# EDGAR Filing Document

**Accession Number:** 0000763563
**File Stem:** 0001171843-25-003952
**Filing Date:** 2025-6
**Character Count:** 70332
**Document Hash:** b178fe8f62b5fa2883f9d70152600631
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-25-003952.hdr.sgml**: 20250618

**ACCESSION NUMBER**: 0001171843-25-003952

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20250618

**DATE AS OF CHANGE**: 20250618

**EFFECTIVENESS DATE**: 20250618

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CHEMUNG FINANCIAL CORP
- **CENTRAL INDEX KEY:** 0000763563
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 161237038
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288125
- **FILM NUMBER:** 251055827

**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

**Registration No. 333-<u> </u>**

**As filed with the Securities and Exchange Commission on June 18, 2025**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**Chemung Financial Corporation**

(Exact Name of Registrant as Specified in its Charter)

---

| | |
|:---|:---|
| **New York** | **16-1237038** |
| (State or Other Jurisdiction of | (I.R.S. Employer Identification No.) |
| Incorporation or Organization) |  |

---

**One Chemung Canal Plaza**

**Elmira, New York 14901**

(Address of Principal Executive Offices)

**Chemung Financial Corporation 2025 Equity Incentive Plan**

(Full Title of the Plan)

Copies to:

---

| | |
|:---|:---|
| Anders M. Tomson | Benjamin M. Azoff, Esq. |
| President and Chief Executive Officer | Brendan M. Saxon, Esq. |
| Chemung Financial Corporation | Luse Gorman, PC |
| One Chemung Canal Plaza | 5335 Wisconsin Ave., N.W., Suite 780 |
| Elmira, New York 14901 | Washington, DC 20015-2035 |
| (607) 737-3711 | (202) 274-2000 |
| (Name, Address and Telephone |  |
| Number of Agent for Service) |  |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Securities Exchange Act of 1934, as amended:

Large accelerated filer ☐ Accelerated filer ☒ <br> Non-accelerated filer ☐ Smaller reporting company ☒ <br> Emerging growth company ☐

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 7(a)(2)(B) of the Securities Act. ☐

---

| | |
|:---|:---|
| **PART I.** | **INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS** |
| **Items 1 and 2.** | **Plan Information; and Registrant Information and Employee Plan Annual Information** |

---

The documents containing the information specified in Part I of Form S-8 have been or will be sent or given to participants in the Chemung Financial Corporation 2025 Equity Incentive Plan (the "Plan") as specified by Rule 428(b)(1) promulgated by the Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended (the "Securities Act").

Such documents are not being filed with the Commission but constitute (along with the documents incorporated by reference into this Registration Statement pursuant to Item 3 of Part II hereof) a prospectus that meets the requirements of Section 10(a) of the Securities Act.

---

| | |
|:---|:---|
| **PART II.** | **INFORMATION REQUIRED IN THE REGISTRATION STATEMENT** |
| **Item 3.** | **Incorporation of Documents by Reference** |

---

The following documents previously filed by Chemung Financial Corporation (the "Company") with the Commission under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), are incorporated herein by reference (other than any such documents or portions thereof that are furnished under Item 2.02 or Item 7.01 of Form 8-K, unless otherwise indicated therein, including any exhibits included with such items):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Commission on March 14, 2025 (File No. 001-35741) pursuant to Section 13(a) of the Exchange Act (including information specifically incorporated by reference therein from the Company's definitive proxy statement on Schedule 14A, filed on April 23, 2025);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed with the Commission on May 7, 2025 (File No. 001-35741);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company's Current Reports on Form 8-K filed with the Commission on February 19, March 14, May 22, June 3, June 10, and June 12, 2025 (File No. 001-35741 for each); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The description of the Company's common stock contained in the Registration Statement on Form 8-A, filed with the Commission on November 15, 2012, under Section 12 of the Exchange Act (File No. 001-35741), which incorporates the description of the Company's common stock contained in the registration statement on Form S-4 filed with the Commission on January 3, 2011 (File No. 333-171504).

All documents subsequently filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, or 15(d) of the Exchange Act, after the date hereof, and prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed incorporated by reference into this Registration Statement and to be a part thereof from the date of the filing of such documents.

Any statement contained in the documents incorporated, or deemed to be incorporated, by reference herein or therein shall be deemed to be modified or superseded for purposes of this Registration Statement and the prospectus to the extent that a statement contained herein or therein or in any other subsequently filed document which also is, or is deemed to be, incorporated by reference herein or therein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement and the prospectus.

All information appearing in this Registration Statement and the prospectus is qualified in its entirety by the detailed information, including financial statements, appearing in the documents incorporated herein or therein by reference.

---

| | |
|:---|:---|
| **Item 4.** | **Description of Securities** |
|  | Not applicable. |

---

---

| | |
|:---|:---|
| **Item 5.** | **Interests of Named Experts and Counsel** |
|  | None. |

---

---

| | |
|:---|:---|
| **Item 6.** | **Indemnification of Directors and Officers** |
|  | <u>New York Business Corporation Law</u> |

---

As authorized by Section 722 of the New York Business Corporation Law, the Company may indemnify its directors and officers against judgments, fines, amounts paid in settlement and reasonable expenses, including attorneys' fees actually and necessarily incurred as a result of such action or proceeding, or any appeal therein, if such director or officer acted in good faith, for a purpose which he reasonably believed to be in, or, in the case of service for another corporation or any partnership, joint venture, trust, employee benefit plan or other enterprise, not opposed to, the best interests of the corporation and, in criminal actions or proceedings, in addition, had not reasonable cause to believe his conduct was unlawful. If the legal proceeding, however, is by or in the right of the Company, the director or officer may not be indemnified in respect of (1) a threatened action, or a pending action which is settled or otherwise disposed of, or (2) any claim, issue or matter as to which he shall have been adjudged to be liable to the Company unless and only to the extent that, the court in which the action was brought, or if not action was brought, any court of competent jurisdiction, determines that, in view of all the circumstances of the case, the director or officer is fairly and reasonably entitled to indemnity for such portion of the settlement amount and expenses as the court deems proper.

