Document:

Exhibit

        
EXECUTIVE SEPARATION AGREEMENT AND RELEASE

THIS EXECUTIVE SEPARATION AGREEMENT AND RELEASE (this “Agreement”), by and between Arrow Financial Corporation, a New York corporation and its subsidiaries (together with its subsidiaries, “Employer”), and Terry R. Goodemote (“Executive”), is entered into and effective as of this 17 day of October, 2017.

Preliminary Statement

		
	A.
	Executive has resigned his director and officer positions with Employer with such resignation and the termination of Executive from such director and officer positions effective as of September 4, 2017 (the “Resignation Effective Date”) and has irrevocably resigned his employment with Employer as of the Last Day of Employment (defined below), and these resignations have been accepted.

		
	B.
	Executive will continue to be employed as a non-officer employee of Employer through the close of business on December 31, 2017 (the  “Last Day of Employment”) on the terms described below, and has voluntarily and irrevocably resigned his employment with Employer as of the Last Day of Employment, at which time and upon which date, Executive’s employment with Employer will terminate, and these resignations have been accepted.

		
	C.
	Without any admission or concern as to fault, liability or wrongdoing, to ensure an effective, amicable and smooth transition in leadership, and to avoid the time, distractions and resource expenditures potentially associated with Executive’s departure, Employer and Executive desire to resolve all matters relating to or arising out of Executive’s employment by Employer and Executive’s resignation of his director and officer positions and the termination of Executive’s employment with Employer on the terms described herein.

		
	D.
	Executive has been (and hereby is) advised in writing to consult with an attorney prior to finally accepting this Agreement.

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

		
	1.
	Resignation by Executive from all Director and Officer Positions; Termination of Executive’s Employment.

		
	(a)
	Resignation from all Director and Officer Positions. Executive has voluntarily resigned from his director and officer positions with Employer effective as of the Resignation Effective Date. These resignations are accepted. Any and all right or authority of Executive to act as an agent of Employer, in any manner whatsoever, is terminated as of the Resignation Effective Date.

		
	(b)
	Resignation of Employment with Employer. Executive likewise hereby voluntarily and irrevocably resigns his employment with Employer effective as of the Last Day of Employment, and will be employed by Employer during the period from the date of this Agreement until the Last Day of Employment on the terms described herein. This resignation is accepted. The employment of Executive by Employer, in any capacity whatsoever, will terminate and cease as of the Last Day of Employment. 

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	(c)
	Advisory Period. Executive shall be employed by Employer as an employee advisor during a period beginning with the Resignation Effective Date and ending on the Last Day of Employment (the “Advisory Period”), reporting to the Chief Financial Officer; provided, however, that Employer shall have the right to terminate the Executive for (i) any willful misconduct by the Executive which is materially injurious to the Employer or its subsidiaries, monetarily or otherwise, (ii) any willful failure by the Executive to follow the reasonable directions of the Chief Financial Officer, (iii) any failure by the Executive substantially to perform any reasonable directions of the Chief Executive Officer (other than failure resulting from disability or death), within ten (10) days after delivery to the Executive by the Employer of a written demand for substantial performance, which written demand shall specifically identify the manner in which the Employer believes that the Executive has not substantially performed, or (iv) intentionally providing false or misleading information to, or otherwise misleading, the Chief Financial Officer. Executive’s principal duties during the Advisory Period shall include the transition of all finance, treasury, controller, reporting and audit functions.. During the Advisory Period, Executive shall be paid on a salaried basis at an annual rate of $240,000, subject to applicable withholding, payable in equal bi-weekly installments or at such other intervals as is consistent with the regular payroll practice of Employer.

 
		
	2.
	Separation Benefits. In consideration for the representations, warranties, covenants and agreements made by Executive and contained in this Agreement and conditional upon the terms of this Agreement. Employer will pay Executive an aggregate of $260,000 during the 2018 calendar year, subject to applicable withholding; payable in equal bi-weekly installments or at such other intervals as is consistent with the regular payroll practice of Employer (the “Separation Payment”) and subject to the condition that within 21 days after the Last Day of Employment, Executive signs and delivers a completed Schedule I and does not revoke his acceptance of the same within 7 days after returning the completed Schedule I. Said salary payments will commence as soon as administratively practicable in 2018 after such conditions are satisfied.  

Executive shall continue to accrue vacation time in accordance with Employer’s vacation policies through the Last Day of Employment. Executive shall continue to receive medical and dental benefits at the current participation level in accordance with Employer’s then current policies (including cost sharing) until the earlier of (i) December 31, 2018 or (ii) the date on which Executive is first entitled to receive medical and dental coverage from another employer. Executive’s life and disability insurance coverage shall terminate on the Last Day of Employment. Beginning on January 1, 2019, Executive shall be provided with medical, dental and life insurance contributions consistent with the policy set forth on Schedule  II hereof.  Solely for purposes of the policy set forth on Schedule II, Executive shall be treated as an employee who had 25 years of service and retired at age 55. The benefits Executive shall be eligible to receive under Employer’s qualified retirement plan, defined retirement pension plan, deferred compensation plan, non-qualified supplemental executive retirement plan and/or employee stock ownership plan shall be determined in accordance with the terms of the applicable plan. Executive shall be eligible for any award to be paid according to the terms of the Employer’s short-term incentive plan (“STIP”) for  his service as an executive officer of Employer in 2017 (i.e., through September 4, 2017), such payment subject to the sole and absolute discretion of the Compensation Committee of the Board of Directors of Arrow Financial Corporation, to be paid in the first quarter of 2018 consistent with other STIP payments to be paid by Employer.  Participation in all qualified and unqualified benefit plans shall terminate on the Last Day of Employment. 

All payments and benefits provided to Executive by Employer under this Agreement, including the Separation Payment, are (i) conditional upon Executive’s continued compliance with all provisions of this Agreement, including without limitations the covenants set forth in Sections 6, 7 and 8 hereof, and (ii) subject to any applicable clawback or recoupment policies required by applicable law or policy of Employer. Whether or not Executive signs this Agreement, he will receive wages or other compensation for all time worked through 

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the Last Day of Employment, accrued vacation, and any other accrued leave time which Executive is entitled to under applicable law, through the Last Day of Employment, subject to any applicable clawback or recoupment policies required by applicable law or policy of Employer. Except as provided in this Agreement, no payment, compensation, leave time, insurance or other benefits, will be furnished or paid to Executive. Executive acknowledges that Employer may change payroll dates, schedules or amounts, insurance carriers or benefit plans or otherwise modify its payroll or benefit plans for its active executives, and those changes will be applied to Executive as well where applicable. 
    
Executive agrees that all business expenses for which Executive is entitled to reimbursement consistent with Employer’s policies will be documented and submitted for approval on a timely basis and any final expenses will be submitted within ten (10) days of the Last Day of Employment.

Executive shall continue to be entitled to all rights of indemnification and directors and officers liability insurance with respect to the period of his service as a director or officer of Employer, consistent with Employer’s governing documents and applicable New York law, to the same extent as other directors and officers of Employer. 

		
	3.
	Treatment of Outstanding Equity Awards. Executive has outstanding vested and unvested stock options.  Executive’s vested stock options shall be exercisable in accordance with the terms of the applicable award agreement and Employer’s 1998 Long-Term Incentive Plan, the 2008 Long-Term Incentive Plan and the 2013 Long-Term Incentive Plan, as applicable, which may provide for a stated exercise period upon termination of employment including, possibly, a stated exercise period upon “early retirement,” (as defined under the principal retirement plan of Arrow Financial Corporation). His unvested stock options shall be forfeited immediately following the Last Day of Employment, consistent with the terms of the applicable award agreement and underlying plan document.

 
4.   Prior Agreements Superseded; Representations and Releases.

		
	(a)
	Prior Agreements, Practices, Policies, Procedures and Plans Superseded. In consideration of the Separation Payment and other benefits accruing to Executive hereunder, and subject to Section 11 hereof, except as is contemplated by Section 6(f), Executive agrees that the Employment Agreement dated January 27, 2016 by and among Executive, Arrow Financial Corporation and its wholly owned subsidiary, Glens Falls National Bank and Trust Company, and any other agreement between Employer and Executive with respect to severance or separation payments, is terminated as of the date hereof and any such agreement or any other severance practice, program, policy, procedure, arrangement or plan (except as explicitly set forth herein) of Employer is superseded in its entirety by the terms of this Agreement in all respects.  Executive will have no further rights, and Employer will have no further obligations, under any such agreement, practice, program, policy, procedure, arrangement or plan (except as explicitly set forth herein). For the avoidance of doubt, nothing in this Agreement is intended to or in effect terminates any agreements of Executive pertaining to intellectual property, inventions, confidentiality or non-solicitation. 

		
	(b)
	Representations. Executive represents and warrants to Employer that (i) Executive (A) has not filed any suit, action, claim, allegation or other proceeding at law or in equity, before any court, governmental agency, arbitration panel or other forum of any nature (an “Action”) with respect to the matters released in Section 4(c) below and (B) will not prosecute, and will immediately dismiss with prejudice, any pending Action with respect to the matters released in Section 4(c) below; (ii) Executive has not assigned to any other person or entity any right(s) or claim(s) Executive may have against Employer; (iii) in deciding to execute this Agreement (A) no fact, evidence, event or 

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transaction currently unknown to Executive, but which may hereinafter become known to Executive, shall affect in any way or any manner the final or unconditional nature of this Agreement; (B) Executive’s execution of this Agreement is a knowing and voluntary act on Executive’s part; (C) Executive has read and fully understands the terms of this Agreement, including the final and binding nature and effect of Executive’s waiver of rights by execution of this Agreement and has been advised (and hereby is advised) in writing to consult with an attorney before signing the Agreement at the time Executive first received this Agreement; (D) Executive has been provided with a reasonable and adequate period of time to consider this Agreement and consult with his attorneys and advisors concerning this Agreement before signing it; and (E) Executive has not been promised anything or provided any consideration for entering into this Agreement that is not specified in this Agreement. In addition, Executive hereby represents and warrants to Employer that, he has disclosed to the Chairman of the Arrow Financial Corporation Board of Directors, on or prior to the date hereof and will disclose, on or prior to the Last Day of Employment, any material violation of federal, state, foreign or local criminal law or regulation that is applicable to Employer, any threatened or pending federal, state, foreign or local governmental criminal investigation against Employer and any practice or policy of Employer that may be unlawful under applicable federal, state, foreign or local criminal law.  Further, Executive represents and warrants to Employer that the facts relating to Executive contained in the Preliminary Statement are true and correct.

(c)    Waiver and Release.

