Parente John 4
4 · COMMUNITY FINANCIAL SYSTEM, INC. · Filed May 1, 2026
Research Summary
AI-generated summary of this filing
Community Financial (CBU) Director John Parente Receives 9 Shares
What Happened
- John Parente, a director of Community Financial System, Inc. (ticker: CBU), had phantom/deferred stock units under the company's LTIP settled on April 29, 2026. The settlement resulted in 9 shares of common stock issued to him and cash paid for the fractional 0.4418 share. The cash payment was based on a per-share price of $63.17, making the total economic value approximately $596.
Key Details
- Transaction date: April 29, 2026; Form 4 filed May 1, 2026 (timely within the two-business-day deadline).
- Price used for cash settlement: $63.17 per share.
- Shares received: 9 shares issued; 0.4418 share paid in cash (total phantom units settled = 9.4418).
- Total approximate value: 9 × $63.17 = $568.53 in stock + $27.91 cash ≈ $596.44.
- Nature of transaction: settlement of phantom/deferred stock units under the 2022 LTIP (derivative exercise/settlement), not an open-market purchase or sale.
- Notable footnotes: the 9.4418 phantom units included units acquired Apr 10, 2026 via the LTIP's dividend reinvestment feature. Several footnotes state that certain shares held in trusts for the reporting person’s child are not beneficially owned by the reporting person and the reporting person disclaims beneficial ownership of those trust shares.
Context
- This was an award/settlement of deferred/phantom stock units (economic equivalents of shares). There was no reported open-market purchase or sale of stock by the director as part of this settlement.
- Such settlements are routine LTIP compensation events and do not necessarily indicate the insider’s view of the company’s stock.
Insider Transaction Report
Form 4
Parente John
Director
Transactions
- Exercise/Conversion
Common Stock
[F1]2026-04-29+9→ 72,654.321 total - Exercise/Conversion
Phantom Stock (Deferred Stock Units)
[F5][F1][F6]2026-04-29−9→ 1,220 total→ Common Stock (9 underlying)
Holdings
- 10,000(indirect: By Trust)
Common Stock
[F2] - 10,000(indirect: By Trust)
Common Stock
[F3] - 10,000(indirect: By Trust)
Common Stock
[F4]
Footnotes (6)
- [F1]On April 29, 2026, the reporting person's phantom stock units were settled for 9 shares of Community Financial System, Inc. common stock, and .4418 shares were settled in cash at the price of $63.17 per share.
- [F2]The trust was established for the benefit of the reporting person's child and the reporting person does not have investment discretion nor a pecuniary interest in the shares held by the trust. The reporting person disclaims beneficial ownership of these shares, and this report shall not be deemed an admission that the reporting person is the beneficial owner of these shares for purposes of Section 16 or for any other purpose.
- [F3]The trust was established for the benefit of the reporting person's child and the reporting person does not have any investment discretion, voting power or pecuniary interest in the shares held by the trust. The reporting person disclaims beneficial ownership of these shares, and this report shall not be deemed an admission that the reporting person is the beneficial owner of these shares for purposes of Section 16 or for any other purpose.
- [F4]The trust was established for the benefit of the reporting person's child and the reporting person does not have any investment discretion, voting power or pecuniary interest in the shares held by the trust. The reporting person disclaims beneficial ownership of these shares, and this report shall not be deemed an admission that the reporting person is the beneficial owner of these shares for purposes of Section 16 or for any other purpose.
- [F5]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.
- [F6]Includes 9.4418 units of phantom stock acquired on April 10, 2026 under the LTIP's dividend reinvestment feature.
Signature
/s/ Danielle M. Cima, pursuant to a Confirming Statement executed by John Parente|2026-05-01