<u>Certificate of Incorporation</u>

Article 9 of the Company's certificate of incorporation provides that the Company shall indemnify its directors and officers, to the fullest extent permitted by law, against all liabilities and expenses they reasonably incur in any action or proceeding to which they may become a party by virtue of being a director or officer of the Company or another company for which such persons served as a director or officer at the Company's request.

Further, the certificate of incorporation, as amended, of the Company provides that a director of the Company shall not be liable to the Company or its stockholders for damages for any breach of duty as a director, except to the extent that such exemption from liability or limitation thereof is not permitted under the Business Corporation Law as the same exists or may hereafter be amended. Any repeal or modification of this provision of the certificate of incorporation by the stockholders of the Company shall not adversely affect any right or protection of a director of the Company existing at the time of such repeal or modification.

<u>Bylaws</u>

Article XI of the Company's bylaws provides that the Company shall, to the fullest extent permitted by applicable law, as amended from time to time, indemnify each person made or threatened to be made a party to any action or proceeding, whether civil, criminal, administrative or investigative (a "Proceeding") by reason of the fact that such person, such person's testator or intestate, is or was a director or officer of the Company, or, while a director or officer, serves or served, at the request of the Company, any other Company, partnership, joint venture, trust, employee benefit plan or other enterprise in any capacity, against judgments, fines, penalties, amounts paid in settlement and reasonable expenses (including attorneys' fees, costs and charges) incurred in connection with such threatened or pending Proceeding, or any appeal thereof; provided, however, that no such indemnification shall be made if a judgment or other final adjudication adverse to such person establishes that (i) his or her acts were committed in bad faith or were the result of active and deliberate dishonesty and were material to the cause of action so adjudicated, or (ii) he or she personally gained, in fact, a financial profit or other advantage to which he or she was not legally entitled, and provided further that no such indemnification shall be required with respect to any settlement or other non-adjudicated disposition of any threatened or pending Proceeding unless the Company has given its prior written consent to such settlement or other disposition.

Article XI provides further that the Company shall, from time to time, advance or promptly reimburse upon request, to any director or officer seeking indemnification hereunder the funds necessary for payment of expenses (including attorneys' fees, costs and charges), reasonably incurred in connection with any threatened or pending proceeding and in advance of the final disposition thereof, upon receipt of a written undertaking by or on behalf of such person to repay such amount if such person is ultimately found not to be entitled to indemnification, or, where indemnification is granted, to the extent the expenses so advanced or reimbursed exceed the amount to which such person is entitled.

The right to indemnification and payment of expenses set forth in Article XI is in addition to and exclusive of any such rights arising under any statute, rule, regulation, certificate of incorporation, bylaw, resolution of directors or shareholders, insurance policy, contract or otherwise.

As authorized in Article XI, the Company has a policy of liability insurance covering its directors and officers, the effect of which is to reimburse the directors and officers of the Company against certain damages and expenses resulting from certain claims made against them caused by their negligent act, error or omission.

The foregoing is a summary and is qualified by reference to the Company's certificate of incorporation and bylaws, each as amended.

---

| | |
|:---|:---|
| **Item 7.** | **Exemption From Registration Claimed.** |
|  | Not applicable. |
| **Item 8.** | **List of Exhibits.** |

---

---

| | |
|:---|:---|
| Regulation S-K<br> Exhibit Number | Document |
| [3.1](https://www.sec.gov/Archives/edgar/data/763563/000076356308000060/exh310k2007.htm) | [Certificate of Incorporation of the Company dated December 20, 1984 (Incorporated by reference to Exhibit 3.1 to Company's Form 10-K for the year ended December 31, 2007 and filed with the Commission on March 13, 2008)](https://www.sec.gov/Archives/edgar/data/763563/000076356308000060/exh310k2007.htm) |
| [3.2](https://www.sec.gov/Archives/edgar/data/763563/000076356308000060/exh3amend10k2007.htm) | [Certificate of Amendment to the Certificate of Incorporation of the Company, dated March 28, 1988 (Incorporated by reference to Exhibit 3.2 to Company's Form 10-K for the year ended December 31, 2007 and filed with the Commission on March 13, 2008)](https://www.sec.gov/Archives/edgar/data/763563/000076356308000060/exh3amend10k2007.htm) |
| [3.3](https://www.sec.gov/Archives/edgar/data/763563/000076356306000050/ex3amend98.htm) | [Certificate of Amendment to the Certificate of Incorporation of the Company, dated May 13, 1998 (as incorporated by reference to Exhibit 3.4 to Company's Form 10-K for the year ended December 31, 2005 and filed with the Commission on March 15, 2006)](https://www.sec.gov/Archives/edgar/data/763563/000076356306000050/ex3amend98.htm) |
| [3.4](https://www.sec.gov/Archives/edgar/data/763563/000117184322005765/exh_31.htm) | [Amended and Restated Bylaws of the Company, as amended August 17, 2022 (Incorporated by reference to Exhibit 3.1 to Company's Form 8-K and filed with the Commission on August 19, 2022)](https://www.sec.gov/Archives/edgar/data/763563/000117184322005765/exh_31.htm) |
| [4.1](https://www.sec.gov/Archives/edgar/data/763563/000076356303000047/exhibit4stockspecimen.htm)<br>| [Specimen Stock Certificate of the Company (Incorporated by reference to Exhibit 4.1 of the Company's Annual Report on Form 10-K for the year ended December 31, 2002, filed with the Commission on March 24, 2003 (File No. 000-13888))](https://www.sec.gov/Archives/edgar/data/763563/000076356303000047/exhibit4stockspecimen.htm) |
| [4.2](https://www.sec.gov/Archives/edgar/data/763563/000117184325003817/exh_41.htm) | [Form of 7.75% Fixed-to-Floating Rate Subordinated Note due 2035 of the Company (Incorporated by reference to Exhibit 4.1 of the Company's Current Report on Form 8-K, filed with the Commission on June 10, 2025 (File No. 001-35741))](https://www.sec.gov/Archives/edgar/data/763563/000117184325003817/exh_41.htm) |
| [5](exh_5.htm) | [Opinion of Luse Gorman, PC\*](exh_5.htm) |

