Community Financial director granted phantom stock

Whipple John F. reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Whipple John F. reported acquisition or exercise transactions in this Form 4 filing.

COMMUNITY FINANCIAL SYSTEM, INC. director John F. Whipple received a grant of 1,220 units of phantom stock (deferred stock units) on March 17, 2026 as compensation. These units are the economic equivalent of common shares and will be settled in common stock at a predetermined future date.

After this grant, Whipple holds 6,632.8816 deferred stock units under the company’s long‑term incentive plan and 5,751.4337 phantom stock units related to the directors’ deferred compensation plan. Some of these units include additional amounts credited over time as dividend equivalents.

Insider Trade Summary

Grant/Award: 1,220 shares

Grant/Award 2 txns

Insider Whipple John F.

Role Director

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

Holdings After Transaction: Phantom Stock (Deferred Stock Units) — 6,632.8816 contracts (Direct); Phantom Stock (Deferred Compensation) — 5,751.4337 contracts (Direct)

Footnotes (4)

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.
2. F2. Includes 44.0422 units of phantom stock acquired on January 12, 2026 as dividend equivalents under the DCP for Directors.
3. F3. The reporting person has received deferred stock units under the Community Financial System, Inc. 2022 Long-Term Incentive Plan, as amended (the "Plan"). 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.
4. F4. Includes 35.9672, 40.8617, 45.1866, and 41.4544 units of phantom stock acquired on April 10, 2025, July 10, 2025, October 10, 2025, and January 12, 2026, respectively, as dividend equivalents under the Plan.

FAQ

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What did John F. Whipple report in this Form 4 for CBU?

Director John F. Whipple reported receiving a grant of 1,220 phantom stock units on March 17, 2026. These deferred stock units are tied to Community Financial System, Inc. common stock and represent compensation awarded under the company’s long-term incentive arrangements.

How many phantom stock units does John F. Whipple hold after this transaction at CBU?

After the reported grant, John F. Whipple holds 6,632.8816 deferred stock units under the long-term incentive plan and 5,751.4337 phantom stock units under the directors’ deferred compensation plan, all directly owned. Each unit is economically equivalent to one share of common stock.

What are phantom stock and deferred stock units in the CBU filing?

Phantom stock and deferred stock units are bookkeeping entries that mirror the value of common shares without immediate share issuance. In this case, each unit equals one Community Financial System, Inc. common share and will be settled in common stock at future, predetermined dates selected or specified for the director.

Is John F. Whipple buying or selling CBU shares in this Form 4?

The filing does not show open-market buying or selling of common stock. Instead, it reports an acquisition of 1,220 phantom stock units as a grant, plus updated deferred compensation holdings, all as part of the company’s compensation and deferral programs for directors.

How are CBU phantom stock units for directors ultimately settled?

Each phantom stock unit relating to the directors’ deferred compensation plan and deferred stock units under the long-term incentive plan will be settled in Community Financial System, Inc. common stock at predetermined future dates, which may be selected by the reporting director under plan terms.

Do dividend equivalents affect John F. Whipple’s phantom stock balance at CBU?

Yes. The footnotes state that certain phantom stock units were acquired as dividend equivalents on specified dates. These dividend-equivalent credits increase his phantom unit balances over time, mirroring dividends that would have been received on underlying common shares.

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Accepted by SEC EDGAR 03/18/2026 - 01:23 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^*

Whipple John F.

(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 Compensation)	(1)							(1)	(1)	Common Stock	5,751.4337		5,751.4337(2)	D
Phantom Stock (Deferred Stock Units)	$0	03/17/2026		A		1,220		(3)	(3)	Common Stock	1,220	$0	6,632.8816(4)	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.

2. Includes 44.0422 units of phantom stock acquired on January 12, 2026 as dividend equivalents under the DCP for Directors.

3. The reporting person has received deferred stock units under the Community Financial System, Inc. 2022 Long-Term Incentive Plan, as amended (the "Plan"). 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.

4. Includes 35.9672, 40.8617, 45.1866, and 41.4544 units of phantom stock acquired on April 10, 2025, July 10, 2025, October 10, 2025, and January 12, 2026, respectively, as dividend equivalents under the Plan.

	/s/ Danielle M. Cima, pursuant to a Confirming Statement executed by John F. Whipple, Jr.	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)