Community Financial System (NYSE: CBU) director awarded phantom stock units

Rhea-AI Filing Summary

Community Financial System, Inc. reported an insider equity compensation transaction for a director on December 18, 2025. The filing shows an acquisition of 346.0208 units of phantom stock under deferred compensation at a price of $60.69 per unit, each economically equivalent to one share of Community Financial System common stock. After this transaction, the director beneficially owned 1,368.7247 phantom stock units in total. These units were granted under the company’s 2022 Long-Term Incentive Plan and a Deferred Compensation Plan and will be settled in common stock at future dates selected or predetermined for the reporting person. Some units include dividend equivalents credited on July 10, 2025 and October 10, 2025.

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
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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^*

Singh Savneet

(Last) (First) (Middle)

C/O COMMUNITY FINANCIAL SYSTEM, INC.

5790 WIDEWATERS PARKWAY

(Street)

DEWITT NY 13214

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
12/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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
Phantom Stock (Deferred Stock Units)	(1)							(1)	(1)	Common Stock	1,244.9435		1,244.9435(2)	D
Deferred Stock (Deferred Compensation)	(3)	12/18/2025		A		346.0208		(3)	(3)	Common Stock	346.0208	$60.69	1,368.7247(4)	D

Explanation of Responses:

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

2. Includes 9.4706 and 10.4729 units of phantom stock acquired as dividend equivalents on July 10, 2025 and October 10, 2025, respectively, under the Plan.

3. 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 will be settled in Community Financial System, Inc. common stock at future dates selected by the reporting person.

4. Includes 2.3840 and 5.6468 units of phantom stock acquired as dividend equivalents on July 10, 2025 and October 10, 2025, respectively, under the Deferred Compensation Plan.

	/s/ Danielle M. Cima, pursuant to Confirming Statement executed by Savneet Singh	12/19/2025
	** 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.

FAQ

What insider transaction did Community Financial System (CBU) report in this filing?

The filing reports that a director acquired 346.0208 units of phantom stock on December 18, 2025 under a Deferred Compensation Plan, each equivalent to one share of Community Financial System, Inc. common stock.

How many phantom stock units does the Community Financial System (CBU) director now hold?

Following the reported transaction, the director beneficially owned a total of 1,368.7247 phantom stock units tied to Community Financial System, Inc. common stock.

What are the phantom stock units granted by Community Financial System (CBU)?

Each phantom stock unit is a deferred stock unit that is the economic equivalent of one share of Community Financial System, Inc. common stock and will be settled in common stock at specified future dates.

Under which plans were the Community Financial System (CBU) phantom stock units granted?

The units were granted under the Community Financial System, Inc. 2022 Long-Term Incentive Plan, as amended, and the company’s Deferred Compensation Plan.

How were dividend equivalents treated on the Community Financial System (CBU) phantom stock units?

The total includes additional phantom stock units acquired as dividend equivalents, specifically 9.4706 and 10.4729 units on July 10, 2025 and October 10, 2025 under the incentive plan, and 2.3840 and 5.6468 units on the same dates under the Deferred Compensation Plan.

Who is the reporting person in this Community Financial System (CBU) Form 4 and what is their role?

The reporting person identified in the filing is a director of Community Financial System, Inc., as indicated in the relationship section of the form.