Document:

Exhibit 10.1

CHEMUNG FINANCIAL CORPORATION

2014 OMNIBUS PLAN

Chemung Financial
Corporation, a New York corporation (“Chemung Financial” or the “Company”), sets forth the terms of its
2014 Omnibus Plan (the “Omnibus Plan”), as follows:

 

		1.	PURPOSE

The Omnibus Plan,
effective January 1, 2014 (the “Effective Date”), aggregates in one document all current compensation plans, programs
and arrangements that provide Restricted Stock, Unrestricted Stock, and cash Awards to eligible employees and to members of the
Boards of Directors of the Company and its Affiliates. The Omnibus Plan incorporates herein all of the provisions of the Chemung
Financial Corporation Restricted Stock Plan, as amended and restated February 20, 2013, and amended effective December 17, 2014
(the “Restricted Stock Plan”), the Chemung Financial Corporation Incentive Compensation Plan, as amended and restated
effective January 1, 2012 (the “Incentive Plan”), the Chemung Financial Corporation Directors’ Compensation Plan,
as amended and restated effective January 1, 2012 (the “Directors’ Compensation Plan”), and the Chemung Financial
Corporation/Chemung Canal Trust Company Directors’ Deferred Fee Plan, as amended and restated effective January 1, 2005 (the
“Directors’ Deferred Fee Plan” and together with the Restricted Stock Plan, the Incentive Plan, the Directors’
Compensation Plan, the “Component Plans”). The Component Plans are generally intended to enhance the Company’s
and its Affiliates’ ability to attract and retain highly qualified officers, directors, key employees, and other persons,
and to motivate such persons to serve the Company and its Affiliates and to expend maximum effort to improve the business results
and earnings of the Company, by providing to such persons an opportunity to acquire or increase a direct proprietary interest in
the operations and future success of the Company.

		2.	DEFINITIONS

For purposes of
the Omnibus Plan, the following terms shall have the following meanings, except that if such terms have a different meaning in
the applicable Component Plan, the meaning in the Component Plan shall prevail:

“Affiliate”
means, with respect to the Company, Chemung Canal Trust Company, and any company or other trade or business that controls, is controlled
by or is under common control with the Company within the meaning of Rule 405 of Regulation C under the Securities Act, including
without limitation, any Subsidiary, of the Company within the meaning of Section 424(f) of the Code.

“Award”
means a grant of Restricted Stock, Unrestricted Stock or cash pursuant to the applicable Component Plan.

“Bank”
means Chemung Canal Trust Company.

    	 

    	 

    

“Board”
means the Board of Directors of Chemung Financial Corporation.

“Code”
means the Internal Revenue Code of 1986, as now in effect or as hereafter amended.

“Committee”
means the Board, or a committee that the Board may designate from time to time to administer the Component Plans.

“Common Stock”
means the common stock of the Company.

“Director”
means a member of the Boards of the Company and of the Bank.

“Exchange
Act” means the Securities Exchange Act of 1934, as now in effect or as hereafter amended.

“Grant Agreement”
means a written agreement, including any amendment or supplement thereto, between the Company and a participant or Grantee specifying
the terms and conditions of an Award granted to such participant or Grantee.

“Grant Date”
means as determined by the Board, the latest to occur of (i) the date as of which the Board approves an Award, (ii) the date on
which the recipient of an Award first becomes eligible to receive an Award, or (iii) such other date as may be specified by the
Board.

“Grantee”
means a person who receives or holds an Award under a Component Plan.

“Grant Price”
means the average of the closing prices of a share of Common Stock as quoted on the applicable securities quotation service, established
securities market or established national or regional exchange for each of the prior thirty trading days ending on December 31st
of the calendar year in which the Performance Period occurs.

“Restricted
Stock” means shares of Common Stock granted to an eligible person pursuant to the Restricted Stock Plan.

“Securities
Act” means the Securities Act of 1933, as now in effect or as hereafter amended.

“Unrestricted
Stock” means a grant of Common Stock that is free of any restrictions awarded pursuant to the provisions of the Incentive
Compensation Plan.

