Board amends director retirement timing; approves 2.7M share repurchase program for 2023

COMMUNITY FINANCIAL SYSTEM, INC.

Bylaw amendment: director mandatory retirement now effective at first annual meeting after turning 70, replacing Dec 31 deadline.
Board authorized repurchase of up to 2,697,000 shares of common stock during 2023, subject to regulatory approval.
New program replaces 2022 authorization; 250,000 shares repurchased year-to-date under expiring program.
Repurchases may be made in open market or privately negotiated transactions at management's discretion.

item 5.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

COMMUNITY FINANCIAL SYSTEM, INC.: 修改公司章程第2.18节，将董事强制退休时间从达到70岁的当年12月31日改为达到70岁后的第一次年度股东大会时生效。 (effective 2022-12-14).

Change: bylaw amendment
Effective: 2022-12-14

Exact text from the filing

On December 14, 2022, Community Bank System, Inc.’s (the “Company”) Board of Directors (the “Board”) approved, effective immediately, an amendment to Section 2.18 of the Company’s Bylaws to change the timing of mandatory retirement of directors so that it is effective at the first annual meeting of Shareholders following the end of the calendar year in which the director attains 70.

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Source: SEC EDGAR

accession 0001104659-22-128322

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