Community Financial (CBU) Director Adds 351.46 Phantom Shares; Ownership Now 1,014.67

Rhea-AI Filing Summary

Reporting person: Savneet Singh, Director of Community Financial System, Inc. (CBU). The Form 4 reports a transaction dated 09/18/2025 in which the reporting person acquired 351.4644 units of deferred (phantom) stock under the company's Deferred Compensation Plan at a reported price of $59.75 per share-equivalent. The filing shows 351.4644 units underlying common stock and a total beneficial ownership following the transaction of 1,014.6731 shares, held directly. The form explains each phantom unit equals one common share and will be settled in Community Financial System common stock at future dates selected by the reporting person. The Form 4 is signed/confirmed on 09/22/2025.

Positive

• Alignment of interests: Deferred compensation is payable in common stock, which ties the reporting person's economic outcome to shareholder value.
• Transparent disclosure: The Form 4 clearly states the units, conversion equivalence, transaction date (09/18/2025), and per-unit price ($59.75).

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director received deferred stock units that convert to common shares, aligning compensation with shareholder outcomes.

The reported acquisition of 351.4644 phantom stock units under a Deferred Compensation Plan is a common governance practice to link executive or director pay to equity performance. The disclosure explicitly states these units are economically equivalent to one share each and will be settled in common stock at dates chosen by the reporting person, which may incentivize retention and alignment with long-term shareholder value. The transaction is recorded as direct beneficial ownership and increases reported holdings to 1,014.6731 shares. No additional governance issues, forfeiture terms, or accelerated settlement details are provided in the filing, limiting deeper assessment.

Securities Analyst

TL;DR: Small direct equity acquisition via deferred units; reported price provides clear per-share-equivalent valuation.

The Form 4 discloses acquisition of 351.4644 phantom stock units at a per-unit price of $59.75, which is explicitly reported in the filing. These units are to be settled in common stock later, increasing direct beneficial ownership to 1,014.6731 shares. The disclosure is routine under Section 16 reporting requirements and provides transparent detail on the nature and quantity of the award. The filing does not include information about settlement timing or any hedging/sale plans, so the near-term market impact appears limited based on the data provided.

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^*

Singh Savneet

(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)
09/18/2025

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
Deferred Stock (Deferred Compensation)	(1)	09/18/2025		A		351.4644		(1)	(1)	Common Stock	351.4644	$59.75	1,014.6731	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.

	/s/ Danielle M. Cima, pursuant to Confirming Statement executed by Savneet Singh	09/22/2025
	** 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

What did Savneet Singh report on Form 4 for CBU?

Savneet Singh reported acquiring 351.4644 units of deferred (phantom) stock on 09/18/2025, increasing direct beneficial ownership to 1,014.6731 shares.

How are the phantom stock units described in the filing settled?

The filing states each phantom unit is equivalent to one share of Community Financial System, Inc. common stock and will be settled in common stock at future dates selected by the reporting person.

What price per share-equivalent was reported on the Form 4 (CBU)?

The reported price per share-equivalent for the deferred stock units is $59.75.

What is the transaction date and filing confirmation date on the Form 4?

The transaction date is 09/18/2025 and the Form 4 is signed/confirmed on 09/22/2025.

Does the Form 4 show direct or indirect ownership after the transaction?

The Form 4 reports the ownership form as direct (D), with total beneficial ownership of 1,014.6731 shares following the transaction.