Document:

Exhibit 10.13

EMPLOYMENT AGREEMENT

(As Amended 6/28/00)

	AGREEMENT made as of the 1st day of January, 2003, ("Agreement") among ARROW
FINANCIAL CORPORATION, a New York corporation with its principal place of business at
250 Glen Street, Glens Falls, New York 12801 ("Arrow"), its wholly-owned subsidiary, GLENS
FALLS NATIONAL BANK AND TRUST COMPANY, a national banking association with its
principal place of business at 250 Glen Street, Glens Falls, New York 12801 (the "Bank"), and
JOHN J. MURPHY residing at 33 Crownwood Lane, Queensbury, New York 12804 (the
"Executive").

Recitals

	WHEREAS, Arrow and the Bank, consider the maintenance of a competent and
experienced executive management team to be essential to the long-term success of Arrow and
the Bank; and

	WHEREAS, in this regard, Arrow and the Bank have determined that it is in the best
interests of each that the Executive continue to serve as Executive Vice President, Treasurer &
Chief Financial Officer of Arrow and the Bank, pursuant to a written employment agreement; and

	WHEREAS, Arrow and the Bank have agreed with the Executive that the pre-existing
employment agreement between the Executive and each of them should be replaced by this
Agreement.

	NOW, THEREFORE, in furtherance of the interests described above and in consideration
of the respective covenants and agreements herein contained, the parties hereto agree as follows:

	1.	Employment

		Arrow and the Bank agree to employ the Executive and the Executive agrees to continue to serve as Executive Vice President, Treasurer and Chief Financial Officer
of Arrow and the Bank during the term of this Agreement.

	2.	Term

				a.	The term of this Agreement shall commence on the date hereof and, unless the
Executive becomes a Retired Early Employee under Paragraph 6 of this
Agreement or such employment is earlier terminated as provided in Paragraph 7
of this Agreement, employment under this Employment Agreement shall
terminate on December 31, 2005, or such earlier date on which the Executive's
retirement (including early retirement if the Executive so elects) becomes effective
under any retirement plan of Arrow then in effect.

		b.	Annual Review.  On or before December 31 of each year during the term of this
Agreement, the Board of Directors of Arrow (the "Arrow Board"), or the
committee of the Arrow Board, if any, duly authorized to make determinations
regarding executives and the terms of their employment (the "Committee"), will
consider and vote upon a proposal to extend to the Executive an offer to replace
this Agreement with a new employment agreement (the "Replacement
Agreement") commencing January 1 of the ensuing year.  The Replacement
Agreement will be for a new term of three years, will provide for a base annual
salary for the Executive at commencement of the Replacement Agreement at least
equal to the base annual salary of the Executive as of December 31 of the year
just completed (the "Preceding Year-End"), will provide for other benefits having
an aggregate value to the Executive at least equal to the aggregate value of the
other benefits provided to the Executive as of the Preceding Year-End, and will
contain other terms and conditions relating to the Executive's position and duties,
place of performance, rights upon a change of control of Arrow or the Bank or a
change of authority of the Executive, and rights in connection with any early
termination of the employment of the Executive that are, in each such instance, at
least as favorable to the Executive as the terms and conditions relating to such
matters under this Agreement and generally shall be as favorable to the Executive
as is this Agreement, as of the Preceding Year-End.  If the Arrow Board or the
Committee shall vote to offer such a Replacement Agreement to the Executive
and the Executive shall accept, this Agreement shall terminate as of December 31
of the year of such offer and acceptance and the Replacement Agreement shall
take effect as of January 1 of the ensuing year.

			If the Arrow Board or the Committee shall elect not to offer such a Replacement
Agreement to the Executive or the Executive, having been offered such a
Replacement Agreement, shall elect not to accept such Replacement Agreement,
this Agreement and the employment of the Executive hereunder shall continue in
full force and effect from the date of such election until the termination of this
Agreement in accordance with its terms (such period to be referred to hereinafter
as the "Winding-Down Period"), and the rights and obligations of each of the
parties hereunder shall continue unchanged during the Winding-Down Period
except as may be specifically provided otherwise in this Agreement.

	3.	Position and Duties

		The Executive shall continue to serve as Executive Vice President, Treasurer and
Chief  Financial Officer of Arrow and the Bank and shall have duties, responsibilities,
and authority as normally attend such positions or as may reasonably be assigned to
the Executive from time to time by the Arrow Board or the Board of Directors of the
Bank (the "Bank Board") or the Chief Executive Officer of Arrow or the Bank.  The
Executive shall devote substantially all his working time and efforts to the business
and affairs of Arrow and the Bank, provided however, that the Executive may, with
the approval of the Arrow Board or the Chief Executive Officer of Arrow, serve as a
director or officer of any non-competing business or engage in any other activity,
including but not limited to, charitable or community activity, to the extent that they
do not inhibit the performance of his duties hereunder.

			4.	Place of Performance

		In connection with the Executive's employment hereunder, the Executive shall be based at the principal executive offices of the Bank, except for required travel on
business.  The Executive shall not be required to change his residence from the area in
which he now resides.  The Bank shall furnish the Executive with office space,
stenographic assistance, and such other facilities and services as shall be suitable to
the Executive's position and adequate for the performance of his duties hereunder.

	5.	Compensation

				(a)	Salary.  Upon commencement of this Agreement, the base annual salary of the
Executive should be $200,000.00, payable by the Bank in equal bi-weekly
installments or at such other intervals as shall be agreed upon by the parties.  In
addition, the Executive shall receive from the Bank or Arrow such annual bonus,
if any, as may be determined by the Arrow Board or the Committee.  The
Executive's base annual salary may be increased from time to time in accordance
with the normal business practices of Arrow and the Bank as determined by the
Arrow Board or the Committee, and, if so increased, such base annual salary shall
not thereafter during the Executive's employment under this Agreement be
decreased and the obligation of the Bank hereunder to pay the Executive's base
annual salary shall thereafter relate to such increased base annual salary.
Compensation of the Executive by base annual salary payments shall not prevent
the Executive from participating in any other compensation or benefit plan of
Arrow or the Bank in which he is entitled to participate and participation in any
such other compensation or benefit plan shall not in any way limit or reduce the
obligation of the Bank to pay the Executive's base annual salary hereunder.

