Parente John 4

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.