Document:

Exhibit

AMENDED AND RESTATED 
INDEMNIFICATION AGREEMENT 
This Amended and Restated Indemnification Agreement (“Agreement”) is made as of September 1, 2015 by and between hhgregg, Inc., an Indiana corporation (the “Company”), and ______________ (“Indemnitee”). 
RECITALS 
WHEREAS, highly competent persons have become more reluctant to serve corporations as directors unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the corporation; 
WHEREAS, directors and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself; 
WHEREAS, the Board of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities; 
WHEREAS, the Amended and Restated Articles of Incorporation of the Company (the “Articles”) and the Amended and Restated By-Laws of the Company (the “By-Laws”) require indemnification of the directors of the Company, and Indemnitee may also be entitled to indemnification pursuant to the Indiana Business Corporation Law, as amended (the “IBCL”); 
WHEREAS, the Articles, the By-Laws and the IBCL expressly provide that the indemnification provisions set forth therein are not exclusive and are in addition to any rights to which an eligible person may otherwise be entitled, and thereby contemplate that contracts may be entered into between the Company and members of the Board, and other persons with respect to indemnification; 
WHEREAS, the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons; 
WHEREAS, the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company’s shareholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future; 
WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified; 
WHEREAS, this Agreement is a supplement to and in furtherance of the Articles, the By-Laws and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; 
WHEREAS, Indemnitee does not regard the protection available under the Articles, the By-Laws, or insurance as adequate in the present circumstances, and may not be willing to serve as a director without adequate protection, and the Company desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that he be so indemnified; 
[WHEREAS, Indemnitee and hhgregg, Inc., a Delaware corporation and the predecessor to the Company (“hhgregg Delaware”), previously entered into an Amended and Restated Indemnity Agreement dated as of [October 25, 2012] (the “Prior Indemnification Agreement”), which Prior Indemnification Agreement shall continue to apply with respect to all indemnifiable events under the Prior Indemnification Agreement arising prior to the date hereof, and this Agreement shall apply with respect to all indemnifiable events under this Agreement arising on or after the date hereof]; and 
NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows: 
Section 1. Services to the Company. 
[(a)] Indemnitee agrees to serve as a director of the Company. Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by operation of law), in which event the Company shall have no obligation under this Agreement to continue Indemnitee in such position. This Agreement shall not be deemed an employment contract between the Company (or any of its subsidiaries or any Enterprise (as defined below)) and Indemnitee. Indemnitee specifically acknowledges that Indemnitee’s employment with the Company (or any of its subsidiaries or any Enterprise), if any, is at will, and Indemnitee may be discharged at any time for any reason, with or without cause, except as may be otherwise provided in any written employment contract between Indemnitee and the Company (or any of its subsidiaries or any Enterprise), other applicable formal severance policies duly adopted by the Board, or, with respect to service as a director of the Company, by the Articles, the By-Laws, and the IBCL. The foregoing notwithstanding, this Agreement shall continue in force after Indemnitee has ceased to serve as a director of the Company, its subsidiaries or any other Enterprise (as defined below) for which Indemnitee may agree to serve as a director at the request of the Company. 
[(b) The Company, as the successor to hhgregg Delaware, assumes and agrees to perform under the Prior Indemnification Agreement in the same manner and to the same extent that hhgregg Delaware would have been required to perform if no succession had taken place with respect to all indemnifiable events under the Prior Indemnification Agreement arising prior to the date hereof.  The Company and Indemnitee agree that this Agreement shall supersede and replace the Prior Indemnification Agreement with respect to all indemnifiable events under this Agreement arising on or after the date hereof.]
Section 2. Definitions. As used in this Agreement: 
(a) A “Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following events: 
i. Acquisition of Stock by Third Party. Any Person (as defined below), other than FS Capital Partners V, LLC (“Investor”) or its Affiliates (as defined below), is or becomes the Beneficial Owner (as defined below), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the combined voting power of the Company’s then outstanding securities; 
ii. Change in Board of Directors. During any period of two (2) consecutive years (not including any period prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in Sections 2(a)(i), 2(a)(iii) or 2(a)(iv)) whose election by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the members of the Board; 
iii. Corporate Transactions. The effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 51% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the board of directors or other governing body of such surviving entity; 
iv. Liquidation. The approval by the shareholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets; and 
v. Other Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined below), whether or not the Company is then subject to such reporting requirement. 
For purposes of this Section 2(a), the following terms shall have the following meanings: 
(A) “Affiliate” shall have the meaning given to such term pursuant to Rule 12b-2 promulgated under the Exchange Act (as defined below) and, with respect to Investor, shall include (i) Freeman Spogli & Co. V, L.P. and any of its direct or indirect wholly owned subsidiaries and (ii) FS Equity Partners V, L.P. or any investment fund or partnership that is organized and controlled by three or more of the principals of Freeman Spogli & Co. V, L.P. 