---

---

| | |
|:---|:---|
| [10.1](https://www.sec.gov/ix?doc=/Archives/edgar/data/763563/000076356325000066/chmg-20250422.htm) | [Chemung Financial Corporation 2025 Equity Incentive Plan (Incorporated by reference to Appendix A to the proxy statement for the Annual Meeting of Shareholders of Chemung Financial Corporation, filed under the Exchange Act on April 23, 2025)](https://www.sec.gov/ix?doc=/Archives/edgar/data/763563/000076356325000066/chmg-20250422.htm) |
| [10.2](exh_102.htm) | [Form of Incentive Stock Option Award Agreement\*](exh_102.htm) |
| [10.3](exh_103.htm) | [Form of Non-Qualified Stock Option Award Agreement\*](exh_103.htm) |
| [10.4](exh_104.htm) | [Form of Restricted Stock Award Agreement\*](exh_104.htm) |
| [23.1](exh_5.htm) | [Consent of Luse Gorman, PC (contained in Exhibit 5)\*](exh_5.htm) |
| [23.2](exh_232.htm) | [Consent of Independent Registered Public Accounting Firm\*](exh_232.htm) |
| [24](#poa) | [Power of Attorney (contained on signature page)\*](#poa) |
| [107](exh_107.htm) | [Filing Fee Table\*](exh_107.htm) |

---

\*Filed herewith.

---

| | |
|:---|:---|
| **Item 9.** | **Undertakings** |
|  | The undersigned registrant hereby undertakes: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To file, during any period in which offers or sales are being made, a post-effective amendment to the Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) (Section 230.424(b)) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Filing Fees" table in the effective registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement;

provided, however, that paragraphs 1(i) and 1(ii) above do not apply if the information required to be included in a post-effective amendment by these paragraphs is contained in reports filed with or furnished to the Commission by the Company pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. That, for purposes of determining any liability under the Securities Act, each filing of the registrant's annual report pursuant to Section 13(a) or 15(d) of the Exchange Act that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

#### SIGNATURES
**The Registrant.** Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Elmira, State of New York, on the 18th day of June, 2025.

---

| | |
|:---|:---|
| **CHEMUNG FINANCIAL CORPORATION** | **CHEMUNG FINANCIAL CORPORATION** |
| By: | /s/ Anders M. Tomson |
|  | Anders M. Tomson |
|  | President and Chief Executive Officer |
|  | (Duly Authorized Representative) |

---

**POWER OF ATTORNEY**

We, the undersigned directors of Chemung Financial Corporation (the "Company") hereby severally constitute and appoint Anders M. Tomson, as our true and lawful attorneys and agents, to do any and all things in our names in the capacities indicated below which said Anders M. Tomson may deem necessary or advisable to enable the Company to comply with the Securities Act of 1933, as amended, and any rules, regulations and requirements of the Securities and Exchange Commission, in connection with the registration of shares of common stock reserved for issuance under the Chemung Financial Corporation 2025 Equity Incentive Plan, including specifically, but not limited to, power and authority to sign for us in our names in the capacities indicated below the registration statement and any and all amendments (including post-effective amendments) thereto; and we hereby approve, ratify and confirm all that said Anders M. Tomson shall do or cause to be done by virtue thereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement on Form S-8 has been signed by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| <u>Signatures</u> | <u>Title</u> | <u>Date</u> |
| /s/ Anders M. Tomson | President, Chief Executive Officer | June 18, 2025 |
| Anders M. Tomson | and Director |  |
|  | (Principal Executive Officer) |  |
| <br> /s/ Dale M. McKim, III | <br> Executive Vice President, Chief Financial | June 18, 2025 |
| Dale M. McKim, III | Officer and Treasurer<br> (Principal Financial and Accounting Officer) |  |
| /s/ Raimundo C. Archibold Jr. | Director | June 18, 2025 |
| Raimundo C. Archibold Jr. |  |  |
| /s/ Ronald M. Bentley | Director | June 18, 2025 |
| Ronald M. Bentley |  |  |
| /s/ David M. Buicko | Director | June 18, 2025 |
| David M. Buicko |  |  |

---

---

| | | |
|:---|:---|:---|
| /s/ David J. Dalrymple | Chairman of the Board of Directors | June 18, 2025 |
| David J. Dalrymple |  |  |
| /s/ Robert H. Dalrymple | Director | June 18, 2025 |
| Robert H. Dalrymple |  |  |
| /s/ Richard E. Forrestel, Jr. | Director | June 18, 2025 |
| Richard E. Forrestel, Jr. |  |  |
| /s/ Denise V. Gonick | Director | June 18, 2025 |
| Denise V. Gonick |  |  |
| /s/ Stephen M. Lounsberry, III | Director | June 18, 2025 |
| Stephen M. Lounsberry, III |  |  |
| /s/ Joseph F. Meade, IV | Director | June 18, 2025 |
| Joseph F. Meade, IV |  |  |
| /s/ Jeffrey B. Streeter | Director | June 18, 2025 |
| Jeffrey B. Streeter |  |  |
| /s/ G. Thomas Tranter, Jr. | Director | June 18, 2025 |
| G. Thomas Tranter, Jr. |  |  |
| /s/ Thomas R. Tyrrell | Director | June 18, 2025 |
| Thomas R. Tyrrell |  |  |

---

## Ex-5

**Exhibit 5**

**LUSE GORMAN, PC**

**ATTORNEYS AT LAW**

**5335 WISCONSIN AVENUE, N.W., SUITE 780**

**WASHINGTON, D.C. 20015**

**TELEPHONE (202) 274-2000**

**FACSIMILE (202) 362-2902**

www.luselaw.com

June 18, 2025

Board of Directors

Chemung Financial Corporation

One Chemung Canal Plaza

Elmira, New York 14901

---

| | |
|:---|:---|
| **Re:** | **Chemung Financial Corporation 2025 Equity Incentive Plan** |
|  | **<u>Registration Statement on Form S-8</u>** |

---

Ladies and Gentlemen:

You have requested the opinion of this firm as to certain matters in connection with the registration of 160,000 shares of common stock, $0.01 par value per share (the "Shares"), of Chemung Financial Corporation (the "Company") to be issued pursuant to the Chemung Financial Corporation 2025 Equity Incentive Plan (the "Plan").