		
	(1)
	Executive hereby releases, gives up and waives any and all known and unknown rights, causes of action, lawsuits and claims for liability Executive may now or in the future have against any of the Employer Parties (defined below) in any way arising out of, based upon or relating to (i) Executive’s employment with Employer or the termination of or resignation from such employment, (ii) any promise, policy, practice, agreement, action or conduct of any of the Employer Parties to date, or (iii) any fact occurring prior to this date. Executive acknowledges that this means that, among other claims, he is releasing the Employer Parties from and may not bring claims against any of them under (i) Title VII of the Civil Rights Act of 1964 or Sections 1981 and 1983 of the Civil Rights Act of 1866, which prohibit discrimination based on race, color, national origin, ancestry, religion, or sex; (ii) the Age Discrimination in Employment Act, which prohibits discrimination based on age; (iii) the Equal Pay Act, which prohibits paying men and women unequal pay for equal work; (iv) the Americans with Disabilities Act and Sections 503 and 504 of the Rehabilitation Act of 1973, which prohibit discrimination based on disability; (v) the WARN Act, which requires that advance notice be given of certain workforce reductions; (vi) the Employee Retirement Income Security Act, which among other things, protects employee benefits; (vii) the Family and Medical Leave Act of 1993, which requires employers to provide leaves of absence under certain circumstances; (viii) the Sarbanes-Oxley Act of 2002, which, among other things, provides “whistleblower” protection; (ix) the National Labor Relations Act, the New York State Human Rights Law, the New York State Labor Law (including but not limited to the New York State Worker Adjustment and Retraining Notification Act, all provisions prohibiting discrimination and retaliation, and all provisions regulating wage and hour law), the New York State Corrections Law, the New York State Civil Rights Law, Section 125 of the New York Workers' Compensation Law, and the New York City Human Rights Law, all as amended and including all of their respective implementing regulations, (x) any applicable federal, state or local law prohibiting any form of discrimination or retaliation; (xi) any law prohibiting retaliation based on exercise by Executive of rights under any law, providing “whistleblower” protection, providing workers’ compensation benefits, protecting union activity, mandating leaves of absence, prohibiting discrimination based on veteran status 

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or military service, restricting an employer’s right to terminate employees or otherwise regulating employment, or (xii) any law or decision enforcing express or implied employment contracts, requiring an employer to deal with employees fairly or in good faith, providing recourse for alleged wrongful discharge, tort, physical or personal injury, emotional distress, fraud, negligent misrepresentation, invasion of privacy, defamation, and similar or related claims, and any other law or decision relating to salary, commission, compensation, benefits, and other matters. Except to the extent specifically provided elsewhere in this Agreement, Executive further hereby releases, gives up and waives any and all rights and claims he had, has or will have to any bonus or payment under any bonus or incentive plan or program of Employer. Executive specifically represents that he has not been treated adversely on account of age or gender, or in retaliation for exercising any legal rights or reporting any alleged violation of law, nor has he otherwise been treated wrongfully in connection with his employment with Employer or his separation from employment and that he has no claim under the Age Discrimination in Employment Act, or any other federal, state or local law, decision, order or regulation concerning discrimination or retaliation. Except to the extent specifically provided elsewhere in this Agreement, Executive is not eligible for severance under any agreement, practice, program, policy, procedure, arrangement or plan of Employer and Executive specifically waives any right he may have to receive benefits under any such agreement, practice, program, policy, procedure, arrangement or plan. Executive acknowledges that Employer relied on the representations, warranties and agreements in this Agreement in agreeing to pay Executive the amounts and provide the benefits described in Section 2. Executive understands that he is releasing claims for events that have occurred prior to his signing this Agreement that he may not know about. Notwithstanding anything contained herein to the contrary, this release does not include (and Executive does not release) claims arising after the date Executive signs this Agreement, claims for vested benefits under any Employer benefit plan based upon Executive’s service until and ending on the Last Day of Employment, any claim for breach of this Agreement or any equity award agreement, or any pending claims for workers compensation that have already been filed or for on-the-job injuries that have already been reported. In addition, Executive understands that by signing this Agreement Executive waives and gives up, among other claims, the right to file a lawsuit seeking monetary damages from the Employer Parties for discrimination claims, but that this Agreement and release does not prohibit Executive from making an administrative complaint of employment discrimination against any of the Employer Parties with a governing federal, state or local agency.
    
For the purposes of this Agreement, the term “Employer Parties” means (i) Arrow Financial Corporation and any of its present or former direct or indirect subsidiaries, affiliates, and any joint venture or other entity in which Employer or any such entity has any ownership interest; (ii) any employee benefit plans or trusts sponsored, established or maintained by Employer or any other entity described in (i) above; (iii) the present and former directors, officers, employees, agents, administrators, trustees and fiduciaries of each entity described in (i) or (ii) above; and (iv) the respective insurers, successors and assigns of each person or entity described in (i), (ii) or (iii) above.

		
	(2)
	Employer hereby releases, gives up and waives any and all known and unknown rights, causes of action, lawsuits and claims for liability Employer may now or in the future have against Executive in any way arising out of, based upon or relating to (i) Executive’s employment with Employer or the termination of or resignation from such employment, (ii) any promise, policy, agreement, action or conduct of Executive to date, or (iii) any fact occurring prior to this date, except for rights, claims, causes of action and claims for liability against Executive in any way based on any violation by Executive of the Employer’s Code of Conduct, any criminal conduct 

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by Executive, any knowing or intentional violation of law by Executive, or any fraud or breach of fiduciary duty by Executive (“Retained Claims”). Notwithstanding anything contained herein to the contrary, this release does not include (and Employer does not release) any Retained Claims, any claim for breach of this Agreement or any confidentiality or non-solicitation agreement signed by Executive, or any claims arising after this date.

		
	(d)
	Nature of Release. It is expressly understood and agreed that this Agreement is intended to cover and does cover not only all known losses and damages but any future losses and damages not now known or anticipated but which may later develop or be discovered, including the effects and consequences thereof. It is further expressly understood and agreed that this Agreement may be pleaded as a counterclaim to or as a defense in bar or abatement of any action taken by or on behalf of either Employer or Executive. Executive agrees that neither this Agreement nor performance hereunder constitutes or should be construed as an admission by any of the Employer Parties of any fault, liability, wrongdoing, or violation of any Employer policy, any federal, state, foreign or local law or regulation, common law, or any breach of any contract or any other wrongdoing of any type, all of which are expressly denied by Employer. Likewise, Employer agrees that neither this Agreement nor performance hereunder constitutes or should be construed as an admission by Executive of any fault, liability, wrongdoing, or violation of any Employer policy, any federal, state, foreign or local law or regulation, common law, or any breach of any contract or any other wrongdoing of any type, all of which are expressly denied by Executive.

		
	5.
	Covenant Not To Sue; Indemnification. Executive and Employer each agree not to enter into any suit, action or other proceeding at law or in equity (including administrative actions), or to prosecute further any existing suit or action that might presently exist, or to make any claim or demand of any kind or nature against any of the Employer Parties or Executive (as the case may be), in any such case asserting any claim released by Executive or Employer (as the case may be) by Section 4(c)(1) and (2) of this Agreement. If Employer or Executive enters into any such suit, action or other proceeding in violation of this Section 5, the party who does so shall (i) indemnify, defend and hold the other (which, in the case of Employer shall include all the Employer Parties) harmless from and against any and all liabilities, obligations, losses, damages, penalties, claims, action, suits, costs, expenses and disbursements (including attorneys’ fees and expenses and court costs whether or not litigation is commenced and, if litigation is commenced, during all trial and appellate phases of such litigation) of any kind and nature whatsoever which may be imposed on, incurred by or asserted against any such person in any way relating to, arising out of, connected with or resulting from such actions, including any of the matters released hereunder and (ii) in the case of Executive, immediately return the Separation Payment to Employer.

Notwithstanding the foregoing, nothing contained herein shall prevent Executive from filing an administrative charge of discrimination with the Equal Employment Opportunity Commission (“EEOC”) or any state or local fair employment practices (“FEP”) agency.  Executive agrees, however, that he shall not seek, accept, or be entitled to any monetary relief, whether for himself individually or as a member of a class or group, arising from an EEOC or FEP agency charge filed by Executive or on his behalf. No federal, state or local government agency is a party to this Agreement and none of the provisions of this Agreement restrict or in any way affect a government agency’s authority to investigate or seek relief in connection with any of the released claims.  However, if a government agency were to pursue any matters falling within the release of claims, which it is free to do, Executive and Employer agree that this Agreement shall control as the exclusive remedy and full settlement of all released claims between Executive and Employer. The Agreement is binding as between two private parties, Executive and Employer. Therefore, this Agreement affects the two parties’ rights only, with no impact or restrictions on any third parties, including any government agency.

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6.    Restrictive Covenants.

		
	(a)
	Confidentiality; Return of Property. Executive acknowledges that, as an executive of Employer, he has had access to confidential, proprietary and trade secret information of Employer. In addition, Executive acknowledges the competitive nature of Employer’s business and agrees and reaffirms that any information that is not public (by lawful means) or otherwise readily accessible by the public through lawful means acquired by Executive regarding Employer’s business, finances, costs, pricing, contracts, customers, prospects, plans, products, methods, technology, legal proceedings, personnel, directors and officers (whether or not such information is marked confidential) shall be considered Employer’s confidential information. In furtherance and not limitation of any prior agreements, to the extent that any of the following is not public (by lawful means) or otherwise readily accessible by the public through lawful means regarding confidentiality, Executive agrees not to disclose to anyone (other than Employer), or use for Executive’s benefit or the benefit of any other person (other than Employer), any trade secrets, marketing documents or information, financial statements, reports, salary information, product cost or price information, technical information, financial information, methods, technology, any information relating to customers, prospects, bids, proposals or sales or any other information acquired by Executive regarding Employer or its business, directors, officers and employees (whether or not such information is marked confidential). Furthermore, Executive agrees to return to Employer, on the Last Day of Employment, all Employer property and any information (including any copies thereof, electronic or otherwise) that Executive has received, prepared or helped to prepare during the course of Executive’s employment with Employer;  provided, however, that Employer agrees to transfer title to Executive on an “as is, where is” basis to the 2011 Toyota Avalon provided to Executive for his use while an executive officer of Employer promptly following the Last Day of Employment and the expiration of the revocation period set forth in Schedule I attached hereto.  All risk of loss with respect to the 2011 Toyota Avalon will pass to Executive upon the transfer of title to the vehicle to Executive and Employer will no longer be responsible for insurance or maintenance for such vehicle as of such date. 

		
	(b)
	Non-Compete. Employer agrees to waive its rights to enforce that certain covenant not to compete set forth in Section 9(a) of the Employment Agreement.  

		
	(c)
	Non-Solicitation. In consideration of the Separation Payment, and in furtherance and not limitation of any prior agreement between Executive and Employer with respect to non-solicitation matters, Executive acknowledges and agrees that, for a period of two (2) years following the Last Day of Employment, Executive shall not, directly or indirectly: (i) acting on behalf of any Financial Institution, regardless of where such Financial Institution is located or doing business, solicit any banking, lending or trust business or the business of providing financial, insurance or investment adviser services or products 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 Employer, and whom Executive, or anyone supervised directly or indirectly by Executive, worked or dealt with, at any point during the one-year period immediately preceding the Last Day of Employment; or (ii) 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, recruit 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, or any of its affiliates, any individual employed by or retained as an agent or consultant of Employer in furtherance of the 

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Business at any point during the one-year period immediately preceding the Last Day of Employment if such individual possesses knowledge of any trade secrets or confidential customer information of Employer, or provided services that were unique and/or extraordinary to Employer in its Business and Executive worked with or directly or indirectly managed such individual at any time during the one-year period immediately preceding the Last Day of Employment.

		
	(d)
	Insider Trading Policy. Executive shall remain subject to the Employer’s insider trading policy through the Last Day of Employment. In no event shall Executive trade in the securities of Employer in violation of any state or federal securities laws.

		
	(e)
	Equitable Relief. Executive acknowledges and agrees that (i) any breach of this Agreement by Executive, including any breach of the terms of this Section 6, will cause Employer irreparable injury and damage, (ii) the provisions of this Agreement are necessarily of a special, unique and extraordinary nature and (iii) if Executive breaches or threatens to breach any such provisions, Employer shall be entitled, in addition to any other remedies and damages Employer could recover as a result of any such breach, to obtain equitable relief, including restraining orders or injunctions, both temporary and permanent, in order to prevent future violation thereof by Executive or any person with whom Executive may be affiliated. 

		
	(f)
	Existing Obligations. Executive agrees to remain bound by and to comply with, and reaffirms Executive’s obligations under, any agreement or policy relating to confidential information, invention, intellectual property, non-solicitation, or similar matters to which Executive is now subject, notwithstanding the reasons why Executive’s employment terminated or any conduct occurring prior to this date. The covenants and agreements set out in this Section 6 above are in addition to, and do not in any way cancel or supersede, any of such obligations or agreements.  For the avoidance of doubt, Employer waives its rights to enforce any covenant not to compete which Executive may have agreed to prior to the date hereof.  

		
	(g)
	Survival. The provisions of this Section 6 shall survive any termination of this Agreement.