(B) “Beneficial Owner” shall have the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however, that Beneficial Owner shall exclude any Person otherwise becoming a Beneficial Owner by reason of the shareholders of the Company approving a merger of the Company with another entity. 
(C) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
(D) “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that Person shall exclude (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (iii) any corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of stock of the Company. 
(b) “Corporate Status” describes the status of a person who is or was a director, officer, employee or agent of the Company or of any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise at which such person is or was serving at the request of the Company. 
(c) “Disinterested Director” means a director of the Company who is not and was not a party to, nor an officer, a director or partner of a party to, the Proceeding in respect of which indemnification is sought by Indemnitee. 
(d) “Enterprise” shall mean the Company and any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise, whether for profit or not, of which Indemnitee is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary. 
(e) “Expenses” shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses also shall include (i) Expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent, (ii) any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, (iii) all interest, assessments and other charges paid or payable in connection with or in respect of the Expenses, and (iv) for purposes of Section 12(d) only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee. 
(f) “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto. 
(g) The term “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or other proceeding, whether brought in the right of the Company or otherwise, whether of a civil, criminal, administrative or investigative nature, and whether formal or informal, in which Indemnitee was, is or will be involved as a party or otherwise by reason of the fact that Indemnitee is or was a director of the Company, by reason of any action taken by him or of any action on his part while acting as director of the Company, or by reason of the fact that he is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other Enterprise, in each case whether or not serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement, or advancement of expenses can be provided under this Agreement; except one initiated by an Indemnitee to enforce his rights under this Agreement. 
(h) References to “fines” shall include any excise tax assessed with respect to any employee benefit plan; references to “serving at the request of the Company” shall include any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or its beneficiaries; and a person who acted in good faith and in a manner he reasonably believed to be in the best interests of the participants in and beneficiaries of an employee benefit plan shall be deemed to have acted in manner “not opposed to the best interests of the Company” as referred to in this Agreement. 
Section 3. Indemnity in Proceedings. The Company shall indemnify Indemnitee in accordance with the provisions of this Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding. Pursuant to this Section 3, Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Expenses, losses, liabilities, judgments, penalties, fines and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of any such Expenses, losses, liabilities, judgments, fines, penalties or amounts paid in settlement) actually and reasonably incurred by Indemnitee or on his behalf in connection with such Proceeding or any claim, issue or matter therein; provided that it is determined (in accordance with Section 10(a)) in the specific case that indemnification of such person is permissible under the circumstances because such person has met the standard of conduct for indemnification specified in Section 23-1-37-8 of the IBCL. 
Section 4. Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of this Agreement, to the fullest extent permitted by applicable law and to the extent that Indemnitee is a party to (or a participant in) and is wholly successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter. If Indemnitee is not wholly successful in such Proceeding, the Company also shall indemnify Indemnitee against all Expenses reasonably incurred in connection with a claim, issue or matter related to any claim, issue, or matter on which Indemnitee was successful. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 
Section 5. Indemnification For Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the fullest extent permitted by applicable law and to the extent that Indemnitee is, by reason of his Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. 
Section 6. Additional Indemnification. 
(a) Notwithstanding any limitation in Section 3 or Section 4, the Company shall indemnify Indemnitee to the fullest extent permitted by applicable law if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, losses, liabilities, judgments, penalties, fines and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of any such Expenses, losses, liabilities, judgments, fines, penalties or amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection with the Proceeding. 
(b) For purposes of Section 6(a), the meaning of the phrase “to the fullest extent permitted by applicable law” shall include, but not be limited to: 
i. to the fullest extent permitted by the provision of the IBCL that authorizes or contemplates additional indemnification by agreement, or the corresponding provision of any amendment to or replacement of the IBCL, and 
ii. to the fullest extent authorized or permitted by any amendments to or replacements of the IBCL adopted after the date of this Agreement that increase the extent to which a corporation may indemnify its directors. 
Section 7. Exclusions. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity in connection with any claim made against Indemnitee: 