In rendering the opinion expressed herein, we have examined originals or copies, certified or otherwise identified to our satisfaction of the following: (i) the Company's Registration Statement on Form S-8 (the "Form S-8") to be filed with the Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended (the "Act"), on the date hereof; (ii) the Certificate of Incorporation of the Company, as amended to date and currently in effect; (iii) the Amended and Restated Bylaws of the Company, as currently in effect; (iv) the Plan; (v) certain resolutions of the board of directors of the Company relating to the approval of the Plan, the filing of the Registration Statement, and certain related matters; and (vi) applicable statutes and regulations governing the Company. We have assumed the authenticity, accuracy and completeness of all documents in connection with the opinion expressed herein. We have also assumed the legal capacity and genuineness of the signatures of persons signing all documents in connection with which the opinions expressed herein are rendered. This opinion is limited to matter of New York corporate law.

Based on the foregoing, we are of the following opinion:

Following the effectiveness of the Form S-8, the Shares of the Company, when issued in accordance with the terms and conditions of the Plan, will be legally issued, fully paid and non-assessable.

This opinion has been prepared solely for the use of the Company in connection with the preparation and filing of the Form S-8 and shall not be used for any other purpose or relied upon by any other person without the prior express written consent of this firm. We hereby consent to the use of this opinion in the Form S-8. By giving such consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Act.

---

| |
|:---|
| Very truly yours, |
| /s/Luse Gorman, PC |
| LUSE GORMAN, PC |

---

## Exhibit 10.2

**Exhibit 10.2**

**INCENTIVE STOCK OPTION AWARD AGREEMENT**

#### Stock Option
Granted by

**CHEMUNG FINANCIAL CORPORATION**

under the

**CHEMUNG FINANCIAL CORPORATION**

**2025 EQUITY INCENTIVE PLAN**

This stock option agreement ("**Option**" or "**Agreement**") is and will be subject in every respect to the provisions of the 2025 Equity Incentive Plan (the "**Plan**") of Chemung Financial Corporation (the "**Company**") which are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement. A copy of the Plan has been provided to each person granted a stock option pursuant to the Plan. The holder of this Option (the "**Participant**") hereby accepts this Option, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement by the Compensation Committee of the Board of Directors of the Company ("**Committee**") will be final, binding and conclusive upon the Participant and the Participant's heirs, legal representatives, successors and permitted assigns. Except where the context otherwise requires, the term "Company" will include the parent and all present and future subsidiaries of the Company as defined in Section 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended from time to time (the "**Code**"). Capitalized terms used herein but not defined will have the same meaning as in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Name of Participant.** <u> </u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Date of Grant.** _________, 20__.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Total number of shares of Company common stock, $0.01 par value per share, that may be acquired pursuant to this Option.** <u>****</u> <br> (subject to adjustment pursuant to Section 10 hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· This Option is an Incentive Stock Option ()"**ISO**") to the maximum extent permitted under
Code Section 422(d), which means that up to $100,000 of Options that vest in any one calendar year will be Incentive Stock Options (based
on the Exercise Price of the Option).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Please note that for purposes of determining the maximum number of Options that
can vest in any one calendar year as ISOs, the Options granted to you pursuant to this Agreement that vest in a calendar year will be
aggregated with any earlier Option grant you received that vest in the same calendar year. If you vest in the maximum number of ISOs in
which you are permitted to vest for a calendar year under a prior stock option agreement, any Options that you receive under this Agreement
that vest in the same calendar year will be considered Non-Qualified Options.

---

| | |
|:---|:---|
| 4. | **Exercise price per share**. $__________ |
|  | (subject to adjustment pursuant to Section 10 below) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Expiration Date of Option**. ________, 20__

6. **Vesting Schedule**. Except as otherwise provided in this Agreement, this Option first becomes
 exercisable, subject to the Option's expiration date, in accordance with the vesting schedule specified herein.

The Options granted under this Agreement shall vest in ___ (__) equal annual installments, with the first installment becoming exercisable on the first anniversary of the date of grant, or _______, 20__, and succeeding installments on each anniversary thereafter, through ________, 20__. To the extent the Options awarded to me are not equally divisible by "__," any excess Options shall vest on ________, 20__.

This Option may not be exercised at any time on or after the Option's expiration date. Unless otherwise provided by action of the Committee in accordance with the Plan, this Option will vest pursuant to Section 2.8 of the Plan in the event of death, Disability and pursuant to Section 4.1 of the Plan in the event of Involuntary Termination following a Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Exercise Procedure.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 **Delivery of Notice of Exercise of Option.** This Option will be exercised in whole or in part by
the Participant's delivery to the Company of written notice (the "**Notice of Exercise of Option**" attached hereto
as Exhibit A) setting forth the number of shares with respect to which this Option is to be exercised, together with payment by cash or
other means acceptable to the Committee, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cash or personal, certified or cashier's check in full/partial payment of the purchase price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Stock of the Company in full/partial payment of the purchase price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· By a net settlement of the Option, using a portion of the shares obtained on exercise in payment of the
exercise price of the Option (and, if applicable, any required tax withholding).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· By selling shares from my Option shares through a broker in full/partial payment of the purchase price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 **"Fair Market Value"** shall have the meaning set forth in Section 8.1 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Delivery of Shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 **Delivery of Shares.** Delivery of shares of Common Stock upon the exercise of this Option will comply
with all applicable laws (including the requirements of the Securities Act) and the applicable requirements of any securities exchange
or similar entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Change in Control.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 In the event of the Participant's Involuntary Termination at or following a Change in Control, all
Options held by the Participant, whether or not exercisable at such time, will become fully exercisable, subject to the expiration provisions
otherwise applicable to the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 A "**Change in Control**" will be deemed to have occurred as provided in Section 4.2 of
the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Adjustment Provisions.** 