		3.	ADMINISTRATION OF THE COMPONENT PLANS

		3.1.	Board

The Board shall
have such powers and authorities related to the administration of the Component Plans, as are consistent with the Company’s
certificate of incorporation and by-laws of the Company and applicable law. The Board shall have full power and authority to take
all actions and to make all determinations required or provided for under the Component Plans, any Award, or any Award Agreement
and shall have full power and authority to take all such other actions and make all such other determinations not inconsistent
with the specific terms and provisions of the Component Plans that the Board deems to be necessary or appropriate to the administration
of the Component Plans, any Award, or any Award Agreement. All such actions and determinations shall be the by the affirmative
vote of a majority of the members of the Board present at a meeting or by unanimous consent of the Board executed in writing in
accordance with the Company’s certificate of incorporation and by-laws and applicable law. The interpretation and construction
by the Board of any provision of a Component Plan, any Award, or any Award Agreement, shall be final, binding and conclusive.

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		3.2.	Committee

The Board from time
to time may delegate to the Committee such powers and authorities related to the administration and implementation of the Omnibus
Plan and the Component Plans, as set forth in Section 3.1 above and other applicable provisions, as the Board shall determine,
consistent with the certificate of incorporation and by-laws of the Company and applicable law.

Except as the Board
may otherwise determine, the Committee shall consist of two or more Outside Directors of the Company who: (a) qualify as “outside
directors” within the meaning of Section 162(m) of the Code and who (b) meet such other requirements as may be established
from time to time by the Securities and Exchange Commission for plans intended to qualify for exemption under Rule 16b-3 (or its
successor) under the Exchange Act and who (c) comply with the independence requirements of the stock exchange or securities association
on which the Common Stock is listed.

In the event that
a Component Plan, any Award or any Award Agreement entered into hereunder provides for any action to be taken by or determination
to be made by the Board, such action may be taken or such determination may be made by the Committee if the power and authority
to do so has been delegated to the Committee by the Board as provided for in this Section. Unless otherwise expressly determined
by the Board, any such action or determination by the Committee shall be final, binding and conclusive. To the extent permitted
by law, the Committee may delegate its authority under a Component Plan to a member of the Board.

		3.3.	Terms of Awards

Subject to the other
terms and conditions of the Component Plans, the Board, unless delegated to the Committee pursuant to Section 3.2, shall have full
and final authority to:

(i)             designate
Grantees;

(ii)            determine
the type or types of Awards to be made to a Grantee;

(iii)           determine
the number of shares of Common Stock to be subject to an Award;

(iv)           establish
the terms and conditions of each Award (including, but not limited to, the nature and duration of any restriction or condition
(or provision for lapse thereof) relating to the vesting, transfer, or forfeiture of an Award or the shares of Common Stock subject
thereto;

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(v)            prescribe
the form of each Award Agreement evidencing an Award; and

(vi)           amend, modify,
or supplement the terms of any outstanding Award.

The Company may
retain the right in an Award Agreement to cause a forfeiture of the gain realized by a Grantee on account of actions taken by the
Grantee in violation or breach of or in conflict with any employment agreement, non-competition agreement, any agreement prohibiting
solicitation of employees or clients of the Company or any Affiliate thereof or any confidentiality obligation with respect to
the Company or any Affiliate thereof or otherwise in competition with the Company or any Affiliate thereof, to the extent specified
in such Award Agreement applicable to the Grantee. Furthermore, the Company may annul an Award if the Grantee is an employee of
the Company or an Affiliate thereof and is terminated for cause as defined in the applicable Award Agreement or the Omnibus Plan
or any Component Plan, as applicable.

		3.4.	Deferral Arrangement

The Board may permit
or require the deferral of any award payment into a deferred compensation arrangement, subject to such rules and procedures as
it may establish, which may include provisions for the payment or crediting of interest or dividend equivalents, including converting
such credits into deferred Common Stock equivalents. Any such deferrals shall be made in a manner that complies with Code Section
409A.