(a) for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except with respect to any excess amount to which Indemnitee is entitled under this Agreement beyond the amount paid under any insurance policy or other indemnity provision; provided that the foregoing shall not affect the rights of Indemnitee or any equity holder of the Company or any Affiliate thereof set forth in Section 13(c) and 13(e) of this Agreement; or 
(b) for (i) an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act (as defined in Section 2(a)), or similar provisions of state statutory law or common law, or (ii) any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act; or 
(c) except as provided in Section 12(d), in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board of Directors of the Company authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law. 
Section 8. Advances of Expenses. Notwithstanding any provision of this Agreement to the contrary, upon (i) receipt of a written affirmation of Indemnitee’s good faith belief that he has met the standard of conduct prescribed by the IBCL; (ii) receipt of a written undertaking of Indemnitee to repay the amount paid by the Company if it is ultimately determined that Indemnitee is not entitled to indemnification by the Company; and (iii) a determination (made in accordance with Section 10(a)) that the facts then known to those making the determination would not preclude indemnification under the IBCL, the Company shall advance, to the extent not prohibited by law, the expenses incurred by Indemnitee in connection with any Proceeding, and such advancement shall be made within 30 days after the receipt by the Company of a statement or statements requesting such advances from time to time, whether prior to or after final disposition of any Proceeding. Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee’s ability to repay the expenses and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred pursuing an action to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances claimed. This Section 8 shall not apply to any claim made by Indemnitee for which indemnification is excluded pursuant to Section 7. 
Section 9. Procedure for Notification and Defense of Claim. 
(a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of such action, suit or proceeding. The delay or omission to notify the Company will not relieve the Company from any liability which it may have to Indemnitee under this Agreement. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification. 
(b) The Company will be entitled to participate in the Proceeding at its own expense. 
Section 10. Procedure Upon Application for Indemnification. 
(a) Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 9(a) or for advances pursuant to the first sentence of Section 8, a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case: (i) if a Change in Control shall have occurred, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (ii) if a Change in Control shall not have occurred, (A) by a majority vote of the Disinterested Directors, provided that such directors constitute a quorum of the Board, (B) if a quorum of the Board cannot be obtained under the foregoing clause (A), by a committee of two or more Disinterested Directors designated by a majority vote of members of the Board (including directors other than Disinterested Directors) constituting a quorum of the Board, (C) if there are not at least two Disinterested Directors or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee or (D) if so directed by the Board, by the shareholders of the Company (excluding shares owned by or voted under the control of directors that are at the time parties to the Proceeding); provided, however, that if Independent Counsel makes the determination that Indemnitee is entitled to indemnification under the IBCL, the authorization of indemnification and the evaluation as to reasonableness of expenses shall be made by the persons set forth in the foregoing clause (ii)(A) or, if necessary, clause (ii)(B) or, if a quorum cannot be obtained under clause (ii)(A) and a committee cannot be designated under clause (ii)(B), by majority vote of the members of the Board (including directors other than Disinterested Directors). If, upon written request made by Indemnitee pursuant to Section 9(a), it is so determined that Indemnitee is entitled to indemnification under the IBCL, payment to Indemnitee of all authorized indemnification amounts, including expenses determined to be reasonable, shall be made within ten (10) days after such determination. 
(b) In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 10(a) hereof, the Independent Counsel shall be selected as provided in this Section 10(b). If a Change in Control shall not have occurred, the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising him of the identity of the Independent Counsel so selected. If a Change in Control shall have occurred, the Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board, in which event the preceding sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within 10 days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If, within 20 days after the later of submission by Indemnitee of a written request for indemnification pursuant to Section 9(a) hereof and the final disposition of the Proceeding, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the Court or by such other person as the Court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 10(a) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 12(a) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing). 
(c) Indemnitee shall cooperate with the person, persons or entity making the determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. 
Section 11. Presumptions and Effect of Certain Proceedings. 
(a) In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 9(a) of this Agreement, and the Company shall, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of the Company (including by its directors or independent legal counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by its directors or independent legal counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct. 
