Pecor Raymond C III 4

4 · COMMUNITY FINANCIAL SYSTEM, INC. · Filed May 1, 2026

AI-generated summary of this filing

Updated May 1, 2026

Community Financial (CBU) Director Raymond Pecor Receives 9 Shares

What Happened

Raymond C. Pecor III, a director of Community Financial System, Inc. (CBU), had phantom (deferred) stock units settled on April 29, 2026. The settlement resulted in issuance of 9 shares of common stock and a cash payment of 0.4418 shares worth $63.17 per share (cash = $27.91). The total economic value of the settlement was approximately $596.45.
The Form 4 reports the transactions as derivative conversions/exercises (code M) — the LTIP phantom units were converted into common stock (and a fractional share paid in cash).

Key Details

Transaction date: April 29, 2026; Filing date: May 1, 2026 (filed within the typical 2-business-day window).
Price used for cash settlement: $63.17 per share; cash paid for fractional share: $27.91.
Shares issued: 9 shares; fractional share settled in cash: 0.4418 shares.
Shares owned after transaction: not specified in this filing.
Relevant footnotes:
- The shares resulted from settlement of deferred/phantom stock units under the 2022 LTIP (each phantom unit equals one share and is settled in stock at a predetermined date).
- The reporting person disclaims beneficial ownership of the reported securities.
- The filing notes 54.1540 phantom stock units were acquired on April 10, 2026 via dividend reinvestment under the LTIP.

Context

This was a settlement of deferred compensation (phantom stock) rather than an open-market buy or sale; such settlements are routine LTIP payouts and do not necessarily indicate insider trading intent.
A fractional share was paid in cash rather than issuing a fractional share certificate (common practice on plan settlements).

Form 4

Period: 2026-04-29

Director

Transactions

Exercise/Conversion
Common Stock
[F1]
2026-04-29+9→ 11,448.221 total
Exercise/Conversion
Phantom Stock (Deferred Stock Units)
[F3][F1][F4]
2026-04-29−9→ 7,180.823 total
→ Common Stock (9 underlying)

Holdings

Footnotes (4)

[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 reporting person disclaims beneficial ownership of these securities, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or any other purpose.
[F3]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.
[F4]Includes 54.1540 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 Raymond C. Pecor, III|2026-05-01

1 file