Labs are a stoic breed... not much fazes them, as they are too 'into' doing things other than complaining. However, a 10 year old lab is going to have more aches and pains than when younger. Also, restless and panting may indicate a sign of shortness of breath, you know the feeling when you have to take a deep breath once in a while. It 'feels' like that would help, and this is what may also be going on with her.
Fatty tumors do grow with time, but in the neck, if it is on the back of her neck, there is little but strong muscle there. I would be surprised if this was causing her any problem, but having that checked while looking into other possibilities is well advised, too. Fatty tumors can and do occur anywhere, usually in older animals, and are benign. They are just that... fatty deposits. Why they choose to appear where they do is speculation. I wonder if it may not be due to a previous injury, like a bruise, that changed the nature of the fatty tissue which may have also been involved. Occasionally they appear deep in muscle tissue, as between individual muscles, and interfere with normal motion. When this happens, it is usually corrective to remove the offending tumor.
Drinking more may be due to her panting... it is drying her mouth more than normal nasal breathing. If this increase in water intake is also accompanied by an increase in urination, there are some other problems this MAY be indicative of.
Arthritic 'pain' usually manifests itself with having to move, not constantly, while at rest or trying to get so. Discomfort, from whatever... may not be painful, just discomforting... is frequently accompanied with restlessness. Any pain, even mild, often creates panting which is not related to any respiratory demands.
So, the diagnostic consensus in this case appears to be... you need to see your vet. He will let you know what is up, or will find out.
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