(b) Subject to Section 12(e), if the person, persons or entity empowered or selected under Section 10(a) to determine whether Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent not prohibited by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that such 60-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto; and provided, further, that the foregoing provisions of this Section 11(b) shall not apply (i) if the determination of entitlement to indemnification is to be made by the shareholders pursuant to Section 10(a) and if (A) within fifteen (15) days after receipt by the Company of the request for such determination the Board of Directors has resolved to submit such determination to the shareholders for their consideration at an annual meeting thereof to be held within seventy five (75) days after such receipt and such determination is made thereat, or (B) a special meeting of shareholders is called within fifteen (15) days after such receipt for the purpose of making such determination, such meeting is held for such purpose within sixty (60) days after having been so called and such determination is made thereat, or (ii) if the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 10(a). 
(c) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did meet the standard of conduct for indemnification specified in Section 23-1-37-8 of the IBCL. 
(d) Reliance as Safe Harbor. For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with the reasonable care by the Enterprise. The provisions of this Section 11(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement. 
(e) Actions of Others. The knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. 
Section 12. Remedies of Indemnitee. 
(a) Subject to Section 12(e), in the event that (i) a determination is made pursuant to Section 10 that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 8, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 10(a) within 90 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 4 or Section 5 or the last sentence of Section 10(a) of this Agreement within ten (10) days after receipt by the Company of a written request therefor, (v) payment of indemnification pursuant to Section 3 or Section 6 is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or (vi) in the event that the Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or Proceeding designed to deny, or to recover from, Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by a court of his entitlement to such indemnification or advancement of Expenses. Alternatively, Indemnitee, at his option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 12(a); provided, however, that the foregoing clause shall not apply in respect of a proceeding brought by Indemnitee to enforce his rights under Section 4. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration. 
(b) In the event that a determination shall have been made pursuant to Section 10(a) that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 12 shall be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 12 the Company shall have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be. 
(c) If a determination shall have been made pursuant to Section 10(a) that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. 
(d) The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement. It is the intent of the Company that Indemnitee not be required to incur legal fees or other Expenses associated with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by litigation or otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended to Indemnitee hereunder. The Company shall indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written request therefore) advance, to the extent not prohibited by law, such expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement or under any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of Expenses or insurance recovery, as the case may be. 
(e) Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be required to be made prior to the final disposition of the Proceeding. 
Section 13. Non-exclusivity; Survival of Rights; Insurance; Subrogation. 
(a) The rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Articles, the By-Laws, any agreement, a vote of shareholders or a resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in Indiana law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the Articles, the By-Laws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. 
(b) To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents of the Company or of any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise which such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee or agent under such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has director and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies. 
(c) In the event of any payment under this Agreement, the Company shall, except as provided in clause (iii) of Section 13(e) below, be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. In the event of payment by any equity holder of the Company or any Affiliate of any such equity holder (other than the Company) under any other agreement or instrument of any indemnification payments or advances to Indemnitee in respect of any Expenses, losses, liabilities, judgments, fines, penalties or amounts paid in settlement for which the Company would also be obligated pursuant to this Agreement, (i) such equity holder or Affiliate shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee under this Agreement, who shall execute such documents and do such acts as such equity holder or Affiliate may reasonably request and cooperate with such equity holder or Affiliate, in each case to the extent necessary to secure such rights and to enable such equity holder or Affiliate to effectively bring suit to enforce such rights and (ii) the Company shall reimburse such equity holder or Affiliate in full on demand in accordance with the last sentence of Section 13(e). 
(d) Except as provided in Section 13(e), the Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable (or for which advancement is provided) hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise. 
