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Community Financial (CBU) director granted new deferred stock units

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Sullivan Michele reported acquisition or exercise transactions in this Form 4 filing.

Community Financial System, Inc. director Michele Sullivan reported a compensation-related grant of deferred stock units. On June 18, 2026, she received 406.1888 units of Deferred Stock (Deferred Compensation) at a reference price of $61.24 per unit, each economically equivalent to one share of common stock. A separate line reflects 3,973.0866 phantom stock units outstanding, also tied one-for-one to common shares and to be settled in stock at predetermined future dates. Footnotes note additional small phantom stock units credited as dividend equivalents under the company’s long-term incentive and director deferred compensation plans.

Positive

  • None.

Negative

  • None.
Insider Sullivan Michele
Role null
Type Security Shares Price Value
Grant/Award Deferred Stock (Deferred Compensation) 406.189 $61.24 $25K
holding Phantom Stock (Deferred Stock Units) -- -- --
Holdings After Transaction: Deferred Stock (Deferred Compensation) — 3,959.849 shares (Direct, null); Phantom Stock (Deferred Stock Units) — 3,973.087 shares (Direct, null)
Footnotes (1)
  1. 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. Includes 20.5647 units of phantom stock acquired as dividend equivalents on April 10, 2026 under the LTIP. 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. Includes 23.2041 units of phantom stock acquired as dividend equivalents on April 10, 2026 under the DCP for Directors.
Deferred stock units granted 406.1888 units Deferred Stock (Deferred Compensation) grant on June 18, 2026
Reference price per deferred unit $61.24 per unit Deferred Stock (Deferred Compensation) grant
Phantom stock units outstanding 3,973.0866 units Phantom Stock (Deferred Stock Units) after reported transactions
Underlying common shares for phantom units 3,973.0866 shares Each phantom unit equals one Community Financial common share
Underlying shares for new deferred units 406.1888 shares Each Deferred Stock unit equals one Community Financial common share
Phantom Stock (Deferred Stock Units) financial
"The reporting person has received deferred stock units under the Community Financial System, Inc. 2022 Long-Term Incentive Plan"
Deferred Stock (Deferred Compensation) financial
"Deferred Stock (Deferred Compensation) with underlying security title Common Stock"
Long-Term Incentive Plan financial
"under the Community Financial System, Inc. 2022 Long-Term Incentive Plan, as amended (the "LTIP")"
A long-term incentive plan is a company program that pays executives or employees with stock, options, or cash tied to multi-year performance goals, where the rewards become theirs only after meeting conditions over time. Think of it as a delayed bonus or retirement-style reward that aligns employees’ interests with shareholders by encouraging them to boost long-term value; investors watch these plans because they affect pay costs, share dilution and management incentives.
Deferred Compensation Plan for Directors financial
"the Deferred Compensation Plan for Directors (the "DCP for Directors"), will be settled in Community Financial System, Inc. common stock"
A deferred compensation plan for directors is an arrangement that lets board members postpone receiving part of their pay until a later date—often retirement or a set future time—so the money can grow or be paid under specified conditions. Think of it like directing a portion of your paycheck into a locked savings account that pays out later; investors care because it creates future cash or stock obligations, signals how the company motivates and retains leadership, and can affect shareholder value through timing of payouts or potential dilution.
dividend equivalents financial
"Includes 20.5647 units of phantom stock acquired as dividend equivalents on April 10, 2026"
Payments tied to employee or contractor equity awards that mirror the cash dividends paid on the company’s stock; they give the holder the same economic benefit as owning the shares without transferring actual shares—often paid in cash or additional award units when the award becomes payable. Investors care because these payments affect a company’s compensation costs, cash flow and potential share dilution, and they signal how management is being rewarded and aligned with shareholders.
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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*
Sullivan Michele
(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)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
06/18/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Phantom Stock (Deferred Stock Units)(1) (1) (1)Common Stock3,973.08663,973.0866(2)D
Deferred Stock (Deferred Compensation)(3)06/18/2026A406.1888 (3) (3)Common Stock406.1888$61.243,959.8489(4)D
Explanation of Responses:
1. 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.
2. Includes 20.5647 units of phantom stock acquired as dividend equivalents on April 10, 2026 under the LTIP.
3. 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.
4. Includes 23.2041 units of phantom stock acquired as dividend equivalents on April 10, 2026 under the DCP for Directors.
/s/ Danielle M. Cima, pursuant to Confirming Statement executed by Michele Sullivan06/18/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR

FAQ

What did Community Financial System (CBU) director Michele Sullivan report in this Form 4?

She reported a compensation-related award of deferred stock units. On June 18, 2026, she received 406.1888 Deferred Stock units, each economically equivalent to one Community Financial System common share and referenced at $61.24 per unit.

How many deferred stock units did Michele Sullivan receive from Community Financial System (CBU)?

She received 406.1888 Deferred Stock units. Each unit represents the economic equivalent of one share of Community Financial System common stock and is part of her non-cash director compensation under the company’s deferred compensation framework.

What is the reference price for the new deferred stock units reported by CBU’s director?

The deferred stock units were reported at a reference price of $61.24 per unit. This price is used for valuing the grant in the filing and does not necessarily represent a current or future market trading price.

What are phantom stock units in the Community Financial System (CBU) filing?

Phantom stock units are deferred stock units economically equivalent to one CBU common share. They are credited under incentive and deferred compensation plans and will be settled in actual Community Financial System common stock at predetermined or director-selected future dates.

How many phantom stock units tied to CBU common stock does Michele Sullivan hold after this filing?

One line in the filing shows 3,973.0866 phantom stock units outstanding. Each unit is the economic equivalent of one share of Community Financial System common stock and is scheduled to be settled in stock at future dates.

Do the deferred and phantom stock units for CBU’s director settle in cash or stock?

They are designed to settle in Community Financial System common stock. The filing states each unit is economically equivalent to one share and will be settled in common stock at predetermined or director-selected future dates under the applicable plans.