		3.5.	No Liability

No member of the
Board or of the Committee shall be liable for any action or determination made in good faith with respect to a Component Plan or
any Award or Award Agreement.

		3.6.	Share Issuance/Book-Entry

Notwithstanding
any provision of any Component Plans to the contrary, the issuance of the Common Stock under said Plans may be evidenced in such
a manner as the Board, in its discretion, deems appropriate, including, without limitation, book-entry registration or issuance
of one or more Common Stock certificates.

		4.	LIMITATION ON SHARES OF STOCK SUBJECT TO AWARDS

		4.1.	Number of Shares Available for Awards

During any time
when the Company has a class of equity security registered under Section 12 of the Exchange Act, the maximum number of shares that
can be awarded pursuant to the Component Plans, in the aggregate, is forty-five thousand (45,000) per calendar year.

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		4.2.	Adjustments in Authorized Shares

The Board shall
have the right to substitute or assume Awards in connection with mergers, reorganizations, separations, or other transactions to
which Section 424(a) of the Code applies.

		4.3.	Share Usage

Shares covered by
an Award shall be counted as used as of the Grant Date. If any shares covered by an Award are forfeited or expire, or if an Award
otherwise terminates without delivery of any Common Stock subject thereto or is settled in cash in lieu of shares, then the number
of shares of Common Stock counted against the aggregate number of shares available under the applicable Component Plan with respect
to such Award shall, to the extent of any such forfeiture, termination or expiration, again be available for making Awards under
the applicable Component Plan.

		5.	AMENDMENT AND TERMINATION OF A COMPONENT PLAN

The Board may, at
any time and from time to time, amend, suspend, or terminate a Component Plan as to any shares of Common Stock as to which Awards
have not been made. An amendment shall be contingent on the approval of the Company’s shareholders to the extent stated by
the Board, required by applicable law or required by applicable stock exchange or securities association listing requirements.
In addition, an amendment will be contingent on approval of the Company’s shareholders if the amendment would: (i) materially
increase the benefits accruing to participants under the a Component Plan; (ii) materially increase the aggregate number of shares
of Common Stock that may be issued under any Component Plan; or (iii) materially modify the requirements as to the eligibility
for participation in any Component Plan. No Awards shall be made after termination of a Component Plan.

		6.	REQUIREMENTS OF LAW

		6.1.	General

The Company shall
not be required to issue any shares of Common Stock under any Award if the issuance of such shares would constitute a violation
by the Grantee, or the Company of any provision of any law or regulation of any governmental authority, including without limitation
any federal or state securities laws or regulations. If at any time the Company shall determine, in its discretion, that the listing,
registration or qualification of any shares subject to an Award upon any securities exchange or under any governmental regulatory
body is necessary or desirable as a condition of, or in connection with, the issuance or purchase of shares hereunder, no shares
of Common Stock may be issued to the Grantee unless such listing, registration, qualification, consent or approval shall have been
effected or obtained free of any conditions not acceptable to the Company, and any delay caused thereby shall in no way affect
the date of termination of the Award. The Company may, but shall in no event be obligated to, register any securities covered hereby
pursuant to the Securities Act.

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		6.2.	Rule 16b-3

During any time
when the Company has a class of equity security registered under Section 12 of the Exchange Act, it is the intent of the Company
that Awards pursuant to an applicable Component Plan will qualify for the exemption provided by Rule 16b-3 under the Exchange Act.
To the extent that any provision of the Omnibus Plan and the Component Plans or action by the Board does not comply with the requirements
of Rule 16b-3, it shall be deemed inoperative to the extent permitted by law and deemed advisable by the Board, and shall not affect
the validity of the Omnibus Plan and the Component Plans. In the event that Rule 16b-3 is revised or replaced, the Board may exercise
its discretion to modify this Omnibus Plan and the Component Plans in any respect necessary to satisfy the requirements of, or
to take advantage of any features of, the revised exemption or its replacement.