(e) To the extent that Indemnitee is entitled to be indemnified by the Company under this Agreement and by any equity holder of the Company or any Affiliate of any such equity holder (other than the Company) under any other agreement or instrument, or by any insurer under a policy maintained by any such equity holder or Affiliate, (i) the obligations of the Company hereunder shall be primary, and the obligations of such equity holder, Affiliate or insurer secondary, (ii) Indemnitee shall proceed first against the Company and any insurer under any policy maintained by the Company, second, if indemnification is not provided by the Company or any such insurer on a timely basis, against any insurer under a policy maintained by any such equity holder or Affiliate, and third, if indemnification is not provided by the Company, any insurer under a policy maintained by the Company and any insurer under a policy maintained by any such equity holder or Affiliate on a timely basis, against any equity holder or Affiliate of such equity holder for whose benefit Indemnitee holds his or her Corporate Status, and (iii) the Company shall not be entitled to contribution or indemnification from or subrogation against any such equity holder, Affiliate or insurer under a policy maintained by any such equity holder or Affiliate. In the event that any such equity holder or Affiliate makes indemnification payments or advances to Indemnitee in respect of any Expenses, losses, liabilities, judgments, fines, penalties or amounts paid in settlement for which the Company would also be obligated pursuant to this Agreement, the Company shall indemnify, reimburse and hold harmless such equity holder or Affiliate in full on demand. 
(f) The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company as a director, officer, employee or agent of any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of expenses from such other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise. 
Section 14. Duration of Agreement; Successors and Assigns. This Agreement shall continue until and terminate upon the later of: (a) 10 years after the date that Indemnitee shall have ceased to serve as a director of the Company, any subsidiary or other Enterprise or (b) 1 year after the final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 12 relating thereto. This Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), and shall inure to the benefit of Indemnitee and his or her heirs, assigns, executors, devisees and administrators and other legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. 
Section 15. Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. 
Section 16. Enforcement. 
(a) The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director of the Company. 
(b) This Agreement and the Prior Indemnification Agreement constitute the entire agreement between the parties hereto with respect to the subject matter hereof and supersede all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Articles, the By-Laws and applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder. 
Section 17. Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the parties thereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver. 
Section 18. Notice by Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise. 
Section 19. Notices. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, (b) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed, (c) mailed by reputable overnight courier and receipted for by the party to whom said notice or other communication shall have been directed or (d) sent by facsimile transmission, with receipt of oral confirmation that such transmission has been received: 
(a) If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide to the Company. 
(b) If to the Company to: 
hhgregg, Inc.  
4151 East 96th Street  
Indianapolis, Indiana 46240  
Facsimile No.: (317) 848-8768  
Attention: Chief Executive Officer 
or to any other address as may have been furnished to Indemnitee by the Company. 
Section 20. Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). 
Section 21. Applicable Law; Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Indiana, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant to Section 12(a) hereof, the Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Marion Superior Court (Marion County, Indiana) (or, if the Marion Superior Court lacks jurisdiction, the United States District Court for the Southern District of Indiana) (the “Indiana Court”), and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Indiana Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) waive any objection to the laying of venue of any such action or proceeding in the Indiana Court, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Indiana Court has been brought in an improper or inconvenient forum. 
Section 22. Identical Counterparts. This Agreement may be executed in one or more counterparts, including by facsimile or pdf, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement. 
Section 23. Third Party Beneficiaries. The equity holders of the Company and any Affiliate of any such equity holder (other than the Company) are express third-party beneficiaries of this Agreement, are entitled to rely upon this Agreement, and may specifically enforce the Company’s obligations hereunder (including but not limited to the obligations specified in Sections 13(c) and 13(e) of this Agreement). 
Section 24. Limitation of Liability. To the maximum extent permitted by applicable law, if Indemnitee is, has been or in the future becomes a director or officer of the Company or any of its subsidiaries or other Enterprise at the request of the Company, Indemnitee shall not be personally liable to the Company or any such subsidiary or Enterprise or to the equity holders of the Company or any such subsidiary or Enterprise for monetary damages. If applicable law shall be amended to permit further elimination or limitation of the personal liability of directors, then the liability of Indemnitee shall, automatically, without any further action, be eliminated or limited to the fullest extent permitted by the IBCL or such other applicable law as so amended. 
Section 25. Miscellaneous. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 

