Parente John 4

What Happened
John Parente, a director of Community Financial System, Inc. (CBU), had phantom (deferred) stock units converted into common stock on March 19, 2026. The filing shows 1,254 shares were issued at a per-share value of $55.61 (totaling $69,734.94). A fractional .5514 share was settled in cash at $55.61 per share (≈ $30.66), for an aggregate economic value of about $69,765.60. The transaction is reported under code M (exercise/conversion of a derivative).

Key Details

• Transaction date: March 19, 2026; Form 4 filed March 23, 2026 (timely filing).
• Price used for settlement: $55.61 per share.
• Shares issued: 1,254 common shares; fractional .5514 share paid in cash (≈ $30.66).
• Transaction code: M — conversion/settlement of phantom stock / deferred stock units under the 2022 LTIP.
• Footnote: The phantom stock units were settled for common stock; these units are deferred stock units that represent the economic equivalent of one share and are settled in stock at a predetermined date.
• Shares owned after transaction: not specified in the provided filing.

Context
This was a settlement/conversion of deferred/phantom stock units under the company’s long-term incentive plan — a routine administrative event when deferred awards are settled, not an open-market purchase or a discretionary sale. Such conversions reflect compensation vesting/settlement rather than an insider expressing a buy/sell market view.