Sec Form 4 Filing - Pecor Raymond C III @ COMMUNITY FINANCIAL SYSTEM, INC. - 2025-03-18

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED 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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Pecor Raymond C III 2. Issuer Name and Ticker or Trading Symbol COMMUNITY FINANCIAL SYSTEM, INC. [ CBU] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) C/O COMMUNITY FINANCIAL SYSTEM, INC., 5790 WIDEWATERS PARKWAY 3. Date of Earliest Transaction (MM/DD/YY) 03/18/2025 (Street) DEWITT, NY13214 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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) Code V Amount (A) or (D) Price Common Stock 9,600.125 ( 1 ) D Common Stock 10,399.358 ( 2 ) I By Trust ( 3 )

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Phantom Stock (Deferred Compensation) ( 4 ) ( 4 ) ( 4 ) Common Stock 8,515.2606 8,515.2606 ( 5 ) D Phantom Stock (Deferred Compensation under Merchants plan) ( 6 ) ( 6 ) ( 6 ) Common Stock 9,765.1612 9,765.1612 ( 7 ) D Phantom Stock (Deferred Stock Units) ( 8 ) 03/18/2025 A 1,225 ( 8 ) ( 8 ) Common Stock 1,225 $ 0 6,949.7799 ( 9 ) D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Pecor Raymond C III C/O COMMUNITY FINANCIAL SYSTEM, INC. 5790 WIDEWATERS PARKWAY DEWITT, NY13214 X Signatures /s/ Danielle M. Cima, pursuant to a Confirming Statement executed by Raymond C. Pecor, III 03/20/2025 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Includes 334.95 shares acquired pursuant to the Community Financial System, Inc. Dividend Reinvestment Plan. ( 2 )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. ( 3 )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. ( 4 )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. ( 5 )Includes 63.3053 units of phantom stock acquired as dividend equivalents on January 10, 2025 under the Deferred Compensation Plan. ( 6 )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. ( 7 )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. ( 8 )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. ( 9 )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.

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).

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