IN WITNESS WHEREOF, the parties have caused this Amended and Restated Indemnification Agreement to be signed as of the day and year first above written. 
hhgregg, Inc.                        INDEMNITEE:

By:                                                 
                            Name:  
Address:                     
                                                 
                                                

1
US.96704182.02Exhibit 10.1

 

CHANGE OF CONTROL AGREEMENT

 

This Change of Control Agreement
(“Agreement”) is hereby entered into on this 1st day of September, 2015, by and between CHEMUNG CANAL TRUST COMPANY,
a trust company chartered under the laws of the State of New York with its principal office located at One Chemung Canal Avenue,
Elmira, New York 14902 (“Bank”), and Thomas W. Wirth, of 1720 Parker Road, Elmira, New York 14905 (“Executive”).

 

WHEREAS, Executive serves as the Executive Vice President of the Bank;
and

 

WHEREAS, the Bank desires to set forth the severance benefits Executive
would receive in the event of a termination of Executive’s employment with the Bank following the occurrence of a Change
of Control;

 

NOW THEREFORE, to ensure Executive’s continued dedication to the
Bank and to induce Executive to remain and continue in the employ of the Bank, and for other good and valuable consideration, the
receipt and adequacy of which is hereby acknowledged, the parties hereby agree as follows:

 

1. CHANGE OF CONTROL. This Agreement shall become operative only
if and when there has occurred a “Change of Control” of the Bank. A “Change of Control” shall mean (1)
any merger, consolidation or other corporate reorganization in which the Bank is not the surviving corporation, (2) the event that
any “person” (as that term is used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934) becomes the
beneficial owner, directly or indirectly, of securities of the Bank representing thirty percent (30%) or more of the combined voting
power of the Bank’s then outstanding securities, provided that the acquisition of additional securities or voting power by
a person who, as of the date of this Agreement, already is the direct or indirect beneficial owner of twenty percent (20%) of such
combined voting power, shall not constitute a Change of Control, or (3) the event in which a majority of the members of the Bank’s
Board of Directors is replaced during any twenty-four (24) month period by Directors whose appointment or election is not endorsed
by two-thirds (2/3) of the members of the Bank’s Board of Directors prior to the date of appointment or election.

 

2. TERMINATION.

 

(a)If, after the occurrence of a Change of Control, Executive’s employment
is terminated by the Bank without Cause within the twelve (12) month period immediately following the effective date of the Change
of Control or if the Executive terminates his or her employment with the Bank for any reason, within such period, the Bank shall
pay to Executive, in addition to any other compensation, remuneration, or benefits due to Executive under any other plan, contract,
or arrangement with the Bank, the Severance Pay described in Section 3 of this Agreement in equal monthly installments for the
twenty-four (24) months immediately following the effective date of the termination of Executive’s employment, with the first
such installment to be paid on the first day of the first month immediately following the month in which Executive’s employment
is terminated.

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(b)For the purposes of this section, the Bank shall have “Cause” to terminate
Executive’s employment if Executive engages in personal dishonesty, willful misconduct, breach of fiduciary duty, willful
violation of any law, rule, or regulation (other than traffic violations or similar offenses), gross insubordination, or gross
negligence. For the purposes of this paragraph, no act or failure to act shall be considered “willful” unless done
or omitted to be done, by the Executive not in good faith and without a reasonable belief that Executive’s action or omission
is in the best interests of the Bank. In no event shall Executive be deemed to have been terminated for Cause unless and until
there shall have been delivered to Executive a copy of a certification by a majority of the non-officer members of the Board of
Directors finding that the Executive was guilty of conduct deemed to be Cause within the meaning of this paragraph.

