Community Financial (CBU) director awarded 1,220 phantom stock units under LTIP

Rhea-AI Filing Summary

COMMUNITY FINANCIAL SYSTEM, INC. director John Parente received a grant of 1,220 phantom stock units, reported as deferred stock units under the company’s 2022 Long-Term Incentive Plan. Each phantom unit is the economic equivalent of one share of Community Bank System, Inc. common stock and will be settled in common stock at a predetermined date.

After this award, Parente holds a total of 2,474.5514 phantom stock units. Footnotes note that this total includes 9.6079 units acquired earlier through the plan’s dividend reinvestment feature, highlighting that the position can grow over time as dividends are reinvested.

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^*

Parente John

(Last) (First) (Middle)

C/O COMMUNITY FINANCIAL SYSTEM, INC.

5790 WIDEWATERS PARKWAY

(Street)

DEWITT 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)
03/17/2026

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
Phantom Stock (Deferred Stock Units)	$0	03/17/2026		A		1,220		(1)	(1)	Common Stock	1,220	$0	2,474.5514(2)	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 ("LTIP"). Each phantom stock unit which represents a deferred stock unit is the economic equivalent of one share of Community Bank System, Inc. common stock and will be settled in common stock at a predetermined date.

2. Includes 9.6079 units of phantom stock acquired on January 12, 2026 under the LTIP's dividend reinvestment feature.

	/s/ Danielle M. Cima, pursuant to a Confirming Statement executed by John Parente	03/18/2026
	** 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)

FAQ

What did Community Financial System (CBU) director John Parente report on this Form 4?

Director John Parente reported receiving 1,220 phantom stock units as a deferred stock unit award. These units were granted under the 2022 Long-Term Incentive Plan and increase his total phantom stock holdings to 2,474.5514 units linked to Community Bank System, Inc. common stock.

What are phantom stock (deferred stock units) in Community Financial System’s plan?

Phantom stock units are deferred stock units that mirror the value of Community Bank System, Inc. common shares. Each unit is economically equivalent to one share and will be settled in common stock at a predetermined future date, aligning director compensation with long-term shareholder value.

How many phantom stock units does John Parente hold after this transaction in CBU?

After the 1,220-unit grant, John Parente holds 2,474.5514 phantom stock units. This total includes a small amount, 9.6079 units, accumulated earlier through the long-term incentive plan’s dividend reinvestment feature, which adds units when dividends are paid.

Was this Community Financial System (CBU) Form 4 a market purchase or sale?

No, this Form 4 reflects a compensation-related grant, not a market trade. The 1,220 phantom stock units were awarded under the 2022 Long-Term Incentive Plan at a price of $0.00, classified as a grant or award acquisition rather than an open-market buy or sell.

How do dividends affect John Parente’s phantom stock units at Community Financial System?

Dividends can increase his phantom stock balance through a dividend reinvestment feature. The filing notes that 9.6079 phantom stock units were previously acquired under this feature, meaning cash dividends are effectively reinvested into additional deferred stock units over time.