		7.	EFFECT OF CHANGES IN CAPITALIZATION

		7.1.	Changes in Common Stock

In the event of
any change in corporate capitalization, such as a stock split, or a corporate transaction, such as any merger, consolidation, separation,
including a spin-off, or other distribution of stock or property of the Company, any reorganization (whether or not such reorganization
comes within the definition of such term in Internal Revenue Code Section 368) or any partial or complete liquidation of the Company,
such adjustment shall be made in then number and class of shares of Common Stock which may be delivered under a Component Plan
as may be determined to be appropriate and equitable by the Company Board, in its sole discretion, to prevent dilution or enlargement
of rights. Adjustments under this Section 7.1 shall be made by the Board, whose determination in that respect shall be final, binding
and conclusive. No fractional shares or other securities shall be issued pursuant to any such adjustment, and any fractions resulting
from any such adjustment shall be eliminated in each case by rounding downward to the nearest whole share.

		7.2.	No Limitations on Company

The making of Awards
pursuant to any Component Plan shall not affect or limit in any way the right or power of the Company to make adjustments, reclassifications,
reorganizations, or changes of its capital or business structure or to merge, consolidate, dissolve, or liquidate, or to sell or
transfer all or any part of its business or assets.

		8.	GENERAL PROVISIONS

		8.1.	Disclaimer of Rights

No provision in
the Omnibus Plan or in any Component Plan, or in any Award or Award Agreement shall be construed to confer upon any individual
the right to remain in the employ or service of the Company, or to interfere in any way with any contractual or other right or
authority of the Company either to increase or decrease the compensation or other payments to any individual at any time, or to
terminate any employment or other relationship between any individual and the Company. In addition, notwithstanding anything contained
in the Omnibus Plan or the Component Plans to the contrary, unless otherwise stated in the applicable Award Agreement, no Award
granted under a Component Plan, shall be affected by any change of duties or position of the Grantee, so long as such Grantee continues
to be a director, officer, consultant or employee of the Company. The obligation of the Company to pay any benefits pursuant to
a Component Plan shall be interpreted as a contractual obligation to pay only those amounts described herein, in the manner and
under the conditions prescribed herein. Neither the Omnibus Plan nor any Component Plan shall in any way be interpreted to require
the Company to transfer any amounts to a third party trustee or otherwise hold any amounts in trust or escrow for payment to any
Grantee or beneficiary under the terms of said Plans.

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		8.2.	Nonexclusivity of the Plan

The adoption of
the Omnibus Plan by the Board shall not be construed as creating any limitations upon the right and authority of the Board to adopt
such other incentive compensation arrangements (which arrangements may be applicable either generally to a class or classes of
individuals or specifically to a particular individual or particular individuals) as the Board in its discretion determines desirable,
including, without limitation, the granting of stock options.

		8.3.	Captions

The use of captions
in this Omnibus Plan is for the convenience of reference only and shall not affect the meaning of any provision of the Omnibus
Plan.

		8.4.	Other Provisions

Each Award granted
under any Component Plan may contain such other terms and conditions not inconsistent with the Omnibus Plan as may be determined
by the Board, in its sole discretion.

		8.5.	Severability

If any provision
of the Omnibus Plan shall be determined to be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions
hereof and thereof shall be severable and enforceable in accordance with their terms, and all provisions shall remain enforceable
in any other jurisdiction.

		8.6.	Governing Law

The validity and
construction of this Omnibus Plan and the Component Plans, and the instruments evidencing the Awards under each said Plan shall
be governed by the laws of the State of New York, other than any conflicts or choice of law rule or principle that might otherwise
refer construction or interpretation of this Omnibus Plan and the Component Plans, and the instruments evidencing the Awards granted
under each said Plan to the substantive laws of any other jurisdiction.

To record adoption
of the Omnibus Plan as of January 1, 2014, the Company has caused its authorized officer to execute this document.

