Community Financial director gets phantom stock grant

Pecor Raymond C III reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Pecor Raymond C III reported acquisition or exercise transactions in this Form 4 filing.

COMMUNITY FINANCIAL SYSTEM, INC. director Raymond C. Pecor III received a grant of 1,220 units of Phantom Stock (deferred stock units) on March 17, 2026. This is a compensation-related award, not an open-market trade, and is economically equivalent to 1,220 shares of common stock.

Following the grant, Pecor holds 8,390.6624 deferred stock units under the 2022 Long-Term Incentive Plan, along with additional phantom stock units in deferred compensation plans and direct and trust-held common stock positions, some of which he expressly disclaims beneficial ownership.

Insider Trade Summary

Grant/Award: 1,220 shares

Grant/Award 5 txns

Insider Pecor Raymond C III

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock (Deferred Stock Units)	1,220	$0.00	$0.00
holding	Phantom Stock (Deferred Compensation under Merchants plan)	--	--	--
holding	Phantom Stock (Deferred Compensation)	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Phantom Stock (Deferred Stock Units) — 8,390.6624 contracts (Direct); Phantom Stock (Deferred Compensation under Merchants plan) — 10,088.6702 contracts (Direct); Phantom Stock (Deferred Compensation) — 8,798.5926 contracts (Direct); Common Stock — 10,185.221 shares (Direct); Common Stock — 11,277.977 shares (Indirect, By Trust)

Footnotes (9)

1. F1. Includes 78.04 shares acquired on January 12, 2026 pursuant to the Community Financial System, Inc. Dividend Reinvestment Plan.
2. F2. Includes 86.2 shares acquired on January 12, 2026 pursuant to the Community Financial System, Inc. Dividend Reinvestment Plan.
3. F3. The reporting person disclaims beneficial ownership of these securities, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or any other purpose.
4. F4. The units of phantom stock were acquired through Merchants Bancshares, Inc.'s ("Merchants") deferred compensation plan. 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 such deferred compensation plan will be settled in Community Financial System, Inc. common stock at future dates selected by the reporting person.
5. F5. Includes 77.299 units of phantom stock acquired on January 12, 2026 under the Merchants' deferred compensation plan's dividend reinvestment feature
6. F6. 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 for Directors (the "DCP for Directors"), will be settled in Community Financial System, Inc. common stock at future dates selected by the reporting person.
7. F7. Includes 67.3778 units of phantom stock acquired as dividend equivalents on January 12, 2026 under the DCP for Directors.
8. F8. The reporting person has received deferred stock units under the Community Financial System, Inc. 2022 Long-Term Incentive Plan, as amended (the "LTIP"). Each phantom stock unit which represents a deferred stock unit is the economic equivalent of one share of Community Financial System, Inc. common stock and will be settled in common stock at a predetermined date.
9. F9. Includes 55.1073 units of phantom stock acquired on January 12, 2026 under the LTIP's dividend reinvestment feature.

FAQ

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What did Raymond C. Pecor III report in this CBU Form 4?

Raymond C. Pecor III reported receiving a grant of 1,220 Phantom Stock units on March 17, 2026. These deferred stock units are tied to Community Financial System common stock and represent compensation, not an open-market purchase or sale of shares.

What are Phantom Stock units for COMMUNITY FINANCIAL SYSTEM, INC. (CBU)?

Phantom Stock units are deferred stock units whose value is tied to Community Financial System common stock. Each unit is the economic equivalent of one share and will be settled in common stock at predetermined or selected future dates under the company’s incentive and deferred compensation plans.

How many deferred stock units does Pecor hold after this grant at CBU?

After the March 17, 2026 grant, Pecor holds 8,390.6624 deferred stock units under the 2022 Long-Term Incentive Plan. He also has additional phantom stock positions in other deferred compensation plans, reflecting further economic exposure to Community Financial System common stock.

Does Raymond C. Pecor III hold Community Financial (CBU) shares directly and through a trust?

Yes. The filing shows direct common stock holdings and additional shares held by trust. A footnote states that Pecor disclaims beneficial ownership of the trust-held securities, meaning their inclusion does not constitute an admission of full beneficial ownership for regulatory purposes.

Are any open-market buys or sells of CBU stock reported in this Form 4?

No open-market purchases or sales are reported. The only transaction with a code is an A-code grant of Phantom Stock units as compensation. Other entries update holdings in common stock and phantom stock without indicating market buy or sell activity.

How do CBU’s dividend reinvestment and deferred plans affect Pecor’s holdings?

Footnotes state that Pecor’s positions include additional shares and units acquired through the Community Financial dividend reinvestment plan and deferred compensation plan dividend features. These mechanisms automatically add fractional shares or units over time, increasing his economic exposure to the company’s stock.

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Accepted by SEC EDGAR 03/19/2026 - 06:04 PM 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^*

Pecor Raymond C III

(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
Common Stock								10,185.221(1)	D
Common Stock								11,277.977(2)	I	By Trust(3)

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 Compensation under Merchants plan)	(4)							(4)	(4)	Common Stock	10,088.6702		10,088.6702(5)	D
Phantom Stock (Deferred Compensation)	(6)							(6)	(6)	Common Stock	8,798.5926		8,798.5926(7)	D
Phantom Stock (Deferred Stock Units)	(8)	03/17/2026		A		1,220		(8)	(8)	Common Stock	1,220	$0	8,390.6624(9)	D

Explanation of Responses:

1. Includes 78.04 shares acquired on January 12, 2026 pursuant to the Community Financial System, Inc. Dividend Reinvestment Plan.

2. Includes 86.2 shares acquired on January 12, 2026 pursuant to the Community Financial System, Inc. Dividend Reinvestment Plan.

3. The reporting person disclaims beneficial ownership of these securities, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or any other purpose.

4. The units of phantom stock were acquired through Merchants Bancshares, Inc.'s ("Merchants") deferred compensation plan. 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 such deferred compensation plan will be settled in Community Financial System, Inc. common stock at future dates selected by the reporting person.

5. Includes 77.299 units of phantom stock acquired on January 12, 2026 under the Merchants' deferred compensation plan's dividend reinvestment feature

6. 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 for Directors (the "DCP for Directors"), will be settled in Community Financial System, Inc. common stock at future dates selected by the reporting person.

7. Includes 67.3778 units of phantom stock acquired as dividend equivalents on January 12, 2026 under the DCP for Directors.

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

9. Includes 55.1073 units of phantom stock acquired on January 12, 2026 under the LTIP's dividend reinvestment feature.

	/s/ Danielle M. Cima, pursuant to a Confirming Statement executed by Raymond C. Pecor, III	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)