				(b)	Other Benefits.  In addition to the compensation provided for in subparagraph (a)
above, the Executive shall be entitled during the term of his employment under
this Agreement (i) to participate in any and all employee benefit programs or
stock purchase programs of Arrow or the Bank now or hereafter in effect and
open to participation by qualifying employees of Arrow or the Bank generally,
including but not limited to the retirement plan, supplemental retirement plan,
employee stock purchase plan and employee stock ownership plan of Arrow or
the Bank, and (ii) to enjoy certain personal benefits provided by Arrow or the
Bank, including but not limited to:

						(A)	life insurance on the life of the Executive, at no cost to the Executive,
under a group plan maintained by Arrow;

						(B)	disability insurance for the Executive, at no cost to the Executive, under
a group plan maintained by Arrow;

						(C)	comprehensive medical and dental insurance under a group plan
provided by Arrow, with the Executive to pay only those amounts
required to be paid thereunder by covered employees generally under
the cost-sharing arrangements in effect from time to time under such
plan;

						(D)	reimbursement in full of all business, travel and entertainment expenses
incurred by the Executive in performing his duties hereunder; and

						(E)	fully paid vacation during each calendar year in accordance with the
vacation policies of Arrow in effect from time to time.

		Arrow shall not make any material changes in any of the personal benefits itemized
above adversely affecting the Executive unless such change occurs pursuant to a
program applicable to all executive officers of Arrow and the adverse effect on the
Executive is not proportionately greater than the adverse effect of the change on any
other executive officer of Arrow previously enjoying such benefit.

			6.	Change of Control or Change of Authority

				(a)	Retired Early Employee.  If a Change of Control or Change of Authority (as such
terms are defined in subparagraph 6(f) below) occurs during the term of the
Executive's employment under this Employment Agreement, either the Executive,
on the one hand, or Arrow or the Bank, on the other, may elect by written notice,
given to the other party or parties, at any time within twelve (12) months after
such Change of Control or Change of Authority, to terminate the employment of
the Executive by Arrow and the Bank, whereupon the Executive will become a
"Retired Early Employee," and will be entitled to receive such payments as are
provided hereafter in this Paragraph 6.  Such election and the termination of the
Executive's employment shall become effective on the first day of the second
calendar month commencing after delivery of the notice or on such earlier date as
the Executive in his sole discretion may specify (the "Effective Date").

				(b)	Cash Payments.  If the Executive should become a Retired Early Employee
hereunder, the Bank shall, during the period commencing on the Effective Date
and ending two years thereafter (the "Pay-Out Period"), make equal monthly
payments to the Executive (which shall not be deemed base annual salary
payments) in an amount such that the present value of all such payments,
determined as of the Effective Date, equals two hundred ninety-nine percent
(299%) of the Base Amount, as such term is defined in subparagraph 6(f) below.
If at any time during the Pay-Out Period the Arrow Board in its sole discretion
shall determine, upon application of the Retired Early Employee supported by
substantial evidence, that the Retired Early Employee is then under a severe
financial hardship resulting from (i) a sudden and unexpected illness or accident of
the Retired Early Employee or any of his dependents (as defined in section 152(a)
of the Internal Revenue Code), (ii) loss of the Retired Early Employee's property
due to casualty, or (iii) other similar extraordinary and unforeseeable
circumstance arising as a result of events beyond the control of the Retired Early
Employee, the Bank shall make available to the Retired Early Employee, in one
(1) lump sum, an amount up to but not greater than the present value of all
monthly payments remaining to be paid to him in the Pay-Out Period, calculated
as of the date of such determination by the Arrow Board, for the purpose of
relieving such severe financial hardship to the extent the same has not been or
may not be relieved by (xi) reimbursement or compensation by insurance or
otherwise, (xii) liquidation of the Retired Early Employee's assets (to the extent
such liquidation would not itself cause severe financial hardship), or (xiii)
distributions from other benefit plans.  If (a) the lump sum amount thus made
available is less than (b) the present value of all such remaining monthly payments,
the Bank shall continue to pay to the Retired Early Employee monthly payments
for the duration of the Pay-Out Period, but from such date forward such monthly
payments will be in a reduced amount such that the present value of all such
reduced payments will equal the difference between (b) and (a), above.  The
Retired Early Employee may elect to waive any or all payments due him under
this subparagraph.

				(c)	Death of Retired Early Employee.  If the Retired Early Employee dies before
receiving all monthly payments payable to him under subparagraph 6(b), above,
the Bank shall pay to the Retired Early Employee's spouse, or if the Retired Early
Employee leaves no spouse, to the estate of the Retired Early Employee, one (1)
lump sum payment in an amount equal to the present value of all such remaining
unpaid monthly payments, determined as of the date of death of the Retired Early
Employee.

				(d)	Indemnification of Executive.  In the event a Change of Control or Change of
Authority occurs, Arrow and the Bank shall indemnify the Executive for all legal
fees and expenses subsequently incurred by the Executive in seeking to obtain or
enforce any right or benefit provided under this Employment Agreement, not
limited to the rights and benefits provided under this Paragraph 6 and whether or
not the Executive has become a Retired Early Employee hereunder, provided,
however, that such right to indemnification will not apply if and to the extent that
a court of competent jurisdiction shall determine that any such fees and expenses
have been incurred as a result of the Executive's bad faith.  Indemnification
payments payable hereunder by Arrow or the Bank shall be made not later than
thirty (30) days after a request for payment has been received from the Executive
with such evidence of indemnifiable fees and expenses as Arrow or the Bank may
reasonably request.

				(e)	No Offset.  Amounts payable to a Retired Early Employee under this Paragraph 6
shall not be subject to any offset or reduction for (i) any amounts owed or
claimed to be owed by the Retired Early Employee to Arrow or the Bank or their
affiliates or (ii) any amounts of compensation or income received or generated by
the Retired Early Employee as a result of any other employment or self-employment of the Retired Early Employee during the Pay-Out Period.  The
Retired Early Employee shall be under no obligation to seek other employment or
gainful pursuit during the Pay-Out Period as a result of this Agreement, and shall
be prohibited from accepting certain other forms of employment and from
engaging in certain other types of business during the Pay-Out Period (as well as
during certain other post-termination of employment periods) as and to the extent
specified in Paragraph 8 of this Agreement.

		(f)	Allocation. If the Executive should elect to become a Retired Early Employee
under this Paragraph 6 and as a result of such election should become entitled to
receive certain cash payments during the Pay-Out Period as set forth above,
Arrow shall determine, as soon as practicable following its receipt from the
Executive of written notice of such election, the amount, if any, of such future
cash payments that may properly be allocated to the Retired Early Employee's
future performance of his obligations not to compete with, solicit customers or
employees from, or disparage Arrow or its affiliates under Paragraph 8 of this
Agreement, with such allocation to be expressed as a single dollar amount equal
to the present value on the Effective Date of the amounts of the required future
payments thus allocated.  When thus determined, the dollar amount of this
allocation shall be communicated by Arrow to the Retired Early Employee.

