Community Financial director gets deferred stock grant

Sullivan Michele reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Sullivan Michele reported acquisition or exercise transactions in this Form 4 filing.

COMMUNITY FINANCIAL SYSTEM, INC. director Michele Sullivan received a grant of 447.3116 units of deferred stock under a director compensation plan. Each unit is economically equivalent to one share of common stock and will be settled in common shares at future dates she selects. Following this award, her deferred stock balance reported in the plan is 3,530.4560 units, reflecting routine compensation rather than an open-market trade.

Insider Trade Summary

Grant/Award: 447.3116 shares

Grant/Award 1 txn

Insider Sullivan Michele

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Deferred Stock (Deferred Compensation)	447.3116	$55.61	$25K

Holdings After Transaction: Deferred Stock (Deferred Compensation) — 3,530.456 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 for Directors (the "DCP for Directors"), will be settled in Community Financial System, Inc. common stock at future dates selected by the reporting person.

FAQ

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What did Community Financial (CBU) director Michele Sullivan report on this Form 4?

Michele Sullivan reported receiving 447.3116 units of deferred stock as a compensation grant. These units mirror Community Financial common stock and increase her deferred stock balance to 3,530.4560 units under the director deferred compensation plan.

Is Michele Sullivan’s Community Financial (CBU) Form 4 a stock buy or sell?

The Form 4 shows a compensation-related grant, not a market buy or sell. Code “A” indicates an award of deferred stock units, so there was no open-market purchase or sale of Community Financial common shares in this filing.

How many deferred stock units did the Community Financial (CBU) director receive?

She received 447.3116 deferred stock units in this transaction. Each unit is the economic equivalent of one Community Financial common share, increasing her total reported deferred stock holdings under the plan to 3,530.4560 units after the grant.

What are the deferred stock units mentioned in the Community Financial (CBU) filing?

The deferred stock units are phantom stock tied to Community Financial’s common shares. Each unit equals one share economically and will be settled in actual common stock at future dates chosen by the director under the Deferred Compensation Plan for Directors.

When will the Community Financial (CBU) deferred stock units be settled into shares?

The units will be settled in Community Financial common stock at future dates selected by the reporting director. Settlement timing is governed by the Deferred Compensation Plan for Directors and the director’s individual elections under that plan.

What price is associated with the Community Financial (CBU) deferred stock grant?

The reported grant price is $55.6100 per deferred stock unit. This price helps determine the compensation value of the 447.3116 units awarded, which are economically equivalent to the same number of Community Financial common shares.

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Accepted by SEC EDGAR 03/19/2026 - 11:54 AM 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^*

Sullivan Michele

(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

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)	03/19/2026		A		447.3116		(1)	(1)	Common Stock	447.3116	$55.61	3,530.456	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 for Directors (the "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, pursuant to Confirming Statement executed by Michele Sullivan	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)