CBU director granted 1,220 phantom stock units

Vaccaro John A reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Vaccaro John A reported acquisition or exercise transactions in this Form 4 filing.

COMMUNITY FINANCIAL SYSTEM, INC. director John A. Vaccaro reported receiving a grant of 1,220 phantom stock units, described as deferred stock units, under the company’s 2022 Long-Term Incentive Plan. Each phantom unit is economically equivalent to one share of common stock and will be settled in common stock at a predetermined date.

Insider Trade Summary

Grant/Award: 1,220 shares

Grant/Award 1 txn

Insider Vaccaro John A

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock (Deferred Stock Units)	1,220	$0.00	$0.00

Holdings After Transaction: Phantom Stock (Deferred Stock Units) — 1,220 contracts (Direct)

Footnotes (1)

1. F1. 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.

FAQ

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What insider transaction did John A. Vaccaro report for CBU on this Form 4?

John A. Vaccaro reported receiving 1,220 phantom stock units as a grant. These deferred stock units are issued under Community Financial System, Inc.’s 2022 Long-Term Incentive Plan and are economically equivalent to 1,220 shares of common stock, to be settled in stock later.

What are the phantom stock units reported by CBU director John A. Vaccaro?

The phantom stock units are deferred stock units granted under the 2022 Long-Term Incentive Plan. Each unit is economically equivalent to one share of Community Financial System, Inc. common stock and will be settled in actual common shares at a predetermined future date.

How many Community Financial System, Inc. deferred stock units did John A. Vaccaro receive?

John A. Vaccaro received 1,220 phantom stock units. According to the disclosure, each unit represents the economic equivalent of one share of Community Financial System, Inc. common stock and will convert into common stock at a predetermined settlement date.

Was there a purchase price for John A. Vaccaro’s phantom stock grant at CBU?

The phantom stock grant to John A. Vaccaro shows a price per unit of $0.0000. This indicates the award was a compensation-related grant under the 2022 Long-Term Incentive Plan, rather than an open-market purchase of Community Financial System, Inc. shares.

How will John A. Vaccaro’s CBU phantom stock units be settled?

The phantom stock units will be settled in Community Financial System, Inc. common stock at a predetermined date. Each deferred stock unit is structured to be economically equivalent to one share of common stock when that settlement occurs, according to the filing’s footnote.

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Accepted by SEC EDGAR 03/18/2026 - 12:54 PM EDT 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.

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
Phantom Stock (Deferred Stock Units)	(1)	03/17/2026		A		1,220		(1)	(1)	Common Stock	1,220	$0	1,220	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.

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