Director at Community Bank System (NYSE: CBU) receives phantom stock grant

Rhea-AI Filing Summary

MacPherson Kerrie D. reported acquisition or exercise transactions in this Form 4 filing.

Community Bank System director Kerrie D. MacPherson reported a compensation-related award of 1,220 phantom stock (deferred stock) units. These units were granted at no cash cost under the company’s 2022 Long-Term Incentive Plan and are economically equivalent to common shares, settling in stock at a future predetermined date.

Following this grant, MacPherson now holds 7,630.8867 phantom stock units, reflecting her accumulated deferred equity awards, including prior dividend-equivalent credits. This filing reflects routine equity-based director compensation rather than an open-market stock purchase or sale.

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

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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^*

MacPherson Kerrie D.

(Last) (First) (Middle)

C/O COMMUNITY FINANCIAL SYSTEM, INC.

5790 WIDEWATERS PARKWAY

(Street)

DEWITT 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)
03/17/2026

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
Phantom Stock (Deferred Stock Units)	(1)	03/17/2026		A		1,220		(1)	(1)	Common Stock	1,220	$0	7,630.8867(2)	D

Explanation of Responses:

1. The reporting person has received deferred stock units under the Community Bank System, Inc. 2022 Long-Term Incentive Plan, as amended (the "Plan"). Each phantom stock unit which represents a deferred stock unit is the economic equivalent of one share of Community Bank System, Inc. common stock and will be settled in common stock at a predetermined date.

2. Includes 44.5994, 48.3956, 53.5179, and 49.0975 units of phantom stock acquired as dividend equivalents on April 10, 2025, July 10, 2025, October 10, 2025, and January 12, 2026, respectively, under the LTIP.

	/s/ Danielle M. Cima, pursuant to a Confirming Statement executed by Kerrie D. MacPherson	03/18/2026
	** 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)

FAQ

What did Kerrie D. MacPherson report in the latest CBU Form 4 filing?

Kerrie D. MacPherson reported receiving 1,220 phantom stock units as a grant under Community Bank System’s long-term incentive plan. These deferred stock units represent equity-based compensation and increase her deferred holdings without involving any open-market share purchase or sale.

How many deferred stock units does Kerrie MacPherson hold after this CBU grant?

After the latest award, Kerrie MacPherson holds 7,630.8867 phantom stock units. This balance includes the new 1,220-unit grant plus prior deferred awards and dividend-equivalent units accumulated over time under Community Bank System’s long-term incentive program.

Are the CBU phantom stock units equivalent to Community Bank System common shares?

Each phantom stock unit is described as economically equivalent to one share of Community Bank System common stock. The units will be settled in actual common shares at a predetermined future date according to the company’s long-term incentive plan terms.

Did Kerrie MacPherson buy or sell Community Bank System (CBU) shares on the market?

The Form 4 shows a grant of phantom stock units, not an open-market trade. The transaction is coded as a grant/award acquisition at a zero price, reflecting equity compensation rather than a discretionary purchase or sale of CBU common stock in the market.

What plan governs the phantom stock units reported for Community Bank System (CBU)?

The phantom stock units were granted under the Community Bank System, Inc. 2022 Long-Term Incentive Plan, as amended. This plan provides equity-based awards, including deferred stock units and dividend-equivalent credits, to align director compensation with long-term shareholder interests.