		(g)	Section 280G Tax Gross-Up.  Notwithstanding anything to the contrary
contained elsewhere in this Agreement or in any other agreement, plan or policy
of or binding upon Arrow or the Bank, in the event that the aggregate payments
or benefits to be made or afforded to the Executive under (i) this Agreement, (ii)
any and all other agreements between the Executive and Arrow or its affiliates
and (iii) any and all plans and arrangements of Arrow or its affiliates in which the
Executive participates, should cause the Executive to be obligated to pay or to
become liable for any Federal excise taxes under Section 4999(a) of the Code
and/or any state or local excise taxes attributable to payments that qualify as
"excess parachute payments" under Section 280G of the Code (collectively, such
Federal, state and local taxes to be referred to as "Parachute Taxes"), Arrow
promptly shall pay on behalf of the Executive or reimburse the Executive for the
latter's payment of the following:

			(i)	such Parachute Taxes;

			(ii)	all Parachute Taxes payable by the Executive as a result of Arrow's
payment or reimbursement of amounts under subsection (i), above, this
subsection (ii) or subsection (iii) below; and

			(iii)	all Federal, state, and local income taxes payable by the Executive as a
result of Arrow's payment or reimbursement of amounts under subsections
(i) and (ii), above, and this subsection (iii).

		(h)	Definitions.

					(i)  The "Base Amount" for purpose of this Paragraph 6 shall equal the average
Annual Compensation (as defined below) of the Executive for the most
recent five (5) taxable years ending before the date on which the Change of
Control or Change of Authority occurred.  "Annual Compensation" as used
in the foregoing sentence shall mean, for any given taxable year of the
Executive, all compensation payable by Arrow or the Bank to the Executive
that is includible in the gross income of the Executive for such year for
federal income tax purposes, plus any amount of salary otherwise payable by
Arrow or the Bank to the Executive for such year (A) that is deferred under
Section 401(k) of the Code under any plan maintained by Arrow or the Bank
permitting such deferrals, or (B) that is deferred by the Executive under any
nonqualified retirement or income deferral plan maintained by Arrow or the
Bank, to the extent deferred amounts under such plan are excludable for
federal income tax purposes from the gross income of the deferring employee
in the year of deferral.

					 (ii) A "Change of Control" shall be deemed to have occurred if (A) any individual
corporation (other than Arrow), partnership, trust, association, pool,
syndicate, or any other entity or any group of persons acting in concert
becomes the beneficial owner, as that concept is defined in Rule 13d-3
promulgated by the Securities and Exchange Commission under the
Securities Exchange Act of 1934, as the result of any one or more securities
transactions (including gifts and stock repurchases but excluding transactions
described in subdivision (B), following), of securities of Arrow possessing
twenty-five percent (25%) or more of the voting power for the election of
directors of such entity, (B) there shall be consummated any consolidation,
merger or stock-for-stock exchange involving Arrow or the securities of
Arrow in which the holders of voting securities of Arrow immediately prior
to such consummation own, as a group, immediately after such
consummation, voting securities of Arrow (or, if Arrow does not survive
such transaction voting securities of the corporation surviving such
transaction) having less than fifty percent (50%) of the total voting power in
an election of directors of Arrow (or such other surviving corporation),
excluding securities received by any members of such group which represent
disproportionate percentage increases in their shareholdings vis-a-vis the
other members of such group, (C) "approved directors" shall constitute less
than a majority of the entire Arrow Board, with "approved directors" defined
to mean the members of the Arrow Board as of the date of this Agreement
and any subsequently elected members who shall be nominated or approved
by a majority of the approved directors on the Arrow Board prior to such
election, or (D) there shall be consummated any sale, lease, exchange or
other transfer (in one transaction or a series of related transactions, excluding
any transaction described in subdivision (B), above), of all, or substantially
all, of the assets of Arrow to a party which is not controlled by or under
common control with Arrow.

			(iii)	"Change of Authority" shall be deemed to have occurred if the Executive is
assigned duties by Arrow which, in the reasonable opinion of the Executive
have materially less authority than those duties currently being performed by
him and otherwise described herein.

	7.	Early Termination of Employment

		The employment of the Executive hereunder by Arrow and the Bank may be 	terminated or may terminate, other than as provided in Paragraph 2 of this Agreement
or as permitted under Paragraph 6 of this Agreement, under the circumstances set
forth below.

				(a)	Termination for Cause.  Arrow may terminate the Executive's employment under
this Agreement prior to the normal expiration of its term for cause.  "Cause" shall
mean:

					(i)   any willful misconduct by the Executive which is materially injurious to
Arrow or the Bank, monetarily or otherwise;

					(ii)  any willful failure by the Executive to follow the reasonable directions of the
Arrow Board or the Bank Board or the Chief Executive Officer of Arrow or
the Bank; or

					(iii)  any failure by the Executive substantially to perform any reasonable
directions of the Arrow Board or the Bank Board or the Chief Executive
Officer of Arrow or the Bank (other than failure resulting from disability),
within thirty (30) days after delivery to the Executive by the respective Board
or Chief Executive Officer of a written demand for substantial performance,
which written demand shall specifically identify the manner in which the
respective Board or Chief Executive Officer believes that the Executive has
not substantially performed.

				Notwithstanding the foregoing, the employment of the Executive hereunder
shall not be deemed to have been terminated for cause unless and until:

						(A)	reasonable notice is given to the Executive in writing setting forth the
reasons Arrow intends to terminate the Executive for cause;

						(B)	not sooner than thirty (30) days after delivery to the Executive of such
notice, an opportunity is provided for the Executive to be heard before
the Arrow Board and the Chief Executive Officer of Arrow, with
counsel; and

						(C)	after such hearing or opportunity to be heard, written notice of final
termination for cause is delivered to the Executive, setting forth the
specific reasons therefor, which termination shall be effective as of the
date of the delivery of such notice.

					Termination for cause by Arrow shall require the affirmative vote of at
least two-thirds (2/3) of the Arrow Board.  The Executive will not be
entitled to any further compensation for any period subsequent to the
effective date of such termination, except for severance pay, if any, in
accordance with the then existing severance policies of Arrow;
provided, however, that any such termination for cause becoming
effective after the Executive shall have elected to become a Retired
Early Employee under Paragraph 6 of this Agreement will not affect the
right of the Executive to receive all of the payments provided for
therein.