This Option, including the number of shares subject to the Option and the exercise price, will be adjusted upon the occurrence of the events specified in, and in accordance with the provisions of Section 3.3 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Termination of Option and Accelerated Vesting.** 

This Option will terminate upon the expiration date, except as set forth in the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Death.** In the event of the Participant's Termination of Service by reason of the Participant's
death, all Stock Options shall be exercisable as to all shares subject to this Option whether or not then exercisable at the date of Participant's
Termination of Service by reason of death. This Option may thereafter be exercised by the Participant's legal representative or
beneficiaries for a period of one (1) year from the date of death, subject to termination on the expiration date of this Option, if earlier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Disability.** In the event of the Participant's Termination of Service by reason of Disability,
all Stock Options shall be exercisable as to all shares subject to this Option whether or not then exercisable at the date of Participant's
Termination of Service by reason of Disability. This Option may thereafter be exercised for a period of one (1) year from the date of
such Termination of Service by reason of Disability, subject to termination on the Option's expiration date, if earlier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Retirement.** Unless otherwise determined by the Committee, in the event of the Participant's
Termination of Service by reason of the Participant's Retirement, vested Options shall be exercisable for one (1) year following
Termination of Service subject to termination on the Option's expiration date, if earlier, provided that no Option shall be eligible
for treatment as an ISO in the event such Option is exercised more than three (3) months following Termination of Service due to Retirement,
and any Option that has not vested as of the date of Termination of Service shall expire and be forfeited. "Retirement" shall
have the meaning set forth in Section 8.1 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **Termination for Cause.** If the Participant's Service has been terminated for Cause, all Options
that have not been exercised will expire and be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Other Termination.** If the Participant's Service terminates for any reason other than due
to death, Disability, Retirement, Involuntary Termination following a Change in Control or for Cause, this Option may thereafter be exercised,
to the extent it was exercisable at the time of such termination, for a period of three (3) months following termination, subject to termination
on the Option's expiration date, if earlier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Miscellaneous.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 No Option will confer upon the Participant any rights as a stockholder of the Company prior to the date
on which the individual fulfills all conditions for receipt of such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the
Company and the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 Except as otherwise provided by the Committee, ISOs under the Plan are not transferable except (1) as
designated by the Participant by will or by the laws of descent and distribution, (2) to a trust established by the Participant, or (3)
between spouses incident to a divorce or pursuant to a domestic relations order, provided, however, that in the case of a transfer described
under (3), the Option will not qualify as an ISO as of the day of such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 This Agreement will be governed by and construed in accordance with the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 This Agreement is subject to all laws, regulations and orders of any governmental authority which may
be applicable thereto and, notwithstanding any of the provisions hereof, the Participant agrees that he will not exercise the Option granted
hereby nor will the Company be obligated to issue any shares of stock hereunder if the exercise thereof or the issuance of such shares,
as the case may be, would constitute a violation by the Participant or the Company of any such law, regulation or order or any provision
thereof.

12.6 The granting of this Option does not confer
upon the Participant any right to be retained in the employ of the Company or any subsidiary.

**[Signature Page to Follow]**

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on its behalf as of the date of grant of this Option set forth above.

---

| |
|:---|
| **CHEMUNG FINANCIAL CORPORATION** |
| By: |
| Its: |

---

**PARTICIPANT'S ACCEPTANCE**

The undersigned hereby accepts the foregoing Option and agrees to the terms and conditions hereof, including the terms and provisions of the 2025 Equity Incentive Plan. The undersigned hereby acknowledges receipt of a copy of the Company's 2025 Equity Incentive Plan.

**PARTICIPANT**

#### EXHIBIT A

#### NOTICE OF EXERCISE OF OPTION
I hereby exercise the stock option (the "Option") granted to me by Chemung Financial Corporation (the "Company") or its affiliate, subject to all the terms and provisions set forth in the Stock Option Agreement (the "Agreement") and the Chemung Financial Corporation 2025 Equity Incentive Plan (the "Plan") referred to therein, and notify you of my desire to purchase __________________ shares of common stock of the Company ("Common Stock") for a purchase price of $_______ per share.

I elect to pay the exercise price by:

---

| | |
|:---|:---|
| ___ | Cash or personal, certified or cashier's check in the sum of $_______, in full/partial payment of the purchase price. |

---

---

| | |
|:---|:---|
| ___ | Stock of the Company with a fair market value of $______ in full/partial payment of the purchase price.\* |

---

___ A net settlement of the Option, using a portion of the shares obtained on exercise in payment of the exercise price of the Option (and, if applicable, any required tax withholding).

___ Selling ______ shares from my Option shares through a broker in full/partial payment of the purchase price.

I understand that after this exercise, ____________ shares of Common Stock remain subject to the Option, subject to all terms and provisions set forth in the Agreement and the Plan.

I hereby represent that it is my intention to acquire these shares for the following purpose:

___ investment

___ resale or distribution

Please note: if your intention is to resell (or distribute within the meaning of Section 2(11) of the Securities Act of 1933) the shares you acquire through this Option exercise, the Company or transfer agent may require an opinion of counsel that such resale or distribution would not violate the Securities Act of 1933 prior to your exercise of such Option.

Date: ____________, _____. _________________________________________ <br> Participant's signature

\* If I elect to exercise by exchanging shares I already own, I will <u>constructively</u> return shares that I already own to purchase the new option shares. If my shares are in certificate form, I must attach a separate statement indicating the certificate number of the shares I am treating as having exchanged. If the shares are held in "street name" by a registered broker, I must provide the Company with a notarized statement attesting to the number of shares owned that will be treated as having been exchanged. I will keep the shares that I already own and treat them as if they are shares acquired by the option exercise. In addition, I will receive additional shares equal to the difference between the shares I constructively exchange and the total new option shares that I acquire.

