COLE LOREN D 4

What Happened
Loren D. Cole, EVP & CIO of Chemung Financial Corp (CHMG), had 119 shares withheld to satisfy a tax liability related to equity compensation. The withholding was executed at a price of $55.52 per share, representing a value of $6,607, and was reported on Form 4 for the transaction date 2026-02-27.

Key Details

• Transaction date: 2026-02-27; Filing date: 2026-03-02 (appears timely under the two-business-day Rule 16b-3 reporting window).
• Action: Tax withholding (code F) — 119 shares withheld/ disposed at $55.52 each.
• Total value of shares withheld: $6,607.
• Shares owned after transaction: Not specified in the information provided.
• Footnote: F1 indicates shares may include dividends issued under the issuer’s Dividend Reinvestment Plan.

Context
Withholding shares to cover taxes is a routine administrative step following option exercises or vesting of awards and does not, by itself, indicate a buy or sell decision about the company’s stock. This is a disposition solely to satisfy tax withholding obligations rather than an open-market sale.