Raymond C. Pecor III - Mar 18, 2025 Form 4 Insider Report for COMMUNITY FINANCIAL SYSTEM, INC. (CBU)

Role: Director
Signature: /s/ Danielle M. Cima, pursuant to a Confirming Statement executed by Raymond C. Pecor, III
Stock symbol: CBU
Transactions as of: Mar 18, 2025
Transactions value $: $0
Form type: 4
Date filed: 3/20/2025, 02:12 PM
Previous filing: Dec 20, 2024
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	CBU	Common Stock						9.6K	Mar 18, 2025	Direct	F1
holding	CBU	Common Stock						10.4K	Mar 18, 2025	By Trust	F2, F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CBU	Phantom Stock (Deferred Stock Units)	Award	$0	+1.23K	+21.4%	$0.00	6.95K	Mar 18, 2025	Common Stock	1.23K		Direct	F8, F9
holding	CBU	Phantom Stock (Deferred Compensation)						8.52K	Mar 18, 2025	Common Stock	8.52K		Direct	F4, F5
holding	CBU	Phantom Stock (Deferred Compensation under Merchants plan)						9.77K	Mar 18, 2025	Common Stock	9.77K		Direct	F6, F7

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Includes 334.95 shares acquired pursuant to the Community Financial System, Inc. Dividend Reinvestment Plan.
F2	Includes an additional 660 shares gifted to the beneficiaries of the trusts and 362.835 shares acquired pursuant to the Community Financial System, Inc. Dividend Reinvestment Plan.
F3	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.
F4	Each unit of phantom stock is the economic equivalent of one share of Community Financial System, Inc. common stock. The units of phantom stock relating to the Deferred Compensation Plan will be settled in Community Financial System, Inc. common stock at future dates selected by the reporting person.
F5	Includes 63.3053 units of phantom stock acquired as dividend equivalents on January 10, 2025 under the Deferred Compensation Plan.
F6	The units of phantom stock were acquired through Merchants Bancshares, Inc.'s ("Merchants") deferred compensation plan. Each unit of phantom stock is the economic equivalent of one share of Community Financial System, Inc. common stock. The units of phantom stock relating to such deferred compensation plan will be settled in Community Financial System, Inc. common stock at future dates selected by the reporting person.
F7	Includes 97.222, 89.662, 77.1868, and 76.6275 units of phantom stock acquired as dividend equivalents on April 10, 2024, July 10, 2024, October 10, 2024, and January 10, 2025, respectively, under the Deferred Compensation Plan.
F8	The reporting person has received deferred stock units under the Community Financial System, Inc. 2022 Long-Term Incentive Plan, as amended (the "Plan"). 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.
F9	Includes 43.1123, 52.3854, 45.0833, and 44.7223 units of phantom stock acquired as dividend equivalents on April 10, 2024, July 10, 2024, October 10, 2024, and January 10, 2025, respectively, under the Plan.