## Exhibit 10.3

**Exhibit 10.3**

**NON-QUALIFIED STOCK OPTION AWARD AGREEMENT**

#### Stock Option
Granted by

**CHEMUNG FINANCIAL CORPORATION**

under the

**CHEMUNG FINANCIAL CORPORATION**

**2025 EQUITY INCENTIVE PLAN**

This stock option agreement ("**Option**" or "**Agreement**") is and will be subject in every respect to the provisions of the 2025 Equity Incentive Plan (the "**Plan**") of Chemung Financial Corporation (the "**Company**") which are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement. A copy of the Plan has been provided, or made available, to each person granted a stock option pursuant to the Plan. The holder of this Option (the "**Participant**") hereby accepts this Option, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement by the Compensation Committee of the Board of Directors of the Company ("**Committee**") will be final, binding and conclusive upon the Participant and the Participant's heirs, legal representatives, successors and permitted assigns. Except where the context otherwise requires, the term "Company" will include the parent and all present and future subsidiaries of the Company as defined in Section 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended from time to time (the "**Code**"). Capitalized terms used herein but not defined will have the same meaning as in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Name of Participant.** <u> </u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Date of Grant.** _________, 20__

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Total number of shares of Company common stock, $0.01 par value per share, that may be acquired pursuant to this Option.**  <br> (subject to adjustment pursuant to Section 10 hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· This is a Non-Qualified Option.

---

| | |
|:---|:---|
| 4. | **Exercise price per share**. $__________ |
|  | (subject to adjustment pursuant to Section 10 below) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Expiration Date of Option.** ________, 20__

6. **Vesting Schedule.** Except as otherwise provided in this Agreement, this Option first becomes exercisable,
subject to the Option's expiration date, in accordance with the vesting schedule specified herein.

The Options granted under this Agreement shall vest in ___ (__) equal annual installments, with the first installment becoming exercisable on the first anniversary of the date of grant, or _______, 20__, and succeeding installments on each anniversary thereafter, through ________, 20__. To the extent the Options awarded to me are not equally divisible by "__," any excess Options shall vest on ________, 20__.

This Option may not be exercised at any time on or after the Option's expiration date. Unless otherwise provided by action of the Committee in accordance with the Plan, this Option will vest pursuant to Section 2.8 of the Plan in the event of death, Disability and pursuant to Section 4.1 of the Plan in the event of Involuntary Termination following a Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Exercise Procedure.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 **Delivery of Notice of Exercise of Option.** This Option will be exercised in whole or in part by
the Participant's delivery to the Company of written notice (the "**Notice of Exercise of Option**" attached hereto
as Exhibit A) setting forth the number of shares with respect to which this Option is to be exercised, together with payment by cash or
other means acceptable to the Committee, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cash or personal, certified or cashier's check in full/partial payment of the purchase price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Stock of the Company in full/partial payment of the purchase price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· By a net settlement of the Option, using a portion of the shares obtained on exercise in payment of the
exercise price of the Option (and, if applicable, any required tax withholding).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· By selling shares from my Option shares through a broker in full/partial payment of the purchase price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 **"Fair Market Value"** shall have the meaning set forth in Section 8.1 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Delivery of Shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 **Delivery of Shares.** Delivery of shares of Common Stock upon the exercise of this Option will comply
with all applicable laws (including the requirements of the Securities Act) and the applicable requirements of any securities exchange
or similar entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Change in Control.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 In the event of the Participant's Involuntary Termination at or following a Change in Control, all
Options held by the Participant, whether or not exercisable at such time, will become fully exercisable, subject to the expiration provisions
otherwise applicable to the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 A "**Change in Control**" will be deemed to have occurred as provided in Section 4.2 of
the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Adjustment Provisions.** 

This Option, including the number of shares subject to the Option and the exercise price, will be adjusted upon the occurrence of the events specified in, and in accordance with the provisions of Section 3.3 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Termination of Option and Accelerated Vesting.** 

This Option will terminate upon the expiration date, except as set forth in the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Death.** In the event of the Participant's Termination of Service by reason of the Participant's
death, all Stock Options shall be exercisable as to all shares subject to this Option whether or not then exercisable at the date of Participant's
Termination of Service by reason of death. This Option may thereafter be exercised by the Participant's legal representative or
beneficiaries for a period of one (1) year from the date of death, subject to termination on the expiration date of this Option, if earlier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Disability.** In the event of the Participant's Termination of Service by reason of Disability,
all Stock Options shall be exercisable as to all shares subject to this Option whether or not then exercisable at the date of Participant's
Termination of Service by reason of Disability. This Option may thereafter be exercised for a period of one (1) year from the date of
such Termination of Service by reason of Disability, subject to termination on the Option's expiration date, if earlier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Retirement.** Unless otherwise determined by the Committee, in the event of the Participant's
Termination of Service by reason of the Participant's Retirement, vested Options shall be exercisable for one (1) year following
Termination of Service subject to termination on the Option's expiration date, if earlier, and any Option that has not vested as
of the date of Termination of Service shall expire and be forfeited. "Retirement" shall have the meaning set forth in Section
8.1 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **Termination for Cause.** If the Participant's Service has been terminated for Cause, all Options
that have not been exercised will expire and be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Other Termination.** If the Participant's Service terminates for any reason other than due
to death, Disability, Retirement, Involuntary Termination following a Change in Control or for Cause, this Option may thereafter be exercised,
to the extent it was exercisable at the time of such termination, for a period of three (3) months following termination, subject to termination
on the Option's expiration date, if earlier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Miscellaneous.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 No Option will confer upon the Participant any rights as a stockholder of the Company prior to the date
on which the individual fulfills all conditions for receipt of such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the
Company and the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 In the discretion of the Committee, a non-qualified Option granted under the Plan may be transferable
by the Participant, provided, however, that such transfers will be limited to Immediate Family Members of Participants, trusts and partnerships
established for the primary benefit of such family members or to charitable organizations, and provided, further, that such transfers
are not made for consideration to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 This Agreement will be governed by and construed in accordance with the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 This Agreement is subject to all laws, regulations and orders of any governmental authority which may
be applicable thereto and, notwithstanding any of the provisions hereof, the Participant agrees that he or she will not exercise the Option
granted hereby nor will the Company be obligated to issue any shares of stock hereunder if the exercise thereof or the issuance of such
shares, as the case may be, would constitute a violation by the Participant or the Company of any such law, regulation or order or any
provision thereof.

