---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-083102"
form_type: "8-K"
ticker: "CBU"
cik: "0000723188"
company_name: "COMMUNITY FINANCIAL SYSTEM, INC."
filed_at: "2023-07-21T23:59:59+00:00"
generated_at: "2026-06-13T05:14:48.998299+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-23-083102
- form_type: 8-K
- ticker: CBU
- cik: 0000723188
- company_name: COMMUNITY FINANCIAL SYSTEM, INC.
- filed_at: 2023-07-21T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/723188/000110465923083102/0001104659-23-083102-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/723188/000110465923083102/tm2321142-2_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-083102
- JSON: https://secwatch.observer/filing/0001104659-23-083102.json
- Plain text: https://secwatch.observer/filing/0001104659-23-083102.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.