CBU director granted 1,220 phantom stock units

COMMUNITY FINANCIAL SYSTEM, INC. director Neil E. Fesette received a grant of 1,220 units of phantom stock (deferred stock units) on March 17, 2026 under the company’s long-term incentive plan.

Rhea-AI Filing Summary

COMMUNITY FINANCIAL SYSTEM, INC. director Neil E. Fesette received a grant of 1,220 units of phantom stock (deferred stock units) on March 17, 2026 under the company’s long-term incentive plan. Each phantom unit is the economic equivalent of one share of common stock and will be settled in stock at a predetermined future date.

After this grant, Fesette holds 8,224.6013 phantom stock units linked to deferred stock units and 7,783.0750 phantom stock units related to deferred compensation, all tied to common stock. He also directly owns 11,270.349 shares of common stock, including amounts acquired through the company’s dividend reinvestment and dividend equivalent features.

Insider Trade Summary

Grant/Award: 1,220 shares

Grant/Award 3 txns

Insider Fesette Neil E.

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)	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Phantom Stock (Deferred Stock Units) — 8,224.6013 contracts (Direct); Phantom Stock (Deferred Compensation) — 7,783.075 contracts (Direct); Common Stock — 11,270.349 shares (Direct)

Footnotes (5)

1. F1. Includes 67.928 shares acquired on January 12, 2026 pursuant to the Community Financial System, Inc. Dividend Reinvestment Plan.
2. F2. 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.
3. F3. Includes 70.3453 units of phantom stock acquired on January 12, 2026 under the DCP for Directors' dividend reinvestment feature.
4. F4. 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.
5. F5. Includes 41.4544 units of phantom stock acquired on January 12, 2026 as dividend equivalents under the LTIP.

FAQ

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

What did CBU director Neil E. Fesette report on this Form 4?

Neil E. Fesette reported receiving 1,220 phantom stock units on March 17, 2026. These units are a form of deferred stock-based compensation tied to COMMUNITY FINANCIAL SYSTEM, INC. common shares and will be settled in stock at a future date.

How many phantom stock units tied to deferred stock does CBU director Fesette now hold?

Following the grant, Fesette holds 8,224.6013 phantom stock units related to deferred stock units. Each phantom unit is economically equivalent to one share of COMMUNITY FINANCIAL SYSTEM, INC. common stock and is scheduled to be settled in shares at a predetermined future time.

What are Fesette’s total phantom stock holdings under deferred compensation at CBU?

Fesette’s phantom stock position related to deferred compensation totals 7,783.0750 underlying shares of common stock. These units are part of a deferred compensation arrangement and are designed to mirror the value of COMMUNITY FINANCIAL SYSTEM, INC. common stock over time.

How many shares of COMMUNITY FINANCIAL SYSTEM, INC. common stock does Fesette directly own?

Fesette directly owns 11,270.349 shares of COMMUNITY FINANCIAL SYSTEM, INC. common stock. This amount includes shares acquired through the company’s Dividend Reinvestment Plan and reflects his direct equity stake separate from phantom stock or deferred compensation units.

What does it mean that CBU phantom stock units are the economic equivalent of common stock?

Each phantom stock unit tracks the value of one share of COMMUNITY FINANCIAL SYSTEM, INC. common stock. Although no share is issued immediately, the units will be settled in common stock later, aligning the director’s compensation with shareholder value over time.

Were there any open-market purchases or sales by Fesette in this CBU Form 4?

The Form 4 shows a grant of 1,220 phantom stock units classified as a grant or award. It does not report any open-market purchases or sales of COMMUNITY FINANCIAL SYSTEM, INC. common stock, focusing instead on deferred stock-based compensation entries and updated holdings.

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

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Accepted by SEC EDGAR 03/19/2026 - 02:09 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^*

Fesette Neil E.

(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
Common Stock								11,270.349(1)	D

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)	(2)							(2)	(2)	Common Stock	7,783.075		7,783.075(3)	D
Phantom Stock (Deferred Stock Units)	(4)	03/17/2026		A		1,220		(4)	(4)	Common Stock	1,220	$0	8,224.6013(5)	D

Explanation of Responses:

1. Includes 67.928 shares acquired on January 12, 2026 pursuant to the Community Financial System, Inc. Dividend Reinvestment Plan.

2. 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.

3. Includes 70.3453 units of phantom stock acquired on January 12, 2026 under the DCP for Directors' dividend reinvestment feature.

4. 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.

5. Includes 41.4544 units of phantom stock acquired on January 12, 2026 as dividend equivalents under the LTIP.

	/s/ Danielle M. Cima, pursuant to a Confirming Statement executed by Neil E. Fesette	03/19/2026
	** 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)