12.6 The granting of this Option does not confer
upon the Participant any right to be retained in the service of the Company or any subsidiary.

**[Signature Page to Follow]**

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on its behalf as of the date of grant of this Option set forth above.

---

| |
|:---|
| **CHEMUNG FINANCIAL CORPORATION** |
| By: |
| Its: |

---

**PARTICIPANT'S ACCEPTANCE**

The undersigned hereby accepts the foregoing Option and agrees to the terms and conditions hereof, including the terms and provisions of the 2025 Equity Incentive Plan. The undersigned hereby acknowledges receipt of a copy of the Company's 2025 Equity Incentive Plan.

**PARTICIPANT**

#### EXHIBIT A

#### NOTICE OF EXERCISE OF OPTION
I hereby exercise the stock option (the "Option") granted to me by Chemung Financial Corporation (the "Company") or its affiliate, subject to all the terms and provisions set forth in the Stock Option Agreement (the "Agreement") and the Chemung Financial Corporation 2025 Equity Incentive Plan (the "Plan") referred to therein, and notify you of my desire to purchase __________________ shares of common stock of the Company ("Common Stock") for a purchase price of $______ per share.

I elect to pay the exercise price by:

---

| | |
|:---|:---|
| ___ | Cash or personal, certified or cashier's check in the sum of $_______, in full/partial payment of the purchase price. |

---

---

| | |
|:---|:---|
| ___ | Stock of the Company with a fair market value of $______ in full/partial payment of the purchase price.\* |

---

___ A net settlement of the Option, using a portion of the shares obtained on exercise in payment of the exercise price of the Option (and, if applicable, any required tax withholding).

___ Selling ______ shares from my Option shares through a broker in full/partial payment of the purchase price.

I understand that after this exercise, ____________ shares of Common Stock remain subject to the Option, subject to all terms and provisions set forth in the Agreement and the Plan.

I hereby represent that it is my intention to acquire these shares for the following purpose:

___ investment

___ resale or distribution

Please note: if your intention is to resell (or distribute within the meaning of Section 2(11) of the Securities Act of 1933) the shares you acquire through this Option exercise, the Company or transfer agent may require an opinion of counsel that such resale or distribution would not violate the Securities Act of 1933 prior to your exercise of such Option.

Date: ____________, _____. _________________________________________ <br> Participant's signature

\* If I elect to exercise by exchanging shares I already own, I will <u>constructively</u> return shares that I already own to purchase the new option shares. If my shares are in certificate form, I must attach a separate statement indicating the certificate number of the shares I am treating as having exchanged. If the shares are held in "street name" by a registered broker, I must provide the Company with a notarized statement attesting to the number of shares owned that will be treated as having been exchanged. I will keep the shares that I already own and treat them as if they are shares acquired by the option exercise. In addition, I will receive additional shares equal to the difference between the shares I constructively exchange and the total new option shares that I acquire.

## Exhibit 10.4

**Exhibit 10.4**

#### Restricted Stock Award
Granted by

**CHEMUNG FINANCIAL CORPORATION**

under the

**CHEMUNG FINANCIAL CORPORATION**

**2025 EQUITY INCENTIVE PLAN**

This restricted stock agreement ("**Restricted Stock Award**" or "**Agreement**") is and will be subject in every respect to the provisions of the 2025 Equity Incentive Plan (the "**Plan**") of Chemung Financial Corporation (the "**Company**") which are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement. A copy of the Plan has been provided or made available to each person granted a Restricted Stock Award pursuant to the Plan. The holder of this Restricted Stock Award (the "**Participant**") hereby accepts this Restricted Stock Award, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement by the Compensation Committee of the Board of Directors of the Company ("**Committee**") will be final, binding and conclusive upon the Participant and the Participant's heirs, legal representatives, successors and permitted assigns. Except where the context otherwise requires, the term "Company" will include the parent and all present and future subsidiaries of the Company as defined in Section 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended from time to time (the "**Code**"). Capitalized terms used herein but not defined will have the same meaning as in the Plan.

1. **Name of Participant.** ______________________________________________________

2. **Date of Grant.** _________, 20__.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Total number of shares of Company common stock, $0.01 par value per share, covered by the Restricted Stock Award.**  <br> (subject to adjustment pursuant to Section 9 hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Vesting Schedule.** Except as otherwise provided in this Agreement, this Restricted Stock Award first
becomes earned in accordance with the vesting schedule specified herein.

The Restricted Stock granted under this Agreement shall vest in ___ (__) equal annual installments, with the first installment becoming exercisable on the first anniversary of the date of grant, or _______, 20__, and succeeding installments on each anniversary thereafter, through ________, 20__. To the extent the Restricted Stock Awards awarded to me are not equally divisible by "__," any excess Restricted Stock Awards shall vest on ________, 20__.

Unless otherwise provided by action of the Committee in accordance with the Plan, the Restricted Stock Award will vest pursuant to Section 2.8 of the Plan in the event of death, Disability and pursuant to Section 4.1 of the Plan in the event of Involuntary Termination following a Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Grant of Restricted Stock Award.** 

The Restricted Stock Award will be in the form of issued and outstanding shares of Stock that will be either registered in the name of the Participant and held by the Company, together with a stock power executed by the Participant in favor of the Company, pending the vesting or forfeiture of the Restricted Stock, or registered in the name of, and delivered to, the Participant. Notwithstanding the foregoing, the Company may in its sole discretion, issue Restricted Stock in any other format (e.g., electronically) in order to facilitate the paperless transfer of such Awards.

