Community Bank System adopts Executive Severance Plan with change-in-control multiples up to 3x for EVPs

COMMUNITY FINANCIAL SYSTEM, INC.

Plan covers EVP CHRO Gillan-Myer, SVP Levy, and CFO Sutaris (effective Jan 1, 2024); CEO Tryniski and COO Karaivanov excluded.
Severance multiples: 1.75x (Tier 1), 1x (Levy) for Qualifying Termination; 3x (Tier 1), 2x (Levy) post-Change in Control.
Benefits include cash severance, equity acceleration, and continuation of medical/insurance; subject to release and restrictive covenants.
Plan effective July 18, 2023; aims to retain executives and ensure dedication in a Change in Control scenario.

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