Document:

Exhibit 10.1

 

POST-EMPLOYMENT CONSULTING AGREEMENT

 

This Agreement is made this 20th day of December, 2017
(the “Effective Date”) by and between CHEMUNG CANAL TRUST COMPANY (the “Bank”), a New York banking organization
with its principal office at One Chemung Canal Plaza, Elmira, New York 14901 and RONALD M. BENTLEY (the “Consultant”)
residing at 17587 Greens Corner Road, Culpeper, VA 22701.

 

WHEREAS the Bank desires continued access to the Consultant’s
unique services and knowledge during a reasonable transition following the termination of the Consultant’s employment.

 

THEREFORE, in consideration of the mutual covenants and promises
contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

1.       Consulting Services. The Consultant will serve as
an advisor and mentor to his successor, Anders M. Tomson. The Consultant will also provide continuing strategic advice and
counsel related to potential acquisitions and participate in major strategic initiatives. The Bank may utilize the
Consultant’s special skills in business development and the formation and retention of key client relationships. The
Chief Executive Officer may assign other specialized projects to the Consultant as required. (Collectively, the
“Consulting Services”.) The Consultant shall report to the Chief Executive Officer. The Consultant will be
provided appropriate office space and access to support staff to perform the Consulting Services at the Bank’s
corporate offices. The Consultant may retain the Bank-provided credit card during the Term, and the Consultant is authorized
to use the credit card for gasoline expenses incurred in performing the Consulting Services.

 

The Consultant shall continue to serve as a director of the Bank and the Bank’s
parent, Chemung Financial Corporation. The Consultant shall receive the compensation of an outside director in all respects.

 

2.      Availability. The
Consultant shall be available approximately one full day each month, normally the day before or after Board meetings. The
Consultant shall generally be available by phone or email.

 

3.      Term of Agreement.
The term of this Agreement shall begin on January 1, 2018 and shall continue for a one-year term, ending December 31, 2018
(the “Term”).

 

4.      Compensation. During
the Term, as compensation for all services rendered by the Consultant under this Agreement, the Consultant shall receive an
annual retainer of fifty thousand dollars ($50,000), payable in monthly installments of four thousand one hundred sixty-six
and 67/100ths ($4,166.67).

 

5.      Expenses.
The Bank will reimburse the Consultant for reasonable and necessary expenses that are directly related to the Consulting Services
as described in paragraph 1. Business expenses will be reimbursed only as provided under the Bank’s expense reimbursement
policy. The following additional procedures shall apply:

 

    	1

     

    

 

 

		·	The Consultant must receive prior authorization for any business expense relating to airline travel, attendance at conferences,
or any expense above $250.

 

		·	Reasonable and necessary expenses shall not include travel or entertainment expenses for Consultant’s spouse or other
family members of the Consultant.

 

		·	All expenses must be substantiated by receipts and other documentation itemizing the cost and the business purpose for the
expense, including for any travel and entertainment expenses, identifying the participants.

 

		·	The Bank may deny reimbursement if it determines that the expense was not related to Consulting Services or was not reasonable
or necessary.

 

 

6.      Termination.
Notwithstanding the Term of Agreement specified above, this Agreement shall terminate under any of the following
circumstances: (a) in the event the Consultant dies, this Agreement shall terminate immediately; (b) if the Consultant, due
to physical or mental illness, becomes disabled so as to be unable to perform the services called for under this Agreement,
either the Bank or the Consultant may by written notice terminate the consulting relationship as of the last day of the
calendar month during which such notice is given; (c) the parties may terminate this Agreement by mutual written
agreement.

 

7.      Non-Competition. The
Consultant acknowledges and agrees that during the Term of the Agreement he will not render executive, managerial, market
research, advice or consulting services, either directly or indirectly, to any business engaged in or about to be engaged in
the banking industry.

