Parente John 4
4 · COMMUNITY FINANCIAL SYSTEM, INC. · Filed Mar 23, 2026
Research Summary
AI-generated summary of this filing
Community Financial (CBU) Director John Parente Receives 1,254 Shares
What Happened
John Parente, a director of Community Financial System, Inc. (CBU), had phantom (deferred) stock units converted into common stock on March 19, 2026. The filing shows 1,254 shares were issued at a per-share value of $55.61 (totaling $69,734.94). A fractional .5514 share was settled in cash at $55.61 per share (≈ $30.66), for an aggregate economic value of about $69,765.60. The transaction is reported under code M (exercise/conversion of a derivative).
Key Details
- Transaction date: March 19, 2026; Form 4 filed March 23, 2026 (timely filing).
- Price used for settlement: $55.61 per share.
- Shares issued: 1,254 common shares; fractional .5514 share paid in cash (≈ $30.66).
- Transaction code: M — conversion/settlement of phantom stock / deferred stock units under the 2022 LTIP.
- Footnote: The phantom stock units were settled for common stock; these units are deferred stock units that represent the economic equivalent of one share and are settled in stock at a predetermined date.
- Shares owned after transaction: not specified in the provided filing.
Context
This was a settlement/conversion of deferred/phantom stock units under the company’s long-term incentive plan — a routine administrative event when deferred awards are settled, not an open-market purchase or a discretionary sale. Such conversions reflect compensation vesting/settlement rather than an insider expressing a buy/sell market view.
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1]2026-03-19+1,254→ 72,645.321 total - Exercise/Conversion
Phantom Stock (Deferred Stock Units)
[F2][F1]2026-03-19−1,254→ 1,220 total→ Common Stock (1,254 underlying)
Footnotes (2)
- [F1]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.
- [F2]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.