Whipple John F. 4

What Happened
John F. Whipple, a director of Community Financial System, Inc. (CBU), was granted 1,220 phantom stock units (reported as a derivative award) on March 17, 2026. The units were reported at $0.00 per unit (code A — award/grant); they are phantom/deferred stock units that are the economic equivalent of common shares and will be settled in common stock at future dates selected by the reporting person. The Form 4 was filed on March 18, 2026.

Key Details

• Transaction date: March 17, 2026; filing date: March 18, 2026 (filed the next day; no late filing indicated on the form).
• Transaction type/code: Award/Grant (A); derivative instrument (phantom/deferred stock units).
• Units granted: 1,220 phantom stock units; reported price: $0.00 (no cash purchase).
• Shares owned after transaction: Not disclosed in this filing.
• Footnotes:
  • F1: Each phantom unit equals one share economically and will be settled in common stock at future dates selected by the reporting person (DCP for Directors).
  • F2 & F4: The reported position includes dividend-equivalent phantom units credited on prior dividend dates (specific small fractional unit amounts listed).
  • F3: Some deferred units were issued under the 2022 Long‑Term Incentive Plan; they also settle in common stock at predetermined dates.

Context
Phantom stock/deferred stock unit awards are compensation, not open‑market purchases or sales; they represent a right to future stock settlement and do not necessarily signal immediate buying or selling. The $0.00 price reflects that this was an award/grant (no cash paid). For retail investors, these awards indicate management/director compensation and a potential future increase in outstanding shares only when/if settled in common stock.