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	 	CHEMUNG FINANCIAL CORPORATION
	 	 	 
	 	 	 
	 	By:	 
	 	Title:	 

 

    	8Exhibit 10.2

CHEMUNG FINANCIAL CORPORATION

RESTRICTED STOCK PLAN

Effective June 16, 2010

Amended and Restated on February 20, 2013;
and Amended on December 17, 2014

 

ARTICLE I

PURPOSE

1.1           Purpose.
The purposes of the Chemung Financial Corporation Restricted Stock Plan (“Plan”) established by the Chemung
Financial Corporation and its successors and assigns (“Company”) are (a) to align the interests of the
Company’s executives and senior managers with the interests of the Company and its stockholders, (b) to insure the Company’s
compensation practices are competitive and comparable with those of its peers, and (c) to promote the retention of selected management-level
employees. Pursuant to the Plan, the Company may make discretionary grants (each an “Award”) of restricted
shares of the Company’s common stock (“Common Stock”) to or for the benefit of employees selected
to participate in the Plan, subject to the terms and conditions set forth in this Plan and in grant agreements evidencing the awards
made hereunder.

ARTICLE II

ELIGIBILITY AND PARTICIPATION

2.1           Eligible
Employees. Each officer of the Company, other than the Company’s chief executive officer, (each an “Eligible
Employee”) is eligible to participate in the Plan.

2.2           Participation.
Each Plan Year, the Committee may, but shall not be required to, select certain Eligible Employees to receive Awards under the
Plan during such Plan Year. Each Eligible Employee so selected shall be referred to herein as a “Participant”
in the Plan for the Plan Year(s) in which he or she is designated to receive an Award hereunder. The Committee’s selection
or non-selection of Participants for any Plan Year shall be entirely within the Committee’s discretion.

ARTICLE III

SHARES SUBJECT TO AWARD

3.1           Number
of Shares. The number of shares of the Company’s Common Stock which may be made the subject of Awards hereunder shall
not exceed 15,000 shares per year.

3.2           Adjustments
to Number of Shares. Shares of Common Stock withheld to pay withholding taxes with respect to any Award shall reduce the number
of shares available hereunder to the same extent as if the shares so withheld had been delivered to the recipient. In the event
that there shall occur any recapitalization, reclassification, stock dividend, stock split, reverse stock split, merger, reorganizations,
consolidation, repurchase, share exchange, liquidation, dissolution, or other similar corporate transaction or event that affects
the Company’s Common Stock, the Committee may, in any manner and to the extent as it may deem equitable, adjust the number
or kind of shares available for Awards under the Plan and the number and kind of shares subject to outstanding Awards.

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3.3           Character
of Shares Subject to Awards. Shares issued via Awards under the Plan may be either authorized but unissued shares of Common
Stock or treasury stock.

ARTICLE IV

GRANT AGREEMENTS

4.1           Grant
Agreements. Each Award shall be evidenced by a Grant Agreement which sets forth the number of shares of Restricted Stock which
are the subject of such Award and the terms and conditions on which the Award is made. The terms and conditions of any Award set
forth in any Grant Agreement shall be as the Committee determines appropriate; provided, however, that the terms and conditions
of the Plan shall govern in the event of any inconsistency between the Plan and any Grant Agreement.

ARTICLE V

ADMINISTRATION

5.1           Plan
Administrator. The Plan shall be administered by the Compensation & Personnel Committee of the Board (“Committee”)
or any successor thereto. The full Board may, in its discretion, perform any function of the Committee hereunder, in which case,
the term “Committee” shall refer to the Board.

5.2           Authority
of Committee. The Committee shall make a recommendation to the Board with respect to all actions and determinations required
or contemplated under the Plan including, without limitation:

(a)           to
interpret and construe the Plan and to determine all questions that may arise under the Plan as to eligibility for participation
in the Plan;

(b)           to
amend or modify the terms of this Plan, of any Grant Agreement, and/or of any Award hereunder;

(c)           to
adopt rules and regulations and to prescribe forms for the operation and administration of the Plan; and

(d)           to
take any other action not inconsistent with the provisions of the Plan that it may deem necessary or appropriate.

All decisions, determinations
and other actions of the Board made or taken in accordance with the terms of the Plan shall be final and conclusive and binding
upon all parties having an interest therein.

5.3           Delegations
of Authority. The Committee may delegate to any employee or officer of the Company or to any third party any power or authority
of the Committee over the administration of the Plan, other than the power and authority to select Participants or to make Awards,
to such extent and on such terms as the Committee may determine appropriate.

