Director Pecor (NYSE: CBU) settles phantom stock units into common shares
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Pecor Raymond C III reported acquisition or exercise transactions in this Form 4 filing.
Community Financial System, Inc. director Raymond C. Pecor III reported routine compensation-related activity involving phantom stock units. On April 29, 2026, his phantom stock units were settled for 9 shares of common stock, with 0.4418 of a share settled in cash at $63.17 per share. Following the settlement, he directly holds 11,448.221 common shares and has 7,180.8232 phantom stock units outstanding, while a trust associated with him holds 11,277.977 common shares. He formally disclaims beneficial ownership of the trust-held securities.
Positive
- None.
Negative
- None.
Insider Trade Summary
9 shares exercised/converted
Mixed
3 txns
Insider
Pecor Raymond C III
Role
null
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Phantom Stock (Deferred Stock Units) | 9 | $0.00 | -- |
| Exercise | Common Stock | 9 | $0.00 | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Phantom Stock (Deferred Stock Units) — 7,180.823 shares (Direct, null);
Common Stock — 11,448.221 shares (Direct, null);
Common Stock — 11,277.977 shares (Indirect, By Trust)
Footnotes (1)
- On April 29, 2026, the reporting person's phantom stock units were settled for 9 shares of Community Financial System, Inc. common stock, and .4418 shares were settled in cash at the price of $63.17 per share. The reporting person disclaims beneficial ownership of these securities, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or any other purpose. 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. Includes 54.1540 units of phantom stock acquired on April 10, 2026 under the LTIP's dividend reinvestment feature.
Key Figures
Shares from phantom stock settlement: 9 shares
Cash-settled fractional share equivalent: 0.4418 shares at $63.17/share
Direct common shares after transaction: 11,448.221 shares
+2 more
5 metrics
Shares from phantom stock settlement
9 shares
Common stock received on April 29, 2026 from phantom stock units
Cash-settled fractional share equivalent
0.4418 shares at $63.17/share
Portion of phantom stock settlement paid in cash
Direct common shares after transaction
11,448.221 shares
Direct holdings following April 29, 2026 settlement
Trust-held common shares
11,277.977 shares
Indirect ownership reported as held by trust
Outstanding phantom stock units
7,180.8232 units
Deferred stock units remaining after settlement
Key Terms
Phantom Stock (Deferred Stock Units), Section 16, Long-Term Incentive Plan, dividend reinvestment feature
4 terms
Phantom Stock (Deferred Stock Units) financial
"Phantom Stock (Deferred Stock Units)"
Section 16 regulatory
"for purposes of Section 16 or any other purpose"
Section 16 is a U.S. securities law rule that governs the trading and disclosure obligations of company insiders — typically officers, directors and large shareholders — to promote transparency and deter unfair profit-taking. It requires insiders to publicly report their stock trades and allows companies or the issuer to reclaim quick, short-term profits from certain insider trades, like a scoreboard and a refund policy that help investors see and limit possible insider advantage.
Long-Term Incentive Plan financial
"Community Financial System, Inc. 2022 Long-Term Incentive Plan, as amended"
A long-term incentive plan is a company program that pays executives or employees with stock, options, or cash tied to multi-year performance goals, where the rewards become theirs only after meeting conditions over time. Think of it as a delayed bonus or retirement-style reward that aligns employees’ interests with shareholders by encouraging them to boost long-term value; investors watch these plans because they affect pay costs, share dilution and management incentives.
dividend reinvestment feature financial
"acquired on April 10, 2026 under the LTIP's dividend reinvestment feature"
FAQ
What insider activity did CBU director Raymond C. Pecor III report?
Director Raymond C. Pecor III reported a routine settlement of phantom stock units into 9 shares of Community Financial System common stock. A small fractional 0.4418 share equivalent was settled in cash at $63.17 per share under the company’s long-term incentive plan.
What are phantom stock (deferred stock units) in the CBU Form 4 filing?
Phantom stock units in this filing are deferred stock units granted under Community Financial System’s 2022 Long-Term Incentive Plan. Each unit is economically equivalent to one common share and is settled in stock or cash at a predetermined date, reflecting compensation rather than open-market trading activity.
Was there any open-market buying or selling of CBU stock in this Form 4?
The Form 4 reflects an exercise or conversion of phantom stock units into 9 shares, not open-market buying or selling. A small 0.4418 share equivalent was settled in cash at $63.17 per share, consistent with compensation-related settlement terms rather than discretionary trades.
How does the trust holding affect Pecor’s reported CBU ownership?
A trust associated with Raymond C. Pecor III holds 11,277.977 Community Financial System common shares. The filing states he disclaims beneficial ownership of these securities, meaning their inclusion is for reporting purposes and not an admission of full beneficial ownership under Section 16 rules.