		
	(h)
	Reformation. It is the intention of the parties to restrict the activities of the Executive under this  Section 6(c) only to the extent necessary for the protection of the legitimate business interests of Employer, and the parties specifically covenant and agree that should any of the clauses or provisions of the restrictions set forth therein, 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, then and in that event, the provision shall not be rendered invalid or unenforceable and instead the parties consent and agree that the court so holding may reduce the extent or duration of such restrictions or effect any other change to such restrictions to such lesser degree or extent necessary to render such restrictions enforceable by said court to the maximum extent permissible under applicable law.  The enforceability of the provisions of this Section 6 shall not be affected by the existence or non-existence of any agreement with similar terms between Employer and another employee, or by the failure of Employer to enforce, its agreement to waive or change the terms of any such agreement with another employee containing similar terms. 

7.    Non-Disparagement; No Re-Employment.

		
	(a)
	Non-Disparagement. For a period of ten (10) years following the Last Day of Employment, Executive will not, directly or indirectly, make any statements, declarations, announcements, assertions, remarks, comments or suggestions, orally or in writing, that individually or collectively 

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are, or may be construed as being, defamatory, derogatory, critical, negative, or disparaging to Employer (including any successor to Employer by merger or acquisition or any of such successor’s affiliates), or to any director, officer, controlling shareholder, member, employee or agent of any of the foregoing.

		
	(b)
	No Re-Employment. Executive will never apply for or seek employment with Employer, or be employed by Employer, and agrees that Employer may refuse to employ him (or, if he has already been employed, dismiss him following discovery of that fact) without liability.

		
	8.
	Legal Proceedings. Executive agrees to cooperate with Employer and its legal counsel, and to furnish any and all complete and truthful information, testimony or affidavits, in connection with any matter that arose during his employment with Employer, or in connection with any litigation, governmental proceeding or investigation, arbitration or claim, that in any way relates to the business or operations of Employer, or of which Executive may have any knowledge or involvement. Executive will make his best efforts to consult with and provide information to Employer and its legal counsel concerning all such matters, and appear as and when requested to provide any such information, assistance or testimony on reasonable notice. Employer will use its reasonable efforts to have such cooperation performed at reasonable times and places and in a manner as not to unreasonably interfere with any other employment or other business activity in which Executive may then be engaged. Nothing in this Agreement shall be construed or interpreted as requiring Executive to provide any testimony, sworn statement or declaration that is not complete and truthful. If Employer requires Executive to travel outside the metropolitan area in the United States where he then resides to provide any testimony or otherwise provide any such assistance, then Employer agrees to reimburse Executive for any reasonable, customary and necessary travel and lodging expenses incurred by him to do so provided Executive submits all documentation required under Employer’s reimbursement policies and as otherwise may be required to satisfy any requirements under applicable tax laws for Employer to deduct those expenses.  To the extent that Executive is required to spend significant time assisting Employer as contemplated under this Section 8, Employer shall compensate the Executive at a reasonable hourly rate to be agreed upon by the parties, each party acting reasonably.  Nothing in this Agreement shall prevent Executive from giving truthful testimony or information to law enforcement entities, administrative agencies or courts or in any other legal proceedings as required by law, including, but not limited to, assisting in an investigation or proceeding brought by any governmental or regulatory body or official related to alleged violations of any law relating to fraud or any rule or regulation of the Securities and Exchange Commission.

		
	9.
	Further Assurances. Executive agrees to execute such further instruments and take such further actions as Employer shall reasonably require to accomplish the purposes of this Agreement. Without limiting the generality of the foregoing, Executive agrees to execute a second release, in a form attached hereto as Schedule I, upon the occurrence of the Last Day of Employment. Executive acknowledges and agrees that the execution of such a release and the expiration of the applicable revocation period with respect to such release is a condition to the payment of the Separation Payment hereunder.

10.    General Provisions.
 
		
	(a)
	Entire Agreement. This Agreement contains the entire agreement between the parties concerning the separation of the Executive from all positions of the Executive with the Employer. This Agreement and any agreement, instrument or document to be executed in connection herewith (as referenced herein) contain the parties’ entire understanding and agreement with respect to the subject matter hereof (the termination of Executive’s employment and directorships with Employer, the Separation Payment and the treatment of the outstanding equity awards currently held by Executive and the release of any potential related claims). Any discussions, agreements, promises, representations, 

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warranties or statements between the parties or their representatives (whether or not conflicting or inconsistent) that are not expressly contained or incorporated herein shall be null and void and are merged into this Agreement, except that any confidentiality agreement, non-solicitation agreement, invention or intellectual property rights or assignment, equity award agreement or other agreement between Employer and Executive, and any qualified or non-qualified plan document expressly covering a party’s rights after termination of employment, shall remain in full force and effect, in accordance with its terms, after the execution of this Agreement, except to the extent specified in this Agreement. 

		
	(b)
	Modification, Amendment and Waiver. Neither this Agreement, nor any part hereof, may be modified or amended orally, by trade usage or by course of conduct or dealing, but only by and pursuant to an instrument in writing duly executed and delivered by the party sought to be charged therewith. No covenant or condition of this Agreement can be waived, except by the written consent of the party entitled to receive the benefit thereof. Forbearance or indulgence by a party in any regard whatsoever shall not constitute a waiver of a covenant or condition to be performed by the other party to which the same may apply, and, until complete performance by such other party of such covenant or condition, the party entitled to receive the benefit thereof shall be entitled to invoke any remedy available to it under this Agreement, at law, in equity, by statute or otherwise, despite such forbearance or indulgence.

		
	(c)
	Successors, Assigns and Third Party Beneficiaries. This Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and permitted assigns and is freely assignable by Employer. Except as expressly provided herein, neither this Agreement nor any rights hereunder may be assigned or transferred, and no duties may be delegated, by any party hereto without the prior written consent of the other party hereto. Each subsidiary or affiliate of Arrow Financial Corporation (and their predecessors, successors and assigns) shall be a third-party beneficiary of this Agreement, as if such subsidiary or affiliate was specifically party hereto.

		
	(d)
	Construction. This Agreement shall not be construed more strictly against one party than against another party merely by virtue of the fact that this Agreement may have been physically prepared by such party, or such party’s counsel, it being agreed that all parties, and their respective counsel, have mutually participated in the negotiation and preparation of this Agreement. Unless the context of this Agreement clearly requires otherwise: (i) references to the plural include the singular and vice versa; (ii) references to any person include such person’s successors and assigns but, if applicable, only if such successors and assigns are permitted by this Agreement; (iii) references to one gender include all genders; (iv) “including” is not limiting; (v) “or” has the inclusive meaning represented by the phrase “and/or”; (vi) the words “hereof”, “herein”, “hereby”, “hereunder” and similar terms in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement; (vii) article, section, subsection, clause, exhibit and schedule references are to this Agreement unless otherwise specified; (viii) reference to any agreement (including this Agreement), document or instrument means such agreement, document or instrument as amended or modified and in effect from time to time in accordance with the terms thereof and, if applicable, the terms hereof; and (ix) general or specific references to any law means such law as amended, modified, codified or re-enacted, in whole or in part, and in effect from time to time.

		
	(e)
	Governing Law. This Agreement is deemed to have been entered into and accepted in the State of New York, and all questions with respect to the formation and construction of this Agreement, and the rights and obligations of the parties hereto, shall be governed by and determined in accordance with the laws of the State of New York, which are applicable to agreements entered into and performed 

- 10 -

entirely within such State, without giving effect to the choice or conflicts of law provisions thereof. Employer and Executive each hereby agree that all claims, actions, suits and proceedings between the parties hereto relating to this Agreement may be filed, tried and litigated in the state courts of the State of New York or (if federal jurisdiction exists) the United States District Court for the Northern District of New York. In connection with the foregoing, the parties hereto consent to the jurisdiction and venue of such courts and expressly waive any claims or defenses of lack of personal jurisdiction of or proper venue by such courts, and any claim that either such forum is not a convenient or the most convenient forum. In the event of a breach of this Agreement, the breaching party agrees to pay all costs of enforcement and collection of any and all remedies and damages, including reasonable attorneys’ fees.

		
	(f)
	Severability. If any Section (or part thereof) of this Agreement is found by a court of competent jurisdiction to be contrary to, prohibited by or invalid under any applicable law, such court may modify such Section (or part thereof) so, as modified, such Section (or part thereof) will be enforceable and will to the maximum extent possible comply with the apparent intent of the parties in drafting such Section (or part thereof). No such modification or omission of a Section (or part thereof) shall in any way affect or impair such Section (or part thereof) in any other jurisdiction. If, in the sole judgment of Employer, a Section (or part thereof) of this Agreement is so modified or omitted in a manner which eliminates a substantial part of the benefit intended to be received by Employer hereunder, then Employer may rescind this Agreement and Executive shall immediately return to Employer the Separation Payment hereunder.

		
	(g)
	Captions. The captions, headings and titles of the various Sections of this Agreement are for convenience of reference only, and shall not be deemed or construed to limit or expand the substantive provisions of such Sections.

		
	(h)
	Counterparts. This Agreement may be executed in two or more counterparts, each of which shall constitute an original, but all of which together shall constitute a single agreement. A facsimile signature is as good as an original.

		
	11.
	Execution and Delivery; Time to Consider Agreement; Time to Revoke Agreement. This Agreement was presented to Executive on October 17, 2017. Executive has been advised (and hereby is advised) to take this Agreement home, read it, consult with an attorney or attorneys of his choice and carefully consider all of its provisions before signing it. 

Executive acknowledges that he has been given at least twenty-one (21) days to consider this Agreement thoroughly and Executive was encouraged to consult with his personal attorney at his own expense, if desired, before signing below, Executive further agrees that any changes made to this Agreement will not restart the running of the 21-day period referenced herein.

Executive understands that he may revoke this Agreement within seven (7) days after its signing and that any revocation must be made in writing and submitted within such seven (7) day period to Debra Ann Meier at the address noted below.  Executive further understands that if he revokes this Agreement, he shall not receive the Separation Payment or other benefits set forth in Section 2 of this Agreement.

Executive will have until 5:00 P.M., New York Time, on November 7, 2017 to consider, sign and return this Agreement to Debra Ann Meier, Sr. Vice President of Human Resources and Training, Arrow Financial Corporation, 250 Glen Street, Glens Falls, New York 12801. If Executive fails to return this Agreement on a timely basis, the payments described in this Agreement and the benefits agreed upon will not be paid or 

- 11 -

provided and this Agreement shall be null, void and of no force or effect with respect to either Executive or Employer.

[Remainder of page intentionally left blank]

- 12 -

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

	
		
	EXECUTIVE:

/s/ Terry R. Goodemote

     Terry R. Goodemote
	EMPLOYER:  ARROW FINANCIAL CORPORATION

By:   /s/ Thomas J. Murphy
Name:   Thomas J. Murphy
Title:     President and CEO  

- 13 -

Schedule I

RELEASE AGREEMENT

THIS RELEASE AGREEMENT (this “Agreement”), by and between Arrow Financial Corporation, a New York corporation (together with its subsidiaries, “Employer”), and Terry R. Goodemote (“Employee”), is entered into and effective as of this ___day of __________, 2017.

Preliminary Statement

		
	A.
	Employee and Employer previously entered into that certain Executive Separation Agreement and Release dated as of ______________, 2017 (the “Separation Agreement”), pursuant to which Employee, among other things, (i) resigned his director and officer positions with Employer effective as of the date thereof, (ii) accepted continued employment as a non-officer employee of Employer and (iii) agreed to execute and deliver this Agreement within 21 days after the Last Day of Employment as a condition to receiving the Separation Payment. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Separation Agreement.

		
	B.
	Without any admission or concern as to fault, liability or wrongdoing, to ensure an effective and smooth transition in leadership, and to avoid the time, distractions and resource expenditures potentially associated with Employee’s departure, Employer and Employee desire to resolve all matters relating to or arising out of Employee’s employment by Employer on the terms described below.

		
	C.
	Employee is signing this Agreement in order to satisfy a condition to receiving the Separation Payment,

		
	D.
	Employee has been (and hereby is) advised in writing to consult with an attorney prior to finally accepting this Agreement.

