Vaccaro John A 4

What Happened John A. Vaccaro, a director of Community Financial System, Inc. (CBU), received a grant of 320.461 phantom stock units on 2026-06-18. The units are recorded at $61.24 each, for a total reported economic value of $19,625. This filing (Form 4) shows an award/derivative acquisition (transaction code A), not an open‑market purchase.

Key Details

• Transaction date: 2026-06-18; price per unit: $61.24; units granted: 320.461; total reported value: $19,625 (derivative award).
• Transaction code: A (Grant, award or other acquisition).
• Shares owned after the transaction: not disclosed in the filing.
• Footnote: the units are phantom stock under the Deferred Compensation Plan for Directors (DCP for Directors) and are the economic equivalent of one share of common stock; they will be settled in common stock at future dates selected by the reporting person.
• Filing timeliness: filing date matches the report period (2026-06-18), so the report appears timely.
• No 10b5-1 sale plan, immediate sale, or tax‑withholding disposition is indicated in the filing.

Context Phantom stock units are a form of deferred compensation that mirror the economic value of shares but do not transfer actual stock ownership immediately. Settlement will occur later in common stock (per the footnote), so this award increases potential future share issuance or delivery rather than reflecting an outright market purchase. Awards like this are typically compensation-related and should be interpreted differently than insider purchases or sales.