CBU director awarded deferred stock units

Vaccaro John A reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Vaccaro John A reported acquisition or exercise transactions in this Form 4 filing.

COMMUNITY FINANCIAL SYSTEM, INC. director John A. Vaccaro received a grant of deferred stock tied to his compensation. He was awarded 320.4605 units of deferred stock, economically equivalent to the same number of common shares, at a reference price of $61.24 per unit. Following this award, his deferred stock balance is 635.1521 units, which will be settled in common stock at future dates he selects under the Deferred Compensation Plan for Directors.

Insider Trade Summary

Grant/Award: 320.4605 shares

Grant/Award 1 txn

Insider Vaccaro John A

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Deferred Stock (Deferred Compensation)	320.4605	$61.24	$20K

Holdings After Transaction: Deferred Stock (Deferred Compensation) — 635.1521 contracts (Direct)

Footnotes (1)

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.

Key Figures

Deferred stock units granted: 320.4605 units Reference price per unit: $61.24 per unit Deferred stock units after grant: 635.1521 units +2 more

5 metrics

Deferred stock units granted 320.4605 units Grant of deferred stock (phantom stock) on June 18, 2026

Reference price per unit $61.24 per unit Transaction price for deferred stock grant

Deferred stock units after grant 635.1521 units Total deferred stock balance following the transaction

Underlying common stock 320.4605 shares Common stock equivalent for the new deferred stock units

Conversion/exercise price $0.00 Deferred stock units have a conversion price of zero

Key Terms

Deferred Stock (Deferred Compensation), phantom stock, Deferred Compensation Plan ("DCP for Directors"), Form 4

4 terms

Deferred Stock (Deferred Compensation) financial

"security_title: Deferred Stock (Deferred Compensation)"

phantom stock financial

"Each unit of phantom stock is the economic equivalent of one share"

A phantom stock is a form of compensation that gives employees or executives the benefits of stock ownership, such as the increase in stock value, without actually giving them real shares. It acts like a promise to pay the employee the equivalent value of company stock later, often as a bonus or incentive. This allows companies to motivate and reward staff without diluting ownership or transferring actual shares.

Deferred Compensation Plan ("DCP for Directors") financial

"relating to the Deferred Compensation Plan ("DCP for Directors") will be settled"

Form 4 regulatory

"INSIDER FILING DATA (Form 4):"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

FAQ

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

What insider transaction did CBU director John A. Vaccaro report?

Director John A. Vaccaro reported receiving a grant of deferred stock units tied to his compensation. He acquired 320.4605 units of deferred stock, each economically equivalent to one share of Community Financial System, Inc. common stock, under the directors’ deferred compensation plan.

How many deferred stock units did John A. Vaccaro receive at CBU?

John A. Vaccaro received 320.4605 deferred stock units as a grant. These units are phantom stock tied to Community Financial System, Inc. common shares and represent compensation that will be settled in stock at future dates he selects under the plan.

What is John A. Vaccaro’s total deferred stock balance after this CBU grant?

After this transaction, John A. Vaccaro holds 635.1521 deferred stock units. These units are economically equivalent to the same number of Community Financial System, Inc. common shares and will be settled in stock at future dates chosen under the Deferred Compensation Plan for Directors.

Is the CBU Form 4 transaction an open-market buy or a compensation grant?

The Form 4 transaction is a compensation-related grant, not an open-market purchase. It represents a grant of deferred (phantom) stock units under a deferred compensation plan for directors rather than shares bought or sold on the open market.

How is the CBU deferred stock for John A. Vaccaro settled in the future?

Each unit of phantom stock is settled in Community Financial System, Inc. common stock at future dates selected by John A. Vaccaro. The units track the value of common shares and convert into actual stock when distributed under the directors’ deferred compensation plan.

What price per unit is associated with John A. Vaccaro’s CBU deferred stock grant?

The deferred stock grant to John A. Vaccaro references a price of $61.24 per unit. This price is used for the reported value of the 320.4605 phantom stock units that are economically equivalent to Community Financial System, Inc. common shares.

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

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Accepted by SEC EDGAR 06/18/2026 - 03:41 PM EDT 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^*

Vaccaro John A

(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)
06/18/2026

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
Deferred Stock (Deferred Compensation)	(1)	06/18/2026		A		320.4605		(1)	(1)	Common Stock	320.4605	$61.24	635.1521	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.

	/s/ Danielle M. Cima, attorney-in-fact for John A. Vaccaro	06/18/2026
	** 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)