Community Financial director awarded 346.5031 units

Director John A. Vaccaro received an additional grant of deferred stock units tied to CBU common shares under a directors’ deferred compensation plan.

Rhea-AI Filing Summary

COMMUNITY FINANCIAL SYSTEM, INC. (symbol: CBU) is the issuer of record for a Form 4 filing submitted to the SEC. Vaccaro John A reported acquisition or exercise transactions in this Form 4 filing.

COMMUNITY FINANCIAL SYSTEM, INC. (CBU) reported that director John A. Vaccaro received an award of deferred stock units under a Deferred Compensation Plan for Directors on September 17, 2026. The grant covered 346.5031 units, each economically equivalent to one share of common stock, bringing his directly held deferred stock balance to 983.8701 units, to be settled in common stock at future dates he selects.

Insider Trade Summary

Grant/Award: 346.5031 shares

Grant/Award 1 txn

Insider Vaccaro John A

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Deferred Stock (Deferred Compensation) F1	346.5031	$62.77	$22K

Holdings After Transaction: Deferred Stock (Deferred Compensation) — 983.8701 contracts (Direct)

Footnotes (1)

1. F1. 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 ("DCP for Directors") will be settled in Community Financial System, Inc. common stock at future dates selected by the reporting person.

Key Figures

Deferred stock units granted: 346.5031 units Reference price per unit: $62.77 per unit Deferred stock units following transaction: 983.8701 units +1 more

4 metrics

Deferred stock units granted 346.5031 units Grant of deferred stock (Deferred Compensation) on September 17, 2026

Reference price per unit $62.77 per unit Economic equivalent value per phantom stock unit for the September 17, 2026 grant

Deferred stock units following transaction 983.8701 units Total directly held deferred stock units after the September 17, 2026 award

Underlying common stock per unit 1 share per unit Each phantom stock unit is the economic equivalent of one share of CBU common stock

Key Terms

Deferred Stock, phantom stock, Deferred Compensation Plan, economic equivalent

4 terms

Deferred Stock financial

"Deferred Stock (Deferred Compensation)"

phantom stock financial

"Each unit of phantom stock is the economic equivalent of one share"

A phantom stock is a form of compensation that gives employees or executives the benefits of stock ownership, such as the increase in stock value, without actually giving them real shares. It acts like a promise to pay the employee the equivalent value of company stock later, often as a bonus or incentive. This allows companies to motivate and reward staff without diluting ownership or transferring actual shares.

Deferred Compensation Plan financial

"Deferred Compensation Plan ("DCP for Directors") will be settled"

A deferred compensation plan is an arrangement where an employer agrees to pay part of an employee’s pay or bonus at a later date instead of immediately, often to reduce current tax bills or to tie rewards to long-term performance. For investors it matters because these promises create future cash obligations and influence executive incentives and retention; they can affect a company’s reported liabilities, cash flow planning and the risk profile if the business faces financial trouble.

economic equivalent financial

"is the economic equivalent of one share of Community Financial"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did CBU report for director John A. Vaccaro?

CBU reported that director John A. Vaccaro received a grant of 346.5031 deferred stock units on September 17, 2026, under a Deferred Compensation Plan for Directors. Each unit is economically equivalent to one share of CBU common stock and will be settled in stock at future dates.

How many deferred stock units does John A. Vaccaro hold in total after this CBU Form 4?

After the reported grant, John A. Vaccaro holds a total of 983.8701 deferred stock units directly. These units track the value of CBU common stock and will be settled in shares of common stock at future dates he selects.

What is the economic value reference for the deferred stock units reported by CBU?

Each deferred stock or phantom stock unit is described as the economic equivalent of one share of Community Financial System, Inc. common stock. The units relate to the Deferred Compensation Plan for Directors and will ultimately be settled in CBU common shares.

Was the CBU insider transaction a market purchase or a compensation award?

The transaction is reported as a grant or award acquisition of deferred stock units, not an open-market purchase or sale. It arises from the Deferred Compensation Plan for Directors and represents compensation that will be settled in CBU common stock in the future.

Does the Form 4 indicate a Rule 10b5-1 trading plan for this CBU transaction?

No. The filing’s Rule 10b5-1 checkbox is not checked, and there is no footnote stating that the grant occurred under a Rule 10b5-1 trading plan. It is reported simply as a compensation-related award of deferred stock units.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 09/18/2026 - 09:33 AM Accepted by SEC EDGAR 09/18/2026 - 09:33 AM 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^*

Vaccaro John A

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/17/2026

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)	09/17/2026		A		346.5031		(1)	(1)	Common Stock	346.5031	$62.77	983.8701	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 ("DCP for Directors") will be settled in Community Financial System, Inc. common stock at future dates selected by the reporting person.

	/s/ Danielle M. Cima, attorney-in-fact for John A. Vaccaro	09/18/2026
	** 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)