NOW, THEREFORE, in consideration of the mutual agreements and promises contained herein, in order for Employee to satisfy a condition to receiving the Separation Payment, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:  

		
	1.
	Resignation by Employee; Separation Benefits. Employee has voluntarily and irrevocably resigned his employment with Employer effective as of the Last Date of Employment. The employment of Employee by Employer, in any capacity whatsoever, has terminated and ceased. Employer shall provide to Employee the Separation Payment and the other benefits to which he is entitled in accordance with the terms and conditions of the Separation Agreement, conditional upon Employee’s execution of this Agreement, expiration of the revocation period provided herein and continued performance of all obligations under this Agreement and the Separation Agreement.

 
2.       Prior Agreements Superseded; Representations and Releases.

		
	(a)
	Prior Agreements, Practices, Policies, Procedures and Plans Superseded. Employee agrees that any agreement (other than the Separation Agreement or as is specifically contemplated in the Separation Agreement) between Employer and Employee with respect to employment, severance or separation payments, is hereby terminated and any such agreement or any other severance practice, 

- 14 -

program, policy, procedure, arrangement or plan (except as explicitly set forth in this Agreement or the Separation Agreement) of Employer is superseded in its entirety. Employee will have no further rights, and Employer will have no further obligations, under any such agreement, practice, program, policy, procedure, arrangement or plan (except as explicitly set forth in this Agreement or the Separation Agreement).

		
	(b)
	Representations. Employee represents and warrants to Employer that (i) Employee (A) has not filed any suit, action, claim, allegation or other proceeding at law or in equity, before any court, governmental agency, arbitration panel or other forum of any nature (an “Action”) with respect to the matters released in Section 2(c) below and (B) will not prosecute, and will immediately dismiss with prejudice, any pending Action with respect to the matters released in Section 2(c) below; (ii) Employee has not assigned to any other person or entity any right(s) or claim(s) Employee may have against Employer; (iii) in deciding to execute this Agreement (A) no fact, evidence, event or transaction currently unknown to Employee, but which may hereinafter become known to Employee, shall affect in any way or any manner the final or unconditional nature of this Agreement; (B) Employee’s execution of this Agreement is a knowing and voluntary act on Employee’s part; (C) Employee has read and fully understands the terms of this Agreement, including the final and binding nature and effect of Employee’s waiver of rights by execution of this Agreement and has been advised (and hereby is advised) in writing to consult with an attorney before signing the Agreement at the time Employee first received this Agreement; (D) Employee has been provided with a reasonable and adequate period of time to consider this Agreement and consult with his attorneys and advisors concerning this Agreement before signing it; and (E) Employee has not been promised anything or provided any consideration for entering into this Agreement that is not specified in this Agreement. In addition, Employee hereby represents and warrants to Employer that he has disclosed to the Chairman of the Arrow Financial Corporation Board of Directors, on or prior to the date hereof, any material violation of federal, state, foreign or local criminal law or regulation that is applicable to Employer, any threatened or pending federal, state, foreign or local governmental criminal investigation against Employer and any practice or policy of Employer that may be unlawful under applicable federal, state, foreign or local criminal law.   Further, Employee represents and warrants to Employer that the facts relating to Employee contained in the Preliminary Statement are true and correct. 

(c)    Waiver and Release.

		
	(1)
	Employee hereby releases, gives up and waives any and all known and unknown rights, causes of action, lawsuits and claims for liability Employee may now or in the future have against any of the Employer Parties (defined below) in any way arising out of, based upon or relating to (i) Employee’s employment with Employer or the termination of or resignation from such employment, (ii) any promise, policy, practice, agreement, action or conduct of any of the Employer Parties to date, or (iii) any fact occurring prior to this date. Employee acknowledges that this means that, among other claims, he is releasing the Employer Parties from and may not bring claims against any of them under (i) Title VII of the Civil Rights Act of 1964 or Sections 1981 and 1983 of the Civil Rights Act of 1866, which prohibit discrimination based on race, color, national origin, ancestry, religion, or sex; (ii) the Age Discrimination in Employment Act, which prohibits discrimination based on age; (iii) the Equal Pay Act, which prohibits paying men and women unequal pay for equal work; (iv) the Americans with Disabilities Act and Sections 503 and 504 of the Rehabilitation Act of 1973, which prohibit discrimination based on disability; (v) the WARN Act, which requires that advance notice be given of certain workforce reductions; (vi) the Employee Retirement Income Security Act, 

- 15 -

which among other things, protects employee benefits; (vii) the Family and Medical Leave Act of 1993, which requires employers to provide leaves of absence under certain circumstances; (viii) the Sarbanes-Oxley Act of 2002, which, among other things, provides “whistleblower” protection; (ix) the National Labor Relations Act, the New York State Human Rights Law, the New York State Labor Law (including but not limited to the New York State Worker Adjustment and Retraining Notification Act, all provisions prohibiting discrimination and retaliation, and all provisions regulating wage and hour law), the New York State Corrections Law, the New York State Civil Rights Law, Section 125 of the New York Workers' Compensation Law, and the New York City Human Rights Law all as amended and including all of their respective implementing regulations, (x) any applicable federal, state or local law prohibiting any form of discrimination or retaliation; (xi) any law prohibiting retaliation based on exercise by Employee of rights under any law, providing “whistleblower” protection, providing workers’ compensation benefits, protecting union activity, mandating leaves of absence, prohibiting discrimination based on veteran status or military service, restricting an employer’s right to terminate employees or otherwise regulating employment, or (xii) any law or decision enforcing express or implied employment contracts, requiring an employer to deal with employees fairly or in good faith, providing recourse for alleged wrongful discharge, tort, physical or personal injury, emotional distress, fraud, negligent misrepresentation, invasion of privacy, defamation, and similar or related claims, and any other law or decision relating to salary, commission, compensation, benefits, and other matters. Except to the extent specifically provided elsewhere in this Agreement, Employee further hereby releases, gives up and waives any and all rights and claims he had, has or will have to any bonus or payment under any bonus or incentive plan or program of Employer. Employee specifically represents that he has not been treated adversely on account of age or gender, or in retaliation for exercising any legal rights or reporting any alleged violation of law, nor has he otherwise been treated wrongfully in connection with his employment with Employer or his separation from employment and that he has no claim under the Age Discrimination in Employment Act, or any other federal, state or local law, decision, order or regulation concerning discrimination or retaliation. Except to the extent specifically provided elsewhere in this Agreement, Employee is not eligible for severance under any agreement, practice, program, policy, procedure, arrangement or plan of Employer and Employee specifically waives any right he may have to receive benefits under any such agreement, practice, program, policy, procedure, arrangement or plan. Employee acknowledges that Employer relied on the representations, warranties and agreements in this Agreement in agreeing to pay Employee the amounts and provide the benefits described in Section 2. Employee understands that he is releasing claims for events that have occurred prior to his signing this Agreement that he may not know about. Notwithstanding anything contained herein to the contrary, this release does not include (and Employee does not release) claims arising after the date Employee signs this Agreement, claims for vested benefits under any Employer benefit plan based upon Employee’s service until and ending on the Last Day of Employment, any claim for breach of this Agreement or any equity award agreement, or any pending claims for workers compensation that have already been filed or for on-the-job injuries that have already been reported. In addition, Employee understands that by signing this Agreement Employee waives and gives up, among other claims, the right to file a lawsuit seeking monetary damages from the Employer Parties for discrimination claims, but that this Agreement and release does not prohibit Employee from making an administrative complaint of employment discrimination against any of the Employer Parties with a governing federal, state or local agency.

- 16 -

For the purposes of this Agreement, the term “Employer Parties” means (i) Arrow Financial Corporation and any of its present or former direct or indirect subsidiaries, affiliates, and any joint venture or other entity in which Employer or any such entity has any ownership interest; (ii) any employee benefit plans or trusts sponsored, established or maintained by Employer or any other entity described in (i) above; (iii) the present and former directors, officers, employees, agents, administrators, trustees and fiduciaries of each entity described in (i) or (ii) above; and (iv) the respective insurers, successors and assigns of each person or entity described in (i), (ii) or (iii) above.

		
	(2)
	Employer hereby releases, gives up and waives any and all known and unknown rights, causes of action, lawsuits and claims for liability Employer may now or in the future have against Employee in any way arising out of, based upon or relating to (i) Employee’s employment with Employer or the termination of or resignation from such employment, (ii) any promise, policy, agreement, action or conduct of Employee to date, or (iii) any fact occurring prior to this date, except for rights, claims, causes of action and claims for liability against Employee in any way based on any violation by Employee of the Employer’s Code of Conduct, any criminal conduct by Employee, any knowing or intentional violation of law by Employee, or any fraud or breach of fiduciary duty by Employee (“Retained Claims”). Notwithstanding anything contained herein to the contrary, this release does not include (and Employer does not release) any Retained Claims, any claim for breach of this Agreement or the Separation Agreement or any confidentiality or non-solicitation agreement signed by Employee, or any claims arising after this date.

		
	(d)
	Nature of Release. It is expressly understood and agreed that this Agreement is intended to cover and does cover not only all known losses and damages but any future losses and damages not now known or anticipated but which may later develop or be discovered, including the effects and consequences thereof. It is further expressly understood and agreed that this Agreement may be pleaded as a counterclaim to or as a defense in bar or abatement of any action taken by or on behalf of either Employer or Employee. Employee agrees that neither this Agreement nor performance hereunder constitutes or should be construed as an admission by any of the Employer Parties of any fault, liability, wrongdoing, or violation of any Employer policy, any federal, state, foreign or local law or regulation, common law, or any breach of any contract or any other wrongdoing of any type, all of which are expressly denied by Employer. Likewise, Employer agrees that neither this Agreement nor performance hereunder constitutes or should be construed as an admission by Employee of any fault, liability, wrongdoing, or violation of any Employer policy, any federal, state, foreign or local law or regulation, common law, or any breach of any contract or any other wrongdoing of any type, all of which are expressly denied by Employee.

		
	3.
	Covenant Not To Sue; Indemnification. Employee and Employer each agree not to enter into any suit, action or other proceeding at law or in equity (including administrative actions), or to prosecute further any existing suit or action that might presently exist, or to make any claim or demand of any kind or nature against any of the Employer Parties or Employee (as the case may be), in any such case asserting any claim released by Employee or Employer (as the case may be) by Section 4(c)(1) and (2) of this Agreement. If Employer or Employee enters into any such suit, action or other proceeding in violation of this Section 5, the party who does so shall (i) indemnify, defend and hold the other (which, in the case of Employer shall include all the Employer Parties) harmless from and against any and all liabilities, obligations, losses, damages, penalties, claims, action, suits, costs, expenses and disbursements (including attorneys’ fees and expenses and court costs whether or not litigation is commenced and, if litigation is commenced, during all 

- 17 -

trial and appellate phases of such litigation) of any kind and nature whatsoever which may be imposed on, incurred by or asserted against any such person in any way relating to, arising out of, connected with or resulting from such actions, including any of the matters released hereunder and (ii) in the case of Employee,  immediately return the Separation Payment to Employer.

Notwithstanding the foregoing, nothing contained herein shall prevent Employee from filing an administrative charge of discrimination with the Equal Employment Opportunity Commission (“EEOC”) or any state or local fair employment practices (“FEP”) agency.  Employee agrees, however, that he shall not seek, accept, or be entitled to any monetary relief, whether for himself individually or as a member of a class or group, arising from an EEOC or FEP agency charge filed by Employee or on his behalf. No federal, state or local government agency is a party to this Agreement and none of the provisions of this Agreement restrict or in any way affect a government agency’s authority to investigate or seek relief in connection with any of the released claims.  However, if a government agency were to pursue any matters falling within the release of claims, which it is free to do, Employee and Employer agree that this Agreement shall control as the exclusive remedy and full settlement of all released claims between Employee and Employer. The Agreement is binding as between two private parties, Employee and Employer. Therefore, this Agreement affects the two parties’ rights only, with no impact or restrictions on any third parties, including any government agency.