				(b)	Termination Without Cause.  Arrow may terminate the Executive's employment
under this Agreement prior to the normal expiration of its term without cause
upon thirty (30) days' written notice.  Termination without cause by Arrow shall
require the affirmative vote of at least two-thirds (2/3) of the entire Arrow Board.
In the event of any such termination without cause, the Bank shall pay to the
Executive on the effective date of such termination one (1) lump sum payment in
an amount equal to the greater of (i) the total amount of base annual salary
payments which would have been payable to the Executive during the remaining
term of the Agreement, assuming no early termination of the Agreement under
Section 6 or this Section 7 and assuming the current base annual salary of the
Executive on such date is unchanged throughout such remaining term, or (ii) an
amount equal to one hundred percent (100%) of the current base annual salary of
the Executive on such date.  No attempted termination without cause under this
subparagraph 7(b) shall be effective if the Executive shall have the right to elect,
and shall have elected, to become a Retired Early Employee under Paragraph 6 of
this Agreement, in which latter case the Executive will retain all of the rights of a
Retired Early Employee specified in Paragraph 6, including the right to receive
certain payments thereunder.

				(c)	Termination for Disability.  If, as a result of the Executive's incapacity due to
physical or mental illness, the Executive shall not have performed his duties
hereunder on a full time basis for six (6) consecutive months, the Executive's
employment under this Agreement may be terminated by Arrow upon thirty (30)
days' written notice.  Such termination for disability shall require the affirmative
vote of a majority of the entire Arrow Board.  The Executive's compensation
during any period of disability prior to the effective date of such termination shall
be the amounts normally payable to him in accordance with his then current base
annual salary, reduced by the sum of the amounts, if any, paid to the Executive
under disability benefit plans maintained by Arrow.  The Executive shall not be
entitled to any further compensation from the Bank for any period subsequent to
the effective date of such termination, except for severance pay in accordance
with then existing severance policies of Arrow; provided, however, that any such
termination for disability occurring after the Executive shall have elected to
become a Retired Early Employee under Paragraph 6 of this Agreement will not
affect the right of the Executive to receive all of the payments provided for
therein.

				(d)	Termination for Breach by Employer.  In the event that Arrow or the Bank shall
have materially breached any provision of this Agreement and such breach shall
not have been cured within ten (10) days after delivery of written notice thereof
to the breaching party by the Executive, identifying the breach with reasonable
particularity, the Executive may cease to perform and may terminate this
Agreement and his employment with Arrow and the Bank hereunder, without
thereby forfeiting any cause of action he may have against the breaching party or
parties as a result of such breach or otherwise.

				(e)	Consensual Termination.  All parties hereto may agree at any time to terminate
this Agreement and the Executive's employment hereunder upon such terms and
conditions as the parties may agree.

		(f)	Termination by Executive During Winding-Down Period.  At any point during a
Winding-Down Period, the Executive may terminate his employment under this
Agreement prior to the normal expiration date of his employment hereunder, for
any reason or no reason, upon written notice delivered to Arrow.  Such
termination of employment shall become effective on the date indicated in the
written notice, which date shall not be less than thirty (30) days nor more than
ninety (90) days after delivery of the written notice.  In the event of such
termination of employment, neither Arrow nor the Bank shall have any obligation
under this Agreement to make any payments or provide any benefits to the
Executive, other than the obligation to make the base annual salary payments and
to provide those benefits required to be paid or provided through the effective
date of termination of employment pursuant to Paragraph 5 hereof, provided,
however, that nothing herein shall reduce or affect any obligations that Arrow or
the Bank may have to the Executive under any other agreement with the
Executive or under any qualified or non-qualified employee benefit plan covering
the Executive.

	

8.	Non-Competition; Non-Solicitation; Non-Disparagement

		If the employment of the Executive with Arrow and/or the Bank is terminated by any
party under Paragraph 6 or is terminated by the Executive other than pursuant to one
of the provisions of this Agreement specifically authorizing the Executive to so
terminate:

		(i)		For a period of two (2) years following the effective date of such termination
of employment, the Executive will not, directly or indirectly, manage,
operate, or control, or accept or hold a position as a director, officer,
employee, agent or partner of or adviser or consultant to, or otherwise
perform substantial services for, any bank or insured financial institution or
other corporation or entity engaged in the financial services business or a
corporation or entity controlling any of the foregoing, excluding Arrow and
its affiliates (any such other bank, institution, corporation or entity, a
"Financial Institution"), if, as of the effective date of such termination of
employment, such Financial Institution is in competition with Arrow or any
of its affiliates in the Designated Area (as defined below) by virtue of such
Financial Institution's having any office or branch located within the
Designated Area or having immediate plans to establish any office or branch
within the Designated Area.  For purposes of the preceding sentence, the
Designated Area as of any particular time will consist of all counties in the
State of New York in which Arrow or any of its subsidiary banks or other
affiliates engaged in providing financial services then maintains an office or a
branch or has acted to establish an office or a branch.

		(ii)	For a period of two (2) years following such termination of employment, the
Executive will not, directly or indirectly,

				(a)	acting on behalf of any Financial Institution, regardless of where such
Financial Institution is located or doing business, solicit business for
such Financial Institution from, or otherwise seek to obtain as a
customer or client of such Financial Institution, any person or entity
that, to the knowledge of the Executive, was a customer or client of
Arrow or any of its subsidiary banks or other affiliates engaged in
providing financial services at any point during the one-year period
immediately preceding the effective date of such termination of
employment; or

				(b)	acting on behalf of any other corporation or entity, including any
Financial Institution, regardless of where such other corporation or
entity is located or doing business, employ or solicit as an employee of
such corporation or entity or retain or seek to retain as an agent or
consultant of such corporation or entity any individual employed by
Arrow or any of its subsidiary banks or other affiliates engaged in
providing financial services at any point during the one-year period
immediately preceding the effective date of such termination of
employment.

		(iii)	For a period of ten (10) years following the effective date of such termination
of employment, the Executive will not, directly or indirectly, make any one
or more statements, declarations, announcements, assertions, remarks,
comments or suggestions, orally or in writing, that individually or collectively
are, or may be construed as being, defamatory, derogatory, negative, or
disparaging to Arrow or its affiliates (including any successor to Arrow by
merger or acquisition or any of such successor's affiliates), or to any
director, officer, controlling shareholder, employee or agent of any of the
foregoing.

		It is the intention of the parties to restrict the activities of the Executive under this
Paragraph 8 only to the extent necessary for the protection of the legitimate business
interests of Arrow, and the parties specifically covenant and agree that should any of
the clauses or provisions of the restrictions set forth herein, under any set of
circumstances, be held by a court of competent jurisdiction to be illegal, invalid or
unenforceable under present or future laws effective during the term of this
Agreement, then and in that event, the court so holding may reduce the extent or
duration of such restrictions or effect any other change to such restrictions to the
extent necessary to render such restrictions enforceable by said court.