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5.4           Limitation
on Liability. No member of the Committee or person to whom the Committee has delegated any of its power or authority under
this Plan shall be liable for any action taken in good faith with respect to the Plan or for any Award made hereunder.

5.5           Designation
of Beneficiaries. Each Participant shall have the right, at any time, to designate any person or persons as his beneficiary
or beneficiaries to whom all amounts otherwise due hereunder shall be paid in the event of his or her death. Any such designation
shall become effective upon filing a written designation with the Committee. The Committee may require that designations be made
on a form acceptable to the Committee.

ARTICLE VI

RESTRICTIONS, FORFEITURES, & VESTING

6.1           Shareholder
Rights. Except as otherwise provided in this Article and as may otherwise be provided in a relevant Grant Agreement, each holder
of one or more shares of Restricted Stock shall have, with respect to such shares, all of the rights of a shareholder of the Common
Stock, including, without limitation, the right to vote said Restricted Stock.           

6.2           Limits
on Transferability. Prior to vesting, the holder of a share of Restricted Stock shall not be permitted to sell, transfer, pledge,
assign, encumber, or otherwise dispose of said share, except to the extent expressly permitted (if at all) by the Grant Agreement
evidencing the Award of which the share was a part.

6.3           Stock
Certificates. A Participant shall not be entitled to receive a stock certificate representing one or more shares of Restricted
Stock until all restrictions on such Restricted Stock have lapsed. The Company shall have the right to require the placement of
a restrictive legend on certificates representing any such share referencing the restrictions to which such Restricted Stock is
subject.

6.4           Termination
of Employment. 

(a)           In
the event a Participant’s employment with the Company is terminated with cause, or the Participant resigns voluntarily or
retires from the Company before attainment of Normal Retirement Age, other than on account of the Participant’s death, Disability,
or a Change in Control, the Participant’s unvested shares of Restricted Stock shall be immediately forfeited, without compensation
to the Participant.

(b)           Upon
a Participant’s termination of employment with the Company on or after the Participant’s attainment of Normal Retirement
Age or on account of the Participant’s death, Disability, or a Change in Control, the Participant’s shares of Restricted
Stock shall immediately vest and all restrictions thereon shall lapse.

(c)           The
Committee shall determine the extent to which any Participant’s leave of absence for military or other government service,
illness, temporary disability, or other reason shall be treated as a termination of employment described in subsections (a) or
(b) above and the effect on the Participant’s Restricted Stock.

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6.5           Vesting.
Except as otherwise set forth in the Plan, shares of Restricted Stock shall vest and the restrictions thereon shall lapse in accordance
with the following schedule: On each anniversary of the date of the Award pursuant to which a share of Restricted Stock is granted
to a Participant, commencing with the first anniversary of such date, 20% of the shares granted as part of the Award shall vest
until the fifth anniversary of such date, at which time all shares granted as part of the Award shall be fully vested.

ARTICLE VII

TAXES

7.1           Authority
to Withhold Taxes. Notwithstanding Section 7.2, the Company shall, to the extent permitted by applicable law, have the right
to deduct from the amount of any Award or payment due to a Participant or other person hereunder, any taxes of any kind required
by law to be withheld with respect to any such Award or payment. Effective December 17, 2014, the Company may, in its sole discretion,
approve the adoption of a Rule 10b5-1 trading plan by the Participant solely for the purpose of allowing the Participant to sell
a number of shares awarded upon the vesting of Restricted Stock sufficient to pay withholding taxes that come due as a result of
the vesting of such Restricted Stock.

7.2           Section
83(b) Election. If a Participant elects, pursuant to Section 83(b) of the Code, to include in his or her gross income for federal
income tax purposes, an amount equal to the fair market value of the shares of Restricted Stock subject to an Award, the Participant
shall make arrangements satisfactory to the Company to pay to the Company any federal, state, or local taxes required to be withheld
with respect to such Award. If such an election is not made, then at the time a Participant’s Restricted Stock vests, the
Participant shall, upon notification of the amount due thereon, pay to the Company all amounts necessary to satisfy applicable
federal, state, and local withholding tax requirements or shall otherwise make arrangements satisfactory to the Company to satisfy
such requirements.

