Community Financial (NYSE: CBU) director converts phantom stock units to shares

Rhea-AI Filing Summary

COMMUNITY FINANCIAL SYSTEM, INC. director John Parente exercised phantom stock units that converted into common shares. On March 19, 2026, 1,254 phantom stock units were settled for 1,254 shares of common stock, with an additional 0.5514 share value settled in cash at $55.61 per share.

After this exercise, Parente directly holds 72,645.3212 shares of common stock and 1,220 phantom stock (deferred stock) units. Each phantom unit under the 2022 Long-Term Incentive Plan is economically equivalent to one share of common stock and will be settled in stock at a predetermined date.

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

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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^*

Parente John

(Last) (First) (Middle)

C/O COMMUNITY FINANCIAL SYSTEM, INC.

333 BUTTERNUT DRIVE

(Street)

SYRACUSE 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)
03/19/2026

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	03/19/2026		M		1,254	A	(1)	72,645.3212	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 Stock Units)	(2)	03/19/2026		M			1,254	(2)	(2)	Common Stock	1,254	(1)	1,220	D

Explanation of Responses:

1. On March 19, 2026, the reporting person's phantom stock units were settled for 1,254 shares of Community Financial System, Inc. common stock, and .5514 shares were settled in cash at the price of $55.61 per share.

2. 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 John Parente	03/23/2026
	** 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)

FAQ

What insider transaction did CBU director John Parente report?

Director John Parente exercised phantom stock units that converted into common shares. He settled 1,254 phantom units for 1,254 shares and a small cash amount, reflecting routine compensation-related equity settlement rather than an open-market stock purchase or sale.

How many COMMUNITY FINANCIAL SYSTEM (CBU) shares does John Parente now hold?

After the reported transactions, John Parente directly holds 72,645.3212 shares of COMMUNITY FINANCIAL SYSTEM, INC. common stock. This total reflects the settlement of 1,254 phantom stock units into common shares on March 19, 2026, as disclosed in the filing.

What happened to John Parente’s phantom stock units at COMMUNITY FINANCIAL SYSTEM (CBU)?

On March 19, 2026, 1,254 phantom stock units were settled into 1,254 common shares and 0.5514 share value in cash. Following this settlement, Parente continues to hold 1,220 phantom stock units under the company’s 2022 Long-Term Incentive Plan.

Is John Parente’s Form 4 transaction in CBU stock an open-market trade?

The transaction is not an open-market trade. It reflects the exercise and settlement of phantom stock units granted as compensation, converting them into common shares and a small cash payment, rather than discretionary buying or selling on the open market.

What is the value per share used for the cash portion of John Parente’s CBU settlement?

A small fraction of a share, 0.5514, was settled in cash at $55.61 per share. This price applied only to the cash-settled fraction, while the bulk of 1,254 phantom units converted into an equal number of COMMUNITY FINANCIAL SYSTEM, INC. common shares.