Sullivan Michele 4
4 · COMMUNITY FINANCIAL SYSTEM, INC. · Filed Mar 18, 2026
Research Summary
AI-generated summary of this filing
Community Financial (CBU) Director Michele Sullivan Receives Award
What Happened
Michele Sullivan, a director of Community Financial System, Inc. (CBU), was granted 1,220 phantom stock units on March 17, 2026. The grant is reported as a derivative award (code A) with a reported dollar price of $0.00 because these are deferred/phantom units that will be settled in common stock at a future date rather than an open-market purchase or cash transaction.
Key Details
- Transaction date: 2026-03-17; Report filed: 2026-03-18. Filing appears timely (next-business-day filing).
- Transaction type: Award/derivative (phantom stock units) — 1,220 units at $0.00 reported price.
- Shares owned after transaction: Not specified in the filing.
- Notable footnotes:
- F1: Each phantom unit equals the economic equivalent of one share and will be settled in common stock at future dates selected by the reporting person.
- F2/F5: Includes small amounts of phantom units (≈20.47 and ≈20.93 units) received Jan 12, 2026 as dividend equivalents under director and LTIP/Plan features.
- F3/F4: Units include deferred stock units issued under the company’s LTIP/Plan that will settle in common stock at predetermined dates.
Context
Phantom stock/deferred stock unit awards represent future rights to company shares (or their cash equivalent) and are common for director compensation. They are not an open-market purchase (which some investors view as a stronger immediate bullish signal), nor a sale; instead they increase the insider’s future economic exposure to the company. Because these units settle later in actual shares, the immediate reported value is shown as $0.00 and the eventual value will depend on Community Financial’s stock price at settlement.
Insider Transaction Report
- Award
Phantom Stock (Deferred Stock Units)
[F3][F4][F5]2026-03-17+1,220→ 3,952.522 total→ Common Stock (1,220 underlying)
- 3,083.144
Deferred Stock (Deferred Compensation)
[F1][F2]→ Common Stock (3,083.144 underlying)
Footnotes (5)
- [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.
- [F2]Includes 20.4736 units of phantom stock acquired on January 12, 2026 as dividend equivalents under the DCP for Directors.
- [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.
- [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.
- [F5]Includes 20.9266 units of phantom stock acquired on January 12, 2026 under the Plan's dividend reinvestment feature.