Pecor Raymond C III 4

What Happened

• Raymond C. Pecor III, a director of Community Financial System, Inc. (CBU), had 1,254 phantom/deferred stock units converted into 1,254 shares of common stock on March 19, 2026. A fractional portion (0.5514 shares) was paid in cash at $55.61 per share. The stock portion is worth about $69,735 based on the $55.61 price; the cash payment for the fractional share was about $30.66.
• This transaction is a settlement of deferred/phantom stock units under the company's 2022 Long-Term Incentive Plan rather than an open-market buy or sale. Such settlements are generally routine compensation events.

Key Details

• Transaction date: March 19, 2026; Form 4 filed March 23, 2026. No late filing flag is indicated in the provided data.
• Price used for cash settlement: $55.61 per share (fractional 0.5514 shares paid in cash).
• Shares acquired via settlement: 1,254 common shares; fractional share paid in cash.
• Shares owned after transaction: Not reported in the provided excerpt of the filing.
• Footnotes of note:
  • F1: Confirms phantom stock units were settled for shares and fractional share paid in cash.
  • F2: Reporting person disclaims beneficial ownership of these securities (standard disclaimer).
  • F3: Units were deferred stock units under the LTIP and convert to common stock at settlement.
• Transaction code: M (derivative exercise/conversion). The filing shows both acquisition and corresponding disposition entries reflecting conversion of the derivative into common stock.

Context

• This was a compensation settlement of deferred/phantom units (not a market purchase or a discretionary sale), so it’s generally viewed as a routine corporate compensation event rather than a direct signal of the director’s market view.
• For retail investors, such awards increase the insider’s reported holdings of company stock (subject to the filer’s disclaimer) but do not by themselves imply buying pressure or intent to trade further.