ARTICLE VIII

AMENDMENT AND TERMINATION

8.1           Amendment.
The Board may amend this plan in whole or in part at any time and in any manner as it may deem advisable. Amendments shall be made
only by written instrument duly executed by the Board or a duly authorized representative of the Board.

8.2           Termination.
The Board may suspend or terminate the Plan in whole or in part at any time by delivery of written notice of termination or suspension
to the Committee. Shares of Restricted Stock granted under the Plan which are not vested and outstanding on the date of suspension
or termination of the Plan shall remain outstanding and subject to the terms and conditions set forth herein shall continue to
vest, unless otherwise specified by the Committee or the Board.

ARTICLE IX

GENERAL PROVISIONS

9.1           No
Implied Rights. None of the establishment of the Plan, its operation, any provisions of the Plan or of any Grant Agreement,
or any action of the Board or the Committee with respect to the Plan shall be held or construed to confer upon any Participant,
Eligible Employee, or any other person any right to a continuation of his or her employment with the Company or to receive his
or her current (or any other) rate of compensation therefor.

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9.2           Unfunded
Plan. The benefits provided under this Plan shall be general, unsecured obligations of the Company, payable solely from the
general assets of the Company, and no Participant nor any Participant’s permitted transferee shall have any interest in any
assets of the Company by virtue of this Plan, except as a general unsecured creditor of the Company.

9.3           Construction.
Article and Section headings herein are provided for reference only and shall not affect the interpretation or construction of
any provision of this Plan. Reference to any statute, regulation, rule or other legal authority shall be construed as including
reference to any amendment to or successor of such statute, regulation, rule, or authority.

9.4           Representations
and Warranties by Participants. The Company may condition any Award on its receipt from the Participant designated to receive
such Award any and all such representations and warranties and opinions of counsel as the Committee may deem necessary or appropriate
to ensure that the Award and/or the issuance of Common Stock pursuant to the Award complies with the requirements of all applicable
federal and state securities laws, including but not limited to the requirements of exemptions from registration under such laws.

9.5           No
Obligation to Register Shares. Nothing in this Plan or in any Grant Agreement shall obligate the Company to undertake any registration
of shares of Common Stock which are the subject of Awards hereunder.

9.6           Compliance
with Legal and Other Requirements. 

(a)           No
Award shall be granted, no Common Stock or Restricted Stock shall be issued, and no certificates for shares of Common Stock or
Restricted Stock shall be delivered under this Plan or under any Grant Agreement except in conformance with the requirements of
all applicable Laws. The Company shall have the right to rely on an opinion of its counsel as to such compliance. Any certificate
issued to evidence shares of Restricted Stock or Common Stock awarded hereunder may bear such legends and statements as the Committee
may deem advisable to assure compliance with applicable Laws. No Award shall be granted, no Common Stock or Restricted Stock shall
be issued, and no certificate representing Common Stock or Restricted Stock shall be delivered under this Plan unless and until
the Company has obtained all consents or approvals as the Committee may deem necessary or advisable from any regulatory authority
having jurisdiction over such matters.

(b)           It
is intended that this Plan shall not constitute a “nonqualified deferred compensation plan” and that no Award hereunder
shall provide for a “deferral of compensation” as those terms are defined by Section 409A of the Code. The Committee
shall have the authority to take any and all actions, with or without advance notice to any Participant or any other party, including,
without limitation, amendment of the Plan and/or of the terms of any Grant Agreement on a prospective or retroactive basis as may
be necessary to cause any of the foregoing to comply with the applicable requirements of Section 409A of the Internal Revenue Code
or to no longer be subject to the such requirements.

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(c)           With
respect to Participants subject to the requirements of Section 16 of the Exchange Act, transactions under this Plan are intended
to comply with all applicable conditions of Rule 16b-3 thereunder. To the extent any provision of this Plan or action by the Committee
would fail to be in compliance with such conditions, they may be deemed null and void by the Committee.

