MacPherson Kerrie D. 4

What Happened Kerrie D. MacPherson, a director of Community Financial System, Inc. (CBU), was granted 1,220 deferred stock units (reported as a derivative award) on March 17, 2026. The Form 4 lists the acquisition price as $0.00 because this was an awarded grant of phantom/deferred stock units rather than a cash purchase. These units are the economic equivalent of common shares and will be settled in Community Bank System, Inc. common stock at a predetermined future date under the company’s Long-Term Incentive Plan (LTIP).

Key Details

• Transaction date: March 17, 2026; Form 4 filed March 18, 2026 (timely filing).
• Grant: 1,220 deferred stock units; reported price $0.00 (award/derivative).
• Shares owned after transaction: not disclosed in the provided filing excerpt.
• Footnote F1: Units are phantom stock/deferred stock units under the Community Bank System, Inc. 2022 LTIP and will settle in common stock at a later date.
• Footnote F2: The grant includes dividend-equivalent phantom units of 44.5994, 48.3956, 53.5179, and 49.0975 acquired on Apr 10, Jul 10, Oct 10, 2025 and Jan 12, 2026, respectively.
• No indication of a 10b5-1 plan, tax withholding sale, or immediate cashless exercise in the excerpt.

Context This was an equity award (deferred/phantom units), not a buy or sell of existing shares. Such grants are common compensation and do not necessarily signal insider buying or selling intent. Because the units are settled into stock at a future date, they can dilute shares when settled; they also provide the recipient with future economic exposure to the company’s stock price.