	9.	Confidential Information

		The Executive specifically acknowledges that all information pertaining to the Bank
and Arrow received by him during the course of his employment hereunder which has
been designated confidential or otherwise has not been made publicly available,
including, without limitation, plans, strategies, projections, analyses, and information
pertaining to customers or potential customers, is the exclusive property of Arrow
and the Executive covenants and agrees not to disclose any of such information,
without the express prior consent of the Arrow Board or the Chief Executive Officer
of Arrow, during his employment hereunder or after termination of such employment,
to anyone not employed or engaged by Arrow or a subsidiary thereof to render
services to it.  The Executive further covenants and agrees that he will not at any time
use any such information, without such express prior consent, for his own benefit or
the benefit of any party other than Arrow.  This Paragraph 9 shall survive termination
of the Agreement.

	10.	Successors and Assigns; Assumption by Successors

		This Agreement is a personal services contract which may not be assigned by the Bank or Arrow to, or assumed from the Bank or Arrow by, any other party without
the prior consent of the Executive.  All rights hereunder shall inure to the benefit of
the parties hereto, their personal or legal representatives, heirs, successors and
assigns.  Arrow will require any successor (whether direct or indirect, by purchase,
assignment, merger, consolidation or otherwise) to all or substantially all of the
business and/or assets of Arrow in any consensual transaction expressly to assume
this Agreement and to agree to perform hereunder in the same manner and to the
same extent that Arrow would be required to perform if no such succession had taken
place.  References herein to "Arrow" or the "Bank" will be understood to refer to the
successor or successors of Arrow or the Bank, respectively.

	11.	Notices

		Any notice required or desired to be given hereunder shall be in writing and shall be
deemed given when delivered personally or sent by certified or registered mail,
postage prepaid, to the addresses of the other parties set forth in the first Paragraph
of this Agreement, provided that all notices to Arrow or the Bank shall be directed in
each case to the Chief Executive Officer thereof.

	12.	Waiver of Breach

		Waiver by any party of a breach of any provision shall not operate as or be construed
a waiver by such party of any subsequent breach hereof.

	13.	Invalidity

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

	14.	Entire Agreement; Written Modification; Termination

		This agreement contains the entire agreement among the parties concerning the
employment of the Executive by Arrow and the Bank.  No modification, amendment
or waiver of any provision hereof shall be effective unless in writing specifically
referring hereto and signed by the party against whom such provision as modified or
amended or such waiver is sought to be enforced.  This Agreement shall terminate as
of the time Arrow or the Bank makes the final payment which it may be obligated to
pay hereunder or provides the final benefit which it may be obligated to provide
hereunder, or, if later, as of the time the last remaining restriction set forth in
Paragraph 8 expires.

	15.	Payment by Arrow or Bank.

		Any obligation of Arrow or the Bank to make a payment under any provision of this
Agreement shall be deemed an obligation of both parties to make such payment, and
the making of such payment by either such party shall be deemed performance of the
obligation to pay by both such parties.

	16.	Counterparts

		This Agreement may be made and executed in counterparts, in which case all 		counterparts shall be deemed to constitute one original document for all purposes.

	17.	Governing Law

		This Agreement is governed by and is to be construed and enforced in accordance
with the laws of the State of New York.

	18.	Authorization

		The Bank and Arrow represent and warrant that the execution of this Employment
Agreement has been duly authorized by resolution of their respective Boards.  This
Paragraph 18 shall survive termination of the Agreement.

	IN WITNESS WHEREOF, the parties have executed or caused to be executed this
Employment Agreement as of the day and year first above written.

						ARROW FINANCIAL CORPORATION

						By:  

						     Thomas L. Hoy, President & Chief

						     Executive Officer

						GLENS FALLS NATIONAL BANK AND TRUST
COMPANY

						By:  

						     Thomas L. Hoy, President & Chief

						     Executive Officer

						"EXECUTIVE"

						   

						 John J. MurphyEYE CARE CENTERS OF AMERICA, INC.
                             STOCK OPTION AGREEMENT
                          UNDER 1998 STOCK OPTION PLAN
                           FOR NON-EMPLOYEE DIRECTORS
                           NON-QUALIFIED STOCK OPTION
                          ----------------------------

     AGREEMENT  entered  into as of this 31st day of October, 2002 (the "Date of
Grant"),  by  and between EYE CARE CENTERS OF AMERICA, INC., a Texas corporation
(the  "Company"),  and the undersigned director of the Company (the "Optionee").
Capitalized  terms  used herein as defined terms which are not otherwise defined
herein  shall  have  the  meanings  given to them in the Stockholders' Agreement
dated  as  of  April 24, 1998 among the Company, certain affiliates of Thomas H.
Lee  Company,  and certain other stockholders of the Company (the "Stockholders'
Agreement").

     WHEREAS,  the  Company  desires to grant the Optionee a non-qualified stock
option  under  the  Company's  1998 Stock Option Plan for Non-Employee Directors
(the "Plan") to acquire shares of the Company's common stock, par value $.01 per
share  ("Common  Stock").

     WHEREAS, Section 6 of the Plan provides that each option is to be evidenced
by  an  option  agreement, setting forth the terms and conditions of the option.

     NOW,  THEREFORE,  the  Company  and  the  Optionee hereby agree as follows:

     1.     Grant  of  Option.  The  Company hereby irrevocably grants under the
Plan  and  subject  to  the  terms  and conditions of the Plan to the Optionee a
non-qualified  stock  option  (the "Option") to purchase up to 5,000 shares (the
"Shares")  of  Common  Stock  on the terms and conditions hereinafter set forth.
This  option shall not be treated as an incentive stock option under Section 422
of  the  Internal  Revenue  Code  of  1986,  as  amended  (the  "Code").

     2.     Purchase  Price.  The  purchase  price  payable upon exercise of the
Option  shall  be  $5.00  per  Share.

     3.     Vesting.

     (a)     Time  Based  Vesting.  Subject  to  paragraph (b) below, the Option
shall  become  exercisable  ("vest")  as  follows:

          (i)  25%  on  the  first  anniversary  of  the  Date  of  Grant;
          (ii)  25%  on  the  second  anniversary  of  the  Date  of  Grant;
          (iii)  25%  on  the  third  anniversary  of  the  Date  of  Grant; and
          (iv)  25%  on  the  fourth  anniversary  of  the  Date  of  Grant;

      provided  in  each  case that the Optionee is a director of the Company on
such  anniversary  date;  provided,  further, that the Option shall become fully
vested  upon the Optionee's death or Disability prior to such fourth anniversary
if  his  death  or  disability  occurs  while  a  director  of  the  Company.