 
4.    General Provisions.
 
		
	(a)
	Entire Agreement. This Agreement and the Separation Agreement contains the entire agreement between the parties concerning the separation of the Employee from all positions of the Employee with the Employer. This Agreement, the Separation Agreement and any agreement, instrument or document to be executed in connection herewith (as referenced herein) contain the parties’ entire understanding and agreement with respect to the subject matter hereof (the termination of Employee’s employment and directorships with Employer, the Separation Payment and the treatment of the outstanding equity awards currently held by Employee and the release of any potential related claims). Any discussions, agreements, promises, representations, warranties or statements between the parties or their representatives (whether or not conflicting or inconsistent) that are not expressly contained or incorporated herein or in the Separation Agreement shall be null and void and are merged into this Agreement, except that any confidentiality agreement, non-solicitation agreement, invention or intellectual property rights or assignment, equity award agreement or other agreement between Employer and Employee, and any qualified or non-qualified plan document expressly covering a party’s rights after termination of employment, shall remain in full force and effect, in accordance with its terms, after the execution of this Agreement, except to the extent specified in this Agreement or the Separation Agreement.

		
	(b)
	Modification, Amendment and Waiver. Neither this Agreement, nor any part hereof, may be modified or amended orally, by trade usage or by course of conduct or dealing, but only by and pursuant to an instrument in writing duly executed and delivered by the party sought to be charged therewith. No covenant or condition of this Agreement can be waived, except by the written consent of the party entitled to receive the benefit thereof. Forbearance or indulgence by a party in any regard whatsoever shall not constitute a waiver of a covenant or condition to be performed by the other party to which the same may apply, and, until complete performance by such other party of such covenant or condition, the party entitled to receive the benefit thereof shall be entitled to invoke any 

- 18 -

remedy available to it under this Agreement, at law, in equity, by statute or otherwise, despite such forbearance or indulgence.  

		
	(c)
	Successors, Assigns and Third Party Beneficiaries. This Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and permitted assigns and is freely assignable by Employer. Except as expressly provided herein, neither this Agreement nor any rights hereunder may be assigned or transferred, and no duties may be delegated, by any party hereto without the prior written consent of the other party hereto. Each subsidiary or affiliate of Arrow Financial Corporation (and their predecessors, successors and assigns) shall be a third-party beneficiary of this Agreement, as if such subsidiary or affiliate was specifically party hereto.

		
	(d)
	Construction. This Agreement shall not be construed more strictly against one party than against another party merely by virtue of the fact that this Agreement may have been physically prepared by such party, or such party’s counsel, it being agreed that all parties, and their respective counsel, have mutually participated in the negotiation and preparation of this Agreement. Unless the context of this Agreement clearly requires otherwise: (i) references to the plural include the singular and vice versa; (ii) references to any person include such person’s successors and assigns but, if applicable, only if such successors and assigns are permitted by this Agreement; (iii) references to one gender include all genders; (iv) “including” is not limiting; (v) “or” has the inclusive meaning represented by the phrase “and/or”; (vi) the words “hereof”, “herein”, “hereby”, “hereunder” and similar terms in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement; (vii) article, section, subsection, clause, exhibit and schedule references are to this Agreement unless otherwise specified; (viii) reference to any agreement (including this Agreement), document or instrument means such agreement, document or instrument as amended or modified and in effect from time to time in accordance with the terms thereof and, if applicable, the terms hereof; and (ix) general or specific references to any law means such law as amended, modified, codified or re-enacted, in whole or in part, and in effect from time to time.

		
	(e)
	Governing Law. This Agreement is deemed to have been entered into and accepted in the State of New York, and all questions with respect to the formation and construction of this Agreement, and the rights and obligations of the parties hereto, shall be governed by and determined in accordance with the laws of the State of New York, which are applicable to agreements entered into and performed entirely within such State, without giving effect to the choice or conflicts of law provisions thereof. Employer and Employee each hereby agree that all claims, actions, suits and proceedings between the parties hereto relating to this Agreement may be filed, tried and litigated in the state courts of the State of New York or (if federal jurisdiction exists) the United States District Court for the Northern District of New York. In connection with the foregoing, the parties hereto consent to the jurisdiction and venue of such courts and expressly waive any claims or defenses of lack of personal jurisdiction of or proper venue by such courts, and any claim that either such forum is not a convenient or the most convenient forum. In the event of a breach of this Agreement, the breaching party agrees to pay all costs of enforcement and collection of any and all remedies and damages, including reasonable attorneys’ fees.

		
	(f)
	Severability. If any Section (or part thereof) of this Agreement is found by a court of competent jurisdiction to be contrary to, prohibited by or invalid under any applicable law, such court may modify such Section (or part thereof) so, as modified, such Section (or part thereof) will be enforceable and will to the maximum extent possible comply with the apparent intent of the parties in drafting such Section (or part thereof). No such modification or omission of a Section (or part thereof) shall in any way affect or impair such Section (or part thereof) in any other jurisdiction. If, 

- 19 -

in the sole judgment of Employer, a Section (or part thereof) of this Agreement is so modified or omitted in a manner which eliminates a substantial part of the benefit intended to be received by Employer hereunder, then Employer may rescind this Agreement and Employee shall immediately return to Employer the Separation Payment hereunder.

		
	(g)
	Captions. The captions, headings and titles of the various Sections of this Agreement are for convenience of reference only, and shall not be deemed or construed to limit or expand the substantive provisions of such Sections.

		
	(h)
	Counterparts. This Agreement may be executed in two or more counterparts, each of which shall constitute an original, but all of which together shall constitute a single agreement. A facsimile signature is as good as an original.

		
	5.
	Execution and Delivery, Time to Consider Agreement, Time to Revoke Agreement. This Agreement was presented to Employee on October 17, 2017. Employee has been advised (and hereby is advised) to take this Agreement home, read it, consult with an attorney or attorneys of his choice and carefully consider all of its provisions before signing it. 

 Employee acknowledges that he has been given at least twenty-one (21) days to consider this Agreement thoroughly and Employee was encouraged to consult with his personal attorney at his own expense, if desired, before signing below, Employee further agrees that any changes made to this Agreement will not restart the running of the 21-day period referenced herein.

Employee understands that he may revoke this Agreement within seven (7) days after its signing and that any revocation must be made in writing and submitted within such seven (7) day period to Debra Ann  Meier at the address noted below.  Employee further understands that if he revokes this Agreement, he shall not receive the Separation Payment or other benefits set forth in Section 2 of the Separation Agreement.

Employee will have until 5:00 P.M., New York Time, on November 7, 2017 to consider, sign and return this Agreement to Debra Ann Meier, Sr. Vice President of Human Resources and Training, Arrow Financial Corporation, 250 Glen Street, Glens Falls, New York 12801. If Employee fails to return this Agreement on a timely basis, the payments described in this Agreement and the benefits agreed upon will not be paid or provided and this Agreement shall be null, void and of no force or effect with respect to either Employee or Employer.

[Remainder of page intentionally left blank]

- 20 -

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

	
		
	EXECUTIVE:

Terry R. Goodemote
	EMPLOYER:  ARROW FINANCIAL CORPORATION

By: 
Name: 
Title: 

- 21 -

Schedule II

POST RETIREMENT MEDICAL -  DENTAL - LIFE INSURANCE

(see attached)

- 22 -

Tier 4 & Tier 5

POST RETIREMENT 
MEDICAL - DENTAL - LIFE INSURANCE
Effective January 1, 2010      
For Eligible Employees Retiring On or After January 1, 2010

INTRODUCTION    

Employees who regularly work 1,000 hours per year and were hired prior to January 1, 2007, may continue to enroll in the Company’s group medical and dental plans after retirement, according to the guidelines listed below in the Waiting Period.  Employees who regularly work 1,000 hours per year and were hired prior to January 1, 2006, may qualify for company provided Life insurance as listed in the last section of this summary.

WAITING PERIOD         

Employees who regularly work 1,000 hours per year will qualify for participation in this plan 1) at age 55 with a minimum of ten (10) years of service 2) at age sixty-five (65) with a minimum of five (5) years of service, and 3) for employees with a minimum of fifteen (15) years of service as of January 1, 2005, after completing twenty-five (25) years of service.  

MEDICAL INSURANCE (For Employees Hired Prior to January 1, 2007)

The Company will contribute the stated dollar amount annually (pro-rated on a monthly basis) for your medical insurance under the Company group plans.  
                 
Full Years             Company Contribution            Company Contribution   
of Service*        Retirees Under Age 65               Retirees 65 and Older w/Medicare Part A&B
Monthly     Per Year        Monthly       Per Year
		
	     5- 10
	 0                   0                0

       10            $87.58                            $1,051                  $49.33        $   592
       11            $91.17                $1,094                            $51.33        $   616
       12            $94.58                $1,135                     $53.25        $   639
       13            $98.00                $1,176                     $55.25        $   663
       14            $101.67            $1,220                    $57.25        $   687
       15            $105.08            $1,261                    $59.17        $   710
       16            $112.08            $1,345                    $63.08        $   757
       17            $119.08            $1,429                     $67.17        $   806
       18            $126.17            $1,514                    $71.00        $   852
       19            $133.17            $1,598                    $75.00        $   900
       20            $140.08            $1,681                     $78.92        $   947

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       21            $147.25            $1,767                     $82.83        $   994
       22            $154.25            $1,851                    $86.67        $1,040
       23            $161.08            $1,933                    $90.75        $1,089
       24            $168.08            $2,017                   $94.67        $1,136
25 and Over        $175.08            $2,101                   $98.67        $1,184

The total annual premium cost for Medical coverage for yourself currently ranges from $5,064 to $5,827 (under age 65) and $2,405 to $3,599 (65 and over) depending on the plan you select.  Medical insurance for your dependents may be continued after retirement with you paying 100% of the cost.  The annual cost for dependents currently ranges from an additional $5,292 to $6,118 (under 65) and $2,405 to $3,599 (65 and over) depending on the number of dependents and plan you select.  Rates are subject to change each January 1.

* For purposes of earning the Company Contribution, service begins on 6/27/97 for employees who joined the Company from Fleet Bank in 1997, service begins on 11/29/04 for employees who joined the Company from Capital Financial Group Inc. in 2004, and service begins on 04/08/05 for employees who joined the Company from HSBC Bank USA, NA in 2005.  For purposes of eligibility, service begins on the Adjusted Hire Date.

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POST RETIREMENT 
MEDICAL - DENTAL - LIFE INSURANCE
Effective January 1, 2010     
For Eligible Employees Retiring On or After January 1, 2010
  

DENTAL INSURANCE ( For Employees Hired Prior to January 1, 2007 )*    

Dental Insurance for you and your dependents may be continued after retirement with you paying 100% of the cost.  The current annual cost for covering yourself is $408, one dependent is an additional $312 and two or more dependents is an additional $648.

SPECIAL CONDITIONS FOR MEDICAL & DENTAL INSURANCE              

Not Enrolled: If you and your dependents are not enrolled in the Company’s group medical or dental plans at the time of your retirement, you and your dependents may enroll up to 12 months after your retirement subject to a “change in family status” acceptable to the provider insurance company.  After that time, you and your dependents may not enroll in the Company’s group plans.  

Enrolled: If you and your dependents are enrolled in the Company’s group plans at the time of your retirement and later discontinue participation, neither you nor your dependents may re-enroll in the Company’s group plans at any time.  If you predecease your dependents, your dependents enrolled at that time may continue participating in the Company’s plans under the same terms and conditions.

LIFE INSURANCE ( For Employees Hired Prior to January 1, 2006 )

If you have Group Term Life Insurance when you retire and you qualify as described below, the company will continue a portion of your Group Term Life Insurance during retirement:

	
		
	Full Years of Service
	Percentage of Insurance at Retirement Continued at No Cost to Retiree

	5 but less than 10
	0%

	10 but less than 25
	25%

	25 or more
	50%

The amount of insurance will be reduced by 20% of the amount continued after retirement beginning on the July 1 after your 66th birthday and each July 1 thereafter, to $5,000 at age 70 (or sooner if annual reductions place the amount of insurance at $5,000 before age 70).
 