 

8.      Confidential Information
or Materials. During the Term of the Agreement, the Consultant will have access to the Bank’s confidential and
proprietary information, including but not limited to: (i) information and strategy relating to the Bank’s products and
services including customer lists and files, product description and pricing, information and strategy regarding profits,
costs, marketing, purchasing, sales, customers, contract terms, employees, salaries; product development plans; and (ii)
business acquisition and financial plans and forecasts and marketing and sales plans and forecasts (collectively called
“Bank Confidential Information”). The Consultant will not, during the Term of the Agreement or thereafter,
directly or indirectly disclose to any other person or entity, or use for the Consultant’s own benefit or the benefit
of others besides the Bank, any Bank Confidential Information. Upon termination of this Agreement, the Consultant agrees to
promptly return all Bank Confidential Information.

 

9.      Independent Contractor
Status. The Consultant is an independent contractor providing services to the Bank and is not an agent or employee of the
Bank. Consultant will not be eligible for any employee benefit programs the Bank sponsors for the benefit of its
employees.

 

10.      No Authority to Bind
Bank. The Consultant shall not have any authority to commit or bind the Bank to any contractual or financial obligations
without the Bank’s prior written consent.

 

    	2

     

    

 

11.      No Assignment. This
is a personal services agreement and the Consultant may not assign this Agreement, or any interest herein, without the prior
written consent of the Bank.

 

12.      Entire Agreement.
This Agreement contains the entire agreement of the parties relating to the subject matter of this Agreement and supersedes
any prior written or oral agreement with respect to the Consultant’s engagement by the Bank.

 

13.      Validity. The
invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any
other provision of this Agreement, which shall remain in full force and effect.

 

14.      Tax Withholding;
Indemnification. By reason of the Consultant’s relationship with the Bank as an independent contractor, all sums
required to be paid by the Bank to the Consultant shall be paid in full, without reduction for any withholding taxes,
employers’ taxes, social security taxes, payments or contributions, and similar employer withholdings, deductions and
payments. The Consultant acknowledges and agrees that the Consultant shall be solely responsible for making all such filings
and payments and shall indemnify and hold harmless the Bank for any liability, claim, expense or other cost incurred by the
Bank arising out of or related to the obligations of the Consultant pursuant to this provision.

 

15.      Section 409A
Compliance. The provisions of this Agreement are intended and shall be interpreted and administered so as not to result
in the imposition of additional tax or interest under Section 409A of the Internal Revenue Code where applicable. Any
reimbursement of expenses or taxes shall occur no later than the end of the calendar year following the calendar year in
which the expense or tax is incurred (or such earlier date as applies under the Bank’s business expense reimbursement
policy).

 

16.      Applicable Law. This
Agreement shall be governed by and construed in accordance with the laws of the State of New York.

 

    	3

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
date set forth above.

 

	 	 	Chemung Canal Trust Company
	 	 	 
	/s/ Ronald M. Bentley	 	/s/ Anders M. Tomson
	RONALD M. BENTLEY	 	ANDERS M. TOMSON
	 	 	Chief Executive Officer

 

 

  

 

 

 

 

4SUBSCRIPTION
AGREEMENT

 

The
undersigned (the “Subscriber”), desires to become a holder of common stock, par value $0.0001 per share, (the “Shares”)
of Forex Development Corporation , a corporation organized under the laws of the state of Delaware (the “Company”).
Accordingly, the Subscriber hereby agrees as follows:

 

1.
Subscription.

 

	 	1.1	The
    Subscriber hereby subscribes for and agrees to accept from the Company that number of Shares set forth on the Signature Page
    attached to this Subscription Agreement (the “Agreement”), in consideration of $0.15 per share. This offer to
    purchase is submitted in accordance with and subject to the terms and conditions described in this Subscription Agreement
    (the “Agreement”). The Subscriber acknowledges that the Company reserves the right, in its sole and absolute discretion,
    to accept or reject this subscription and the subscription will not be binding until accepted by the Company in writing
	 	 	 
	  	1.2	The
    closing of the Subscription of Shares hereunder (the “Closing”) shall occur immediately upon: (i) receipt and
    acceptance by the Company of a properly executed Signature Page to this Agreement; and (ii) receipt of all funds for the subscription
    of shares hereunder.