<PAGE>

(b)     Acceleration.

          (i)  Sale.

     (A)     Notwithstanding  any  provision  to the contrary in this Section 3,
but  subject  to  the  other restrictions in the Plan and this Agreement, in the
event  of  a  Sale (as defined below), all of the unvested Shares subject to the
Option  shall  become  vested  and  immediately  exercisable.

     (B)     For  purposes  hereof,  the  term  "Sale"  shall  mean:

          (1)  the  acquisition  by  any individual, entity or group (within the
     meaning  of  Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a "Person")
     of beneficial ownership (within the meaning of Rule 13d-3 promulgated under
     the  Exchange  Act)  of  voting  securities  of  (a) the Company or (b) the
     surviving  entity  in any reorganization, merger or consolidation involving
     the Company (any such entity referred to herein as the "Corporation") where
     such acquisition causes such Person to own more than fifty percent (50%) of
     the  combined voting power of the then outstanding voting securities of the
     Corporation  entitled to vote generally in the election of directors, other
     than  acquisitions  by  the  Thomas  H.  Lee  Company or its Affiliates (as
     defined  in  the  Stockholders'  Agreement);

          (2)  approval  by  the  shareholders  of  the  Company  of  a complete
     liquidation  or  dissolution  of  the  Company;  or

          (3)  the  acquisition by a third party not affiliated with the Company
     of all or substantially all of the Company's assets (without regard to cash
     or  accounts  receivable).

      (C)     The  accelerated  vesting  provided  in this Section 3(b)(i) shall
take  effect  immediately  prior  to but contingent upon the Sale giving rise to
such  accelerated  vesting.  The phrase "immediately prior to the Sale" shall be
understood  to  mean sufficiently in advance of a Sale to permit the Optionee to
take  all  steps  reasonably  necessary  to  permit  the  Optionee  to  become a
shareholder  of  the Company as of the consummation of such Sale with respect to
the  Shares subject to the accelerated vesting provided in this Section 3(b)(i).

     (ii)     Initial  Public  Offering.  Notwithstanding  any  provision to the
contrary  in  this  Section 3, but subject to the other restrictions in the Plan
and  this  Agreement, in event of the completion of the Company's initial Public
Offering (as defined below) a fraction of the total Shares subject to the Option
shall  become  vested  and  immediately  exercisable,  such  fraction  to have a
numerator  equal  to  the aggregate number of shares of Common Stock sold by the
Lee  Holders pursuant to the initial Public Offering, and a denominator equal to
the  aggregate  number  of  shares  of  Common  Stock  owned  by the Lee Holders
immediately  following  consummation  of  the  Recapitalization (as adjusted for
stock  splits,  stock  dividends,

<PAGE>

reclassifications  and  the  like); provided, however, that to the extent any of
the  Shares  subject  to  the  Option shall have become exercisable prior to the
Company's  initial Public Offering (the "Previously Vested Option Shares"), then
the  number  of  Shares  which  become  vested  and exercisable pursuant to this
Section  3(b)(ii)  shall  be  reduced  by the number of Previously Vested Option
Shares  (but  not  below  zero,  with  the  result that the number of Previously
Vested  Option Shares shall remain unchanged).  The term "Public Offering" shall
mean  the  completion  of  a  sale  of  Common  Stock pursuant to a registration
statement  which has become effective under the 1933 Act, excluding registration
statements  on  Form  S-4,  S-8  or  similar  limited  purpose  forms.  The term
"Recapitalization"  shall  mean  the  transactions  contemplated  by  the
Recapitalization  Agreement  dated  March  6, 1998, among ECCA Merger Corp., the
Company  and  the  sellers  named  therein,  as  amended  from  time  to  time.

     4.     Term  of  Options.

          (a)  Each  Option  shall expire on the 10th anniversary of the Date of
     Grant,  but  shall  be  subject  to earlier termination as herein provided.

          (b)  Except  as otherwise provided in this Section 4, the Option shall
     terminate  on  the  30th day following the date the Optionee ceases to be a
     director  of  the  Company.

          (c)  The  Option  shall  terminate  immediately  upon  termination  of
     Optionee's  directorship  for  Cause  by  the  Company.

          (d)  The Option shall terminate on the 60th day following the date the
     Optionee  ceases  to  be  a  director  of  the  Company  due  to Optionee's
     Disability.

          (e)  The Option shall terminate on the 180th day following the date of
     the Optionee's death if the Optionee ceases to be a director of the Company
     due  to  Optionee's  death.

5.     Exercisability.

     (a)     If  the Optionee ceases to be a director of the Company, the Option
granted  to  the Optionee hereunder shall be exercisable only to the extent that
the  right  to  purchase Shares under the Option has accrued and is in effect on
the  date  the Optionee ceases to be a director of the Company; provided that in
the  event  of  a  Sale  or  a Public Offering in which the Lee Holders sell any
shares  of  Common Stock, the binding contract with respect to which was entered
into  within three months following a termination of the Optionee's directorship
by  the  Company  without  Cause, the vesting of the Optionee's unvested options
shall  be governed by Section 3(b)(i) or Section 3(b)(ii) above, as the case may
be.  A  binding contract in respect of a Public Offering shall be deemed to mean
only  a  definitive  underwriting  agreement  with  respect  thereto.

     (b)  Notwithstanding any other provision of this Agreement to the contrary,
the  Option  may  not  be  exercised in whole or in part prior to the earlier to

<PAGE>

               occur  of  the following: (i) completion of the Company's initial
               Public  Offering;  or  (ii)  immediately  prior  to  a  Sale (and
               contingent  upon  completion  thereof).

     6.     Manner  of  Exercise  of  Option.

     (a)     To the extent that the right to exercise the Option has accrued and
is  in  effect, the Option may be exercised in full or in part by giving written
notice  to  the  Company  stating the number of Shares to be purchased, together
with  payment  in full of the purchase price for such Shares.  Payment may be in
the form of (i) cash or a check payable to the order of the Company in an amount
equal  to  the  purchase  price  for  the Shares being purchased, (ii) shares of
Common  Stock  having  a fair market value equal in amount to the purchase price
for  the Shares being purchased, or (iii) any combination of (i) and (ii).  With
the consent of the Committee, payment also may be made by delivery of a properly
executed  exercise  notice  to  the Company, together with a copy of irrevocable
instruments to a broker to deliver promptly to the Company the amount of sale or
loan  proceeds  to  pay  the  purchase price for the Shares being purchased.  To
facilitate  the foregoing, the Company may enter into agreements for coordinated
procedures  with  one or more brokerage firms. Upon such exercise, delivery of a
certificate  for  paid-up,  non-assessable Shares shall be made at the principal
office  of the Company to the person exercising the Option, not more than thirty
(30)  days  from  the date of receipt of such notice and payment by the Company.