AMENDMENT & TERMINATION   

The Company expects to continue post retirement benefits indefinitely but necessarily reserves the right to amend or discontinue these benefits at any time.

    

- 25 -

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

	
		
	EXECUTIVE:

               
Terry R. Goodemote
	EMPLOYER:  ARROW FINANCIAL CORPORATION

By:                   
Name:                   
Title:                   

Signature Page to Executive Separation Agreement and Release

Schedule II

POST RETIREMENT MEDICAL –  DENTAL – LIFE INSURANCE

(see attached)

- 27 -Exhibit 4.1

 

PROMISSORY NOTE

 

	$500,000.00	July    7   ,
    2017

 

1.                 
Promise to Pay. For value received, BLACK RIDGE OIL & GAS, INC., a Nevada corporation ("Maker"),
promises to pay to the order of CADENCE BANK, N.A., ("Payee"), the amount of FIVE HUNDRED THOUSAND
AND NO/100 DOLLARS ($500,000.00) in legal and lawful money of the United States of America, with interest on the unpaid principal
thereon from date hereof at the rate of four and one-half percent (4.50%) per annum until this Promissory Note ("Note")
is paid in full; provided, however, principal and interest shall bear interest from date of Default (as defined below) until
paid at the lesser of (a) twelve percent (12%) per annum, or (b) the maximum lawful rate.

 

2.                 
Payment Schedule. Accrued interest under this Note shall be due and payable monthly, commencing on August 7 , 2017
and continuing on the same day on each month thereafter. The principal amount of this Note, together with all accrued unpaid interest,
shall be due and payable on October 7 , 2017 (herein, the "Maturity Date"). Maker may repay the entire
outstanding principal amount of this Note, or any portion thereof, at any time without penalty, provided that any accrued unpaid
interest then due is also paid in full.

 

3.                 
Default. The occurrence of any of the following events shall constitute a default under this Note (herein, a "Default"),
whereupon the owner or holder thereof may, at its, option, exercise any or all rights, powers and remedies afforded under
this Note, the Security Agreement (as defined below) executed in conjunction herewith and by law, including the right to declare
the unpaid balance of principal and accrued interest on the Note at once mature and payable: (a) any part of the indebtedness
evidenced by this Note is not paid when due, whether by lapse of time or acceleration or otherwise; (b) the dissolution of Maker;
(c) the bankruptcy or insolvency of, the assignment for the benefit of creditors by, or the appointment of a receiver for any
of the property of, Maker, or (d) existence of a Default as defined in the Security Agreement (as defined below). The failure
by the holder hereof to exercise, nor delay in exercising any right, including but not limited to the right to accelerate the
maturity of this Note, shall not be construed as a waiver of any Default. Without limiting the generality of the foregoing provisions,
the acceptance by the holder hereof from time to time of any payment under this Note which is past due or which is less than the
payment in full of all amounts due and payable at the time of such payment, shall not: (a) constitute a waiver of or impair or
extinguish the right of the holder hereof to accelerate the maturity of this Note or (b) constitute a waiver of the requirement
of punctual payment and performance in any respect. If any holder of this Note retains an attorney in connection with any Default
or at maturity or to collect, enforce or defend this Note in any claim, action, undertaking, demand or lawsuit or in any probate,
reorganization, bankruptcy or other proceeding, or if Maker sues any holder in connection with this Note and does not prevail,
then Maker agrees to pay to such holder, in addition to principal and interest, all reasonable costs and expenses incurred by
such holder in trying to collect this Note or in any such suit or proceeding, including reasonable attorneys' fees.

 

4.                 
Waiver. Except as provided in this Note, Maker expressly waives presentment and demand for payment, notice of default,
notice of intent to accelerate maturity, notice of acceleration of maturity, protest, notice of protest, notice of dishonor, and
all other notices and demands for which waiver is not prohibited by law, and diligence in the collection hereof.

 

 

 

    	 	1	 

     

    

 

5.                 
Certain Provisions Regarding Payments. Whenever any payment shall be due under this Note on a day, which is not
a Business Day, the date on which such payment is due shall be extended to the next succeeding Business Day, and such extension
of time shall be included in the computation of the amount of interest then payable. "Business Day" means
a day other than a Saturday, Sunday or other day on which national banks in Houston, Texas are authorized or required to be closed.
All payments made as scheduled on this Note shall be applied, to the extent thereof, to accrued but unpaid interest and to unpaid
principal. Remittances in payment of any part of the indebtedness other than in the required amount in immediately available U.S.
funds shall not, regardless of any receipt or credit issued therefore, constitute payment until the required amount is actually
received by the holder hereof in immediately available U.S. funds and shall be made and accepted subject to the condition that
any check or draft may be handled for collection in accordance with the practice of the collecting bank or banks. Acceptance by
the holder hereof of any payment in an amount less than the amount then due on any indebtedness shall be deemed an acceptance
on account only and shall not in any way excuse the existence of a Default.

 

6.                 
Controlling Provisions. The Maker and any holder of this Note intend to comply with applicable usury law. All existing
and future agreements regarding the debt evidenced by this Note are hereby limited and controlled by the provisions of this Section.
In no event (including but not limited to prepayment, default, demand for payment, or acceleration of maturity) shall the interest
taken, reserved, contracted for, charged or received under this Note or otherwise, exceed the maximum non-usurious amount permitted
by applicable law (the "Maximum Amount"). If, from any possible construction of any document, interest
would otherwise be payable in excess of the Maximum Amount, then ipso facto, such document shall be reformed and the interest
payable reduced to the Maximum Amount, without necessity of execution of any amendment or new document. If the holder hereof ever
receives interest in an amount which apart from this provision would exceed the Maximum Amount, the excess shall, without penalty,
be applied to the unpaid principal of this Note and not to the payment of interest, or be refunded to the payor if the principal
is paid in full. The holder hereof does not intend to charge or receive unearned interest on acceleration. All interest paid or
agreed to be paid to the holder hereof shall be spread throughout the full term (including any renewal or extension) of the debt
so that the amount of interest does not exceed the Maximum Amount. The parties agree that the other charges do not constitute
interest for purposes of this section.

 

7.                 
General Provisions. This Note may not be amended except in a writing specifically intended for the purpose and executed
by the party against whom enforcement of the amendment is sought. The terms, provisions, covenants and conditions hereof shall
be binding upon Maker and the representatives, successors and assigns of Maker. Captions and headings in this Note are for convenience
only and shall be disregarded in construing it. Any previous extension of time, forbearance, failure to pursue some remedy, or
acceptance of partial payment by Payee, before or after maturity, does not constitute a waiver by Payee of the existence of any
event of default nor of its right to strictly enforce the collection of this Note according to its terms. Time is of the essence
in Maker's performance of all duties and obligations imposed by this Note.

 

8.                 
Jurisdiction/Venue/Legal Elections. THIS NOTE, AND ITS VALIDITY, ENFORCEMENT AND INTERPRETATION, SHALL BE GOVERNED
BY TEXAS LAW (WITHOUT REGARD TO ANY CONFLICT OF LAWS PRINCIPLES) AND APPLICABLE UNITED STATES FEDERAL LAW. VENUE FOR ENFORCEMENT
OF THIS NOTE AND ALL OBLIGATIONS OF PAYEE HEREUNDER IS SET AND AGREED IN HARRIS COUNTY, TEXAS FOR ALL PURPOSES. MAKER HEREBY WAIVES
THE RIGHT TO CLAIM DIVERSITY OF CITIZENSHIP IN ANY ACTION IN THE STATE OF TEXAS AND AGREES THAT ANY AND ALL ACTIONS SHALL BE BROUGHT
IN STATE COURT UNLESS PAYEE AGREES OTHERWISE.

 

 

 

    	 	2	 

     

    

 

9.                
Purpose/Security. Reference is made to that certain Security Agreement dated of even date herewith (the "Security
Agreement") by Maker, as grantor/debtor, and Payee, as Secured Party. This Note is secured by the Security Agreement.
Maker agrees that the indebtedness evidenced by this Note shall not be used for personal, family or household purposes.

 

10.             
Texas Finance Code. In no event shall Chapter 346 of the Texas Finance Code (which regulates certain revolving loan
accounts and revolving tri-party accounts) apply to this Note. To the extent that Chapter 303 of the Texas Finance Code is applicable
to this Note, the "weekly ceiling" specified in such article is the applicable ceiling; provided that, if any applicable
law permits greater interest, the law permitting the greatest interest shall apply.

 

	 	BLACK RIDGE OIL & GAS, INC., 

    a Nevada corporation
	 	 	 
	 	By:	/s/ James A. Moe
	 	Name:	James A. Moe
	 	Title:	Chief Financial Officer

 

 

 

 

 

 

 

 

    	 	3	 

     

    

 

SECURITY AGREEMENT

 

This
SECURITY AGREEMENT, dated as of July 7 , 2017 (as amended, restated, supplemented or otherwise modified from time to time,
this "Agreement"), is made by BLACK RIDGE OIL & GAS, INC., a Nevada corporation ("Borrower"), in
favor of CADENCE BANK, N.A. (the "Lender").

 

WITNESSETH:

 

WHEREAS,
Borrower is or will be indebted to Lender pursuant to that certain Promissory Note dated of even date herewith in the principal
amount of $500,000.00 by Borrower payable to the order of Lender (as the same may be modified and/or renewed, the "Note");
and

 

WHEREAS,
a condition precedent to the loan evidenced by the Note is that the Borrower grant the security interests contained herein to the
Lender.

 

NOW,
THEREFORE, in consideration of the premises and to induce the Lender to make the loan evidenced by the Note, the Borrower hereby
agrees with the Lender, as follows:

 

ARTICLE 1. DEFINED TERMS

 

1.1 Definitions.
The following terms shall have the following meanings:

 

Agreement: as defined in the preamble
hereto. 

 

Borrower: as defined in the preamble hereto. 

 

Collateral: as defined in Section 3.1.

 

Contract
Rights: all rights, title and interests in and to that certain letter agreement dated April 3, 2017 issued by Chambers Energy
Management, LP to (and accepted by) Borrower pertaining to "Acquisition of Preferred Units of Blackbend Oil & Gas, L.L.C.
distributed by Black Ridge Holding Company, LLC to Black Ridge Oil & Gas, Inc.", now owned or hereafter acquired by Borrower.

 

Deposit
Account: as defined in the Uniform Commercial Code of any applicable jurisdiction and, in any event, including any deposit,
demand, time, savings, passbook, operating or like account maintained by Borrower with Lender, including without limitation, the
deposit account no. 14157671 in the name of Borrower maintained by Borrower with Lender.

 

Governmental
Requirement: any law, statute, code, ordinance, order, determination, rule, regulation, judgment, decree, injunction, franchise,
permit, certificate, license, authorization or other directive or requirement, including environmental laws, energy regulations
and occupational, safety and health standards or controls, of any governmental authority.

 

Indebtedness: as defined in Section 3.2
of this Agreement. Lender: as defined in the preamble hereto.

 

Note: as defined in the first "Whereas"
recital of this Agreement.

 

Secured Party: the Lender.

 

 

 

 

    	 	1	 

     

    

 

UCC: the Uniform Commercial Code
as from time to time in effect in the State of Texas; provided, however, that in the event that, by reason of mandatory
provisions of law, any or all of the attachment, perfection or priority of the Lender's security interest in any Collateral is
governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of Texas, the term "UCC"
shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating
to such attachment, perfection or priority and for purposes of definitions related to such provisions; provided, further, that
if the UCC is amended after the date hereof, such amendment will not be given effect for the purposes of this Agreement if and
to the extent the result of such amendment would be to limit or eliminate any item of Collateral.

 

1.2 Other
Definitional Provisions.

 

(a)
The words "hereof," "herein", "hereto" and "hereunder" and words of similar import
when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement,
and Section references are to this Agreement unless otherwise specified.

