Community Financial director granted phantom stock

COMMUNITY FINANCIAL SYSTEM, INC. director Michele Sullivan received a grant of 1,220 units of phantom stock (deferred stock units) that are the economic equivalent of common shares and carry no cash exercise price.

Rhea-AI Filing Summary

COMMUNITY FINANCIAL SYSTEM, INC. director Michele Sullivan received a grant of 1,220 units of phantom stock (deferred stock units) that are the economic equivalent of common shares and carry no cash exercise price. After this award, she holds 3,952.5219 phantom stock units directly.

The filing also reports a direct holding of deferred stock tied to common stock totaling 3,083.1444 underlying shares, reflecting compensation and deferral arrangements under the company’s director compensation and long‑term incentive plans rather than open‑market buying or selling.

Insider Trade Summary

Grant/Award: 1,220 shares

Grant/Award 2 txns

Insider Sullivan Michele

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock (Deferred Stock Units)	1,220	$0.00	$0.00
holding	Deferred Stock (Deferred Compensation)	--	--	--

Holdings After Transaction: Phantom Stock (Deferred Stock Units) — 3,952.5219 contracts (Direct); Deferred Stock (Deferred Compensation) — 3,083.1444 contracts (Direct)

Footnotes (5)

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.
2. F2. Includes 20.4736 units of phantom stock acquired on January 12, 2026 as dividend equivalents under the DCP for Directors.
3. F3. 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.
4. F4. 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.
5. F5. Includes 20.9266 units of phantom stock acquired on January 12, 2026 under the Plan's dividend reinvestment feature.

FAQ

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What insider transaction did Community Financial (CBU) disclose for Michele Sullivan?

Community Financial disclosed that director Michele Sullivan received 1,220 phantom stock units, a form of deferred stock unit compensation. These units are economically equivalent to common shares and increase her total phantom stock holdings to 3,952.5219 units held directly.

What are phantom stock and deferred stock units at Community Financial (CBU)?

Phantom stock and deferred stock units are bookkeeping entries that mirror Community Financial common shares. They represent deferred compensation and are economically equivalent to one share each, to be settled in actual common stock at predetermined future dates chosen or specified for the director.

How many phantom stock units does Michele Sullivan now hold at Community Financial (CBU)?

After the latest grant, Michele Sullivan holds 3,952.5219 units of phantom stock directly. Each phantom unit is tied to Community Financial’s common stock, representing deferred equity-based compensation rather than an immediate cash transaction or open-market share purchase.

What deferred stock holdings were reported for Michele Sullivan at Community Financial (CBU)?

The filing reports deferred stock under compensation and deferral plans representing 3,083.1444 underlying common shares held directly. These amounts arise from the Deferred Compensation Plan for Directors and the 2022 Long-Term Incentive Plan, including dividend equivalents and reinvested dividends.

Does the Community Financial (CBU) Form 4 show any open-market share purchases or sales?

The Form 4 does not report any open-market purchases or sales. It shows a grant of 1,220 phantom stock units and updated deferred stock figures, all tied to director compensation and deferral plans instead of discretionary buying or selling of common stock in the market.

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Accepted by SEC EDGAR 03/18/2026 - 12:48 PM 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.

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
Deferred Stock (Deferred Compensation)	(1)							(1)	(1)	Common Stock	3,083.1444		3,083.1444(2)	D
Phantom Stock (Deferred Stock Units)	(3)	03/17/2026		A		1,220		(4)	(4)	Common Stock	1,220	$0	3,952.5219(5)	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.

2. Includes 20.4736 units of phantom stock acquired on January 12, 2026 as dividend equivalents under the DCP for Directors.

3. 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.

4. 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.

5. Includes 20.9266 units of phantom stock acquired on January 12, 2026 under the Plan's dividend reinvestment feature.

	/s/ Danielle M. Cima, pursuant to Confirming Statement executed by Michele Sullivan	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)