Form 4: Chemung Financial CFO Reports Routine Stock Disposition for Tax Obligations
Insider Transaction Report
Chemung Financial Corp's EVP, CFO & Treasurer, Dale M. McKim III, reported the disposition of 187 shares of common stock at $50.42 per share to cover tax withholding obligations, executed under a Rule 10b5-1 plan.
Summary
- Dale M. McKim III, the Executive Vice President, Chief Financial Officer, and Treasurer of Chemung Financial Corp, reported a transaction on July 3, 2025.
- The transaction involved the disposition of 187 shares of Chemung Financial Corp common stock.
- The shares were disposed of at a price of $50.42 per share.
- This disposition was coded as 'F', indicating a transaction to satisfy tax withholding obligations.
- Following this reported transaction, Dale M. McKim III directly beneficially owns 5,402 shares of common stock.
- The transaction was made pursuant to a contract, instruction, or written plan for the purchase or sale of equity securities of the issuer, intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
Sentiment
Score: 5
Explanation: The transaction is a routine disposition of shares for tax withholding purposes, which is a common administrative event and does not inherently indicate positive or negative sentiment about the company's future or its stock performance.
Future Outlook
No forward-looking statements or guidance are provided in this Form 4 filing, as it is a report of a past insider transaction.
Industry Context
This Form 4 filing reports a routine insider transaction for a financial institution. Such transactions, particularly those for tax withholding, are common across all industries and do not reflect broader industry trends or specific competitive dynamics.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Policy Adherence | The reported transaction was made pursuant to a contract, instruction, or written plan for the purchase or sale of equity securities of the issuer, intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). This indicates adherence to pre-planned trading arrangements to avoid insider trading concerns. | 07/03/2025 | Enhances transparency and reduces potential for insider trading allegations by demonstrating pre-planned, non-discretionary trading. |
Stakeholder Impact
- Shareholders: The transaction is a routine administrative event and is unlikely to have a material impact on shareholders. It represents a minor reduction in the insider's direct holdings due to tax obligations, not a discretionary sale.
Key Dates
| Date | Description |
|---|---|
| 06/13/2023 | Date of Power of Attorney granted to Kathleen S. McKillip. |
| 07/03/2025 | Date of the reported transaction (disposition of common stock). |
| 07/08/2025 | Date the Form 4 was signed by the reporting person's attorney-in-fact. |
Keywords
CHEMUNG FINANCIAL CORP, CHMG, Form 4, Insider Transaction, Stock Disposition, Tax Withholding, Dale M. McKim III, CFO, EVP, Treasurer, Rule 10b5-1
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