 

3. SEVERANCE PAY. Except as provided in Section 4 of this Agreement,
Severance Pay payable to the Executive pursuant to this Agreement shall mean two (2.0) times the highest annual compensation (including
only salary and bonuses) paid by the Bank to Executive for any of the two (2) calendar years ending with the year in which Executive’s
employment is terminated. Severance Pay shall be reduced by all amounts that are required to be withheld or deducted under federal,
state or municipal law.

 

4. LIMITATIONS ON SEVERANCE PAY.

 

(a)Notwithstanding any other provision of this Agreement, in no event shall the Bank
be required to pay to Executive any amount under this Agreement which would, in the opinion of counsel to the Bank, constitute
an “excess parachute payment” as that term is defined by Section 280G and/or Section 4999 of the Code. The Bank shall
not be required to make any payment under this Agreement if, in the opinion of counsel to the Bank, such payment or the amount
thereof would violate any applicable Federal, state or local law or regulation.

 

(b)  In the event that the Bank is notified of any determination by counsel to the
Bank that the Bank’s payment of any amount under this Agreement would violate paragraph 4(a), the Bank shall provide Executive
written notice of such determination within five (5) business days of the date of such determination, which notice shall indicate
the amount by which any payment will be reduced as a result of such determination.

 

(c)All payments of Severance Pay pursuant to this Agreement shall be reduced by the
Bank as may be necessary to avoid violation of this Section 4. In the event that any government or other authority of competent
jurisdiction determines that any amount received by Executive pursuant to this Agreement constitutes an “excess parachute
payment,” or unreasonable compensation for the services performed or to be performed by Executive for the Bank, Executive
agrees to immediately repay to the Bank the amount determined to be an “excess parachute payment” or unreasonable compensation.
In the event that any such authority determines that any aspect of the transactions between Executive and the Bank pursuant to
this Agreement violates any federal, state or local law or regulation, the parties hereto agree to cooperate to take all steps
necessary to cure such violation.

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5. REGULATORY LIMITS. The provisions of this Section 5 shall control
as to continuing rights and obligations under this agreement notwithstanding any other provision of this Agreement, for so long
as the Bank shall be regulated by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation,
the New York State Banking Department or any other federal or state banking agency (each a “Regulator”).

 

(a)All obligations under this Agreement shall be terminated, except to the extent
determined by any Regulator that continuation thereof is necessary for the continued operation of the Bank at the time the Regulator
enters into an agreement to provide assistance to or on behalf of the Bank, or approves a supervisory merger to resolve problems
related to the operation of the Bank, or when the Bank is determined by a Regulator to be in an unsafe or unsound condition, notwithstanding
the vesting of any rights of the parties.

 

(b)All obligations under this Agreement shall be subject to and conditioned upon
the Bank’s satisfaction of and compliance with all state and federal laws, rules, and regulations applicable to the Bank,
notwithstanding the vesting of any rights hereunder. The Bank shall be relieved of all obligations under this Agreement to the
extent that performance or satisfaction of such obligations would violate or be inconsistent with any federal or state law, rule,
or regulation (including, without limitation, safety and soundness standards and related regulatory guidance), any order, directive
or notice from a Regulator, or any formal or informal agreement, safety and soundness compliance plan, or other agreement or plan
entered into by and between the Bank and any Regulator. Whether the obligations of this Agreement are inconsistent with any law,
rule, regulation, order, directive, notice, agreement, or plan just described shall be deemed determined if so found by any Regulator
or by an opinion of the Bank’s counsel, a copy or written summary of which finding or opinion of counsel shall be provided
by the Bank to Executive within five (5) business days of the Bank’s notice of such a determination.

 

(c)The payment, accrual and/or vesting of any Severance Pay shall be suspended in
the event the Bank receives any notice from any Regulator indicating an intent to issue an order or directive requiring the Bank
to take prompt corrective action or to take or refrain from taking any other action.

 

(d) In the event that any Regulator terminates or requires the Bank by order or directive
to terminate Executive, Bank shall be relieved of all obligations under this Agreement and this Agreement shall be terminated and
shall have no further force and effect.

