COMMUNITY FINANCIAL SYSTEM, INC. — Director's Dealing 2015

Nov 9, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2015-11-06

Reporting Person: TRYNISKI MARK E (Director, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-11-06	Common Stock	M	16323	$18.08	Acquired	107118	Direct
2015-11-06	Common Stock	F	10476	$41.89	Disposed	96642	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-11-06	Stock Option	$18.08	M	16323	Disposed	2019-01-29	Common Stock (16323)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	14868.5214	Indirect

Footnotes

F1: The option vested in five equal installments on January 20, 2011, 2012, 2013, 2014, and 2015.