Community Financial director awarded phantom stock units

Knauss Jeffery J reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Knauss Jeffery J reported acquisition or exercise transactions in this Form 4 filing.

Community Financial System, Inc. director Jeffery J. Knauss received a grant of 1,220 phantom stock deferred stock units on March 17, 2026 under the company’s 2022 Long-Term Incentive Plan. This increased his deferred stock unit balance to 2,474.5514 units, each economically equivalent to one common share and to be settled in stock at a predetermined date. Footnotes note additional small units, including 9.4706, 10.4729, and 9.6079 phantom stock units credited as dividend equivalents on July 10, 2025, October 10, 2025, and January 12, 2026.

Insider Trade Summary

Grant/Award: 1,220 shares

Grant/Award 1 txn

Insider Knauss Jeffery J

Role Director

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

Holdings After Transaction: Phantom Stock (Deferred Stock Units) — 2,474.5514 contracts (Direct)

Footnotes (2)

1. F1. 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.
2. F2. Includes 9.4706, 10.4729, and 9.6079 units of phantom stock acquired as dividend equivalents on July 10, 2025, October 10, 2025, and January 12, 2026, respectively, under the LTIP.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Community Financial (CBU) director Jeffery Knauss report on this Form 4?

Director Jeffery J. Knauss reported receiving 1,220 phantom stock deferred stock units on March 17, 2026. These units are part of his long-term equity-based compensation and increase his deferred balance without any cash purchase in the market.

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

Phantom stock deferred stock units are awards whose value mirrors one share of Community Financial common stock. They are granted under the long-term incentive plan and will be settled in actual common shares at a predetermined future date instead of immediate cash or stock delivery.

How many deferred stock units does Jeffery Knauss hold after this transaction?

After the March 17, 2026 grant of 1,220 phantom stock units, Jeffery Knauss holds a total of 2,474.5514 deferred stock units. Each unit is economically equivalent to one share of Community Financial System, Inc. common stock and will be settled later in stock.

Does this Community Financial (CBU) Form 4 show an open market stock purchase or sale?

No, this Form 4 shows a grant of 1,220 phantom stock deferred stock units at a price of $0.00 per unit. It reflects compensation under the long-term incentive plan, not an open market buy or sell of Community Financial common stock.

Under which plan were Jeffery Knauss’s phantom stock units granted at Community Financial (CBU)?

The phantom stock deferred stock units were granted under the Community Financial System, Inc. 2022 Long-Term Incentive Plan, as amended. This plan provides equity-based awards that mirror the value of the company’s common stock and are settled in shares at a future date.

How are dividend equivalents treated on Jeffery Knauss’s phantom stock units at Community Financial (CBU)?

Dividend equivalents on these awards are credited as additional phantom stock units instead of cash. Footnotes show 9.4706, 10.4729, and 9.6079 units added on July 10, 2025, October 10, 2025, and January 12, 2026, respectively, all under the same long-term incentive plan.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/19/2026 - 09:56 AM 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^*

Knauss Jeffery J

(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)	(1)	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 (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.

2. Includes 9.4706, 10.4729, and 9.6079 units of phantom stock acquired as dividend equivalents on July 10, 2025, October 10, 2025, and January 12, 2026, respectively, under the LTIP.

	/s/ Danielle M. Cima, pursuant to a Confirming Statement executed by Jeffery J. Knauss	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)