      (b)     The  Company  shall  at  all  times  during the term of the Option
reserve  and  keep  available  such  number  of  Shares as will be sufficient to
satisfy  the  requirements  of  the  Option.

7.     Limited  Transferability.

     (a)  The  right  of  the  Optionee  to  exercise  the  Option  shall not be
assignable  or  transferable  by  the Optionee otherwise than (i) by will or the
laws  of descent and distribution, and (ii) as specifically set forth in Section
7(b)  below.

(b)     If approved by the Committee, the Optionee may transfer by gift all or a
     portion  of  the  Option  to one or more of the Optionee's Immediate Family
Members  (as  defined below) or to a trust established for the exclusive benefit
of one or more of the Optionee's Immediate Family Members.  Transfers to any one
transferee under this Section 7(b) may be made only with respect to at least 500
Shares  subject to the Option.  If less than the entire Option is transferred to
any one transferee under this Section 7(b), then the Shares so transferred shall
be  drawn  first  from  the  unvested  Shares  which will be the last to vest in
accordance  with  the  provisions of Section 3(a), then from the next to last to
vest and so on until all unvested Shares shall have been transferred; thereafter
the  Shares  to  be transferred will be those that have vested.  Transfers under
this  Section  7(b)  may  be  made only on dates specified by the Committee.  In
order  to transfer all or any portion of the Option, the Optionee must complete,
sign  and  deliver  to

<PAGE>

the  Committee  an  "Election  to  Transfer Stock Options", in the form attached
hereto  as  Exhibit 1, and must obtain from each proposed transferee and deliver
to the Company a completed and signed "Notice to Option Transferee", in the form
attached  hereto  as  Exhibit  2.  The  Company,  at  its  option,  may engage a
recognized  appraisal  firm  to  value  for  gift tax purposes any Options to be
transferred  hereunder.

          (c)  As  used  herein, the term "Immediate Family Member" shall mean a
     child,  stepchild,  grandchild,  parent,  stepparent,  grandparent, spouse,
     sibling,  mother-in-law,  father-in-law,  sister-in-law, or brother-in-law,
     including  adoptive  relationships.

          (d)  The  Option  shall  be  null and void and without effect upon the
     bankruptcy  of  the Optionee (or, with respect to any portion of the Option
     held  by  a transferee, upon the bankruptcy of such transferee) or upon any
     attempted assignment or transfer, except as hereinabove provided, including
     without  limitation  any  purported  assignment,  whether  voluntary  or by
     operation  of  law,  pledge, hypothecation or other disposition contrary to
     the provisions hereof, or levy of execution, attachment, trustee process or
     similar  process,  whether  legal  or  equitable,  upon  the  Option.

     8.     Representation  Letter  and  Investment  Legend.

          (a)  In  the  event  that  for any reason the Shares to be issued upon
     exercise  of  the  Option  shall  not  be  effectively registered under the
     federal Securities Act of 1933, as amended, when the Option is exercised in
     whole  or  in  part,  the person exercising the Option shall give a written
     representation  to the Company in the form attached hereto as Exhibit 3 and
     the  Company shall place an "investment legend", so-called, as described in
     Exhibit  3,  upon  any  certificate for the Shares issued by reason of such
     exercise.

          (b)  The  Company shall be under no obligation to qualify Shares or to
     cause  a  registration  statement  or  a  post-effective  amendment  to any
     registration  statement  to  be  prepared  for the purposes of covering the
     issue  of  Shares.

     9.     Adjustments  on  Changes in Recapitalization, Reorganization and the
Like.  Adjustments  on  changes in recapitalization, reorganization and the like
shall  be  made  in  accordance with Section 12 of the Plan, as in effect on the
date  of  this  Agreement.

     10.     No Special Rights.  Nothing contained in the Plan or this Agreement
shall  be  construed or deemed by any person under any circumstances to bind the
Company  (or  any  of  its subsidiaries) to employ, maintain on the Board, or to
continue  the employment of the Optionee for the period within which this Option
may  be exercised.  However, during the period of the Optionee's services to the
Company,  the Optionee shall render diligently and faithfully the services which
are assigned to the Optionee and shall at no time take any action which directly
or  indirectly  would  be inconsistent with the best interests of the Company or
its  subsidiaries.

<PAGE>

     11.  Rights as a Stockholder. Neither the Optionee or the transferee of the
Optionee  shall  have any rights as a stockholder of the Company with respect to
any  Shares which may be purchased by exercise of this Option unless and until a
stock  certificate  representing  such  Shares  is executed and delivered to the
Optionee  or  such transferee, as the case may be. Except as otherwise expressly
provided  in the Plan, no adjustment shall be made for dividends or other rights
for which the record date is prior to the date such stock certificate is issued.

     12.     Withholding  Taxes.  Whenever Shares are to be issued upon exercise
of  this  Option (whether by the Optionee or by any transferee of the Optionee),
the  Company  shall have the right to withhold (or to cause one of the Company's
subsidiaries  to  withhold) from compensation otherwise payable to the Optionee,
or  to  require  the  Optionee  to  remit to the Company an amount sufficient to
satisfy  all federal, state and local withholding tax requirements in respect of
the  Shares being purchased by the Optionee prior to the issuance of such Shares
and  the  delivery  of any certificate or certificates for such Shares, and from
time  to  time  thereafter.

     13.     Stockholders'  Agreement.  As  a  condition  to  the  grant  of the
Option,  and  to any exercise of the Option, the Optionee (and any transferee of
the  Optionee)  shall  join  in the Stockholders' Agreement.  The Option and the
Shares  issuable  upon  exercise  of  the  Option are subject to restrictions on
transfer,  voting  agreements,  co-sale  agreements and other matters more fully
described  therein.

                                  * * * * * * *

<PAGE>

     IN  WITNESS  WHEREOF,  the Company has caused this Agreement to be executed
and  its  corporate  seal  to  be  hereto  affixed by its officer thereunto duly
authorized,  and  the Optionee has hereunto set his or her hand and seal, all as
of  the  day  and  year  first  above  written.

                                      EYE CARE CENTERS OF AMERICA, INC.

