Community Financial director gets deferred stock units

COMMUNITY FINANCIAL SYSTEM, INC. director John A. Vaccaro reported receiving a grant of deferred stock units under a director deferred compensation plan.

Rhea-AI Filing Summary

COMMUNITY FINANCIAL SYSTEM, INC. director John A. Vaccaro reported receiving a grant of deferred stock units under a director deferred compensation plan. The award covers 314.6916 units of phantom stock, each economically equivalent to one share of common stock, at a reference value of $55.61 per unit.

These deferred compensation units will be settled in Community Financial System, Inc. common stock at future dates selected by Vaccaro. Following this compensation-related acquisition, he holds 314.6916 deferred stock units directly, reflecting a routine, non‑market transaction rather than an open‑market purchase or sale.

Insider Trade Summary

Grant/Award: 314.6916 shares

Grant/Award 1 txn

Insider Vaccaro John A

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Deferred Stock (Deferred Compensation)	314.6916	$55.61	$17K

Holdings After Transaction: Deferred Stock (Deferred Compensation) — 314.6916 contracts (Direct)

Footnotes (1)

1. F1. Each unit of phantom stock is the economic equivalent of one share of Community Financial System, Inc. common stock. The units of phantom stock relating to the Deferred Compensation Plan ("DCP for Directors") will be settled in Community Financial System, Inc. common stock at future dates selected by the reporting person.

FAQ

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What did CBU director John A. Vaccaro report on this Form 4?

John A. Vaccaro reported receiving a grant of deferred stock units as director compensation. The award covers 314.6916 phantom stock units tied to Community Financial System, Inc. common stock and will be settled in shares at future dates he selects.

How many deferred stock units did CBU grant to director John A. Vaccaro?

John A. Vaccaro was granted 314.6916 units of phantom stock under a director deferred compensation plan. Each unit is economically equivalent to one share of Community Financial System, Inc. common stock and will convert into shares at future settlement dates.

Is the Vaccaro Form 4 grant a market buy or sell of CBU stock?

The reported transaction is a compensation-related grant, not a market buy or sell. Vaccaro received 314.6916 deferred stock units under a director deferred compensation plan, which will later settle in Community Financial System, Inc. common stock rather than through open-market trading.

What is the economic value reference for John A. Vaccaro’s deferred stock grant at CBU?

The deferred stock award references a value of $55.61 per unit for 314.6916 units. Each phantom stock unit is economically equivalent to one share of Community Financial System, Inc. common stock, providing stock-linked compensation to the director under the deferred compensation plan.

How will CBU settle the phantom stock units granted to director Vaccaro?

The phantom stock units will be settled in Community Financial System, Inc. common stock. Settlement will occur at future dates chosen by John A. Vaccaro under the Deferred Compensation Plan for Directors, aligning his compensation with the company’s share performance over time.

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Accepted by SEC EDGAR 03/19/2026 - 11:55 AM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Vaccaro John A

(Last) (First) (Middle)

C/O COMMUNITY FINANCIAL SYSTEM, INC.

333 BUTTERNUT DRIVE

(Street)

SYRACUSE NEW YORK 13214

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
COMMUNITY FINANCIAL SYSTEM, INC. [ CBU ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/19/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Deferred Stock (Deferred Compensation)	(1)	03/19/2026		A		314.6916		(1)	(1)	Common Stock	314.6916	$55.61	314.6916	D

Explanation of Responses:

1. Each unit of phantom stock is the economic equivalent of one share of Community Financial System, Inc. common stock. The units of phantom stock relating to the Deferred Compensation Plan ("DCP for Directors") will be settled in Community Financial System, Inc. common stock at future dates selected by the reporting person.

	/s/ Danielle M. Cima, attorney-in-fact for John A. Vaccaro	03/19/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)