 

(e) In the event that the Bank is relieved of any or all of its obligations under
this Agreement as a result of the application of this Section 5 or that any or all of such obligations is suspended, the Bank shall
provide, within five (5) business days of the Bank’s notice of relief or suspension, written notice to Executive describing
the extent to which the Bank has been relieved of its obligations under this Agreement or to which such obligations have been suspended
and the reason(s) therefor.

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6. SUCCESSORS. This Agreement shall inure to the benefit of and
be enforceable by Executive’s personal representatives and heirs. In the event that Executive dies while any amounts remain
payable to Executive hereunder, all such amounts shall be paid in accordance with the terms of this Agreement to designee(s) or,
if there is no such designee, to Executive’s estate.

 

7. SEVERABILITY. In the event that any court or other authority
of competent jurisdiction determines that any provision of this Agreement is invalid, illegal or unenforceable, such invalidity,
illegality or unenforceability shall be limited to such provision and shall not affect the validity, legality, or enforceability
of any other provision. Any provision in this Agreement which is invalid, illegal or unenforceable in any jurisdiction shall, as
to such jurisdiction, be invalid, illegal or unenforceable, only to the extent required by such jurisdiction and without rendering
such provision invalid, illegal, or unenforceable in any other jurisdiction.

 

8. NO RIGHT TO CONTINUE EMPLOYMENT. This Agreement shall not give
Executive any right to remain in the employ of the Bank. Subject to the severance provisions in this Agreement or in any other
written agreement between the Bank and Executive, the Bank reserves the right to terminate Executive’s employment at any
time.

 

9. AMENDMENT; WAIVER. No provision of this Agreement may be modified
or waived except by a written instrument executed by Executive and on behalf of the Bank by an authorized representative, which
instrument specifically refers to this Section 9. No waiver of compliance with any condition or provision of this Agreement shall
be deemed or constitute a waiver of any other provision or condition of this Agreement and shall not operate to preclude or limit
any future waivers or modifications of the Agreement.

 

10. NOTICES. For the purposes of this Agreement, notices and all
other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered
or mailed by United States first-class registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

 

	 	If to Executive:	1720 Parker Road
	 	 	Elmira, New York 14905
	 	 	 
	 	If to the Bank:	Chemung Canal Trust Company
	 	 	One Chemung Canal Plaza
	 	 	P.O. Box 1522
	 	 	Elmira, New York 14902-1522

 

or at such other address as any party may furnish to the other in writing. Notices of change
of address shall be effective only upon receipt.

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11. ENTIRE AGREEMENT. This Agreement constitutes the entire agreement
between the parties and supersedes all current and prior agreements and understandings, whether written or oral, between the parties,
with respect to the subject matter hereof.

 

12. GOVERNING LAW. This Agreement shall be interpreted and construed
in accordance with the laws of the State of New York, without regard to any conflicts of law rules or principles.

 

13. JURISDICTION; VENUE; WAIVER OF JURY TRIAL. The Bank and Executive
agree that any action or proceeding seeking to enforce any provision of, or based on any claim arising out of, or otherwise relating
to this Agreement shall be brought in the courts of the State of New York, or, if it has or can acquire jurisdiction, in the United
States District Court for the Western District of new York. The Bank and Executive each give their consent to the jurisdiction
of these courts in any such action or proceeding and hereby waive any object to venue being laid in such courts. The Bank and Executive
further agree to waive their respective rights to a trial by jury in any such action or proceeding.

 

14. SECTION HEADINGS. All Section headings herein are included
for the purposes of convenience only and shall not be deemed to have any effect on the construction or interpretation of any provision
of this Agreement.

 

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

 

	 		CHEMUNG CANAL TRUST COMPANY,
	 	 	
	 	 	 
	 		By: _/s/ Ronald M. Bentley____________________
	 	 	       Its: Chief Executive Officer
	 	 	 
	 	 	 
	 	 	EXECUTIVE
	 	 	 
	 	 	 
	 	 	_/s/ Thomas W. Wirth________________________

 

 

 

 

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