 

(b) The
meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.

 

(c) References
herein to an Annex, Article, Section, subsection or clause refer to the appropriate Annex to, or Article, Section, subsection
or clause in this Agreement unless otherwise specified.

 

(d)
The term "including" means "including without limitation" except when used in the computation of time
periods.

 

(e) The
term "or" has, except where otherwise indicated, the inclusive meaning represented by the
phrase "and/or".

 

(f) The
terms "Lender" and "Secured Party" include their respective successors.

 

(g)
References in this Agreement to any statute shall be to such statute as amended or modified and in effect from time to
time.

 

(h) Terms
defined in the UCC not otherwise defined herein shall have the respective meanings ascribed thereto in the UCC.

 

ARTICLE 2. RESERVED

 

 

ARTICLE 3. GRANT OF SECURITY INTEREST

 

3.1 Collateral. For
the purposes of this Agreement, all of the following property now owned or at any time hereafter acquired by Borrower or in
which Borrower now has or at any time in the future may acquire any right, title or interests is collectively referred to as
the "Collateral":

 

(a) all
Contract Rights;

 

(b)
all Deposit Accounts, including that certain account no. 14157671 in the name of Borrower maintained with Cadence Bank,
N.A.;

 

 

 

 

    	 	2	 

     

    

 

(c) all
books and records pertaining to the Collateral; and

 

(d)
to the extent not otherwise included, all proceeds and products of any and all of the foregoing, all Supporting Obligations
in respect of any of the foregoing and all collateral security and guarantees given by any person with respect to any of the
foregoing.

 

3.2 Grant
of Security Interest in Collateral. Borrower, as collateral security for the full, prompt and complete payment and
performance when due (whether at stated maturity, by acceleration or otherwise) of the indebtedness evidenced by the Note
(the "Indebtedness") owed by Borrower to Lender, hereby collaterally assigns, pledges and hypothecates to the
Lender a lien on and security interest in, all of its right, title and interest in, to and under the Collateral, in each
case, wherever located and now owned or at any time hereafter acquired by Borrower or in which Borrower now has or at any
time in the future may acquire any right, title or interest.

 

ARTICLE 4. REPRESENTATIONS
AND WARRANTIES

 

Borrower hereby represents and warrants to the Lender that:

 

4.1 Title;
No Other liens. Except for the security interest affecting the Collateral granted to the Lender, the Borrower owns each
item of Collateral free and clear of any and all liens or claims of others. No financing statement or other public notice
with respect to all or any part of the Collateral is on file or of record in any public office.

 

4.2 Contract
Rights. The Borrower will not consent to any amendment to or modification of the Contract Rights without Lender's prior
written consent.

 

ARTICLE 5. COVENANTS

 

Borrower
covenants and agrees with the Lender that, from and after the date of this Agreement until the Indebtedness shall have been paid
in full and final payment in cash:

 

5.1 Generally.
Borrower shall (a) not create or suffer to exist any lien upon or with respect to any of the Collateral, except the
security interest created by this Agreement; (b) not use or permit any Collateral to be used unlawfully or in violation of
any provision of this Agreement; (c) not sell, transfer or assign (by operation of law or otherwise) any Collateral; (d) not
enter into any agreement or undertaking restricting the right or ability of Borrower or the Lender to sell, assign or
transfer any of the Collateral; and (e) promptly notify the Lender of its entry into any agreement or assumption of
undertaking that restricts the ability to sell, assign or transfer any of the Collateral.

 

5.2 Maintenance
of Perfected Security Interest; Further Documentation.

 

(a)
Borrower shall maintain the security interest created by this Agreement as a perfected first priority security interest and
shall defend such security interest against the claims and demands of all persons whomsoever.

 

(b) At
any time and from time to time, upon the written request of the Lender, and at the sole expense of Borrower, Borrower will
promptly and duly execute and deliver, and have recorded, such further instruments and documents and take such further
actions as the Lender may reasonably request for the purpose of obtaining or preserving the full benefits of this Agreement
and of the rights and powers herein granted, including (i) the filing of any financing or continuation statements under the
UCC (or other similar laws) in effect in any jurisdiction with respect to the security interests created hereby, and (ii)
taking any actions necessary to enable the Lender to obtain and maintain Control with respect thereto.

 

 

 

 

    	 	3	 

     

    

 

5.3 Changes
in Name; Location, etc.

 

(a)
 Except upon 15 days' prior written notice to the Lender and delivery to the Lender of all additional financing
statements and other documents reasonably requested by the Lender to maintain the validity, perfection and first lien
priority of the security interests provided for herein, Borrower will not:

 

(i) change
its jurisdiction of organization; or

 

(ii) change
its name, identity or corporate structure to such an extent that any financing statement filed in connection with this
Agreement would become misleading.

 

(b)
Borrower will keep and maintain at its own cost and expense satisfactory and complete records of the Collateral, including a record
of all payments received and all credits granted with respect to the Collateral and all other dealings with the Collateral.

 

5.4 Notices.
Borrower will advise the Lender promptly, in reasonable detail, of:

 

(a) any lien on any
of the Collateral which could adversely affect the ability of the Lender to exercise any of its remedies hereunder;
and

 

(b) the
occurrence of any other event which could reasonably be expected to have a material adverse effect on the aggregate
value of the Collateral or on the security interests created hereby.

 

5.5
Reporting Requirement. The Borrower agrees to provide to Lender within 2 days after any filing with the Securities and
Exchange Commission, a copy of all documents comprising such filing.

 

5.6
Upfront Fee. The Borrower agrees to pay the Lender an upfront fee of $2,500.00 for the loan evidenced by the Note, which
fee is payable upon Borrower's execution of the Note. In addition, the Borrower agrees to pay the fees and costs of Lender's counsel
in connection with the preparation of this Agreement and the other loan documents and the perfection of Lender's security interest.

 

Further
Assurances. At any time and from time to time, upon the written request of the Lender, and at the expense of Borrower, Borrower
will promptly execute and deliver any and all such further instruments and documents and take such further action as is necessary
or reasonably requested further to perfect, or to protect the perfection of, the liens and security interests granted hereunder,
including the filing of any financing or continuation statements under the UCC in effect in any jurisdiction. In addition to the
foregoing, at any time and from time to time, upon the written request of the Lender, and at the expense of Borrower, Borrower
will promptly execute and deliver any and all such further instruments and documents as contemplated hereunder and take such further
action as the Lender determines is necessary or reasonably requested to obtain the full benefits of this Agreement and of the
rights and powers herein, including the filing of any financing or continuation statements under the UCC in effect in any jurisdiction
with respect to the liens and security interests granted hereby. Notwithstanding the foregoing, in no event shall the Lender have
any obligation to monitor the perfection or continuation of perfection or the sufficiency or validity of any security interest
in or related to the Collateral.

 

 

 

 

 

    	 	4	 

     

    

 

ARTICLE 6. REMEDIAL PROVISIONS

 

6.1 Certain
Matters Relating to Contract Rights. At any time after the occurrence and during the continuance of an Event of Default,
the Lender shall have the right to notify Chambers Energy Management, LP ("Chambers") and require that
Chambers pay any and all amounts payable to Borrower under the Contract Rights directly to Lender.

 

6.2 Proceeds to be Turned Over To Lender.
In addition to the rights of the Lender specified in Section 6.1, if an Event of Default shall occur and be continuing, all proceeds
of the Collateral received by Borrower shall be held by Borrower in trust for the Lender, segregated from other funds of Borrower,
and shall, forthwith upon receipt by Borrower, upon the request of the Lender, be turned over to the Lender in the exact form
received by Borrower (duly indorsed by Borrower to the Lender, if required).

 

6.3 Application of Proceeds. If an Event
of Default shall have occurred and be continuing, at any time at the Lender's election, the Lender may apply all or any part of
proceeds constituting Collateral, in payment of the Indebtedness. Any balance of such proceeds remaining after the Indebtedness
shall have been paid in full.

 

6.4 Code and Other Remedies.

 

(a)
If an Event of Default shall occur and be continuing, the Lender may exercise, in addition to all other rights and remedies
granted to it in this Agreement and in any other instrument or agreement securing, evidencing or relating to the
Indebtedness, all rights and remedies of a secured party under the UCC or any other applicable law. Without limiting the
generality of the foregoing, the Lender, without demand of performance or other demand, presentment, protest, advertisement
or notice of any kind to or upon Borrower or any other Person (all and each of which demands, defenses, advertisements and
notices are hereby waived to the fullest extent permitted by applicable law), may in such circumstances forthwith collect,
receive, appropriate and realize upon the Collateral, or any part thereof, and may forthwith sell, lease, assign, give option
or options to purchase, or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the
foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker's board or office of the
Lender or elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem best, for cash
or on credit or for future delivery without assumption of any credit risk. Lender shall have the right upon any such public
sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of
the Collateral so sold, free of any right or equity of redemption in Borrower, which right or equity is hereby waived and
released to the fullest extent permitted by applicable law. The Lender shall apply the net proceeds of any action taken by it
pursuant to this Section 6.4 with respect to the Collateral, after deducting all reasonable costs and expenses of every kind
incurred in connection therewith or incidental to the care or safekeeping of any of the Collateral or in any way relating to
the Collateral or the rights of the Lender hereunder with respect thereto, including reasonable attorneys' fees and
disbursements, to the payment in whole or in part of the Indebtedness and the obligations, indebtedness, and only after such
application and after the payment by the Lender of any other amount required by any provision of law, including Section
9-615(a)(3) of the UCC, need the Lender account for the surplus, if any, to Borrower. To the extent permitted by applicable
law and except as expressly provided herein, Borrower waives all claims, damages and demands it may acquire against the
Lender arising out of the exercise by them of any rights hereunder. If any notice of a proposed sale or other disposition of
Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least 10 days before such
sale or other disposition.

 

 

 

 

 

    	 	5	 

     

    

 

(b) In the
event that the Lender elects not to sell the Collateral, the Lender retains its rights to dispose of or utilize the
Collateral or any part or parts thereof in any manner authorized or permitted by law or in equity, and to apply the proceeds
of the same towards payment of the Indebtedness. Each and every method of disposition of the Collateral described in this
Agreement shall constitute disposition in a commercially reasonable manner.

 

(c) The
Lender may appoint any Person as agent to perform any act or acts necessary or incident to any sale or transfer of
the Collateral.

 

6.5 Deficiency. Borrower
shall remain liable for any deficiency if the Proceeds of any sale or other disposition of the Collateral are insufficient to
pay the Indebtedness.

 

6.6 Non-Judicial
Enforcement. The Lender may enforce its rights hereunder without prior judicial process or judicial hearing, and to the
extent permitted by law, Borrower expressly waives any and all legal rights which might otherwise require the Lender to
enforce its rights by judicial process.

