Community Financial director granted phantom stock

STEELE SALLY A reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

STEELE SALLY A reported acquisition or exercise transactions in this Form 4 filing.

COMMUNITY FINANCIAL SYSTEM, INC. director Sally A. Steele received a grant of 1,220 phantom stock (deferred stock) units under the company’s 2022 Long-Term Incentive Plan. Each unit is economically equivalent to one share of common stock and will be settled in common stock at a predetermined future date. Following this award, Steele holds 2,485.3149 deferred stock units.

Insider Trade Summary

Grant/Award: 1,220 shares

Grant/Award 1 txn

Insider STEELE SALLY 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) — 2,485.3149 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

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

What insider transaction did Community Financial System (CBU) report for Sally A. Steele?

Community Financial System reported that director Sally A. Steele received a grant of 1,220 phantom stock units. These deferred stock units were issued under the company’s 2022 Long-Term Incentive Plan and increase her total deferred stock holdings to 2,485.3149 units.

What are the phantom stock (deferred stock units) granted to CBU director Sally A. Steele?

The phantom stock units granted to Sally A. Steele are deferred stock units economically equivalent to one share of Community Financial System common stock. According to the plan terms, each unit will be settled in actual common stock at a predetermined future date.

How many deferred stock units does CBU director Sally A. Steele hold after this Form 4?

After the reported grant, Sally A. Steele holds a total of 2,485.3149 deferred stock units. This reflects the addition of 1,220 phantom stock units awarded on the transaction date, all recorded as directly owned derivative securities linked to Community Financial System common stock.

Was the CBU Form 4 transaction a purchase or a compensation grant?

The Form 4 transaction for CBU director Sally A. Steele is a compensation-related grant, not an open-market purchase. The filing classifies it as a grant or award acquisition of 1,220 phantom stock units under the 2022 Long-Term Incentive Plan, with no cash price per unit reported.

How will Sally A. Steele’s Community Financial phantom stock units be settled?

Sally A. Steele’s phantom stock units will be settled in Community Financial System common stock. The footnote explains that each deferred stock unit is economically equivalent to one common share and will convert into common stock at a predetermined date specified under the long-term incentive plan.

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

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Accepted by SEC EDGAR 03/18/2026 - 01:31 PM 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^*

STEELE SALLY 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	2,485.3149	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, pursuant to a Confirming Statement executed by Sally A. Steele	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)