Pecor Raymond C III 4

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).