 

2.
Purchase Procedure. The Subscriber acknowledges that, in order to subscribe for Shares, he must, and he does hereby, deliver
to the Company:

 

	 	2.1	One
    (1) executed counterpart of the Signature Page attached to this Agreement together with the passport copy or government ID
    copy; and
	 	 	 
	  	2.2	A
    check, trade draft or media due bill in the amount set forth on the Signature Page attached to this Agreement, representing
    payment in full for the Shares desired to be purchased hereunder, made payable to the order of Forex Development Corporation.
    Wire transfer and telegraphic transfer are also accepted.

 

3.
Representations of Subscriber. By executing this Agreement, the Subscriber makes the following representations, declarations
and warranties to the Company, with the intent and understanding that the Company will rely thereon:

 

	 	3.1	Such
    Subscriber acknowledges the public availability of the Company’s current prospectus which can be viewed on the SEC Edgar
    Database, under the CIK number ____________. This prospectus is made available in the Company’s most recent S-1 Registration
    Statement deemed effective on _______, 2017. In this prospectus it makes clear the terms and conditions of the offering of
    Common Stock and the risks associated therewith are described.
	 	 	 
	  	3.2	All
    information herein concerning the Subscriber is correct and complete as of the date hereof and as of the date of Closing.
	 	 	 
	  	3.3	If
    the Subscriber is purchasing the Shares in a fiduciary capacity for another person or entity, including without limitation
    a corporation, partnership, trust or any other entity, the Subscriber has been duly authorized and empowered to execute this
    Subscription Agreement and all other subscription documents. Upon request of the Company, the Subscriber will provide true,
    complete and current copies of all relevant documents creating the Subscriber, authorizing its investment in the Company and/or
    evidencing the satisfaction of the foregoing.

 

4.
Applicable Law. This Agreement shall be construed in accordance with and governed by the laws applicable to contracts made
and wholly performed in the State of Delaware.

 

5.
Execution in Counterparts. This Subscription Agreement may be executed in one or more counterparts.

 

6.
Persons Bound. This Subscription Agreement shall, except as otherwise provided herein, inure to the benefit of and be binding
on the Company and its successors and assigns and on each Subscriber and his respective heirs, executors, administrators, successors
and assigns.

 

7.
Notices . Any notice or other communication required or permitted hereunder shall be in writing and shall be delivered
personally, telegraphed, telexed, sent by facsimile transmission or sent by certified, registered or express mail, postage prepaid,
to the address of each party set forth herein. Any such notice shall be deemed given when delivered personally, telegraphed, telexed
or sent by facsimile transmission or, if mailed, three days after the date of deposit in the United States mails.

 

8.
CERTIFICATION . THE SUBSCRIBER CERTIFIES THAT HE HAS READ THIS ENTIRE SUBSCRIPTION AGREEMENT AND THAT EVERY STATEMENT
MADE BY THE SUBSCRIBER HEREIN IS TRUE AND COMPLETE.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	 	 	 

    	 	 	 

    

 

SUBSCRIBER
SIGNATURE

 

The
undersigned, desiring to subscribe for the number of Shares of Forex Developmenmt Corporation, (the “Company”) as
is set forth below, acknowledges that he/she has received and understands the terms and conditions of the Subscription Agreement
attached hereto and that he/she does hereby agree to all the terms and conditions contained therein.

 

IN
WITNESS WHEREOF, the undersigned has hereby executed this Subscription Agreement as of the date set forth below.

 

(PLEASE
PRINT OR TYPE)

 

	Number
    of Shares	 	 
	 	 	 
	x
    $0.15 Per Share	 	 
	Total
    Amount of Subscription: 	 	 
	 	 	 
	Exact
    name(s) of Subscriber(s): 	 	 
	 	 	 
	Signature
    of Subscriber(s): 	 	 
	 	 	 (Signature)
	 	 	 
	 	 	 
	Date:	 	 
	 	 	 

Residence
or Physical Mailing Address (cannot be a P.O. Box):

 

		 	 
		 	 
	 	 	 
		 	 
	 	 	 

 

Telephone
Numbers (include Area Code):

 

	Business:
    (___)_____________ 	Home:
    (___)________________
	Social
    Security, Taxpayer, or other type	 
	Identification
    Number(s): _______________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00277-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00277-of-00352.parquet"}]]