CBU Director's Phantom Stock Holdings Surge Past 7,000 Units in Deferred Compensation Plan

Rhea-AI Filing Summary

Director Neil E. Fesette of Community Financial System reported acquiring 211.9816 units of phantom stock through the company's Deferred Compensation Plan on June 20, 2025. The phantom stock units were acquired at a price of $54.25 per unit.

Key details of the transaction:

• Each phantom stock unit is economically equivalent to one share of common stock
• Total beneficial ownership following the transaction: 7,189.4647 units
• Includes 74.1117 units previously acquired through dividend reinvestment on April 10, 2025
• Settlement will occur in common stock at future dates chosen by the reporting person
• The filing was signed by Danielle M. Cima on behalf of Neil E. Fesette

This transaction represents deferred compensation for the director, structured to align with shareholder interests through phantom stock units that track the company's common stock performance.

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^*

Fesette Neil E.

(Last) (First) (Middle)

C/O COMMUNITY FINANCIAL SYSTEM, INC.

5790 WIDEWATERS PARKWAY

(Street)

DEWITT NY 13214

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
06/20/2025

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

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

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

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 Compensation)	(1)	06/20/2025		A		211.9816		(1)	(1)	Common Stock	211.9816	$54.25	7,189.4647(2)	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 will be settled in Community Financial System, Inc. common stock at future dates selected by the reporting person.

2. Includes 74.1117 units of phantom stock acquired on April 10, 2025 under the Plan's dividend reinvestment feature.

	/s/ Danielle M. Cima, pursuant to a Confirming Statement executed by Neil E. Fesette	06/24/2025
	** 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.

FAQ

How many phantom stock units did CBU director Neil Fesette acquire on June 20, 2025?

According to the Form 4 filing, Neil Fesette acquired 211.9816 units of phantom stock on June 20, 2025 through CBU's Deferred Compensation Plan.

What is the total amount of phantom stock units Neil Fesette owns in CBU after the June 2025 transaction?

Following the reported transaction, Neil Fesette beneficially owns 7,189.4647 units of phantom stock in CBU, which includes 74.1117 units acquired through dividend reinvestment on April 10, 2025.

What was the price of CBU phantom stock units in the June 20, 2025 transaction?

The Form 4 filing shows that the phantom stock units were acquired at a price of $54.25 per unit.

How will CBU's phantom stock units be settled for Neil Fesette?

According to the filing's explanation, the phantom stock units will be settled in Community Financial System, Inc. common stock at future dates selected by Neil Fesette. Each unit of phantom stock is the economic equivalent of one share of CBU common stock.

What position does Neil Fesette hold at CBU as of June 2025?

According to the Form 4 filing, Neil Fesette serves as a Director of Community Financial System, Inc. (CBU), as indicated by the 'X' marked in the Director box under Section 5 of the form.