At what price was the fractional CBU share settled in this Form 4?

The fractional 0.4418 share from the phantom stock settlement was paid in cash at $63.17 per share. This cash settlement occurs because fractional shares typically cannot be issued, so the economic value is delivered in cash instead of additional stock.

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

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

COMMUNITY FINANCIAL SYSTEM, INC. director Jeffery J. Knauss reported a routine compensation-related transaction involving phantom stock units converting into common shares. On April 29, 2026, 9 phantom stock units were settled for 9 shares of common stock, with an additional 0.4418 share equivalent settled in cash at $63.17 per share. Following the transaction, Knauss directly holds about 4,829.4908 shares of common stock and 1,220 phantom stock (deferred stock) units, which are granted under the company’s 2022 Long-Term Incentive Plan and are economically equivalent to common shares until settlement.

Insider Trade Summary

9 shares exercised/converted

Mixed 2 txns

Insider Knauss Jeffery J

Role null

Type	Security	Shares	Price	Value
Exercise	Phantom Stock (Deferred Stock Units)	9	$0.00	--
Exercise	Common Stock	9	$0.00	--

Holdings After Transaction: Phantom Stock (Deferred Stock Units) — 1,220 shares (Direct, null); Common Stock — 4,829.491 shares (Direct, null)

Footnotes (1)

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. 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. Includes 9.4418 units of phantom stock acquired on April 10, 2026 under the LTIP's dividend reinvestment feature.

Key Figures

Shares from phantom settlement: 9 shares Cash settlement price: $63.17 per share Common shares after transaction: 4,829.4908 shares +3 more

6 metrics

Shares from phantom settlement 9 shares Phantom stock units settled into common stock on April 29, 2026

Cash settlement price $63.17 per share Price used to settle 0.4418 fractional share in cash

Common shares after transaction 4,829.4908 shares Direct common stock holdings following the April 29, 2026 settlement

Phantom stock units after transaction 1,220 units Deferred stock units outstanding under the LTIP after settlement

Dividend reinvestment phantom units 9.4418 units Phantom stock units acquired April 10, 2026 via dividend reinvestment

Phantom units exercised 9 units Deferred units converted into common stock on April 29, 2026

Key Terms

Phantom Stock (Deferred Stock Units), 2022 Long-Term Incentive Plan, dividend reinvestment feature

3 terms

Phantom Stock (Deferred Stock Units) financial

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

2022 Long-Term Incentive Plan financial

"deferred stock units under the Community Financial System, Inc. 2022 Long-Term Incentive Plan, as amended"

dividend reinvestment feature financial

"Includes 9.4418 units of phantom stock acquired on April 10, 2026 under the LTIP's dividend reinvestment feature"

Form 4 Insider Transactions: What Each Field Means →

05/01/2026 - 04:21 PM

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^*

Knauss Jeffery J

(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)
04/29/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	04/29/2026		M		9	A	⁽¹⁾	4,829.4908	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Phantom Stock (Deferred Stock Units)	⁽²⁾	04/29/2026		M			9	⁽²⁾	⁽²⁾	Common Stock	9	⁽¹⁾	1,220⁽³⁾	D

Explanation of Responses:

1. 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.

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.

3. Includes 9.4418 units of phantom stock acquired on April 10, 2026 under the LTIP's dividend reinvestment feature.

	/s/ Danielle M. Cima, pursuant to a Confirming Statement executed by Jeffery J. Knauss	05/01/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What did CBU director Jeffery J. Knauss report in this Form 4?

Director Jeffery J. Knauss reported a routine compensation-related transaction where 9 phantom stock units converted into 9 shares of common stock. An additional 0.4418 share equivalent was settled in cash, reflecting settlement under the company’s long-term incentive and dividend reinvestment features.

How many Community Financial System (CBU) shares does Knauss hold after this transaction?

After the transaction, Jeffery J. Knauss directly holds about 4,829.4908 shares of Community Financial System common stock. This figure reflects his updated equity position following the settlement of phantom stock units into shares and related cash settlement for a fractional share.

What are phantom stock (deferred stock) units in CBU’s incentive plan?

Phantom stock units under Community Financial System’s 2022 Long-Term Incentive Plan are deferred stock units economically equivalent to one common share. They are settled in common stock at a predetermined date, aligning director compensation with shareholder outcomes over time rather than immediate cash payments.

How many phantom stock units does Knauss hold after the reported CBU transaction?

Following the settlement reported, Jeffery J. Knauss holds 1,220 phantom stock (deferred stock) units. These units are granted under Community Financial System’s 2022 Long-Term Incentive Plan and will convert into common stock at future predetermined dates based on the plan’s terms.

How were additional CBU phantom units previously acquired by Knauss?

Footnotes indicate that 9.4418 phantom stock units were acquired on April 10, 2026 under the incentive plan’s dividend reinvestment feature. This mechanism credits additional deferred units instead of paying cash dividends, compounding the director’s deferred equity-based compensation over time.