 

ARTICLE 7. POWER OF ATTORNEY AND FURTHER
ASSURANCES

 

7.1 Lender's
Appointment as Attorney-in-Fact, Etc.

 

(a)
Borrower hereby irrevocably constitutes and appoints the Lender and any officer or agent thereof, with full power of substitution,
as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of Borrower and in the
name of Borrower or in its own name, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate
action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the purposes of
this Agreement, and, without limiting the generality of the foregoing, Borrower hereby gives the Lender the power and right, on
behalf of Borrower, without notice to or assent by Borrower, to do any or all of the following at any time upon the occurrence
and during the continuation of an Event of Default:

 

(i)
in the name of Borrower or its own name, or otherwise, take possession of and indorse and collect any checks, drafts, notes,
acceptances or other instruments for the payment of moneys due under any Contract Right or other Collateral and file any
claim or take any other action or proceeding in any court of law or equity or otherwise deemed appropriate by the Lender for
the purpose of collecting any and all such moneys due under any Contract Right or other Collateral whenever payable;

 

(ii)
execute, in connection with any sale provided for in Article 6, any endorsements, assignments or other instruments of
conveyance or transfer with respect to the Collateral;

 

(iii) (A)
direct any party liable for any payment under any of the Collateral to make payment of any and all moneys due or to
become due thereunder directly to the Lender or as the Lender shall otherwise direct; (B) ask for or demand, collect,
and receive payment of and receipt for, any and all moneys, claims and other amounts due or to become due at any time in
respect of or arising out of any Collateral; (C) sign and indorse any drafts against debtors, assignments, verifications,
notices and other documents in connection with any of the Collateral; (D) commence and prosecute any suits, actions or
proceedings at law or in equity in any court of competent jurisdiction that the Lender deems advisable to collect the
Collateral or any portion thereof and to enforce any other right in respect of any Collateral; (E) defend any suit, action or
proceeding brought against Borrower with respect to any Collateral that the Lender deems advisable; (F) settle, compromise or
adjust any such suit, action or proceeding and, in connection therewith, give such discharges or releases as the Lender may
deem appropriate; and (G) generally, sell, transfer, pledge and make any agreement with respect to or otherwise deal with any
of the Collateral as fully and completely as though the Lender were the absolute owner thereof for all purposes, and do, at
the Lender's option and Borrower's expense, at any time, or from time to time, all acts and things which the Lender deems
necessary to protect, preserve or realize upon the Collateral and the Lender's security interests therein and to effect the
intent of this Agreement, all as fully and effectively as Borrower might do.

 

 

 

    	 	6	 

     

    

 

(b)
If Borrower fails to perform or comply with any of its agreements contained herein, the Lender, at its option, but without
any obligation so to do, may perform or comply, or otherwise cause performance or compliance, with such agreement.

 

(c) The
expenses of the Lender incurred in connection with actions undertaken as provided in this Section 7.1, together with
interest thereon the default rate set forth in the Note, from the date of payment by the Lender to the date reimbursed by the
Borrower, shall be payable by Borrower to the Lender on demand.

 

(d) Borrower
hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof All powers, authorizations and
agencies contained in this Agreement are coupled with an interest and are irrevocable until this Agreement is terminated
and the security interests created hereby are released.

 

7.2
Authorization of Financing Statements. Borrower acknowledges that pursuant to Section 9-509(b) of the UCC and any other
applicable law, the Lender is authorized to file or record financing or continuation statements, and amendments thereto, and other
filing or recording documents or instruments with respect to the Collateral in such form and in such offices as the Lender reasonably
determines appropriate to perfect or maintain the perfection of the security interests of the Lender under this Agreement.

 

7.3
Further Assurances. Borrower agrees that from time to time, at the expense of Borrower, it shall promptly execute and deliver
all further instruments and documents and take all further action that may be necessary or desirable, or that the Lender may reasonably
request, in order to create and/or maintain the validity, perfection or priority of and protect any security interest granted
or purported to be granted hereby or to enable the Lender to exercise and enforce its rights and remedies hereunder in respect
of any Collateral. Without limiting the generality of the foregoing, Borrower shall:

 

(a) file
such financing or continuation statements, or amendments thereto, and execute and deliver such other agreements,
instruments, endorsements, powers of attorney or notices, as may be necessary or desirable, or as the Lender may reasonably
request, in order to effect, reflect, perfect and preserve the security interests granted or purported to be granted
hereby;

 

(b)
at the Lender's request, appear in and defend any action
or proceeding that may affect Borrower's title to or the Lender's interest in all or any part of the Collateral; and

 

(c)
furnish the Lender with such information regarding the Collateral, including, without limitation, the location thereof,
as the Lender may reasonably request from time to time.

 

 

 

    	 	7	 

     

    

 

ARTICLE 8. THE LENDER

 

8.2 Duty of Lender. The Lender's sole
duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under Section
9-207 of the UCC or otherwise, shall be to deal with it in the same manner as the Lender deals with similar property for its
own account. Neither the Lender, nor any of its respective officers, directors, employees or agents shall be liable for
failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any
obligation to sell or otherwise dispose of any Collateral upon the request of Borrower or any other Person or to take any
other action whatsoever with regard to the Collateral or any part thereof The powers conferred on the Lender hereunder are
solely to protect the Lender's interests in the Collateral and shall not impose any duty upon the Lender to exercise any such
powers. The Lender shall be accountable only for amounts that they actually receive as a result of the exercise of such
powers, and neither they nor any of their officers, directors, employees or agents shall be responsible to Borrower for any
act or failure to act hereunder, except for the Lender to the extent that any such act or failure to act is found by a final
decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such
Person.

 

ARTICLE 9. MISCELLANEOUS

 

9.1 Amendments
in Writing. None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified
except in accordance with a writing signed by Borrower and Lender.

 

9.2 No Waiver by Course of Conduct; Cumulative
Remedies. The Lender shall not by any act (except by a written instrument pursuant to Section 9.1), delay, indulgence, omission
or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default.
No failure to exercise, nor any delay in exercising, on the part of the Lender, any right, power or privilege hereunder shall
operate as a waiver thereof No single or partial exercise of any right, power or privilege hereunder shall preclude any other
or further exercise thereof or the exercise of any other right, power or privilege. A waiver by the Lender of any right or remedy
hereunder on any one occasion shall not be construed as a bar to any right or remedy which the Lender would otherwise have on
any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not
exclusive of any other rights or remedies provided by law.

 

9.3 Enforcement
Expenses; Indemnification.

 

(a) Borrower
agrees to pay, or reimburse the Lender for, all its costs and expenses incurred in enforcing or preserving any rights
under this Agreement and the Note, including the fees and disbursements of counsel to the Lender.

 

(b) Borrower
agrees to pay, and to save the Lender harmless from, any and all liabilities with respect to, or resulting from any delay
in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to
any of the Collateral or in connection with any of the transactions contemplated by this Agreement.

 

(c) Borrower
agrees to pay, and to save the Lender harmless from, any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution,
delivery, performance, administration or enforcement of this Agreement.

 

 (d) The agreements in this Section shall survive repayment of the Indebtedness.

 

 

 

 

    	 	8	 

     

    

 

9.4 Successors
and Assigns. This Agreement shall be binding upon the successors and assigns of Borrower and shall inure to the benefit of
the Lender and their successors and assigns; provided that Borrower cannot assign, transfer or delegate any of its rights
or obligations under this Agreement without the prior written consent of the Lender.

 

9.5
Set-Off. Borrower hereby irrevocably authorizes the Lender at any time and from time to time upon the occurrence and during
the continuance of an Event of Default, without prior notice to Borrower, any such notice being expressly waived by Borrower,
to set-off and appropriate and apply any and all deposits (general or special, time or demand, provisional or final), in any currency,
and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent,
matured or unmatured, at any time held or owing by the Lender or any branch or agency thereof to or for the credit or the account
of Borrower, or any part thereof in such amounts as the Lender may elect, against and on account of the Indebtedness, whether
arising hereunder, under the Note or otherwise, as the Lender may elect, whether or not the Lender has made any demand for payment
and although the Indebtedness may be unmatured. The Lender shall notify Borrower promptly of any such set-off and the application
made by the Lender of the Proceeds thereof, provided that the failure to give such notice shall not affect the validity
of such set-off and application. The rights of the Lender under this Section 9.6 are in addition to other rights and remedies
(including other rights of set-off) which the Lender may have.

 

9.6 Counterparts. This Agreement may be executed
by one or more of the parties to this Agreement on any number of separate counterparts (including by telecopy), and all of said
counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page
of this Agreement by facsimile or other electronic transmission (e.g. "pdf' or "tif' format) shall be effective as delivery
of a manually executed counterpart hereof.

 

9.7 Severability.Any provision of this
Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

9.8 Section Headings. The Section
headings used in this Agreement are for convenience of reference only and are not to affect the construction hereof or be taken
into consideration in the interpretation hereof.

 

9.9 Integration. This Agreement and the Note
represent the agreement of the Borrower and the Lender with respect to the subject matter hereof and thereof, and there are no
promises, undertakings, representations or warranties by the Lender relative to subject matter hereof and thereof not expressly
set forth or referred to herein or in the Note.

 

9.10 GOVERNING LAW. THIS AGREEMENT AND ANY
DISPUTE, CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS AGREEMENT (WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE) SHALL
BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF TEXAS WITHOUT REGARD TO CONFLICTS OF
LAW RULES THAT WOULD RESULT IN THE APPLICATION OF A DIFFERENT GOVERNING LAW (OTHER THAN ANY MANDATORY PROVISIONS OF THE UCC RELATING
TO THE LAW GOVERNING PERFECTION AND THE EFFECT OF PERFECTION OR PRIORITY OF THE SECURITY INTERESTS).

 

 

 

    	 	9	 

     

    

 

9.11 Submission
To Jurisdiction; Waivers. Borrower and the Lender hereby irrevocably and unconditionally:

 

(a)
submits for itself and its property in any legal action or proceeding relating to this Agreement and the Note to which it is
a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of
the Courts of the State of Texas and the courts of the United States of America for the Southern District of Texas located in
Houston, Texas, and appellate courts from any thereof;

 

(b)
consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or
hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought
in an inconvenient court and agrees not to plead or claim the same;

 

(c) agrees
that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified
mail (or any substantially similar form of mail), postage prepaid, to Borrower at 110 North 5th Street, Suite
410, Minneapolis, Minnesota 55403 DPBC99 or at such other address of which the Lender shall have been notified pursuant
thereto;

 

(d)
agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall
limit the right to sue in any other jurisdiction; and

 

(e) waives,
to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or
proceeding referred to in this Section 9.11 any special, exemplary, punitive or consequential damages.

 

9.12 Acknowledgements.
Borrower hereby acknowledges that:

 

(a)
it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents to which it is a party;

 

(b)
the Lender does not have any fiduciary relationship with or duty to Borrower arising out of or in connection with this
Agreement or the Note, and the relationship between Borrower, on the one hand, and the Lender, on the other hand, in
connection herewith or therewith is solely that of debtor and creditor.

 

9.13
WAIVER OF JURY TRIAL. BORROWER AND, BY ACCEPTANCE OF THE BENEFITS HEREOF, THE LENDER, HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY
COUNTERCLAIM THEREIN.

 

9.14 Conflicts. In
the event of a conflict between the terms and conditions of this Agreement and the terms and conditions of the Note, the
terms and conditions of the Note shall control.

 

9.15
Notices. All notices and other communications provided for in this Agreement shall be given in writing and made by facsimile
or mailed by certified mail return receipt requested, or delivered to the intended recipient at the address specified below; or,
as to any party at such other address as shall be designated by such party in a notice to the other party given in accordance
with this section. Except as otherwise provided in this Agreement, all such communications shall be deemed to have been duly given
when transmitted by facsimile or electronic transmission, subject to confirmation of receipt, or when personally delivered or,
in the case of a mailed notice, when duly deposited in the mail, postage prepaid, in each case given or addressed as aforesaid.

 

	 	If to Borrower:	If to Lender:
	 	Black Ridge Oil & Gas, Inc.	Cadence Bank, N.A.
	 	110 North 5th Street	2800 Post Oak Blvd., Suite 3800
	 	Minneapolis, Minnesota 55403 DPBC99	Houston, Texas 77056
	 	Attn:__________________
	Attn:__________________

	 	Fax No. _______________	Fax No. _______________

 

 

[Signature Page to Follow]

 

    	 	10	 

     

    

 

IN WITNESS WHEREOF, each
of the undersigned has caused this Agreement to be duly executed and delivered as of the date first written above.

 

 

	 	BORROWER:
	 	 
	 	BLACK RIDGE OIL & GAS, INC.,
	 	 	 
	 	By:	/s/ James A. Moe
	 	Name:	James A. Moe
	 	Title:	Chief Financial Officer

 

 

 

 

 

 

 

[Security Agreement Signature Page]

 

    	 	 	 

     

    

 

 

 

	 	SECURED PARTY:
	 	 
	 	CADENCE BANK, N.A.,
	 	 	 
	 	By:	/s/ Kyle Gruen
	 	Name:	 Kyle Gruen
	 	Title:	AVP

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