Durkee Deresa Fischer 4

What Happened
Deresa Fischer, SVP and Chief Accounting Officer of Community Financial System, Inc. (CBU), exercised stock options on 2026-06-10. She converted 1,623 option-derived shares (427 @ $51.64, value $22,050; 1,196 @ $44.27, value $52,947) and had 1,326 shares withheld to cover tax/exercise obligations (withheld @ $64.77, value $85,885). After withholding, Fischer received a net of 297 shares. The filing shows the derivative positions (options) were cancelled/converted as part of the exercise (entries at $0.00).

Key Details

• Transaction date: 2026-06-10; filing date: 2026-06-11 (timely).
• Option exercise entries (code M): 427 shares @ $51.64 ($22,050) and 1,196 shares @ $44.27 ($52,947).
• Tax/exercise withholding (code F): 1,326 shares withheld @ $64.77 ($85,885).
• Net shares received: 297 (1,623 exercised − 1,326 withheld).
• Shares owned after the transaction: not specified in the provided excerpt.
• Footnotes: F1 references shares reported per the company 401(k) plan; F2/F3 describe vesting schedules for the options (vested/vesting ratably across multiple years).
• Transaction codes: M = option exercise/conversion; F = payment of exercise price or tax withholding.

Context
This was an option exercise with shares withheld to satisfy tax and/or exercise-price obligations—a common cashless-style settlement that does not represent an open-market sale. Such exercises are often routine (compensation-related); they do show insider acceptance of equity but do not necessarily signal a buy/sell market view.