If certificated, the certificates evidencing the Restricted Stock Award will bear a legend restricting the transferability of the Restricted Stock. The Restricted Stock awarded to the Participant will not be sold, encumbered hypothecated or otherwise transferred except in accordance with the terms of the Plan and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Terms and Conditions.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 The Participant will have the right to vote the shares of Restricted Stock awarded hereunder on matters
which require stockholder vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Any cash dividends or distributions declared with respect to shares of Stock subject to the Restricted
Stock Award will be distributed to the Participant immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Delivery of Shares.** 

Delivery of shares of Stock under this Restricted Stock Award will comply with all applicable laws (including, the requirements of the Securities Act), and the applicable requirements of any securities exchange or similar entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Change in Control.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 In the event of the Participant's Involuntary Termination following a Change in Control, all Restricted
Stock Awards held by the Participant will become fully vested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 A "**Change in Control**" will be deemed to have occurred as provided in Section 4.2 of
the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Adjustment Provisions.** 

This Restricted Stock Award, including the number of shares subject to the Restricted Stock Award, will be adjusted upon the occurrence of the events specified in, and in accordance with the provisions of, Section 3.3 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Effect of Termination of Service on Restricted Stock Award.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 This
Restricted Stock Award will vest as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Death.** In the event of the Participant's Termination of Service
by reason of the Participant's death, all Restricted Stock shall vest as to all shares subject to this Restricted Stock Award, whether
or not otherwise immediately vested, at the date of Participant's Termination of Service by reason of death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Disability.** In the event of the Participant's Termination of
Service by reason of Disability, all Restricted Stock shall vest as to all shares subject to this Restricted Stock Award, whether or not
otherwise immediately vested, at the date of Participant's Termination of Service by reason of Disability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Retirement.** Unless otherwise determined by the Committee, in the
event of the Participant's Termination of Service by reason of the Participant's Retirement, Restricted Stock that has not
vested as of the date of Termination of Service shall expire and be forfeited as of the date of Participant's Termination of Service
by reason of Retirement. "Retirement" shall have the meaning set forth in Section 8.1 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **Termination for Cause.** If the Participant's Service has been
terminated for Cause, all Restricted Stock granted to a Participant that has not vested will expire and be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Other Termination.** If a Participant terminates Service for any reason
other than due to death, Disability, Retirement, Involuntary Termination following a Change in Control or for Cause, all shares of Restricted
Stock awarded to the Participant which have not vested as of the date of Termination of Service will expire and be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Miscellaneous.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 No Restricted Stock Award will confer upon the Participant any rights as a stockholder of the Company,
other than provided herein, prior to the date on which the individual fulfills all conditions for receipt of such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the
Company and the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 Restricted Stock Awards are not transferable prior to the time such Awards vest in the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 This Restricted Stock Award will be governed by and construed in accordance with the laws of the State
of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 This Restricted Stock Award is subject to all laws, regulations and orders of any governmental authority
which may be applicable thereto and, notwithstanding any of the provisions hereof, the Company will not be obligated to issue any shares
of stock hereunder if the issuance of such shares would constitute a violation of any such law, regulation or order or any provision thereof.

**[Signature Page Follows]**

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on its behalf as of the date of grant of this Restricted Stock Award set forth above.

---

| |
|:---|
| **CHEMUNG FINANCIAL CORPORATION** |
| By: |
| Its: |

---

**PARTICIPANT'S ACCEPTANCE**

The undersigned hereby accepts the foregoing Restricted Stock Award and agrees to the terms and conditions hereof, including the terms and provisions of the 2025 Equity Incentive Plan. The undersigned hereby acknowledges receipt of a copy of the Company's 2025 Equity Incentive Plan.

**PARTICIPANT**

## Exhibit 23.2

**Exhibit 23.2**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Registration Statement on Form S-8 of Chemung Financial Corporation of our report dated March 14, 2025, relating to the consolidated financial statements and effectiveness of internal control over financial reporting, appearing in the Annual Report on Form 10-K of Chemung Financial Corporation for the year ended December 31, 2024.

/s/ Crowe LLP

Livingston, New Jersey

June 18, 2025

## Ex-Filing

**Exhibit 107**

**Calculation of Filing Fee Tables**

**Form S-8**

(Form Type)

**Chemung Financial Corporation**

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered Securities</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Security Type | Security Class Title | Fee Calculation Rule | Amount to be Registered<sup>(1)</sup> | Proposed Maximum Aggregate Offering Price Per Share<sup>(2)</sup> | Maximum Aggregate Offering Price | Fee Rate | Amount of Registration Fee |
| Equity | Common stock, $0.01 par value per share | <br> 457(c) and 457(h) | <br> 160000 | <br> $47.51 | <br> $7601600 | <br> 0.00015310 | <br> $1163.80 |
| Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts |  | $7601600 |  | $1163.80 |
| Total Fee Offsets | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets |  |  |  | $0.00 |
| Net Fee Due | Net Fee Due | Net Fee Due | Net Fee Due |  |  |  | $1163.80 |

---

___________________________________________

(1) Together with an indeterminate number of additional shares that may be necessary to adjust the number
of shares reserved for issuance pursuant to the Chemung Financial Corporation 2025 Equity Incentive Plan as a result of a stock split,
stock dividend or similar adjustment of the outstanding common stock of Chemung Financial Corporation (the "Company") pursuant
to 17 C.F.R. Section 230.416(a).

(2) Estimated solely for the purpose of calculating the registration
fee in accordance with Rules 457(c) and (h) under the Securities Act, based on the average of the high and low prices of the Company's common stock as reported on the Nasdaq Stock Market on June 16, 2025.

<u>Table 2: Fee Offset Claims and Sources</u>

N/A