Director Savneet Singh receives phantom stock awards at Community Financial (CBU)

Rhea-AI Filing Summary

Singh Savneet reported acquisition or exercise transactions in this Form 4 filing.

COMMUNITY FINANCIAL SYSTEM, INC. director Savneet Singh received an award of 1,220 units of phantom stock on March 17, 2026. These units are the economic equivalent of common shares and will be settled in common stock at future dates under company deferred compensation and long‑term incentive plans.

Following this grant, Singh holds 2,474.5514 phantom stock units linked to common stock, reflecting compensation rather than an open‑market purchase. Additional units noted in footnotes were credited as dividend equivalents and through a dividend reinvestment feature within the plans.

Insights

Equity compensation analyst

Director received routine stock-based compensation via phantom stock units.

Director Savneet Singh was granted 1,220 phantom stock units tied to COMMUNITY FINANCIAL SYSTEM, INC. common stock. The transaction is coded as an award, with a price of $0.0000, consistent with non-cash equity compensation for board service.

The filing shows 2,474.5514 phantom units outstanding after the grant and 1,376.6175 units of deferred stock under a separate deferred compensation plan. These awards are settled in common stock at predetermined or elected future dates, so there is no immediate cash transaction or open-market signal.

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
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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^*

Singh Savneet

(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
Deferred Stock (Deferred Compensation)	(1)							(1)	(1)	Common Stock	1,376.6175		1,376.6175(2)	D
Phantom Stock (Deferred Stock Units)	(3)	03/17/2026		A		1,220		(3)	(3)	Common Stock	1,220	$0	2,474.5514(4)	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 for Directors (the "DCP for Directors"), will be settled in Community Financial System, Inc. common stock at future dates selected by the reporting person.

2. Includes 7.8928 units of phantom stock acquired as dividend equivalents on January 12, 2026 under the DCP for Directors.

3. 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.

4. Includes 9.6079 units of phantom stock acquired on January 12, 2026 under the LTIP's dividend reinvestment feature.

	/s/ Danielle M. Cima, pursuant to Confirming Statement executed by Savneet Singh	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 Savneet Singh report in the latest Form 4 for CBU?

Savneet Singh reported receiving 1,220 phantom stock units tied to Community Financial System, Inc. common stock. These units are stock-based compensation that will be settled in shares at future dates, rather than an open-market purchase or sale of stock.

Is the CBU Form 4 for Savneet Singh a stock purchase or sale?

The Form 4 does not show an open-market purchase or sale. It reports a grant of 1,220 phantom stock units at a price of $0.0000 per unit, reflecting equity compensation rather than a discretionary market trade in Community Financial System, Inc. shares.

How many phantom stock units does Savneet Singh hold after this CBU transaction?

After the March 17, 2026 grant, Savneet Singh holds 2,474.5514 phantom stock units linked to Community Financial System, Inc. common stock. These units represent deferred stock-based compensation that will be converted into shares at future or predetermined dates according to plan terms.

What plans are mentioned in Savneet Singh’s CBU Form 4 filing?

The filing references the Deferred Compensation Plan for Directors and the 2022 Long-Term Incentive Plan. Under these plans, phantom stock and deferred stock units, each equivalent to one share of Community Financial System, Inc. common stock, will be settled in shares at specified future times.

Do dividend equivalents affect Savneet Singh’s phantom stock units in CBU?

Yes. Footnotes state that 7.8928 phantom units were credited as dividend equivalents under the directors’ deferred plan and 9.6079 units under the long-term incentive plan’s dividend reinvestment feature, modestly increasing his total phantom stock-based compensation exposure to Community Financial System, Inc. shares.

Does the CBU Form 4 indicate any remaining deferred stock position for Savneet Singh?

Yes. The derivative holdings summary shows 1,376.6175 underlying common shares tied to deferred stock under the deferred compensation plan. This position remains outstanding after the reported grant, indicating ongoing deferred equity exposure to Community Financial System, Inc. stock.