Pecor Raymond C III 4
4 · COMMUNITY FINANCIAL SYSTEM, INC. · Filed Mar 19, 2026
Research Summary
AI-generated summary of this filing
Community Financial (CBU) Director Raymond Pecor Receives 1,220-Unit Award
What Happened
Raymond C. Pecor III, a director of Community Financial System, Inc. (CBU), was granted 1,220 units reported as shares at a $0.00 price (derivative award) on March 17, 2026. The Form 4 records these as non-cash phantom stock units—economic equivalents of common shares—that will be settled in common stock at future dates. The filing does not list a post-grant total of shares beneficially owned.
Key Details
- Transaction date: 2026-03-17; transaction type: Grant/Award (derivative units)
- Amount: 1,220 units; reported price: $0.00; reported value: $0
- Ownership after transaction: Not specified in this filing
- Footnotes: Units are phantom stock (each unit = economic equivalent of one common share) and will be settled in common stock at future dates selected by the reporting person. The reporting person disclaims beneficial ownership of certain reported securities. Footnotes also reference prior small unit additions via dividend reinvestment on Jan 12, 2026.
- Timeliness: Form 4 filed 2026-03-19 for a 2026-03-17 transaction (not marked late)
Context
Phantom stock/deferred compensation awards are common for directors and represent future settlement rights rather than immediate open-market purchases. Such grants increase potential future share issuance when settled but do not by themselves signal a buy or sell decision by the insider.
Insider Transaction Report
- Award
Phantom Stock (Deferred Stock Units)
[F8][F9]2026-03-17+1,220→ 8,390.662 total→ Common Stock (1,220 underlying)
- 10,185.221
Common Stock
[F1] - 11,277.977(indirect: By Trust)
Common Stock
[F2][F3] - 10,088.67
Phantom Stock (Deferred Compensation under Merchants plan)
[F4][F5]→ Common Stock (10,088.67 underlying) - 8,798.593
Phantom Stock (Deferred Compensation)
[F6][F7]→ Common Stock (8,798.593 underlying)
Footnotes (9)
- [F1]Includes 78.04 shares acquired on January 12, 2026 pursuant to the Community Financial System, Inc. Dividend Reinvestment Plan.
- [F2]Includes 86.2 shares acquired on January 12, 2026 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]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.
- [F5]Includes 77.299 units of phantom stock acquired on January 12, 2026 under the Merchants' deferred compensation plan's dividend reinvestment feature
- [F6]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 for Directors (the "DCP for Directors"), will be settled in Community Financial System, Inc. common stock at future dates selected by the reporting person.
- [F7]Includes 67.3778 units of phantom stock acquired as dividend equivalents on January 12, 2026 under the DCP for Directors.
- [F8]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.
- [F9]Includes 55.1073 units of phantom stock acquired on January 12, 2026 under the LTIP's dividend reinvestment feature.