0000717538-09-000045 Sample Contracts

EMPLOYMENT AGREEMENT
Employment Agreement • March 6th, 2009 • Arrow Financial Corp • National commercial banks • New York

EMPLOYMENT AGREEMENT executed as of this 29th day of December, 2008 (“Agreement”) among ARROW FINANCIAL CORPORATION, a New York corporation with its principal place of business at 250 Glen Street, Glens Falls, New York 12801 ("Arrow"), its wholly-owned subsidiary, GLENS FALLS NATIONAL BANK AND TRUST COMPANY, a national banking association with its principal place of business at 250 Glen Street, Glens Falls, New York 12801 (the "Bank"), and THOMAS L. HOY, 250 Glen Street, Glens Falls, NY 12801 (the "Executive"). The effective date of this Agreement shall be January 1, 2009. Capitalized terms used herein shall have the meanings given such terms in Paragraph 11 of this Agreement, or if not included therein, the meanings currently ascribed to such terms.

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AMENDED AND RESTATED CONSULTING AGREEMENT
Consulting Agreement • March 6th, 2009 • Arrow Financial Corp • National commercial banks • New York

THIS AMENDED AND RESTATED CONSULTING AGREEMENT, made and entered into as of the 29th day of December, 2008 (the “Agreement”), by and between Arrow Financial Corporation, a New York corporation (“AFC,” together with its subsidiaries and affiliates, the “Company”), and John J. Murphy (“Adviser”).

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