                                      By:_______________________________________
                                       Name:  David E. McComas
                                       Title: President, Chief Executive Officer

                                      OPTIONEE:

                                      __________________________________________
                                       Name: Antoine G. Treuille

                                       Address:  ________________________
                                                 ________________________
                                                 ________________________

                                       Social  Security  No.:
                                       ________________________

<PAGE>

                                    EXHIBIT 1
                            TO STOCK OPTION AGREEMENT

                       ELECTION TO TRANSFER STOCK OPTIONS
1.     Eye  Care Centers of America, Inc. (the "Company") has granted Antoine G.
Treuille  ("Participant")  the  following non-qualified option(s) ("Options") to
purchase  common  stock  of  the  Company  ("Stock"):

          Option to purchase ______ shares of Stock [at $ per share], granted on
          ______________;

          Option to purchase ______ shares of Stock [at $ per share], granted on
          ______________;

2.     The  participant  hereby irrevocably transfers all rights with respect to
the  Options to _____________ ("Transferee"), effective on the Transfer Date (as
specified  below).  The  Participant  also irrevocably transfers any right he or
she  may  have  to  consent  to  amendments  to  the  Options.

3.     The  Transferee's  address  is__________________________________________.
       The  Transferee's  Social Security or other tax identification number is
       _________________.
       The  Transferee's  birth  date  (or  date  of  trust)  is ______________.
       The  Transferee's  relationship  to  the  Participant  is ______________.

4.     The  Participant warrants that the transfer reflected by this document is
a gift, and that the Participant has received no consideration in return for the
transfer.

5.     The  Participant  acknowledges  that  upon  exercise  of an Option by the
transferee,  income  will  be  imputed  to  the  Participant.  The  Participant
understands  that  he  or she is responsible for any taxes payable to any taxing
authority  as  a result of the exercise and agrees that the Company must collect
withholding  tax  on  the  income  imputed to the Participant as a result of the
exercise  and  report  such  income  on  Form  W-2.

6.     The  Participant  further  acknowledges  that any prior death beneficiary
designation  for  the  Options  is  void  and  of  no  further  force or effect.

        IN  WITNESS WHEREOF, the Participant has hereunto set his or her hand on
        this  _____  day  of  ____________,  200__  ("Transfer  Date").

                                                        [Name of Participant]

                                                        ________________________
                                                        Signature of Participant

<PAGE>

                                    EXHIBIT 2
                            TO STOCK OPTION AGREEMENT

                          NOTICE TO OPTION TRANSFEREE
        You  have  received  (or  are expected to receive) a gift of one or more
options  ("Options") granted by Eye Care Centers of America, Inc. ("Company") to
purchase  Company  common  stock  ("Stock").  The  options  originally  provided
certain rights to ______________, an executive or director of the Company and/or
it  subsidiaries ("Participant"), and the Participant's rights under the Options
were  subject  to certain restrictions, as set forth in the option agreement and
the  plan  under which the option was granted.  Any request by you for a copy of
the  option  agreement(s),  the  plan,  or  any  other information regarding the
Options  should  be  directed  to the Participant, rather than the Company, and,
except  as  otherwise required by applicable securities laws, the Company cannot
assume  responsibility  for  keeping  you  informed  about  the  Options.

        Your  rights  under the Options are not greater than the rights provided
to  the  Participant.  In  addition,  the  Options continue to be subject to the
restrictions  that  were  applicable to the Participant, and are subject to such
additional  restriction as may be imposed by the Company from time to time.  You
are  not  permitted  to  transfer  the  Options  to any other person without the
written  consent  of the Compensation Committee of the Board of Directors of the
Company.

        IN  WITNESS  WHEREOF, the Transferee has hereunto set his or her hand on
        this  ____  day  of  _________,  200__.

                                                         [Name of Transferee]

                                                         _______________________
                                                         Signature of Transferee

<PAGE>

                                    EXHIBIT 3
                            TO STOCK OPTION AGREEMENT

Eye  Care  Centers  of  America,  Inc.
11103  West  Avenue
San  Antonio,  Texas  78213

Ladies  and  Gentlemen:

        I  do  hereby  exercise  my  option  to purchase ______ shares of common
stock,  par  value $.01 per share, of Eye Care Centers of America, Inc., a Texas
corporation  (the "Company"), under the non-qualified stock option dated May 11,
1999,  granted to me under the Company's 1998 Stock Option Plan for Non-Employee
Directors.  In  connection with such exercise, I am delivering herewith the full
exercise  price  with  respect  to  the  shares  being  purchased,  and I hereby
acknowledge  and  agree  to  the  following:

1.     The  shares of common stock of the Company to be issued to me pursuant to
the exercise of said option have not been registered under the Securities Act of
1933,  as amended (the "Act"), and accordingly, must be held indefinitely unless
such shares are subsequently registered under the Act, or an exemption from such
registration  is  available.

2.     Routine  sales  of  securities made in reliance upon Rule 144 promulgated
under  the  Act  can be made only after the expiration of the applicable holding
period  and  only in limited amounts in accordance with the terms and conditions
provided  by  that  Rule.  Any  sale  to  which such Rule is not applicable will
require  registration  or  compliance  with  some other exemption under the Act.

3.     The  Company  is  under  no obligation to me to register the shares or to
comply  with  any  exemptions  from  registration  under  the  Act

4.     The  availability  of  Rule  144  is  dependent  upon the availability of
adequate  current  public  information with respect to the Company.  At the time
that  I may desire to make a sale pursuant to Rule 144, the Company may not wish
nor  be  able  to  comply  with  such  information  requirement.

        In consideration of the issuance to me of certificates for the shares, I
hereby  represent and warrant that I am acquiring such shares for my own account
for  investment, and that I will not sell, pledge or transfer such shares in the
absence  of  an  effective  registration  statement covering the same, except as
permitted by the provisions of Rule 144, if applicable, or some other applicable
exemption  under  the Act.  In view of this representation and warranty, I agree
that

<PAGE>

there  may be affixed to the certificates for the shares to be issued to me, and
to  all  certificates  issued  hereafter  representing such shares (until in the
opinion  of  counsel,  which opinion must be reasonably satisfactory in form and
substance  to  counsel for the Company, it is no longer necessary or required) a
legend  as  follows:

          "The  securities  represented  by  this Certificate have not been
          registered  under the Securities Act of 1933, as amended, and may
          not  be  sold,  pledged,  or  hypothecated  in  the absence of an
          effective registration statement under the said Act or an opinion
          of  counsel satisfactory to the Company and its counsel that such
          registration  is  not  required."

          I  further  agree  that  the  Company  may place a stop order with its
     transfer  agent,  prohibiting  the  transfer of such shares, so long as the
     legend  remains  on  the  certificates  representing  the  shares.

                                                    Very truly yours,

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