McKim Dale M. III 4

What Happened
Dale M. McKim III, EVP, Chief Financial Officer & Treasurer of Chemung Financial Corp. (CHMG), had 147 shares withheld on 2026-02-27 to satisfy a tax liability related to an equity award or option exercise. The withholding was recorded at $55.52 per share for a total of approximately $8,161. This is a tax-withholding disposal (code F), not an open-market sale.

Key Details

• Transaction date: 2026-02-27
• Transaction type/code: Payment of tax liability by share withholding (Code F)
• Shares withheld/disposed: 147 shares
• Price used: $55.52 per share
• Total value of withheld shares: ~$8,161
• Shares owned after transaction: Not specified in the provided filing
• Filing date: 2026-03-02 — filing appears timely (within required reporting window)
• Footnote: Code F indicates shares were withheld to cover taxes (routine administrative action)

Context
Withholding shares to cover tax obligations is a common administrative step when equity awards vest or options are exercised and does not represent an open-market sale or a directional bet by the insider. For retail investors, purchases are typically more informative about insider sentiment; tax-withholding disposals are routine and should be interpreted accordingly.