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Director Knauss settles 1,254 phantom units at Community (NYSE: CBU)

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

COMMUNITY FINANCIAL SYSTEM, INC. director Jeffery J. Knauss exercised deferred compensation, converting phantom stock units into common shares. On March 19, he settled 1,254 phantom stock units into 1,254 shares of common stock, while 0.5514 additional shares were settled in cash at $55.61 per share. After the transaction, he directly holds 4,820.4908 common shares and 1,220 phantom stock (deferred stock) units, all as part of the company’s long-term incentive plan rather than an open-market purchase or sale.

Positive

  • None.

Negative

  • None.
Insider Knauss Jeffery J
Role Director
Type Security Shares Price Value
Exercise Phantom Stock (Deferred Stock Units) 1,254 $0.00 --
Exercise Common Stock 1,254 $0.00 --
Holdings After Transaction: Phantom Stock (Deferred Stock Units) — 1,220 shares (Direct); Common Stock — 4,820.491 shares (Direct)
Footnotes (1)
  1. On March 19, 2026, the reporting person's phantom stock units were settled for 1,254 shares of Community Financial System, Inc. common stock, and .5514 shares were settled in cash at the price of $55.61 per share. 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.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Knauss Jeffery J
(Last)(First)(Middle)
C/O COMMUNITY FINANCIAL SYSTEM, INC.
333 BUTTERNUT DRIVE
(Street)
SYRACUSE NEW YORK 13214
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
COMMUNITY FINANCIAL SYSTEM, INC. [ CBU ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
03/19/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Common Stock03/19/2026M1,254A(1)4,820.4908D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Phantom Stock (Deferred Stock Units)(2)03/19/2026M1,254 (2) (2)Common Stock1,254(1)1,220D
Explanation of Responses:
1. On March 19, 2026, the reporting person's phantom stock units were settled for 1,254 shares of Community Financial System, Inc. common stock, and .5514 shares were settled in cash at the price of $55.61 per share.
2. 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.
/s/ Danielle M. Cima, pursuant to a Confirming Statement executed by Jeffery J. Knauss03/20/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Jeffery J. Knauss report at CBU?

Jeffery J. Knauss reported exercising deferred phantom stock units into common shares. He converted 1,254 phantom stock units into 1,254 COMMUNITY FINANCIAL SYSTEM, INC. shares under the company’s long-term incentive plan, making this a compensation-related settlement rather than an open-market stock purchase or sale.

How many Community Financial System (CBU) shares did Knauss receive?

Knauss received 1,254 shares of COMMUNITY FINANCIAL SYSTEM, INC. common stock. These were issued upon settlement of 1,254 phantom stock (deferred stock) units from the company’s long-term incentive plan, reflecting earned compensation rather than a discretionary stock market transaction or new investment decision.

Was any part of Knauss’s CBU phantom stock settled in cash?

Yes. In addition to 1,254 shares issued, 0.5514 phantom stock units were settled in cash. The cash settlement used a price of $55.61 per share, indicating only a small fractional portion of his deferred units was paid out in cash instead of stock.

How many CBU shares does Knauss hold after this Form 4 transaction?

After the transaction, Knauss directly holds 4,820.4908 shares of COMMUNITY FINANCIAL SYSTEM, INC. common stock. This total includes the 1,254 newly issued shares from settling phantom stock units, giving investors a clear view of his current direct equity position in the company.

Does Knauss still hold phantom stock units of Community Financial System?

Yes. Following settlement, he holds 1,220 phantom stock (deferred stock) units. Each phantom unit represents the economic equivalent of one CBU common share and will be settled in stock at a predetermined date under the company’s 2022 Long-Term Incentive Plan.

Was Knauss’s CBU transaction an open-market buy or sell?

No. The filing shows an exercise or conversion of a derivative security, not an open-market trade. Knauss converted 1,254 phantom stock units into common shares as part of deferred compensation, so the transaction reflects incentive plan settlement rather than a new market purchase or sale.