Savneet Singh
COMMUNITY FINANCIAL SYSTEMAbout Savneet Singh
Savneet Singh (age 41) joined the Community Financial System, Inc. (ticker CBU) Board in October 2024 as an independent director; he serves on the Board’s Risk Committee and acts as a liaison to the Company’s Technology Committee. Singh is CEO and President of PAR Technology Corporation (NYSE: PAR) and President of ParTech, Inc., with prior interim CEO tenure at PAR and a background as a partner at CoVenture LLC; the Board brought him on to strengthen public company, fintech, venture capital, digital technology, and M&A expertise .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| PAR Technology Corporation (NYSE: PAR) | CEO & President | Since Mar 2019 (Interim CEO/President Dec 2018–Mar 2019) | Scaled public company operations; digital technology and M&A expertise . |
| ParTech, Inc. | President | Since Mar 2019 | Operates PAR’s technology subsidiary; industry tech insights . |
| CoVenture LLC | Partner | Since Jun 2018 | Venture capital/direct lending/crypto; entrepreneurship perspective . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| PAR Technology Corporation | Director | Since Apr 2018 | Public company governance experience . |
| CDON AB (Nasdaq Nordic: CDON) | Director (past) | Not disclosed | E‑commerce exposure . |
| Blockchain Power Trust (TSXV: BPWR.UN; TEP.DB) | Director (past) | Not disclosed | Energy and capital markets exposure . |
| SharpSpring, Inc. (NASDAQ: SHSP) | Director (past) | Not disclosed | SaaS/marketing tech experience . |
| Osprey Technology Acquisition Corp. (NYSE: SFTW.U) | Director (past) | Not disclosed | SPAC and deal execution experience . |
Board Governance
- Independence: The Board determined Singh is independent under NYSE standards and Company guidelines .
- Committee assignments: Risk Committee member; Board’s Technology Committee liaison (paid retainer, prorated for 2024) .
- Attendance: In 2024, the Board held nine regular meetings; each director attended at least 75% of the aggregate Board and committee meetings on which they served .
- Majority voting policy: Uncontested director elections require majority of votes cast or the director tenders resignation; Board will decide within 90 days .
- Overboarding/hedging/pledging: Board imposes over‑boarding restrictions; hedging prohibited; pledging requires written pre‑approval .
Fixed Compensation
| Item | Amount | Effective Date/Period | Notes |
|---|---|---|---|
| 2024 Fees Earned (Cash) | $17,500 | 2024 | Partial-year director service (joined Oct 2024) . |
| 2024 Deferred Stock Awards (DSUs) | $0 | 2024 | No March 2024 grant due to post‑grant appointment . |
| 2024 Total Director Compensation | $17,500 | 2024 | Cash only in 2024 . |
| Annual Board Cash Retainer (Member) | $65,000 | Effective Jul 1, 2024 | Increased by $5,000 in Jun 2024 . |
| Annual Board Cash Retainer (Chair) | $120,000 | Effective Jul 1, 2024 | Increased by $5,000 in Jun 2024 . |
| Committee Retainer (Member) – Audit | $10,000 | Effective Jul 1, 2024 | — . |
| Committee Retainer (Member) – Compensation | $7,000 | Effective Jul 1, 2024 | — . |
| Committee Retainer (Member) – Governance | $7,000 | Effective Jul 1, 2024 | — . |
| Committee Retainer (Member) – Risk | None | Effective Jul 1, 2024 | No member retainer . |
| Committee Retainer (Member) – Trust | $5,000 | Effective Jul 1, 2024 | — . |
| Committee Retainer (Member) – Executive | $5,000 | Effective Jul 1, 2024 | — . |
| Technology Committee Representative Retainer | $5,000 | Annual | Singh’s 2024 retainer prorated for partial year . |
Performance Compensation
- Director equity structure: Directors receive annual equity grants as deferred stock units (DSUs) under the 2022 Plan; 2024 grants vested on March 19, 2024 and had $61,800 grant-date fair value for eligible directors (Singh received no 2024 DSU grant due to his October start) .
- 2025 change: Annual director equity grant increased by $7,615 starting March 2025, aligning pay with peer market practices .
- Clawbacks and grant timing: Company maintains SEC/NYSE-compliant and discretionary clawback policies; equity grants occur on predetermined schedules to avoid timing advantages .
| Performance Metric | Applies to Director Equity? | Details |
|---|---|---|
| TSR, Revenue, EBITDA, ESG Targets | No | Director DSUs are time-based deferred units; not performance-conditioned . |
| Grant Date & Vesting (2024 cohort) | Yes (time-based) | DSUs granted and vested Mar 19, 2024; payout deferred per elections . |
Other Directorships & Interlocks
- Current public company directorships: PAR Technology Corporation (Director) .
- Interlocks/conflicts: Company disclosed no related party transactions with Singh; his appointment included service on Risk and Technology committees with no arrangements/understandings and no Item 404(a) related party transactions .
Expertise & Qualifications
- Domain expertise: Public company leadership, fintech, venture capital, digital technology, and M&A; adds technology and entrepreneurial perspective to Board oversight .
- Risk/cyber: Participation on Risk Committee; liaison to Technology Committee supports oversight of technology/cyber and digital initiatives .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | As of |
|---|---|---|---|
| Savneet Singh | 18 | <0.25% | Mar 24, 2025 . |
- Director stock ownership guidelines: Directors must own at least 5× annual base Board retainer within six years; Directors must retain 75% of shares from equity awards until meeting guidelines; Board states all Directors are in compliance or exceed requirements .
- Hedging/pledging: Short sales, hedging, and derivative transactions are prohibited; pledging requires written pre-approval .
Insider Trades
| Filing Date | Transaction Date | Security | Quantity | Price | Nature | Notes |
|---|---|---|---|---|---|---|
| Jun 2025 | Jun 2025 | Deferred stock units (phantom) | 354.8387 | N/A | Acquisition | Director deferred equity under plan . |
| Sep 22, 2025 (filed) | Sep 18, 2025 | Deferred stock units (phantom) | Not disclosed in source snippet | N/A | Acquisition | Each unit is economically equivalent to one share . |
Note: The Company’s proxy shows no DSU grant to Singh in March 2024 due to his October 2024 appointment; subsequent Form 4s reflect standard director deferred unit accruals .
Governance Assessment
- Strengths: Independent director with deep technology and venture experience; committee placement on Risk and liaison to Technology aligns skills to oversight needs. Board’s majority voting policy, robust clawbacks, prohibition on hedging/pledging, and stock ownership guidelines support investor alignment .
- Alignment: Early-stage ownership is small (18 shares) but consistent with joining post-2024 grant; guidelines require 5× retainer within six years, and Board reports compliance or exceeding guidelines broadly .
- Compensation mix: Director pay structured via cash retainers plus DSUs; 2024 cash-only due to mid-year appointment; 2025 equity grant increased to maintain market alignment—no performance-based metrics for directors, limiting pay-for-performance signaling but standard for bank boards .
- Conflicts/RED FLAGS: No related-party transactions disclosed for Singh; Company operates a formal Related Party Transaction Policy with Audit Committee oversight; hedging/pledging prohibited absent pre-approval—no pledging or hedging disclosed for Singh .
- Engagement: Board held nine regular meetings in 2024 and directors met minimum attendance thresholds; Singh’s committee roles suggest active engagement in enterprise risk and technology oversight .