9.7           Amendment
and Termination. This Plan may be amended or terminated at any time by written instrument; provided, however, that any amendment
(except for remedial amendments required to satisfy the requirements of applicable securities or tax laws) of the Plan that would
have a material adverse effect on the rights of a Participant under any outstanding Award shall not be valid with respect to such
Award without the Participant’s consent.

9.8           Governing
Law. This plan shall be governed by the laws of the State of New York, to the extent not preempted by application of federal
law.

ARTICLE X

DEFINITIONS

Capitalized terms
in the Plan shall have the meanings ascribed to them below, unless the relevant context clearly requires otherwise.

10.1           Award
means an award of Restricted Stock under the Plan.

10.2           Board
means the board of directors of the Company.

10.3           Change
in Control means (a) a majority of the members of the Board of Directors are replaced, by election or otherwise, within a twelve-month
period; (b) any person becomes the beneficial owner of more than fifty percent (50%) of the voting power of any class of voting
stock of the Company without the prior approval of the Board; (c) a merger or consolidation of the Company or of any subsidiary
of the Company, other than a merger or consolidation with respect the requirements of (A) and (B) are satisfied: (A) the voting
securities of the company outstanding immediately prior to the merger or consolidation continue to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity or any parent thereof) more than fifty percent
(50%) of the combined voting power of the securities of the surviving entity or the parent of the surviving entity outstanding
immediately after the consummation of the merger or consolidation, and (B) individuals who constitute the Board immediately prior
to the execution of the definitive agreement pertaining to such merger or consolidation continue immediately following such merger
or consolidation to represent a majority of the membership of the board of directors of the surviving entity or the parent of such
entity; or (d) the Company enters into a binding agreement whereby it shall be required to dispose of all or substantially all
of its assets, unless such agreement and disposition is approved by a majority of the Board.

10.4           Code
means the Internal Revenue Code of 1986.

10.5           Committee
has the meaning given such term by Article V of this Plan.

10.6           Common
Stock means the common stock of the Company.

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10.7           Company
means the Chemung Financial Corporation, a New York business corporation having its principal offices located at One Chemung Canal
Plaza, Elmira, New York 14901.

10.8           Disability
means disability as defined by the Bank’s disability policies. The Committee shall have the right, in its exclusive discretion,
to determine whether a Participant has terminated employment with the Company on account of any Disability.

10.9           Eligible
Employee has the meaning given such term by Article II of this Plan.

10.10           Grant
Agreement means a written agreement, including any amendment or supplement thereto, between the Company and a Participant specifying
the terms and conditions of an Award granted to such Participant.

10.11           Grant
Price means the average of the closing prices of a share of common stock as quoted on the applicable securities quotation service,
established securities market or established national or regional exchange for each of the prior thirty trading days ending on
grant date.

10.12           Law
means any Federal, state, or local law, rule, or regulation or any guidance or other binding authority, the final order of any
court or other authority of competent jurisdiction, or any applicable rule of any securities exchange on which the Company’s
securities shall be listed or traded.

10.13           Normal
Retirement Age means age sixty-five (65).

10.14           Participant
means a person who is awarded Restricted Stock under the Plan.

10.15           Plan
means the Chemung Financial Corporation Restricted Stock Plan embodied by this document, as it may be amended or supplemented from
time to time.

10.16           Plan
Year means the fiscal year of the Company.

10.17           Restricted
Stock means the shares of Common Stock granted under this Plan that are no longer subject to restrictions under the Plan or
the Grant Agreement.

IN WITNESS WHEREOF,
the Company has caused this Plan to be amended on this 17th day of December, 2014, to be effective as of the date first set forth
above, except as otherwise expressly provided hereinabove.

 

 

	 	
        CHEMUNG FINANCIAL CORPORATION

         

	 	 
	 	 
	 	/s/Ronald M. Bentley
	 	
        Ronald M. Bentley

        

	 	
        President & Chief Executive Officer

        

	 	 

 

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