Community Financial (NYSE: CBU) director settles phantom stock units
Rhea-AI Filing Summary
Parente John reported acquisition or exercise transactions in this Form 4 filing.
COMMUNITY FINANCIAL SYSTEM, INC. director John Parente reported routine equity compensation activity involving phantom stock units tied to common stock. On April 29, 2026, 9 phantom stock units were settled into 9 shares of common stock, with a fractional .4418 unit settled in cash at $63.17 per share, as described in the footnotes.
Following this settlement, Parente directly held 72,654.3212 shares of common stock. The filing also lists 10,000 common shares in each of three separate trusts for his children, but the footnotes state he has no investment discretion, voting power, or pecuniary interest in those trust shares and disclaims beneficial ownership.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Buyer: 9 shares
Net Buy
5 txns
Insider
Parente John
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Phantom Stock (Deferred Stock Units) | 9 | $0.00 | $0.00 |
| Exercise | Common Stock | 9 | $0.00 | $0.00 |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Phantom Stock (Deferred Stock Units) — 1,220 shares (Direct);
Common Stock — 72,654.3212 shares (Direct);
Common Stock — 10,000 shares (Indirect, By son, John K. Parente Trust U/A 6/15/96);
Common Stock — 10,000 shares (Indirect, By son, Louis C. Parente Trust U/A 3/29/01);
Common Stock — 10,000 shares (Indirect, By son, Samuel M. Parente Trust U/A 6/16/98)
Footnotes (6)
- F1. 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.
- F2. The trust was established for the benefit of the reporting person's child and the reporting person does not have investment discretion nor a pecuniary interest in the shares held by the trust. The reporting person disclaims beneficial ownership of these shares, and this report shall not be deemed an admission that the reporting person is the beneficial owner of these shares for purposes of Section 16 or for any other purpose.
- F3. The trust was established for the benefit of the reporting person's child and the reporting person does not have any investment discretion, voting power or pecuniary interest in the shares held by the trust. The reporting person disclaims beneficial ownership of these shares, and this report shall not be deemed an admission that the reporting person is the beneficial owner of these shares for purposes of Section 16 or for any other purpose.
- F4. The trust was established for the benefit of the reporting person's child and the reporting person does not have any investment discretion, voting power or pecuniary interest in the shares held by the trust. The reporting person disclaims beneficial ownership of these shares, and this report shall not be deemed an admission that the reporting person is the beneficial owner of these shares for purposes of Section 16 or for any other purpose.
- F5. 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.
- F6. Includes 9.4418 units of phantom stock acquired on April 10, 2026 under the LTIP's dividend reinvestment feature.
Key Figures
Phantom units converted: 9 shares
Fractional unit cash settlement: 0.4418 units at $63.17/share
Direct common shares after transaction: 72,654.3212 shares
+2 more
5 metrics
Phantom units converted
9 shares
Phantom stock units settled into common stock on April 29, 2026
Fractional unit cash settlement
0.4418 units at $63.17/share
Portion of phantom stock settled in cash instead of shares
Direct common shares after transaction
72,654.3212 shares
Common stock directly held by John Parente after settlement
Trust holdings per child trust
10,000 shares
Common shares held in each of three child trusts; beneficial ownership disclaimed
Phantom stock units outstanding
1,220.0000 units
Deferred stock units remaining after the reported conversion
Key Terms
Phantom Stock (Deferred Stock Units), Long-Term Incentive Plan, dividend reinvestment feature, pecuniary interest, +1 more
5 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, as amended (the "LTIP"). Each phantom stock unit which represents a deferred stock unit is the economic equivalent of one share..."
Long-Term Incentive Plan financial
"The reporting person has received deferred stock units under the Community Financial System, Inc. 2022 Long-Term Incentive Plan, as amended (the "LTIP")."
A long-term incentive plan is a company program that pays executives or employees with stock, options, or cash tied to multi-year performance goals, where the rewards become theirs only after meeting conditions over time. Think of it as a delayed bonus or retirement-style reward that aligns employees’ interests with shareholders by encouraging them to boost long-term value; investors watch these plans because they affect pay costs, share dilution and management incentives.
dividend reinvestment feature financial
"Includes 9.4418 units of phantom stock acquired on April 10, 2026 under the LTIP's dividend reinvestment feature."
pecuniary interest financial
"the reporting person does not have any investment discretion, voting power or pecuniary interest in the shares held by the trust."
beneficial ownership financial
"The reporting person disclaims beneficial ownership of these shares, and this report shall not be deemed an admission that the reporting person is the beneficial owner..."
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What did Community Financial System (CBU) director John Parente report in this Form 4?
He reported a routine settlement of phantom stock units into common shares. On April 29, 2026, 9 phantom stock units converted into 9 Community Financial common shares, with a small fractional unit paid in cash at $63.17 per share under the company’s long-term plan.
What are the phantom stock units mentioned in the Community Financial (CBU) Form 4?
They are deferred stock units granted under the 2022 Long-Term Incentive Plan. Each phantom stock unit is the economic equivalent of one Community Financial common share and is settled in common stock at a predetermined date, with dividends reinvested into additional units over time.
How were dividends handled on John Parente’s Community Financial (CBU) phantom stock units?
Dividends were automatically reinvested into additional phantom stock units. The footnotes state that his holdings included 9.4418 phantom stock units acquired on April 10, 2026 through the plan’s dividend reinvestment feature, increasing the number of units eligible for later settlement.
What do the trusts listed in John Parente’s Community Financial (CBU) Form 4 represent?
The filing lists three child trusts, each holding 10,000 common shares. Footnotes explain these trusts were established for his children’s benefit and that he has no investment discretion, voting power, or pecuniary interest, so he disclaims beneficial ownership of those shares.