Community Financial (NYSE: CBU) director settles phantom stock units into common shares
Rhea-AI Filing Summary
COMMUNITY FINANCIAL SYSTEM, INC. director Sally A. Steele reported a routine equity compensation event involving phantom stock units tied to common shares.
On April 29, 2026, her phantom stock units were settled for 9 shares of common stock, while 0.4418 shares were settled in cash at $63.17 per share. This reflects the exercise and conversion of deferred stock units granted under the company’s 2022 Long-Term Incentive Plan.
Following these transactions, Steele directly holds 41,227 shares of common stock and 1,230.7635 phantom stock units, and indirectly holds 4,585 shares jointly with her brother. These phantom units are economically equivalent to common shares and are designed to be settled in stock at predetermined dates, aligning director compensation with shareholder value.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Buyer: 9 shares
Net Buy
3 txns
Insider
STEELE SALLY A
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Phantom Stock (Deferred Stock Units) | 9 | $0.00 | $0.00 |
| Exercise | Common Stock | 9 | $0.00 | $0.00 |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Phantom Stock (Deferred Stock Units) — 1,230.7635 shares (Direct);
Common Stock — 41,227 shares (Direct);
Common Stock — 4,585 shares (Indirect, Joint with brother)
Footnotes (3)
- F1. 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.
- F2. 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.
- F3. Includes 9.4418 units of phantom stock acquired on April 10, 2026 under the LTIP's dividend reinvestment feature.
Key Figures
Common shares from phantom settlement: 9 shares
Cash-settled phantom equivalent: 0.4418 shares at $63.17
Direct common stock holdings: 41,227 shares
+3 more
6 metrics
Common shares from phantom settlement
9 shares
Phantom stock units settled on April 29, 2026
Cash-settled phantom equivalent
0.4418 shares at $63.17
Portion of phantom stock settled in cash
Direct common stock holdings
41,227 shares
Shares held directly after transactions
Indirect common stock holdings
4,585 shares
Shares held jointly with brother after transactions
Remaining phantom stock units
1,230.7635 units
Deferred stock units outstanding after settlement
Exercise/conversion transactions
2 transactions
Derivative exercise/conversion events in Form 4
Key Terms
Phantom Stock (Deferred Stock Units), deferred stock units, 2022 Long-Term Incentive Plan, dividend reinvestment feature, +1 more
5 terms
Phantom Stock (Deferred Stock Units) financial
"Phantom Stock (Deferred Stock Units)"
deferred stock units financial
"The reporting person has received deferred stock units under the Community Financial System, Inc. 2022 Long-Term Incentive Plan"
Deferred stock units are promises from a company to give an employee shares of stock at a future date, often after certain conditions are met or after leaving the company. They function like a form of delayed compensation, allowing employees to earn shares over time. For investors, they represent potential future ownership in the company, but do not provide immediate voting rights or dividends until the shares are actually received.
2022 Long-Term Incentive Plan financial
"under the Community Financial System, Inc. 2022 Long-Term Incentive Plan, as amended (the "LTIP")"
dividend reinvestment feature financial
"Includes 9.4418 units of phantom stock acquired on April 10, 2026 under the LTIP's dividend reinvestment feature."
economic equivalent financial
"Each phantom stock unit which represents a deferred stock unit is the economic equivalent of one share of Community Financial System, Inc. common stock"
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What insider transaction did CBU director Sally A. Steele report?
Sally A. Steele reported settlement of phantom stock units into common shares. On April 29, 2026, 9 phantom units converted into 9 shares of Community Financial System, Inc. common stock, with 0.4418 share-equivalent settled in cash at $63.17 per share.
What are phantom stock (deferred stock units) in the CBU filing?
Phantom stock units in the CBU filing are deferred stock units economically equivalent to one common share each. They are granted under the 2022 Long-Term Incentive Plan and will be settled in Community Financial System, Inc. common stock at predetermined future dates.
How many phantom stock units does the CBU director hold after settlement?
Following the April 29, 2026 settlement, Sally A. Steele holds 1,230.7635 phantom stock units. These units represent deferred stock compensation that tracks Community Financial System, Inc. common stock value and are intended to be settled in shares at scheduled times.
Was any part of the CBU phantom stock settlement paid in cash?
Yes. In addition to 9 shares of common stock, 0.4418 share-equivalent of phantom stock was settled in cash. The cash settlement used a reference price of $63.17 per share, according to the footnotes in the Form 4 filing.
Under which plan were the CBU deferred stock units granted?
The deferred stock units were granted under Community Financial System, Inc.’s 2022 Long-Term Incentive Plan, as amended. This plan provides phantom stock units that mirror common stock value and are ultimately settled in shares at predetermined dates for eligible participants.