of this Agreement may be modified or waived except by a written instrument executed by Executive
and on behalf of the Bank by an authorized representative, which instrument specifically refers to this Section 8. No waiver of
compliance with any condition or provision of this Agreement shall be deemed or constitute a waiver of any other provision or condition
of this Agreement and shall not operate to preclude or limit any future waivers or modifications of the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">9.&nbsp;&nbsp;&nbsp;<U>NOTICES.</U>&nbsp;For
the purposes of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall
be deemed to have been duly given when delivered or mailed by United States first-class registered or certified mail, return receipt
requested, postage prepaid, addressed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 8%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If to Executive:</FONT></TD>
    <TD STYLE="width: 76%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Most recent address on file with the Bank</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="margin: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="text-align: justify; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If to the Bank</FONT></TD>
    <TD STYLE="text-align: justify; width: 76%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chemung Canal Trust Company</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Chemung Canal Plaza</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P.O. Box 1522</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Elmira, New York 14902-1522</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">or at such other address as any party may
furnish to the other in writing. Notices of change of address shall be effective only upon receipt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">10.&nbsp;&nbsp;&nbsp;<U>ENTIRE
AGREEMENT.</U>&nbsp;This Agreement constitutes the entire agreement between the parties and supersedes all current and prior agreements
and understandings, whether written or oral, between the parties, with respect to the subject matter hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">11.&nbsp;&nbsp;&nbsp;<U>GOVERNING
LAW.</U>&nbsp;This Agreement shall be interpreted and construed in accordance with the laws of the State of New York, without regard
to any conflicts of law rules or principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">12.&nbsp;&nbsp;&nbsp;<U>JURISDICTION;
VENUE; WAIVER OF JURY TRIAL.</U>&nbsp;The Bank and Executive agree that any action or proceeding seeking to enforce any provision
of, or based on any claim arising out of, or otherwise relating to this Agreement shall be brought in the courts of the State of
New York, or, if it has or can acquire jurisdiction, in the United States District Court for the Western District of New York.
The Bank and Executive each give their consent to the jurisdiction of these courts in any such action or proceeding and hereby
waive any object to venue being laid in such courts. The Bank and Executive further agree to waive their respective rights to a
trial by jury in any such action or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">13.&nbsp;&nbsp;&nbsp;<U>SECTION
HEADINGS.</U>&nbsp;All Section headings herein are included for the purposes of convenience only and shall not be deemed to have
any effect on the construction or interpretation of any provision of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">IN WITNESS WHEREOF,
the parties hereto have hereby executed this Agreement as of the date set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHEMUNG CANAL TRUST COMPANY,</FONT></TD></TR>
<TR>
    <TD STYLE="width: 10%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 40%; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anders M. Tomson</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Its: President &amp; Chief Executive Officer</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXECUTIVE</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Thomas W. Wirth</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">4</P>



<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

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